<SEC-DOCUMENT>0000930413-17-003941.txt : 20171204
<SEC-HEADER>0000930413-17-003941.hdr.sgml : 20171204
<ACCEPTANCE-DATETIME>20171204160227
ACCESSION NUMBER:		0000930413-17-003941
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20171204
DATE AS OF CHANGE:		20171204
EFFECTIVENESS DATE:		20171204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST HORIZON NATIONAL CORP
		CENTRAL INDEX KEY:			0000036966
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				620803242
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-219052
		FILM NUMBER:		171237044

	BUSINESS ADDRESS:	
		STREET 1:		165 MADISON AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103
		BUSINESS PHONE:		9018186232

	MAIL ADDRESS:	
		STREET 1:		165 MADISON AVENUE
		CITY:			MEMPHIS
		STATE:			TN
		ZIP:			38103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TENNESSEE NATIONAL CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST TENNESSEE BANKS INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>c89765_s8pos.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.5pt; text-align: right">As filed with the Securities and Exchange
Commission on December 4, 2017</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-219052</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>POST-EFFECTIVE AMENDMENT No. 1, </B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>ON FORM S-8, TO FORM S-4</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</P>

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

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FIRST HORIZON NATIONAL CORPORATION</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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; font-size: 10pt">
    <TD STYLE="width: 40%; text-align: center; font-size: 10pt">Tennessee</TD>
    <TD STYLE="width: 20%; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center; font-size: 10pt">62-0803242</TD>
    <TD STYLE="width: 20%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: center">(State or other jurisdiction of incorporation or organization)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(I.R.S. Employer Identification No.)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="text-align: center; font-size: 10pt">165 Madison Avenue, Memphis, Tennessee</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">38103</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(zip code)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Capital Bank Financial Corp. 2013 Omnibus
Compensation Plan</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>North American Financial Holdings 2010
Equity Incentive Plan</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FNB United Corp. 2012 Incentive Plan</B></P>

<P STYLE="font: 10.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FNB United Corp. 2003 Stock Incentive
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full titles
of plans)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 2px solid">&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="width: 45%; padding: 0; font-size: 10pt; text-align: center; text-indent: 0">Clyde A. Billings,
    Jr.<BR>
    Senior Vice President, Assistant General Counsel, and <BR>
    Corporate Secretary<BR>
    First Horizon National Corporation<BR>
    165 Madison Avenue<BR>
    Memphis, TN&nbsp;&nbsp;38103<BR>
    (901) 523-5679<BR>
    (Name, address, and telephone number, including area code, of agent for service)</TD>
    <TD STYLE="width: 10%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 30%; padding: 0; font-size: 10pt; text-align: center; text-indent: 0"><I>With a copy to:</I><BR>
    John A. Niemoeller<BR>
    Senior Vice President, Counsel, and <BR>
    Assistant Corporate Secretary<BR>
    First Horizon National Corporation<BR>
    165 Madison Avenue<BR>
    Memphis, TN&nbsp;&nbsp;38103<BR>
    (901) 523-4170</TD>
    <TD STYLE="width: 15%; font-size: 10pt; padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="width: 38%; font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 32%; font-size: 10pt; text-align: right">Accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center">Smaller reporting company <FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right">Emerging growth company <FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">(Do not check if a smaller reporting company)</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. </FONT><FONT STYLE="font: 11pt Wingdings">o</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 98%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; margin-left: 10pt">
<TR>
<TD STYLE="width: 19%; border-top: Black 3px double; border-bottom: Black 1px solid; padding: 1.45pt 5.75pt"><B>Title of Securities
</B><BR>
<B>to be Registered</B> &nbsp;</TD>
<TD STYLE="width: 18%; border-top: Black 3px double; border-bottom: Black 1px solid; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center"><B>Amount
to be</B><BR>
<B>registered <SUP>(1)</SUP></B></TD>
<TD STYLE="width: 24%; border-top: Black 3px double; border-bottom: Black 1px solid; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center"><B>Proposed
maximum<BR>
 offering price per <BR>
share <SUP>(2)</SUP></B></TD>
<TD STYLE="width: 21%; border-top: Black 3px double; border-bottom: Black 1px solid; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center"><B>Proposed
maximum<BR>
 aggregate offering<BR>
 price <SUP>(2)</SUP></B></TD>
<TD STYLE="width: 18%; border-top: Black 3px double; border-bottom: Black 1px solid; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center"><B>Amount
of<BR>
 registration fee <SUP>(2)</SUP></B></TD></TR>
<TR>
<TD STYLE="border-bottom: Black 3px double; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center">Common Stock</TD>
<TD STYLE="border-bottom: Black 3px double; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center">1,059,685 shares</TD>
<TD STYLE="border-bottom: Black 3px double; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center">na</TD>
<TD STYLE="border-bottom: Black 3px double; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center">na</TD>
<TD STYLE="border-bottom: Black 3px double; padding: 1.45pt 5.75pt; font-size: 9pt; text-align: center">na</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10pt; padding-top: 3pt; padding-right: 0"></TD><TD STYLE="width: 15pt; padding-top: 3pt; padding-right: 0">(1)</TD><TD STYLE="padding-right: 0; padding-top: 3pt">This Post-Effective Amendment No. 1 on Form S-8 covers shares of registrant&rsquo;s common stock
originally registered on its Registration Statement on Form S-4, as amended, to which this filing is a post-effective amendment.
The amount in this column represents the maximum number of shares issuable under outstanding stock options granted under the four
plans listed above. The four plans and their options were assumed by registrant in connection with the merger of Capital Bank Financial
Corp. with and into registrant (the &ldquo;Merger&rdquo;), which closed on November 30, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10pt; padding-top: 3pt"></TD><TD STYLE="width: 15pt; padding-top: 3pt">(2)</TD><TD STYLE="padding-right: 10.8pt; padding-top: 3pt">The registration fee in respect of the shares of common stock was paid previously, at the time
of filing Registration No. 333-219052.</TD></TR></TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5%; text-align: center; border-top: Black 1px solid">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">First Horizon National Corporation (&ldquo;FHNC,&rdquo; &ldquo;Corporation,&rdquo;
or &ldquo;registrant&rdquo;) hereby amends its Registration Statement on Form S-4 (Registration No. 333-219052) filed on June 29,
2017, as amended (the &ldquo;Form S-4&rdquo;), by filing this Post-Effective Amendment No. 1 on Form S-8 relating to shares of
FHNC&rsquo;s common stock, par value $0.625 per share (&ldquo;Common Stock&rdquo;), issuable upon the exercise of options granted
under any of the following four plans (the &ldquo;Assumed Plans&rdquo;): Capital Bank Financial Corp. 2013 Omnibus Compensation
Plan, North American Financial Holdings 2010 Equity Incentive Plan, FNB United Corp. 2012 Incentive Plan, and FNB United Corp.
2003 Stock Incentive Plan. The Assumed Plans, and all options outstanding under them, were assumed by FHNC in the merger (the &ldquo;Merger&rdquo;)
of Capital Bank Financial Corp. (&ldquo;CBFC&rdquo;) with and into FHNC, pursuant to the Agreement and Plan of Merger dated as
of May 3, 2017 (the &ldquo;Merger Agreement&rdquo;) between CBFC, FHNC, and a subsidiary of FHNC. The Merger was consummated on
November 30, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the effective time of the Merger, FHNC assumed each outstanding
option (collectively, the &ldquo;Assumed Options&rdquo;) granted under an Assumed Plan. Each Assumed Option allowed the holder
to purchase a certain number of shares of CBFC Class A Common Stock for a certain price per share. Upon assumption by FHNC, each
Assumed Option was adjusted by substituting FHNC shares in place of CBFC shares, and by adjusting the option price per share, with
the number of FHNC shares and the new option price per share set in a manner intended to avoid significant enlargement or dilution
of economic value in accordance with the Merger Agreement, the Assumed Plans, and applicable law. This registration statement has
been filed for the purpose of registering shares of FHNC Common Stock issuable in connection with the Assumed Options, as adjusted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All FHNC shares listed in the Calculation of Registration Fee
table were previously registered on the Form S-4 in connection with the Merger but will be subject to issuance in accordance with
the Assumed Plans and the adjusted terms of the Assumed Options pursuant to this Post-Effective Amendment. Copies of the Assumed
Plans have been filed as exhibits with this Post-Effective Amendment to the Form S-4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5%; border-bottom: Black 1px solid">&nbsp;</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Section 10(a) prospectus relating to the Plans is omitted
from this Registration Statement pursuant to the Note to Part I of Form S-8 and Rule 428.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN REGISTRATION STATEMENT</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following documents filed with the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) by FHNC <FONT STYLE="font-family: Times New Roman, Times, Serif">(File&nbsp;No.&nbsp;001-15185)
</FONT>are incorporated herein by reference<FONT STYLE="font-family: Times New Roman, Times, Serif"> other than, in each case,
documents (or information within such documents) deemed to have been furnished but not filed in accordance with Commission rules:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">(a)</TD><TD STYLE="text-align: justify">FHNC&rsquo;s Annual Report on Form 10-K for the year ended
December&nbsp;31, 2016;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">(b)</TD><TD STYLE="text-align: justify">FHNC&rsquo;s Quarterly Reports on Form 10-Q for the periods
ended March 31, June 30, and September 30, 2017;</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">(c)</TD><TD STYLE="text-align: justify">FHNC&rsquo;s Current
Reports on Form 8-K filed on the following dates in 2017, other than the portions of such documents not deemed to be filed: April
<FONT STYLE="font-family: Times New Roman, Times, Serif">26, May 4, May 5, July 14 (two reports), August 16,</FONT></TD>
</TR></TABLE>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt">&nbsp;</TD><TD STYLE="text-align: left; width: 18pt">&nbsp;</TD><TD STYLE="text-align: justify">September 7, September 11, October 13 (three reports), October 17, October
27, November 17, and December 1; and</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt; text-align: left">(d)</TD><TD STYLE="text-align: justify">The description of FHNC&rsquo;s common stock, par value
$0.625 per share, set forth in a registration statement on Form 8-A filed pursuant to Section&nbsp;12 of the Exchange Act on July
26, 1999 (File No. 001-15185), and any amendment or report filed for the purpose of updating that description.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-indent: -36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All documents filed by FHNC pursuant to Section 13(a), 13(c),
14, or 15(d) of the Securities Exchange Act of 1934, as amended, subsequent to the date of this registration statement and prior
to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part
hereof from the date of filing of such documents. Any statement contained herein or in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this registration statement.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 4. Description of Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The validity of shares of $0.625 par value common stock of FHNC
(&ldquo;shares&rdquo;) which may be issued pursuant to the Plans has been passed upon by John A. Niemoeller, Senior Vice President,
Counsel, and Assistant Corporate Secretary of FHNC. At October 31, 2017, Mr. Niemoeller beneficially owned approximately 18,236
shares. That number includes shares owned outright and within vested retirement plan accounts, and shares that may be issued or
become vested in the future under all unvested stock-based or stock-payable employee awards. All such unvested awards have been
counted for this purpose as if they had fully vested as of October 31, 2017 without reduction for applicable withholding taxes.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Tennessee Code Annotated Sections 48-18-501
through 48-18-509 authorize a corporation to provide for the indemnification of officers, directors, employees and agents in terms
sufficiently broad to permit indemnification under certain circumstances for liabilities (including reimbursement for expenses
incurred) arising under the Securities Act of 1933, as amended. FHNC has adopted the provisions of the Tennessee statute pursuant
to Article Six of its Bylaws. In addition, FHNC has a directors&rsquo; and officers&rsquo; liability insurance policy which provides
coverage sufficiently broad to permit indemnification under certain circumstances for liabilities (including reimbursement for
expenses incurred) arising under the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tennessee Code Annotated, Section 48-12-102, permits the inclusion
in the charter of a Tennessee corporation of a provision, with certain exceptions, eliminating the personal monetary liability
of directors to the corporation or its shareholders for breach of the duty of care. FHNC has adopted the provisions of the statute
as Article 14 of its charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shareholders of FHNC have approved a provision in Article
Six of FHNC&rsquo;s Bylaws pursuant to which FHNC is required to indemnify each director and any officers designated by the Board
of Directors, and advance expenses, to the maximum extent not prohibited by law. In accordance with the foregoing, the Board of
Directors is authorized to enter into individual indemnity agreements with the directors and such officers. Such indemnity agreements
have been approved for all of the directors and certain officers.</P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 8. Exhibits</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD NOWRAP STYLE="width: 7%; text-align: left"><B><U>Exhibit No.</U></B></TD>
    <TD STYLE="width: 5%">&nbsp;</TD><TD STYLE="text-align: justify; width: 88%"><B><U>Description</U></B></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">4.1</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/36966/000093041313002750/c73702_ex3-1.htm">Restated Charter of First Horizon National Corporation,
incorporated herein by reference to Exhibit 3.1 to the Corporation&rsquo;s Current Report on Form 8-K filed May 3, 2013</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">4.2</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF=http://www.sec.gov/Archives/edgar/data/36966/000093041317003918/c89827_ex3-1.htm>Bylaws of First Horizon National Corporation, as amended
and restated November 30, 2017, incorporated herein by reference to Exhibit 3.1 to the Corporation&rsquo;s Current Report on Form
8-K dated November 30, 2017</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">5.1</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="c89765_ex5-1.htm">Opinion and consent of John A. Niemoeller concerning the legality of the securities being registered hereunder</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">23.1</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="c89765_ex23-1.htm">Consent of Independent Registered Public Accounting Firm</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">24.1</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/36966/000093041317002422/c88663_s4.htm">Power of Attorney, previously included on the signature
page to the Registration Statement on Form S-4 (Reg. No. 333-219052), filed with the SEC on June 29, 2017</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">99.1</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="c89765_ex99-1.htm">Capital Bank Financial Corp. 2013 Omnibus Compensation Plan [assumed from Capital Bank Financial Corp. by merger in 2017]</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">99.2</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="c89765_ex99-2.htm">North American Financial Holdings 2010 Equity Incentive Plan [assumed from Capital Bank Financial Corp. by merger in 2017]</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">99.3</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="c89765_ex99-3.htm">FNB United Corp. 2012 Incentive Plan [as amended and restated 2013] [assumed from Capital Bank Financial Corp. by merger in 2017; previously assumed by Capital Bank Financial Corp. from CommunityOne Bancorp by merger in 2016]</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right">99.4</TD>
    <TD>&nbsp;</TD><TD STYLE="text-align: justify"><A HREF="c89765_ex99-4.htm">FNB United Corp. 2003 Stock Incentive Plan [as amended and restated 2008] [assumed from Capital Bank Financial Corp. by merger in 2017; previously assumed by Capital Bank Financial Corp. from CommunityOne Bancorp by merger in 2016]</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 72pt; text-indent: -72pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Item 9. Undertakings</B></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"></TD><TD STYLE="width: 22.5pt">(a)</TD><TD>The undersigned registrant hereby undertakes:</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: 22.5pt"></TD><TD STYLE="width: 22.5pt">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">to include any prospectus required by Section 10(a)(3)
of the Securities Act of 1933;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">to reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (&sect; 230.424(b) of this chapter) if,
in </TD>
</TR></TABLE>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt">&nbsp;</TD><TD STYLE="text-align: left; width: 22.5pt">&nbsp;</TD><TD STYLE="text-align: justify">the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price
set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">to include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or any material change to such information in the
registration statement;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt"><I>Provided, however, that:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt">&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: 45pt"></TD><TD STYLE="width: 27pt">(A)</TD><TD>paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8 (&sect;239.16b
of this chapter), and the information required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement; and</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: 45pt"></TD><TD STYLE="width: 27pt">(B)</TD><TD>paragraphs (a)(1)(i), (ii) and (iii) of this section do not apply if the registration statement is on Form S&ndash;1 (&sect;239.11
of this chapter), Form S-3 (&sect;239.13 of this chapter), Form SF-3 (&sect;239.45 of this chapter), or Form F-3 (&sect;239.33
of this chapter) and the information required to be included in a post-effective amendment by those paragraphs is contained in
reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form S&ndash;3,
Form SF&ndash;3 or Form F&ndash;3, is contained in a form of prospectus filed pursuant to &sect;230.424(b) of this chapter that
is part of the registration statement.</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: 45pt"></TD><TD STYLE="width: 27pt">(C)</TD><TD><I>Provided further, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is for
an offering of asset-backed securities on Form SF-1 (&sect;239.44 of this chapter) or Form SF-3 (&sect;239.45 of this chapter),
and the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB
(&sect;239.1100(c)).</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: 22.3pt"></TD><TD STYLE="width: 22.3pt">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</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: 22.3pt"></TD><TD STYLE="width: 22.3pt">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering.</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: 22.5pt"></TD><TD STYLE="width: 22.5pt">(4)</TD><TD>If the registrant is a foreign private issuer, to file a post-effective amendment to the registration statement to include
any financial statements required by Item 8.A of Form 20-F (17 CFR 249.220f) at the start of any delayed offering or throughout
a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished,
<I>provided</I> that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required
pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at
least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements
on Form F-3 (&sect; 239.33 of this chapter), a post-effective amendment need not be filed to include financial statements and information
required by Section 10(a)(3) of the Act or &sect; 210.3-19 of this chapter if such financial statements and information are contained
in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.</TD></TR></TABLE>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<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: 22.5pt"></TD><TD STYLE="width: 22.5pt">(5)</TD><TD>That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">If the registrant is relying on Rule 430B (&sect;230.430B
of this chapter):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 27pt">(A)</TD><TD>Each prospectus filed by the registrant pursuant to Rule 424(b)(3) (&sect;230.424(b)(3) of this chapter) shall be deemed to
be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement;
and</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 27pt">(B)</TD><TD>Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) (&sect;230.424(b)(2), (b)(5), or (b)(7)
of this chapter) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i),
(vii), or (x) (&sect;230.415(a)(1)(i), (vii), or (x) of this chapter) for the purpose of providing the information required by
section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that
is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to
the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof. <I>Provided, however,</I> that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;
or</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" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">If the registrant is subject to Rule 430C (&sect;230.430C
of this chapter), each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other
than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A (&sect;230.430A of
this chapter), shall be deemed to be part of and included in the registration statement as of the date it is first used after
effectiveness. <I>Provided, however,</I> that no statement made in a registration statement or prospectus that is part of the
registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first use.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">If the registrant is relying on &sect; 230.430D of this
chapter:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 27pt">(A)</TD><TD>Each prospectus filed by the registrant pursuant to &sect; 230.424(b)(3) and (h) of this chapter shall be deemed to be part
of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement;
and</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 27pt">(B)</TD><TD>Each prospectus required to be filed pursuant to &sect; 230.424(b)(2),
(b)(5), or (b)(7) of this chapter as part of a registration statement in reliance on &sect; 230.430D of this chapter relating
to an offering made pursuant to &sect; 230.415(a)(1)(vii) or (a)(1)(xii) of this chapter for the purpose of providing the information
required by section 10(a) of the Securities Act of 1933 (15 U.S.C. 77j(a)) shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract
of sale of securities in the offering described in the prospectus. As provided in &sect;</TD></TR></TABLE>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
            <TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt">&nbsp;</TD><TD STYLE="width: 27pt">&nbsp;</TD><TD> 230.430D of this chapter, for liability purposes of the issuer and any person that is
at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the
securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide</I> offering thereof. <I>Provided, however,</I> that no statement made in a registration
statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date;
or</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 22.5pt">(6)</TD><TD>That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">The undersigned registrant undertakes that in a primary
offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method
used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(i)</TD><TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned
registrant relating to the offering required to be filed pursuant to Rule 424 (&sect;230.424 of this chapter);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(ii)</TD><TD STYLE="text-align: justify">Any free writing prospectus relating to the offering prepared
by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(iii)</TD><TD STYLE="text-align: justify">The portion of any other free writing prospectus relating
to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of
the undersigned registrant; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 45pt"></TD><TD STYLE="width: 22.5pt; text-align: left">(iv)</TD><TD STYLE="text-align: justify">Any other communication that is an offer in the offering
made by the undersigned registrant to the purchaser.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 54pt; text-indent: -54pt">&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: 22.5pt"></TD><TD STYLE="width: 22.5pt">(7)</TD><TD>If the registrant is relying on &sect; 230.430D of this chapter, with respect to any offering of securities registered on Form
SF-3 (&sect; 239.45 of this chapter), to file the information previously omitted from the prospectus filed as part of an effective
registration statement in accordance with &sect; 230.424(h) and &sect; 230.430D of this chapter.</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt">(b)</TD><TD>The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933,
each filing of the registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934,
(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-indent: -22.3pt">(c)-(g) [not applicable]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-indent: -22.3pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt">(h)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In </TD></TR></TABLE>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<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"></TD><TD STYLE="width: 22.3pt">&nbsp;</TD><TD>the event that a claim for indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of such issue.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: -22.5pt">(i)-(k) [not applicable]</P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>The Registrant</U>. Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Post-Effective Amendment No. 1 on Form S-8 to the registrant&rsquo;s registration statement
on Form S-4 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Memphis and State of Tennessee,
on December 1, 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 180pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 180pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">FIRST HORIZON NATIONAL CORPORATION</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; font-size: 10pt; border-bottom: Black 1px solid"><FONT STYLE="font-size: 10pt">/s/ William C. Losch III</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">William C. Losch III</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Executive Vice President and</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-left: 20pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Act of 1933,
this Post-Effective Amendment No. 1 on Form S-8 to the registrant&rsquo;s registration statement on Form S-4 has been signed by
the following persons in the capacities and on the date indicated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 16%; border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Signature*</B></TD>
    <TD STYLE="width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></TD>
    <TD STYLE="width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Date</B></TD>
    <TD STYLE="width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Signature*</B></TD>
    <TD STYLE="width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Title</B></TD>
    <TD STYLE="width: 2%; font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: Black 1px solid; text-align: center; font-family: Arial, Helvetica, Sans-Serif"><B>Date</B></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">D. Bryan Jordan</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">President, Chief Executive Officer, Chairman of the Board, and a Director (principal
    executive officer)</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">December 1, 2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">William C. Losch III</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">Executive Vice President and Chief Financial Officer (principal financial officer)</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">December 1, 2017</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">D. Bryan Jordan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">William C. Losch III</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Jeff L. Fleming</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">Executive Vice President and Chief Accounting Officer (principal accounting officer)</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">December 1, 2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">John C. Compton</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">December 1, 2017</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">Jeff L. Fleming</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">John C. Compton</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Mark A. Emkes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; vertical-align: bottom">December 1, 2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">Mark A. Emkes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Peter N. Foss</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Corydon J. Gilchrist</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">R. Brad Martin</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">Corydon J. Gilchrist</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">R. Brad Martin</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2017</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Scott M. Niswonger</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">Vicki R. Palmer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">Scott M. Niswonger</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Vicki R. Palmer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2017</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Colin V. Reed</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">Cecelia D. Stewart</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">Colin V. Reed</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Cecelia D. Stewart</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2017</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD nowrap STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1px solid">Rajesh Subramaniam</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">Rajesh Subramaniam</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">2017</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">R. Eugene Taylor</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: bottom;">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">Luke Yancy III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">December 1, </TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">Luke Yancy III</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2017</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, 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: 35%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 9pt">*By:</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1px solid">/s/ Clyde A. Billings, Jr.</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 32%">December 1, 2017</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Clyde A. Billings, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">As Attorney-in-Fact</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">II -<!-- Field: Sequence; Type: Arabic; Name: PageNo --> 8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
<!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>c89765_ex5-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 1, 2017</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Horizon National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">165 Madison Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Memphis, TN 38103</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I have acted as legal counsel to First Horizon National
Corporation, a Tennessee corporation (the &ldquo;Company&rdquo;), in connection with the registration of shares (the
&ldquo;Securities&rdquo;) of common stock, par value $0.625 per share, of the Company (&ldquo;Common Stock&rdquo;). That
registration is on Post-Effective Amendment No. 1, on Form S-8, to Form S-4 (the &ldquo;Registration Statement&rdquo;) under
the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;), Reg. No. 333-219052. The Securities are to be issued to
holders of stock options outstanding under the terms of four plans (the &ldquo;Assumed Plans&rdquo;) which the Company
assumed from Capital Bank Financial Corp. (&ldquo;CBFC&rdquo;) in connection with the merger of CBFC with and into the
Company (the &ldquo;Merger&rdquo;), which closed on November 30, 2017. The Assumed Plans are: Capital Bank Financial Corp.
2013 Omnibus Compensation Plan, North American Financial Holdings 2010 Equity Incentive Plan, FNB United Corp. 2012 Incentive
Plan, and FNB United Corp. 2003 Stock Incentive Plan. The options outstanding at the closing of the Merger encompassed a
maximum total of 1,059,685 shares of Common Stock. The Company does not intend to issue any additional options under any
Assumed Plan, and this opinion does not relate to any shares other than those encompassed by the outstanding options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I have examined originals or copies, certified or otherwise identified
to my satisfaction, of such corporate records, certificates and other documents, and such questions of law, as I have considered
necessary or appropriate for the purposes of this opinion. Upon the basis of such examination and subject to the limitations contained
herein, it is my opinion that:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Each Assumed Plan has been duly assumed from CBFC and adopted by the Company, and each option outstanding under an Assumed Plan at the closing of the Merger has been duly assumed by the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The Securities, being 1,059,685 shares of Common Stock which may be issued from authorized but unissued shares by the Company pursuant to the Assumed Plans, when issued by the Company pursuant to the terms and conditions of the Assumed Plans and of the options outstanding thereunder, will be validly issued, fully paid, and non-assessable. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The foregoing opinions are limited to the federal laws of the United
States and the laws of the State of Tennessee, and I am expressing no opinion as to the effect of the laws of any other jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In rendering the foregoing opinion, I have relied to the extent
I deem such reliance appropriate as to certain matters on statements, representations, and other information obtained from public
officials, officers of the Company, and other sources believed by me to be responsible.</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I hereby consent to the filing of this opinion as an exhibit to
the Registration Statement, and to the reference to me in the Registration Statement. In giving such consent, I do not thereby
admit that I am in the category of persons whose consent is required under Section 7 of the Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/<U> John A. Niemoeller</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">John A. Niemoeller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">Senior Vice President, Counsel, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">Assistant Corporate Secretary,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">First Horizon National Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
       <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>c89765_ex23-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 23.1</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Consent of Independent Registered Public
Accounting Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Horizon National Corporation:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We consent to the use of our reports dated February 27, 2017, with
respect to the consolidated statements of condition of First Horizon National Corporation and subsidiaries (the Company) as of
December 31, 2016 and 2015, and the related consolidated statements of income, comprehensive income, equity, and cash flows for
each of the years in the three-year period ended December 31, 2016, and the effectiveness of internal control over financial reporting
as of December 31, 2016, incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ KPMG LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Memphis, Tennessee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">December 1, 2017</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
<!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>c89765_ex99-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 99.1</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CAPI<FONT STYLE="letter-spacing: -0.05pt">T</FONT>AL<FONT STYLE="letter-spacing: 0.55pt">
</FONT><FONT STYLE="letter-spacing: -0.1pt">B</FONT>A<FONT STYLE="letter-spacing: 0.1pt">N</FONT>K<FONT STYLE="letter-spacing: 0.45pt">
</FONT>FINANCIAL<FONT STYLE="letter-spacing: 0.4pt"> </FONT>C<FONT STYLE="letter-spacing: 0.05pt">O</FONT>RP.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt"><B>2</B></FONT><B><FONT STYLE="letter-spacing: 0.05pt">01</FONT>3<FONT STYLE="letter-spacing: -1pt">
</FONT><FONT STYLE="letter-spacing: 0.05pt">O</FONT>MN<FONT STYLE="letter-spacing: -0.05pt">I</FONT><FONT STYLE="letter-spacing: 0.05pt">B</FONT>US<FONT STYLE="letter-spacing: -0.9pt">
</FONT>C<FONT STYLE="letter-spacing: 0.05pt">O</FONT>MP<FONT STYLE="letter-spacing: -0.05pt">E</FONT>N<FONT STYLE="letter-spacing: 0.1pt">S</FONT>A<FONT STYLE="letter-spacing: -0.05pt">T</FONT>I<FONT STYLE="letter-spacing: 0.05pt">O</FONT>N<FONT STYLE="letter-spacing: -0.95pt">
</FONT><FONT STYLE="letter-spacing: -0.15pt">P</FONT>LAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 0.8pt; text-align: center"><B>(Effective May 22, 2013)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>1. </B></FONT><B>Purpose;
Effective Date</B>. The purpose of the Capital Bank Financial Corp. 2013 Omnibus Compensation Plan (the &ldquo;Plan&rdquo;) is,
among other things, to promote the interests of the shareholders by providing stock- based incentives to selected employees (each,
a &ldquo;Participant&rdquo;) to align their interests with shareholders and to motivate them to put forth maximum efforts toward
the continued growth, profitability and success of Capital Bank Financial Corp. (the &ldquo;Company&rdquo;). In furtherance of
this objective, stock options, stock appreciation rights, performance shares, restricted shares, performance units, restricted
stock units, phantom shares, common stock of the Company (&ldquo;Common Stock&rdquo;), and/or other incentive awards (including
awards denominated or settled in cash) (collectively, &ldquo;Awards&rdquo;) may be granted in accordance with the provisions of
this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">This Plan became effective as of May 22, 2013
(the &ldquo;Effective Date&rdquo;), following shareholder approval at the Company&rsquo;s 2013 annual meeting of its shareholders.
Any Awards that were granted under this Plan prior to its approval by shareholders were specifically contingent on approval of
this Plan by the shareholders of the Company at such annual meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>2. </B></FONT><B>Administration</B>.
This Plan is to be administered by the Compensation Committee or any successor committee (the &ldquo;Committee&rdquo;) of the Board
of Directors of the Company (the &ldquo;Board&rdquo;). The Committee shall have full power and authority to construe, interpret
and administer this Plan. All decisions, actions or interpretations of the Committee shall be final, conclusive and binding on
all parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The provisions of this Plan are intended to ensure
that no transaction under the Plan is subject to (and all such transactions will be exempt from) the short-swing recovery rules
of Section 16(b) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Accordingly, the composition
of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan
to be exempt (pursuant to Rule 16b-3 promulgated under the Exchange Act) from Section 16(b) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee may delegate to the Chief Executive
Officer and to other senior officers of the Company the authority to make Awards under this Plan with respect to not more than
ten percent of the shares authorized under this Plan, pursuant to such conditions and limitations as the Committee may establish,
except that only the Committee may make Awards to participants who are subject to Section 16 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>3. </B></FONT><B>Shares
Available For This Plan</B>. Subject to Section 19 hereof, the maximum number of shares of Common Stock (&ldquo;Shares&rdquo;)
that shall be available for delivery pursuant to the provisions of this Plan shall be 2,639,000 Shares. Such Shares may be either
authorized but unissued shares or treasury shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">For purposes of calculating the number of Shares
available for delivery under this Plan:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">there shall be counted against the limitations the number of shares subject to issuance upon exercise or settlement of Awards as of the dates on which such Awards are granted;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i) the grant of a Performance Share Award (as defined in Section 9) or other unit or phantom share award shall be deemed to be equal to the maximum number of Shares that may be issued under the award and (ii) where the value of an award is variable on the date it is granted, the value shall be deemed to be the maximum limitation of the award;</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 18pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">if the exercise price of any stock option granted under this Plan, or the tax withholding obligation associated with the exercise of such stock option, is satisfied by tendering Shares to the Company (by either actual delivery or by attestation), any tendered or withheld shares shall not be available for Awards granted under this Plan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">if the tax withholding obligation associated with the vesting of an Award of restricted stock is satisfied by tendering Shares to the Company (or by the withholding of Shares by the Company) , any tendered or withheld shares shall not be available for Awards granted under this Plan;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">the gross number of Shares with respect to which a stock-settled stock appreciation (a &ldquo;SAR&rdquo;) right is exercised will be counted against such limit, rather than the net number of shares delivered upon the exercise of a stock-settled SAR;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Awards payable solely in cash will not reduce the number of Shares available for Awards granted under this Plan; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">any shares awarded under this Plan that are not issued or that are subject to an award under this Plan that has lapsed or is forfeited, terminated, settled in cash or canceled without having been exercised shall again be available for other Awards under this Plan.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>4. </B></FONT><B>Limitation
On Awards</B>. Subject to Section 19 hereof, (a) no single Participant may receive Awards (other than stock options or SARs) under
this Plan with respect to more than 300,000 shares in any calendar year, (b) the maximum number of Shares that may be issued pursuant
to options designated as Incentive Stock Options (as defined in Section 7) shall be 500,000 shares, (c) the maximum number of Shares
that may be issued pursuant to Performance Share Awards (as defined in Section 9), Performance Unit Awards (as defined in Section
9), Restricted Stock Awards (as defined in Section 11), Restricted Stock Unit Awards (as defined in Section 11) and Other Awards
(as defined in Section 13) shall be 791,700 shares, (d) no single Participant may be granted stock options or SARs with respect
to more than 500,000 shares in any calendar year and (e) in any calendar year, no Participant may receive Awards under the Plan
paid in cash having an aggregate dollar value in excess of $5,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>5. </B></FONT><B>Term</B>.
No Awards may be granted under this Plan after May 22, 2023, at which time the Plan shall expire but without affecting any Awards
then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>6. </B></FONT><B>Eligibility</B>.
Awards under this Plan may be made to any person selected by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>7. </B></FONT><B>Stock
Options</B>. The Committee may, in its discretion, from time to time grant to eligible Participants options to purchase Common
Stock, at a price not less than 100% of the fair market value of the Common Stock on the date of grant (the &ldquo;option price&rdquo;),
subject to the conditions set forth in this Plan. The Committee may not reduce the option price of any stock option grant after
it is made, except in connection with a Corporate Reorganization (as defined in Section 19), nor may the Committee agree to exchange
a new lower priced option for an outstanding higher priced option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee, at the time of granting to any
Participant an option to purchase shares or any related SAR under this Plan, shall fix the terms and conditions upon which such
option or appreciation right may be exercised, and may designate options as non-statutory stock options or incentive stock options
(&ldquo;Incentive Stock Options&rdquo;) pursuant to Section 422 of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;)
or any other statutory stock option that may be permitted under the Code from time to time; provided, however that (i) the date
on which such options and related appreciation rights</P>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">shall expire, if not exercised, may not be later
than ten years after the date of grant of the option, (ii) the terms and conditions of Incentive Stock Options must be in accordance
with the qualification requirements of the Code and (iii) the provisions of any other statutory stock option permitted under the
Code must be consistent with applicable Code requirements. Incentive Stock Options shall be granted only to full time employees
of the Corporation and its subsidiaries within the meaning of Section 424 of the Code. The aggregate fair market value (determined
as of the date the option is granted) of shares with respect to which Incentive Stock Options are exercisable for the first time
by an individual during any calendar year (under this Plan or any other plan of the Corporation or any Subsidiary which provides
for the granting of incentive stock options) may not exceed $100,000 or such other number as may be applicable under the Code from
time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Within the foregoing limitations, the Committee
shall have the authority in its discretion to specify all other terms and conditions relating to stock options in a written stock
option agreement, including but not limited to provisions for the exercise of options in installments, any requirements imposed
on a Participant to retain the Common Stock acquired upon exercise of the option, the time limits during which options may be exercised
and, in lieu of payment in cash, the exercise in whole or in part of options by tendering Common Stock owned by the Participant,
valued at the fair market value on the date of exercise, or other acceptable forms of consideration equal in value to the option
price. The Committee may, in its discretion, issue rules or conditions with respect to utilization of Common Stock for all or part
of the option price, including limitations on the pyramiding of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">No option shall have any feature that would allow
for the deferral of compensation (within the meaning of Section 409A of the Code) other than the deferral or recognition of income
until the later of exercise or disposition of the option or the time the shares acquired upon the exercise of the option first
become substantially vested (as defined in Treasury Regulation &sect;1.83-3(b)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><B>8. Stock Appreciation Rights</B>. The Committee
may grant awards in the form of SARs. SARs shall entitle the recipient to receive a payment (in the form of stock or cash as set
forth in the Award) equal to the appreciation in market value of a stated number of Shares from the price stated in the Award (which
price must be no less than the fair market value of the Common Stock on the date of the grant of such SAR) to the market value
of the Common Stock on the date of exercise or surrender. An SAR may be granted in tandem with all or a portion of a related stock
option under the Plan (&ldquo;Tandem SARs&rdquo;), or may be granted separately (&ldquo;Freestanding SARs&rdquo;). A Tandem SAR
may only be granted at the time of the grant of the related stock option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">A Tandem SAR shall be subject to the same terms
and conditions as the related stock option and shall be exercisable at such times and to such extent as the Committee shall determine,
but only so long as the related option is exercisable. The number of Tandem SARs shall be reduced not only by the number of Tandem
SARs exercised but also by the number of shares purchased upon the exercise of the related option. A related stock option shall
cease to be exercisable to the extent the Tandem SAR is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Freestanding SARs shall be exercisable in whole
or in such installments and at such times as may be determined by the Committee. The base price of a Freestanding SAR shall also
be determined by the Committee; provided, however, that such price shall not be less than the fair market value of the Common Stock,
as determined by the Committee, on the date of the grant of the Freestanding SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Upon surrender to the Company of the unexercised
related stock option or any portion thereof (in the case of a Tandem SAR), or upon exercise of a Freestanding SAR, an SAR shall
entitle the Participant to receive from the Company in exchange therefor a payment in stock or cash (as determined by the Committee
and set forth in the Award). In the case of a payment in stock, the number of shares to be received by the Participant shall be
determined by dividing (1) the product of (A) the total number of SARs being exercised times (B) the amount by which the fair market
value of a share of Common Stock on the exercise date exceeds the option price of the related option (or the base price of a Freestanding</P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">SAR), by (2) the fair market value of a share
of Common Stock on the exercise date. No fractional shares shall be issued. In the case of a payment in cash, the Participant shall
receive a payment equal to the product of (A) the total number of SARs being exercised times (B) the amount by which the fair market
value of a share of Common Stock on the exercise date exceeds the option price of the related option (or the base price of a Freestanding
SAR).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee may, consistent with the Plan,
by way of the Award or otherwise, determine such other terms, conditions, restrictions and/or limitations, if any, on any SAR Award,
including but not limited to determining the manner in which payment of the appreciation in value shall be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">No SAR shall have any feature that would allow
for the deferral of compensation (within the meaning of Section 409A of the Code) other than the deferral or recognition of income
until the exercise or disposition of the SAR or the time any shares acquired upon the exercise of the SAR first become substantially
vested (as defined in Treasury Regulation &sect;1.83-3(b)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>9. </B></FONT><B>The
Capital Bank Financial Corp. Long-Term Incentive Plan (&ldquo;LTIP&rdquo;)</B>. In the event that the Committee adopts an LTIP,
the Committee may make Performance Share Awards (denominated in Shares) or Performance Unit Awards (denominated in units that are
equivalent to a specified amount of cash or number of Shares) under such LTIP. To the extent a Performance Share Award or a Performance
Unit Award is intended to be a Qualified Performance-Based Award (as defined in Section 14) it shall be subject to the terms and
conditions set forth in Section 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">At the time Performance Share Awards and Performance
Unit Awards are made, the Committee shall determine, in its sole discretion, one or more performance periods and specific Performance
Objectives (as defined below) to be achieved during the applicable performance periods, as well as such other restrictions and
conditions as the Committee deems appropriate. In the case of Performance Unit Awards, the Committee shall also determine a target
unit value or a range of unit values for each award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">At the end of the performance period, the Committee
shall determine the extent to which Performance Objectives have been attained or a degree of achievement between minimum and maximum
levels in order to establish the level of payment to be made, if any, and shall determine if payment is to be made in the form
of cash or Shares (valued at their fair market value at the time of payment) or a combination of cash and Shares. Payments of Performance
Share Awards and Performance Unit Awards shall generally be made as soon as practicable following the end of the performance period,
but in any event such payments will be made no later than the end of the calendar year following the calendar year in which the
performance period ends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>10. </B></FONT><B>Performance
Objectives</B>. Performance objectives that may be used under the Plan (&ldquo;Performance Objectives&rdquo;) shall be based upon
one or more or the following criteria (or upon changes in such criteria or in the growth rates of such criteria): earnings and
earnings per share (before or after taxes and whether or not excluding specific items, including but not limited to stock or other
compensation expense); net income and net income per share (before or after taxes and whether or not excluding specific items,
including but not limited to stock or other compensation expense); core net income; pre-tax, pre-provision earnings and pre-tax,
pre-provision earnings per share; core pre-tax, pre-provision earnings and core pre-tax, pre-provision earnings per share; pre-tax,
pre-provision earnings or core pre-tax, pre-provision earnings to risk-weighted assets; revenues; profits (net profit, gross profit,
operating profit, economic profit, profit margins or other corporate profit measures, in total or with respect to specific categories
or business units); operating or cash earnings and operating or cash earnings per share; cash (cash flow, cash generation or other
cash measures); return measures (including, but not limited to, total stockholder return, return on average assets, return on average
stockholders&rsquo; equity, return on investment and cash return on tangible equity); net interest income; net interest income
on a tax equivalent basis; net interest margin; net interest margin on a tax equivalent basis; net non-interest expense to average
assets; interest-sensitivity gap levels; expense targets, efficiency ratio or other expense</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">measures; assets under management; levels of assets,
loans (in total or with respect to specific categories of loans) and/or deposits (in total or with respect to specific categories
of deposit accounts, and with respect to number of account relationships or account balance amounts); market share; growth in target
market relationships; investments; value of assets; asset quality levels; charge- offs; loan-loss reserves; non-performing assets;
business expansion or consolidation (acquisitions and divestitures); strategic plan development and implementation; internal rate
of return; Share price; regulatory compliance; satisfactory internal or external audits; book value and book value per share; tangible
stockholders&rsquo; equity and tangible book value per share; tangible common equity and tangible common equity per share; tangible
common equity to tangible assets; tangible common equity to risk-weighted assets; improvement of financial ratings; and achievement
of balance sheet or income statement objectives, or other financial accounting or quantitative objectives established by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Performance Objectives may relate to the
Company, on an absolute basis and/or relative to one or more peer group companies or indices, or to a particular Participant, Subsidiary,
division or operating unit, or any combination of the foregoing, all as the Committee shall determine. In addition, to the degree
consistent with Section 162(m) of the Code (or any successor section thereto), the Committee may adjust, modify or amend the above
criteria, either in establishing any Performance Objective or in determining the extent to which any Performance Objective has
been achieved. Without limiting the generality of the foregoing, the Committee shall have the authority, at the time it establishes
the Performance Objectives, to make equitable adjustments in the criteria in recognition of unusual or non-recurring events, in
response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary
or unusual in nature or infrequent in occurrence or related to the disposal of a business or related to a change in accounting
principles, or as the Committee determines to be appropriate to reflect a true measurement of the performance of the Company or
any Subsidiary, division or operating unit, as applicable, and to otherwise satisfy the objectives of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>11. </B></FONT><B>Restricted
Stock and Restricted Stock Units</B>. The Committee may make Awards in Common Stock (&ldquo;Restricted Stock&rdquo;) and Awards
of restricted stock units (&ldquo;Restricted Stock Units&rdquo;) subject to conditions, if any, established by the Committee which
may include continued service with the Company or its subsidiaries. Any Restricted Stock Award and Restricted Stock Unit Award
which is conditioned upon continued employment shall be conditioned upon continued employment for a minimum period of three years
following the award, except in the case of death, disability or retirement and except as otherwise provided pursuant to Section
28.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>12. </B></FONT><B>Cash-Based
Awards</B>. Awards denominated in a dollar amount (a &ldquo;Cash-Based Award&rdquo;) may be granted under this Plan. Cash-Based
Awards that are Qualified Performance-Based Awards (as defined below) shall be subject to the provisions of Section 14. In addition,
no Participant may be granted Cash-Based Awards that are Qualified Performance-Based Awards that have an aggregate maximum payment
value in any calendar year in excess of $5,000,000. Cash-Based Awards may be paid in cash, Shares or other Awards (valued as of
the date such Shares or other Full-Value Awards are granted based on the Fair Market Value on such date) as determined by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>13. </B></FONT><B>Other
Awards</B>. The Committee may make Awards authorized under this Plan in units or phantom shares, the value of which is based, in
whole or in part, on the value of Common Stock, in lieu of making such Awards in Common Stock (&ldquo;Other Awards&rdquo;). The
Committee may provide for Other Awards to be paid in cash, in Common Stock, or in a combination of both cash and Common Stock,
under such terms and conditions as in its discretion it deems appropriate.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 76.4pt; text-indent: -35.05pt"><FONT STYLE="font-size: 11pt">14.
</FONT>Qualified Performance-Based Awards<FONT STYLE="font-weight: normal">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(a) </FONT>The
provisions of this Plan are intended to ensure that all options and SARs granted hereunder to any Participant who is or may be
a &ldquo;covered employee&rdquo; (within the meaning</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 0">of Section 162(m)(3) of the Code) in
the tax year in which such Option or SAR is expected to be deductible to the Company qualify for the exemption from the limitation
on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code (the &ldquo;Section
162(m) Exemption&rdquo;), and all such Awards shall therefore be considered an award that qualifies for such exemption (&ldquo;Qualified
Performance-Based Awards&rdquo;) and, as set forth in Section 36, this Plan shall be interpreted and operated consistent with that
intention (including, without limitation, to require that all such Awards be granted by a committee composed solely of members
who satisfy the requirements for being &ldquo;outside directors&rdquo; for purposes of the Section 162(m) Exemption (&ldquo;Outside
Directors&rdquo;)). When granting any Award other than an Option or SAR, the Committee may designate such Award as a Qualified
Performance-Based Award, based upon a determination that (i) the recipient is or may be a &ldquo;covered employee&rdquo; (within
the meaning of Section 162(m)(3) of the Code) with respect to such Award, and (ii) the Committee wishes such Award to qualify for
the Section 162(m) Exemption, and the terms of any such Award (and of the grant thereof) shall be consistent with such designation
(including, without limitation, that all such Awards be granted by a committee composed solely of Outside Directors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(b) </FONT>Each
Qualified Performance-Based Award (other than an option or SAR) shall be earned, vested and/or payable (as applicable) upon the
achievement of one or more Performance Objectives, together with the satisfaction of any other conditions, such as continued employment,
as the Committee may determine to be appropriate. Notwithstanding the immediately preceding sentence, (i) the Committee may provide,
either in connection with the grant thereof or by amendment thereafter, that achievement of the Performance Objectives referred
to in the immediately preceding sentence will be waived upon the death or disability (as defined in the applicable award agreement)
of the grantee of such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 41.4pt; text-indent: 29.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">(c) The full Board shall not be permitted
to exercise authority granted to the Committee to the extent that the grant or exercise of such authority would cause an Award
designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for, the Section 162(m) Exemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>15. </B></FONT><B>Deferred
Awards</B>. The Committee may permit Participants to elect to defer receipt of Awards (other than options or SARs), either in cash
or in Common Stock, under such terms and conditions that the Committee may prescribe, provided that any such deferral shall be
made in compliance with a plan designed to comply with the requirements of Section 409A of the Code. The Committee may authorize
the Company to establish various trusts or make other arrangements with respect to any deferred Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>16. </B></FONT><B>Fair
Market Value</B>. For all purposes of this Plan the fair market value of a share of Common Stock shall be the closing price of
the Common Stock on the relevant date (as of the close of trading) as reported on the NASDAQ, or, if no sale was made on such date,
then on the next preceding day on which such a sale was made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>17. </B></FONT><B>Termination
of Employment</B>. The Committee may make such provisions as it, in its sole discretion, may deem appropriate with respect to the
effect, if any, the termination of employment with the Corporation will have on any grants or Awards under this Plan provided that,
to the extent applicable, a termination of employment shall mean a &ldquo;separation from service&rdquo; as such term is defined
for purposes of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>18. </B></FONT><B>Assignability</B>.
Any Awards granted under this Plan shall not be transferable by the Participant other than by will or the laws of descent and distribution
or by such other means as the Committee may approve from time to time; provided, however, that under no circumstances shall a</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">transfer for value of any Award hereunder be
permitted. The designation of a beneficiary for an Award shall not constitute the transfer of an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>19. </B></FONT><B>Corporate
Reorganization</B>. In the event of any change in corporate capitalization (including, but not limited to, a change in the number
of Shares outstanding), such as a stock split or a corporate transaction, any merger, consolidation, separation, including a spin-off,
or other distribution of stock or property of the Company, any reorganization (whether or not such reorganization comes within
the definition of such term in Section 368 of the Code) or any partial or complete liquidation of the Company, (a &ldquo;Corporate
Reorganization&rdquo;), the Committee or the Board shall be required to make such substitution or adjustments in the aggregate
number and kind of shares reserved for issuance under this Plan and the maximum limitation on the number of Awards that may be
granted to any participant, in the number, kind and option price of shares subject to outstanding stock options and SARs, in the
number and kind of shares subject to other outstanding Awards granted under this Plan and/or such other equitable substitution
or adjustments to equalize the value and prevent dilution or enlargement of the rights of participants in any form or manner of
substitution or adjustment as it, in good faith, may determine, in its sole discretion, to be equitable under the circumstances;
provided, however, that the number of shares subject to any award shall always be a whole number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>20. </B></FONT><B>Committee&rsquo;s
Determination</B>. The Committee&rsquo;s determinations under this Plan including, without limitation, determinations of the employees
to receive Awards or grants, the form, amount and timing of such Awards or grants, the terms and provisions of such Awards or grants
and the agreements evidencing same, and the establishment of Performance Objectives need not be uniform and may be made by the
Committee selectively among individuals who receive, or are eligible to receive, Awards or grants under this Plan whether or not
such individuals are similarly situated. The Committee may, with the consent of the Participant, modify any determination it previously
made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>21. </B></FONT><B>Leave
of Absence or Other Change in Employment Status</B>. The Committee shall be entitled to make such rules, regulations and determinations
as it deems appropriate under this Plan in respect of any leave of absence taken by a Participant or any other change in employment
status, such as a change from full time employment to a consulting relationship (or vice versa), of a Participant relative to any
grant or award. Without limiting the generality of the foregoing, the Committee shall be entitled to determine (i) whether or not
any such leave of absence or other change in employment status shall constitute a termination of employment within the meaning
of this Plan and (ii) the impact, if any, of any such leave of absence or other change in employment status on Awards under this
Plan theretofore made to any Participant who takes such leave of absence or otherwise changes his or her employment status. In
the case of an Award that is subject to Section 409A of the Code, such determinations shall be made in accordance with the requirements
of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>22. </B></FONT><B>Reporting
and Withholding Taxes</B>. The Committee or its designee shall have the right to (i) determine and report the appropriate amount
of income recognized with respect to any Award and (ii) determine the amount of any Federal, state, or local required withholding
tax, and (iii) require that any such required withholding tax be satisfied by withholding Shares or other amounts which would otherwise
be payable under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>23. </B></FONT><B>Retention
Of Shares</B>. If Shares are awarded subject to attainment of Performance Objectives, continued service with the Company or other
conditions, the shares may be registered in the Participants&rsquo; names when initially awarded, but possession of certificates
for the shares shall be retained by the Secretary of the Company for the benefit of the Participants, or shares may be registered
in book entry form only, in both cases subject to the terms of this Plan and the conditions of the particular Awards.</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>24. </B></FONT><B>Dividends
And Voting</B>. Except with respect to options and SARs, the Committee may permit each Participant to receive or accrue dividends,
if any, and other distributions, if any, made with respect to such Awards under such terms and conditions as in its discretion
it deems appropriate. Under such terms and conditions as in its discretion it deems appropriate, the Committee may permit the Participant
to vote or execute proxies with respect to shares awarded to the Participant hereunder. Notwithstanding the preceding to the contrary,
all dividends and other distributions shall be made in a manner so as to comply with the provisions of Section 409A of the Code
and Treasury regulations and any other related Internal Revenue Service guidance promulgated thereunder and, as applicable, so
as to preserve the applicable award&rsquo;s status as being exempt from Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>25. </B></FONT><B>Forfeiture
Of Awards</B>. Any Awards or parts thereof made under this Plan that are subject to Performance Objectives or other conditions
which are not satisfied, shall be forfeited, and any Shares issued shall revert to the Treasury of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>26. </B></FONT><B>Continued
Employment</B>. Nothing in this Plan or in any agreement entered into pursuant to this Plan shall confer upon any Participant the
right to continue in the employment of the Company or affect any right that the Company may have to terminate the employment of
such Participant.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><B>27. <FONT STYLE="font-size: 10pt">Change In
Control</FONT></B><FONT STYLE="font-size: 10pt">. For purposes of this Plan, a &ldquo;Change in Control&rdquo; shall mean:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(a) </FONT>the
acquisition by any individual, entity or group (within the meaning given in Sections 13(d)(3) and 14(d)(2) of the Exchange Act)
of beneficial ownership of 51% or more (on a fully diluted basis) of either (i) the then outstanding shares of Common Stock of
the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants,
the conversion of convertible stock or debt, and the exercise or settlement of any similar right to acquire such common stock (the
&ldquo;Outstanding Company Common Stock&rdquo;), or (ii) the combined voting power of the then outstanding voting securities of
the Company entitled to vote generally in the election of directors (the &ldquo;Outstanding Company Voting Securities&rdquo;);
provided, however, that for purposes of this Agreement, the following acquisitions shall not constitute a Change in Control: (A)
any acquisition by the Company or any Affiliate, (B) any acquisition directly from the Company, (C) any acquisition by any employee
benefit plan sponsored or maintained by the Company or any Affiliate or (D) any acquisition by any individual or a corporation,
association, partnership, limited liability company, joint venture, organization, business, trust, or any other entity or organization,
including a government or any subdivision or agency (each a &ldquo;Person&rdquo;) that complies with clauses (i), (ii) and (iii)
of subsection (d) of this Section 27; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(b) </FONT>individuals
who, on the date hereof, constitute the Board (the &ldquo;Incumbent Directors&rdquo;) cease for any reason to constitute at least
a majority of the Board, provided that any person becoming a director subsequent to the date hereof, whose election or nomination
for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote
or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection
to such nomination), shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a
director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any
other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed
to be an Incumbent Director; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(c) </FONT>approval
by the shareholders of the Company of a complete dissolution or liquidation of the Company; or</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(d) </FONT>the
consummation of a merger, consolidation, statutory share exchange, a sale or other disposition of all or substantially all of the
assets of the Company or similar form of corporate transaction involving the Company that requires the approval of the Company&rsquo;s
shareholders, whether for such transaction or the issuance of securities in the transaction (a &ldquo;Business Combination&rdquo;),
in each case, unless immediately following such Business Combination: (i) more than 50% of the total voting power of (A) the entity
resulting from such Business Combination (the &ldquo;Surviving Company&rdquo;) or (B) if applicable, the ultimate parent corporation
that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the directors
of the Surviving Company (the &ldquo;Parent Company&rdquo;) is represented by the Outstanding Company Voting Securities that were
outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding
Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof
is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof
immediately prior to the Business Combination, (ii) no Person (other than any employee benefit plan sponsored or maintained by
the Surviving Company or the Parent Company), is or becomes the Beneficial Owner, directly or indirectly, of 51% or more of the
total voting power of the outstanding voting securities eligible to elect directors of the Parent Company (or, if there is no Parent
Company, the Surviving Company) and (iii) at least two-thirds of the members of the board of directors of the Parent Company (or,
if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination were Board members
at the time of the Board&rsquo;s approval of the execution of the initial agreement providing for such Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(e) </FONT>Notwithstanding
anything set forth in this Plan to the contrary, for each Award made under this Plan that constitutes nonqualified deferred compensation
under Section 409A of the Code, solely to the extent required to avoid accelerated taxation and/or tax penalties under Section
409A of the Code, a Change in Control shall be deemed to have occurred for purposes of the payment or settlement of such Award
only if a &ldquo;change in the ownership or effective control of the corporation&rdquo; or a &ldquo;change in the ownership of
a substantial portion of the assets of the corporation,&rdquo; in each case within the meaning of Treasury Regulation Section 1.409A-3(a)(5),
shall have occurred under Section 409A of the Code.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: -36pt"><FONT STYLE="font-size: 11pt">28.
</FONT>Effect of Change In Control<FONT STYLE="font-weight: normal">.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(a) </FONT><U>Options
and Stock Appreciation Rights.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(i) </FONT>In
the event of a proposed transaction that would constitute a Change in Control in which the Company would not continue as a publicly
traded corporation, the Company shall give written notice thereof to any Participant holding an option or SAR granted hereunder
at least 30 days prior to the closing of the transaction that would constitute a Change in Control. The Participant shall have
the right within such 30-day period (but only within the period prior to the final date on which such option or SAR would have
otherwise expired) to exercise the option or SAR to the extent such Participant was entitled to exercise the option or SAR on the
date of the notice; provided, however, that if the Participant is employed by the Company on the date of the notice, then the Participant
shall have the right to exercise the option or SAR in full to the extent not previously exercised (with such vesting and exercisability
contingent upon the closing of the transaction constituting the Change in Control). To the extent that the option or SAR shall
not have been exercised on or prior to the effective date of the transaction constituting the Change in Control (and except as
may be provided in such Participant&rsquo;s option or SAR with respect to the surrender of such option or SAR for</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 0pt">cash), then such option or SAR shall
terminate on such date, unless it is assumed by another corporation within the meaning of Section 424(a) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(ii) </FONT>In
the event of a proposed transaction that would constitute a Change in Control in which the Company would continue as a publicly-traded
corporation, (A) options and any SAR shall become immediately exercisable upon the earliest to occur of (I) the Change in Control
and (II) the time that notice is provided by the Board of the proposed transaction and, (B) notwithstanding any other provisions
of this Plan (except for paragraph (c) below) or the terms of any Award, such options and SARs shall remain exercisable for no
less than the shorter of (I) two years or (II) the remainder of the full term of the option or SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(b) </FONT><U>Other
Awards</U>. In the event of a proposed transaction that would constitute a Change in Control, the treatment of awards granted under
this Plan other than stock options and SARs shall be governed by the terms of such awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt"><FONT STYLE="font-size: 11pt">(c) </FONT><U>Committee
Discretion to Cancel Awards</U>. Notwithstanding paragraphs (a) and (b) above, in the event of a proposed transaction that would
constitute a Change in Control, the Committee may, in its sole discretion, determine that any or all outstanding Awards granted
under the Plan, whether or not exercisable, will be canceled and terminated and that in connection with such cancellation and termination
the holder of such Award may receive (i) in the case of any option or SAR, for each share of Common Stock subject to such Award
a cash payment equal to the difference, if any, between the consideration received by stockholders of the Company in respect of
a share of Common Stock in connection with such transaction and the purchase price per share, if any, under the Award multiplied
by the number of shares subject to such Award; provided that if such product is zero (0) or less or to the extent that the Award
is not then exercisable (after taking into account the application of paragraphs (a) and (b) above), the Award will be canceled
and terminated without payment therefor; (ii) in the case of any Award of restricted stock units or phantom shares, a cash payment
equal to the consideration received by stockholders of the Company in respect of a share of Common Stock in connection with such
transaction multiplied by the number of shares subject to such Award; and (iii) in the case of any other Award (other than an Award
that by its terms specifies its treatment in the event of a Change in Control), an amount reflecting the current fair market value
of such Award as determined by the Committee in good faith. In the event of a Change in Control transaction in which the stockholders
of the Company do not receive any consideration, the Committee may utilize the fair market value of a share of Common Stock immediately
prior to the Change in Control transaction (determined in the manner set forth in Section 16) for purposes of determining the cash
payment to be received by a Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>29. </B></FONT><B>Compliance
With Laws And Regulations</B>. Notwithstanding any other provisions of this Plan, the issuance or delivery of any shares may be
postponed for such period as may be required to comply with any applicable requirements of any national securities exchange or
any requirements under any other law or regulation applicable to the issuance or delivery of such shares, and the Company shall
not be obligated to issue or deliver any such shares if the issuance or delivery thereof shall constitute a violation of any provision
of any law or any regulation of any governmental authority, whether foreign or domestic, or any national securities exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>30. </B></FONT><B>Amendment</B>.
The Board of Directors of the Company may alter or amend this Plan, in whole or in part, from time to time, or terminate this Plan
at any time; provided, however, that no such action shall adversely affect any rights or obligations with respect to Awards previously
made under this Plan unless the action is taken in order to comply with applicable law, stock exchange rules or accounting rules;
and, provided, further, that no amendment which has the effect of increasing the number of shares</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">subject to this Plan (other than in connection
with a Corporate Reorganization), materially increasing the benefits accruing to Participants under the Plan or materially modifying
the requirements for participation in the Plan shall be made without the approval of the Company&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><B>31. 409A Compliance. </B>Notwithstanding any
Plan provisions herein to the contrary and, to the extent applicable, the Plan shall be interpreted, construed and administered
(including with respect to any amendment, modification or termination of the Plan) in such manner so as to comply with the provisions
of Section 409A of the Code and Treasury regulations and any other related Internal Revenue Service guidance promulgated thereunder
and, as applicable, so as to preserve an award&rsquo;s status as being exempt from (or satisfying the requirements of) Section
409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>32. </B></FONT><B>Governing
Law. </B>This Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts
of laws principles thereof, except as governed or preempted by Federal law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>33. </B></FONT><B>No
Right, Title, or Interest in Company Assets. </B>No Participant shall have any rights as a shareholder solely as a result of any
Award except to the extent such rights are granted to the Participant under Section 24 hereof. To the extent any person acquires
a right to receive payments from the Company under this Plan, such rights shall be no greater than the rights of an unsecured creditor
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>34. </B></FONT><B>Payments
to Specified Employees. </B>Notwithstanding anything to the contrary in this Plan or any agreement relating to an Award, upon the
Separation from Service of a Specified Employee (as such terms are defined for purposes of Section 409A of the Code), no payments
under this Plan of amounts constituting nonqualified deferred compensation subject to Section 409A shall be paid to such Specified
Employee during the 6-month period following such Separation from Service, and such amounts shall instead be paid within the 30-day
period commencing with the first day of the seventh month following the month of such Participant&rsquo;s Separation from Service
(provided that if such 30-day period begins in one calendar year and ends in the subsequent calendar year, the Participant shall
have no right to designate the calendar year of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>35. </B></FONT><B>No
Acceleration. </B>Except as permitted under Section 409A of the Code, no acceleration of the time or form of payment of any Award
shall be permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt"><FONT STYLE="font-size: 11pt"><B>36. </B></FONT><B>Section
162(m) Compliance. </B>To the extent to which Section 162(m) of the Code is applicable, the Company intends that compensation paid
under the Plan to Covered Employees (as such term is defined for purposes of Section 162(m)) will, to the extent practicable, constitute
a Qualified Performance-Based Award within the meaning of Section 162(m) and the regulations thereunder, unless otherwise determined
by the Committee. Accordingly, Awards granted to Covered Employees (as such term is defined in Section 162(m)(3) of the Code) that
are intended to qualify for the Section 162(m) Exemption shall be deemed to include any such additional terms, conditions, limitations,
and provisions as are necessary to comply with such exception unless the Committee, in its discretion, determines otherwise.</P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
<!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>c89765_ex99-2.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">Exhibit
99.2</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">North american
financial holdings, inc.<BR>
2010 EQUITY INCENTIVE PLAN</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">(Effective
as of December 22, 2009)</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">1. Purpose</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">The purpose of the
Plan is to give the Company a competitive advantage in attracting, retaining and motivating officers, employees, directors and/or
consultants and to provide a means whereby officers, employees, directors and/or consultants of the Company and its Affiliates
can acquire and maintain Common Stock ownership, or be paid incentive compensation measured by reference to the value of Common
Stock, thereby strengthening their commitment to the welfare of the Company and its Affiliates and promoting an identity of interest
between shareholders and these persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">So that the appropriate
incentive can be provided, the Plan provides for granting Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation
Rights, Restricted Stock Awards, Restricted Stock Unit Awards, Stock Awards and Stock Bonus Awards, or any combination of the
foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">2. Definitions</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">For purposes of this
Plan, the following terms are defined as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;&#8220;162(m)
Effective Date&#8221; means the first date on which Awards granted under the Plan do not qualify for an exemption from the deduction
limitations of Section 162(m) of the Code on account of an exemption, or a transition or grandfather rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;&#8220;Affiliate&#8221;
means, with respect to any specified entity, any other entity that directly or indirectly is controlled by, controls, or is under
common control with such specified entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;&#8220;Applicable
Exchange&#8221; means the Nasdaq or such other securities exchange as may at the applicable time be the principal market for the
Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;&#8220;Award&#8221;
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted
Stock Award, Restricted Stock Unit Award, Stock Award or Stock Bonus Award granted pursuant to the terms of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(e)&#9;&#8220;Award
Agreement&#8221; means a written or electronic document or agreement setting forth the terms and conditions of a specific Award.</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(f)&#9;&#8220;Beneficial
Owner&#8221; and &#8220;Beneficial Ownership&#8221; shall have the meaning given for purposes of Rule 13d-3 promulgated under the
Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(g)&#9;&#8220;Board&#8221;
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(h)&#9;&#8220;Cause&#8221;
means, unless otherwise provided in an Award Agreement, (i) &#8220;Cause&#8221; as defined in any employment, consulting or similar
agreement with the Company or any of its Affiliates to which the applicable Participant is a party (an &#8220;<U>Individual Agreement</U>&#8221;),
or (ii) if there is no such Individual Agreement or if it does not define Cause: (A) the willful or gross neglect by a Participant
of his employment duties (other than as a result of his incapacity due to physical or mental illness or injury) as determined
by the Committee; (B) the plea of guilty or <I>nolo contendere</I> to, or conviction for, the commission of a felony offense by
a Participant; (C) willful misconduct by a Participant that is injurious to the Company or an Affiliate, or an act of fraud, embezzlement,
misrepresentation or breach of a fiduciary duty against the Company or any of its Affiliates, as determined by the Committee;
(D) a breach by a Participant of any nondisclosure, non-solicitation or noncompetition obligation owed to the Company or any of
its Affiliates; or (E) the willful failure of a Participant to follow instructions of the Board or his direct superiors. Notwithstanding
anything in Section 4(c) of this Plan, following a Change in Control, any determination by the Committee as to whether &#8220;Cause&#8221;
exists shall be subject to <I>de novo</I> review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">For purposes of this definition, no act
or failure to act, on the part of the Participant, shall be considered &#8220;willful&#8221; unless it is done, or omitted to
be done, by the Participant in bad faith or without reasonable belief that the Participant&#8217;s action or omission was in the
best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by
the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the
Participant in good faith and in the best interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(i)&#9;&#8220;Change
in Control&#8221; shall, unless in the case of a particular Award where the applicable Award Agreement states otherwise or contains
a different definition of &#8220;Change in Control,&#8221; for the purpose of this Plan, be the first to occur following the Effective
Date of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;the
acquisition by any individual, entity or Group of Beneficial Ownership of 51% or more (on a fully diluted basis) of either (A)
the then outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock
issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise or settlement
of any similar right to acquire such common stock (the &#8220;<U>Outstanding Company Common Stock</U>&#8221;), or (B) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(the &#8220;<U>Outstanding Company Voting Securities</U>&#8221;); <U>provided</U>, <U>however</U>, that for purposes of this Agreement,
the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company or any Affiliate, (II)
any acquisition directly from the Company, (III) any acquisition by any employee benefit plan sponsored or maintained by the Company
or any</P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 0pt">Affiliate or
(IV) any acquisition by any Person that complies with clauses (A), (B) and (C) of subsection (iv) of this Section 2(i);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;individuals
who, on the date hereof, constitute the Board (the &#8220;<U>Incumbent Directors</U>&#8221;) cease for any reason to constitute
at least a majority of the Board, <U>provided</U> that any person becoming a director subsequent to the date hereof, whose election
or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either
by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director,
without written objection to such nomination), shall be an Incumbent Director; <U>provided</U>, <U>however</U>, that no individual
initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect
to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iii)&#9;approval
by the shareholders of the Company of a complete dissolution or liquidation of the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iv)&#9;the
consummation of a merger, consolidation, statutory share exchange, a sale or other disposition of all or substantially all of
the assets of the Company or similar form of corporate transaction involving the Company that requires the approval of the Company&#8217;s
shareholders, whether for such transaction or the issuance of securities in the transaction (a &#8220;<U>Business Combination</U>&#8221;),
in each case, unless immediately following such Business Combination: (A) more than 50% of the total voting power of (x) the entity
resulting from such Business Combination (the &#8220;<U>Surviving Company</U>&#8221;) or (y) if applicable, the ultimate parent
corporation that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority
of the directors of the Surviving Company (the &#8220;<U>Parent Company</U>&#8221;) is represented by the Outstanding Company
Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares
into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination), and such voting power
among the holders thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities
among the holders thereof immediately prior to the Business Combination, (B) no Person (other than any employee benefit plan sponsored
or maintained by the Surviving Company or the Parent Company), is or becomes the Beneficial Owner, directly or indirectly, of
51% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Company (or,
if there is no Parent Company, the Surviving Company) and (C) at least two-thirds of the members of the board of directors of
the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the Business Combination
were Board members at the time of the Board&#8217;s approval of the execution of the initial agreement providing for such Business
Combination.</P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">The Company&#8217;s
closing of a public offering of Common Stock pursuant to a registration statement declared effective under the Securities Act
shall in no event, by itself, be deemed a Change in Control for purposes of this Plan or any Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(j)&#9;&#8220;Charter
Deadline&#8221; means the date nine months following the consummation of the offering, or such later date as may be approved by
the shareholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(k)&#9;&#8220;Code&#8221;
means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder
and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference in the Plan
to any specific section of the Code shall be deemed to include any amendments or successor provisions to such section and any
regulations and guidance under such section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(l)&#9;&#8220;Committee&#8221;
means a committee of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed
by the Board, the Board. On and after the time that the Company becomes subject to the Exchange Act, unless the Board is acting
as the Committee or the Board specifically determines otherwise, each member of the Committee shall, at the time he takes any
action with respect to an Award under the Plan, be an Eligible Director; <U>provided</U> that the mere fact that a Committee member
shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee which Award is otherwise
validly granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(m)&#9;&#8220;Common
Stock&#8221; means the Class A common stock, par value $0.01 per share, of the Company, and any stock into which such common stock
may be converted or into which it may be exchanged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(n)&#9;&#8220;Company&#8221;
means North American Financial Holdings, Inc., or its successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(o)&#9;&#8220;Date
of Grant&#8221; means the date on which the granting of an Award is authorized, or such other date as may be specified in such
authorization or, if there is no such date, the date indicated on the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(p)&#9;&#8220;Disability&#8221;
means, unless otherwise provided in an Award Agreement, the Company or an Affiliate having cause to terminate a Participant&#8217;s
employment or service on account of &#8220;disability,&#8221; as defined in any existing Individual Agreement, or, in the absence
of such an Individual Agreement, a condition entitling the Participant to receive benefits under a long-term disability plan of
the Company or an Affiliate or, in the absence of such a plan, the complete and permanent inability by reason of illness or accident
to perform the duties of the occupation at which a Participant was employed or served when such disability commenced or, as determined
by the Committee, based upon medical evidence acceptable to it. Notwithstanding the above, with respect to an Incentive Stock
Option, Disability shall mean Permanent and Total Disability as defined in Section 22(e)(3) of the Code and, with respect to each
Award that constitutes a &#8220;nonqualified deferred compensation plan&#8221; within the meaning of</P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Section 409A of the
Code, the foregoing definition shall apply for purposes of vesting of such Award, <U>provided</U> that such Award shall not be
settled until the earliest of: (i) the Participant&#8217;s &#8220;disability&#8221; within the meaning of Section 409A of the
Code, (ii) the Participant&#8217;s &#8220;separation from service&#8221; within the meaning of Section 409A of the Code and (iii)
the date such Award would otherwise be settled pursuant to the terms of the Award Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(q)&#9;&#8220;Disaffiliation&#8221;
means a Subsidiary&#8217;s or Affiliate&#8217;s ceasing to be a Subsidiary or Affiliate for any reason (including, without limitation,
as a result of a public offering, or a spin-off or sale by the Company, of the stock of the Subsidiary or Affiliate or a sale
of a division of the Company and its Affiliates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(r)&#9;&#8220;Effective
Date&#8221; means December 22, 2009.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(s)&#9;&#8220;Eligible
Director&#8221; means a person who is (i) a &#8220;non-employee director&#8221; within the meaning of Rule 16b-3 under the Exchange
Act, or a person meeting any similar requirement under any successor rule or regulation and (ii) an &#8220;outside director&#8221;
within the meaning of Section 162(m) of the Code, and the Treasury Regulations promulgated thereunder; <U>provided</U>, <U>however</U>,
that clause (ii) shall apply only on and after the 162(m) Effective Date and only with respect to grants of Awards with respect
to which the Company&#8217;s tax deduction could be limited by Section 162(m) of the Code if such clause did not apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(t)&#9;&#8220;Eligible
Person&#8221; means any investor entity with the authority to appoint one of its employees or partners as a director, director,
officer, employee or consultant of the Company or any of its Subsidiaries or Affiliates, or any prospective employee or consultant
who has accepted an offer of employment or consultancy from the Company or its Subsidiaries or Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(u)&#9;&#8220;Exchange
Act&#8221; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(v)&#9;&#8220;FBR Shares&#8221;
means the shares of Common Stock payable to FBR Capital Markets &amp; Co. as a portion of the initial purchaser&#8217;s discount
and placement fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(w)&#9;&#8220;Fair
Market Value&#8221; means (i) on the Effective Date, the price per share of Common Stock paid by investors in the Company and
(ii) as of any subsequent date, the closing price of the Common Stock on any national securities exchange or any national market
system (including, but not limited to, The NASDAQ National Market) on that date, or if no prices are reported on that date, on
the last preceding date on which such prices of the Common Stock are so reported. If the Common Stock is not then listed on any
national securities exchange but is traded over the counter at the time determination of its Fair Market Value is required to
be made, its Fair Market Value shall be deemed to be equal to the average between the reported high and low sales prices of Common
Stock on the most recent date on which the Common Stock was publicly traded. If the Common Stock is not publicly traded at the
time a determination of its Fair Market Value is made, the Board shall determine its Fair Market Value in such manner as it deems
appropriate which shall be based on the advice of an independent investment</P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">banker or appraiser
recognized to be an expert in making such valuations and, to the extent applicable, such determination shall be made in a manner
that satisfies Sections 409A and Section 422(c)(1) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(x)&#9;&#8220;Founder
Shares&#8221; means the 200,000 shares of Common Stock sold prior to the consummation of the offering to members of the Company&#8217;s
management for an aggregate purchase price of $2,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(y)&#9;&#8220;Group&#8221;
shall have the meaning given in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(z)&#9;&#8220;Incentive
Stock Option&#8221; means an Option granted by the Committee to a Participant under the Plan that is designated by the Committee
as an incentive stock option as described in Section 422 of the Code and that in fact so qualifies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(aa)&#9;&#8220;Inflatable
Charter&#8221; means an existing depository institution to serve as a platform from which to make further acquisitions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(bb)&#9;&#8220;Investment
Transaction&#8221; means a transaction in which the Company acquires control of, or makes a noncontrol investment in, a banking
institution (including any savings association or similar financial institution) within the United States, <U>provided</U> that
a noncontrol investment will not qualify as a Investment Transaction unless the Company obtains a board seat or other governance
rights pursuant to a shareholder rights or similar agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(cc)&#9;&#8220;Investment
Transaction Deadline&#8221; means the date 18 months following the consummation of the offering, or such later date as may be
approved by the shareholders of the Company. The Investment Transaction Deadline shall be deemed to be extended during the period
beginning upon such entry into a definitive agreement with respect to a Qualified Investment Transaction prior to the Investment
Transaction Deadline and ending on the earlier of the date of consummation or termination of such agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(dd)&#9;&#8220;Nonqualified
Stock Option&#8221; means an Option granted by the Committee to a Participant under the Plan that is not designated by the Committee
as an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ee)&#9;&#8220;Option&#8221;
means an Award granted under Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ff)&#9;&#8220;Option
Period&#8221; means the period described in Section 7(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(gg)&#9;&#8220;Option
Price&#8221; means the exercise price for an Option as described in Section 7(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(hh)&#9;&#8220;Parent&#8221;
means any parent of the Company, as defined in Section 424(e) of the Code.</P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ii)&#9;&#8220;Participant&#8221;
means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to
Section 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(jj)&#9;&#8220;Performance-Based
Restricted Awards&#8221; means Awards of Restricted Stock or Restricted Stock Units awarded to a Participant pursuant to Section
9, the grant of which is contingent upon the attainment of specified Performance Goals, and/or the vesting of which is subject
to a risk of forfeiture if the specified Performance Goals are not met within the Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(kk)&#9;&#8220;Performance
Goals&#8221; means the performance objectives of the Company or an Affiliate during a Performance Period or Restricted Period
established for the purpose of determining whether, and to what extent, Performance-Based Restricted Awards will be earned. To
the extent an Award is intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code, (i)
the Performance Goals shall be established with reference to one or more of the following, either on a Company-wide basis or,
as relevant, in respect of one or more Affiliates, Subsidiaries, divisions, departments or operations of the Company: earnings
(gross, net, pre-tax, post-tax or per share), net profit after tax, EBITDA, gross profit, cash generation, unit volume, market
share, sales, asset quality, earnings per share, operating income, revenues, return on assets, return on operating assets, return
on equity, profits, total shareholder return (measured in terms of stock price appreciation and/or dividend growth), cost saving
levels, marketing spending efficiency, core non-interest income, change in working capital, return on capital, strategic development,
and/or stock price, with respect to the Company or any Subsidiary, Affiliate, division or department of the Company and (ii) such
Performance Goals shall be set by the Committee within the time period prescribed by Section 162(m) of the Code and related regulations.
Such Performance Goals also may be based upon the attaining of specified levels of Company, Subsidiary, Affiliate or divisional
performance under one or more of the measures described above relative to the performance of other entities, divisions or subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ll)&#9;&#8220;Performance
Period&#8221; means that period of time determined by the Committee over which performance is measured for the purpose of determining
a Participant&#8217;s right to, and the payment value of, any Performance-Based Restricted Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(mm)&#9;&#8220;Person&#8221;
shall mean an individual or a corporation, association, partnership, limited liability company, joint venture, organization, business,
trust, or any other entity or organization, including a government or any subdivision or agency thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(nn)&#9;&#8220;Plan&#8221;
means this North American Holdings, Inc. 2010 Equity Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(oo)&#9;&#8220;Qualified
Investment Transaction&#8221; means an Investment Transaction that, together with any other Investment Transaction (including
any follow-on investments in or contributions to the capital of any businesses in which the Company previously invested in connection
with an Investment Transaction), represents total</P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">capital deployed (measured
in each case as of the time of the relevant Investment Transaction) of at least 50% of the net proceeds from the offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(pp)&#9;&#8220;Reserved
Shares&#8221; means the shares of Stock described in Section 5(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(qq)&#9;&#8220;Restricted
Period&#8221; means, with respect to any share of Restricted Stock or any Restricted Stock Unit, the period of time determined
by the Committee during which such Award is subject to the restrictions set forth in Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(rr)&#9;&#8220;Restricted
Stock&#8221; means shares of Stock issued or transferred to a Participant subject to forfeiture and the other restrictions set
forth in Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ss)&#9;&#8220;Restricted
Stock Award&#8221; means an Award of Restricted Stock granted under Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(tt)&#9;&#8220;Restricted
Stock Unit&#8221; means a hypothetical investment equivalent to one share of Stock granted in connection with an Award made under
Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(uu)&#9;&#8220;Securities
Act&#8221; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(vv)&#9;&#8220;Shelf
Charter&#8221; means a preliminary conditional approval from the Office of the Comptroller of the Currency to organize a new national
bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ww)&#9;&#8220;Stock&#8221;
means the Common Stock or such other authorized shares of stock of the Company as the Committee may from time to time authorize
for use under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(xx)&#9;&#8220;Stock
Appreciation Right&#8221; or &#8220;SAR&#8221; means an Award granted under Section 8 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(yy)&#9;&#8220;Stock
Award&#8221; means an Award of the right to purchase Stock under Section 11 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(zz)&#9;&#8220;Stock
Bonus&#8221; means an Award granted under Section 10 of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(aaa)&#9;<B> </B>&#8220;Stock
Option Agreement&#8221; means the agreement between the Company and a Participant who has been granted an Option pursuant to Section
7 that defines the rights and obligations of the parties as required in Section 7(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(bbb)&#9;&#8220;Strike
Price&#8221; means, in respect of an SAR, (i) in the case of a Tandem SAR, the Option Price of the related Option, or (ii) in
the case of a Free-Standing SAR, the Fair Market Value on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ccc)&#9;&#8220;Subsidiary&#8221;
means any corporation, partnership, joint venture, limited liability company or other entity during any period in which at least
a 50% voting</P>

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">or profits interest
is owned, directly or indirectly, by the Company or any successor to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(ddd)&#9;&#8220;Termination
of Service&#8221; means the termination of the applicable Participant&#8217;s employment with, or performance of services for,
the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, if a Participant&#8217;s
employment with, or membership on the board of directors of the Company and/or its Affiliates terminates but such Participant
continues to provide services to the Company and/or its Affiliates in a nonemployee director capacity or as an employee, as applicable,
such change in status shall not be deemed a Termination of Service. A Participant employed by, or performing services for, a Subsidiary
or an Affiliate or a division of the Company and its Affiliates shall not be deemed to incur a Termination of Service if, as a
result of a Disaffiliation, such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or division, as the case
may be, and the Participant immediately thereafter becomes an employee of (or service provider for), or member of the Board of,
the Company or another Subsidiary or Affiliate. Approved temporary absences from employment because of illness, vacation or leave
of absence and transfers among the Company and its Subsidiaries and Affiliates shall not be considered Terminations of Employment.
Notwithstanding the foregoing, with respect to any Award that constitutes a &#8220;nonqualified deferred compensation plan&#8221;
within the meaning of Section 409A of the Code, &#8220;Termination of Service&#8221; shall mean a &#8220;separation from service&#8221;
as defined under Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(eee)&#9;&#8220;Vested
Unit&#8221; shall have the meaning ascribed thereto in Section 9(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 3. Effective Date, Duration and Shareholder Approval</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">The Plan is effective
as of the Effective Date. The validity and exercisability of any and all Awards granted pursuant to the Plan on and after the
162(m) Effective Date is contingent upon approval of the Plan by the shareholders of the Company in a manner intended to comply
with the shareholder approval requirements of Section 162(m) of the Code. No Option shall be treated as an Incentive Stock Option
unless the Plan has been approved by the shareholders of the Company in a manner intended to comply with the shareholder approval
requirements of Section 422(b)(1) of the Code; <U>provided</U> that any Option intended to be an Incentive Stock Option shall
not fail to be effective solely on account of a failure to obtain such approval, but rather such Option shall be treated as a
Nonqualified Stock Option unless and until such approval is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">The expiration date
of the Plan, on and after which no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date (the
&#8220;<U>Expiration Date</U>&#8221;); <U>provided</U>, <U>however</U>, that the administration of the Plan shall continue in
effect until all matters relating to Awards previously granted have been settled. Awards outstanding as of the Expiration Date
shall not be affected or impaired by termination of the Plan.</P>

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 4. Administration</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;The Plan shall
be administered by the Committee or such other committee of the Board as the Board may from time to time designate. The Committee
may only act by a majority of its members then in office, except that the Committee may, except to the extent prohibited by applicable
law or the listing standards of the Applicable Exchange, allocate all or any portion of its responsibilities and powers to any
one or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected
by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;Subject to the
terms and conditions of the Plan and applicable law, including, without limitation, Section 409A of the Code, the Committee shall
have, in addition to other express powers and authorizations conferred on the Committee by the Plan, the power to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares
of Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with,
Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances
Awards may be settled or exercised in cash, shares of Stock, other securities, other Awards or other property, or canceled, forfeited
or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine
whether, to what extent, and under what circumstances the delivery of cash, Stock, other securities, other Awards, other property
and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof
or of the Committee; (vii) interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in
the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend or waive
such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (ix)
establish any &#8220;blackout&#8221; period that the Committee in its sole discretion deems necessary or advisable; (x) determine
Fair Market Value and (xi) make any other determination and take any other action specified under the Plan or that the Committee
deems necessary or desirable for the administration of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;Unless otherwise
expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to
the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the
Committee, may be made at any time and shall be final, conclusive and binding upon all parties, including, without limitation,
the Company, any Affiliate, any Participant, any holder or beneficiary of any Award and any shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;The terms and
conditions of each Award, as determined by the Committee, shall be set forth in an Award Agreement, which shall be delivered to
the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. The
effectiveness of an Award shall not be subject to the Award Agreement&#8217;s being signed by the Company and/or the Participant&#8217;s
receiving the Award unless specifically so provided in the Award Agreement. Award Agreements may be amended only in accordance
with Section 16 hereof. Notwithstanding any provision of the Plan or an Award Agreement to the contrary, in the</P>

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">event that any term
of an Award Agreement conflicts with any provision of the Plan, the provision of the Plan shall govern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(e)&#9;No member of
the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Award hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 5. Grant of Awards; Shares Subject to the Plan</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">The Committee may,
from time to time, grant Awards of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Awards
and/or Stock Bonuses to one or more Eligible Persons; <U>provided</U>, <U>however</U>, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;Subject to Section
13, including, but not limited to, adjustments pursuant to Section 13, the aggregate number of shares of Stock in respect of which
Awards may be granted under the Plan is equal to 10% of the Common Stock outstanding from time to time (excluding Founder Shares
and FBR Shares), but in no event greater than 5,750,000 shares of Stock (the &#8220;<U>Reserved Shares</U>&#8221;). The maximum
number of shares of Stock that may be granted pursuant to Options is 70% of the Reserved Shares (all of which may be granted as
Incentive Stock Options). The maximum number of shares of Stock that may be granted pursuant to Restricted Stock and Restricted
Stock Units is 30% of the Reserved Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;To the extent
that any Award is forfeited, or any Option and the related Tandem SAR (if any) or Free-Standing SAR terminates, expires or lapses
without being exercised, or any Award is settled for cash, the shares of Stock subject to such Award not delivered as a result
thereof shall again be available for Awards under the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;If the Option
Price of any Option and/or the tax withholding obligations relating to any Award are satisfied by delivering shares of Stock to
the Company (by either actual delivery or by attestation), only the number of shares of Stock issued net of the shares of Stock
delivered or attested to shall be deemed delivered for purposes of determining the maximum numbers of shares of Stock available
for delivery under the Plan. To the extent any shares of Stock subject to an Award are not delivered because such shares are withheld
to satisfy the Option Price (in the case of an Option) and/or the tax withholding obligations relating to such Award, such shares
shall not be deemed to have been delivered for purposes of determining the maximum number of shares of Stock available for delivery
under the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;Stock delivered
by the Company in settlement of Awards may be authorized and unissued Stock, Stock held in the treasury of the Company, Stock
purchased on the open market or by private purchase or a combination of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(e)&#9;On and after
the 162(m) Effective Date, no person may be granted Options or SARs under the Plan during any calendar year with respect to more
than 70% of the Reserved Shares; <U>provided</U> that such number shall be adjusted pursuant to Section 13 and shares shall otherwise
be counted against such number only in a manner that will not cause the Awards granted under the Plan to fail to qualify as &#8220;performance-based
compensation&#8221; for purposes of Section 162(m) of the Code; and</P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(f)&#9;On and after
the 162(m) Effective Date, with respect to awards of Performance-Based Restricted Awards and other Restricted Stock or Restricted
Stock Unit Awards intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code, no person
may be granted Performance-Based Restricted Awards, Restricted Stock or Restricted Stock Units under the Plan during any calendar
year with respect to more than 30% of the Reserved Shares; <U>provided</U> that such number shall be adjusted pursuant to Section
13 and shares shall otherwise be counted against such number only in a manner that will not cause such Performance-Based Restricted
Awards, Restricted Stock or Restricted Stock Units granted under the Plan to fail to qualify as &#8220;performance-based compensation&#8221;
under Section 162(m) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 6. Eligibility</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">Participation shall
be limited to Eligible Persons who have entered into an Award Agreement or who have received written notification from the Committee,
or from a person designated by the Committee, that they have been selected to participate in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 7. Options</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">The Committee is authorized
to grant one or more Incentive Stock Options or Nonqualified Stock Options to any Eligible Person; <U>provided</U>, <U>however</U>,
that no Incentive Stock Option shall be granted to any Eligible Person who is not an employee of the Company or a Parent or Subsidiary
(within the meaning of Section 424(f) of the Code). Each Option so granted shall be subject to the following conditions, or to
such other conditions as may be reflected in the applicable Stock Option Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;<B>Option Price</B>.
The Option Price per share of Stock for each Option shall be set by the Committee at the time of grant but shall not be less than
the Fair Market Value of a share of Stock at the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;<B>Manner of
Exercise and Form of Payment</B>. No shares of Stock shall be delivered pursuant to any exercise of an Option until payment in
full of the Option Price therefor is received by the Company. Options that have become exercisable shall be exercised by delivery
of written notice of exercise to the Committee accompanied by payment of the Option Price. The Option Price shall be payable in
cash and/or shares of Stock valued at the Fair Market Value at the time the Option is exercised (including by means of attestation
of ownership of a sufficient number of shares of Stock in lieu of actual delivery of such shares to the Company); <U>provided
</U>that such shares of Stock are not subject to any pledge or other security interest, and have such other characteristics as
may be determined in the sole discretion of the Committee. In addition, the Option Price may be payable by such other method as
the Committee may allow, including by way of a &#8220;net exercise&#8221; pursuant to which a Participant, without tendering the
Option Price, is paid shares of Stock representing the excess of (i) the Fair Market Value on the date of exercise of the shares
of Stock as to which the Option is being exercised over (ii) the aggregate Option Price.</P>

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;<B>Vesting,
Option Period and Expiration</B>. Options shall vest and become exercisable in such manner and on such date or dates determined
by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the &#8220;<U>Option
Period</U>&#8221;); <U>provided</U>, <U>however</U>, that notwithstanding any vesting dates set by the Committee, the Committee
may in its sole discretion accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions
of any such Option other than with respect to exercisability. If an Option is exercisable in installments, such installments or
portions thereof which become exercisable shall remain exercisable until the Option expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;<B>Stock Option
Agreement &#8212; Other Terms and Conditions</B>. Each Option granted under the Plan shall be evidenced by a Stock Option Agreement.
Except as specifically provided otherwise in such Stock Option Agreement, each Option granted under the Plan shall be subject
to the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;Each
Option or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;The
Option Price for each Option exercised shall be paid for in full at the time of the exercise. Each Option shall cease to be exercisable,
as to any share of Stock, when the Participant purchases the share or exercises a related SAR or when the Option expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iii)&#9;Subject
to Section 12(l), Options shall not be transferable by the Participant except by will or the laws of descent and distribution
and shall be exercisable during the Participant&#8217;s lifetime only by him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iv)&#9;Each
Option shall vest and become exercisable by the Participant in accordance with the vesting schedule established by the Committee
and set forth in the Stock Option Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(v)&#9;At
the time of any exercise of an Option, the Committee may, in its sole discretion, require a Participant to deliver to the Committee
a written representation that the shares of Stock to be acquired upon such exercise are to be acquired for investment and not
for resale or with a view to the distribution thereof and any other representation deemed necessary by the Committee to ensure
compliance with all applicable federal and state securities laws. Upon such a request by the Committee, delivery of such representation(s)
prior to the delivery of any shares of Stock issued upon exercise of an Option shall be a condition precedent to the right of
the Participant or such other person to purchase any shares of Stock. In the event certificates for Stock are delivered under
the Plan with respect to which such investment representation has been obtained, the Committee may cause a legend or legends to
be placed on such certificates to make appropriate reference to such representation and to restrict transfer in the absence of
compliance with applicable federal or state securities laws.</P>

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(vi)&#9;Each
Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date he
makes a disqualifying disposition of any Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying
disposition is any disposition (including any sale) of such Stock before the later of (A) two years after the Date of Grant of
the Incentive Stock Option or (B) one year after the date the Participant acquired the Stock by exercising the Incentive Stock
Option. The Company may, if determined by the Committee and in accordance with procedures established by it, retain possession
of any Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant until the
end of the period described in the preceding sentence subject to complying with any instructions from such Participant as to the
sale of such Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(e)&#9;<B>Incentive
Stock Option Grants to 10% Shareholders</B>. Notwithstanding anything to the contrary in this Section 7, if an Incentive Stock
Option is granted to a Participant who owns stock representing more than 10% of the voting power of all classes of stock of the
Company or of a Parent or Subsidiary, the Option Period shall not exceed five years from the Date of Grant of such Option and
the Option Price shall be at least 110% of the Fair Market Value (on the Date of Grant) of the Stock subject to the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(f)&#9;<B>$100,000
Per Year Limitation for Incentive Stock Options</B>. To the extent the aggregate Fair Market Value (determined as of the Date
of Grant) of Stock for which Incentive Stock Options are exercisable for the first time by any Participant during any calendar
year (under all plans of the Company) exceeds $100,000, such excess Incentive Stock Options shall be treated as Nonqualified Stock
Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 8. Stock Appreciation Rights</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">Any Option granted
under the Plan may include SARs, either at the Date of Grant or, except in the case of an Incentive Stock Option, by subsequent
amendment (SARS that are granted in conjunction with an Option are referred to in this Plan as &#8220;<U>Tandem SARs</U>&#8221;).
The Committee also may award SARs to Eligible Persons independent of any Option (SARS that are granted independent of any Option
are referred to in this Plan as &#8220;<U>Free-Standing SARs</U>&#8221;). An SAR shall be subject to such terms and conditions
not inconsistent with the Plan as the Committee shall impose as set forth in an Award Agreement, including, but not limited to,
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;<B>Vesting,
Transferability and Expiration</B>. Tandem SARs shall become exercisable, be transferable and shall expire according to the same
vesting schedule, transferability rules and expiration provisions as the corresponding Option. Free-Standing SARs shall become
exercisable, be transferable and shall expire in accordance with a vesting schedule, transferability rules and expiration provisions
as established by the Committee and reflected in an Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;<B>Payment</B>.
Upon the exercise of an SAR, the Company shall pay to the Participant an amount equal to the number of shares of Stock subject
to the SAR multiplied by the excess, if any, of the Fair Market Value of one share of Stock on the</P>

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">exercise date over the
Strike Price. The Company shall pay such excess in cash, in shares of Stock valued at Fair Market Value, or any combination thereof,
as determined by the Committee. Fractional shares shall be settled in cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;<B>Method of
Exercise</B>. A Participant may exercise an SAR at such time or times as may be determined by the Committee at the time of grant
by filing an irrevocable written notice with the Committee or its designee, specifying the number of SARs to be exercised and
the date on which such SARs were awarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;<B>Expiration</B>.
Except as otherwise provided in the case of Tandem SARs, a SAR shall expire on a date designated by the Committee that is not
later than ten years after the Date of Grant of the SAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 9. Restricted Stock Awards and Restricted Stock Units</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;<B>Award of
Restricted Stock and Restricted Stock Units</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;The
Committee shall have the authority (A) to grant Restricted Stock and Restricted Stock Units to Eligible Persons, (B) to issue
or transfer Restricted Stock to Participants and (C) to establish terms, conditions and restrictions applicable to such Restricted
Stock and Restricted Stock Units, including (i) the Restricted Period, (ii) the time or times at which Restricted Stock or Restricted
Stock Units shall be granted or become vested, including upon the attainment of performance conditions (whether or not such conditions
are Performance Goals) or upon both the attainment of performance conditions (whether or not such conditions are Performance Goals)
and the continued service of the applicable Participant and (iii) the number of shares or units to be covered by each grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;Subject
to the restrictions set forth in Section 9(b), the Participant generally shall have the rights and privileges of a shareholder
as to such Restricted Stock, including the right to vote such Restricted Stock. The Award Agreement for Restricted Stock shall
specify whether, to what extent and on what terms and conditions the applicable Participant shall be entitled to receive current
or deferred payments of cash or Stock dividends on the class or series of Stock that is subject to the Restricted Stock, including
whether any such dividends will be held subject to the vesting of the underlying Restricted Stock or held subject to meeting Performance
Goals, subject to Section 12(e) below in the case of dividends settled in Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iii)&#9;Awards
of Restricted Stock shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration
or issuance of one or more stock certificates. Any certificate issued in respect of shares of Restricted Stock shall be registered
in the name of the applicable Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Award, substantially in the following form:</P>

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36pt 0pt 72pt; text-align: justify">Transfer of this certificate
and the shares represented hereby is restricted pursuant to the terms of the North American Financial Holdings, Inc. 2010 Equity
Incentive Plan and a Restricted Stock Award Agreement, dated as of ______________, between North American Financial Holdings,
Inc. and _______________. A copy of such Agreement is on file at the offices of North American Financial Holdings, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 36pt 0pt 72pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">The Committee may require that
the certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed and
that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock power, endorsed
in blank, relating to the Common Stock covered by such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iv)&#9;No
shares of Stock shall be issued at the time a Restricted Stock Unit is granted and the Company will not be required to set aside
a fund for the payment of any such Award. The Award Agreement for Restricted Stock Units shall specify whether, to what extent
and on what terms and conditions the applicable Participant shall be entitled to receive current or deferred payments of cash,
Stock or other property corresponding to the dividends payable on the Stock, including whether any such dividends will be held
subject to the vesting of the underlying Restricted Stock Units or held subject to meeting Performance Goals, subject to Section
12(e) below in the case of dividends settled in Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;<B>Restrictions</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;Restricted
Stock awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and
to such other terms and conditions as may be set forth in the applicable Award Agreement: (A) the shares shall be subject to the
restrictions on transferability set forth in the Award Agreement and (B) the shares shall be subject to forfeiture to the extent
provided in the applicable Award Agreement, and satisfaction of any applicable Performance Goals during such period, to the extent
provided in the applicable Award Agreement and, to the extent such shares are forfeited, the stock certificates shall be returned
to the Company and all rights of the Participant to such shares and as a shareholder shall terminate without further obligation
on the part of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;Restricted
Stock Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period, and satisfaction
of any applicable Performance Goals during such period, to the extent provided in the applicable Award Agreement, and to the extent
such Restricted Stock Units are forfeited, all rights of the Participant to such Restricted Stock Units shall terminate without
further obligation on the part of the Company and (B) such other terms and conditions as may be set forth in the applicable Award
Agreement.</P>

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;<B>Restricted
Period</B>. The Restricted Period of Restricted Stock and Restricted Stock Units shall commence on the Date of Grant and shall
expire from time to time as to that part of the Restricted Stock and Restricted Stock Units indicated in a schedule established
by the Committee in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;<B>Delivery
of Restricted Stock and Settlement of Restricted Stock Units</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;<U>Restricted
Stock</U>. Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock and/or the satisfaction
of any applicable Performance Goals, the restrictions set forth in Section 9(b) and the applicable Award Agreement shall be of
no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;<U>Restricted
Stock Units</U>. Upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units the Company
shall deliver to the Participant, or his beneficiary, without charge, one share of Stock for each such outstanding Restricted
Stock Unit (&#8220;<U>Vested Unit</U>&#8221;); <U>provided</U>, <U>however</U>, that, if explicitly provided in the applicable
Award Agreement, the Committee may, in its sole discretion, elect to (i) pay cash or part cash and part Stocks in lieu of delivering
only shares of Stock for Vested Units or (ii) delay the delivery of Stock (or cash or part Stock and part cash, as the case may
be) beyond the expiration of the Restricted Period. If a cash payment is made in lieu of delivering shares of Stock, the amount
of such payment shall be equal to the Fair Market Value of the Stock as of the date on which the Restricted Period lapsed with
respect to such Vested Unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(e)&#9;<B>Applicability
of Section 162(m)</B>. With respect to Performance-Based Restricted Awards made on and after the 162(m) Effective Date and intended
to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code, this Section 9 (including the substance
of the Performance Goals, the timing of establishment of the Performance Goals, the adjustment of the Performance Goals and determination
of the Award) shall be implemented by the Committee in a manner designed to preserve such Awards as such &#8220;performance-based
compensation.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 10. Stock Bonus Awards</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">The Committee may issue
unrestricted Stock, or other Awards denominated in Stock (valued at Fair Market Value as of the date of payment), under the Plan
to Eligible Persons, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions as the Committee
shall from time to time in its sole discretion determine. Stock Bonus Awards under the Plan shall be granted as, or in payment
of, a bonus, or to provide incentives or recognize special achievements or contributions. With respect to Stock Bonus Awards made
on and after the 162(m) Effective Date and intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m)
of the Code, the Committee shall establish and administer Performance Goals in the manner described in Section 9 as an additional
condition to the vesting and payment of such Stock Bonus Awards. The Stock Bonus Award for any Performance</P>

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Period to any Participant
may be reduced or eliminated by the Committee in its discretion.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 11. Stock Awards</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;<B>General</B>.
Stock Awards may be granted under the Plan at any time and from time to time on or prior to the Expiration Date. Each Stock Award
shall be evidenced by an Award Agreement that shall be executed by the Company and the Participant. The Award Agreement shall
specify the terms and conditions of the Stock Award, including without limitation the number of shares of Common Stock covered
by the Stock Award, the purchase price for such shares of Common Stock and the deadline for the purchase of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;<B>Purchase
Price; Payment</B>. The price (the &#8220;<U>Purchase Price</U>&#8221;) at which each share of Common Stock covered by the Stock
Award may be purchased upon exercise of a Stock Award shall be determined by the Committee and set forth in the applicable Award
Agreement. The Company will not be obligated to issue certificates evidencing Stock purchased under this Section 11 unless and
until it receives full payment of the aggregate Purchase Price therefor and all other conditions to the purchase, as determined
by the Committee, have been satisfied. The Purchase Price of any shares of Common Stock subject to a Stock Award must be paid
in full at the time of the purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 12. General</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;<B>Additional
Provisions of an Award</B>. Awards to a Participant under the Plan also may be subject to such other provisions (whether or not
applicable to Awards granted to any other Participant) as the Committee determines appropriate including, without limitation,
(i) provisions for the forfeiture of or restrictions on resale or other disposition of shares of Stock acquired under any Award,
(ii) provisions giving the Company the right to repurchase shares of Stock acquired under any Award in the event the Participant
elects to dispose of such shares, (iii) provisions allowing the Participant to elect to defer the receipt of payment in respect
of Awards for a specified period or until a specified event, <U>provided</U> such provisions comply with Section 409A of the Code
and (iv) provisions to comply with federal and state securities laws and federal and state tax withholding requirements. Any such
provisions shall be reflected in the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;<B>Privileges
of Stock Ownership</B>. Except as otherwise specifically provided in the Plan, no person shall be entitled to the privileges of
ownership in respect of shares of Stock that are subject to Awards hereunder until such shares have been issued to that person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;<B>Conditions
for Issuance</B>. The obligation of the Company to settle Awards in Stock or otherwise shall be subject to all applicable laws,
rules and regulations and to such approvals by governmental agencies as may be required. Notwithstanding any other provision of
the Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any certificate or certificates
for Stock under the Plan</P>

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">prior to fulfillment
of all of the following conditions: (i) listing or approval for listing upon notice of issuance, of such Stock on the Applicable
Exchange; (ii) any registration or other qualification of such Stock of the Company under any state or federal law or regulation,
or the maintaining in effect of any such registration or other qualification that the Committee shall, in its absolute discretion
upon the advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent, approval or permit from any state
or federal governmental agency that the Committee shall, in its absolute discretion after receiving the advice of counsel, determine
to be necessary or advisable. The Company shall be under no obligation to register for sale under the Securities Act any of the
shares of Stock to be offered or sold under the Plan. If the shares of Stock offered for sale or sold under the Plan are offered
or sold pursuant to an exemption from registration under the Securities Act, the Company may restrict the transfer of such shares
and may legend the Stock certificates representing such shares in such manner as it deems advisable to ensure the availability
of any such exemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;<B>Tax Withholding</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;A Participant
may be required to pay to the Company or any Affiliate and the Company or any Affiliate shall have the right and is hereby authorized
to withhold from any shares of Stock or other property deliverable under any Award or from any compensation or other amounts owing
to a Participant the amount (in cash, Stock or other property) of any required income tax withholding and payroll taxes in respect
of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be
necessary in the opinion of the Company to satisfy all obligations for the payment of such withholding and taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;Without
limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole
or in part, the foregoing withholding liability (but no more than the minimum required withholding liability) by (A) delivery
of shares of Stock owned by the Participant, <U>provided</U> that such shares of Stock are not subject to any pledge or other
security interest and have such other characteristics as may be determined in the sole discretion of the Committee) with a Fair
Market Value equal to such withholding liability or (B) having the Company withhold from the number of shares of Stock otherwise
issuable pursuant to the exercise or settlement of the Award a number of shares of Stock with a Fair Market Value equal to such
withholding liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(e)&#9;<B>Limitation
on Dividend Reinvestment and Dividend Equivalents</B>. Reinvestment of dividends in additional Restricted Stock at the time of
any dividend payment, and the payment of Stock with respect to dividends to Participants holding Awards of Restricted Stock Units,
shall only be permissible if sufficient shares of Stock are available under Section 5 for such reinvestment or payment (taking
into account then-outstanding Awards). In the event that sufficient shares of Stock are not available for such reinvestment or
payment, such reinvestment or payment shall be made in the form of a grant of Restricted Stock Units equal in number to the shares
of Stock that would have been obtained by such payment or reinvestment, the terms of which</P>

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Restricted Stock Units
shall provide for settlement in cash and for dividend equivalent reinvestment in further Restricted Stock Units on the terms contemplated
by this Section 12(e).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(f)&#9;<B>Claim to
Awards and Employment Rights</B>. No employee of the Company, Subsidiary or Affiliate, or other person, shall have any claim or
right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of
any other Award. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be
retained in the employ or service of the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(g)&#9;<B>Designation
and Change of Beneficiary</B>. Each Participant may file with the Company a written designation of one or more persons as the
beneficiary who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon his
death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior beneficiary
by filing a new designation with the Company. The last such designation received by the Company shall be controlling; <U>provided</U>,
<U>however</U>, that no designation, or change or revocation thereof, shall be effective unless received by the Company prior
to the Participant&#8217;s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary
designation is filed by a Participant, the beneficiary shall be determined by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(h)&#9;<B>Payments
to Persons Other Than Participants</B>. If the Committee shall find that any person to whom any amount is payable under the Plan
is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person
or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so
directs the Company, guardian or legal representative or any other person deemed by the Committee to be a proper recipient on
behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee
and the Company therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(i)&#9;<B>No Liability
of Committee Members</B>. No member of the Committee shall be personally liable by reason of any contract or other instrument
executed by such member or on his behalf in his capacity as a member of the Committee nor for any mistake of judgment made in
good faith, and the Company shall indemnify and hold harmless each member of the Committee and each other employee, officer or
director of the Company to whom any duty or power relating to the administration or interpretation of the Plan may be allocated
or delegated against any cost or expense (including counsel fees) or liability (including any sum paid in settlement of a claim)
arising out of any act or omission to act in connection with the Plan unless arising out of such person&#8217;s own fraud or willful
bad faith; <U>provided</U>, <U>however</U>, that approval of the Board shall be required for the payment of any amount in settlement
of a claim against any such person. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled under the Company&#8217;s Articles or Certificate of Incorporation or By-Laws, as a matter
of law, or</P>

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">otherwise, or any power
that the Company may have to indemnify them or hold them harmless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(j)&#9;<B>Governing
Law</B>. The Plan shall be governed by and construed in accordance with the internal laws of the State of Delaware without regard
to the principles of conflicts of law thereof or principles of conflicts of laws of any other jurisdiction that could cause the
application of the laws of any jurisdiction other than the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(k)&#9;<B>Funding</B>.
No provision of the Plan shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase
assets or place any assets in a trust or other entity or otherwise to segregate any assets, nor shall the Company maintain separate
bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund
for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company,
except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall
have the same rights as other employees under general law. Notwithstanding any other provision of this Plan to the contrary, with
respect to any Award that constitutes a &#8220;nonqualified deferred compensation plan&#8221; within the meaning of Section 409A
of the Code, no trust shall be funded with respect to any such Award if such funding would result in taxable income to the Participant
by reason of Section 409A(b) of the Code and in no event shall any such trust assets at any time be located or transferred outside
of the United States, within the meaning of Section 409A(b) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(l)&#9;<B>Nontransferability</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;Each
Award shall be exercisable only by the Participant during the Participant&#8217;s lifetime, or, if permissible under applicable
law, by the Participant&#8217;s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any
such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against
the Company, Subsidiary or Affiliate; <U>provided</U> that the designation of a beneficiary shall not constitute an assignment,
alienation, pledge, attachment, sale, transfer or encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards other than Incentive Stock Options to be transferred by
a Participant without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement
to preserve the purposes of the Plan, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 144pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif">(A)</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">any
                                                                                                                                                  person
                                                                                                                                                  who
                                                                                                                                                  is
                                                                                                                                                  a
                                                                                                                                                  &#8220;family
                                                                                                                                                  member&#8221;
                                                                                                                                                  of
                                                                                                                                                  the
                                                                                                                                                  Participant,
                                                                                                                                                  as
                                                                                                                                                  such
                                                                                                                                                  term
                                                                                                                                                  is
                                                                                                                                                  used
                                                                                                                                                  in
                                                                                                                                                  the
                                                                                                                                                  instructions
                                                                                                                                                  to
                                                                                                                                                  Form
                                                                                                                                                  S-8
                                                                                                                                                  (collectively,
                                                                                                                                                  the
                                                                                                                                                  &#8220;<U>Immediate
                                                                                                                                                  Family
                                                                                                                                                  Members</U>&#8221;);</TD></TR></TABLE>

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 144pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif">(B)</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a
                                                                                                                                                  trust
                                                                                                                                                  solely
                                                                                                                                                  for
                                                                                                                                                  the
                                                                                                                                                  benefit
                                                                                                                                                  of
                                                                                                                                                  the
                                                                                                                                                  Participant
                                                                                                                                                  and
                                                                                                                                                  his
                                                                                                                                                  Immediate
                                                                                                                                                  Family
                                                                                                                                                  Members;</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 144pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif">(C)</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a
                                                                                                                                                  partnership
                                                                                                                                                  or
                                                                                                                                                  limited
                                                                                                                                                  liability
                                                                                                                                                  company
                                                                                                                                                  whose
                                                                                                                                                  only
                                                                                                                                                  partners
                                                                                                                                                  or
                                                                                                                                                  shareholders
                                                                                                                                                  are
                                                                                                                                                  the
                                                                                                                                                  Participant
                                                                                                                                                  and
                                                                                                                                                  his
                                                                                                                                                  Immediate
                                                                                                                                                  Family
                                                                                                                                                  Members;
                                                                                                                                                  or</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" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 144pt; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 36pt; font: 10pt Times New Roman, Times, Serif">(D)</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">any
                                                                                                                                                  other
                                                                                                                                                  transferee
                                                                                                                                                  as
                                                                                                                                                  may
                                                                                                                                                  be
                                                                                                                                                  approved
                                                                                                                                                  either
                                                                                                                                                  (1)
                                                                                                                                                  by
                                                                                                                                                  the
                                                                                                                                                  Board
                                                                                                                                                  or
                                                                                                                                                  the
                                                                                                                                                  Committee
                                                                                                                                                  in
                                                                                                                                                  its
                                                                                                                                                  sole
                                                                                                                                                  discretion
                                                                                                                                                  or
                                                                                                                                                  (2)
                                                                                                                                                  as
                                                                                                                                                  provided
                                                                                                                                                  in
                                                                                                                                                  the
                                                                                                                                                  applicable
                                                                                                                                                  Award
                                                                                                                                                  Agreement;</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">(each transferee described in
clauses (A), (B), (C) and (D) above is hereinafter referred to as a &#8220;<U>Permitted Transferee</U>&#8221;); <U>provided</U>
that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and
the Committee notifies the Participant in writing that such a transfer would comply with the requirements of this Plan and any
applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iii)&#9;The
terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and
any reference in this Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and
distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect
a registration statement on an appropriate form covering the shares of Stock to be acquired pursuant to the exercise of such Option
if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or
appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or
not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the
consequences of the termination of the Participant&#8217;s employment by, or services to, the Company, or an Affiliate under the
terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including,
without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified
in the Plan and the applicable Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(m)&#9;<B>Section 409A
of the Code</B>. The terms and conditions governing any Awards that the Committee determines will be subject to Section 409A of
the Code, including any rules for elective or mandatory deferral of the delivery of cash or shares of Stock pursuant thereto and
any rules regarding treatment of such Awards in the event of a Change in Control, shall be set forth in the applicable Award Agreement
and shall comply in all respects with Section 409A of the Code. Notwithstanding any other provision of the Plan to the contrary,
with respect to any Award that constitutes a &#8220;nonqualified deferred compensation plan&#8221; subject to Section 409A of
the Code that has been granted to a Participant who is a &#8220;specified employee&#8221; (within the meaning of</P>

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Section 409A) on the
date of the Participant&#8217;s Termination of Service, any payments (whether in cash, shares of Stock or other property) to be
made with respect to such Award upon the Participant&#8217;s Termination of Service shall be delayed until the earlier of (i)
the first day of the seventh month following the Participant&#8217;s Termination of Service and (ii) the Participant&#8217;s death.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(n)&#9;<B>Reliance
on Reports</B>. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act,
as the case may be, and shall not be liable for having so relied, acted or failed to act in good faith, in reliance upon any report
made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection
with the Plan by any person or persons other than himself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(o)&#9;<B>Relationship
to Other Benefits</B>. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement,
profit sharing, group insurance or other benefit plan of the Company or any Subsidiary except as otherwise specifically provided
in such other plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(p)&#9;<B>Additional
Compensation Arrangements</B>. Nothing contained in the Plan shall prevent the company or any Subsidiary or Affiliate from adopting
other or additional compensation arrangements for its employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(q)&#9;<B>Subsidiary
Employee</B>. In the case of a grant of an Award to any employee of a Subsidiary of the Company, the Company may, if the Committee
so directs, issue or transfer the shares of Stock, if any, covered by the Award to the Subsidiary, for such lawful consideration
as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the shares of Stock to the
employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. All shares
of Stock underlying Awards that are forfeited or canceled should revert to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(r)&#9;<B>Foreign Employees
and Foreign Law Considerations</B>. The Committee may grant Awards to Eligible Persons who are foreign nationals, who are located
outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject
to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United
States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary
or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee
may make such modifications, amendments, procedures or subplans as may be necessary or advisable to comply with such legal or
regulatory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(s)&#9;<B>No Contract
of Employment</B>. The Plan shall not constitute a contract of employment, and adoption of the Plan shall not confer upon any
employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary
or Affiliate to terminate the employment of any employee at any time.</P>

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(t)&#9;<B>Expenses</B>.
The expenses of administering the Plan shall be borne by the Company and its Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(u)&#9;<B>Pronouns</B>.
Masculine pronouns and other words of masculine gender shall refer to both men and women.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(v)&#9;<B>Titles and
Headings</B>. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any
conflict, the text of the Plan, rather than such titles or headings, shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(w)&#9;<B>Severability</B>.
If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any
jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision
shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan and any such Award shall remain in full
force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 13. Changes in Capital Structure</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;In the event
of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, Disaffiliation, or similar
event affecting the Company or any of its Subsidiaries (each, a &#8220;<U>Corporate Transaction</U>&#8221;), the Committee or
the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind
of Stock or other securities reserved for issuance and delivery under the Plan, (B) the various maximum limitations set forth
in Section 5 upon certain types of Awards and upon the grants to individuals of certain types of Awards, (C) the number and kind
of Stock or other securities subject to outstanding Awards and (D) the exercise price of outstanding Options and Stock Appreciation
Rights. In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the cancellation of outstanding
Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such
Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate
Transaction with respect to which shareholders of common stock receive consideration other than publicly traded equity securities
of the ultimate surviving entity, any such determination by the Committee that the value of an Option or Stock Appreciation Right
shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant
to such Corporate Transaction over the exercise price of such Option or Stock Appreciation Right shall conclusively be deemed
valid); (2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities
of entities other than the Company) for the Stock subject to outstanding Awards; and (3) in connection with any Disaffiliation,
arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including,
without limitation, other securities of the Company and securities of entities other than the Company), by the affected Subsidiary,
Affiliate or division or by</P>

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">the entity that controls
such Subsidiary, Affiliate or division following such Disaffiliation (as well as any corresponding adjustments to Awards that
remain based upon Company securities).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;In the event
of a stock dividend, stock split, reverse stock split, separation, spinoff, reorganization, extraordinary dividend of cash or
other property, share combination, or recapitalization or similar event affecting the capital structure of the Company (each,
a &#8220;<U>Stock Change</U>&#8221;), the Committee or the Board shall make such substitutions or adjustments as it deems appropriate
and equitable to (i) the aggregate number and kind of shares of Stock or other securities reserved for issuance and delivery under
the Plan, (ii) the various maximum limitations set forth in Section 5 upon certain types of Awards and upon the grants to individuals
of certain types of Awards, (iii) the number and kind of shares of Stock or other securities subject to outstanding Awards and
(iv) the exercise price of outstanding Options and Stock Appreciation Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;The Committee
may adjust in its sole discretion the Performance Goals applicable to any Awards to reflect any Stock Change and any Corporate
Transaction and any unusual or nonrecurring events and other extraordinary items, impact of charges for restructurings, discontinued
operations and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles
or as identified in the Company&#8217;s financial statements, notes to the financial statements, management&#8217;s discussion
and analysis or the Company&#8217;s other SEC filings; <U>provided</U> that with respect to Awards granted on and after the 162(m)
Effective Date that are intended to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code,
such adjustments or substitutions shall be made only to the extent that the Committee determines that such adjustments or substitutions
may be made without causing the Company to be denied a tax deduction on account of Section 162(m) of the Code. The Company shall
give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for
all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(d)&#9;Any adjustment
under this Section 13 need not be the same for all Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(e)&#9;Notwithstanding
the foregoing: (i) any adjustments made pursuant to this Section 13 to Awards that are considered &#8220;deferred compensation&#8221;
within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code;
(ii) any adjustments made pursuant to this Section 13 to Awards that are not considered &#8220;deferred compensation&#8221; subject
to Section 409A of the Code shall be made in such a manner as to ensure that, after such adjustment, the Awards either (A) continue
not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code; and (iii) in any
event, neither the Committee nor the Board shall have the authority to make any adjustments pursuant to this Section 13 to the
extent the existence of such authority would cause an Award that is not intended to be subject to Section 409A of the Code to
be subject thereto.</P>

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 14. Effect of Change in Control</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;<B>Impact of
Event/Single Trigger</B>. Unless otherwise provided in the applicable Award Agreement and subject to Sections 12(l) and 13, notwithstanding
any other provision of the Plan to the contrary, immediately upon the occurrence of a Change in Control that occurs following
a Qualified Investment Transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(i)&#9;any
Options and Stock Appreciation Rights outstanding that are not then exercisable and vested shall become fully exercisable and
vested;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(ii)&#9;the
restrictions and deferral limitations applicable to any Restricted Stock shall lapse and such Restricted Stock shall become free
of all restrictions and become fully vested and transferable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iii)&#9;all
Awards (other than Options, Stock Appreciation Rights and Restricted Stock) shall be considered to be earned and payable in full,
and any restrictions shall lapse and such Awards shall be settled as promptly as is practicable in the form set forth in the applicable
Award Agreement; <U>provided</U>, <U>however</U>, that with respect to any such Award that constitutes a &#8220;nonqualified deferred
compensation plan&#8221; within the meaning of Section 409A of the Code, the settlement of each such Award pursuant to this Section
14(a)(iii) shall not occur until the earliest of (A) the Change in Control if such Change in Control constitutes a &#8220;change
in the ownership of the corporation,&#8221; a &#8220;change in effective control of the corporation&#8221; or a &#8220;change
in the ownership of a substantial portion of the assets of the corporation,&#8221; within the meaning of Section 409A(a)(2)(A)(v)
of the Code (each, a &#8220;<U>409A Change in Control</U>&#8221;) and (B) the date such Awards would otherwise be settled pursuant
to the terms of the Award Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(iv)&#9;notwithstanding
paragraphs (i) through (iii) of this Section 14(a), with respect to Performance-Based Restricted Awards, the Committee shall (A)
determine the extent to which Performance Goals with respect to each Performance Period have been met based upon such audited
or unaudited financial information or other inputs deemed relevant or appropriate in the discretion of the Committee then available
as it deems relevant and (B) cause to be paid to each Participant in accordance with paragraphs (i) through (iii) of this Section
14(a) partial or full Awards with respect to Performance Goals for each such Performance Period based upon the Committee&#8217;s
determination of the degree of attainment of Performance Goals; <U>provided</U>, <U>however</U>, that with respect to any Performance-Based
Restricted Award that constitutes a &#8220;nonqualified deferred compensation plan&#8221; within the meaning of Section 409A of
the Code, the payment of each such Award pursuant to this Section 14(a)(iv) shall not occur until the earliest of (1) the Change
in Control if such Change in Control constitutes a 409A Change in Control and (2) the date such Award would otherwise be settled
pursuant to the terms of the Award Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(v)&#9;the
Committee may in its discretion, and upon at least 10 days&#8217; advance notice to the affected persons, cancel any outstanding
Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the value</P>

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 0pt">of such Awards
based upon the price per share of Stock received or to be received by other shareholders of the Company in the event, but only
to the extent that such payment is permitted by Section 409A of the Code; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">(vi)&#9;the
Committee may also make additional adjustments and/or settlements of outstanding Awards as it deems appropriate and consistent
with the Plan&#8217;s purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;The obligations
of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation
or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the
assets and business of the Company. The Company agrees that it will make appropriate provisions for the preservation of Participants&#8217;
rights under the Plan in any agreement or plan that it may enter into or adopt to effect any such merger, consolidation, reorganization
or transfer of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 15. Nonexclusivity of the Plan</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">Neither the adoption
of this Plan by the Board nor the submission of this Plan to the shareholders of the Company for approval shall be construed as
creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including,
without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either applicable
generally or only in specific cases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 16. Amendments and Termination</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(a)&#9;<B>Amendment
and Termination of the Plan</B>. The Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof
at any time; <U>provided</U> that no such amendment, alteration, suspension, discontinuation or termination shall be made without
shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including
as necessary to prevent Awards granted under the Plan on and after the 162(m) Effective Date from failing to qualify as &#8220;performance-based
compensation&#8221; for purposes of Section 162(m) of the Code); and <U>provided</U> <U>further</U> that any such amendment, alteration,
suspension, discontinuance or termination that would impair the rights of any Participant or any holder or beneficiary of any
Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary,
except such an amendment made to comply with applicable law, including, without limitation, Section 409A of the Code, Applicable
Exchange rules or accounting rules. On and after the 162(m) Effective Date, in no event may any Option or Free-Standing SAR granted
under this Plan be amended, other than pursuant to Section 13, to decrease the exercise price thereof, cancelled in conjunction
with the grant of any new Option or Free-Standing SAR with a lower exercise price, or otherwise be subject to any action that
would be treated, for accounting purposes, as a &#8220;repricing&#8221; of such Option or Free-Standing SAR, unless such amendment,
cancellation or action is approved by the Company&#8217;s shareholders. Prior to the listing of the Company&#8217;s Common Stock
on the NYSE or The</P>

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0pt">Nasdaq Global Market,
no amendment to the Plan that would increase the number of Reserved Shares shall be made without prior shareholder approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(b)&#9;<B>Amendment
of Award Agreements</B>. The Committee may, to the extent consistent with the terms of any applicable Award Agreement, waive any
conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted
or the associated Award Agreement, prospectively or retroactively; <U>provided</U> that (i) any such waiver, amendment, alteration,
suspension, discontinuance, cancellation or termination that would impair the rights of any Participant or any holder or beneficiary
of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder
or beneficiary and (ii) no such amendment shall cause any Award that is intended to qualify as &#8220;performance-based compensation&#8221;
under Section 162(m) to fail to qualify as &#8220;performance-based compensation&#8221; under Section 162(m) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">(c)&#9;<B>Adoption
of Another Equity Plan</B>. Prior to the listing of the Company&#8217;s Common Stock on the NYSE or The Nasdaq Global Market,
no equity plan, other than the Plan, will be adopted by the Company without prior shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 72pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As adopted by the Board of Directors of
North American Financial Holdings, Inc. as of the December 21, 2009.</P>

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>c89765_ex99-3.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 99.3</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FNB UNITED CORP.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2012 INCENTIVE PLAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">1. <U>Definitions</U>. In the Plan, except
where the context otherwise indicates, the following definitions shall apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.1 &#8220;Affiliate&#8221; means a corporation,
partnership, business trust, limited liability company, or other form of business organization at least a majority of the total
combined voting power of all classes of stock or other equity interests of which is owned by the Company, either directly or indirectly,
and any other entity designated by the Committee in which the Company has a significant interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.2 &#8220;Agreement&#8221; means an agreement
or other document evidencing an Award. An Agreement may be in written or such other form as the Committee may specify in its discretion,
and the Committee may, but need not, require a Participant to sign an Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.3 &#8220;Award&#8221; means a grant
of an Option, Restricted Stock, a Restricted Stock Unit, a Performance Award, or an Other Stock-Based Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.4 &#8220;Board&#8221; means the Board
of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.5 &#8220;Code&#8221; means the Internal
Revenue Code of 1986, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.6 &#8220;Committee&#8221; means the
Compensation and Nominating Committee of the Board or such other committee(s), subcommittee(s) or person(s) the Board or an authorized
committee of the Board appoints to administer the Plan or to make and/or administer specific Awards hereunder. If no such appointment
is in effect at any time, &#8220;Committee&#8221; shall mean the Board. Notwithstanding the foregoing, &#8220;Committee&#8221;
means the Board for purposes of granting Awards to members of the Board who are not Employees, and administering the Plan with
respect to those Awards, unless the Board determines otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.7 &#8220;Common Stock&#8221; means the
Company&#8217;s common stock, no par value per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.8 &#8220;Company&#8221; means FNB United
Corp., a North Carolina corporation, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.9 &#8220;Date of Exercise&#8221; means
the date on which the Company receives notice of the exercise of an Option in accordance with Section 7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.10 &#8220;Date of Grant&#8221; means
the date on which an Award is granted under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.11 &#8220;Eligible Person&#8221; means
any person who is (a) an Employee, (b) a member of the Board or the board of directors of an Affiliate, or (c) a consultant or
independent contractor to the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.12 &#8220;Employee&#8221; means any
person who the Committee determines to be an employee of the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.13 &#8220;Exercise Price&#8221; means
the price per Share at which an Option may be exercised.</P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.14 &#8220;Fair Market Value&#8221; means,
as of any date on which the Shares are listed or quoted on a securities exchange or quotation system, and except as otherwise determined
by the Committee, the closing sale price of a Share as reported on such securities exchange or quotation system as of the relevant
date, and if the Shares are not listed or quoted on a securities exchange or quotation system, then an amount equal to the then
fair market value of a Share as determined by the Committee pursuant to a reasonable method adopted in good faith for such purpose;
provided, however, that in the case of the grant of an Option that is intended to not provide for a deferral of compensation within
the meaning of Section 409A of the Code, Fair Market Value shall be determined pursuant to a method permitted by Section 409A of
the Code for determining the fair market value of stock subject to a nonqualified stock option that does not provide for a deferral
of compensation within the meaning of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.15 &#8220;Incentive Stock Option&#8221;
means an Option that the Committee designates as an incentive stock option under Section 422 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.16 &#8220;Nonqualified Stock Option&#8221;
means an Option that is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.17 &#8220;Option&#8221; means an option
to purchase Shares granted pursuant to Section 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.18 &#8220;Option Period&#8221; means
the period during which an Option may be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.19 &#8220;Other Stock-Based Award&#8221;
means an Award granted pursuant to Section 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.20 &#8220;Participant&#8221; means an
Eligible Person who has been granted an Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.21 &#8220;Performance Award&#8221; means
a performance award granted pursuant to Section 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.22 &#8220;Performance Goals&#8221; means
performance goals that the Committee establishes, which may be based on satisfactory internal or external audits, achievement of
balance sheet or income statement objectives, cash flow, customer satisfaction metrics, achievement of customer satisfaction goals,
dividend payments, earnings (including before or after taxes, interest, depreciation, and amortization), earnings growth, earnings
per share, economic value added, expenses (including sales, general and administrative expenses), improvement of financial ratings,
internal rate of return, market share, geographic expansion, net asset value, net income, net operating gross margin, net operating
profit after taxes, net sales growth, operating income, operating margin, comparisons to the performance of other companies, pro
forma income, regulatory compliance, return measures (including return on assets, designated assets, capital, capital employed,
equity, or stockholder equity, and return versus the Company&#8217;s cost of capital), revenues, sales, stock price (including
growth measures and total stockholder return), comparison to stock market indices, implementation or completion of one or more
projects or transactions (including mergers, acquisitions, dispositions, and restructurings), working capital, or any other objective
goals that the Committee establishes. Performance Goals may be absolute in their terms or measured against or in relationship to
other companies comparably, similarly or otherwise situated. Performance Goals may be particular to an Eligible Person or the department,
branch, Affiliate, or division in which the Eligible Person works, or may be based on the performance of the Company or one or
more Affiliates and may cover such period as the Committee may specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.23  &#8220;Plan&#8221; means this FNB
United Corp. 2012 Incentive Plan, as amended from time to time.</P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.24 &#8220;Restricted Stock&#8221; means
Shares granted pursuant to Section 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.25 &#8220;Restricted Stock Units&#8221;
means an Award providing for the contingent grant of Shares (or the cash equivalent thereof) pursuant to Section 9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.26 &#8220;Section 422 Employee&#8221;
means an Employee who is employed by the Company or a &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221;
(each as defined in Sections 424(e) and (f) of the Code) with respect to the Company, including a &#8220;parent corporation&#8221;
or &#8220;subsidiary corporation&#8221; that becomes such after adoption of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.27 &#8220;Share&#8221; means a share
of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">1.28 &#8220;Ten-Percent Stockholder&#8221;
means a Section 422 Employee who (applying the rules of Section 424(d) of the Code) owns stock possessing more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company or a &#8220;parent corporation&#8221; or &#8220;subsidiary
corporation&#8221; (each as defined in Sections 424(e) and (f) of the Code) with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.05pt">Unless the context expressly requires
the contrary, references in the Plan to (a) the term &#8220;Section&#8221; refers to the sections of the Plan, and (b) the word
&#8220;including&#8221; means &#8220;including (without limitation).&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">2. <U>Purpose</U>. The Plan is intended
to assist the Company and its Affiliates in attracting and retaining Eligible Persons of outstanding ability and to promote the
alignment of their interests with those of the stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">3. <U>Administration</U>. The Committee
shall administer the Plan and shall have plenary authority, in its discretion, to grant Awards to Eligible Persons, subject to
the provisions of the Plan. The Committee shall have plenary authority and discretion, subject to the provisions of the Plan, to
determine the Eligible Persons to whom it grants Awards, the terms (which terms need not be identical) of all Awards, including
without limitation, the Exercise Price of Options, the time or times at which Awards are granted, the number of Shares covered
by Awards, whether an Option shall be an Incentive Stock Option or a Nonqualified Stock Option, any exceptions to nontransferability,
any Performance Goals applicable to Awards, any provisions relating to vesting, and the periods during which Options may be exercised
and Restricted Stock shall be subject to restrictions. In making these determinations, the Committee may take into account the
nature of the services rendered or to be rendered by Award recipients, their present and potential contributions to the success
of the Company and its Affiliates, and such other factors as the Committee in its discretion shall deem relevant. Subject to the
provisions of the Plan, the Committee shall have plenary authority and discretion to interpret the Plan and Agreements, prescribe,
amend and rescind rules and regulations relating to them, and make all other determinations deemed necessary or advisable for the
administration of the Plan and Awards granted hereunder. The determinations of the Committee on the matters referred to in this
Section 3 shall be binding and final. The Committee may delegate its authority under this Section 3 and the terms of the Plan to
such extent it deems desirable and is consistent with the requirements of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">4. <U>Eligibility</U>. Awards may be granted
only to Eligible Persons, provided that Incentive Stock Options may be granted only to Eligible Persons who are Section 422 Employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">5. <U>Stock Subject to Plan</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.1 Subject to adjustment as provided
in Section 13, the maximum number of Shares that may be issued pursuant to Awards (including Incentive Stock Options) under the
Plan is 1,800,000</P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Shares. Shares issued under the Plan may,
in whole or in part, be authorized but unissued Shares or Shares that shall have been, or may be, reacquired by the Company in
the open market, in private transactions, or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.2 If an Option expires or terminates
for any reason without having been fully exercised, if shares of Restricted Stock are forfeited, or if Shares covered by an Award
are not issued or are forfeited, the unissued or forfeited Shares that had been subject to the Award shall be available for the
grant of additional Awards; provided, however, that in the case of Shares that are withheld (or delivered) to pay the Exercise
Price of an Option or withholding taxes pursuant to Sections 7.2, 7.3, or 17, no such withheld (or delivered) Shares shall be available
for the grant of Awards hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">5.3 Subject to adjustment as provided
in Section 13, the maximum number of Shares with respect to which an Employee may be granted Awards under the Plan (whether settled
in Shares or the cash equivalent thereof) during any calendar year is 100,000. The maximum number of Shares with respect to which
an Employee has been granted Awards shall be determined in accordance with Section 162(m) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">6. <U>Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.1 Options granted under the Plan shall
be either Incentive Stock Options or Nonqualified Stock Options, as designated by the Committee. Each Option granted under the
Plan shall be a Nonqualified Stock Option unless expressly identified as an Incentive Stock Option, and each Option shall be evidenced
by an Agreement that specifies the terms and conditions of the Option. Options shall be subject to the terms and conditions set
forth in this Section 6 and such other terms and conditions not inconsistent with the Plan as the Committee may specify. The Committee,
in its discretion, may condition the grant or vesting of an Option upon the achievement of one or more specified Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.2 The Exercise Price of an Option granted
under the Plan shall not be less than 100% of the Fair Market Value of a Share on the Date of Grant. Notwithstanding the foregoing,
in the case of an Incentive Stock Option granted to an Employee who, on the Date of Grant is a Ten-Percent Shareholder, the Exercise
Price shall not be less than 110% of the Fair Market Value of a Share on the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">6.3 The Committee shall determine the
Option Period for an Option, which shall be specifically set forth in the Agreement, provided that an Option shall not be exercisable
after ten years (five years in the case of an Incentive Stock Option granted to an Employee who on the Date of Grant is a Ten-Percent
Stockholder) from its Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">7. <U>Exercise of Options</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.1 Subject to the terms of the applicable
Agreement, an Option may be exercised, in whole or in part, by delivering to the Company a notice of the exercise, in such form
as the Committee may prescribe, accompanied by (a) full payment for the Shares with respect to which the Option is exercised or
(b) to the extent provided in the applicable Agreement, irrevocable instructions to a broker to deliver promptly to the Company
cash equal to the exercise price of the Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.2 To the extent provided in the applicable
Agreement or otherwise authorized by the Committee, payment of the Exercise Price may be made by delivery (including constructive
delivery) of Shares (provided that such Shares, if acquired pursuant to an Option or other Award granted hereunder or under any
other compensation plan maintained by the Company or any Affiliate, have been held by the</P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">Participant for such period, if any, as the
Committee may specify) valued at Fair Market Value on the Date of Exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">7.3 To the extent provided in the applicable
Agreement, an Option may be exercised by directing the Company to withhold from the Shares to be issued upon exercise of the Option
(or portion thereof) being exercised a number of Shares having a Fair Market Value not in excess of the aggregate Exercise Price
of the Option (or portion thereof being exercised), with payment of the balance of the exercise price, if any, being made pursuant
to Section 7.1 and/or Section 7.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">8. <U>Restricted Stock Awards</U>. Each
grant of Restricted Stock under the Plan shall be subject to an Agreement specifying the terms and conditions of the Award. Restricted
Stock granted under the Plan shall consist of Shares that are restricted as to transfer, subject to forfeiture, and subject to
such other terms and conditions as the Committee may specify. Such terms and conditions may provide, in the discretion of the Committee,
for the lapse of such transfer restrictions or forfeiture provisions to be contingent upon the achievement of one or more specified
Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">9. <U>Restricted Stock Unit Awards</U>.
Each grant of Restricted Stock Units under the Plan shall be evidenced by an Agreement that (a) provides for the issuance of Shares
(or the cash equivalent thereof) to a Participant at such time(s) as the Committee may specify and (b) contains such other terms
and conditions as the Committee may specify, including terms that condition the issuance or vesting of Restricted Stock Unit Awards
upon the achievement of one or more specified Performance Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">10. <U>Performance Awards</U>. Each Performance
Award granted under the Plan shall be evidenced by an Agreement that (a) provides for the payment of cash or issuance of Shares
to a Participant contingent upon the attainment of one or more specified Performance Goals over such period as the Committee may
specify, and (b) contains such other terms and conditions as the Committee may specify. If the terms of a Performance Award provide
for payment in the form of Shares, for purposes of Section 5.3, the Performance Award shall be deemed to cover a number of Shares
equal to the maximum number of Shares that may be issued upon payment of the Award. The maximum cash amount payable to any Employee
pursuant to all Performance Awards granted to an Employee during a calendar year shall not exceed $2 million. The Committee may,
in its discretion, grant Performance Awards pursuant to which the amount and payment of the Award is determined by reference to
a percentage of a bonus or incentive pool that applies to more than one Participant, and the amount of the bonus or incentive pool
may, in the discretion of the Committee, be either fixed in amount or determined based upon the achievement of one or more Performance
Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">11. <U>Other Stock-Based Awards</U>. The
Committee may in its discretion grant stock-based awards (including awards based on dividends) of a type other than those otherwise
provided for in the Plan, including the issuance or offer for sale of unrestricted Shares (&#8220;Other Stock-Based Awards&#8221;).
Other Stock-Based Awards shall cover such number of Shares and have such terms and conditions as the Committee shall determine,
including terms that condition the payment or vesting of the Other Stock-Based Award upon the achievement of one or more Performance
Goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">12. <U>Dividends and Dividend Equivalents</U>.
The terms of an Award may provide a Participant with the right, subject to such terms and conditions as the Committee may specify,
to receive dividend payments or dividend equivalent payments with respect to Shares covered by such Award, which payments (a) may
be either made currently or credited to an account established for the Participant, (b) may be made contingent upon the achievement
of one or more Performance Goals, and (c) may be settled in cash or Shares, as determined by the Committee.</P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">13. <U>Capital Events and Adjustments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.1 In the event of any change in the
outstanding Common Stock by reason of any stock dividend, stock split, reverse stock split, spin-off, split-off, recapitalization,
reclassification, combination or exchange of shares, merger, consolidation, liquidation or the like, the Committee shall provide
for a substitution for or adjustment in: (a) the number and class of securities subject to outstanding Awards or the type of consideration
to be received upon the exercise or vesting of outstanding Awards, (b) the Exercise Price of Options, (c) the aggregate number
and class of Shares for which Awards thereafter may be granted under the Plan, and (d) the maximum number of Shares with respect
to which an Employee may be granted Awards during any calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.2 Any provision of the Plan or any
Agreement to the contrary notwithstanding, in the event of a merger or consolidation to which the Company is a party or any sale,
disposition or exchange of at least 50% all of the Company&#8217;s Common Stock or all or substantially all of the Company&#8217;s
assets for cash, securities or other property, or any other similar transaction or event (each, a &#8220;Transaction&#8221;), the
Committee shall take such actions, and make such changes and adjustments to outstanding Awards as it deems equitable, and may in
its discretion, cause any Award granted hereunder to be canceled in consideration of a payment (or payments), in such form as the
Committee may specify, equal to the fair value of the canceled Award, as determined by the Committee in its discretion. The fair
value of an Option shall be deemed to be equal to the product of (a) the number of Shares the Option covers (and has not previously
been exercised) and (b) the excess, if any, of the Fair Market Value of a Share as of the date of cancellation over the Exercise
Price of the Option. For sake of clarity and notwithstanding anything to the contrary herein, (a) the fair value of an Option would
be zero if the Fair Market Value of a Share is equal to or less than the Exercise Price and (b) payments made in cancellation of
an Award in connection with a Transaction may be delayed to the same extent that payment of consideration to the holders of Shares
in connection with the Transaction is delayed as a result of escrows, earn outs, holdbacks, or any other contingencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">13.3 The Committee need not take the same
action under this Section 13 with respect to all Awards or with respect to all Participants. All determinations required to be
made under this Section 13 shall be made by the Committee in its discretion and shall be final and binding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">14. <U>Termination or Amendment</U>. The
Board may amend or terminate the Plan in any respect at any time; provided, however, that after the stockholders of the Company
have approved the Plan, the Board shall not amend or terminate the Plan without approval of (a) the Company&#8217;s stockholders
to the extent applicable law or regulations or the requirements of the principal exchange or interdealer quotation system on which
the Common Stock is listed or quoted, if any, requires stockholder approval of the amendment or termination, and (b) each affected
Participant if the amendment or termination would adversely affect the Participant&#8217;s rights or obligations under any Award
granted prior to the date of the amendment or termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">15. <U>Modification, Substitution of Awards</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">15.1 Subject to the terms and conditions
of the Plan, the Committee may modify the terms of any outstanding Awards; provided, however, that (a) no modification of an Award
shall, without the consent of the Participant, alter or impair any of the Participant&#8217;s rights or obligations under such
Award, and (b) except as approved by the Company&#8217;s stockholders and subject to Section 13, in no event may an Option be (i)
modified to reduce the Exercise Price of the Option or (ii) cancelled or surrendered in consideration for cash, other Awards, or
the grant of a new Option with a lower Exercise Price.</P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">15.2 Anything contained herein to the
contrary notwithstanding, Awards may, in the discretion of the Committee, be granted under the Plan in substitution for stock options
and other awards covering capital stock of another corporation which is merged into, consolidated with, or all or a substantial
portion of the property or stock of which is acquired by, the Company or an Affiliate. The terms and conditions of the substitute
Awards so granted may vary from the terms and conditions set forth in the Plan to such extent as the Committee may deem appropriate
in order to conform, in whole or part, to the provisions of the awards in substitution for which they are granted. Such substitute
Awards shall not be counted toward the Share limit imposed by Section 5.3, except to the extent the Committee determines that counting
such Awards is required in order for Awards granted hereunder to be eligible to qualify as &#8220;performance-based compensation&#8221;
within the meaning of Section 162(m) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">16. <U>Stockholder Approval</U>. The Plan,
and any amendments hereto requiring stockholder approval pursuant to Section 14 are subject to approval by vote of the stockholders
of the Company at the next annual or special meeting of stockholders following adoption by the Board. If the adoption of the Plan
is not so approved by the Company&#8217;s stockholders, any Awards granted under the Plan shall be cancelled and void <I>ab initio
</I>immediately following such next annual or special meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">17. <U>Withholding</U>. The Company&#8217;s
obligation to issue or deliver Shares or pay any amount pursuant to the terms of any Award granted hereunder shall be subject to
satisfaction of applicable federal, state, local, and foreign tax withholding requirements. To the extent authorized by the Committee,
and in accordance with such rules as the Committee may prescribe, a Participant may satisfy any withholding tax requirements by
one or any combination of the following means: (a) tendering a cash payment, (b) authorizing the Company to withhold Shares otherwise
issuable to the Participant, or (c) delivering to the Company already-owned and unencumbered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">18. <U>Term of Plan</U>. Unless sooner
terminated by the Board pursuant to Section 14, the Plan shall terminate on the date that is ten years after the earlier of the
date that the Plan is adopted by the Board or approved by the Company&#8217;s stockholders, and no Awards may be granted or awarded
after such date. The termination of the Plan shall not affect the validity of any Award outstanding on the date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">19. <U>Indemnification of Committee</U>.
In addition to such other rights of indemnification as they may have as members of the Board or Committee, the Company shall indemnify
members of the Committee against all reasonable expenses, including attorneys&#8217; fees, actually and reasonably incurred in
connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they or any of
them may be a party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted hereunder,
and against all amounts reasonably paid by them in settlement thereof or paid by them in satisfaction of a judgment in any such
action, suit or proceeding, if such members acted in good faith and in a manner which they believed to be in, and not opposed to,
the best interests of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">20. <U>General Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.1 The establishment of the Plan shall
not confer upon any Eligible Person any legal or equitable right against the Company, any Affiliate or the Committee, except as
expressly provided in the Plan. Participation in the Plan shall not give an Eligible Person any right to be retained in the service
of the Company or any Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.2 Neither the adoption of the Plan
nor its submission to the Company&#8217;s</P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0pt">stockholders shall be taken to impose any
limitations on the powers of the Company or its Affiliates to issue, grant or assume options, warrants, rights, restricted stock
or other awards otherwise than under the Plan, or to adopt other stock option, restricted stock, or other plans, or to impose any
requirement of stockholder approval upon the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.3 The interests of any Eligible Person
under the Plan and/or any Award granted hereunder are not subject to the claims of creditors and may not, in any way, be transferred,
assigned, alienated or encumbered except to the extent provided in an Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.4 The Plan shall be governed, construed
and administered in accordance with the laws of the State of North Carolina without giving effect to the conflict of laws principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.5 The Committee may require each person
acquiring Shares pursuant to Awards granted hereunder to represent to and agree with the Company in writing that such person is
acquiring the Shares without a view to distribution thereof. The certificates for such Shares may include any legend which the
Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares issued pursuant to the Plan shall
be subject to such stock transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations,
and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed
or interdealer quotation system upon which the Common Stock is then quoted, and any applicable federal or state securities laws.
The Committee may place a legend or legends on any such certificates to make appropriate reference to such restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.6 The Company shall not be required
to issue any certificate or certificates for Shares with respect to Awards granted under the Plan, or record any person as a holder
of record of Shares, without obtaining, to the complete satisfaction of the Committee, the approval of all regulatory bodies the
Committee deems necessary, and without complying to the Board&#8217;s or Committee&#8217;s complete satisfaction, with all rules
and regulations under federal, state or local law the Committee deems applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 72pt">20.7 To the extent that the Plan provides
for issuance of stock certificates to reflect the issuance of Shares, the issuance may be effected on a noncertificated basis,
to the extent not prohibited by applicable law or the rules of any stock exchange or automated dealer quotation system on which
the Shares are traded. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award. The Committee shall
determine whether cash, other Awards, or other property shall be issued or paid in lieu of any fractional Shares or whether any
fractional Shares or any rights thereto shall be forfeited or otherwise eliminated.</P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>7
<FILENAME>c89765_ex99-4.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT 99.4</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FNB UNITED CORP.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2003 STOCK INCENTIVE PLAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(as amended and restated as of December 31,
2008)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1.&nbsp;PURPOSE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The purpose of this Plan is to attract and retain
Key Employees and Non-Employee Directors for FNB United Corp. (FNB) and to provide such persons with incentives and rewards for
superior performance and increased shareholder value. This Plan will authorize the Committee to grant Incentive Stock Options,
Non-Qualified Stock Options, Restricted Shares, Stock Appreciation Rights, Deferred Shares, Performance Shares, Performance Units
and Other Stock-Based Awards to those officers, Key Employees and Non-Employee Directors who are selected to participate in the
Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2.&nbsp;DEFINITIONS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">As used in this Plan, the following terms shall
be defined as set forth below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;AFFILIATE&rdquo; means (i) any entity
that, directly or indirectly, is controlled by the Company, (ii) any entity in which the Company has a significant equity interest,
(iii) an affiliate of the Company, as defined in Rule 12b-2 promulgated under Section 12 of the Exchange Act, and (iv) any entity
in which the Company has at least twenty percent (20%) of the combined voting power of the entity&rsquo;s outstanding voting securities,
in each case as designated by the Board as being a participating employer in the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;AWARD&rdquo; means any Option, Stock Appreciation
Right, Restricted Shares, Deferred Shares, Performance Shares, Performance Units or Other Stock-Based Awards granted under the
Plan, whether singly, in combination, or in tandem, to a Participant by the Committee pursuant to such terms, conditions, restrictions
and/or limitations, if any, as the Committee may establish.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;AWARD AGREEMENT&rdquo; means any written
agreement, contract, or other instrument or document evidencing any Award approved or authorized by the Committee and delivered
to a Participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;BASE PRICE&rdquo; means the price to be
used as the basis for determining the Spread upon the exercise of a Stock Appreciation Right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;BOARD&rdquo; means the Board of Directors
of FNB United Corp.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;CHANGE IN CONTROL&rdquo; means (a) the
Company is merged or consolidated or reorganized into or with another corporation, person or entity (including, without limitation,
a merger in which the Company is the surviving entity) and, as a result of such transaction, the holders of the Company&rsquo;s
Common Stock immediately before the transaction, as a group, hold less than 50% of the combined voting power of the outstanding
securities of the surviving entity immediately after the transaction; (b) the Company&rsquo;s Common Stock is acquired in a share
exchange pursuant to Section 55- 11-02 of the General Statutes of North Carolina and, as a result of such transaction, the holders
of the Company&rsquo;s Common Stock immediately before the transaction, as a group, hold less than 50% of the combined voting power
of the outstanding securities of the acquiring corporation immediately after the transaction; (c) the Company sells or otherwise
transfers assets having an aggregate fair market value (as determined in good faith by the Board of Directors of the Company) of
more than 50% of the Company&rsquo;s total assets, as reflected on the most recent audited consolidated balance sheet of the Company,
and, as a result of such transaction, neither the Company nor the holders of the Company&rsquo;s Common Stock immediately before
the</P>


<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">transaction, as a group, hold 50% or more of the combined voting
power of the outstanding securities of the transferee immediately after the transaction; (d) there is a report filed on Schedule
13D or Schedule 14D-1 of the Securities Exchange Act of 1934, as amended, by a person (other than a person that satisfies the requirements
of Rule 13d-1(b)(1) under the Exchange Act for filing such report on Schedule 13G), which report as filed discloses that any person
(as the term &ldquo;person&rdquo; is used in Section 13(d) and Section 14(d) of the Exchange Act) has become the beneficial owner
(as the term &ldquo;beneficial owner&rdquo; is defined under Rule 13d-3 under the Exchange Act) of securities representing more
than 50% of the Company&rsquo;s Common Stock (whether by purchase, recapitalization of the Company or otherwise); or (e) if during
any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the
Company cease for any reason to constitute at least a majority thereof, unless the election, or the nomination for election by
the Company&rsquo;s shareholders, of each director of the Company first elected during such period was approved by a vote of at
least two-thirds of the directors of the Company then still in office who were directors of the Company at the beginning of any
such period. Notwithstanding the foregoing, a Change in Control shall not be deemed to have occurred for purposes of the Plan if
the Company or any Company-sponsored employee benefit plan (or any trustee of any such plan on its behalf) files or becomes obligated
to file a report or proxy statement disclosing beneficial ownership by a Company-sponsored employee benefit plan of more than 50%
of the Company&rsquo;s Common Stock. Further notwithstanding the foregoing, with respect to any Award that constitutes a &ldquo;nonqualified
deferred compensation plan&rdquo; within the meaning of Section 409A, &ldquo;Change in Control&rdquo; shall mean a &ldquo;change
in the ownership of the corporation,&rdquo; a &ldquo;change in effective control of the corporation&rdquo; or a &ldquo;change in
the ownership of a substantial portion of the assets of the corporation,&rdquo; as such terms are defined in Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;CODE&rdquo; means the Internal Revenue
Code of 1986, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;COMMITTEE&rdquo; means a Committee of
the Board which shall have a least two members, each of whom shall be appointed by and shall serve at the pleasure of the Board
and all of whom shall be &ldquo;disinterested persons&rdquo; with respect to the Plan within the meaning of Section 16 of the Exchange
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;COMPANY&rdquo; means FNB United Corp.
or any successor corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;COVERED OFFICER&rdquo; means at any date
(i) any individual who, with respect to the previous taxable year of the Company, was a &ldquo;covered employee&rdquo; of the company
within the meaning of Section 162(m) of the Code; provided, however, that the term &ldquo;Covered Officer&rdquo; shall not include
any such individual who is designated by the Committee, in its discretion, at the time of any Award or at any subsequent time,
as reasonably expected not to be such a &ldquo;covered employee&rdquo; with respect to the current taxable year of the Company
and (ii) any individual who is designated by the Committee, in its discretion, at the time of any Award or at any subsequent time,
as reasonably expected to be such a &ldquo;covered employee&rdquo; with respect to the current taxable year of the Company or with
respect to the taxable year of the Company in which any applicable Award will be paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;DEFERRAL PERIOD&rdquo; means the period
of time during which Deferred Shares are subject to deferral limitations enumerated in Section 10 of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;DEFERRED SHARES&rdquo; means an Award
pursuant to Section 10 of this Plan providing the right to receive Shares at the end of a specified Deferral Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;DISABILITY&rdquo; means, unless otherwise
defined in the applicable Award Agreement, a disability that would qualify as a total and permanent disability under the Company&rsquo;s
then current long-term disability plan. Notwithstanding the foregoing, with respect to any Award that constitutes a &ldquo;nonqualified</P>


<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">deferred compensation plan&rdquo; within the meaning of Section
409A, &ldquo;Disability&rdquo; has the meaning set forth in Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;DIVIDEND EQUIVALENTS&rdquo; means amounts
equivalent to the dividends paid on Shares of common stock. They may be granted in connection with Awards denominated in notional
Shares, or they may be granted on a freestanding basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;EARLY RETIREMENT&rdquo; means, unless
otherwise defined in the applicable Award Agreement, the termination of a Participant from the employ or service of the Company
or any of its Subsidiaries or Affiliates at a time when the Participant would meet the age and service requirements for &ldquo;early
retirement&rdquo; under the terms of the applicable Company pension plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;EXCHANGE ACT&rdquo; means the Securities
Exchange Act of 1934, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;FAIR MARKET VALUE&rdquo; on any date with
respect to the Stock means (1) if the Stock is listed on a national securities exchange, the last reported sale price of the Stock
on such exchange, or (2) if the Stock is otherwise publicly traded, the last reported sale price of the Stock under the quotation
system under which such sale price is reported, or (3) if no such last sale price is available on such date, the last reported
sale price of the Stock for the immediately preceding business day (a) on the national securities exchange on which the Stock is
listed or, (b) if the Stock is otherwise publicly traded, under the quotation system under which such data are reported, or (4)
if none of the prices described above is available, the fair market value per share of the Stock using any reasonable method determined
by the Board that satisfies the requirements of Section 409A, particularly Treasury Regulation Section 1.409A-1(b)(5)(iv).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;FNB&rdquo; means FNB United Corp. or any
successor to such corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;GRANT DATE&rdquo; means the date specified
by the Committee on which a grant of an Award shall become effective, which shall not be earlier than the date on which the Committee
takes action with respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;GRANTEE&rdquo; means the person so designated
in an agreement as the recipient of an Award granted by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;HARDSHIP&rdquo; means an unanticipated
emergency that is caused by an event beyond the control of the Participant that would result in severe financial hardship to the
Participant resulting from (i) a sudden and unexpected illness or accident of the Participant or a dependent of the Participant,
(ii) a loss of the Participant&rsquo;s property due to casualty, or (iii) such other extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant, all as determined in the sole discretion of the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;INCENTIVE STOCK OPTION (ISO)&rdquo; means
any Option that is intended to qualify as an &ldquo;Incentive Stock Option&rdquo; under Section 422 of the Code or any successor
provision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;KEY EMPLOYEE&rdquo; means an employee
of FNB or any Subsidiary who, in the judgment of the Committee acting in its absolute discretion, is key to the business performance
and success of FNB.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;NON-EMPLOYEE DIRECTOR&rdquo; means a member
of the Board or of an advisory board of a Subsidiary who is not an employee of the Company or an Affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;NONQUALIFIED STOCK OPTION&rdquo; or &ldquo;NQSO&rdquo;
means an Option that is not intended to qualify as an Incentive Stock Option.</P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;NORMAL RETIREMENT&rdquo; means, unless
otherwise defined in the applicable Award Agreement, retirement of a Participant from the employ or service of the Company or any
of its Subsidiaries or Affiliates in accordance with the terms of the applicable Company pension plan at or after attainment of
age 65, or if a Participant is not covered by any such plan, retirement on or after attainment of age 65.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;OPTION&rdquo; means any Option (ISO or
NQSO) to purchase Shares granted under this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;OPTION PRICE&rdquo; means the purchase
price payable to purchase one share upon the exercise of an Option or other Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;OPTIONEE&rdquo; means the person so designated
in an agreement evidencing an outstanding Option or other Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;OTHER STOCK-BASED AWARD&rdquo; means any Award granted
under Section 12 of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PARENT CORPORATION&rdquo; means any corporation,
which is a parent of FNB within the meaning of Section 424(e) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PARTICIPANT&rdquo; means an officer, a
Key Employee or a Non-Employee Director who is selected by the Board or the Committee to receive benefits under this Plan, provided
that Non-Employee Directors shall not be eligible to receive grants of Incentive Stock Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PERFORMANCE OBJECTIVES&rdquo; means performance
goals or targets established pursuant to this Plan for Participants who have received grants of Performance Shares or Performance
Units or, when so determined by the Committee, Deferred Shares, Options, Restricted Shares or Other Stock-Based Awards. Performance
Objectives may be described in terms of Company-wide objectives or objectives that are related to the performance of the individual
Participant or the division, department or function within the Company or Subsidiary in which the Participant is employed. Any
Performance Objectives applicable to Awards intended to qualify as &ldquo;performance-based compensation&rdquo; under Section 162(m)
of the Code shall be limited to specified levels of, or increases in, the Company&rsquo;s or Subsidiary&rsquo;s return on equity,
earnings per share, earnings growth, return on capital, return on assets, divisional return on capital, divisional return on net
assets, total shareholder return and/or increase in the Fair Market Value of the Shares. Except in the case of Performance Objectives
related to an Award intended to qualify under Section 162(m) of the Code, if the Committee determines that a change in the business,
operations, corporate structure or capital structure of the Company, or the manner in which it conducts its business, or other
events or circumstances render the Performance Objectives unsuitable, subject to Section 11(h) of this Plan, the Committee, after
the date of grant, may modify such Performance Objectives, in whole or in part, as the Committee deems appropriate and equitable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PERFORMANCE PERIOD&rdquo; means a period
of time established under Section 11 of this Plan within which the Performance Objectives relating to a Performance Share, Performance
Unit, Option, Deferred Share or Restricted Share are to be achieved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PERFORMANCE SHARE&rdquo; means an Award
pursuant to Section 11 of this Plan that provides the Participant the opportunity to earn one or more Shares contingent upon the
achievement of one or more Performance Objectives during a Performance Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PERFORMANCE UNIT&rdquo; means an Award
pursuant to Section 11 of this Plan that provides the Participant the opportunity to earn one or more units, denominated in Shares
or cash or a combination thereof, contingent upon achieving one or more Performance Objectives during a Performance Period.</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PERSON&rdquo; means any individual, corporation,
partnership, associate, joint-stock company, trust, unincorporated organization, government or instrumentality of a government
or other entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;PLAN&rdquo; means this FNB United Corp.
2003 Stock Incentive Plan as effective as of the date adopted by the Board in 2003 and as amended from time to time thereafter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;RESTRICTED SHARES&rdquo; means Shares
granted under Section 9 of this Plan subject to such restrictions, including, but not limited to, service requirements and/or Performance
Objectives, as may be determined by the Committee at the time of grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;RULE 16B-3&rdquo; means Rule 16b-3 of
the Exchange Act and any successor provision thereto as in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;SECTION 409A&rdquo; means Code Section
409A, including any proposed and final regulations and other guidance issued thereunder by the Department of the Treasury and/or
the Internal Revenue Service.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;SHARES&rdquo; or &ldquo;STOCK&rdquo; means
Shares of the common stock of FNB United Corp. $2.50 par value, or any security into which Shares may be converted by reason of
any transaction or event of the type referred to in Section 4 of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;SPREAD&rdquo; means, in the case of a
Stock Appreciation Right, the amount by which the Fair Market Value on the date when any such right is exercised exceeds the Base
Price specified in such right or, in the case of a Tandem Stock Appreciation Right, the amount by which the Fair Market Value on
the date when any such right is exercised exceeds the Option Price specified in the related Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;STOCK APPRECIATION RIGHT&rdquo; means
a right granted under Section 8 of this Plan, including a Stock Appreciation Right or a Tandem Stock Appreciation Right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;SUBSIDIARY&rdquo; means a corporation
or other entity (i) more than 50 percent of whose outstanding Shares or securities (representing the right to vote for the election
of directors or other managing authority) are, or (ii) which does not have outstanding Shares or securities (as may be the case
in a partnership, joint venture or unincorporated association), but more than 50 percent of whose ownership interest (representing
the right generally to make decisions for such other entity) is, as of the date this Plan is approved by the Board and thereafter
owned or controlled directly or indirectly by the Company, provided that for purposes of determining whether any person may be
a Participant for purposes of any grant of Incentive Stock Options, &ldquo;Subsidiary&rdquo; means any corporation in which the
Company owns or controls directly or indirectly more than 50 percent of the total combined voting power represented by all classes
of stock issued by such corporation at the time of such grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;TANDEM STOCK APPRECIATION RIGHT&rdquo;
means a Stock Appreciation Right granted pursuant to Section 8 of this Plan that is granted in tandem with an Option or any similar
right granted under any other Plan of the Company such that the exercise of one results in the cancellation of the other.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&ldquo;TEN PERCENT SHAREHOLDER&rdquo; means a
person who owns, at the time of an Award and after taking into account the attribution rules of Section 424(d) of the Code, more
than ten percent (10%) of the total combined voting power of all classes of stock of either FNB, a Subsidiary or a Parent Corporation.</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">3.&nbsp;SHARES AVAILABLE UNDER
THE PLAN.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) Subject to adjustment as provided in Section
4 of this Plan, the number of Shares that may be (i) issued or transferred upon the exercise of Options or Stock Appreciation Rights,
(ii) Awarded as Restricted Shares and released from substantial risk of forfeiture, or (iii) issued or transferred in payment of
Deferred Shares, Performance Shares, Performance Units, or Other Stock Based Awards, shall not in the aggregate exceed 1,145,000
Shares. Such Shares may be Shares of original issuance or Shares that have been reacquired by the Company. The number of Performance
Units granted under this Plan may not in the aggregate exceed 200,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) Upon the payment of any Option Price by the
transfer to the Company of Shares or upon satisfaction of tax withholding obligations under the Plan by the transfer or relinquishment
of Shares, there shall be deemed to have been issued or transferred only the number of Shares actually issued or transferred by
the Company, less the number of Shares so transferred or relinquished. In any event, the number of Shares actually issued or transferred
by the Company upon the exercise of Incentive Stock Options may not exceed 1,145,000, subject to adjustment as provided in Section
4 of the Plan. Upon the payment in cash of a benefit provided by any Award under this Plan, any Shares that were subject to such
Award shall again be available for issuance or transfer under this Plan. Performance Units that are paid in Shares or are not earned
by a Participant at the end of a Performance Period are available for future grants of Performance Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) If an Award expires or terminates for any
reason without being exercised in full or is satisfied without the distribution of Stock, or Stock distributed pursuant to an Award
is forfeited or reacquired by the Company, or is surrendered upon exercise of an Award, the Stock subject to such Award or so forfeited,
reacquired or surrendered shall again be available for distribution for purposes of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) No Participant may receive Awards, including
Options, during any one calendar year representing more than 50,000 Shares or more than 25,000 Performance Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e) Any shares issued by the Company in connection
with the assumption or substitution of outstanding grants from any acquired corporation shall not reduce the Shares available for
Awards under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4.&nbsp;ADJUSTMENTS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">In the event that any dividend or other distribution
(whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of
the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate
transaction or event affects the Shares such that an adjustment is necessary in order to prevent dilution or enlargement of the
rights of Optionees or Grantees, then, the Committee shall in such manner as it may deem equitable: (i) adjust any or all of (1)
the aggregate number of Shares or other securities of the Company (or number and kind of other securities or property) with respect
to which Awards may be granted under the Plan; (2) the number of Shares or other securities of the Company (or number and kind
of other securities or property) subject to outstanding Awards under the Plan; and (3) the grant or exercise price with respect
to any Award under the Plan, provided that in each case, the number of shares subject to any Award shall always be a whole number;
(ii) in cancellation of an option, provide for an equivalent award in respect of securities of the surviving entity of any merger,
consolidation or other transaction or event having a similar effect; or (iii) in cancellation of an award, make provision for a
cash payment to the holder of an outstanding Award. Notwithstanding the foregoing: (x) any adjustments</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">or substitutions made pursuant to this Section 4 to Awards that
constitute a &ldquo;nonqualified deferred compensation plan&rdquo; within the meaning of Section 409A shall be made in compliance
with the requirements of Section 409A; (y) any adjustments or substitutions made pursuant to this Section 4 to Awards that do not
constitute a &ldquo;nonqualified deferred compensation plan&rdquo; subject to Section 409A shall be made in such a manner as to
ensure that after such adjustment or substitution, the Awards either (A) continue not to be subject to Section 409A or (B) comply
with the requirements of Section 409A; and (z) in any event, neither the Committee nor the Board shall have the authority to make
any adjustments or substitutions pursuant to this Section 4 to the extent the existence of such authority would cause an Award
that is not intended to be subject to Section 409A at the date of grant to violate Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.&nbsp;ADMINISTRATION OF THE
PLAN.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) This Plan shall be administered by one or
more Committees appointed by the Board. Any grants of Awards to officers who are subject to Section 16 of the Exchange Act shall
be made by a Committee composed of not less than two members of the Board, each of whom shall be a &ldquo;Non-Employee Director&rdquo;
within the meaning of Rule 16b-3. Any grant of an Award that is intended to qualify as &ldquo;performance-based compensation&rdquo;
under Section 162(m) of the Code shall be made by a Committee composed of not less than two members of the Board, each of whom
shall be an &ldquo;outside director&rdquo; within the meaning of the regulations under Section 162(m) of the Code. For purposes
of grants of Awards to Non-Employee Directors, the entire Board shall serve as the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) The Committee, or Committees, shall have
the power and authority to grant Awards consistent with the terms of the Plan, including the power and authority: (i) to select
the officers and other Key Employees of the Company, its Subsidiaries and Affiliates to whom Awards may from time to time be granted;
(ii) to determine the time or times of grant, and the extent, if any, of Incentive Stock Options, Non-Qualified Stock Options,
Stock Appreciation Rights, Restricted Stock Awards, Deferred Stock Awards, Other Stock-Based Awards, Performance Share Awards,
Performance Unit Awards, or any combination of the foregoing, granted to any one or more Participants; (iii) to determine the number
of Shares to be covered by any Award; (iv) to establish the terms and conditions of any Award, including, but not limited to: (A)
the Share price; (B) any restriction or limitation on the grant, vesting or exercise of any Award (including but not limited to,
the attainment (and certification of the attainment) of one or more Performance Objectives (or any combination thereof) that may
apply to the individual Participant, a Company business unit, including a Subsidiary or an Affiliate, or the Company as a whole);
and (C) any waiver or acceleration of vesting or forfeiture provisions regarding any Stock Option or other Award and the Stock
relating thereto, based on such factors as the Committee shall determine; and to determine whether, to what extent and under what
circumstances Stock and other amounts payable with respect to an Award shall be deferred either automatically or at the election
of the Participant, and whether and to what extent the Company shall pay or credit amounts equal to interest (at rates determined
by the Committee), dividends or deemed dividends on such deferrals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Subject to the provisions of the Plan, the
Committee shall have full and conclusive authority to interpret and administer the Plan and any instrument or agreement relating
to, or Award made under, the Plan; to amend or modify the terms of any Award at or after grant with the consent of the holder of
the Award, except to the extent prohibited by Section 7 (b); to prescribe, amend and rescind rules and regulations relating to
the Plan; to determine the terms and provisions of the respective Award agreements and to make all other determinations necessary
or advisable for the proper administration of the Plan. The Committee&rsquo;s determinations under the Plan need not be uniform
and may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not
such persons are similarly situated). No member of the Committee shall be liable to any person or entity for any action taken or
determination made in good faith with respect to the Plan or any Award granted hereunder.</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) Unless otherwise expressly provided in the
Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall
be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons,
including the Company, any Subsidiary and Affiliate, and Participant, any holder or beneficiary of any Award, any Employee and
any Non-Employee Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e) Notwithstanding the foregoing, the Committee
may not take any actions pursuant to the exercise of its power and authority granted under this Section 5 that would (i) cause
Awards not subject to Section 409A at the date of grant either (A) to become subject to Section 409A or (B) to fail to comply with
the requirements of Section 409A; or (ii) cause any Award subject to Section 409A to fail to comply with the requirements of Section
409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">6.&nbsp;ELIGIBILITY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Any officer, Key Employee (including any employee-director of the
Company or of any Subsidiary or Affiliate who is not a member of the Committee) or Non-Employee Director shall be eligible to be
designated a Participant; provided, however, that, notwithstanding anything herein to the contrary, any Award that constitutes
a &ldquo;stock right,&rdquo; within the meaning of Section 409A, shall be granted only to persons eligible to be designated a Participant
with respect to whom the Company is an &ldquo;eligible issuer of service recipient stock&rdquo; under Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">7.&nbsp;OPTIONS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee may from time to time authorize
grants to Participants of Options to purchase Shares upon such terms and conditions as the Committee may determine in accordance
with the following provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) Each grant shall specify the number of Shares
to which it pertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) Each grant shall specify an Option Price
per Share. Except in the case of substitute awards, the Option Price of an Option may not be less than 100% of the Fair Market
Value of the Shares with respect to which the Option is granted on the Grant Date. If an officer or Key Employee owns or is deemed
to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than 10% of the combined voting power
of all classes of stock of the Company or any Subsidiary or Parent Corporation (within the meaning of Section 424(e) of the Code),
and an Incentive Stock Option is granted to such officer or Key Employee, the Option Price shall be no less than 110% of the Fair
Market Value on the Grant Date. Notwithstanding the foregoing and except as permitted by the provisions of Sections 4 and 19(c)
hereof, the Committee shall not have the power to (i) amend the terms of previously granted Options to reduce the Option Price
of such Options, or (ii) cancel such Options and grant substitute Options with a lower Option Price than the cancelled Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Each Option may be exercised in whole or
in part at any time, with respect to whole shares only, within the period permitted for the exercise thereof and shall be exercised
by written notice of intent to exercise the Option, delivered to the Company at its principal office, and payment in full to the
Company at said office of the amount of the Option Price for the number of Shares with respect to which the Option is then being
exercised. Each grant shall specify the form of consideration to be paid in satisfaction of the Option Price and the manner of
payment of such consideration, which may include (i) cash in the form of currency or check or other cash equivalent acceptable
to the Company, (ii) nonforfeitable, unrestricted Shares that have been owned by the Optionee for at least six months and have
a value at the time of exercise that is equal to the Option Price, together with any applicable withholding</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">taxes, (iii) any other legal consideration that the Committee may
deem appropriate, on such basis as the Committee may determine in accordance with this Plan, (including without limitation any
form of consideration authorized under Section 7(d) below), provided, however that, such consideration (A) may not cause Awards
intended to be exempt from Section 409A to become subject to Section 409A and (B) may not cause the Awards subject to Section 409A
to violate the requirements of Section 409A, or (iv) any combination of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) On or after the Grant Date of any Option
other than an Incentive Stock Option, the Committee may determine that payment of the Option Price may also be made in whole or
in part in the form of Restricted Shares or other Shares that are subject to risk of forfeiture or restrictions on transfer. Unless
otherwise determined by the Committee, whenever any Option Price is paid in whole or in part by means of any of the forms of consideration
specified in this Section 7(d), the Shares received by the Optionee upon the exercise of the Options shall be subject to the same
risks of forfeiture or restrictions on transfer as those that applied to the consideration surrendered by the Optionee, provided
that such risks of forfeiture and restrictions on transfer apply only to the same number of Shares received by the Optionee as
applied to the forfeitable or Restricted Shares surrendered by the Optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e) Any grant may provide, to the extent permitted
by law, for payment of the Option Price from the proceeds of sale through a bank or broker on the date of exercise of some or all
of the Shares to which the exercise relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(f) Each Option grant may specify a period of
continuous employment of the Optionee by the Company or any Subsidiary (or, in the case of a Non-Employee Director, service on
the Board) or other terms and conditions, such as achievement of Performance Objectives, that may be determined by the Committee
that is necessary before the Options or installments thereof shall become exercisable, and any grant may provide for the earlier
exercise of such rights in the event of a Change in Control of the Company or other similar transaction or event; provided, however,
that such provision (A) may not cause Awards intended to be exempt from Section 409A to become subject to Section 409A and (B)
may not cause the Awards subject to Section 409A to violate the requirements of Section 409A,.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(g) Options granted under this Plan may be Incentive
Stock Options, Nonqualified Stock Options, or a combination of the foregoing, provided that only Nonqualified Stock Options may
be granted to Non-Employee Directors. Each grant shall specify whether (or the extent to which) the Option is an Incentive Stock
Option or a Nonqualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market Value
of the Shares with respect to which Options designated as Incentive Stock Options or Tandem Stock Appreciation Rights related to
such Incentive Stock Options are exercisable for the first time by an Optionee during any calendar year (under all Plans of the
Company) exceeds $100,000 such Options shall be treated as Nonqualified Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(h) No Option granted under this Plan may be
exercised more than 10 years from the Grant Date; provided, however, that if an Incentive Stock Option is granted to an employee
who owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than 10% of the combined voting
power of all classes of stock of the Company or any Subsidiary or Parent Corporation (within the meaning of Section 424(e) of the
Code), the term of such Incentive Stock Option shall be no more than five years from the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(i) Each grant shall be evidenced by an agreement
executed on behalf of the Company by any officer thereof and delivered to the Optionee and containing such terms and provisions
as the Committee may determine consistent with this Plan.</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">8.&nbsp;STOCK APPRECIATION RIGHTS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee may also authorize grants to Participants
of Stock Appreciation Rights. A Stock Appreciation Right provides a Participant the right to receive from the Company an amount,
which shall be determined by the Committee and shall be expressed as a percentage (not exceeding 100 percent), of the Spread at
the time of the exercise of such right. Any grant of Stock Appreciation Rights under this Plan shall be upon such terms and conditions
as the Committee may determine in accordance with the following provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) Any grant may specify that the amount payable
upon the exercise of a Stock Appreciation Right may be paid by the Company in cash, Shares or any combination thereof and may (i)
either grant to the Participant or reserve to the Committee the right to elect among those alternatives or (ii) preclude the right
of the Participant to receive and the Company to issue Shares or other equity securities in lieu of cash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) Any grant may specify that the amount payable
upon the exercise of a Stock Appreciation Right shall not exceed a maximum specified by the Committee on the Grant Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Any grant may specify (i) a waiting period
or periods before Stock Appreciation Rights shall become exercisable and (ii) permissible dates or periods on or during which Stock
Appreciation Rights shall be exercisable; provided, however, that such specifications may not permit an exercise of the Award that
would violate Section 409A;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) Any grant may specify that a Stock Appreciation
Right may be exercised only in the event of a Change in Control of the Company or other similar transaction or event; provided,
however that, such provision (A) may not cause Awards intended to be exempt from Section 409A to become subject to Section 409A
and (B) may not cause the Awards subject to Section 409A to violate the requirements of Section 409A;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e) On or after the Grant Date of any Stock Appreciation
Rights, the Committee may provide for the payment to the Participant of Dividend Equivalents thereon in cash or Shares on a current,
deferred or contingent basis; provided, that the right to Dividend Equivalents may not cause an Award that is not otherwise subject
to Section 409A to become subject to 409A and shall be set forth as a separate arrangement that satisfies the requirements of Section
409A;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(f) Each grant shall be evidenced by an agreement
executed on behalf of the Company by any officer thereof and delivered to the Optionee, which shall describe the subject Stock
Appreciation Rights, identify any related Options, state that the Stock Appreciation Rights are subject to all of the terms and
conditions of this Plan and contain such other terms and provisions as the Committee may determine consistent with this Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(g) Each grant of a Tandem Stock Appreciation
Right shall provide that such Tandem Stock Appreciation Right may be exercised only (i) at a time when the related Option (or any
similar right granted under this or any other Plan of the Company) is also exercisable and the Spread is positive; and (ii) by
surrender of the related Option (or such other right) for cancellation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(h) Each grant of a Stock Appreciation Right
shall specify in respect of each Stock Appreciation Right a Base Price per Share, which shall be equal to or greater than the Fair
Market Value of the Shares on the Grant Date. Successive grants of Stock Appreciation Rights may be made to the same Participant
regardless of whether any Stock Appreciation Rights previously granted to such Participant remain unexercised. Each grant shall
specify the period or periods of continuous employment of the</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Participant by the Company or any Subsidiary that are necessary
before the Stock Appreciation Rights or installments thereof shall become exercisable, and any grant may provide for the earlier
exercise of such rights in the event of a Change in Control of the Company or other similar transaction or event; provided, however,
such provision (A) may not cause Awards intended to be exempt from Section 409A to become subject to Section 409A and (B) may not
cause the Awards subject to Section 409A to violate the requirements of Section 409A. No Stock Appreciation Right granted under
this Plan may be exercised more than 10 years from the Grant Date. An Award that is subject to Section 409A may not be granted
in tandem with an Award that is not otherwise subject to Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">9.&nbsp;RESTRICTED SHARES.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee may also authorize grants to Participants
of Restricted Shares upon such terms and conditions as the Committee may determine in accordance with the following provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) Each grant shall constitute an immediate
transfer of the ownership of Shares to the Participant in consideration of the performance of services, entitling such Participant
to dividend, voting and other ownership rights, subject to the substantial risk of forfeiture and restrictions on transfer hereinafter
described.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) Each grant may be made without additional
consideration from the Participant or in consideration of a payment by the Participant that is less than the Fair Market Value
on the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Each grant shall provide that the Restricted
Shares covered thereby shall be subject to a &ldquo;substantial risk of forfeiture&rdquo; within the meaning of Section 83 of the
Code for a period to be determined by the Committee on the Grant Date, and any grant or sale may provide for the earlier termination
of such risk of forfeiture in the event of a Change in Control of the Company or other similar transaction or event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) Each grant shall provide that, during the
period for which such substantial risk of forfeiture is to continue, the transferability of the Restricted Shares shall be prohibited
or restricted in the manner and to the extent prescribed by the Committee on the Grant Date. Such restrictions may include, without
limitation, rights of repurchase or first refusal by the Company or provisions subjecting the Restricted Shares to a continuing
substantial risk of forfeiture in the hands of any transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e) Any grant or the vesting thereof may be further
conditioned upon the attainment of Performance Objectives established by the Committee in accordance with the applicable provisions
of Section 11 of this Plan regarding Performance Shares and Performance Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(f) Any grant may require that any or all dividends
or other distributions paid on the Restricted Shares during the period of such restrictions be automatically sequestered and reinvested
on an immediate or deferred basis in the form of cash or additional Shares, which may be subject to the same restrictions as the
underlying Award or such other restrictions as the Committee may determine. Any such arrangements with respect to distributions
or dividends paid on Restricted Shares that provide for a &ldquo;deferral of compensation&rdquo; within the meaning of Section
409A, shall be set forth as a separate arrangement that satisfies the requirements of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(g) Each grant shall be evidenced by an agreement
executed on behalf of the Company by any officer thereof and delivered to the Participant and containing such terms and provisions
as the Committee may determine consistent with this Plan. Unless otherwise directed by the Committee, all certificates representing
Restricted Shares, together with a stock power that shall be endorsed in blank by the Participant with respect to such Shares,
shall be held in custody by the Company until all restrictions thereon lapse.</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(h) At the end of the restricted period and provided
that any other restrictive conditions of the Restricted Shares Award are met, or at such earlier time as otherwise determined by
the Committee, all restrictions set forth in the Award Agreement relating to the Restricted Share Award or in the Plan shall lapse
as to the restricted Shares subject thereto, and a stock certificate for the appropriate number of Shares, free of the restrictions
and restricted stock legend, shall be delivered to the Participant or the Participant&rsquo;s beneficiary or estate, as the case
may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">10.&nbsp;DEFERRED SHARES.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee may authorize grants of Deferred
Shares to Participants upon such terms and conditions as the Committee may determine in accordance with the following provisions;
provided, that all such Awards that are subject to Section 409A shall satisfy the requirements of Section 409A:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) Each grant shall constitute the agreement
by the Company to issue or transfer Shares to the Participant in the future in consideration of the performance of services, subject
to the fulfillment during the Deferral Period of such conditions as the Committee may specify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) Each grant may be made without additional
consideration from the Participant or in consideration of a payment by the Participant that is less than the Fair Market Value
on the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Each grant shall provide that the Deferred
Shares covered thereby shall be subject to a Deferral Period, which shall be fixed by the Committee on the Grant Date, and any
grant or sale may provide for the earlier termination of such period in the event of a Change in Control of the Company or other
similar transaction or event; provided, that, such provision (A) may not cause Awards intended to be exempt from Section 409A to
become subject to Section 409A and (B) may not cause the Awards subject to Section 409A to violate the requirements of Section
409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) During the Deferral Period, the Participant
shall not have any right to transfer any rights under the subject Award, shall not have any rights of ownership in the Deferred
Shares and shall not have any right to vote such Shares, but the Committee may on or after the Grant Date authorize the payment
of Dividend Equivalents on such Shares in cash or additional Shares on a current, deferred or contingent basis; provided, that
the payment of Dividend Equivalents may not cause an Award that is not otherwise subject to Section 409A to become subject to 409A
and shall be set forth as a separate arrangement that satisfies the requirements of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e) Any grant or the vesting thereof may be further
conditioned upon the attainment of Performance Objectives established by the Committee in accordance with the applicable provisions
of Section 11 of this Plan regarding Performance Shares and Performance Units. Except as otherwise determined by the Committee,
all Deferred Shares and all rights of the grantee to such Deferred Shares shall terminate, without further obligation on the part
of the Company, unless the Grantee remains in continuous employment of the Company for the entire Deferral Period in relation to
which such Deferred Shares were granted and unless any other restrictive conditions relating to the Deferred Shares are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(f) Each grant shall be evidenced by an agreement
executed on behalf of the Company by any officer thereof and delivered to the Participant and containing such terms and provisions
as the Committee may determine consistent with this Plan.</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">11.&nbsp;PERFORMANCE SHARES
AND PERFORMANCE UNITS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee also may authorize grants of Performance
Shares and Performance Units, which shall become payable to the Participant upon the achievement of specified Performance Objectives,
upon such terms and conditions as the Committee may determine in accordance with the following provisions:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) Each grant shall specify the number of Performance
Shares or Performance Units to which it pertains, which may be subject to adjustment to reflect changes in compensation or other
factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) The Performance Period with respect to each
Performance Share or Performance Unit shall commence on a date specified by the Committee at the time of grant and may be subject
to earlier termination in the event of a Change in Control of the Company or other similar transaction or event; provided, that,
such provision (A) may not cause Awards intended to be exempt from Section 409A to become subject to Section 409A and (B) may not
cause the Awards subject to Section 409A to violate the requirements of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Each Award shall specify the Performance
Objectives that are to be achieved by the Participant with respect to the grant or the vesting thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d) Each grant may specify in respect of the
specified Performance Objectives a minimum acceptable level of achievement below which no payment will be made and shall set forth
a formula or other procedure for determining the amount of any payment to be made if performance is at or above such minimum acceptable
level but falls short of the maximum achievement of the specified Performance Objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e) Each grant shall specify the time and manner
of payment of Performance Shares or Performance Units that shall have been earned, and any grant may specify that any such amount
may be paid by the Company in cash, Shares or any combination thereof and may either grant to the Participant or reserve to the
Committee the right to elect among those alternatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(f) Any grant of Performance Shares or Performance
Units may specify that the amount payable, or the number of Shares issued, with respect thereto may not exceed a maximum specified
by the Committee on the Grant Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(g) Any grant of Performance Shares may provide
for the payment to the Participant of Dividend Equivalents thereon in cash or additional Shares on a current, deferred or contingent
basis; provided, that, the payment of Dividend Equivalents may not cause an Award that is not otherwise subject to Section 409A
to become subject to 409A and shall be set forth as a separate arrangement that satisfies the requirements of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(h) If provided in the terms of the grant, the
Committee may adjust Performance Objectives and the related minimum acceptable level of achievement if, in the sole judgment of
the Committee, events or transactions have occurred after the Grant Date that are unrelated to the performance of the Participant
and result in distortion of the Performance Objectives or the related minimum acceptable level of achievement; provided, that such
adjustment (A) may not cause Awards intended to be exempt from Section 409A to become subject to Section 409A and (B) may not cause
the Awards subject to Section 409A to violate the requirements of Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(i) Each grant shall be evidenced by an agreement
executed on behalf of the Company by any officer thereof and delivered to the Participant, which shall state that the Performance
Shares or</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Performance Units are subject to all of the terms and conditions
of this Plan and such other terms and provisions as the Committee may determine consistent with this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">12.&nbsp;OTHER STOCK-BASED AWARDS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Committee shall have the authority to grant
to Participants an &ldquo;Other Stock-Based Award,&rdquo; which shall consist of any right that is (a) not an Award described in
Sections 7 through 11 above and (b) an Award of Shares or an Award denominated or payable in, valued in whole or in part by reference
to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares), as deemed
by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan and any applicable Award Agreement,
the Committee shall determine the terms and conditions of any such Other Stock-Based Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">13.&nbsp;AWARDS TO NON-EMPLOYEE
DIRECTORS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The Board may grant to Non-Employee Director&rsquo;s
awards in the form of Nonqualified Stock Options, Stock Appreciation Rights, Restricted Shares, Deferred Shares and/or Other Stock
Based Awards, including unrestricted Shares. The grants may be made according to an approved formula
of the Board or made at the discretion of the Board from time to time. The Board shall determine the terms and conditions of any
such Awards, including the terms and conditions which shall apply upon a termination of the Non-Employee Director&rsquo;s service
as a member of the Board or an advisory board of a Subsidiary, and shall have full power and authority in its discretion to administer
such Awards, subject to the terms of the Plan and applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">14.&nbsp;PROVISIONS APPLICABLE TO COVERED OFFICERS AND PERFORMANCE-BASED AWARDS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Notwithstanding anything in the Plan to the contrary,
unless the Committee determines otherwise, all performance- based Awards granted hereunder shall be subject to the terms and provisions
of this Section 14:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) The Committee may grant to Covered Officers
performance-based Awards that vest or become exercisable upon the attainment of performance targets related to one or more Performance
Objectives selected by the Committee from among the list of Performance Objectives contained herein. For the purposes of this Section
14, performance goals shall be limited to one or more of the Performance Objectives or any combination thereof. Each Performance
Objective may be expressed on an absolute and/or relative basis, may be based on or otherwise employ comparisons based on internal
targets, the past performance of the Company and/or the past or current performance of other companies, and in the case of earnings-
based measures, may use or employ comparisons relating to capital, shareholders&rsquo; equity and/or Shares outstanding, or to
assets or net assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) With respect to any Covered Officer, the
maximum annual number of Shares in respect of which all performance-based Restricted Shares, Deferred Shares, Performance Shares,
Performance Units and Other Stock-Based Awards may be granted under the Plan is 50,000 and the maximum annual amount of any Award
settled in cash is $250,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) To the extent necessary to comply with Section
162(m) of the Code, with respect to Restricted Share Awards, Deferred Share Awards, Performance Share Awards, Performance Unit
Awards and Other Stock-Based Awards, no later than 90 days following the commencement of each Performance Period (or such other
time as may be required or permitted by Section 162(m) of the Code), the Committee shall, in writing, (i) select the Performance
Objective or Objectives applicable to the</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Performance Period, (ii) establish the various targets and bonus
amounts which may be earned for such Performance Period, and (iii) specify the relationship between Performance Objectives and
targets and the amounts to be earned by each Covered Officer for such Performance Period. Following the completion of each Performance
Period, the Committee shall certify in writing whether the applicable performance targets have been achieved and the amounts, if
any, payable to Covered Officers for such Performance Period. In determining the amount earned by a Covered Officer for a given
Performance Period, subject to any applicable Award Agreement, the Committee shall have the right to reduce (but not increase)
the amount payable at a given level of performance to take into account additional factors that the Committee may deem relevant
to the assessment of individual or corporate performance for the Performance Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">15.&nbsp;TRANSFERABILITY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) Except as provided in Section 15(b), no Award
granted under this Plan may be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or disposed of by a Participant
other than by will or the laws of descent and distribution, and Options and Stock Appreciation Rights shall be exercisable during
a Participant&rsquo;s lifetime only by the Participant or, in the event of the Participant&rsquo;s legal incapacity, by his guardian
or legal representative acting in a fiduciary capacity on behalf of the Participant under state law and court supervision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) The Committee may expressly provide in a
Nonqualified Stock Option agreement (or an amendment to such an agreement) that a Participant may transfer such Nonqualified Stock
Option to a spouse or lineal descendant (a &ldquo;Family Member&rdquo;), a trust for the exclusive benefit of Family Members, a
partnership or other entity in which all the beneficial owners are Family Members, or any other entity affiliated with the Participant
that may be approved by the Committee. Subsequent transfers of any such Nonqualified Stock Option shall be prohibited except in
accordance with this Section 15(b). All terms and conditions of any such Nonqualified Stock Option, including provisions relating
to the termination of the Participant&rsquo;s employment or service with the Company or a Subsidiary, shall continue to apply following
a transfer made in accordance with this Section 15(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Any Award made under this Plan may provide
that all or any part of the Shares that are (i) to be issued or transferred by the Company upon the exercise of Options or Stock
Appreciation Rights, upon the termination of the Deferral Period applicable to Deferred Shares or upon payment under any grant
of Performance Shares or Performance Units, or (ii) no longer subject to the substantial risk of forfeiture and restrictions on
transfer referred to in Section 9 of this Plan, shall be subject to further restrictions upon transfer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">16.&nbsp;FRACTIONAL SHARES.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">No fractional Shares shall be issued or delivered
pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be
paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be canceled,
terminated or otherwise eliminated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">17.&nbsp;WITHHOLDING TAXES.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Each Participant is solely responsible for the
payment of any tax liability (including any taxes, interest and penalties that may arise under Section 409A) with respect to an
Award. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with any payment
made or benefit realized by a Participant or other person under this Plan, it shall be a condition to the receipt of such payment
or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for
payment of all such taxes required to be withheld. At the</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">discretion of the Committee, such arrangements may include relinquishment
of a portion of such benefit. The Committee may provide, at its discretion, for additional cash payments to holders of Awards to
defray or offset any tax arising from the grant, vesting, exercise or payments of any Award other than ISO&rsquo;s; provided, however
that any such cash payments shall be structured either (i) to comply with Section 409A or (b) to be exempt from Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">18.&nbsp;CERTAIN TERMINATIONS OF EMPLOYMENT, HARDSHIP AND APPROVED LEAVES OF ABSENCE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Notwithstanding any other provision of this Plan
to the contrary, in the event of termination of employment by reason of death, Disability, Normal Retirement, Early Retirement
with the consent of the Company or leave of absence approved by the Company, or in the event of Hardship or other special circumstances,
of a Participant who holds an Option or Stock Appreciation Right that is not immediately and fully exercisable, any Restricted
Shares as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, any Deferred
Shares as to which the Deferral Period is not complete, any Performance Shares or Performance Units that have not been fully earned,
or any Shares that are subject to any transfer restriction pursuant to Section 15(b) or (c) of this Plan, the Committee may in
its sole discretion take any action that it deems to be equitable under the circumstances or in the best interests of the Company,
including without limitation waiving or modifying any limitation or requirement with respect to any Award under this Plan; provided
that such actions, waivers or modifications (A) may not cause Awards intended to be exempt from Section 409A to become subject
to Section 409A and (B) may not cause the Awards subject to Section 409A to violate the requirements of Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">19.&nbsp;AMENDMENTS AND OTHER
MATTERS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) The Board may amend, alter, suspend, discontinue
or terminate the Plan or any portion thereof at any time, subject to the limitations of Sections 7(b), 4, and 26(b)(iii) hereof;
provided that no such amendment, alteration, suspension, discontinuation or termination shall increase any of the limitations specified
in Sections 3 or 14(b) of this Plan, other than to reflect an adjustment made in accordance with Section 4, without the further
approval of the shareholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) Subject to the restrictions of Sections 7(b),
4, and 26(b)(iii) hereof, the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue,
cancel or terminate, any Award theretofore granted, prospectively or retroactively; provided that, except for amendments made to
comply with applicable law (including without limitation Section 409A), stock exchange rules, or accounting rules, any such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination that would adversely affect the rights of any Participant
or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the
affected Participant, holder or beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(c) Subject to the restrictions of Sections 7(b),
4, and 26(b)(iii) hereof, the Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria
included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section
4 hereof) affecting the Company, any Subsidiary or Affiliate, or the financial statements of the Company or any Subsidiary or Affiliate,
or of changes in applicable laws (including Section 409A), regulations, accounting principles, stock exchange rules, or accounting
rules, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan; provided that no such adjustment shall be authorized
to the extent that such authority would be inconsistent with a performance-based Award&rsquo;s meeting the requirements of Section
162(m) of the Code.</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(d)&nbsp;This Plan shall not confer upon any Participant
any right with respect to continuance of employment or other service with the Company or any Subsidiary and shall not interfere
in any way with any right that the Company or any Subsidiary would otherwise have to terminate any Participant&rsquo;s employment
or other service at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(e)&nbsp;To the extent that any provision of this
Plan would prevent any Option that was intended to qualify under particular provisions of the Code from so qualifying, such provision
of this Plan shall be null and void with respect to such Option, provided that such provision shall remain in effect with respect
to other Options, and there shall be no further effect on any provision of this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">20.&nbsp;GOVERNING LAW.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">The validity, construction and effect of this
Plan and any Award hereunder shall be determined in accordance with the laws (including those governing contracts) of the State
of North Carolina, without giving effect to the conflicts of law principles thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">21.&nbsp;NO RIGHTS TO AWARDS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">No Person shall have any claim to be granted
any Award, and there is no obligation for uniformity of treatment of Employees, Non-Employee Directors, or holders or beneficiaries
of Awards. The terms and conditions of Awards need not be the same with respect to each recipient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">22.&nbsp;SHARE CERTIFICATES.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">All certificates for Shares or other securities
of the Company or any Subsidiary or Affiliate delivered under the Plan pursuant to any Award or the exercise thereof shall be subject
to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations,
and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or other securities
are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such
certificates to make appropriate reference to such restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">23.&nbsp;AWARD AGREEMENTS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Each Award hereunder shall be evidenced by an
Award Agreement that shall be delivered to the Participant and shall specify the terms and conditions of the Award and any rules
applicable thereto. In the event of a conflict between the terms of the Plan and any Award Agreement, the terms of the Plan shall
prevail. The Award Agreement shall be executed or acknowledged by the Participant only if required by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">24.&nbsp;NO LIMIT ON OTHER COMPENSATION
ARRANGEMENTS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Nothing contained in the Plan shall prevent the
Company or any Subsidiary or Affiliate from adopting or continuing in effect other compensation arrangements, which may, but need
not, provide for the grant of Options, Restricted Stock, Shares and other types of Awards provided for hereunder (subject to stockholder
approval as such approval is required), and such arrangements may be either generally applicable or applicable only in specific
cases; provided that such arrangements may not cause any Awards granted hereunder to violate Section 409A or cause any Awards granted
hereunder that are exempt from Section 409A to become subject to Section 409A.</P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">25.&nbsp;SEVERABILITY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">If any provision of the Plan or any Award is,
or becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify
the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to
conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee,
materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award
and the remainder of the Plan and any such Award shall remain in full force and effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">26.&nbsp;OTHER LAWS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(a) The Committee may refuse to issue or transfer
any Shares or other consideration under an Award if, acting in its sole discretion, it determines that the issuance or transfer
of such Shares or such other consideration might violate any applicable law or regulation or entitle the Company to recover the
same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary
in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder, or beneficiary. Without
limiting the generality of the foregoing, no Award granted hereunder shall be construed as an offer to sell securities of the Company,
and no such offer shall be outstanding, unless and until the Committee in its sole discretion has determined that any such offer,
if made, would be in compliance with all applicable requirements of the U.S. federal securities laws and any other laws to which
such offer, if made, would be subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">(b) <U>Certain Limitations to Ensure Compliance
with Section 409A</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">(i) <I>In General</I>. It is the intent
of the parties that, to the extent Section 409A is applicable, this Plan and all payments made pursuant to any Award hereunder
shall be in compliance with the requirements of Section 409A. To the extent Section 409A is applicable, if any provision of this
Plan, or any Award, payment, distribution, deferral election, transaction or other action or arrangement contemplated by this Plan
shall not be in compliance with Section 409A, then such Award, payment distribution, deferral election, transaction or other action
or arrangement shall not be undertaken and, to the extent permitted by Section 409A, the Plan shall be deemed automatically amended
without further action on the part of the shareholders of the Company or the Board to the minimum extent necessary to comply with
Section 409A and will thereafter be given effect as so amended. If postponing payment of any amounts due to specified employees
(within the meaning of Section 409A) under this Plan is necessary for compliance with the requirements of Section 409A to avoid
adverse tax consequences to the Participant, then payment of such amounts shall be postponed to comply with Section 409A. Any and
all payments that are postponed under this Section 26(b)(i) shall be paid to the Participant in a lump sum at the earliest time
that does not result in adverse tax consequences to the Participant under Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">(ii) <I>409A Awards. </I>Without limiting
the generality of the Section 26(b)(i), the following rules will apply to Awards that constitute a &ldquo;nonqualified deferred
compensation plan&rdquo; within the meaning of Section 409A (a &ldquo;409A Award&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 36pt">(1) <I>Elections</I>. If a Participant
is permitted to elect to defer an Award or any payment under an Award, such election will be permitted only at times in compliance
with Section 409A (including transition rules thereunder).</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 36pt">(2) <I>Exercise and Distribution</I>.
Except as provided in Section 26(b)(ii)(3) hereof, no 409A Award shall be exercisable (if the exercise would result in a distribution)
or otherwise distributable to a Participant (or his or her beneficiary) except upon the occurrence of one of the following (or
a date related to the occurrence of one of the following), which must be specified in a written document governing such 409A Award
and otherwise meet the requirements of Treasury Regulation Section 1.409A-3:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">a. A specified time or a fixed schedule;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">b. The Participant&rsquo;s separation
from service (within the meaning of Treasury Regulation Section 1.409A-1(h) and other applicable rules under Section 409A), subject
to any postponement of such payment that may be required by Section 26(b)(i) above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">c. The death of the Participant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">d. The date the Participant has experienced
a Disability; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">e. The occurrence of a Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 108pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 72pt; text-indent: 36pt">(3) <I>No Acceleration</I>. The exercise
or distribution of a 409A Award may not be accelerated prior to the time specified in accordance with Section 26(b)(ii)(2) hereof,
except to the extent otherwise permitted by Section 409A including Treasury Regulation Section 1.409A-3(j).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">(iii) <I>Limitation on Adjustments</I>.
Any amendment, modification, substitution, termination, or liquidation of, or addition, waiver, cancellation, acceleration, extension,
or deferral of any conditions or rights under, this Plan or any Award (A) must not cause Awards intended to be exempt from Section
409A to become subject to Section 409A and (B) must not cause the Awards subject to Section 409A to violate the requirements of
Section 409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: 36pt">(iv) <I>Scope and Application. </I>For
purposes of this Agreement, references to a provision, plan, or event &ldquo;satisfying&rdquo; the requirements of Section 409A
or being in &ldquo;compliance&rdquo; with the requirements of Section 409A shall mean that such provision, plan or event will not
cause adverse tax consequences to the Participant under Section 409A. For purposes of this Agreement, reverences to a provision,
plan, or event that &ldquo;fails to comply&rdquo; with Section 409A or that &ldquo;violates&rdquo; Section 409A shall mean that
such provision, plan, or event will cause adverse tax consequences to the Participant under Section 409A. Grants of Options, and
Stock Appreciation Rights under this Agreement are intended to be exempt from Section 409A unless otherwise expressly specified
by the Committee. The rules applicable to 409A Awards under this Section 26(b) constitute further restrictions on terms of Awards
set forth elsewhere in this Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">27.&nbsp;NO TRUST OR FUND CREATED.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Neither the Plan nor any Award shall create or
be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Subsidiary or
Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company
or any Subsidiary or Affiliate pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor
of the Company or any Subsidiary or Affiliate.</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">28.&nbsp;HEADINGS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">Headings are given to the Sections and subsections
of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant
to the construction or interpretation of the Plan or any provision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">29.&nbsp;EFFECTIVE DATE AND
SHAREHOLDER APPROVAL.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">This Plan shall become effective upon its approval
by the Board subject to approval by the shareholders of the Company at the next Annual Meeting of Shareholders. The Committee may
grant Awards subject to the condition that this Plan shall have been approved by the shareholders of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">30.&nbsp;TERMINATION.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 36pt">This Plan shall terminate ten years from the
date on which this Plan was first approved by the Board, and no Award shall be granted after that date. Unless otherwise expressly
provided in the Plan or in an applicable Award Agreement, any Award granted hereunder may, and the authority of the Committee to
amend, alter, adjust, suspend, discontinue or terminate any such Award or to waive any conditions or rights under any such Award
shall, continue after the authority for grant of new Awards hereunder has been exhausted.</P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
