<SEC-DOCUMENT>0001171200-17-000079.txt : 20170227
<SEC-HEADER>0001171200-17-000079.hdr.sgml : 20170227
<ACCEPTANCE-DATETIME>20170227104543
ACCESSION NUMBER:		0001171200-17-000079
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170221
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170227
DATE AS OF CHANGE:		20170227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAPITAL CITY BANK GROUP INC
		CENTRAL INDEX KEY:			0000726601
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				592273542
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13358
		FILM NUMBER:		17640032

	BUSINESS ADDRESS:	
		STREET 1:		217 N MONROE ST
		CITY:			TALLAHASSEE
		STATE:			FL
		ZIP:			32301
		BUSINESS PHONE:		8506710300

	MAIL ADDRESS:	
		STREET 1:		PO BOX 11248
		CITY:			TALLAHASSEE
		STATE:			FL
		ZIP:			32302-3248
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>i17083_ccbg-8k.htm
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, DC 20549</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">____________________</P>

<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">FORM 8-K</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Pursuant to Section 13 or 15(d) of the</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: center">Date of Report (Date of earliest
event reported): <FONT STYLE="font-weight: normal"><U>February 21, 2017</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>CAPITAL CITY BANK GROUP, INC.</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Exact name of registrant as specified
in its charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Florida</P></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">0-13358</P></TD>
    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">59-2273542</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State of Incorporation)</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center; border-bottom: Black 0.5pt solid">217
        North Monroe Street, Tallahassee, Florida</P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center; border-bottom: Black 0.5pt solid">32301</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <U>(850) 402-7821</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</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 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&#9744;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&#9744;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&#9744;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&#9744;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">CAPITAL CITY BANK GROUP, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 8-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">CURRENT REPORT</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>Item 5.02</B></TD><TD STYLE="text-align: left"><B>Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left; text-indent: 0.25in"><B>(e) </B>On
February 21, 2017, the Compensation Committee of the Board of Directors of Capital City Bank Group, Inc. (the &ldquo;<U>Company</U>&rdquo;)
approved a long-term incentive plan for J. Kimbrough Davis, the Company&rsquo;s Chief Financial Officer, pursuant to which he will
be eligible to receive cash and performance share awards under the 2011 Associate Incentive Plan. The terms of the long-term incentive
plan are set forth in a Participant Agreement, dated as of February 21, 2017, by and between Mr. Davis and the Company (the &ldquo;<U>Participant
Agreement</U>&rdquo;), a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left">This plan is designed to more closely
correlate Mr. Davis&rsquo;s compensation with the long-term growth of the Company. Pursuant to this three-year plan, which is anticipated
to be adopted each year to allow for the annual adoption of rolling three-year performance goals, the Company agreed to award performance
shares and cash with an economic value equivalent ranging from $0 to $200,000 after the conclusion of the three-year performance
period based on the achievement of certain performance metrics. For the 2017 plan (with a possible payout in 2020 based on 2017-2019
performance), there is a target award of $100,000 based on achieving a goal of a 10% three-year compound annual growth rate (&ldquo;<U>CAGR</U>&rdquo;)
in diluted earnings per share using $0.69 as the base amount (2016 diluted earnings per share). A maximum award of $200,000 would
be earned if the CAGR for diluted earnings per share equaled or exceeded 12.5%, the maximum performance level. No award will be
earned if the CAGR for diluted earnings per share is less than or equal to 7.5%. The amount of actual award will be prorated accordingly
between the maximum and minimum award amounts based on the performance level achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left">The Participant Agreement also provides
for a &ldquo;phase-in&rdquo; period where the Company has established goals to allow for possible payouts in each of the next two
years (2018 and 2019) while the three-year plan is phased-in. The 2016 diluted earnings per share of $0.69 per share serves as
the base amount to calculate the one- and two-year CAGR for diluted earnings per share for 2017 and 2018, respectively, which will
determine the amount of the award to be paid-out, if any. The 2017 &ldquo;phase-in&rdquo; plan provides for a target award of $33,333
(payable in 2018) based on the Company achieving diluted earnings per share of $0.76 per share in 2017. In 2018, the second year
of the phase-in period, the target goal is achievement of diluted earnings per share of $0.83 per share in 2018 with a target award
of $66,666 (payable in 2019). The Participant Agreement provides for a maximum award equal to 200% of the target award for each
year if the Company achieves a 12.5% CAGR for diluted earnings per share. No award will be earned if the CAGR for diluted earnings
per share is less than or equal to 7.5%. In no event will an award be earned in any year when the Company incurs a net loss.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: left">The foregoing summary of the Participant
Agreement is not complete and is qualified in its entirety by reference of the full text of the Participant Agreement, which is
incorporated into this Item 5.02(e) by reference to Exhibit 10.1 to this Current Report on Form 8-K.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 9.01</B></TD><TD STYLE="text-align: left"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(d) Exhibits</I></B></P>

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

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<TR>
    <TD NOWRAP STYLE="width: 5%; text-align: justify"><U>Exhibit No.</U>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 94%; text-align: justify"><U>Exhibit</U></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Participant Agreement, dated February 21, 2017, by and between J. Kimbrough Davis and Capital City Bank Group, Inc.</TD></TR>
</TABLE>

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

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

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

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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>CAPITAL CITY BANK GROUP, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date:&nbsp;&nbsp;<U>February 27, 2017</U></TD>
    <TD NOWRAP STYLE="width: 3%">By:&nbsp;&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid">/s/ J. Kimbrough Davis</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>J. Kimbrough Davis,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Executive Vice President</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>and Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 3.75in"></P>

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<TR>
    <TD NOWRAP STYLE="width: 5%; text-align: justify"><U>Exhibit No.</U>&nbsp;&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width:94%; text-align: justify"><U>Exhibit</U></TD></TR>
<TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Participant Agreement, dated February 21, 2017, by and between J. Kimbrough Davis and Capital City Bank Group, Inc.</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"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>PARTICIPANT AGREEMENT</U></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 0 10pt; text-align: center">J. Kimbrough Davis, Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Participant Agreement
(the &ldquo;Agreement&rdquo;) is made as of the 21st day of February, 2017, between Capital City Bank Group, Inc., a Florida corporation
(the &ldquo;Company&rdquo;), and J. Kimbrough Davis (&ldquo;Participant&rdquo;). Capitalized terms used and not otherwise defined
herein shall have the meanings attributed thereto in the Capital City Bank Group, Inc. 2011 Associate Incentive Plan (the &ldquo;Plan&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Participant
is a key officer or associate of the Company or one of its subsidiaries who has been selected to receive an Award of Performance
Share Units under the Plan by the Compensation Committee of the Company&rsquo;s Board of Directors (the &ldquo;Committee&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. <U>Grant</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Performance
Share Units</U>. Upon the execution of this Agreement, the Committee hereby grants the Participant an Award of up to 14,436 Performance
Share Units, to be payable in three installments, upon the attainment of the performance goals set forth in Exhibit A and subject
to the terms and conditions of this Agreement and the Plan. Upon issuance, the Performance Share Units shall be immediately converted
to shares (the &ldquo;Shares&rdquo;) of Common Stock of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Cash.</U> Upon the execution of this Agreement, the Committee hereby grants the Participant a Cash Award of up to $100,000, to be payable
in three installments, upon the attainment of the performance goals set forth in Exhibit A and subject to the terms and conditions
of this Agreement and the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">2. <U>Earnings
Goals</U>. The Performance Share Units are hereby awarded on the basis, and Shares shall be issued at the time of achievement,
of the earnings goals for such Performance Share Units set forth on Exhibit A (&ldquo;Earnings Goals&rdquo;). The Shares shall
not be issued, and Participant shall lose all rights to same, if (i) the Earnings Goals set forth on Exhibit A and applicable to
those issuances are not met, (ii) the Company reports negative earnings for the calendar year (no Performance Share Units shall
be issued for that calendar year and all rights to same shall be forfeited), or (iii) prior to the award date, Participant ceases
to be employed by the Company or any subsidiary for any reason, including death, disability or voluntary or involuntary termination,
with or without cause, or is employed in a capacity of lesser responsibility within the Company or Subsidiary from that now occupied
by Participant. The failure to meet an Earnings Goal in one calendar year will not affect the prior issuance of Shares pursuant
to a previously satisfied Earnings Goal.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">3. <U>Representations
and Warranties of the Participant</U>. The Participant represents, warrants and covenants that:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a) <U>Knowledge
and Experience</U>. The Participant has such knowledge and experience in financial and business matters that he or she, together
with his or her professional advisor, if any, is capable of evaluating the merits and risks of receipt of the Shares. The Participant
has had access to such information concerning the Company, including its current financial statements, as the Participant deems
necessary to enable him or her to make an informed decision concerning receipt of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) <U>Withholding
Taxes</U>. The Participant acknowledges and agrees that the Company may withhold from the Participant&rsquo;s cash compensation
(whether paid in the form of salary, bonus or other type of cash payment) an amount calculated on the taxable income recognized
by the Participant with respect to all compensation paid hereunder, calculated at the maximum withholding rate permitted for the
Company under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). The date of such taxable income recognition,
and the Company&rsquo;s corresponding right to withhold from Participant&rsquo;s cash compensation shall occur on the first date
the Participant has the right to receive the Shares, whether or not the Participant exercises that right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">4. <U>No
Change in Employment Status</U>. Nothing in the Agreement shall alter, in any way, Participant&rsquo;s employment status with the
Company, nor shall anything in this Agreement confer upon the Participant any right to continue in the employ of the Company or
any of its subsidiaries or interfere in any way with the rights of the Company to change or terminate the employment of the Participant.
Designation as a Participant pursuant to this Agreement will not confer any right on the Participant to be designated as a Participant
in the future. This paragraph shall not change the terms and conditions of any employment agreement in effect between the Participant
and the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">5. <U>Interpretation</U>.
The Committee interpretation of this Agreement, the Plan and all other decisions and determinations by the Committee shall be final
and binding upon the parties hereto. The Committee may amend any provision of this Agreement at any time; provided that, except
with the consent of the Participant, no amendment of this Agreement will impair the rights of the Participant to the Shares. <FONT STYLE="background-color: white">The
Committee shall have the full and exclusive right to make reductions in Awards under the Agreement. In determining whether to reduce
any Award and the amount of any such reduction, the Committee shall take into consideration such factors as the Committee shall
determine reasonable under the circumstances, in its sole and absolute discretion. The discretion of the Committee does not include
the authority to change, in any way, the payment date, the issuance date or the timing of a benefit hereunder, whether acceleration
or deferral. The Committee does not have the authority to increase any Award and, if an Award is reduced by the Committee for any
reason, the reduction shall be permanently reduced. Notwithstanding any provision of this Agreement to the contrary, the intent
of the parties is that benefits under this Agreement comply with Internal Revenue Code Section 409A (&ldquo;Section 409A&rdquo;),
as may be amended from time to time, to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement
shall be interpreted and administered to be in compliance therewith. To the extent any amount accrued or payable under this Agreement
is or becomes subject to Section 409A, this Agreement shall be interpreted and construed in a manner consistent with Section 409A.</FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">6. <U>Company
Rights</U>. This Agreement shall not in any way affect the right of the Company to make changes of its capital structure or to
merge or consolidate or to dissolve, liquidate or sell all or any part of its business or its assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">7. <U>Plan</U>.
The terms and provisions of the Plan are incorporated herein by reference, and Participant agrees to be bound by all such terms
and provisions. In the event of a conflict or inconsistency between any terms and conditions of this Agreement and the Plan, the
Plan shall govern and control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">8. <U>Miscellaneous</U>.
This Agreement and the Plan represent the entire understanding and agreement between the parties with respect to the subject matter
of this Agreement, and supersedes all other negotiations, understandings and representations (if any) made by and between the parties.
All of the terms and provisions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties
and their respective heirs, legal representatives, successors and permitted assigns, whether so expressed or not. No party shall
assign its rights or obligations under this Agreement without the prior written consent of each other party to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in">The headings contained
in this Agreement are for convenience of reference only, and shall not limit or otherwise affect in any way the meaning or interpretation
of this Agreement. If any part of this Agreement or any other agreement entered into pursuant to this Agreement is contrary to,
prohibited by or deemed invalid under applicable law or regulation, such provision shall be inapplicable and deemed omitted to
the extent so contrary, prohibited or invalid, but the remainder of this Agreement shall not be invalidated thereby and shall be
given full force and effect so far as possible. All covenants, agreements, representations and warranties made in this Agreement
or otherwise made in writing by any party pursuant to this Agreement shall survive the execution and delivery of this Agreement
and the consummation of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in">The parties acknowledge
that a substantial portion of the negotiations and anticipated performance of this Agreement occurred or shall occur in Leon County,
Florida. Any civil action or legal proceeding arising out of or relating to this Agreement shall be brought in the courts of record
of the State of Florida in Leon County or the United States District Court, Northern District of Florida. Each party consents to
the jurisdiction of this court in any civil action or legal proceeding and waives any objection to the laying of venue of any civil
action or legal proceeding in court. Service of any court paper may be effected on a party by mail, as provided in this Agreement,
or in any other manner as may be provided under applicable laws, rules of procedure or local rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 1in">This Agreement and
all transactions contemplated by this Agreement shall be governed by, and construed and enforced in accordance with, the internal
laws of the State of Florida without regard to principles of conflicts of laws. If any legal action or other proceeding is brought
for the enforcement of this Agreement, or because of an alleged dispute, breach, default, or misrepresentation in connection with
any provision of this Agreement, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys&rsquo;
fees, sales and use taxes, court costs, and all other expenses even if not taxable as court costs. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; text-indent: 0in"><B>[SIGNATURE PAGE
FOLLOWS]</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties have caused this Participant Agreement to be signed as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>Witnesses</B>:</TD>
    <TD COLSPAN="3"><B>CAPITAL CITY BANK GROUP, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Cader B. Cox, III</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Cader B. Cox, III</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chairman, Compensation Committee</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ J. Kimbrough Davis</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>J. Kimbrough Davis</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EARNINGS GOALS</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of Exhibit A is to set forth the
Earnings Goals and to advise the Participant as to the potential number of Performance Share Units which may be earned under the
Plan if the Earnings Goals are achieved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Performance Share Units</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Performance Share Units may be earned for achieving
Compound Annual Growth Rate (&ldquo;CAGR&rdquo;) in Diluted Earnings per Share (&ldquo;DEPS&rdquo;). The level of economic value
of eligible Performance Share Units ranges from zero to a maximum of $300,000 (at the date of grant). The Participant is eligible
to receive up to 14,436 Performance Share Units if the established Earnings Goals are achieved. If the CAGR is greater than 7.5%
and less than or equal to 12.5%, then the economic value of the award will be awarded on a pro-rata basis. Payment in year one
(2017) will be based on one year growth in EPS; payment in year two (2018) will be based on two years compounded growth in EPS;
and payment in year three (2018) will be based on three years compounded growth in EPS.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2017Plan</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CAGR</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($0.69 in 2016)</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Economic<BR>
        Value of</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B># of Shares</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;@</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$20.00</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Award</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.74</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.5%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.76</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$25,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,203</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$8,333</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$33,333</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.78</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.5%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,406</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16,666</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$66,666</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2018Plan</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CAGR</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($0.69 in 2016)</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Economic<BR>
        Value of</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B># of Shares</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;@</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$20.00</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Award</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.80</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.5%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.83</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,406</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$16,666 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$66,666</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.87</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.5%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$100,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,812</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$33,333 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$133,333</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD NOWRAP STYLE="border: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2019Plan</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>EPS</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CAGR</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>($0.69 in 2016)</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Economic<BR>
        Value of</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B># of Shares</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;@</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$20.00</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash</B></FONT></TD>
    <TD STYLE="border-top: Black 1.5pt solid; border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Award</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.86</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.5%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.92</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$75,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,609</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$25,000 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$100,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$0.98</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.5%</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$150,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,218</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$50,000 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$200,000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares convertible from Performance Share Units
will be issued in the calendar quarter following the calendar year in which the Performance Share Units were earned. The value
of the Shares issued is treated as compensation and creates an additional tax liability for the Participant as of the first date
the Participant has the right to receive the Shares, whether or not the Participant exercises that right.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Cash may be earned for achieving Compound Annual Growth
Rate (&ldquo;CAGR&rdquo;) in Diluted Earnings per Share (&ldquo;DEPS&rdquo;) in a range from zero to a maximum of $100,000. If
the CAGR is greater than 7.5% and less than or equal to 12.5%, then the cash value portion of the award will be awarded on a pro-rata
basis. <FONT STYLE="font-family: Times New Roman, Times, Serif">Payment in year one (2017) will be based on one year growth in
EPS; payment in year two (2018) will be based on two years compounded growth in EPS; and payment in year three (2019) will be based
on three years compounded growth in EPS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Due to the complexities of the tax laws and
circumstances which may affect individual participants, the Participant is encouraged to consult with the Participant&rsquo;s tax
advisor concerning any possible tax consequences of this transaction.</P>

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

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

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

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