<SEC-DOCUMENT>0000950103-17-002271.txt : 20170307
<SEC-HEADER>0000950103-17-002271.hdr.sgml : 20170307
<ACCEPTANCE-DATETIME>20170307171249
ACCESSION NUMBER:		0000950103-17-002271
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20170306
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170307
DATE AS OF CHANGE:		20170307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CSX CORP
		CENTRAL INDEX KEY:			0000277948
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		IRS NUMBER:				621051971
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1225

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08022
		FILM NUMBER:		17672895

	BUSINESS ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9043593200

	MAIL ADDRESS:	
		STREET 1:		500 WATER STREET
		STREET 2:		15TH FLOOR
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>dp73850_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES&nbsp;</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d) of
the<BR>
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event
reported): March 6, 2017</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CSX CORPORATION&nbsp;</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified
in Charter)</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 32%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 37%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Virginia</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1-08022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>62-1051971</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(State or Other Jurisdiction&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>of incorporation)&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commission File Number)</FONT></B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(IRS. Employer&nbsp;</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Identification No.)&nbsp;</B></P></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 61%; text-indent: 34pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>500 Water Street, 15th Floor, Jacksonville, Florida</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 38%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>32202</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-indent: 42pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Address of&nbsp;Principal&nbsp;Executive Offices)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zip Code)</FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Registrant's telephone number, including
area code: (904)&nbsp;359-3200</B>&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>(Former Name or Former address, if Changed
Since Last Report)</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
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    <TD STYLE="width: 3%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"></FONT>&#9746;</TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&#9744;</TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&#9744;</TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item&nbsp;1.01.</B></FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Entry into a Material Definitive Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On March 6, 2017, CSX Corporation (the &ldquo;<U>Company</U>&rdquo;)
and MR Agent Advisor LLC (&ldquo;<U>Mantle Ridge</U>&rdquo;), on behalf of itself and its affiliated funds (such funds, together
with Mantle Ridge, collectively, the &ldquo;<U>Mantle Ridge Group</U>&rdquo;) entered into a letter agreement (the &ldquo;<U>Letter
Agreement</U>&rdquo;). The Mantle Ridge Group owns approximately 4.9% of the outstanding shares of common stock of the Company,
par value $1.00 per share (the &ldquo;<U>Common Stock</U>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Letter Agreement provides that the Board of Directors of
the Company (the &ldquo;<U>Board</U>&rdquo;) will accept Mr. Michael J. Ward&rsquo;s resignation as Chief Executive Officer of
the Company, and Mr. E. Hunter Harrison will be appointed as the Chief Executive Officer of the Company, effective immediately.
Under the Letter Agreement, Mr. Ward will assume the title of consultant and retire from the Company as of May 31, 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Letter Agreement also provides for the appointments of Mr.
Harrison, Paul C. Hilal, Dennis H. Reilley, Linda H. Riefler and John J. Zillmer (collectively, the &ldquo;<U>New Directors</U>&rdquo;)
to the Board, effective immediately, and the subsequent nomination of the New Directors, together with incumbent directors Donna
M. Alvarado, John B. Breaux, Pamela L. Carter, Steven T. Halverson, Edward J. Kelly, III, John D. McPherson, David M. Moffett and
J. Steven Whisler, at each of the Company&rsquo;s 2017 annual meeting of shareholders (the &ldquo;<U>2017 Annual Meeting</U>&rdquo;)
and 2018 annual meeting of shareholders (the &ldquo;<U>2018 Annual Meeting</U>&rdquo;). Mr. Hilal is the managing member of Mantle
Ridge GP LLC, which is the general partner of Mantle Ridge LP, which is the sole member of Mantle Ridge, and holds less than 1%
economic interest in the funds of Mantle Ridge.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to the Letter Agreement, if any of the New Directors
is unable to serve as a member of the Board, the Mantle Ridge Group will have the right to have another individual appointed to
the Board who is reasonably acceptable to the Governance Committee of the Board and who meets the director independence and other
standards of The NASDAQ Stock Market LLC and the Securities and Exchange Commission, subject to certain other conditions. The Company
has also agreed that until the conclusion of the 2018 Annual Meeting, the size of the Board will not be more than thirteen directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Under the Letter Agreement, the Company has agreed that Mr. Harrison
will be appointed to the Executive Committee of the Board, Mr. Hilal will be appointed to the Compensation, Executive, Governance
and Finance Committees of the Board, Mr. Reilley will be appointed to the Audit, Executive, Governance and Finance Committees of
the Board, Ms. Riefler will be appointed to the Audit, Compensation and Public Affairs Committees of the Board and Mr. Zillmer
will be appointed to the Compensation, Executive, Governance and Public Affairs Committees of the Board, in each case effective
immediately.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Pursuant to the Letter Agreement, the Company will amend its
Corporate Governance Guidelines to provide for the separation of the roles of Chief Executive Officer and Chairman of the Board,
the existence of a non-executive Chairman of the Board and the addition of the role of Vice Chairman of the Board. The Letter Agreement
also provides for the amendment of the Company&rsquo;s Amended and Restated Bylaws (the &ldquo;<U>Bylaws</U>&rdquo;) to reflect
such changes in the structure of the Board, provide that a director that has reached the retirement age of 75 years set forth in
the Bylaws may continue to serve on the Board so long as he or she has not served more than five consecutive terms and provide
that an amendment of the Bylaws will require a vote of two-thirds of the directors then in office.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Letter Agreement provides that Mr. Kelly will be appointed
as the Chairman of the Board and Mr. Hilal will be appointed as the Vice Chairman of the Board, in each case effective immediately,
and that the Company will maintain such appointments until the conclusion of the 2018 Annual Meeting; provided that the Mantle
Ridge Group will cause the resignation of Mr. Hilal from the Board in the event that the Mantle Ridge Group&rsquo;s beneficial
ownership of outstanding shares of Common Stock is less than 2.0% (the &ldquo;<U>Minimum Ownership Requirement</U>&rdquo;).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In addition, the Company has agreed to include in its
proxy statement and proxy card relating to the 2017 Annual Meeting (which the Company has agreed will be held no later than
June 15, 2017) a proposal concerning reimbursement arrangements with regard to certain compensation and benefits that Mr.
Harrison had forfeited as a result of his separation from Canadian Pacific Railway Limited (the &ldquo;<U>Make-Whole
Benefits</U>&rdquo;). The Company has also agreed to make a determination on whether it will assume the Make-Whole Benefits
within 15 days of the 2017 Annual Meeting. If the Company determines to assume the Make-Whole Benefits, within five days of
such determination, it will (i) pay $55,000,000 to Mantle Ridge and (ii) agree in writing with Mr. Harrison to pay Mr.
Harrison $29,000,000 on or before March 15, 2018 and assume a tax indemnity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Mantle Ridge Group has agreed to cause all shares of Common
Stock owned of record or beneficially by the Mantle Ridge Group to be voted in favor of all nominees of the Company in its proxy
statement for the 2017 Annual Meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Each of the Mantle Ridge Group and the Company have agreed, subject
to certain exceptions including for factual statements, not to make or cause to be made any statement or announcement that constitutes
an <I>ad hominem</I> attack on, or disparages, the other party or any of its officers, directors, advisory board members or employees.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The Letter Agreement contains various other obligations and provisions
applicable to the Company and the Mantle Ridge Group.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The obligations under the Letter Agreement will terminate upon
the conclusion of the 2018 Annual Meeting, subject to certain specified obligations that will terminate at a later date; provided
that the Mantle Ridge Group&rsquo;s right to replace the New Directors will terminate upon the Mantle Ridge Group ceasing to satisfy
the Minimum Ownership Requirement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The above summary is qualified in its entirety by reference to
the full text of the Letter Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item&nbsp;5.02.</B></FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The disclosure in Item 1.01 of this Current Report on Form 8-K
is incorporated by reference herein. In connection with the appointment of the New Directors to the Board, the New Directors (other
than Mr. Harrison) became eligible to participate in the Company&rsquo;s non-employee director compensation program, including
receiving annual grants of shares of Common Stock with the number of such shares determined based on the average closing price
of the Company&rsquo;s shares during December of 2016 and January and February of 2017, pro-rated to reflect their appointment
to the Board in March of 2017.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On March 6, 2017, Mr. Ward resigned from his positions as the
Chief Executive Officer of the Company and a director of the Company, effective immediately, and Timothy T. O&rsquo;Toole resigned
from his position as a director of the Company, effective immediately. There are no disagreements between either Mr. Ward or Mr.
O&rsquo;Toole and the Company relating to matters concerning the Company&rsquo;s operations, policies or practices.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On March 6, 2017, Clarence W. Gooden resigned from his position
as Vice Chairman of the Company, effective immediately.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On March 6, 2017, Mr. Harrison, age 72, was appointed as Chief
Executive Officer of the Company and a director of the Company, effective immediately. There are no family relationships between
Mr. Harrison and any director or executive officer of the Company. Mr. Harrison served as the President and Chief Executive Officer
of Canadian Pacific Railway Limited and Canadian Pacific Railway Company (&ldquo;<U>CP</U>&rdquo;), a provider of rail and intermodal
freight transportation services, from 2012 to January 2017 during which time he was also a member of the board of directors of
CP. CP is not a parent, subsidiary or other affiliate of the Company. In addition, Mr. Harrison served on the board of directors
of Foresight Energy LP, whose business is to mine and market coal from reserves and operations located exclusively in the Illinois
Basin, from 2014 to 2015. Mr. Harrison is a party to a consulting agreement with Mantle Ridge pursuant to which Mr. Harrison agreed
to, among other things, serve as a Board nominee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In connection with Mr. Harrison's appointment as Chief
Executive Officer, the Company has entered into a four-year employment agreement with Mr. Harrison providing Mr. Harrison
with an annual base salary of $2,200,000 and an annual target bonus opportunity of $2,800,000, with a guaranteed 2017 bonus
no less than the target bonus opportunity. If Mr. Harrison&rsquo;s employment is terminated by the Company without cause or
by Mr. Harrison for good reason or due to the Company&rsquo;s failure to assume the Make-Whole Benefits he will be entitled
to severance equal to his base salary and target annual bonus, a pro rata bonus for the year of termination and specified
medical benefit continuation rights. If the termination occurs in connection with, or within two years following, a future
change in control of the Company, the severance will be 2.99 times Mr. Harrison&rsquo;s base salary and target annual bonus.
If, as a result of the Company&rsquo;s business activities, Mr. Harrison is subject to any claims by CP under Mr.
Harrison&rsquo;s non-competition agreement with CP, the Company will indemnify Mr. Harrison.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Mr. Harrison has been granted an option to purchase 9,000,000
shares of Common Stock at $49.79 (the closing price as of his hire date) with a ten-year term. This option will vest in equal annual
installments over his four-year employment term. Half of the option will vest based on continued service and half will vest based
on achievement of performance targets. If Mr. Harrison&rsquo;s employment is terminated by the Company without cause or by Mr.
Harrison for good reason, the option will be eligible to vest in full, subject to achievement of the applicable performance targets
in the case of the performance-vesting portion of the option award. In other termination scenarios the option will be subject to
partial vesting. In the event of a termination for cause, the option will be forfeited in full.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item&nbsp;5.03.</B></FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On March 6, 2017, the Board approved amendments to the Bylaws,
effective immediately, to:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">reflect the separation of the roles of Chief Executive Officer of the
Company and Chairman of the Board and the addition of the role of Vice Chairman of the Board;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">provide that a director shall be eligible for reelection to the Board
even if he or she shall have reached the age of 75 years at the time of such reelection, if the reelection will not result in such
director serving more than five consecutive terms; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">provide that the Bylaws may be amended by the Board only by the vote
of at least two-thirds of the directors then in office instead of by the vote of a majority of the directors present. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The above summary is qualified in its entirety by reference to
the full text of the Bylaws, a copy of which is attached hereto as Exhibit 3.1 and is incorporated by reference herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Item 8.01.</B></FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Events.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">On March 6, 2017, the Company issued a press release regarding
certain of the matters described under Item 1.01 of this Current Report on Form 8-K and the cancellation of the previously convened
special meeting of shareholders. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference
herein.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Forward-Looking Statements </B><BR>
<BR>
This information and other statements by CSX may contain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates,
cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements
of management&rsquo;s plans, strategies and objectives for future operations, and management&rsquo;s expectations as to future
performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and
statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified
by words or phrases such as &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;project,&rdquo; &ldquo;estimate,&rdquo; &ldquo;preliminary&rdquo; and similar expressions. Forward-looking statements speak
only as of the date they are made, and CSX undertakes no obligation to update or revise any forward-looking statement. If CSX updates
any forward-looking statement, no inference should be drawn that CSX will make additional updates with respect to that statement
or any other forward-looking statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Forward-looking statements are subject to a number of
risks and uncertainties, and actual performance or results could differ materially from that anticipated by any
forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any
forward-looking statements include, among others: (i) CSX&rsquo;s success in implementing its financial and operational
initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting
the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii)
legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of
claims and litigation involving or affecting CSX; (vi) natural events such as severe weather conditions or pandemic health
crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">A<B>DDITIONAL INFORMATION AND WHERE TO FIND IT</B><BR>
<BR>
CSX Corporation (&ldquo;CSX&rdquo;) will file a proxy statement with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
with respect to the annual meeting of shareholders. CSX SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, THE
ACCOMPANYING PROXY CARD AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION.<BR>
<BR>
CSX, its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from
CSX shareholders in connection with the matters to be considered at the annual meeting, or any adjournment or postponement thereof.
Information about certain CSX directors and executive officers, and their direct and indirect interests in CSX, is available in
CSX&rsquo;s proxy statement, filed March 28, 2016 for its 2016 Annual Meeting. To the extent holdings of CSX&rsquo;s securities
by such directors or executive officers have changed since the amounts included in the 2016 proxy statement, such changes have
been or will be reflected on reports filed with the SEC in accordance with the reporting requirements of Section 16 of the Securities
Exchange Act of 1934, as amended. Additional information regarding directors and executive officers appointed since March 28, 2016
and the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be
set forth in the proxy statement and other materials to be filed with the SEC in connection with the annual meeting. Shareholders
will be able to obtain any proxy statement, any amendments or supplements to any proxy statement and other documents filed by CSX
with the SEC free of charge at the SEC&rsquo;s website at www.sec.gov. Copies also will be available free of charge at CSX&rsquo;s
website at www.csx.com or by contacting CSX Investor Relations at (904) 359-4812.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I>(d) Exhibits</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Bylaws, effective as of March 6, 2017.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.1 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Letter Agreement, dated as of March 6, 2017, between CSX Corporation and MR Argent Advisor LLC.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99.1 </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Press Release, dated March 6, 2017.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">DATE: March 7, 2017</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CSX CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 38%; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>/s/ Ellen M. Fitzsimmons&#9;</U></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ellen M. Fitzsimmons</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Executive Vice President, Law and Public Affairs, General
Counsel</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">and Corporate Secretary</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B><U>Exhibit Index</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Exhibit Number</U></FONT></TD>
    <TD STYLE="width: 77%; text-decoration: underline"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Title</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amended and Restated Bylaws, effective as of March 6, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.1&#9;&nbsp;&nbsp;&#9;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Letter Agreement, dated as of March 6, 2017, between CSX Corporation
        and MR Argent Advisor LLC.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Press Release, dated March 6, 2017.</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>dp73850_ex0301.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><B>Exhibit 3.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 10pt">BYLAWS<BR>
<BR>
OF<BR>
<BR>
CSX CORPORATION&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">(Amended
and Restated as of March 6, 2017)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
I</U></FONT><FONT STYLE="font-size: 10pt"><BR></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Shareholders&rsquo; Meeting</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
1. </FONT><FONT STYLE="font-size: 10pt"><U>Annual Meeting</U>. The annual meeting of the shareholders of the Corporation shall
be held on such date in March, April, May or June as the Board of Directors (hereinafter sometimes the &ldquo;Board&rdquo;) may
designate, either within or without the Commonwealth of Virginia.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
2. </FONT><FONT STYLE="font-size: 10pt"><U>Special Meetings</U>. Special meetings of the shareholders may be called from time
to time by a majority of the Board of Directors or the Chairman of the Board. Special meetings of shareholders shall be promptly
called by the Corporation if one or more shareholders that together hold at least 15% of all the shares of capital stock at the
time outstanding and having voting power deliver or cause to be delivered to the Corporate Secretary one or more written demands
for the meeting describing the purpose or purposes for which it is to be held. Special meetings shall be held solely for the purposes
specified in the notice of meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
3. </FONT><FONT STYLE="font-size: 10pt"><U>Time and Place</U>. The time and place of each meeting of the shareholders shall be
stated in the notice of the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
4. </FONT><FONT STYLE="font-size: 10pt"><U>Quorum and Voting</U>. The holders of a majority of the votes entitled to be cast on
any matter, present in person or represented by proxy, shall constitute a quorum as to that matter at any meeting of the shareholders.
If less than a quorum shall be in attendance at the time for which a meeting shall have been called, the meeting may be adjourned
from time to time until a quorum is obtained by (a) the chairman of such meeting or (b) a majority of the shares present in person
or represented by proxy. No additional notice of the meeting shall be required other than by announcement at the meeting unless
a new record date is fixed pursuant to Section 8. Unless otherwise provided in the Articles of Incorporation of the Corporation,
each shareholder shall be entitled to one vote in person or by proxy for each share entitled to vote then outstanding and registered
in his or her name on the books of the Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
5. </FONT><FONT STYLE="font-size: 10pt"><U>Written Authorization</U>. A shareholder or a shareholder&rsquo;s duly authorized attorney-in-fact
may execute a writing authorizing another person or persons to act for him or her as proxy. Execution may be accomplished by the
shareholder or such shareholder&rsquo;s duly authorized attorney-in-fact or authorized officer, director, employee or agent signing
such writing or causing such shareholder&rsquo;s signature to be affixed to such writing by any reasonable means including, but
not limited to, by facsimile signature.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
6. </FONT><FONT STYLE="font-size: 10pt"><U>Electronic Authorization</U>. The President or the Corporate Secretary may
approve procedures to enable a shareholder or a shareholder&rsquo;s duly authorized attorney-in-fact to authorize another
person or persons to act for him or her as proxy by transmitting or authorizing the transmission of a telegram, cablegram,
internet transmission, telephone transmission or other means of electronic transmission to the person who will be the holder
of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by the person
who will be the holder of the proxy to receive such transmission, provided that any such transmission must either set forth
or be submitted with information from which the inspectors of election can determine that the transmission was authorized by
the shareholder or the shareholder&rsquo;s duly authorized attorney-in-fact. If it is determined that such transmissions are
valid, the inspectors shall specify the information upon which they relied. Any copy, facsimile telecommunication or other
reliable reproduction of the writing or transmission created pursuant to this Section 6 may be substituted or used in lieu of
the original writing or transmission for any and all purposes for which the original writing or transmission could be used,
provided that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire
original writing or transmission.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">SECTION 7.
<U>Notice of Meeting</U>. (a) Except as otherwise required by the laws of the Commonwealth of Virginia, notice shall be delivered
by the Corporation not less than 10 days nor more than 60 days before the date of the meeting, either personally, by mail or by
any other manner permitted by law, to each shareholder of record entitled to vote at such meeting. If mailed, such notice shall
be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the shareholder
at the shareholder&rsquo;s address as it appears on the stock transfer books of the Corporation. Such further notice shall be
given as may be required by law. Notice of meetings may be waived in accordance with law. Any previously scheduled meeting of
the shareholders may be postponed, by resolution of the Board of Directors, at any time prior to the time previously scheduled
for such meeting of shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(b)
</FONT><FONT STYLE="font-size: 10pt">Without limiting the manner by which notice otherwise may be given effectively to shareholders,
any notice to shareholders given by the Corporation, under any provision of the Virginia Stock Corporation Act, the Articles of
Incorporation or these Bylaws, shall be effective if given by a form of electronic transmission consented to by the shareholder
to whom the notice is given. Any such consent shall be revocable by the shareholder by written notice to the Corporation. Any
such consent shall be deemed revoked if (i) the Corporation is unable to deliver by electronic transmission two consecutive notices
given by the Corporation in accordance with such consent and (ii) such inability becomes known to the Corporate Secretary or an
Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice; provided,
however, the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action. Notice
given pursuant to this paragraph shall be deemed given: (1) if by facsimile telecommunication, when directed to a number at which
the shareholder has consented to receive notice; (2) if by electronic mail, when directed to an electronic mail address at which
the shareholder has consented to receive notice; (3) if by a posting on an electronic network together with separate notice to
the shareholder of such specific posting when such notice is directed to the record address of the shareholder or to such other
address at which the shareholder has consented to receive notice, upon the later of such posting or the giving of such separate
notice; and (4) if by any other form of electronic transmission, when consented to by the shareholder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
8. </FONT><FONT STYLE="font-size: 10pt"><U>Record Date</U>. For the purpose of determining shareholders entitled to notice of
or to vote at any meeting of shareholders or any adjournment thereof, or entitled to receive payment of any dividend, or in order
to make a determination of shareholders for any other proper purpose, the Board of Directors may fix in advance a date as the
record date for any such determination of shareholders, such date in any case to be not more than 70 days prior to the date on
which the particular action, requiring such determination of shareholders, is to be taken. If no record date is fixed for the
determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive
payment of a dividend, the date on which notices of the meeting are mailed or the date on which the resolution of the Board of
Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders.
When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section,
such determination shall apply to any adjournment thereof unless the Board of Directors fixes a new record date, which it shall
do if the meeting is adjourned to a date more than 120 days after the date fixed for the original meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
9. </FONT><FONT STYLE="font-size: 10pt"><U>Conduct of Meeting</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(a)
</FONT><FONT STYLE="font-size: 10pt">The Chairman of the Board shall preside over all meetings of the shareholders. If he or she
is not present, or if there is none in office, the Vice Chairman of the Board shall preside. If the Chairman of the Board and
the Vice Chairman of the Board are not present, the Chief Executive Officer shall preside. If the Chairman of the Board, the Vice
Chairman of the Board and the Chief Executive Officer are not present, the President shall preside. If the Chairman of the Board,
the Vice Chairman of the Board, the Chief Executive Officer and the President are not present, a Vice President shall preside,
or, if none be present, a chairman shall be elected by the meeting. The Corporate Secretary shall act as secretary of the meeting,
if he or she is present. If he or she is not present, the chairman shall appoint a secretary of the meeting. The chairman of the
meeting, at his or her discretion, may adjourn the meeting from time to time, whether or not there is a quorum, and may determine
the date, time and place that a meeting so adjourned is to reconvene.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(b)
</FONT><FONT STYLE="font-size: 10pt">The Board of Directors may adopt such rules, regulations and procedures for the conduct of
any meeting of shareholders that it deems appropriate. Except to the extent inconsistent with such rules, regulations and procedures
adopted by the Board of Directors, the chairman of the meeting shall have the right and authority to prescribe such rules, regulations
and procedures and to do all such acts and things as are necessary or desirable for the proper conduct of the meeting, including,
without limitation, the establishment of an agenda or order of business, the dismissal of business not properly presented, the
maintenance of order and safety, limitations on the time allotted to questions or comments on the affairs of the Corporation,
restrictions on entry to such meeting after the time prescribed for the commencement thereof and the opening and closing of the
voting polls.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
10. </FONT><FONT STYLE="font-size: 10pt"><U>Inspectors</U>. An appropriate number of inspectors for any meeting of shareholders
may be appointed by the chairman of such meeting. Inspectors so appointed, will receive and take charge of proxies and ballots,
decide all questions as to the qualifications of <FONT STYLE="font-size: 10pt">voters, validity
of proxies
and ballots, and the number of votes properly cast, and perform such other duties as required by law or requested by the chairman
of the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
11. </FONT><FONT STYLE="font-size: 10pt"><U>Advance Notice of Nominations and Shareholder Business</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(a)
</FONT><FONT STYLE="font-size: 10pt"><U>Annual Meetings of Shareholders</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(i)
</FONT><FONT STYLE="font-size: 10pt">Nominations of persons for election to the Board of Directors of the Corporation and the
proposal of business to be considered by the shareholders may be made at an annual meeting of shareholders only (A) pursuant to
the Corporation&rsquo;s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors,
(B) otherwise properly made at the annual meeting by or at the direction of the Board of Directors or (C) by any shareholder of
the Corporation who (1) was a shareholder of record of the Corporation at the time the notice provided for in this Section 11
is delivered to the Corporate Secretary of the Corporation and at the time of the meeting, (2) is entitled to vote at the meeting
and (3) complies with the procedures set forth in this Section 11. Clause (C) of the immediately preceding sentence shall be the
exclusive means for a shareholder to make a nomination or propose business before an annual meeting of shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)
</FONT><FONT STYLE="font-size: 10pt">For nominations or other business to be properly brought before an annual meeting by a shareholder
pursuant to clause (C) of paragraph (a)(i) of this Section 11, the shareholder must have given timely notice thereof in writing
to the Corporate Secretary of the Corporation and any such proposed business other than the nominations of persons for election
to the Board of Directors must constitute a proper matter for shareholder action. To be timely, a shareholder&rsquo;s notice must
be delivered to the Corporate Secretary at the principal office of the Corporation (x) in the case of nominations or other business
to be properly brought before the 2017 annual meeting of shareholders, not later than the close of business on March 10, 2017
nor earlier than the close of business on the one hundred twentieth day prior to the first anniversary of the preceding year&rsquo;s
annual meeting and (y) in the case of nominations or other business to be properly brought before any other annual meeting of
shareholders, not later than the close of business on the ninetieth day nor earlier than the close of business on the one hundred
twentieth day prior to the first anniversary of the preceding year&rsquo;s annual meeting; provided, however, that in the event
that the date of the annual meeting is more than 30 days before or more than 70 days after such anniversary date, notice by the
shareholder must be so delivered not earlier than the close of business on the one hundred twentieth day prior to such annual
meeting and not later than the close of business on the later of the ninetieth day prior to such annual meeting or the tenth day
following the day on which public announcement of the date of such meeting is first made by the Corporation. In no event shall
the public announcement of an adjournment or postponement of an annual meeting commence a new time period, or extend any time
period, for the giving of a shareholder&rsquo;s notice as described above. Such shareholder&rsquo;s notice shall set forth: (A)
as to each person whom the shareholder proposes to nominate for election as a director, (1) all information relating to such person
that would be required to be disclosed in solicitations of proxies for election of directors in an election contest or otherwise
required pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), regardless
of the application of the Exchange Act to such nomination, (2) the information and agreement required under paragraph (b) of Section
3 of Article II, and (3) such person&rsquo;s written consent to
being named in the proxy statement as a nominee and to serving as such a director if elected; (B) as to any other business that
the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting,
the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such
business includes a proposal to amend the Bylaws of the Corporation, the language of the proposed amendment), the reasons for
conducting such business at the meeting and any material interest in such business of such shareholder and of the beneficial owner,
if any, on whose behalf the proposal is made; and (C) as to the shareholder giving the notice and the beneficial owner, if any,
on whose behalf the nomination or proposal is made, (1) the name and address of such shareholder, as they appear on the Corporation&rsquo;s
books, and of such beneficial owner, (2) the class and number of shares of capital stock of the Corporation that are, directly
or indirectly, owned beneficially and of record by such shareholder and such beneficial owner as well as any derivative or synthetic
instrument, convertible security, put, option, stock appreciation right, swap or similar contract, agreement, arrangement or understanding
the value of or return on which is based on or linked to the value of or return on any of shares of capital stock of the Corporation,
(3) any proxy (other than a revocable proxy given in response to a solicitation statement filed pursuant to, and in accordance
with, Section 14(a) of the Exchange Act), voting trust, voting agreement or similar contract, arrangement, agreement or understanding
pursuant to which the shareholder or beneficial owner on whose behalf the nomination or proposal is being made has a right to
vote or direct the voting of any shares of the Corporation&rsquo;s capital stock, (4) a representation that the shareholder is
a holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at
the meeting to propose such business or nomination, and (5) a representation whether the shareholder or the beneficial owner,
if any, intends or is part of a group that intends (a) to deliver a proxy statement and/or form of proxy to holders of at least
the percentage of the Corporation&rsquo;s outstanding capital stock required to approve or adopt the proposal or elect the nominee
and/or (b) otherwise to solicit proxies from shareholders in support of such proposal or nomination. In addition, to be timely,
a shareholder&rsquo;s notice shall further be updated and supplemented, if necessary, (1) as of the voting record date for the
meeting and (2) as of the date that is 10 days prior to the meeting or any adjournment or postponement thereof, and such update
and supplement shall be delivered to the Corporate Secretary at the principal office of the Corporation. With respect to any proposal
of business, the notice requirements of this Section 11(a)(ii) shall be deemed satisfied by a shareholder if the shareholder has
notified the Corporation of his, her or its intention to present a proposal at an annual meeting in compliance with Rule 14a-8
(or any successor thereof) promulgated under the Exchange Act and such shareholder&rsquo;s proposal has been included in a proxy
statement that has been prepared by the Corporation to solicit proxies for such annual meeting. The Corporation may require any
proposed nominee to furnish such other information as it may reasonably require to determine the eligibility of such proposed
nominee to serve as a director of the Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(iii) </FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything in the second sentence of paragraph (a)(ii) of this Section 11 to the contrary, in the event that the number of
directors to be elected to the Board of Directors at an annual meeting is increased and there is no public announcement by
the Corporation naming the nominees for the additional directorships at least 100 days prior to the first anniversary of the
preceding year&rsquo;s annual meeting, a shareholder&rsquo;s notice required by this Section 11 shall also be considered
timely, but only with respect to nominees for the additional directorships, if it shall be delivered to
the Corporate Secretary at the principal office of the Corporation not later than the close of business on the tenth day following
the day on which such public announcement is first made by the Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(b)
</FONT><FONT STYLE="font-size: 10pt"><U>Special Meetings of Shareholders</U>. Only such business shall be conducted at a special
meeting of shareholders as shall have been brought before the meeting pursuant to the Corporation&rsquo;s notice of meeting. Nominations
of persons for election to the Board of Directors may be made at a special meeting of shareholders at which directors are to be
elected pursuant to the Corporation&rsquo;s notice of meeting (i) by or at the direction of the Board of Directors or (ii) by
any shareholder of the Corporation who is a shareholder of record at the time the notice provided for in this Section 11 is delivered
to the Corporate Secretary of the Corporation, who is entitled to vote at the meeting and upon such election and who complies
with the notice procedures set forth in this Section 11. In the event a special meeting of shareholders is called pursuant to
these Bylaws for the purpose of electing one or more directors to the Board of Directors, any such shareholder entitled to vote
in such election of directors may nominate a person or persons, as the case may be, for election to such position(s) as specified
in the Corporation&rsquo;s notice of meeting, if the shareholder&rsquo;s notice required by paragraph (a)(ii) of this Section
11 is delivered to the Corporate Secretary at the principal office of the Corporation not earlier than the close of business on
the one hundred twentieth day prior to such special meeting, and not later than the close of business on the later of the ninetieth
day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of
the special meeting and of the nominees proposed to be elected at such meeting, if any. In no event shall the public announcement
of an adjournment or postponement of a special meeting commence a new time period, or extend any time period, for giving of a
shareholder&rsquo;s notice as described above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(c)
</FONT><FONT STYLE="font-size: 10pt"><U>General</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(i)
</FONT><FONT STYLE="font-size: 10pt">Only such persons who are nominated in accordance with the procedures set forth in this Section
11 shall be eligible at an annual or special meeting of shareholders of the Corporation to serve as directors and only such business
shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with the procedures
set forth in this Section 11. Except as otherwise provided by law, the chairman of the meeting shall have the power and duty (A)
to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case
may be, in accordance with the procedures set forth in this Section 11 (including whether the shareholder or beneficial owner,
if any, on whose behalf the nomination or proposal is made or solicited (or is part of a group which solicited) or did not so
solicit, as the case may be, proxies in support of such shareholder&rsquo;s nominee or proposal in compliance with such shareholder&rsquo;s
representation as required by clause (a)(ii)(C) of this Section 11) and (B) to declare that such nomination shall be disregarded
or that such proposed business shall not be transacted. Notwithstanding the foregoing provisions of this Section 11, if the shareholder
(or a duly authorized proxy of the shareholder) does not appear at the annual or special meeting of shareholders of the Corporation
to present a nomination or business, such nomination shall be disregarded and such proposed business shall not be transacted,
notwithstanding that proxies in respect of such vote may have been received by the Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)
</FONT><FONT STYLE="font-size: 10pt">For purposes of this Section 11, &ldquo;public announcement&rdquo; shall include disclosure
in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document
publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange
Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)
</FONT><FONT STYLE="font-size: 10pt">Notwithstanding the foregoing provisions of this Section 11, a shareholder shall also comply
with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set
forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any rights (A) of shareholders to request inclusion
of proposals in the Corporation&rsquo;s proxy statement pursuant to Rule 14a-8 under the Exchange Act or (B) of the holders of
any class or series of preferred stock to elect directors pursuant to any applicable provisions of the Articles of Incorporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(d)
</FONT><FONT STYLE="font-size: 10pt"><U>Proxy Access for Director Nominations</U>. The Corporation shall include in its proxy
statement for any annual meeting of shareholders the name, together with the Required Information (as defined below), of any person
nominated for election to the Board of Directors (a &ldquo;Shareholder Nominee&rdquo;) identified in a timely notice (the &ldquo;Notice&rdquo;)
that satisfies this Section 11 delivered to the principal executive office of the Corporation, addressed to the Corporate Secretary,
by one or more shareholders who at the time the request is delivered satisfy the ownership and other requirements of both subsections
(a) and (d) of this Section 11 (such shareholder or shareholders, and any Associated Person (as defined below) of such shareholder
or shareholders, the &ldquo;Eligible Shareholder&rdquo;), and who expressly elects to have its nominee included in the Corporation&rsquo;s
proxy materials pursuant to this subsection (d). To be timely, the Notice must be received by the Corporate Secretary not less
than one hundred twenty (120) calendar days prior to the anniversary date of the immediately preceding mailing date for the notice
of annual meeting of shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(i)
</FONT><FONT STYLE="font-size: 10pt">For purposes of this subsection (d), the &ldquo;Required Information&rdquo; that the Corporation
will include in its proxy statement is (A) the information concerning the Shareholder Nominee and the Eligible Shareholder that,
as determined by the Corporation, is required to be disclosed in a proxy statement filed pursuant to the proxy rules of the Securities
and Exchange Commission, and (B) if the Eligible Shareholder so elects, a Statement (as defined below). For purposes of this subsection
(d), &ldquo;Associated Person&rdquo; means any affiliate, associate of, or any other party acting in concert with or on behalf
of, (A) a shareholder nominating a Shareholder Nominee or (B) any beneficial owner on whose behalf the shareholder is acting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)
</FONT><FONT STYLE="font-size: 10pt">The Corporation shall not be required to include a Shareholder Nominee in its proxy materials
for any special meeting of shareholders or for any annual meeting of shareholders for which (A) the Corporate Secretary of the
Corporation receives a notice that the Eligible Shareholder has nominated a person for election to the Board of Directors pursuant
to the notice requirements set forth in subsection (a) of this Section 11 and (B) the Eligible Shareholder does not expressly
elect as part of providing the notice to have its nominee included in the Corporation&rsquo;s proxy materials pursuant to this
subsection (d).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(iii)
</FONT><FONT STYLE="font-size: 10pt">The number of Shareholder Nominees (including any Shareholder Nominees elected to the Board
of Directors at either of the two preceding annual meetings who are standing for reelection and any Shareholder Nominees that
were submitted by an Eligible Shareholder for inclusion in <FONT STYLE="font-size: 10pt">the Corporation&rsquo;s
proxy materials pursuant to this subsection (d) but either are subsequently withdrawn or that the Board of Directors or any committee
designated by the Board of Directors decides to nominate for election to the Board of Directors (a &ldquo;Board Nominee&rdquo;))
appearing in the Corporation&rsquo;s proxy materials with respect to a meeting of shareholders shall not exceed the greater of
(A) two Shareholder Nominees and (B) 20% of the number of directors in office as of the last day on the Notice may be delivered,
or if such amount is not a whole number, the closest whole number below 20%. In the event that the number of Shareholder Nominees
submitted by Eligible Shareholders pursuant to this subsection (d) exceeds this maximum number, each Eligible Shareholder shall
select one Shareholder Nominee for inclusion in the Corporation&rsquo;s proxy materials until the maximum number is reached, going
in the order of the amount (largest to smallest) of shares of the Corporation&rsquo;s stock eligible to vote in the election of
directors each Eligible Shareholder disclosed as owned in the written notice of the nomination submitted to the Corporation. If
the maximum number is not reached after each Eligible Shareholder has selected one Shareholder Nominee, this selection process
shall continue as many times as necessary, following the same order each time, until the maximum number is reached.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"></FONT></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(iv)
</FONT><FONT STYLE="font-size: 10pt">An Eligible Shareholder must have owned (as defined below) 3% or more of the outstanding
shares of the Corporation&rsquo;s stock eligible to vote in the election of directors continuously for at least three years (the
&ldquo;Required Shares&rdquo;) as of both the date the Notice is delivered to the Corporation and the record date for determining
shareholders entitled to vote at the meeting and must continue to own the Required Shares through the meeting date. For purposes
of satisfying the foregoing ownership requirement under this subsection (d), (A) the shares of stock of the Corporation owned
by one or more shareholders, or by the person or persons who own shares of the Corporation&rsquo;s stock and on whose behalf any
shareholder is acting, may be aggregated, provided that the number of shareholders and other persons whose ownership of shares
is aggregated for such purpose shall not exceed 20, and further provided that the group of shareholders shall have provided to
the Corporate Secretary of the Corporation as a part of providing the Notice a written agreement executed by each of its members
designating one of the members as the exclusive member to interact with the Corporation for purposes of this Section 11 on behalf
of all members, and (B) a group of funds under common management and investment control shall be treated as one shareholder or
person for this purpose. Within the time period specified for providing the Notice, an Eligible Shareholder must provide the following
information in writing to the Corporate Secretary of the Corporation (in addition to the information required to be provided by
subsection (a) of this Section 11): (A) one or more written statements from the record holder of the shares (and from each intermediary
through which the shares are or have been held during the requisite three-year holding period) verifying that, as of a date within
seven calendar days prior to the date the Notice is delivered to or mailed and received by the Corporation, the Eligible Shareholder
owns, and has owned continuously for the preceding three years, the Required Shares, and the Eligible Shareholder&rsquo;s agreement
to provide, within five business days after the record date for the meeting, written statements from the record holder and intermediaries
verifying the Eligible Shareholder&rsquo;s continuous ownership of the Required Shares through the record date, (B) the written
consent of each Shareholder Nominee to be named in the proxy statement as a nominee and to serve as a director if elected, (C)
a copy of the Schedule 14N that has been filed with the Securities and Exchange Commission as required by Rule 14a-18 under the
Exchange Act, (D) a representation that the Eligible Shareholder (1) acquired the Required Shares in the ordinary course of business
and not with the intent to change or influence control of the Corporation, and does not presently have such intent, (2) has not
nominated and will not nominate for election to the Board of Directors at the meeting any person other than the Shareholder Nominee(s)
being nominated pursuant to this subsection (d), (3) has not engaged and will not engage in, and has not and will not be, a &ldquo;participant&rdquo;
in another person&rsquo;s &ldquo;solicitation&rdquo; within the meaning of Rule 14a-1(l) under the Exchange Act in support of
the election of any individual as a director at the meeting other than its Shareholder Nominee(s) or a Board Nominee, (4) will
not distribute to any shareholder any form of proxy for the meeting other than the form distributed by the Corporation, (5) intends
to continue to own the Required Shares through the date of the meeting, and (6) will provide facts, statements and other information
in all communications with the Corporation and its shareholders that are or will be true and correct in all material respects
and do not and will not omit to state a material fact necessary in order to make the statements made, in light of the circumstances
under which they were made, not misleading, (E) an undertaking that the Eligible Shareholder agrees to (1) assume all liability
stemming from any legal or regulatory violation arising out of the Eligible Shareholder&rsquo;s communications with the Corporation&rsquo;s
shareholders or out of the information that the Eligible Shareholder provided to the Corporation, (2) indemnify and hold harmless
the Corporation and each of its directors, officers and employees individually against any liability, loss or damages in connection
with any threatened or pending action, suit or proceeding, whether legal, administrative or investigative, against the Corporation
or any of its directors, officers or employees arising out of any nomination submitted by the Eligible Shareholder pursuant to
this subsection (d), (3) file with the Securities and Exchange Commission all soliciting and other materials as required under
subdivision (x) of this subsection (d), and (4) comply with all other applicable laws, rules, regulations and listing standards
with respect to any solicitation in connection with the meeting, and (F) if the Eligible Shareholder did not submit the name(s)
of the Shareholder Nominee(s) to the Governance Committee of the Board of Directors for consideration as Board Nominee(s), a brief
explanation why the Eligible Shareholder elected not to do so. The inspectors of elections shall not give effect to the Eligible
Shareholder&rsquo;s votes with respect to the election of directors if the Eligible Shareholder does not comply with each of the
representations in clause (D) above.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(v)
</FONT><FONT STYLE="font-size: 10pt">For purposes of this subsection (d), an Eligible Shareholder shall be deemed to &ldquo;own&rdquo;
only those outstanding shares of the Corporation&rsquo;s stock as to which a shareholder who is the Eligible Shareholder or is
included in the group that constitutes the Eligible Shareholder possesses both (A) the full voting and investment rights pertaining
to the shares and (B) the full economic interest in (including the opportunity for profit and risk of loss on) such shares; provided
that the number of shares calculated in accordance with clauses (A) and (B) shall not include any shares (1) sold by or on behalf
of such shareholder in any transaction that has not been settled or closed, (2) borrowed by or on behalf of such shareholder for
any purpose or purchased by such shareholder pursuant to an agreement to resell or (3) subject to any option, warrant, forward
contract, swap, contract of sale, other derivative or similar agreement entered into by or on behalf of such shareholder whether
any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of outstanding
shares of the Corporation&rsquo;s stock, in any such case which instrument or agreement has, or is intended to have, the purpose
or effect of (x) reducing in any manner, to any extent or at any time in the future, such shareholder&rsquo;s full right to vote
or direct the voting of any such shares, and/or (y) hedging, offsetting or altering to any degree gain or loss arising from the
full economic ownership of such shares by such shareholder. A shareholder shall &ldquo;own&rdquo; shares held in the name of a
nominee or other intermediary so long as the shareholder retains the right to instruct how the shares are voted with respect to
the election of directors and possesses the full economic interest in the shares. A shareholder&rsquo;s ownership of shares shall
be deemed to continue during (A) any period in which the shareholder has delegated any voting power by means of a proxy, power
of attorney or other instrument or arrangement that is revocable at any time by the shareholder, or (B) has loaned such shares,
provided that the person has the power to recall such loaned shares on not more than three business days&rsquo; notice. Whether
outstanding shares of the Corporation&rsquo;s stock are &ldquo;owned&rdquo; for these purposes shall be determined by the Board
of Directors, which determination shall be conclusive and binding on the Corporation and its shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(vi)
</FONT><FONT STYLE="font-size: 10pt">The Eligible Shareholder may provide to the Corporate Secretary of the Corporation, within
the time period specified for providing the Notice, a written statement for inclusion in the Corporation&rsquo;s proxy statement
for the meeting, not to exceed 500 words, in support of the Shareholder Nominee&rsquo;s candidacy (the &ldquo;Statement&rdquo;).
Notwithstanding anything to the contrary contained in this Section 11, the Corporation may omit from its proxy materials any information
or statement that it believes would violate any applicable law, rule, regulation or listing standard.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(vii)
</FONT><FONT STYLE="font-size: 10pt">The Corporation shall not be required to include, pursuant to this subsection (d), a Shareholder
Nominee in its proxy materials (A) for any meeting for which the Corporate Secretary of the Corporation receives a notice that
the Eligible Shareholder or any other shareholder has nominated a Shareholder Nominee for election to the Board of Directors pursuant
to the requirements of subsection (a) of this Section 11 and does not expressly elect at the time of providing the notice to have
its nominee included in the Corporation&rsquo;s proxy materials pursuant to this subsection (d), (B) if the Eligible Shareholder
who has nominated such Shareholder Nominee has engaged in or is currently engaged in, or has been or is a &ldquo;participant&rdquo;
in another person&rsquo;s, &ldquo;solicitation&rdquo; within the meaning of Rule 14a-1(l) under the Exchange Act in support of
the election of any individual as a director at the meeting other than its Shareholder Nominee(s) or a Board Nominee, (C) who
is not independent under the listing standards of the principal exchange upon which the Corporation&rsquo;s stock is traded, any
applicable rules of the Securities and Exchange Commission and any publicly disclosed standards used by the Board of Directors
in determining and disclosing the independence of the Corporation&rsquo;s directors, as determined by the Board of Directors,
(D) whose election as a member of the Board of Directors would cause the Corporation to be in violation of these By-Laws, the
Corporation&rsquo;s Articles of Incorporation, the listing standards of the principal exchange upon which the Corporation&rsquo;s
stock is traded, or any applicable state or federal law, rule or regulation, (E) who is or has been, within the past three years,
an officer or director of a competitor, as defined in Section 8 of the Clayton Antitrust Act of 1914, (F) who is a named subject
of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted in such a criminal
proceeding within the past 10 years, (G) who is subject to any order of the type specified in Rule 506(d) of Regulation D promulgated
under the Securities Act of 1933, as amended, (H) if such Shareholder Nominee or the applicable Eligible Shareholder shall have
provided information to the Corporation in respect to such nomination that was untrue in any material respect or omitted to state
a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not
misleading, as determined by the Board of Directors, or (I) if <FONT STYLE="font-size: 10pt">the Eligible
Shareholder or applicable Shareholder Nominee otherwise breaches any of its or their obligations, agreements or representations
under this Section 11.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(viii)
</FONT><FONT STYLE="font-size: 10pt">Notwithstanding anything to the contrary set forth herein, the chairman of at the meeting
shall declare a nomination by an Eligible Shareholder to be invalid, and such nomination shall be disregarded notwithstanding
that proxies in respect of such vote may have been received by the Corporation, if the Shareholder Nominee(s) and/or the applicable
Eligible Shareholder shall have breached its or their obligations, agreements or representations under this Section 11, as determined
by the Board of Directors or the chairman of the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(ix)
</FONT><FONT STYLE="font-size: 10pt">In addition to the information required to be provided by the Eligible Shareholder by subsections
(a) and (d) of this Section 11, each Shareholder Nominee and each Board Nominee shall provide to the Corporate Secretary of the
Corporation, within two weeks of receipt of the Corporate Secretary&rsquo;s written request therefore, the following information:
(A) a completed copy of the Corporation&rsquo;s form of director&rsquo;s questionnaire and a written consent of the Shareholder
Nominee or the Board Nominee to the Corporation following such processes for evaluation of such Nominee as the Corporation follows
in evaluating any other potential Board Nominee, as provided by the Corporate Secretary; (B) the Shareholder Nominee&rsquo;s or
the Board Nominee&rsquo;s agreement to comply with the Corporation&rsquo;s corporate governance, conflict of interest, confidentiality,
share ownership and share trading policies, as provided by the Corporate Secretary; (C) written confirmation that the Shareholder
Nominee or the Board Nominee (1) does not have, and will not have, any agreement or understanding as to how he or she will vote
on any matter and (2) is not a party to, and will not become a party to, any outside compensation arrangement relating to service
as a director of the Corporation that has not been disclosed to the Corporate Secretary of the Corporation; and (D) written disclosure
of any transactions between the Eligible Shareholder and the Shareholder Nominee or the Board Nominee within the preceding five
years.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(x)
</FONT><FONT STYLE="font-size: 10pt">The Eligible Shareholder shall file with the Securities and Exchange Commission any solicitation
or other communication with the Corporation&rsquo;s shareholders relating to the meeting at which the Shareholder Nominee will
be nominated, regardless of whether any such filing is required under Regulation 14A of the Exchange Act, or whether any exemption
from filing is available for such solicitation or other communication under Regulation 14A of the Exchange Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(xi)
</FONT><FONT STYLE="font-size: 10pt">No person may be a member of more than one group of persons constituting an Eligible Shareholder
under this subsection (d).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(xii)
</FONT><FONT STYLE="font-size: 10pt">Any Shareholder Nominee who is included in the Corporation&rsquo;s proxy materials for a
particular meeting of shareholders but either (A) withdraws from or becomes ineligible or unavailable for election at the meeting,
or (B) does not receive at least 25% of the votes cast in favor of the Shareholder Nominee&rsquo;s election, shall be ineligible
to be a Shareholder Nominee pursuant to this subsection (d) for the next two annual meetings of shareholders following the meeting
for which the Shareholder Nominee has been nominated for election.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
II</U></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U></U></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Board of Directors</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
1. </FONT><FONT STYLE="font-size: 10pt"><U>General Powers</U>. The property, affairs and business of the Corporation shall be
managed under the direction of the Board of Directors, and, except as otherwise expressly provided by law, the Articles of Incorporation
or these Bylaws, all of the powers of the Corporation shall be vested in such Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
2. </FONT><FONT STYLE="font-size: 10pt"><U>Chairman of the Board; Vice Chairman of the Board</U>. There shall be a Chairman of
the Board and a Vice Chairman of the Board, who shall each be chosen by the Board from among the directors. The Chairman of the
Board and the Vice Chairman of the Board shall have the respective powers and duties set forth below, and shall also have such
other powers and duties as from time to time may be conferred by the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(a)
</FONT><FONT STYLE="font-size: 10pt"><U>Chairman</U>. The Chairman of the Board shall preside at all meetings of the shareholders
and of the Board of Directors. The Chairman of the Board shall, in consultation with the Vice Chairman of the Board, determine
the agenda, schedule and meeting materials for meetings of the Board of Directors; guide discussions of the Board of Directors
and facilitate discussions between the Board of Directors and management; and interact with analysts, investors, employees and
other key constituents. The Chairman of the Board shall keep the Vice Chairman of the Board informed, and shall consult with the
Vice Chairman of the Board, as to material internal and external discussions the Chairman of the Board has, and material developments
the Chairman of the Board learns, about the Company and the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(b)
</FONT><FONT STYLE="font-size: 10pt"><U>Vice Chairman</U>. The Vice Chairman of the Board shall consult with, advise and assist
the Chairman of the Board in the performance of the duties of the Chairman of the Board. The Vice Chairman of the Board shall
provide input on the agenda, schedules and meeting materials for meetings of the Board of Directors; assist in guiding board discussions
and facilitating communication between the Board of Directors and management; and interact with analysts, investors, employees
and other key constituents. The Vice Chairman of the Board shall perform the duties of the Chairman of the Board in the absence
or at the request of the Chairman of the Board. The Vice Chairman of the Board shall keep the Chairman of the Board informed,
and shall consult with the Chairman of the Board, as to material internal and external discussions the Vice Chairman of the Board
has, and material developments the Vice Chairman of the Board learns, about the Company and the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
3. </FONT><FONT STYLE="font-size: 10pt"><U>Number and Election</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(a)
</FONT><FONT STYLE="font-size: 10pt"><U>Number and Qualifications</U>. The number of Directors shall be fixed from time to time
by the Board of Directors. No person shall be eligible for election as a Director, nor shall any Director be eligible for reelection,
if he or she shall have reached the age of 75 years at the time of such election or reelection, except that (i) the Board, in
its sole discretion, may waive such ineligibility for a period not to exceed one year and (ii) a Director shall be eligible for
reelection, even if he or she shall have reached the age of 75 years at the time of such reelection, if the reelection will not
result in such Director serving more than five consecutive terms.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(b)
</FONT><FONT STYLE="font-size: 10pt"><U>Qualifications</U>. Each Director and nominee for election as a Director of the Corporation
must deliver to the Corporate Secretary of the Corporation at the principal office of the Corporation a written questionnaire
with respect to the background and qualifications of such person (which questionnaire shall be provided by the Corporate Secretary
of the Corporation upon written request and approved from time to time by the Board or Governance Committee) and a written representation
and agreement (in the form provided by the Corporate Secretary of the Corporation upon written request) (the &ldquo;Agreement&rdquo;),
which Agreement (i) shall provide that such person (A) is not and will not become a party to (1) any agreement, arrangement or
understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if such person
is at the time a Director or is subsequently elected as a Director of the Corporation, will act or vote on any issue or question
(a &ldquo;Voting Commitment&rdquo;) that has not been disclosed to the Corporation or (2) any Voting Commitment that could limit
or interfere with such person&rsquo;s ability to comply, if such person is at the time a Director or is subsequently elected as
a Director of the Corporation, with such person&rsquo;s duties as a Director under applicable law, (B) is not and will not become
a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any
direct or indirect compensation, reimbursement or indemnification in connection with service or action as a Director that has
not been disclosed therein, and (C) would be in compliance, if elected as a Director of the Corporation, and will, if such person
is at the time a Director or is subsequently elected as a Director of the Corporation, comply with all applicable corporate governance,
conflict of interest, confidentiality and securities ownership and trading policies and guidelines of the Corporation (copies
of which shall be provided by the Corporate Secretary of the Corporation upon written request) and (ii) if such person is at the
time a Director or is subsequently elected as a Director of the Corporation, shall include such person&rsquo;s irrevocable resignation
as a Director if such person is found by a court of competent jurisdiction to have breached the Agreement in any material respect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(c)
</FONT><FONT STYLE="font-size: 10pt"><U>Election of Directors</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(i)
</FONT><FONT STYLE="font-size: 10pt">The Board of Directors shall be elected at the annual meeting of the shareholders or at any
special meeting held in lieu thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)
</FONT><FONT STYLE="font-size: 10pt">Except as provided in the following clause (c)(iii), each Director shall be elected by a
vote of the majority of the votes cast with respect to that Director nominee&rsquo;s election at a meeting for the election of
Directors at which a quorum is present. For purposes of this clause (c)(ii), a majority of the votes cast means that the number
of shares voted &ldquo;for&rdquo; a Director must exceed the number of shares voted &ldquo;against&rdquo; that Director.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)
</FONT><FONT STYLE="font-size: 10pt">In lieu of clause (c)(ii) of this Section 3, this clause shall apply to any election of Directors
if there are more nominees for election than the number of Directors to be elected, one or more of whom are properly proposed
by shareholders. A nominee for Director in an election to which this clause applies shall be elected by a plurality of the votes
cast in such election.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
4. </FONT><FONT STYLE="font-size: 10pt"><U>Quorum</U>. A majority of the Directors shall constitute a quorum. Less than a quorum
may adjourn the meeting to a fixed time and place, no further notice of any adjourned meeting being required.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
5. </FONT><FONT STYLE="font-size: 10pt"><U>Removal and Vacancies</U>. The shareholders at any meeting called for such purpose,
by a vote of the holders of a majority of all the shares of capital stock at the time outstanding and having voting power, may
remove any Director, with or without cause, and fill any vacancy. Vacancies arising among the Directors, including a vacancy resulting
from an increase by the Board of Directors in the number of directors may be filled by the remaining Directors, though less than
a quorum of the Board, unless sooner filled by the shareholders. The term of office of any Director so elected by the Board of
Directors shall expire at the next shareholders&rsquo; meeting at which Directors are elected.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">SECTION 6.
<U>Meetings and Notices</U>.<FONT STYLE="color: #010000"> </FONT> (a) Regular meetings of the Board of Directors shall be held
on such dates, at such places and at such times as the Board of Directors may from time to time designate. Special meetings of
the Board of Directors may be held at any place and at any time upon the call of the Chairman of the Board, of the Vice Chairman
of the Board or of any three members of the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">(b) Notice
of any meetings shall be given by mailing or delivering such notice to each Director at the Director&rsquo;s residence or business
address or by telephone or electronic transmission as set forth in this Section 6(b) not less than 24 hours before the meeting.
Notice of the date, time, place or purpose of a regular or special meeting of the Board of Directors may be given by a form of
electronic transmission consented to by the Director to whom the notice is given. Any such consent of a Director shall be revocable
by the Director by written notice to the Corporation. Any such consent shall be deemed revoked if (i) the Corporation is unable
to deliver by electronic transmission two consecutive notices given by the Corporation in accordance with such consent and (ii)
such inability becomes known to the Corporate Secretary or other person responsible for the giving of notice; provided, however,
the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action. Notice given
by electronic transmission shall be deemed given: (a) if by facsimile telecommunication, when directed to a number at which the
Director has consented to receive notice; (b) if by electronic mail, when directed to an electronic mail address at which the
Director has consented to receive notice; (c) if by a posting on an electronic network together with separate notice to the Director
of such specific posting when such notice is directed to an address at which the Director has consented to receive notice, upon
the later of such posting or the giving of such separate notice; and (d) if by any other form of electronic transmission, when
consented to by the Director. Any notice shall state the time and place of the meeting. Meetings may be held without notice if
all of the Directors are present or those not present waive notice before or after the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">(c) Any action
required to be taken at a meeting of the Board may be taken without a meeting if a consent in writing setting forth the action
to be taken, shall be signed by all the Directors in counterpart or otherwise and filed with the Corporate Secretary. Such consent
shall have the same force and effect as a unanimous vote. For purposes of this Section 6(c), such written consent and the signing
thereof may be accomplished by one or more electronic transmissions.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">(d) Any action
required to be taken at a meeting of the Board may be taken by means of a conference telephone or similar communications equipment
whereby all persons participating in the meeting can hear each other, and participation by such means shall constitute presence
in person at such meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
7. </FONT><FONT STYLE="font-size: 10pt"><U>Compensation</U>. By resolution of the Board, Directors may be compensated for services
as Directors. Nothing herein shall preclude Directors from serving the Corporation in other capacities and receiving compensation
for such other services.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
III</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Committees</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
1. </FONT><FONT STYLE="font-size: 10pt"><U>Executive Committee</U>. The Board of Directors may designate an Executive Committee
for the purpose of acting on behalf of the full Board of Directors between regularly scheduled meetings of the Board of Directors,
when time is of the essence. The Chief Executive Officer shall be the Chairman of the Executive Committee, which shall consist
of three or more Directors, including the Chairman of the Board and the Vice Chairman of the Board. The Executive Committee shall
have and may exercise all the authority of the Board of Directors, except as may be prohibited by Section 13.1-689 of the Virginia
Stock Corporation Act, as it may from time to time be amended. The Executive Committee shall keep a full and accurate record of
its proceedings at each meeting and report the same at the next meeting of the Board. In the absence of the Chairman of the Executive
Committee, an acting chairman shall be designated by the Executive Committee to preside at such meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
2. </FONT><FONT STYLE="font-size: 10pt"><U>Compensation Committee</U>. The Board of Directors, at its regular annual meeting,
shall designate a Compensation Committee, which shall consist of three or more Directors each of whom shall satisfy the independence
requirements of the NASDAQ Stock Market (&ldquo;NASDAQ&rdquo;) and the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
as then in effect and applicable to the Corporation. The responsibilities of the Compensation Committee shall be set forth in
the Committee&rsquo;s Charter as approved by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The Compensation
Committee shall fix its own rules of procedure. The Committee shall keep minutes of its meetings, and all action taken by it shall
be reported to the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
3. </FONT><FONT STYLE="font-size: 10pt"><U>Audit Committee</U>. The Board of Directors, at its regular annual meeting, shall designate
an Audit Committee, which shall consist of three or more Directors each of whom shall satisfy the independence requirements of
NASDAQ and the SEC, as then in effect and applicable to the Corporation. The responsibilities of the Audit Committee shall be
set forth in the Committee&rsquo;s Charter as approved by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The Committee
shall fix its own rules of procedure. The Committee shall keep minutes of all of its meetings and all action taken by it shall
be reported to the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
4. </FONT><FONT STYLE="font-size: 10pt"><U>Governance Committee</U>. The Board of Directors, at its regular annual meeting, shall
designate a Governance Committee, which shall consist of three or more Directors each of whom shall satisfy the independence requirements
of NASDAQ and the SEC, as then in effect and applicable to the Corporation. The responsibilities of the Governance Committee shall
be set forth in the Committee&rsquo;s Charter as approved by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The Committee
shall fix its own rules of procedure. The Committee shall keep minutes of all of its meetings and all action taken by it shall
be reported to the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
5. </FONT><FONT STYLE="font-size: 10pt"><U>Other Committees</U>. The Board of Directors may establish such other committees as
it deems appropriate, each committee consisting of at least two Directors whose designation and terms of office shall be by resolution
of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
6. </FONT><FONT STYLE="font-size: 10pt"><U>Committee Meetings</U>. Meetings of a committee may be called at any time by the chairman
of such committee or by a majority of the members of such committee. Notice of any meeting shall be given in the manner provided
by Section 6 of Article II. Meetings may be held without notice if all of the members of the committee are present or those not
present waive notice before or after the meeting. Action may be taken by a committee without a meeting or at a meeting established
by means of conference telephone or similar communications equipment in the manner provided by Section 6 of Article II.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
7. </FONT><FONT STYLE="font-size: 10pt"><U>Quorum</U>. A majority of the members of any committee shall constitute a quorum for
the transaction of business, and the affirmative vote of the majority of those present shall be necessary for any action by a
committee. In the absence of the chairman of a committee, the acting chairman shall be designated by the remaining members of
the committee to preside at such meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
8. </FONT><FONT STYLE="font-size: 10pt"><U>Term of Office</U>. Members of any committee shall be designated as above provided
and shall hold office until their successors are designated by the Board of Directors or until such committee is dissolved by
the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
9. </FONT><FONT STYLE="font-size: 10pt"><U>Resignation and Removal</U>. Any member of a committee may resign at any time by giving
written notice of his intention to do so to the Chairman of the Board or the Corporate Secretary, or may be removed, with or without
cause, at any time by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
10. </FONT><FONT STYLE="font-size: 10pt"><U>Vacancies</U>. Any vacancy occurring in a committee resulting from any cause whatever
shall be filled by a majority of the number of Directors fixed by these Bylaws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
IV</U></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U></U></FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Officers</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
1. </FONT><FONT STYLE="font-size: 10pt"><U>Elected Officers</U>. The elected officers of the Corporation shall be a Chief Executive
Officer, a President, one or more Vice Presidents, a Corporate Secretary, a Treasurer, and such other officers (including, without
limitation, a Chief Financial Officer and a Chief Legal Officer) as the Board of Directors from time to time may deem proper.
All officers elected by the Board shall each have such powers and duties as generally pertain to their respective offices, subject
to the specific provisions of this Article &lrm;IV. Such officers shall also have such powers and duties as from time to time
may be conferred by the Board or by any committee thereof or the Chief Executive Officer. The Board may from time to time elect,
or the Chief Executive Officer may appoint, such other officers (including, without limitation, one or more Assistant Vice Presidents,
Assistant Secretaries, Assistant Treasurers, and Assistant Controllers) and such agents, as may be necessary or desirable for
the conduct of the business of the Corporation. Such other officers and agents shall have such duties and shall hold their offices
for such terms as shall be provided in these Bylaws or as may be prescribed by the Board or such committee or by the Chief Executive
Officer, as the case may be. Any person may be elected to more than one office.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
2. </FONT><FONT STYLE="font-size: 10pt"><U>Election and Term of Office</U>. The elected officers of the Corporation shall be elected
annually by the Board of Directors at the regular meeting of the Board of Directors held after the annual meeting of the shareholders.
Each officer shall hold office until his or her successor shall have been duly elected and shall have qualified, but any officer
may be removed from office with or without cause at any time by the Board of Directors or, except in the case of any officer or
agent elected by the Board, by the Chief Executive Officer. Such removal shall be without prejudice to the contractual rights,
if any, of the person so removed. Election or appointment of an officer shall not of itself create contract rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
3. </FONT><FONT STYLE="font-size: 10pt"><U>Duties</U>. The officers of the Corporation shall have such duties as generally pertain
to their offices, respectively, as well as such powers and duties as are prescribed by law or are hereinafter provided or as from
time to time shall be conferred by the Board of Directors, a committee of the Board or the Chief Executive Officer. The Chief
Executive Officer, the President, any Vice President and the Treasurer may sign and execute in the name of the Corporation representations,
securities, deeds, mortgages, leases, licenses, releases, bonds, powers of attorney, contracts or other instruments, and any officer
may sign and execute in the name of the Corporation such instruments as are incidental to such officer&rsquo;s duties in the ordinary
course of business, except in either case where the signing and the execution thereof shall be expressly delegated by the Board
of Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required by law otherwise to be
signed or executed. The Board of Directors may require any officer to give such bond for the faithful performance of his or her
duties as the Board may see fit.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
4. </FONT><FONT STYLE="font-size: 10pt"><U>Chief Executive Officer</U>. Subject to the direction and control of the Board of Directors,
the Chief Executive Officer shall be responsible for the general management and control of the business and affairs of the Corporation<B>,
</B>shall be primarily responsible for the implementation of the policies of the Board of Directors and shall have such authority
and perform such duties as are commonly incident to his or her office and all such other duties as are properly required of him
or her by the Board of Directors or as are provided elsewhere in these Bylaws. He or she shall make reports to the Board of Directors
and the shareholders from time to time, and shall see that all orders and resolutions of the Board of Directors and of any committee
thereof are carried into effect. The Chief Executive Officer may hire, appoint and discharge such employees and agents of the
Corporation as he or she shall deem necessary for the proper management of the business and affairs of the Corporation and may
fix the compensation of such employees and agents, other than himself/herself and senior executives.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
5. </FONT><FONT STYLE="font-size: 10pt"><U>President</U>. The President shall have such authority and perform such duties as are
commonly incident to his or her office and all such other duties as are properly required of him or her by the Board of Directors
or the Chief Executive Officer or as are provided elsewhere in <FONT STYLE="font-size: 10pt">these Bylaws,
and shall assist the Chief Executive Officer in the administration and operation of the Corporation&rsquo;s business and general
supervision of its policies and affairs.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
6. </FONT><FONT STYLE="font-size: 10pt"><U>Vice Presidents</U>. Each Vice President shall have such powers and shall perform such
duties as shall be assigned to him or her by the Chief Executive Officer, or the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
7. </FONT><FONT STYLE="font-size: 10pt"><U>Treasurer</U>. The Treasurer shall exercise general supervision over the receipt, custody
and disbursement of corporate funds. The Treasurer shall be responsible for the performance of all duties incident to the office
of Treasurer. The Treasurer shall have such further powers and duties and shall be subject to such directions as may be granted
or imposed upon him or her from time to time by the Board of Directors, the Chief Executive Officer or the Chief Financial Officer
(if any).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
8. </FONT><FONT STYLE="font-size: 10pt"><U>Corporate Secretary</U>. The Corporate Secretary shall attend all meetings of the shareholders,
the Board of Directors, and the Executive Committee and record their proceedings in permanent books kept for that purpose<B>,
</B>unless a temporary secretary be appointed. When requested, the Corporate Secretary shall also act as secretary of the meetings
of the other Committees of the Board. He or she shall give, or cause to be given, due notice as required of all meetings of the
shareholders, Directors, the Executive Committee and the other Committees of the Board, and all other notices as required by law
or by these Bylaws<B>. </B>He or she shall keep or cause to be kept at a place or places required by law a record of the shareholders
of the Corporation, giving the names and addresses of all shareholders and the number, class, and series of the shares held by
each. He or she shall be custodian of the seal of the Corporation, and of all records, contracts, leases, and other papers and
documents of the Corporation, unless otherwise directed by the Board of Directors, and shall in general perform all the duties
incident to the office of Secretary and such other duties as may be assigned to him or her by the Board of Directors or the Chief
Executive Officer. The Corporate Secretary shall have the power to affix or cause to be affixed the seal of the Corporation to
all instruments, the execution of which is authorized by these Bylaws or by the Board of Directors, and to sign with another authorized
officer certificates for shares of the Corporation, the issuance of which is authorized by these Bylaws or by the Board of Directors.
In case of the Corporate Secretary&rsquo;s absence or incapacity, the Board of Directors or the Chief Executive Officer may designate
an Assistant Secretary or other appropriate officer to perform the duties of the Secretary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
9. </FONT><FONT STYLE="font-size: 10pt"><U>Voting Securities of Other Corporations</U>. Unless otherwise provided by the
Board of Directors, the Chief Executive Officer, in the name and on behalf of the Corporation, may appoint from time to time
himself or herself or any other person proxy, attorney or agent for the Corporation to cast the votes which the Corporation
may be entitled to cast as a shareholder, member or otherwise in any other corporation, partnership or other legal entity,
domestic or foreign, whose stock, interests or other securities are held by the Corporation, or to consent in writing to any
action by such other entity, or to exercise any or all other powers of this Corporation as the holder of the stock, interests
or other securities of such other entity. The Chief Executive Officer may instruct the person so appointed as to the manner
of casting such votes or giving such consent and may execute or cause to be executed on behalf of the Corporation and under
its corporate seal such written proxies, consents, waivers or other instruments as may be deemed necessary or proper. The
Chief Executive Officer may attend any meeting of the holders of stock, interests or other securities of any such other
entity and vote or exercise any and all other powers of this Corporation as the holder of the stock, interest or other
securities of such other entity.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
10. </FONT><FONT STYLE="font-size: 10pt"><U>Contracts and Expenditures</U>. Except as otherwise directed by the Board of Directors,
expenditures chargeable to operating expenses, including without limitation contracts for work, labor and services and materials
and supplies, may be made by or under the direction of the head of the department or office of the Corporation in which they are
required, without explicit or further authority from the Board of Directors, subject to direction, restriction or prohibition
by the Chief Executive Officer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
11. </FONT><FONT STYLE="font-size: 10pt"><U>Removal</U>. Any officer elected, or agent appointed, by the Board of Directors may
be removed by the Board of Directors at any time, with or without cause. Any officer or agent appointed by the Chief Executive
Officer may be removed by him or her at any time, with or without cause. No elected officer shall have any contractual rights
against the Corporation for compensation by virtue of such election beyond the date of the election of his or her successor, his
or her death, his or her resignation or his or her removal, whichever event shall first occur, except as otherwise provided in
an employment contract or under an employee deferred compensation plan.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000">Section
12. </FONT><FONT STYLE="font-size: 10pt"><U>Vacancies</U>. A newly created elected office and a vacancy in any elected office
because of death, resignation or removal may be filled by the Board of Directors or the Chief Executive Officer for the unexpired
portion of the term; <U>provided</U> that any vacancy in an office appointed by the Chief Executive Officer because of death,
resignation, or removal may be filled by the Chief Executive Officer.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
V</U></FONT><FONT STYLE="font-size: 10pt"><BR></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Depositaries</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The money and
negotiable instruments of the Corporation shall be kept in such bank or banks as the Treasurer or Chief Financial Officer shall
from time to time direct or approve. All checks and other instruments for the disbursement of funds shall be executed manually
or by facsimile by such officers or agents of the Corporation as may be authorized by the Board of Directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
VI</U></FONT><FONT STYLE="font-size: 10pt"><BR></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Seal</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The seal of
the Corporation, of which there may be any number of counterparts, shall be circular in form and shall have inscribed thereon
the name of the Corporation, the year of its organization and the words, &ldquo;Corporate Seal Virginia.&rdquo; The Board may
also authorize to be used, as the seal of the Corporation, any facsimile thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
VII</U></FONT><FONT STYLE="font-size: 10pt"><BR></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Fiscal Year</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">The fiscal
year of the Corporation shall begin immediately after midnight of the last Friday of December, and shall end at midnight on the
last Friday of December of each calendar year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
VIII</U></FONT><FONT STYLE="font-size: 10pt"><BR></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Amendments to Bylaws</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(a)
</FONT><FONT STYLE="font-size: 10pt">Except as specified in clause (b) below, these Bylaws may be amended or repealed at any regular
or special meeting of the Board of Directors by the vote of at least two-thirds of the Directors then in office. These Bylaws
may also be repealed or changed, and new Bylaws made, by the shareholders, provided notice of the proposal to take such action
shall have been given in the notice of the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt; color: #010000">(b)
</FONT><FONT STYLE="font-size: 10pt">Article I, Sections 2 and 11(b) of these Bylaws, and this clause (b), may only be amended
or repealed with the approval of the shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; text-transform: uppercase; color: #010000"><U>ARTICLE
IX</U></FONT><FONT STYLE="font-size: 10pt"><BR></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">Control Share Acquisitions</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">Article 14.1
of the Virginia Stock Corporation Act (&ldquo;Control Share Acquisitions&rdquo;) shall not apply to acquisitions of shares of
stock of the Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">* * * * *
* * * * *</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>dp73850_ex1001.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">March 6,
2017</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">MR Argent Advisor LLC</FONT><BR>
<FONT STYLE="font-size: 10pt">900 3rd Avenue, 11th Floor&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">New York, New York 10022<BR>
Attn: Paul C. Hilal</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ladies and Gentlemen:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">CSX Corporation
(the &ldquo;<U>Company</U>&rdquo;), on the one hand, and MR Argent Advisor LLC (&ldquo;<U>Mantle Ridge</U>&rdquo;), on behalf
of itself and its affiliated funds (such funds, together with Mantle Ridge, collectively, the &ldquo;<U>Mantle Ridge Group</U>&rdquo;),
on the other hand, have mutually agreed to the terms contained in this letter agreement (this &ldquo;<U>Letter Agreement</U>&rdquo;).
For purposes of this Letter Agreement, we refer to each of the Company and the Mantle Ridge Group as a &ldquo;<U>Party</U>&rdquo;
and, collectively, as the &ldquo;<U>Parties</U>.&rdquo;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board
Matters</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date of this Letter Agreement, the Board of Directors of the Company (the &ldquo;<U>Board</U>&rdquo;) has taken the following
actions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Board has received and accepted the resignation from the Board of Michael Ward;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Board has duly adopted a resolution, effective as of the date hereof, to increase the size of the Board to sixteen directors;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Board has duly appointed Paul C. Hilal, E. Hunter Harrison, Dennis H. Reilley, Linda H. Riefler, and John J. Zillmer (the &ldquo;<U>New
Directors</U>&rdquo;) as directors of the Company with terms expiring at the Company&rsquo;s next annual meeting of shareholders
(including any adjournments or postponements thereof, the &ldquo;<U>2017 Annual Meeting</U>&rdquo;) to fill the vacancies resulting
from the foregoing resignation of Mr. Ward and the increase in the size of the Board;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Board has duly amended and restated the Bylaws of the Company (the &ldquo;<U>Bylaws</U>&rdquo;) so that they now read in full
as set forth in <U>Exhibit A</U>; and</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Board has duly appointed Edward J. Kelly, III as Chairman of the Board and Mr. Hilal as Vice Chairman of the Board and the Company
agrees to maintain such positions until the conclusion of the 2018 annual meeting of the Company&rsquo;s shareholders (including
any adjournments or postponements thereof, the &ldquo;<U>2018 Annual Meeting</U>&rdquo;).</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to promptly amend the Company&rsquo;s Corporate Governance Guidelines (the &ldquo;<U>Corporate Governance Guidelines</U>&rdquo;)
to reflect the separation of the roles of Chief Executive Officer and Chairman of the Board, the existence of a non-executive
Chairman of the Board and the addition of the role of Vice Chairman of the Board.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
all times prior to the date of the 2017 Annual Meeting, the size of the Board will be not more than sixteen directors. Effective
at the 2017 Annual Meeting and until the 2018 Annual Meeting, the size of the Board will be not more than thirteen directors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that the slate of nominees recommended by the Board in the Company&rsquo;s proxy statement and on its proxy card
relating to the 2017 Annual Meeting shall consist of the New Directors and Donna M. Alvarado, John B. Breaux, Pamela L. Carter,
Steven T. Halverson, Edward J. Kelly, III, John D. McPherson, David M. Moffett and J. Steven Whisler, and that the slate of nominees
recommended by the Board in the Company&rsquo;s proxy statement and on its proxy card relating to the 2018 Annual Meeting will
include the New Directors and Donna M. Alvarado, John B. Breaux, Pamela L. Carter, Steven T. Halverson, Edward J. Kelly, III,
John D. McPherson, David M. Moffett and J. Steven Whisler, subject in each case to such nominees (i)&nbsp;promptly providing to
the Company all information that the Company is entitled to receive from all directors regarding each of them and is required
to be or is customarily disclosed for directors, candidates for directors, and their affiliates and representatives in a proxy
statement filed pursuant to the proxy rules of the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) or any other
filings under applicable law or stock exchange rules or listing standards, including consents to be named in the Company&rsquo;s
proxy statement and to serve as a director of the Company if elected, information in connection with assessing eligibility, independence
and other criteria applicable to directors or satisfying compliance and legal obligations and (ii)&nbsp;executing all documents
required to be executed by directors nominated for election, such documents to be in substantially the same form as documents
executed and provided by directors in connection with the prior year&rsquo;s annual meeting of shareholders and provided by the
Company to Mantle Ridge prior to the date hereof, subject to <U>Section 4</U> (such conditions, the &ldquo;<U>Director Nomination
Conditions</U>&rdquo;). Subject to the Director Nomination Conditions, the Company shall use its reasonable best efforts to cause
the election of the New Directors at the 2017 Annual Meeting and the 2018 Annual Meeting (including listing such persons in the
proxy statement and proxy card prepared, filed and delivered in connection with such meeting and advocating that the Company&rsquo;s
shareholders vote in favor of the election of such individuals along with all other Company nominees (and otherwise supporting
each of them for election in a manner no less rigorous and favorable than the manner in which the Company supports its other nominees)).
Except as set forth in <U>Section&nbsp;4</U>, the Mantle Ridge Group acknowledges that the policies, procedures, processes, codes,
rules, standards and guidelines applicable to other directors of the Company, including the Corporate Governance Guidelines, Code
of Ethics and Insider Trading Policy, (as may be amended from time to time, collectively, &ldquo;<U>Company&nbsp;Policies</U>&rdquo;)
will be applicable to the New Directors as well during their respective
terms of service. The Company represents and warrants that all Company Policies currently in effect are publicly available on
the Company&rsquo;s website or have been provided to the Mantle Ridge Group. Except as required by applicable law or stock exchange
rules or listing standards, the Company will not alter or adopt any Company Policies or amend its Bylaws in a manner that would
materially interfere with the purpose of this Letter Agreement.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees that the Company&rsquo;s proxy statement and proxy card relating to the 2017 Annual Meeting (i) shall include the
proposal and related disclosure set forth on <U>Exhibit B</U> (the &ldquo;<U>Proposal</U>&rdquo;) and (ii) shall not include any
statement inconsistent with disclosure set forth on <U>Exhibit B</U>. The Company further agrees that the Mantle Ridge Group will
have the opportunity to review the Company&rsquo;s proxy statement and proxy card and any additional solicitation materials relating
to the 2017 Annual Meeting in advance of filing or first use and that the Company will consider in good faith any comments provided
by the Mantle Ridge Group. Although the Company does not plan to solicit shareholders on the advisory vote for the Proposal (and
will make no solicitation inconsistent with the disclosure set forth on <U>Exhibit B</U> in connection with the 2017 Annual Meeting),
the Company will provide information in connection with the Mantle Ridge Group&rsquo;s efforts to do so upon reasonable request
from the Mantle Ridge Group. The Company further agrees that within 15 days following the 2017 Annual Meeting it will make a determination
on the Reimbursement (as defined in <U>Exhibit B</U>) and (A) whether to pay $55,000,000 to Mantle Ridge (such payment to be made
without deduction or withholding for any taxes and paid in a lump sum within five days of such determination if the determination
is to make such payment) and (B) whether to pay Mr. Harrison $29,000,000 and assume the tax indemnities set forth in Sections
4(c) and 14(b) of the Consulting Agreement entered into between Mr. Harrison and Mantle Ridge, effective January 18, 2017 (and
the Company will agree with Mr. Harrison in writing to pay Mr. Harrison such $29,000,000 in a lump sum on or before March 15,
2018 and assume such tax indemnity within five days of such determination if the determination is to make such payment and assume
such indemnity).</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
following the 2017 Annual Meeting, the leadership and composition of committees of the Board shall be as set forth on <U>Exhibit
C</U>, and the Company shall maintain such committee leadership and composition until at least the conclusion of the 2018 Annual
Meeting. Each director will have access to all Board committee materials and be entitled to attend any and all Board committee
meetings at his or her discretion.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
prior to the Termination Date, any of the New Directors is unable to serve or to continue to serve as a member of the Board, the
Mantle Ridge Group shall be entitled to have another individual appointed to the Board (a &ldquo;<U>Successor Director</U>&rdquo;)
who (i) is reasonably acceptable to the Governance Committee, acting in good faith, (ii) meets all director independence and other
standards of The Nasdaq Stock Market LLC or any successor thereto and the SEC, to serve as a director of the Company in place
of such New Director, (iii) is not an advisory board member, partner (other than solely a limited partner), director, officer
or employee of the Mantle Ridge Group (other than if filling a vacancy
resulting from Mr. Hilal ceasing to serve on the Board) and (iv) has met the Director Nomination Conditions (with it being understood
that (A) the appointment of any individual satisfying the criteria set forth above shall not be unreasonably denied and (B) if
a proposed replacement is not appointed to the Board, the Mantle Ridge Group shall be entitled to continue proposing replacements
for consideration by the Board) and all references to such New Director, for purposes of this Letter Agreement, shall be deemed
references to such Successor Director.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time prior to the 2017 Annual Meeting the Mantle Ridge Group&rsquo;s beneficial ownership of shares of the Company&rsquo;s
common stock, par value $1.00 per share (&ldquo;<U>Common Stock</U>&rdquo;), is less than 2.0% (the &ldquo;<U>Minimum Ownership
Requirement</U>&rdquo;) of the outstanding Common Stock (other than as a result of an issuance of shares by the Company or similar
transaction that increases the number of outstanding shares of Common Stock), the Mantle Ridge Group shall (i) promptly notify
the Company that the Mantle Ridge Group ceases to satisfy the Minimum Ownership Requirement and (ii) cause Mr. Hilal to tender
his resignation from the Board, any committee thereof and any other position at the Company or any of its subsidiaries. Upon the
request of the Company, the Mantle Ridge Group will apprise the Company of its beneficial ownership with respect to the Company&rsquo;s
securities.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall hold the 2017 Annual Meeting as promptly as reasonably practicable but in no event later than June 15, 2017, and
shall cooperate with Mantle Ridge in setting a record date with a view to setting a record date, consistent with applicable law
and regulation, that seeks to provide shareholders ample time for consideration while also minimizing the number of &ldquo;empty&rdquo;
shares (i.e., shares that are transferred following the record date and therefore unlikely to be voted). Through the 2017 Annual
Meeting, each member of the Mantle Ridge Group will i) cause, in the case of all shares of Common Stock owned of record, such
shares and ii) cause the record owner, in the case of all shares of Common Stock beneficially owned but not owned of record, in
each case directly or indirectly, by any member of the Mantle Ridge Group and any of its or their affiliates and associates (such
terms are defined for purposes of this Letter Agreement as they are defined in Rule 12b-2 promulgated by the SEC under the Securities
Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;)) (collectively, the &ldquo;<U>Mantle Ridge Affiliates</U>&rdquo;),
as of the record date for the 2017 Annual Meeting to cause such shares, (x) to be present for quorum purposes and (y) to be voted
in favor of all nominees of the Company in its proxy statement for the 2017 Annual Meeting for election to the Board that are
nominated in accordance with and as required by this Letter Agreement. Except as required by applicable law, the Company shall
not call or hold any interim special meeting of stockholders prior to the 2017 Annual Meeting.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company agrees to select five or, to the extent necessary, more of the sets of dates set forth on <U>Exhibit D</U> as the dates
of the meetings of the Board in 2017. The Company will seek to minimize conflicts of the Board members in setting the other meetings
of the Board through December 31, 2019.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chief
Executive Officer</U>. As of the date of this Letter Agreement, the Board (a) has received and accepted, effective upon the execution
of this Letter Agreement, the resignation of Mr. Ward as Chief Executive Officer of the Company and (b) has duly appointed Mr.
Harrison as Chief Executive Officer of the Company. Mr. Ward shall assume the title of consultant and retire from the Company
as of May 31, 2017.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Rights</U>. Promptly following the execution of this Letter Agreement (but in no event later than thirty days following the date
hereof), the Company and the Mantle Ridge Group shall enter into a registration rights agreement granting to the Mantle Ridge
Group customary and reasonable registration rights with respect to shares of Common Stock beneficially owned by the Mantle Ridge
Group, which shall include customary and reasonable limitations on such registration rights.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company
Policies</U>. The Company acknowledges and agrees that none of the confidentiality provisions contained in the Company Policies
or any other provision contained in any other document, agreement or policy of the Company shall be deemed to restrict Mr. Hilal
from sharing any &ldquo;confidential information&rdquo; (as such term is defined in the Corporate Governance Guidelines, and such
information and any notes, analyses, reports, models, compilations, studies, interpretations, documents, records or extracts thereof
containing or based upon such information, in whole or in part, &ldquo;<U>Company Information</U>&rdquo;) with any of the Mantle
Ridge Group&rsquo;s employees or advisors who need to know such Company Information for the purpose of assisting the Mantle Ridge
Group in evaluating and monitoring its investment in the Company, and Mr. Hilal is hereby expressly permitted to share Company
Information only with such employees and advisors; <U>provided</U>, <U>that</U>, such employees or advisors agree to maintain
the confidentiality of Company Information to the same extent as required by Mr. Hilal as a director of the Company or are otherwise
bound (by fiduciary or other professional duty) to maintain the confidentiality of Company Information; <U>provided</U>, <U>further</U>,
that if such employees or advisors fail to maintain the confidentiality of Company Information, Mantle Ridge shall be responsible
for any non-compliance by such employees or advisors. The Mantle Ridge Group shall maintain the confidentiality of the Company
Information to the same extent as required by Mr. Hilal as a director of the Company and shall only use, and shall cause its employees
and advisors to only use, Company Information for purposes of the Mantle Ridge Group&rsquo;s investment in the Company. To the
same extent as required by Mr. Hilal as a director of the Company, Mantle Ridge will, promptly following the Company&rsquo;s written
request, return to the Company or destroy, at the Company&rsquo;s option, all hard copies of Company Information and use commercially
reasonable efforts to permanently erase or delete all electronic copies of the Company Information in the Mantle Ridge Group&rsquo;s
or any of its employees&rsquo; or advisors&rsquo; possession or control (and, upon the request of the Company, the Mantle Ridge
Group shall promptly certify to the Company that such Company Information has been erased or deleted, as the case may be)&#894;
<U>provided</U>, <U>however</U>, that neither the Mantle Ridge Group nor any of its employees or advisors shall be required to
destroy any computer records or files containing any Company Information that have been created pursuant to automatic electronic
archiving and back-up procedures in the ordinary course of business where it would be unduly burdensome to do so or would be contrary
to applicable law or applicable rules or regulations of any national securities exchange. The Company further acknowledges and
agrees that, except for restrictions prohibiting insider trading and, subject to the preceding sentence, confidentiality, none
of the restrictions contained in the Company
Policies applicable to Mr. Hilal (as director) shall be deemed to apply to the Mantle Ridge Group. Notwithstanding anything to
the contrary set forth in this Letter Agreement, nothing herein shall restrict or limit the ability of the Mantle Ridge Group
from engaging in a proxy contest, it being agreed that the Mantle Ridge Group and its representatives shall be entitled to disclose
that portion of (and only such portion of) Company Information required to be disclosed by applicable law in order to engage in
such a proxy contest.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Actions</U>. The Board and each director of the Board (including each New Director) will not utilize committees of the Board for
the purpose of discriminating against any director of the Board in order to limit any of their participation in substantive deliberations
of the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Disparagement</U>.
(a) The Mantle Ridge Group agrees that it will not, and will cause its controlled affiliates, managing members, advisory board
members, partners (other than partners who are solely limited partners), directors, officers and employees not to, and will direct
its agents and representatives in their capacity as such not to, make, or cause to be made, any statement or announcement (including
social media or in any written communication to the Company or in any document or report filed with or furnished to the SEC or
through the press, media, analysts or other persons) that constitutes an <I>ad hominem</I> attack on, or disparages, the Company,
its officers, directors, advisory board members, or employees or any person who has served as an officer, director or employee
of the Company on or following the date hereof in any public communication or in any communication that would reasonably be expected
to enter the public domain and (b) the Company agrees that it will not, and will cause its controlled affiliates, directors, officers
and employees (but only to the extent acting at the direction of a Company director or officer) not to, and will direct its agents
and representatives in their capacity as such not to, make, or cause to be made, any statement or announcement (including social
media or in any written communication to any member of the Mantle Ridge Group or in any document or report filed with or furnished
to the SEC or through the press, media, analysts or other persons) that constitutes an <I>ad hominem</I> attack on, or disparages,
any member of the Mantle Ridge Group, their respective officers, directors, advisory board members, partners or employees, or
any person who has served as an officer, director, advisory board member, partner or employee of any member of the Mantle Ridge
Group on or following the date hereof in any public communication or in any communication that would reasonably be expected to
enter the public domain. The foregoing shall not prevent (i) the making of any factual statement in the event that either Party
or any of its representatives are required to make that statement by applicable subpoena, legal process, other legal requirement
or the rules of any securities exchange to which it is subject or (ii) a response by a Party to any statement made by the other
Party or any of its controlled affiliates, managing members, directors, officers, partners (other than partners who are solely
limited partners), employees, agents or representatives which is in violation of this <U>Section 6</U>. For the avoidance of doubt,
nothing in this <U>Section 6</U> shall be deemed to restrict either Party from making any true statement relating to the other
Party in connection with the solicitation of proxies from the Company&rsquo;s shareholders at any annual or special meeting of
stockholders following the 2017 Annual Meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Press
Release</U>. The Parties agree that the Company will issue the press release attached to this Letter Agreement as <U>Exhibit E
</U>promptly following the execution and delivery of this Letter Agreement by the Parties. On the date of the announcement of
this Letter Agreement, the Parties agree not to (i) issue a press release in connection with this Letter Agreement or the actions
contemplated hereby (other than the press release in <U>Exhibit E</U>) or (ii) make any other public statement, disclosure or
announcement with respect to this Letter Agreement or the actions contemplated hereby, other than, in each case of (i) and (ii),
as mutually agreed to by the Company and Mantle Ridge.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Power
and Authority of the Company</U>. The Company represents and warrants to the Mantle Ridge Group that (a)&nbsp;the Company has
the corporate power and authority to execute and deliver this Letter Agreement and to bind it hereto, (b)&nbsp;this Letter Agreement
has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement
of the Company, and is enforceable against the Company in accordance with its terms, and (c)&nbsp;the execution, delivery and
performance of this Letter Agreement by the Company does not and will not violate or conflict with (i)&nbsp;any law, rule, regulation,
order, judgment or decree applicable to the Company, or (ii)&nbsp;result in any breach or violation of or constitute a default
(or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant
to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation
of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party
or by which it is bound.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Power
and Authority of the Mantle Ridge Group</U>. Each member of the Mantle Ridge Group represents and warrants to the Company that
(a)&nbsp;Mantle Ridge, as the authorized signatory of such member of the Mantle Ridge Group, has the power and authority to execute
and deliver this Letter Agreement and to bind such member of the Mantle Ridge Group hereto, (b)&nbsp;this Letter Agreement has
been duly authorized, executed and delivered by such member of the Mantle Ridge Group, constitutes a valid and binding obligation
of such member of the Mantle Ridge Group, and is enforceable against each such member of the Mantle Ridge Group in accordance
with its terms, (c)&nbsp;the execution of this Letter Agreement by such member of the Mantle Ridge Group does not and will not
violate or conflict with (i)&nbsp;any law, rule, regulation, order, judgment or decree applicable to such member of the Mantle
Ridge Group, or (ii)&nbsp;result in any breach or violation of or constitute a default (or an event which with notice or lapse
of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material
benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement,
contract, commitment, understanding or arrangement to which such member is a party or by which it is bound and (d) the Mantle
Ridge Group beneficially owns in the aggregate approximately 44,352,702 shares of Common Stock and has additional economic exposure
to 570,600 shares of Common Stock under certain cash settled total return swaps. Other than as set forth in this Letter Agreement,
the Mantle Ridge Group does not have any economic exposure to or voting power with respect to the Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>.
Each Party&rsquo;s obligations under this Letter Agreement will extend until, and terminate upon the conclusion of, the 2018
Annual Meeting (such date, the &ldquo;<U>Termination Date</U>&rdquo;); <U>provided</U>, that (x) <U>Section 4</U> shall
continue in full force and effect until the date that is 12 months after the date Mr. Hilal ceases to serve as a director of
the Company and <FONT STYLE="font-size: 10pt">(y)
the Mantle Ridge Group&rsquo;s rights under <U>Section &lrm;1(g)</U> and the Company&rsquo;s obligation to include Mr. Hilal on
its proxy card relating to the 2017 Annual Meeting shall each cease upon the earlier of the Termination Date and the date that
the Mantle Ridge Group ceases to satisfy the Minimum Ownership Requirement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fiduciary
Duties; New Directors</U>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
in this Letter Agreement will be deemed to require the violation of the fiduciary duties of any director of the Company under
Virginia law in the director&rsquo;s capacity as such.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mantle
Ridge acknowledges that the New Directors shall have all of the rights and obligations, including fiduciary duties to the Company
and its shareholders, of a director under applicable law and the Company&rsquo;s organizational documents while such New Directors
are serving on the Board.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trading
in Company Securities</U>. Each member of the Mantle Ridge Group acknowledges that it, and its employees and advisors, may have
access to information concerning the Company constituting material non-public information under applicable federal and state securities
laws, and each member of the Mantle Ridge Group agrees that neither it nor any of its employees or advisors shall trade or engage
in any derivative or other transaction on the basis of such information in violation of such laws.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Letter Agreement may be executed in two or more counterparts, each of which will be considered one and the same agreement
and will become effective when counterparts have been signed by each of the Parties and delivered to the other Party (including
by means of electronic delivery or facsimile).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific
Performance</U>. Each Party acknowledges and agrees that irreparable injury to the other Party would occur in the event that any
of the provisions of this Letter Agreement were not performed in accordance with their specific terms or were otherwise breached
and that money damages are not an adequate remedy for such a breach. It is accordingly agreed that each Party may be entitled
to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof. Each Party agrees to waive any
bonding requirement under any applicable law in the case any other Party seeks to enforce the terms by way of equitable relief.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>APPLICABLE
LAW AND JURISDICTION</U>. THIS LETTER AGREEMENT WILL BE GOVERNED BY, AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK WITHOUT REFERENCE TO CONFLICTS OF LAWS PRINCIPLES. EACH OF THE PARTIES IRREVOCABLY AGREES THAT ANY LEGAL ACTION OR PROCEEDING
BASED ON OR ARISING OUT OF THIS LETTER AGREEMENT WILL BE BROUGHT EXCLUSIVELY IN THE U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK (OR, IF SUCH COURT DECLINES TO ACCEPT JURISDICTION, ANY STATE OR FEDERAL COURT SITTING IN THE CITY OF NEW YORK, NEW
YORK COUNTY). EACH OF THE PARTIES IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY SUCH ACTION OR PROCEEDING. EACH OF THE
PARTIES HEREBY IRREVOCABLY SUBMITS TO THE PERSONAL JURISDICTION OF
THE AFORESAID COURTS, AND IRREVOCABLY WAIVES ANY ARGUMENT THAT SUCH COURTS ARE AN INCONVENIENT OR IMPROPER FORUM. EACH PARTY CONSENTS
TO SERVICE OF PROCESS BY A REPUTABLE OVERNIGHT DELIVERY SERVICE, SIGNATURE REQUESTED, TO THE ADDRESS OF SUCH PARTY&rsquo;S PRINCIPAL
PLACE OF BUSINESS OR AS OTHERWISE PROVIDED BY APPLICABLE LAW.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>.
All notices, consents, requests, instructions, approvals and other communications provided for herein and all legal process in
regard hereto shall be in writing and shall be deemed validly given, made or served, (a) if given by telecopy, when such telecopy
is transmitted to the telecopy number set forth below, and the appropriate confirmation is received or (b) if given by any other
means, when actually received during normal business hours at the address specified in this Section:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">If
to the Company:<BR>
<BR>
CSX Corporation<BR>
500 Water Street, 15th Floor</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Jacksonville,
FL 32202<BR>
Attention: &#9;Ellen M. Fitzsimmons, Executive Vice President of Law and Public Affairs,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">General
Counsel and Corporate Secretary&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Facsimile:
(904) 359-1216</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">With
a copy to (which shall not constitute notice):</FONT><BR>
<BR>
<FONT STYLE="font-size: 10pt">Davis Polk &amp; Wardwell LLP&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">450
Lexington Avenue&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">New
York, NY 10017&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Attention:
George R. Bason, Jr. and Marc O. Williams&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">Facsimile:
(212) 701-5340; (212) 701-5843</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
to Mantle Ridge:&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><BR>
<FONT STYLE="font-size: 10pt">MR Argent Advisor LLC</FONT><BR>
<FONT STYLE="font-size: 10pt">c/o Mantle Ridge, LP</FONT><BR>
<FONT STYLE="font-size: 10pt">900 Third Avenue, 11th Floor</FONT><BR>
<FONT STYLE="font-size: 10pt">New York, NY 10022&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Attention:
Paul C. Hilal&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Facsimile:
(646) 762-8541</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">With
a copy to (which shall not constitute notice):</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Cadwalader,
Wickersham &amp; Taft LLP&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">One
World Financial Center&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">New
York, New York 10281&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Attention:
Richard M. Brand; William P. Mills&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Facsimile:
(212) 504-6666</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement; Amendment</U>. This Letter Agreement, including exhibits and schedules attached to this Letter Agreement, contains
the entire understanding of the Parties with respect to the subject matter hereof. This Letter Agreement may be amended only by
an agreement in writing executed by the Parties, and no waiver of compliance with any provision or condition of this Letter Agreement
and no consent provided for in this Letter Agreement shall be effective unless evidenced by a written instrument executed by the
Party against whom such waiver or consent is to be effective. No failure or delay by a Party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any right, power or privilege hereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
If at any time subsequent to the date hereof, any provision of this Letter Agreement shall be held by any court of competent jurisdiction
to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of
such provision shall have no effect upon the legality or enforceability of any other provision of this Letter Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Third Party Beneficiaries&#894; Assignment</U>. This Letter Agreement is solely for the benefit of the Parties and is not binding
upon or enforceable by any other persons. No Party may assign its rights or delegate its obligations under this Letter Agreement,
whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void. Nothing in this Letter
Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this
Letter Agreement on any persons other than the Parties, nor is anything in this Letter Agreement intended to relieve or discharge
the obligation or liability of any third persons to any party.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation
and Construction</U>. When a reference is made in this Letter Agreement to a Section, such reference shall be to a Section of
this Letter Agreement, unless otherwise indicated. The headings contained in this Letter Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Letter Agreement. Whenever the words &ldquo;include,&rdquo;
&ldquo;includes&rdquo; and &ldquo;including&rdquo; are used in this Letter Agreement, they shall be deemed to be followed by the
words &ldquo;without limitation.&rdquo; The words &ldquo;hereof, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of
similar import when used in this Letter Agreement shall refer to this Letter Agreement as a whole and not to any particular provision
of this Letter Agreement. The word &ldquo;will&rdquo; shall be construed to have the same meaning as the word &ldquo;shall.&rdquo;
The words &ldquo;dates hereof&rdquo; will refer to the date of this Letter Agreement. The word &ldquo;or&rdquo; is not exclusive.
The definitions contained in this Letter Agreement are applicable to the singular as well
as the plural forms of such terms. Any agreement, instrument, law, rule or statute defined or referred to herein means, unless
otherwise indicated, such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented.
For purposes of this Letter Agreement the terms &ldquo;person&rdquo; or &ldquo;persons&rdquo; shall mean any individual, corporation
(including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate,
trust, association, organization or other entity of any kind or nature. Each of the Parties acknowledges that it has been represented
by counsel of its choice throughout all negotiations that have preceded the execution of this Letter Agreement, and that it has
executed the same with the advice of said independent counsel. Each Party cooperated and participated in the drafting and preparation
of this Letter Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the Parties
shall be deemed the work product of all of the Parties and may not be construed against any Party by reason of its drafting or
preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Letter
Agreement against any Party that drafted or prepared it is of no application and is hereby expressly waived by each of the Parties,
and any controversy over interpretations of this Letter Agreement shall be decided without regards to events of drafting or preparation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">[Signature
Page Follows]</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
the terms of this Letter Agreement are in accordance with your understanding, please sign below and this Letter Agreement will
constitute a binding agreement among us.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>CSX
CORPORATION</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 36%; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>/s/ Ellen M. Fitzsimmons&#9;</U></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Ellen M. Fitzsimmons</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Executive Vice President
        of Law and Public Affairs, General Counsel and Corporate Secretary</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">Acknowledged
and agreed to as of the date<BR>
first written above:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>MR
ARGENT ADVISOR LLC, on behalf of itself and its affiliated funds</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>By:
Mantle Ridge LP, its managing member</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>By:
Mantle Ridge GP LLC, its managing member</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><B>By:
PCH MR Advisor Holdings LLC, its managing member</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">By:__<U>_/s/ Paul C. Hilal__</U>__________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">Name: Paul C. Hilal<BR>
Title: Sole Member</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">[Signature
Page to Letter Agreement]</FONT></P>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>dp73850_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<TABLE CELLPADDING="10" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; background-color: rgb(1,62,117); border-bottom: rgb(255,193,0) 4pt solid; text-align: center"><IMG SRC="image_003.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: White"></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="color: #002060; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CSX NAMES E. HUNTER HARRISON
AS CHIEF EXECUTIVE OFFICER </B></P>

<P STYLE="color: #002060; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="color: #002060; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Company Announces Agreement
With Mantle Ridge to Reconstitute its Board </B></P>

<P STYLE="color: #002060; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="color: #002060; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CSX Shareholders to Vote
on Proposed Reimbursement in Respect of Foregone Compensation of E. Hunter Harrison at Upcoming Annual Meeting of Shareholders
</B></P>

<P STYLE="color: #002060; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="color: #002060; font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">JACKSONVILLE, Fla. &ndash; March
6, 2017 &ndash; CSX Corporation (NASDAQ: CSX) today announced the Company has named E. Hunter Harrison, a proven railroad executive
with a well-regarded track record of producing market-leading operating results, as chief executive officer, effective immediately.
Mr. Harrison replaces Michael Ward, who announced his decision to retire as Chairman and CEO on February 21, 2017 and will become
a consultant to CSX, effective immediately.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The Company also announced that
it has reached an agreement with Mantle Ridge LP, an investment firm formed by Paul Hilal, to reconstitute the Company&rsquo;s
Board of Directors. Under the terms of the agreement, CSX has appointed five new directors to its Board of Directors, mutually
agreed upon by CSX and Mantle Ridge and effective immediately &ndash; Mr. Harrison, Mr. Hilal, Dennis Reilley, Linda Riefler and
John Zillmer. In addition, three incumbent CSX directors intend to complete their service for the Board at or before the conclusion
of the 2017 annual meeting. As a result, the size of the Board will be 13 members. CSX&rsquo;s current Presiding Director, Edward
J. Kelly, III, will become Chairman of the Board and Mr. Hilal will become Vice Chairman.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Hunter Harrison, said, &quot;I
am proud to join the dedicated and talented railroaders at CSX. Together, we will implement Precision Scheduled Railroading &ndash;
a model proven to improve safety, create better service for customers, produce a proud and winning culture for employees, and
generate exceptional, lasting value for shareholders.&rdquo;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Paul Hilal, said, &ldquo;I thank
every CSX director, including those leaving the Board, for their constructive and skillful engagement that enabled this terrific
outcome for CSX. The Board is united behind a shared goal &ndash; creating value for shareholders and all stakeholders by implementing
the Precision Scheduled Railroading model at CSX. Together, we have created the conditions for success. Now the real work begins.&rdquo;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As
part of his compensation, Mr. Harrison will receive an award of incentive options to purchase nine million shares of CSX stock
at its current trading price, eight million of which will be granted as an inducement award under the Nasdaq listing rules.&nbsp;
The options will vest over four years with half of the options vesting based on service and half vesting based on the achievement
of designated performance goals over the four year period.</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;
&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">While CSX, Mr. Harrison and Mantle
Ridge have agreed on the aforementioned conditions, the CSX Board continues to believe that it is appropriate to seek shareholder
input with respect to certain proposals:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         requested payment of the $84 million of the amount of compensation and benefits forfeited
                                         by Mr. Harrison as a result of his separation from Canadian Pacific Railway Limited.
                                         To facilitate Mr. Harrison&rsquo;s separation from CP on terms that would permit him
                                         to work at CSX, Mantle Ridge agreed to protect Mr. Harrison on an interim basis with
                                         respect to this $84 million. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         requested assumption of a related tax indemnity.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr. Harrison has informed CSX
that his acceptance of the CEO position was subject to CSX ultimately providing this replacement protection initially offered
by Mantle Ridge upon his departure from CP. Mr. Harrison has indicated that he will resign after the 2017 annual meeting if the
reimbursement and tax indemnity are not provided by CSX, and return to Mantle Ridge to protect his reimbursements.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">CSX will submit these matters
to CSX shareholders for an advisory vote at the 2017 Annual Meeting of Shareholders. The proxy statement relating to the Annual
Meeting will contain further details. Because these matters will now be considered at the Annual Meeting, the previously convened
Special Meeting of Shareholders will not be held. The CSX Board does not intend to make a recommendation to shareholders on the
matters being put forward for a vote, but does intend to act promptly following the meeting based on the outcome of the vote.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Biographies of new CSX Board members
follow:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>E. HUNTER HARRISON</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">E. Hunter Harrison is the most
effective and successful railroad leader of our times, having successfully led the turnaround of three major railroads over the
last 25 years. In his last two undertakings at Canadian National and Canadian Pacific, he delivered 321% and 350% total shareholder
return, respectively.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr. Harrison created and refined
Precision Scheduled Railroading over the recent decades, and is the acknowledged leader in implementing it at Class I railroads.
He has been recognized by every major railroading publication, and he has twice been honored as Railroader of the Year.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>PAUL HILAL</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Paul Hilal is the founder and
CEO of Mantle Ridge LP. Mr. Hilal is a leading engaged or activist investor, as well as a well-respected expert on value investing
and corporate governance. Mr. Hilal played a leading role in the historic 2012 proxy campaign at Canadian Pacific, which resulted
in a reconfigured board and the hiring of Hunter Harrison as CEO.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr. Hilal currently serves on
the Board of Overseers of Columbia Business School and served until 2016 on the Board of the Grameen Foundation &ndash; an umbrella
organization that helps microlending and microfranchise institutions empower the world&rsquo;s poorest through financial inclusion
and entrepreneurship. He is also a Trustee of the Supreme Court Historical Society, a non-profit organization dedicated to the
collection and preservation of the history of the Supreme Court of the United States.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>DENNIS H. REILLEY</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dennis Reilley is an experienced
executive with a demonstrated track record of driving improvements in operations, financial results and shareholder value as Chairman,
President and Chief Executive Officer of Praxair, Inc. He was named one of the best CEOs in America in 2004, 2005, and 2007 by
Institutional Investor.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Since retiring as CEO of Praxair,
he has brought his expertise in finance, operations and leadership to the boards of leading Fortune 500 companies. Mr. Reilley
currently serves as Non-Executive Chairman of Marathon Oil Corporation, and as a director of Dow Chemical Company. Mr. Reilley
is a founding member and partner of Trian Advisory Partners (an advisory group for Trian Fund Management, L.P.).</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>LINDA H. RIEFLER</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Linda Riefler is a 25-year veteran
of Morgan Stanley where she served on the Executive and Management Committees. She is an expert on talent management, having served
as Chief Talent Officer for the bank. She also served as Chairman and Global Head of Morgan Stanley&rsquo;s Research franchise
as well as Chairman of MS where she oversaw the commercialization of Modelware, a knowledge management platform she had incubated
as Head of Morgan Stanley&rsquo;s renowned Global Research Strategy Team.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Ms. Riefler currently serves as
a director of MSCI, and as a strategic advisor to numerous start-ups, for-profits and non-profits, with an expertise in building
adaptive capacity to help them navigate rapidly changing environments.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>JOHN J. ZILLMER</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">John Zillmer has led successful
transformations at large, complex enterprises. He is the former chief executive of Univar, a Fortune 500 company, where he doubled
EBITDA over three years. He is an expert in strategies for business optimization and process improvement. His operational transformation
of Allied Waste Industries became an industry benchmark. Mr. Zillmer has deep expertise in labor relations, environmental safety,
logistics, corporate governance and talent management.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Mr. Zillmer was named to National
Association of Corporate Directors Directorship 100 in 2016 in recognition of his outstanding contributions to corporate governance.
He currently serves as a director
of Reynolds American, Inc., Ecolab Inc., Veritiv Corporation, and Performance Food Group. Mr. Zillmer has also served as a director
of Liberty Capital Partners, a private equity and venture capital firm specializing in start-ups, early stage, growth equity,
buyouts, and acquisitions, since June 2004. Mr. Zillmer also serves on the North American advisory board of CVC Capital Partners.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Goldman, Sachs &amp; Co. and UBS
Securities LLC are serving as financial advisors to CSX, and Davis Polk &amp; Wardwell LLP and Hunton &amp; Williams LLP are serving
as legal advisors. Cadwalader, Wickersham &amp; Taft LLP is serving as legal advisor to Mantle Ridge.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>About CSX and Its Disclosures</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">CSX, based in&nbsp;Jacksonville,
Florida, is a premier transportation company.&nbsp; It provides rail, intermodal and rail-to-truck transload services and solutions
to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products.&nbsp;
For nearly 190 years, CSX has played a critical role in the nation's economic expansion and industrial development.&nbsp; Its
network connects every major metropolitan area in the eastern&nbsp;United States, where nearly two-thirds of the nation's population
resides.&nbsp; It also links more than 240 short-line railroads and more than 70 ocean, river and lake ports with major population
centers and farming towns alike.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This announcement, as well as
additional financial information, is available on the company's website at&nbsp;<FONT STYLE="color: blue"><U>http://investors.csx.com</U></FONT>.
CSX also uses social media channels to communicate information about the company. Although social media channels are not intended
to be the primary method of disclosure for material information, it is possible that certain information CSX posts on social media
could be deemed to be material. Therefore, we encourage investors, the media, and others interested in the company to review the
information we post on Twitter (<FONT STYLE="color: blue"><U>http://twitter.com/CSX</U></FONT>) and on SlideShare (<FONT STYLE="color: blue"><U>http://www.slideshare.net/HowTomorrowMoves</U></FONT>).&nbsp;
The social media channels used by CSX may be updated from time to time.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><FONT STYLE="font-size: 10pt">More
information about CSX Corporation and its subsidiaries is available at <FONT STYLE="color: blue"><U>www.csx.com</U></FONT>
and on Facebook (<FONT STYLE="color: blue"><U>http://www.facebook.com/OfficialCSX</U></FONT>).</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Forward-Looking Statements</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">This information and other statements
by CSX may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect
to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes,
liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management&rsquo;s plans,
strategies and objectives for future operations, and management&rsquo;s expectations as to future performance and operations and
the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic,
industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as
&ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; <FONT STYLE="font-size: 10pt">&ldquo;anticipate,&rdquo; &ldquo;project,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;preliminary&rdquo; and similar expressions. Forward-looking statements speak only as of the date
they are made, and CSX undertakes no obligation to update or revise any forward-looking statement. If CSX updates any forward-looking
statement, no inference should be drawn that CSX will make additional updates with respect to that statement or any other forward-looking
statements.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Forward-looking statements are
subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated
by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward-
looking statements include, among others; (i) CSX&rsquo;s success in implementing its financial and operational initiatives; (ii)
changes in domestic or international economic, political or business conditions, including those affecting the transportation
industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory
changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving
or affecting CSX; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty
associated with projecting economic and business conditions.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>ADDITIONAL INFORMATION AND
WHERE TO FIND IT</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">CSX Corporation (&ldquo;CSX&rdquo;)
will file a proxy statement with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) with respect to the annual
meeting of shareholders. CSX SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, THE ACCOMPANYING PROXY CARD AND
OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">CSX, its directors, executive
officers and other employees may be deemed to be participants in the solicitation of proxies from CSX shareholders in connection
with the matters to be considered at the annual meeting, or any adjournment or postponement thereof. Information about CSX&rsquo;s
directors and executive officers, and their direct and indirect interests in CSX, is available in CSX&rsquo;s proxy statement,
filed March 28, 2016 for its 2016 Annual Meeting. To the extent holdings of CSX&rsquo;s securities by such directors or executive
officers have changed since the amounts included in the 2016 proxy statement, such changes have been or will be reflected on reports
filed with the SEC in accordance with the reporting requirements of Section 16 of the Securities Exchange Act of 1934, as amended.
More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with
the annual meeting. Shareholders will be able to obtain any proxy statement, any amendments or supplements to any proxy statement
and other documents filed by CSX with the SEC free of charge at the SEC&rsquo;s website at www.sec.gov. Copies also will be available
free of charge at CSX&rsquo;s website at www.csx.com or by contacting CSX Investor Relations at (904) 359-4812.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Contact:</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Investors:&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">David Baggs&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">CSX Investor
Relations</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(904) 359-4812</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Media:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Gary Sease&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">CSX Corporate
Communications&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(904) 359-1719&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Tom Johnson
/ Michael Pascale&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Abernathy
MacGregor&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">(212) 371-5999&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">tbj@abmac.com
/ mmp@abmac.com</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>###</I></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



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