<SEC-DOCUMENT>0001626129-16-000521.txt : 20160412
<SEC-HEADER>0001626129-16-000521.hdr.sgml : 20160412
<ACCEPTANCE-DATETIME>20160412140829
ACCESSION NUMBER:		0001626129-16-000521
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160518
FILED AS OF DATE:		20160412
DATE AS OF CHANGE:		20160412
EFFECTIVENESS DATE:		20160412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS TITLE CO
		CENTRAL INDEX KEY:			0000720858
		STANDARD INDUSTRIAL CLASSIFICATION:	TITLE INSURANCE [6361]
		IRS NUMBER:				561110199
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		161566905

	BUSINESS ADDRESS:	
		STREET 1:		121 N COLUMBIA ST
		STREET 2:		P O DRAWER 2687
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
		BUSINESS PHONE:		9199682200

	MAIL ADDRESS:	
		STREET 1:		121 NORTH COLUMBIA STREET
		CITY:			CHAPEL HILL
		STATE:			NC
		ZIP:			27514
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>itic-def14a_051816.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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<P STYLE="margin: 0"></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt">Schedule 14A</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Rule 14a-101)</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A INFORMATION</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a) of
the&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities and Exchange Act of 1934 (Amendment
No.)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant &#9746;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Field by a Party other than the Registrant
&nbsp;&#9744;&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="background-color: white">
    <TD STYLE="width: 3%"><font style="font: 10pt Times New Roman, Times, Serif">&#9744;</font></td>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 38%"><font style="font: 10pt Times New Roman, Times, Serif">Preliminary Proxy Statement</font></td>
    <TD STYLE="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">&#9744;&nbsp;</font></td>
    <TD STYLE="width: 48%"><font style="font: 10pt Times New Roman, Times, Serif">Soliciting Material Under Rule 14a-12</font></td></tr>
<tr style="background-color: white">
    <TD><font style="font: 10pt Times New Roman, Times, Serif">&#9744;&nbsp;</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Confidential, For the Use of the</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="background-color: white">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Commission Only (as permitted</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="background-color: white">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">By Rule 14a-6(e)(2))</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="background-color: white">
    <TD><font style="font: 10pt Times New Roman, Times, Serif">&#9746;</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Definitive Proxy Statement</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="background-color: white">
    <TD><font style="font: 10pt Times New Roman, Times, Serif">&#9744;</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Definitive Additional Materials</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt">Investors Title
Company</FONT></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0">(Name of Registrant as
Specified In Its Charter)</P>

<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">&nbsp;</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"></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement,
if Other Than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Payment of Filing Fee (Check the appropriate box):&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No Fee Required</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744; </FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">Title of each&nbsp;class of securities to which transaction
        applies:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">_______________________________________________________</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify">Aggregate number of securities
        to which transaction applies:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">_______________________________________________________</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify">Per unit price or other underlying
        value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify">the amount on which the filing
        fee is calculated and state how it was determined):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">_______________________________________________________</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify">Proposed maximum aggregate value
        of transaction:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">_______________________________________________________</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify">Total fee paid:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">_______________________________________________________</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">Fee paid previously with preliminary materials:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">____________________________________________________________</P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount previously paid:</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filing Party:</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date Filed:</FONT></TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="itcdefa14a001.jpg" ALT="(INVESTORS TITLE LOGO)">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">121 North Columbia
Street, Chapel Hill, North Carolina 27514<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">(919) 968-2200</FONT></P>

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



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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></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">April 13, 2016</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You are cordially invited to attend the Annual
Meeting of Shareholders of Investors Title Company to be held at The Siena Hotel, 1505 East Franklin Street, Chapel Hill, North
Carolina on Wednesday, May 18, 2016 at 11:00 a.m. EDT.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Annual Meeting will begin with a review
of the activities of the Company for the past year and a report on current operations during the first quarter of 2016, followed
by discussion and voting on the matters set forth in the accompanying Notice of Annual Meeting and Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Whether or not you plan to attend the meeting,
I urge you to review the Proxy Statement and vote as soon as possible to ensure that your shares are represented at the meeting.
The Proxy Statement explains more about proxy voting, so please read it carefully.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cordially,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;<IMG SRC="itcdefa14a002.jpg" ALT="-S- J.ALLEN FINE"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">J. Allen Fine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</FONT></TD></TR>
</TABLE>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 14pt"><IMG SRC="itcdefa14a001.jpg" ALT="(INVESTORS TITLE LOGO)">&nbsp;</FONT></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"><FONT STYLE="font-size: 14pt">121 North Columbia
Street, Chapel Hill, North Carolina 27514<B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 14pt">(919) 968-2200</FONT></P>

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>NOTICE OF
ANNUAL MEETING OF SHAREHOLDERS&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>TO BE HELD
ON MAY 18, 2016</B></FONT></P>

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<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"></P>

<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-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Annual Meeting of Shareholders of Investors
Title Company will be held at The Siena Hotel, 1505 East Franklin Street, Chapel Hill, North Carolina, on Wednesday, May 18, 2016
at 11:00 a.m. EDT, for the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&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: 0in; padding-left: 0.5in"></TD><TD STYLE="width: 3%; text-align: left">(1)</TD><TD STYLE="text-align: justify; width: 97%">To elect the three directors nominated by the Board of
Directors for three-year terms or until &#9;their successors are elected and qualified;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -30pt">&nbsp;&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: 0in; padding-left: 0.5in"></TD><TD STYLE="width: 3%; text-align: left">(2)</TD><TD STYLE="text-align: justify; width: 97%">To hold an advisory vote to approve executive officer
compensation;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25in">&nbsp;&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: 0in; padding-left: 0.5in"></TD><TD STYLE="width: 3%; text-align: left">(3)</TD><TD STYLE="text-align: justify; width: 97%">To ratify the appointment of Dixon Hughes Goodman LLP
as the Company&rsquo;s independent &#9;registered public accounting firm for 2016; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.25in">&nbsp;&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 STYLE="width: 0in; padding-left: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(4)</TD><TD STYLE="text-align: justify">To consider any other business that may properly come
before the meeting.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders of record of Common Stock of the
Company at the close of business on April 1, 2016 are entitled to notice of and to vote at the meeting and any adjournments or
postponements thereof.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By Order of the Board of Directors:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;<IMG SRC="itcdefa14a003.jpg" ALT="-S- W.MORRIS FINE"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">W. Morris Fine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 13, 2016</FONT></TD></TR>
</TABLE>


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

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

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

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>



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

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

<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: left"><B>IMPORTANT &ndash; Please vote by Internet or mail as soon as
possible so your shares will be voted promptly, even if you plan to attend the meeting in person. Additional information about
voting is included in the accompanying Proxy Statement and on your proxy card.</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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">
    <TD STYLE="width: 89%; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TABLE OF CONTENTS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-left: 0.5in; text-align: center; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>GENERAL INFORMATION</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Solicitation by the Board of Directors</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Annual Report to Shareholders</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Submitting and Revoking a Proxy</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Voting Securities</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on May 18, 2016</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section 16(a) Beneficial Ownership Reporting Compliance</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">General Information</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CORPORATE GOVERNANCE</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Code of Business Conduct and Ethics</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa011"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shareholder Communications with Directors</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa012"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Independent Directors</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa013"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Sessions</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa014"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Compensation Committee Interlocks and Insider Participation</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa015"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Board of Directors and Committees</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa016"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Board Leadership Structure</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa017"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Board&rsquo;s Role in Risk Oversight</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa018"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COMPENSATION OF DIRECTORS</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa019"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa020"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PROPOSALS REQUIRING YOUR VOTE</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa021"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal 1 - Election of Directors</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 51.85pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa022"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information Regarding Nominees for Election as Directors</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 51.85pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa023"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Information Regarding Directors Continuing in Office</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa024"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal 2 - Advisory Vote to Approve Executive Compensation</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa025"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposal 3 - Ratification of Appointment of Independent Registered Public Accounting Firm</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 51.85pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa026"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit and Non-Audit Fees</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 51.85pt; text-indent: -8.65pt"><A HREF="#itcdefa14aa027"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit and Non-Audit Services Pre-Approval Policy</FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 2pt; padding-left: 51.85pt; text-indent: -8.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa028"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>AUDIT COMMITTEE REPORT</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa029"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>COMPENSATION COMMITTEE REPORT</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa030"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXECUTIVE COMPENSATION</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa031"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.5in"><A HREF="#itcdefa14aa032"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SHAREHOLDER PROPOSALS FOR 2017 ANNUAL MEETING</B></FONT></A></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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

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



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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"></P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>To Be Held on May 18, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt">&nbsp;</P>

<HR NOSHADE SIZE="1" STYLE="color: Black; width: 100%; margin-top: 0; margin-bottom: 0">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Proxy Statement is furnished in connection
with the solicitation by the Board of Directors of Investors Title Company (the &ldquo;Company&rdquo;) of proxies to be voted at
the Annual Meeting of Shareholders to be held at The Siena Hotel, 1505 East Franklin Street, Chapel Hill, North Carolina, on May
18, 2016 at 11:00 a.m. EDT, and at all adjournments or postponements thereof. Shareholders of record at the close of business on
April 1, 2016 are entitled to notice of and to vote at the meeting and any adjournments or postponements thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="itcdefa14aa001"></A>GENERAL INFORMATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="itcdefa14aa002"></A>Proxy Solicitation by the Board of Directors</B>.
The solicitation of proxies is made on behalf of the Company&rsquo;s Board of Directors and will be made either by mail or, as
described below, by electronic delivery. The cost of solicitation of proxies will be borne by the Company. Copies of proxy materials
and the Company&rsquo;s 2015 Annual Report will be provided to brokers, dealers, banks and voting trustees or their nominees for
the purpose of soliciting proxies from the beneficial owners, and the Company will reimburse these record holders for their out-of-pocket
expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="itcdefa14aa003"></A>Annual Report to Shareholders</B>. A copy
of the Company&rsquo;s 2015 Annual Report including financial statements and the independent registered public accounting firms&rsquo;
opinions, along with the Notice of Annual Meeting, Proxy Statement and proxy card, are being first mailed to the Company&rsquo;s
shareholders on or about April 13, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="itcdefa14aa004"></A>Submitting and Revoking a Proxy</B>. If you
complete and submit your proxy, whether by mail or by Internet voting, the persons named as proxy holders will vote the shares
represented by your proxy in accordance with your instructions. If you are a shareholder of record and submit a proxy but do not
fill out the voting instructions, the persons named as proxy holders will vote your shares in the manner recommended by the Board
of Directors on all matters presented in this proxy statement. In addition, if other matters are properly presented for voting
at the meeting, the persons named as proxies will vote on such matters in accordance with their best judgment. The Company has
not received notice of other matters that may be properly presented for voting at the meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To ensure that your vote is recorded properly, please vote your
shares as soon as possible, even if you plan to attend the meeting in person. &#9;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">You may vote your shares by any of the following
methods:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 89%"><I>By &#9;Internet.</I> You may vote by proxy via the Internet by following the instructions on the proxy card provided.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 89%"><I>By mail. </I>You may vote by proxy by signing and returning the proxy card provided.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%">&nbsp;</TD>
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="width: 89%"><I>In person. </I>Stockholders of record and beneficial stockholders with shares held in street name may vote in person at
the meeting. If you hold shares in street name, you must also obtain a legal proxy from your broker to vote in person at the meeting.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If you vote by Internet, please have your proxy card available.
The control number appearing on your card is necessary to process your vote. An Internet vote authorizes the named proxy holders
in the same manner as if</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">you marked, signed and returned a proxy card by mail. Each proxy executed and returned by a shareholder
may be revoked at any time thereafter except as to any matter or matters upon which, prior to such revocation, a vote shall have
been cast pursuant to the authority conferred by such proxy. Shareholders with shares registered directly in their names may revoke
their proxy by (1) sending written notice of revocation to the Corporate Secretary, P.O. Box 2687, Chapel Hill, North Carolina
27515-2687, (2) submitting a subsequent proxy or (3) voting in person at the meeting. If you plan to attend the meeting and you
require directions, please call the Company at (919) 968-2200. Attendance at the meeting will not by itself revoke a proxy. A shareholder
wishing to change his or her vote who holds shares through a bank, brokerage firm or other nominee must contact the record holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="itcdefa14aa005"></A>Voting Securities</B>. On April 1, 2016,
the Company had a total of 2,223,967 shares of Common Stock outstanding, its only class of issued and outstanding capital stock.
Of these shares, 1,932,291 shares are entitled to one vote per share and 291,676 shares are held by a subsidiary of the Company
and, pursuant to North Carolina law, are not entitled to vote. A majority of the shares entitled to vote at the meeting, represented
at the meeting in person or by proxy, will constitute a quorum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><A NAME="itcdefa14aa006"></A><B>Important
Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Shareholders to be Held on May 18,
2016</B>. The Notice of Annual Meeting and Proxy Statement and the Company&rsquo;s 2015 Annual Report (the
&ldquo;Proxy Materials&rdquo;) are available on the Company&rsquo;s website at
http://www.invtitle.com/investors-proxy-materials and www.proxyvote.com. Shareholders that have arranged through their broker
to receive the Proxy Materials electronically may also receive them online. Shareholders that hold their shares in a
brokerage account may have the opportunity to receive future Proxy Materials electronically. Please contact your broker for
information regarding the availability of this service.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="itcdefa14aa007"></A>Section 16(a) Beneficial Ownership Reporting
Compliance</B>. Section 16(a) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), requires directors,
executive officers and all persons who beneficially own more than 10% of the Company&rsquo;s securities to file reports with the
Securities and Exchange Commission (the &ldquo;SEC&rdquo;) with respect to beneficial ownership of the Company&rsquo;s securities.
Based solely upon a review of copies of the filings that the Company received with respect to the fiscal year ended December 31,
2015, or written representations from certain reporting persons, the Company believes that all reporting persons filed all reports
required by Section 16(a) in a timely manner during fiscal 2015.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><A NAME="itcdefa14aa008"></A>General Information</B>. A copy of the Company&rsquo;s
Annual Report on Form 10-K for the fiscal year ended December 31, 2015 as filed with the SEC, including copies of the exhibits
to the Form 10-K, can be obtained without charge by contacting Investor Relations at investorrelations@invtitle.com or P.O. Box
2687, Chapel Hill, North Carolina 27515-2687.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="itcdefa14aa009"></A>CORPORATE GOVERNANCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa010"></A>Code of Business Conduct and Ethics </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company has a Code of Business Conduct and
Ethics that is applicable to all of the Company&rsquo;s employees, officers and directors, including its Chief Executive Officer,
Chief Financial Officer and Chief Accounting Officer. This Code addresses a variety of issues, including conflicts of interest,
the protection of confidential information, insider trading, and employment practices. It also requires strict compliance with
all laws, rules and regulations governing the conduct of the Company&rsquo;s business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Code of Business Conduct and Ethics is
posted in the Corporate Governance area of the Investor Relations section of the Company&rsquo;s website at www.invtitle.com.
The Company intends to disclose future substantive amendments to or waivers from the Code of Business Conduct and Ethics on its
website within two business days after such amendment or waiver.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa011"></A>Shareholder Communications with Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Shareholders can communicate with members of
the Company&rsquo;s Board of Directors in one of two ways. Shareholders may mail correspondence to the attention of the Corporate
Secretary, P.O. Box 2687, Chapel Hill, North Carolina 27515-2687. Any correspondence sent via mail should clearly indicate that
it is a communication intended for the Board of Directors. Shareholders may also use electronic mail to contact the Board of Directors
at boardofdirectors@invtitle.com. The Corporate Secretary regularly monitors this email account. Any communication that is intended
for a particular Board member or committee should clearly state the intended recipient.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Corporate Secretary will review all communications
sent to the Board of Directors via mail and email and will forward all communications concerning Company or Board matters to the
Board members within five business days of receipt. If a communication is directed to a particular Board member or committee, it
will be passed on only to that member or the members of that committee. Otherwise, relevant communications will be forwarded to
all Board members.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa012"></A>Independent Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors has determined that
the following directors and nominees for director are independent directors within the meaning of the applicable listing standards
of The NASDAQ Stock Market LLC (&ldquo;NASDAQ&rdquo;) and the Company&rsquo;s Board of Directors Independence Standards: David
L. Francis, Richard M. Hutson II, R. Horace Johnson, H. Joe King, Jr., James R. Morton, and James H. Speed, Jr. The Board of Directors
Independence Standards can be found on the Company&rsquo;s website at www.invtitle.com/investors-independence-standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa013"></A>Executive Sessions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Executive sessions that include only the independent
members of the Board of Directors are held periodically.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa014"></A>Compensation Committee Interlocks and Insider Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Richard M. Hutson II, James R. Morton and James
H. Speed, Jr. served on the Compensation Committee in the fiscal year ended December 31, 2015. None of the directors who served
on the Compensation Committee in fiscal 2015 served as one of our employees in fiscal 2015 or has ever served as one of our officers.
During fiscal 2015, none of our executive officers served as a director or member of the Compensation Committee (or other committee
performing similar functions) of any other entity of which an executive officer served on our Board of Directors or Compensation
Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa015"></A>Board of Directors and Committees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the fiscal year ended December 31, 2015,
the Board of Directors held four meetings. All incumbent directors and nominees attended 75% or more of the aggregate number of
meetings of the Board of Directors and committees of the Board on which they served. The Company expects each of its directors
to attend the Annual Meeting of Shareholders unless an emergency prevents them from attending. All of the Board members were present
at the 2015 Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s Board of Directors has a
standing Audit Committee, Compensation Committee, and Nominating Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Audit Committee.</I></B> During fiscal
2015, the Audit Committee was composed of Mr. Francis, Mr. Johnson and Mr. King. The Audit Committee met ten times during fiscal
2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Audit Committee is directly responsible
for overseeing the Company&rsquo;s accounting and financial reporting processes and appointing, retaining, compensating and overseeing
the Company&rsquo;s independent registered public accounting firm and reviewing the scope of the annual audit proposed by the independent
registered public</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">accounting firm. In addition, the Committee reviews and approves related party transactions, potential conflicts
of interest, and periodically consults with the independent registered public accounting firm on matters relating to internal financial
controls and procedures. The Committee is responsible for establishing and administering complaint procedures related to accounting
and auditing matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Audit Committee operates under a written
charter adopted by the Board of Directors, a copy of which is posted on the Company&rsquo;s website at www.invtitle.com/investors-committees.
The Audit Committee reviews and assesses the adequacy of the charter on an annual basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors has determined that each
member of the Company&rsquo;s Audit Committee is &ldquo;independent&rdquo; as defined under applicable NASDAQ listing standards
and SEC rules. The Board of Directors has also determined that all of the current Audit Committee members&mdash;Mr. Francis, Mr.
Johnson and Mr. King&mdash;are &ldquo;audit committee financial experts&rdquo; as defined under applicable SEC rules. See &ldquo;<I>Audit
Committee Report</I>&rdquo; below for the formal report of the Audit Committee for fiscal 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Compensation Committee</I>. </B>During
fiscal 2015, the Compensation Committee was composed of Mr. Hutson, Mr. Morton and Mr. Speed. The Compensation Committee met two<B>
</B>times<B> </B>during fiscal 2015. The Board of Directors has determined that each member of the Compensation Committee is &ldquo;independent&rdquo;
as defined under applicable NASDAQ listing standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee operates under a
written charter that can be found on the Company&rsquo;s website at www.invtitle.com/investors-committees. The Compensation Committee
reviews and assesses the adequacy of the charter on an annual basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee makes all compensation
decisions for the Company&rsquo;s executive officers and approves recommendations regarding equity awards for all of the Company&rsquo;s
elected officers. The Compensation Committee may not delegate these responsibilities. Decisions regarding non-equity compensation
of all other officers and employees are made by the Company&rsquo;s executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s Chief Executive Officer
annually reviews the performance of each of the other executive officers with respect to achievement of the Company&rsquo;s objectives.
Based on those reviews, the Chief Executive Officer makes recommendations with respect to compensation to the Compensation Committee.
The Compensation Committee then can exercise its discretion in modifying any recommended adjustments or awards to the other executive
officers based upon its evaluation of their performance as well as other aspects of our compensation objectives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee&rsquo;s review of
the Chief Executive Officer&rsquo;s compensation is subject to separate procedures. The Compensation Committee evaluates the Chief
Executive Officer&rsquo;s performance, reviews the Committee&rsquo;s evaluation with him, and based on that evaluation and review,
determines the amount of salary adjustment and bonus award. Consistent with the requirements of applicable NASDAQ listing standards,
the Chief Executive Officer is excused from meetings of the Compensation Committee during voting deliberations regarding his compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee does not currently
retain or use an executive compensation consultant for determining or recommending the amount or form of executive officer compensation.
In making compensation decisions, the Compensation Committee is guided by the objectives of our compensation program, the Compensation
Committee&rsquo;s own judgment and other information that it considers relevant. Based on the cyclical nature of the Company&rsquo;s
business, the Compensation Committee believes that compensation of the executive officers should not be based on fixed formulas
and that the prudent use of discretion in determining compensation is generally in the best interest of the Company and its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">See <I>&ldquo;Compensation Committee Report&rdquo;</I>
below for the formal report of the Compensation Committee for fiscal 2015. Decisions regarding the compensation of the Company&rsquo;
directors are made by the Board of Directors, as described under <I>&ldquo;Compensation of Directors&rdquo;</I> below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>The Nominating Committee.</I></B> During
fiscal 2015, the Nominating Committee was composed of Mr. Speed, Mr. Hutson and Mr. Johnson. The Nominating Committee met two<B>
</B>times during fiscal 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Nominating Committee operates under a written
charter that can be found on the Company&rsquo;s website at www.invtitle.com/investors-committees. The Nominating Committee reviews
and assesses the adequacy of the charter on an annual basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors has determined that each
member of the Company&rsquo;s Nominating Committee is &ldquo;independent&rdquo; as defined under applicable NASDAQ listing standards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Nominating Committee is responsible for
identifying, evaluating and recommending to the Board of Directors candidates for election to the Board of Directors as well as
appropriate members for the Audit and Compensation Committees. The slate of director nominees to be presented to shareholders is
recommended to the Board of Directors by the Nominating Committee and determined by at least a majority vote of the members of
the Board of Directors whose terms do not expire during the year in which the election of directors will occur.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Nominating Committee considers a variety
of factors before recommending a new director nominee or the continued service of an existing Board member. At a minimum, the Nominating
Committee believes that a director nominee must demonstrate character and integrity, have an inquiring mind, possess substantial
experience at a strategy or policy-setting level, demonstrate an ability to work effectively with others, possess either high-level
managerial experience in a relatively complex organization or experience dealing with complex problems, have sufficient time to
devote to the affairs of the Company and be free from conflicts of interest with the Company and its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other factors the Nominating Committee considers
when evaluating a potential director nominee are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;&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 STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Whether the candidate would assist in achieving a diverse
mix of Board members, including a diversity of viewpoints, backgrounds, experiences or other demographics;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.75in">&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 STYLE="width: 0.5in">&nbsp;</TD>
<TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">The extent of the candidate&rsquo;s business experience,
technical expertise, and specialized skills or experience;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.75in">&nbsp;&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 STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Whether the candidate, by virtue of particular experience
relevant to the Company&rsquo;s current or future business, will add specific value as a Board member; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.75in">&nbsp;&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 STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Any other factors related to the ability and willingness
of a candidate to serve, or an incumbent director to continue his or her service to, the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: -0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9;The Nominating Committee believes that a majority of the members
of the Company&rsquo;s Board of Directors should be &ldquo;independent&rdquo; as defined under applicable NASDAQ listing standards
and, as a result, it also considers whether a potential director nominee meets such independence standards. The Committee also
requires that all members of the Audit Committee be financially literate pursuant to applicable NASDAQ listing standards and that
at least one member of the Audit Committee be an &ldquo;audit committee financial expert&rdquo; as defined under SEC rules. Therefore,
the Nominating Committee considers whether a potential director nominee meets these criteria when evaluating his or her qualifications.
&#9;The Nominating Committee does not have a formal policy regarding diversity, but diversity is one of the various factors the
Nominating Committee may consider when considering director candidates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">It is the policy of the Nominating Committee
to consider all director candidates recommended by shareholders, provided that such recommendations are made in accordance with
the procedures outlined below. The Nominating Committee evaluates such candidates in accordance with the same criteria it uses
to evaluate all other director candidates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Any shareholder that wishes to recommend a director
candidate to be considered for the 2017 Annual Meeting of Shareholders should send his or her recommendation to the attention of
the Corporate Secretary,</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investors Title Company, P.O. Box 2687, Chapel Hill, North Carolina 27515-2687, no later than December
14, 2016. The candidate&rsquo;s name, age, business address, residential address, principal occupation, qualifications and the
number of shares of Common Stock beneficially owned by the candidate must be provided with the recommendation. The shareholder
must also provide a signed consent of the candidate to serve, if elected, as a director of the Company, and shall include all other
information that would be required under the rules of the SEC in the proxy statement soliciting proxies for election of the director
candidate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The Company&rsquo;s
Bylaws provide that nominations for election to the Board of Directors may be made at any annual meeting by any shareholder of
record entitled to vote on such election. Such nominations must be submitted in writing to our Corporate Secretary at our principal
office not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the
first anniversary of the preceding year&rsquo;s annual meeting, and in accordance with the procedures specified in our Bylaws.
The Company or the presiding officer at the annual meeting of shareholders may refuse to accept the nomination of any person that
is not submitted in compliance with such procedures. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa016"></A>Board Leadership Structure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">J. Allen Fine serves as
both the Chairman of the Board of Directors and the Chief Executive Officer of Investors Title Company, and Richard M. Hutson II
serves as the Lead Independent Director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors does not have a general
policy regarding the separation of the roles of Chairman and Chief Executive Officer. Our bylaws permit these positions to be held
by the same person, and the Board of Directors believes that it is in the best interests of the Company to retain flexibility in
determining whether to separate or combine the roles of Chairman and Chief Executive Officer based on our circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board has determined that it is appropriate
for Mr. Fine to serve as both Chairman and Chief Executive Officer (1) in recognition of his status as the founder of the Company
and (2) because it provides an efficient structure that permits us to present a unified vision to our constituencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors has elected Mr. Hutson
to serve as its Lead Independent Director. The duties of the Lead Independent Director include presiding at the executive sessions
of the independent directors, serving as liaison between the Chairman of the Board of Directors and the independent directors,
approving information, meeting agendas and schedules for the Board of Directors, and calling meetings of the independent directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa017"></A>The Board&rsquo;s Role in Risk Oversight</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Management is responsible for managing the risks
that the Company faces. The Board of Directors is responsible for overseeing management&rsquo;s approach to risk management. Management
identifies material risks facing the Company on an ongoing basis and discusses those risks and the management of those risks with
the Board of Directors or its committees, as appropriate. While the Board of Directors has ultimate responsibility for overseeing
management&rsquo;s approach to risk management, various committees of the Board assist in fulfilling that responsibility. In particular,
the Audit Committee assists the Board in its oversight of risk management in the areas of financial reporting and internal controls.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="itcdefa14aa018"></A>COMPENSATION OF DIRECTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Directors who are not employees of the Company
receive an annual retainer for Board services of $5,000 and an attendance fee of $2,500 for each meeting of the Board of Directors
attended, in addition to actual travel expenses related to the meetings. Non-employee directors also receive a $750 fee for participating
in a committee meeting, provided that the committee meeting is held on a day other than the regularly scheduled Board meeting date.
The Audit Committee Chairperson receives an additional annual retainer of $500. Directors who are employees of the Company are
paid no fees or other remuneration for service on the Board or on any Board committee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On May 20, 2015, the date of the Company&rsquo;s
2015 Annual Meeting of Shareholders, each non-employee director was granted 750 stock appreciation rights (&ldquo;SARs&rdquo;)
under the Company&rsquo;s 2009 Stock Appreciation Rights Plan with an exercise price of $73.00. Upon exercise of each SAR, a director
is entitled to receive an amount (payable in shares of the Company&rsquo;s Common Stock) equal to the difference between the closing
price of the Company&rsquo;s Common Stock on the business day immediately preceding the date of exercise and the exercise price.
The number of shares paid on exercise is determined by dividing this amount by the closing price of the Company&rsquo;s Common
Stock on the business day immediately preceding the date of exercise. These SARs vest and become exercisable in four quarterly
installments beginning June 30, 2015 and will expire on May 20, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors makes all decisions regarding
the compensation of the members of the Board of Directors. The Chief Executive Officer makes periodic recommendations regarding
director compensation, and the Board of Directors may exercise its discretion in modifying any recommended compensation adjustments
or awards to the directors. The Board of Directors does not use a compensation consultant for determining or recommending the amount
or form of director compensation. The following table shows the compensation earned by each non-employee director for fiscal 2015:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><B>2015 Director Compensation
</B></P>

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

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: -0.5in; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: -0.5in; color: Red"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name <SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fees</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Earned</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>or Paid</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>In Cash</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stock</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Awards</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>($)<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Option</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Awards</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>($)<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;David L. Francis</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">19,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">22,960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">41,960</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;Richard M. Hutson II</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">22,960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">37,960</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;R. Horace Johnson</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">19,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">22,960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">41,960</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;H. Joe King, Jr.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">19,500</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">22,960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">42,460</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;James R. Morton</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">22,960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">37,960</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;James H. Speed, Jr</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">15,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">22,960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">37,960</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: -0.5in; color: Red"></P>

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: -0.5in; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>J. Allen Fine, Chief Executive Officer and Chairman of the Board, James A. Fine, Jr., President, Chief Financial Officer and
Treasurer, and W. Morris Fine, Executive Vice President and Secretary, are not included in this table as they are employees of
the Company and do not receive additional compensation for their services as directors. The compensation received by Messrs. Fine,
Fine, Jr. and Fine as employees of the Company is shown in the Summary Compensation Table on page 23.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>The Company did not grant any stock awards during fiscal 2015. There were no stock awards outstanding at December 31, 2015
held by the directors.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>The amounts shown in this column indicate the grant date fair value of SARs computed in accordance with FASB ASC Topic 718.
For additional information regarding the assumptions made in calculating these amounts, see Note 7 to the consolidated financial
statements included in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The aggregate
number of SARs outstanding at December 31, 2015 held by directors was as follows:</TD></TR></TABLE>

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

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<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; color: Red"></P>


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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 30%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, serif; border: Black 1pt solid; text-align: center; width: 18%"><FONT STYLE="font-size: 10pt">Name</FONT></td>
    <TD STYLE="font: bold 10pt Times New Roman, serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left-color: Black; border-left-width: 0.5pt; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">Outstanding<BR>
    SARs at Fiscal <BR>
    Year End</FONT></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">David
    L. Francis</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4,000</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Richard
    M. Hutson II</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4,000</FONT></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">R.
    Horace Johnson</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4,000</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">H.
    Joe King, Jr.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">4,000</FONT></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">James
    R. Morton</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2,500</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">James
    H. Speed, Jr.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><FONT STYLE="font-size: 10pt">2,750</FONT></td></tr>
</table>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company did not grant any options in fiscal
2015. The aggregate number of option awards outstanding at December 31, 2015 held by directors was as follows:</P>

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

<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: -0.5in; color: Red"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 30%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 18%"><FONT STYLE="font-size: 10pt">Name</FONT></td>
    <TD STYLE="font: bold 10pt Times New Roman, serif; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left-color: Black; border-left-width: 0.5pt; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt">Outstanding<BR>
    Option<BR>
    Awards at<BR>
    Fiscal Year<BR>
    End</FONT></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">David
    L. Francis</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">Richard
    M. Hutson II</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">0</FONT></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">R.
    Horace Johnson</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">0</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">H.
    Joe King, Jr.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">0</FONT></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">James
    R. Morton</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">0</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="font: 11pt Times New Roman, serif; vertical-align: middle; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">James
    H. Speed, Jr.</FONT></td>
    <TD STYLE="font: 10pt Times New Roman, serif; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><FONT STYLE="font-size: 10pt">0</FONT></td></tr>
</table>


<P STYLE="font: 10pt Sans-Serif; margin: 0; text-align: center; text-indent: -0.5in; color: Red"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.6in"><B><A NAME="itcdefa14aa019"></A>STOCK OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT</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-indent: 0.5in">The following table indicates the persons known
to the Company to be the beneficial owners of more than five percent (5%) of the Company&rsquo;s outstanding Common Stock as of
April 1, 2016. Unless otherwise indicated, all persons named as beneficial owners of Common Stock have sole voting power and sole
investment power with respect to shares indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25in; width: 97%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; border-bottom: Black 1pt solid"><B>Name and Address of</B><BR>
<B>Beneficial Owner</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; text-align: center"><B>Amount and Nature</B><BR>
<B>of Beneficial Ownership</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center"><B>Percent</B><BR>
<B>of Class <SUP>(1)</SUP></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Markel Corporation</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">213,300 <SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">11.04%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">4521 Highwoods Parkway, Glen Allen, Virginia 23060</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>J. Allen Fine</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">196,475 <SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10.17%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">121 N. Columbia Street, Chapel Hill, North Carolina 27514</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>James A. Fine, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">179,295 <SUP>(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9.28%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">121 N. Columbia Street, Chapel Hill, North Carolina 27514</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-left: 0.125in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>W. Morris Fine</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">178,809 <SUP>(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9.25%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">121 N. Columbia Street, Chapel Hill, North Carolina 27514</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Dimensional Fund Advisors LP</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">154,984 <SUP>(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8.02%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">Building One, 6300 Bee Cave Road,</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">Austin, Texas 78746</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 12; Value: 1 -->
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 97%; border-collapse: collapse; font-size: 10pt; margin-left: 0.25in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 21%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Groveland Capital LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Groveland Master Fund Ltd.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Nicholas J. Swenson</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Seth Barkett</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.125in">5000 West 36<SUP>th</SUP> Street, Suite 130, Minneapolis, Minnesota 55416</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Air T, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">3524 Airport Road, Maiden, North Carolina, 28650</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>GrizzlyRock Capital, LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>GrizzlyRock GP, LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>GrizzlyRock Value Partners, LP</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Kyle Mowery</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">191 N. Wacker Drive, Suite 1500, Chicago, Illinois, 60606</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Vivaldi Asset Management, LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Vivaldi Holdings, LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">225 W. Wacker Drive, Suite 2100, Chicago, Illinois, 60606</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">111,568 <SUP>(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5.77%</TD></TR>
</table>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">(1)</TD>
    <TD STYLE="width: 95%; text-align: left">The percentages are calculated
based on 1,932,291<B> </B>shares outstanding as of April 1, 2016 which excludes 291,676 shares held by a wholly-owned subsidiary
of the Company. The shares held by the subsidiary are not entitled to vote at the Annual Meeting of Shareholders.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(2)</TD>
    <TD STYLE="text-align: left">The information included in the above table is based solely on Amendment No. 9 to Schedule 13G filed with the SEC on January
23, 2015.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(3)</TD>
    <TD STYLE="text-align: left">This includes 151,099 shares held
by a limited liability company of which J. Allen Fine is the manager and possesses sole voting and investment power with respect
to such shares.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(4)</TD>
    <TD STYLE="text-align: left">This includes 95,000 shares
held by a limited partnership of which James A. Fine, Jr. is a general partner and shares joint voting and investment power over
such shares with W. Morris Fine. Such shares are also reflected in W. Morris Fine&rsquo;s beneficially-owned shares. Additionally,
this includes 515 shares held by Mr. Fine&rsquo;s wife and 2,329 shares held by other family members.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(5)</TD>
    <TD STYLE="text-align: left">This includes 95,000 shares held
by a limited partnership of which W. Morris Fine is a general partner and shares joint voting and investment power over such shares
with James A. Fine, Jr. Such shares are also reflected in James A. Fine, Jr.&rsquo;s beneficially-owned shares. Additionally, this
includes 470 shares held by Mr. Fine&rsquo;s wife and 3,582 shares held by other family members.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(6)</TD>
    <TD STYLE="text-align: left">The information included in the above table is based solely on Amendment
No. 6 to Schedule 13G filed by Dimensional Fund Advisors LP with the SEC on February 9, 2016. The Schedule 13G/A states as follows:
&ldquo;Dimensional Fund Advisors LP, an investment adviser registered under Section 203 of the Investment Advisors Act of 1940,
furnishes investment advice to four investment companies registered under the Investment Company Act of 1940, and serves as investment
manager or sub-advisor to certain other commingled funds, group trusts and separate accounts (such investment companies, trusts
and accounts, collectively referred to as the &ldquo;Funds&rdquo;). In certain cases, subsidiaries of Dimensional Fund Advisors
LP may act as an advisor or sub-adviser to certain Funds. In its role as investment advisor, sub-adviser and/or manager, Dimensional
Fund Advisors LP or its subsidiaries (collectively, &ldquo;Dimensional&rdquo;) may possess voting and/or investment power over
the securities of the Issuer that are owned by the Funds, and may be deemed to be the beneficial owner of the shares of the Issuer
held by the Funds. However, all securities reported in this schedule are owned by the Funds. Dimensional disclaims beneficial ownership
of such securities. In addition, the filing of this Schedule 13G shall not be construed as an admission that the reporting person
or any of its affiliates is the beneficial owner of any securities covered by this Schedule 13G for any other purposes than Section
13(d) of the Securities Exchange Act of 1934.&rdquo;</TD></TR>
</TABLE>
<P STYLE="margin: 0"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The information included in the above table
    is based solely on a Schedule 13D filed with the SEC on October 7, 2015 by Groveland Capital LLC, Groveland Master Fund Ltd.
    and Nicholas J. Swenson (collectively, the &ldquo;Groveland Group&rdquo;); GrizzlyRock Capital, LLC, GrizzlyRock GP, LLC,
    GrizzlyRock Value Partners, LP and Kyle Mowery (collectively, the &ldquo;GrizzlyRock Group&rdquo;); Vivaldi Asset
    Management,     LLC and Vivaldi Holdings, LLC (collectively, the &ldquo;Vivaldi Group&rdquo;), Air T, Inc. and Seth
    Barkett.</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: 0">The table below sets forth the shares of the Company&rsquo;s
Common Stock beneficially owned as of April 1, 2016 by each director and nominee for director, the executive officers named in
the Summary Compensation Table, and all directors and executive officers as a group. Unless otherwise indicated, all persons named
as beneficial owners of Common Stock have sole voting power and sole investment power with respect to shares indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name of</B><BR>
    <B>Beneficial Owner</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount and Nature</B><BR>
    <B>of Beneficial Ownership</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Percent</B><BR> <B>of Class <SUP>(1)</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">J. Allen Fine</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">196,475 <SUP>(2)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.17%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James A. Fine, Jr.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">179,295 <SUP>(3)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.28%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">W. Morris Fine</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178,809 <SUP>(4)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.25%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">H. Joe King, Jr.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,933 <SUP>(5)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.24%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James R. Morton</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,043<B> </B><SUP>(6)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R. Horace Johnson</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,804 <SUP>(7)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Richard M. Hutson II</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,144 <SUP>(8)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David L. Francis</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,338 <SUP>(9)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James H. Speed, Jr.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 32pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,750 <SUP>(10)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All Directors, Nominees for Director, and</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Officers as a Group</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right; padding-right: 32pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">615,591 <SUP>(11)</SUP></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.85%</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9 persons)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Represents less than 1%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 93%; font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The percentages are calculated
    based on 1,932,291 shares outstanding as of April 1, 2016, which excludes 291,676 outstanding shares held by a subsidiary
    of the Company.&nbsp;&nbsp;The shares held by the subsidiary are not entitled to vote at the Annual Shareholders&rsquo; Meeting.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This includes 151,099 shares held by a
    limited liability company of which J. Allen Fine is the manager and possesses sole voting and investment power with respect
    to such shares.&nbsp;&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This includes 95,000 shares held by a limited
    partnership of which James A. Fine, Jr. is a general partner and shares joint voting and investment power over such shares
    with W. Morris Fine. Such shares are also reflected in W. Morris Fine&rsquo;s beneficially-owned shares.&nbsp;&nbsp;Additionally,
    this includes 515 shares held by Mr. Fine&rsquo;s wife and 2,329 shares held by other family members.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This includes 95,000 shares held by a limited
    partnership of which W. Morris Fine is a general partner and shares joint voting and investment power over such shares with
    James A. Fine, Jr.&nbsp;&nbsp;Such shares are also reflected in James A. Fine, Jr.&rsquo;s beneficially-owned shares.&nbsp;&nbsp;Additionally,
    this includes 470 shares held by Mr. Fine&rsquo;s wife and 3,582 shares held by other family members.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This total includes 3,500 shares of Common
    Stock that Mr. King has the right to purchase under stock options and stock appreciation rights that are presently exercisable
    or are exercisable within 60 days of April 1, 2016. </FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This total includes 2,500 shares of Common
    Stock that Mr. Morton has the right to purchase under stock appreciation rights that are presently exercisable or are exercisable
    within 60 days of April 1, 2016.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This total includes 3,500 shares of Common
    Stock that Mr. Johnson has the right to purchase under stock options and stock appreciation rights that are presently exercisable
    or are exercisable within 60 days of April 1, 2016.<FONT STYLE="color: red"><B> </B></FONT></FONT></TD>
    </TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt; width: 7%">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; width: 93%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This total includes 3,500 shares of Common
    Stock that Mr. Hutson has the right to purchase under stock appreciation rights that are presently exercisable or exercisable
    within 60 days of April 1, 2016.<FONT STYLE="color: red"><B> </B></FONT></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(9)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This total includes 3,500 shares of Common
    Stock that Mr. Francis has the right to purchase under stock options and stock appreciation rights that are presently exercisable
    or are exercisable within 60 days of April 1, 2016.&nbsp;&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This total includes 2,750 shares of Common
    Stock that Mr. Speed has the right to purchase under stock appreciation rights that are presently exercisable or exercisable
    within 60 days of April 1, 2016.</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(11)</FONT></TD>
    <TD STYLE="font-size: 11pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For purposes of calculating this total,
    the 95,000 shares of Common Stock owned jointly by James A. Fine, Jr. and W. Morris Fine are only counted once.&nbsp;&nbsp;This
    total includes 19,250 shares of Common Stock that all directors, nominees for director and executive officers as a group have
    the right to purchase under stock options and stock appreciation rights that are presently exercisable or are exercisable
    within 60 days of April 1, 2016.</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="itcdefa14aa020"></A>PROPOSALS REQUIRING YOUR VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa021"></A>Proposal 1 - Election of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s Board of Directors is composed
of 9 members divided into three classes with staggered three-year terms for each class. Based on the recommendations of the Nominating
Committee, the Board of Directors has nominated J. Allen Fine, David L. Francis and James H. Speed, Jr. for election to serve
for a three-year period or until their respective successors have been elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The nominees will be elected if they receive
a plurality of the votes cast for their election. Broker non-votes and abstentions will be counted for purposes of establishing
a quorum, but will not be counted in the election of directors and therefore will not affect the election results if a quorum
is present. It is the intention of the persons named as proxies in the accompanying proxy card to vote all shares represented
by proxy for the three nominees listed below, unless the authority to vote is withheld. If any of the nominees should withdraw
or otherwise become unavailable for reasons not presently known, the shares represented by proxy will be voted for three nominees
including such substitutions as shall be designated by the Board of Directors. The shares represented by proxy in no event will
be voted for more than three persons.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>The Board unanimously recommends that you
vote &ldquo;FOR&rdquo; the election of the three directors nominated to serve until the Annual Meeting of Shareholders in 2019.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following provides information about each
director nominee and continuing director, including information about each nominee&rsquo;s and director&rsquo;s business background
and other experience, qualifications, attributes or skills that lead to the conclusion that the nominee or director should serve
on the Board of Directors.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><A NAME="itcdefa14aa022"></A>Information Regarding Nominees for Election as Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Age</B></FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Served as</B><BR>
    <B>Director</B><BR>
    <B>Since</B></FONT></TD>
    <TD STYLE="width: 2%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Term</B><BR>
    <B>to</B><BR>
    <B>Expire</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">J. Allen Fine</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1973</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2019</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">David L. Francis</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1982</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2019</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James H. Speed, Jr.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">62</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2019</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

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<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: 27pt"><B>J. Allen Fine</B> was the principal organizer
of Investors Title Insurance Company and has been Chairman of the Board of the Company, Investors Title Insurance Company, and
National Investors Title Insurance Company, since their incorporation. Mr. Fine served as President of Investors Title Insurance
Company until February 1997, when he was named Chief Executive Officer. Additionally, Mr. Fine serves as Chief Executive Officer
of the Company and National Investors Title Insurance Company, and Chairman of the Board of Investors Title Exchange Corporation,
Investors Capital Management Company and Investors Trust Company. Investors Title Insurance Company, National Investors Title Insurance
Company, Investors Title Exchange Corporation, Investors Capital Management Company and Investors Trust Company are all wholly
owned subsidiaries of the Company. Mr. Fine is the father of James A. Fine, Jr., President, Chief Financial Officer and Treasurer
of the Company, and W. Morris Fine, Executive Vice President and Secretary of the Company. During the past five years, Mr. Fine
has served on the Boards of Directors of Investors Title Company, Investors Title Insurance Company, National Investors Title Insurance
Company, Investors Title Exchange Corporation, Investors Title Accommodation Corporation, Investors Capital Management Company,
and Investors Trust Company. Mr. Fine is the founder of the Company and has extensive title insurance industry, operations and
marketing experience as well as a strong executive background in real estate, strategic planning and business administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>David L. Francis</B> retired in 1997 as the
President of Marsh Mortgage Company, a mortgage banking firm, and Marsh Associates, Inc., a property management company, where
he had been employed since 1963. During the past five years, Mr. Francis has served on the Boards of Directors of Investors Title
Company and Synco, a Charlotte real estate and property management firm, and on the Board of Trustees of High Point University.
Mr. Francis has extensive experience in mortgage lending, real estate and property management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><B>James H. Speed, Jr. </B>served as President
and Chief Executive Officer of North Carolina Mutual Life Insurance Company, the oldest and largest insurance company in America
with roots in the African-American community, until his retirement in December 2015. During the past five years, Mr. Speed has
served on the Board of Directors of North Carolina Mutual Life Insurance Company, M&amp;F Bancorp, Inc., Mechanics &amp; Farmers
Bank, the Federal Reserve Bank of Richmond &ndash; Charlotte Branch, Hillman Capital Management Investment Trust, Starboard Investment
Trust, Tilson Investment Trust, Centaur Mutual Funds, WST Investment Trust, Brown Capital Management Funds, AAA Carolinas, North
Carolina Central University School of Business, UNC Healthcare Systems, Communities in Schools of North Carolina and Central Children&rsquo;s
Home of North Carolina. He has a strong executive background and extensive experience in finance, public accounting and insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><B><I><A NAME="itcdefa14aa023"></A>Information Regarding Directors Continuing
in Office</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Age</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Served as</B><BR>
    <B>Director</B><BR>
    <B>Since</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Term</B><BR>
    <B>to</B><BR>
    <B>Expire</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">W. Morris Fine</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">49</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1999</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Richard M. Hutson II</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2008</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">R. Horace Johnson</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">71</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2005</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James A. Fine, Jr.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1997</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">H. Joe King, Jr.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">83</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1983</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">James R. Morton</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">78</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1985</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><B>W. Morris Fine</B> is Executive Vice President
and Secretary of the Company, President and Chief Operating Officer of Investors Title Insurance Company and National Investors
Title Insurance Company, President and Chairman of the Board of Investors Title Management Services, Inc., Vice President of Investors
Title Exchange Corporation and Investors Title Accommodation Corporation, and Chief Financial Officer and Treasurer of Investors
Trust Company and Investors Capital Management Company. Investors Title Insurance Company, National Investors Title Insurance Company,
Investors Title Management Services, Inc., Investors Title Exchange Corporation, Investors Title Accommodation Corporation, Investors
Capital Management Company and Investors Trust Company are all wholly owned subsidiaries of the Company. Mr. Fine is the son of
J. Allen Fine, Chief Executive Officer and Chairman of the Board of the Company, and brother of James A. Fine, Jr., President,
Chief Financial Officer and Treasurer of the Company. During the past five years, Mr. Fine has served on the Boards of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0">Directors
of Investors Title Company, Investors Title Insurance Company, National Investors Title Insurance Company, Investors Title Exchange
Corporation, Investors Title Accommodation Corporation, Investors Title Management Services, Investors Trust Company and Investors
Capital Management Company. Mr. Fine has extensive title insurance industry, operations and marketing experience in addition to
a background in public accounting and executive level management and strategic planning experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><B>Richard M. Hutson II </B>is a practicing attorney
and, since 2006, has been the principal of Hutson Law Office, P.A., the successor firm to Hutson, Hughes and Powell P.A. in Durham,
North Carolina. Mr. Hutson has been engaged in the practice of law since 1965 and served as a principal of Hutson, Hughes and Powell
P.A. from 1993 to 2006. Additionally, he has served in leadership roles of local and national professional and civic organizations.
Mr. Hutson is a past Chairman of the Durham Chamber of Commerce and, during the past five years, has served on the Board of Directors
of Investors Title Company and on the Board of Directors of LC Industries, a non-profit organization and the largest employer of
visually handicapped persons in the United States, where he is presently Chairman of the Board. Mr. Hutson has assisted the Company
in various matters beginning with its formation in 1972 and has extensive experience in corporate and business law as well as corporate
restructuring and governance matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>R.
Horace Johnson</B> retired in 2004 as managing partner of the Raleigh, North Carolina office of Ernst and Young, a public accounting
firm, where he had been employed since 1967. During this period, Mr. Johnson served in many firm leadership roles including serving
as the managing partner for the North Carolina practice for three years, as a member of the operating committee of the Carolinas
practice for five years, and as managing partner of the Raleigh office for 17 years until his retirement. During the past five
years, Mr. Johnson has served on the Boards of Directors of TrustAtlantic Financial Corporation, a corporation formed to serve
as a bank holding company, and Wilmington Pharmaceuticals, LLC, a pharmaceutical development company. He also serves on the Board
of the following non-profit corporations: The Council for Entrepreneurial Development, Coral Bay Club and Sphinx Club. Mr. Johnson
also serves as a Member/Manager of Lucky 6, LLC, a private equity investment company. </FONT>Mr. Johnson has extensive experience
in public accounting, management and strategic planning.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><B>James A. Fine, Jr.</B> is President, Chief
Financial Officer and Treasurer of the Company, Executive Vice President, Chief Financial Officer and Treasurer of Investors Title
Insurance Company, Executive Vice President and Chief Financial Officer of National Investors Title Insurance Company, Executive
Vice President of Investors Title Management Services, Inc., President of Investors Title Exchange Corporation and Investors Title
Accommodation Corporation, and Chief Executive Officer of Investors Trust Company and Investors Capital Management Company. Investors
Title Insurance Company, National Investors Title Insurance Company, Investors Title Management Services, Inc., Investors Title
Exchange Corporation, Investors Title Accommodation Corporation, Investors Capital Management Company and Investors Trust Company
are all wholly owned subsidiaries of the Company. Mr. Fine is the son of J. Allen Fine, Chief Executive Officer and Chairman of
the Board of the Company, and brother of W. Morris Fine, Executive Vice President and Secretary of the Company. During the past
five years, Mr. Fine has served on the Board of Directors of Investors Title Company, Investors Title Insurance Company, National
Investors Title Insurance Company, Investors Title Exchange Corporation, Investors Title Accommodation Corporation (Chairman),
Investors Title Management Services, Investors Trust Company and Investors Capital Management Company. Mr. Fine has extensive title
insurance industry, operations and marketing experience in addition to a background in investment strategy and executive level
management and strategic planning experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt"><B>H. Joe King, Jr.</B> retired as President
and Chairman of the Board of Home Federal Savings &amp; Loan Association in Charlotte, North Carolina and its parent company, HFNC
Financial Corporation, in 1998, where he had been employed since 1962. During the past five years, Mr. King has served on the Board
of Directors of Investors Title Company and on the Board of Trustees of Wingate University. Mr. King has extensive experience in
banking, finance, investments and mortgage lending.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;&nbsp;</P>

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<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: 24pt"><B>James R. Morton</B> was President of J. R.
Morton Associates from 1968 until his retirement in 1988. He is currently President of TransCarolina Corporation, a real estate
investment company, where he has been employed since 1995. During the past five years, Mr. Morton has served on the Board of Directors
of Investors Title Company and TransCarolina Corporation. Mr. Morton has extensive experience in strategic planning, business administration
and investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa024"></A>Proposal 2 &ndash; Advisory Vote to Approve Executive Compensation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This Proposal 2 enables the Company&rsquo;s
shareholders to cast a non-binding, advisory vote to approve the compensation of the named executive officers as disclosed in this
Proxy Statement in accordance with the rules of the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee believes that the
ultimate objective of an effective executive compensation program is to reward the accretion of stockholder value over the long-term.
The Compensation Committee seeks to align the interests of our executives with those of our shareholders; retain executives with
the skills, experience and vision to lead the Company; promote fairness, executive performance and long-term commitment to the
Company; and maintain a compensation program that is affordable and administratively efficient. Please read the &ldquo;Executive
Compensation&rdquo; section beginning on page 17 and &ldquo;Corporate Governance&mdash;Board of Directors and Committees&mdash;Compensation
Committee&rdquo; section beginning on page 4 for additional details about our compensation program and the compensation of our
executive officers, including the compensation of our named executive officers for fiscal 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are asking our shareholders to indicate their
support for our executive compensation program as described in this Proxy Statement. This Proposal 2 gives our shareholders the
opportunity to express their views on the compensation of our named executive officers. This vote is not intended to address any
specific term of compensation, but rather the overall compensation of our named executive officers as disclosed in this Proxy Statement.
Accordingly, we are asking our shareholders to vote &ldquo;FOR&rdquo; the following resolution at the annual meeting:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-indent: 0in">&ldquo;<B>RESOLVED</B>, that the compensation paid to the Company&rsquo;s
named executive officers, as disclosed in the Proxy Statement for the 2016 Annual Meeting of Shareholders pursuant to the SEC&rsquo;s
compensation disclosure rules, including the executive compensation tables, narrative discussion and any related materials, is
hereby <B>APPROVED</B>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Although the vote on this Proposal 2 regarding
the compensation of our named executive officers is not binding, we value the opinions of our shareholders and will consider the
result of the vote when determining future executive compensation arrangements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The affirmative vote of a majority of the votes
cast on the proposal is required to approve, on an advisory basis, the resolution approving the compensation paid to our named
executive officers. Abstentions and broker non-votes will not be counted as votes cast on the proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>The Board of Directors unanimously recommends
that you vote &ldquo;FOR&rdquo; the advisory resolution approving the compensation paid to our named executive officers.</B></P>

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

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<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"><B><A NAME="itcdefa14aa025"></A>Proposal 3 &ndash; Ratification of Appointment of Independent
Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The Audit Committee selected Dixon Hughes Goodman
LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2016.<B> </B>Dixon Hughes Goodman
LLP served as our independent registered public accounting firm for the fiscal year ended December 31, 2015, and its representatives
are expected to attend the 2016 Annual Meeting of Shareholders and to be available to respond to appropriate questions. They will
have the opportunity to make a statement if they wish to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">We are presenting this selection to our shareholders
for ratification at the Annual Meeting. If the shareholders fail to ratify the selection, the Audit Committee will reconsider its
selection of Dixon Hughes Goodman LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Approval of the ratification of the appointment
of the independent registered public accounting firm will require the affirmative vote of a majority of the votes cast on the proposal.
Abstentions and broker non-votes will not be counted as votes cast for the purpose of ratifying the selection of Dixon Hughes Goodman
LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>The Board unanimously recommends that you
vote &ldquo;FOR&rdquo; the proposal to ratify the appointment of Dixon Hughes Goodman LLP as the Company&rsquo;s independent registered
public accounting firm for fiscal 2016.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa026"></A>Audit and Non-Audit Fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Aggregate fees for professional services rendered
by our independent registered public accounting firm, Dixon Hughes Goodman LLP, for the years ended December 31, 2015 and December
31, 2014 are set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit Fees <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">318,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">298,500</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit-Related Fees <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,500</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax Fees <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89,150</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,000</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All Other Fees</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Fees</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">409,650</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">348,500</FONT></TD>
    <TD STYLE="border-bottom: Black 2pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(1)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">In 2015 and 2014, audit fees consisted of the audit of the financial statements, reviews
of the quarterly financial statements, services rendered in connection with statutory and regulatory filings and services related
to internal control over financial reporting.</TD>
</TR></TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(2)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Audit-related fees consisted of fees related to compliance with regulatory and statutory
filings.</TD>
</TR></TABLE>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><SUP>(3)</SUP></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Tax fees consisted primarily of tax compliance services.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa027"></A>Audit and Non-Audit Services Pre-Approval Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The Audit Committee has adopted an Audit and
Non-Audit Services Pre-Approval Policy for pre-approving all audit and permissible non-audit services provided by the independent
registered public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Each year, the Audit Committee pre-approves independent
registered public accounting firm services and associated fee ranges within the categories of Audit Services, Audit-Related Services,
Tax Services and Other Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Throughout the year, circumstances may arise
that require the engagement of the independent registered public accounting firm for additional services that were not contemplated
by the existing pre-approval categories. In that case, the Audit and Non-Audit Services Pre-Approval Policy requires specific approval
by the Audit Committee of such services before engaging the independent registered public accounting firm. To ensure the prompt
handling of such matters, the Audit Committee has granted pre-approval authority to its Chairman. The Chairman reports any pre-approval
decisions made at the next Audit Committee meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">During 2015 and 2014, none of the services provided
to the Company by the independent registered public accounting firm under the categories Audit-Related Services and Tax Services
described above were approved by the Audit Committee after such services were rendered pursuant to the de minimis exception established
under SEC regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="itcdefa14aa028"></A>AUDIT COMMITTEE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The Audit Committee is directly responsible for
overseeing the accounting and financial reporting processes of the Company and appointing, retaining, compensating and overseeing
the work of the independent registered public accounting firm. Management is responsible for the financial reporting process, including
the system of internal controls, and for the preparation of consolidated financial statements in accordance with generally accepted
accounting principles. The independent registered public accounting firm is responsible for auditing those financial statements
and expressing an opinion as to their conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The independent registered public accounting
firm provided the Audit Committee with the written disclosures and the letter required by applicable requirements of the Public
Company Accounting Oversight Board regarding the independent registered public accounting firm&rsquo;s communications with the
Audit Committee concerning independence. The Audit Committee discussed with the independent registered public accounting firm any
relationships that may have an impact on its objectivity and independence. Finally, the Audit Committee considered whether the
independent registered public accounting firms&rsquo; performance of services, other than audit services, is compatible with maintaining
the independence of the independent registered public accounting firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The Audit Committee discussed and reviewed with
management and the independent registered public accounting firm the audited financial statements as of and for the year ended
December 31, 2015. The Audit Committee discussed with the independent registered public accounting firm those matters required
to be discussed by Auditing Standard No. 16, &ldquo;Communications with Audit Committees&rdquo;, as adopted by the Public Company
Accounting Oversight Board (United States). The Audit Committee reviewed with the independent registered public accounting firm
its audit plans, audit scope and identification of audit risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Based on the reviews and discussion referenced
above, the Audit Committee recommended to the Board of Directors that the audited financial statements of the Company be included
in its Annual Report on Form 10-K for the fisal year ended December 31, 2015, for filing with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Submitted by the Audit Committee of the Board
of Directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">H. Joe King, Jr., Chairman</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">David L. Francis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">R. Horace Johnson</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="itcdefa14aa029"></A>COMPENSATION COMMITTEE REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The Compensation Committee has reviewed and discussed
the Compensation Discussion and Analysis included below with management and, based on such review and discussions, recommended
to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement and our Annual Report
on Form 10-K for the fiscal year ended December 31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Submitted by the Compensation Committee of the
Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">Richard M. Hutson II, Chairman<B> </B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">James R. Morton&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">James H. Speed, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><A NAME="itcdefa14aa030"></A>EXECUTIVE COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Compensation Discussion and Analysis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee is responsible for
setting the compensation of the named executive officers listed in the Summary Compensation Table. The ensuing discussion and analysis
of the material elements of the Company&rsquo;s executive compensation program focuses on the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the philosophy and objectives of the compensation program, including the results and behaviors the program is designed to reward;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the process used to determine executive compensation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the role of shareholder say-on-pay votes;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>each element of compensation (see &#8220;Elements of Executive Compensation&#8221; section below);</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the reasons why the Committee chooses to pay each element;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>how the Committee determines the amount of each element; and</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>how each element and the Committee&#8217;s decisions regarding that element fit into the Committee&#8217;s stated objectives
and affect the Committee&#8217;s decisions regarding other elements.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><U>Philosophy and Objectives of the Executive Compensation
Program</U></I></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee believes that the
ultimate objective of an effective executive compensation program is to reward the accretion of stockholder value over the long
term. In keeping with this philosophy, the Compensation Committee has designed the Company&rsquo;s executive compensation program
to reward the achievement of the Company&rsquo;s objectives, and to align the interests of executives with those of stockholders.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Retention of talented executives with the skills,
experience and vision to lead the Company is integral to the Company&rsquo;s success. However, given the Company&rsquo;s history
as a family-managed company, the Compensation Committee&rsquo;s philosophy tends to focus on fairness, executive performance, and
long-term commitment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To support the over-arching objective of the
accretion of stockholder value, a significant focus of the executive compensation program is to reward the attainment of short-term
and long-term Company objectives, and to provide the proper motivation for the executive officers to strive to achieve those objectives.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Compensation Committee does review
stock performance in making its compensation decisions, it places relatively low emphasis on short-term stock performance as a
measurement of Company and executive performance. The Compensation Committee feels this is appropriate since short-term movements
in stock price are subject to factors unrelated to performance and beyond the control of executive officers, including factors
affecting the securities markets generally. The Company&rsquo;s management strives to build stockholder value by meeting customer
needs, building cash flow and return on assets, promoting operational excellence and strategic innovation, and improving the Company&rsquo;s
financial performance, including improvements in revenues, net income, and other financial performance metrics. The pursuit of
such short-term and long-term objectives is not always consistent with producing short-term stock price increases, but the Compensation
Committee believes that taking a broader view will demand performance that is more likely to maximize return to the stockholders
over time. The Compensation Committee believes that there are many ways in which its executive officers and other executives contribute
to building a successful company. While the Company&rsquo;s financial statements and stock price should eventually reflect the
results of those efforts, many long-term strategic decisions made in pursuing the growth and development of the Company may have
little visible impact on stock price in the short term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Finally, the Compensation Committee&rsquo;s
philosophy considers the cyclical nature of the Company&rsquo;s business, which is strongly influenced by factors external to the
Company, such as prevailing mortgage interest rates, wage growth and employment rates, and overall economic activity in the markets
the Company serves. Because these factors are beyond the control of the executive officers, the Compensation Committee does not
attempt to solely link annual operating results with annual compensation. Instead, the Compensation Committee focuses on the accretion
of stockholder value over time, among other measures, in evaluating the performance of the executive officers and in designing
the executive compensation program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In summary, the Company&rsquo;s executive compensation
program is designed to support five objectives:&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>aligning executives&#8217; interests with those of stockholders;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>promoting and rewarding the fulfillment of annual and long-term objectives;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>promoting and rewarding long-term commitment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>maintaining internal compensation equity; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>competing for talent in order to retain executives with the skills and attributes the Company needs.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><U>Determining Executive Compensation</U></I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee makes all compensation
decisions for the named executive officers and approves recommendations regarding equity awards for all of the Company&rsquo;s
elected officers. Decisions regarding non-equity compensation of all other officers and employees are made by the Company&rsquo;s
named executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Chief Executive Officer annually reviews
the performance of each of the other named executive officers in connection with the Company&rsquo;s attainment of its objectives.
Based on those reviews, the Chief Executive Officer makes recommendations with respect to compensation to the Compensation Committee.
The Compensation Committee then can exercise its discretion in modifying any recommended adjustments or awards to the other named
executive officers based upon its evaluation of their performance as well as other aspects of the Compensation Committee&rsquo;s
compensation philosophy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee&rsquo;s review of
the Chief Executive Officer&rsquo;s compensation is subject to separate procedures. The Compensation Committee evaluates the Chief
Executive Officer&rsquo;s performance, reviews the Compensation Committee&rsquo;s evaluation with him, and based on that evaluation
and review, determines the amount of salary adjustment and incentive award. Consistent with the applicable requirements of NASDAQ
listing standards, the Chief Executive Officer is excused from meetings of the Compensation Committee during voting deliberations
regarding his compensation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In making compensation decisions, the Compensation
Committee is guided by its executive compensation philosophy, its own judgment, and other sources of information that it considers
relevant. In addition, the Compensation Committee annually reviews tally sheets showing each executive officer&rsquo;s compensation
history with respect to each element of compensation for a period of five years. The Compensation Committee does not currently
retain or use an executive compensation consultant for determining or recommending the amount or terms of executive compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Based upon the cyclical nature of the Company&rsquo;s
business, the Compensation Committee believes that compensation of the executive officers cannot be based upon fixed formulas and
that the prudent use of discretion in determining compensation will generally be in the best interests of the Company and its stockholders.
Accordingly, in the exercise of its discretion, the Compensation Committee approves and determines compensation, and may approve
changes in compensation that it considers to be appropriate to award performance or otherwise to provide incentives toward fulfilling
the philosophy and objectives of our executive compensation program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><U>Role of Shareholder Say-on-Pay Votes</U></I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We provide our shareholders with the opportunity
to cast an advisory vote on executive compensation (a &ldquo;say-on-pay proposal&rdquo;) every three years. At the Company&rsquo;s
annual meeting of stockholders held in May 2013, stockholders overwhelmingly approved the Company&rsquo;s executive compensation
with approximately 97% of the votes cast in favor. The Compensation Committee believes this vote affirms the stockholders&rsquo;
support of the Company&rsquo;s approach to executive compensation and did not make specific changes to our executive compensation
program in response to the vote. The Compensation Committee will also continue to consider the outcome of the Company&rsquo;s say-on-pay
votes when making future compensation decisions for the named executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><U>Elements of Executive Compensation</U></I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The principal components of our executive compensation
program for the named executive officers are generally:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>base salaries;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>annual incentive bonuses;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>long-term equity incentive awards;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a nonqualified supplemental retirement benefit plan;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a nonqualified deferred compensation plan;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>benefits under employment agreements;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>potential payments and benefits upon change of control; and</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>benefits and perquisites.</TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Base Salaries.</I></B> Base salaries represent
a usual and expected component of executive compensation, and are paid to provide executives with a fixed level of compensation.
In setting base salaries for the executive officers, the Compensation Committee considered the following factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the responsibilities and critical leadership role of the executives;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the experience and individual performance of the executives, and their contribution to the Company&#8217;s strategic initiatives;</TD></TR></TABLE>



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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the Company&#8217;s financial performance, judged in light of external market factors;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the Company&#8217;s stock price performance, in absolute terms and relative to its peers and the market as a whole;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the Compensation Committee&#8217;s evaluation of market demand for executives with similar capability and experience;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the Compensation Committee&#8217;s desire to strike an appropriate balance between the fixed elements of compensation and the
variable performance-based elements; and</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>obligations under employment agreements.</TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Salary levels are generally considered annually
as part of the Company&rsquo;s performance review process, or upon a promotion or other change in job responsibility. For fiscal
2015, each of the named executive officers received an increase in base salary, reflected as a percentage of fiscal 2014 base salary,
as follows: J. Allen Fine &ndash; 4.0%; James A. Fine, Jr. &ndash; 4.0%; W. Morris Fine &ndash; 4.0%. These increases were provided
primarily as cost of living increases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Annual Incentive Bonuses.</I></B> Discretionary
annual incentive bonuses are provided to reward performance and motivate the executives to achieve the Company&rsquo;s short-term
and long-term objectives. In determining annual incentive bonus amounts, the Compensation Committee seeks to link a substantial
portion of each individual&rsquo;s total annual compensation to the attainment of these objectives. In determining annual incentive
bonus amounts, the Compensation Committee considers each executive&rsquo;s level of responsibility and degree of influence on the
Company&rsquo;s objectives, as well as the Compensation Committee&rsquo;s desire to strike an appropriate balance between the fixed
elements of compensation and the variable performance-based elements. By design, at-risk pay for the named executive officers is
generally a significant component of the total compensation package, between 55% and 70% of potential total cash compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Grants of incentive bonuses are based primarily
upon the attainment of the Company&rsquo;s short-term and long-term objectives. The incentive bonus compensation for any given
year is not tied to target amounts by a specific fixed formula. In determining the incentive bonus amounts, the Compensation Committee
reviews the Company&rsquo;s progress toward meeting its objectives, and each executive officer&rsquo;s contribution toward that
progress, in the context of award amounts from prior years, as well as the Compensation Committee&rsquo;s judgment and use of discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The annual incentive bonus for J. Allen Fine
increased from $300,000 for fiscal 2014 to $450,000 for fiscal 2015, and each of the annual incentive bonuses for James A. Fine,
Jr. and W. Morris Fine increased from $350,000 for fiscal 2014 to $450,000 for fiscal 2015 reflecting the Committee&rsquo;s recognition
of performance of the named executive officers and their contribution toward the Company attaining record revenues in 2015, along
with a return on equity of 8.95%, profit margin of 9.85% and operating margin of 13.98%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Long-Term Equity Incentive Awards. </I></B>
The Compensation Committee periodically considers awarding equity-based incentives to the named executive officers, as well as
other officers and employees, in order to closely link the interests of the program participants with those of stockholders, reward
short-term performance, and encourage long-term commitment. By delivering value only when the value of the Company&rsquo;s stock
increases, equity-based incentives motivate executives to focus on managing the Company from the perspective of an owner with an
equity stake in the Company. In the Compensation Committee&rsquo;s opinion, past equity-based incentive awards were successful
in focusing senior management on building profitability and shareholder value.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee does not follow the
practice of making annual or other periodic awards to individuals who are determined to be eligible to participate in the Plan.
However, the Compensation Committee does regularly evaluate the stock ownership of key employees and, when it deems it appropriate,
makes awards in accordance with the philosophy outlined above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Typically, eligible employees are those who
are in a position to significantly influence the achievement of the Company&rsquo;s objectives. Awards granted to an individual
are based upon a number of factors, including the Company&rsquo;s performance, the individual&rsquo;s performance, and the recipient&rsquo;s
position, salary, and performance. In addition, the Compensation Committee considers the degree of each potential recipient&rsquo;s
ability to influence the attainment of the Company&rsquo;s goals and encourages individuals who receive these awards will retain
a substantial portion of the shares awarded to them to foster a mutuality of interests with our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All SARs are made under the Investors Title
Company 2009 Stock Appreciation Right Plan, which stockholders approved on May 20, 2009. SARs generally become exercisable at any
time on or after the first anniversary date of the grant date and no more than 50,000 options may be granted to one individual
under each Plan. No new SARs were granted to the executive officers in 2015. Under the 2009 plan, 232,000 additional SARs units
are available for issuance, and these units may be issued through March 2, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#9;<B><I>Non-Qualified Supplemental Retirement
Benefit Plan.</I></B> The Compensation Committee maintains a Non-Qualified Supplemental Retirement Benefit Plan of the Company&rsquo;s
wholly owned subsidiary, Investors Title Insurance Company (&ldquo;ITIC&rdquo;). This plan is an unfunded defined contribution
plan designed to provide additional retirement benefits on a tax-deferred basis for select management or highly compensated employees.
The Company did not make any contributions to the plan in 2015. Each participant&rsquo;s account balance was zero at December 31,
2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Non-Qualified Deferred Compensation Plan.</I></B>
The Compensation Committee maintains a Non-Qualified Deferred Compensation Plan of ITIC. This plan is an unfunded defined contribution
plan designed to provide additional retirement benefits on a tax deferred basis for select management or highly compensated employees.
The Deferred Compensation Plan permits each participant to elect annually to defer any portion of his cash compensation. The Company
did not make any contributions to the plan in 2015 and each participant&rsquo;s account balance was zero at December 31, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Benefits Under Employment Agreements.
</I></B>ITIC has entered into employment agreements with the executive officers under which they are entitled to certain compensation
and benefits, including severance benefits. These agreements are intended to provide employment security by specifying minimum
base salaries and benefits. Additionally, under these agreements, the executive officers agree to certain non-competition and non-solicitation
covenants. For additional information regarding these employment agreements see &ldquo;<I>&ndash; Summary Compensation Table &ndash;
Employment Agreements</I>&rdquo; below. For detailed information regarding severance benefits see &ldquo;<I>&ndash; Potential Payments
Upon Termination or Change of Control</I>&rdquo; below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Potential Payments and Benefits Upon Change
of Control.</I></B> Under the employment agreements with the executive officers they are entitled to certain severance payments
if they terminate employment because of a change of control, as well as a salary increase of 100% if a change in control does not
result in termination of employment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The arrangements were established because:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>it is in the best interest of the Company and its stockholders to assure that the Company will have the continued dedication
of the Company&#8217;s executive officers notwithstanding the possibility, threat, or occurrence of a change in control; and</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>it is imperative to diminish the inevitable distraction to such executive officers by virtue of the personal uncertainties
and risks created by a pending of threatened change in control.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For detailed information regarding severance
benefits payable in connection with a termination because of a change in control see &ldquo;<I>- Potential Payments Upon Termination
or Change in Control</I>&rdquo; below.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Benefits and Perquisites.</I></B><I> </I>The
Company provides all eligible employees, including the named executive officers, with a benefit program that the Compensation Committee
believes is reasonable, competitive, and consistent with the overall objectives of the compensation program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The executive officers are eligible to participate
in the Company&rsquo;s group insurance program, which during fiscal 2015 included group health, dental, vision and life insurance,
as well as short and long term disability insurance. Other benefits offered during fiscal 2015 included flexible spending accounts
and a pretax premium plan, paid sick leave, paid holidays, and paid vacations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Company&rsquo;s 401(k) plan, the Company
makes contributions amounting to three percent of compensation for each eligible employee. The Company may make additional contributions
under the profit share provisions of the plan. For the 2015 plan year, the Company contributed an additional 1% of compensation
for eligible employees under the profit share provisions of the plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company provides Company-owned vehicles
to certain officers and employees who hold positions requiring frequent travel. The Company does not prohibit the personal use
of Company-owned vehicles, but the value of any personal use is treated as taxable compensation. Each of the executive officers
is assigned a Company-owned vehicle, and may use the vehicle for personal use according to the Company&rsquo;s policy covering
all Company-owned vehicles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">James A. Fine, Jr. and W. Morris Fine are also
parties to Death Benefit Plan Agreements, which provide that, in the event of death, certain amounts payable under their respective
employment agreements will be paid in a lump sum within 60 days of death to their respective beneficiaries. Under each agreement,
the respective beneficiary would also be paid a lump sum amount equal to $2,000,000 subject to adjustments as described under <I>&ldquo;-
Potential Payments Upon Termination or change of Control &ndash; James A. Fine Jr. and W. Morris Fine&rdquo;</I> below. The agreements
are provided to minimize the distraction to the executive officers of personal risks and uncertainties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a matter of policy, the Compensation Committee
does not award personal benefits or perquisites that are unrelated to the Company&rsquo;s business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Compensation Committee reviews and approves
annually all benefits and perquisites paid to our executive officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I><U>Tax and Accounting Implications</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Deductibility of Executive Compensation.</I></B>
As part of its role, the Compensation Committee reviews and considers the tax deductibility of executive compensation under Section
162(m) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), which provides that a public company is generally
not entitled to deduct for Federal income tax purposes non-performance-based compensation paid to any of its executive officers
in excess of $1.0 million. Special rules apply for &ldquo;performance-based&rdquo; compensation, including the pre-approval of
performance goals applicable to that compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All compensation paid to the named executive
officers in fiscal 2015 was intended to be fully deductible for the purposes of Section 162(m) of the Code. However, to maintain
flexibility in compensating executive officers in a manner designed to promote varying corporate goals, the Compensation Committee
has not adopted a policy that all compensation must be deductible for Federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Accounting for Stock-Based Compensation.</I></B>&nbsp;
The Company accounts for stock-based payments in accordance with the requirements of FASB Accounting Standards Codification (ASC)
Topic 718, Stock Compensation.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The table below summarizes the total compensation
for each of the named executive officers for each of the fiscal years ended December 31, 2015, December 31, 2014, and December
31, 2013, respectively.&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Name and Principal Position</b></P></td>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Year</b></P></td>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><b>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Salary<BR>
($)</B></P></td>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><b></b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bonus<BR>
($)<SUP>(1)</SUP></B></P></td>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>All Other<BR>
Compensation<BR>
($)<SUP>(2)</SUP></B></P></td>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total<BR>
($)</B></P></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">J. Allen Fine&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer and Chairman of the Board</P></td>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2015</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2013</P></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">353,250</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">340,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">328,333</P></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">450,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">300,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">500,000</P></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">38,085</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">41,582</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">30,144</P></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">841,335</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">681,582</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">858,477</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P></td></tr>
<TR STYLE="vertical-align: top; background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">James A. Fine, Jr.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President, Chief Financial Officer and Treasurer</P></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2015</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2013</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">299,667</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">288,250</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">277,917</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">450,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">350,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">575,000</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">40,365</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">48,537</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">37,758</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">790,032</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">686,787</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">890,675</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P></td></tr>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">W. Morris Fine&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executive Vice President &amp; Secretary</P></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2015</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">2013</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">299,667</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">288,250</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">277,917</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">450,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">350,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">575,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">46,044</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">53,010</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">39,675</P></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">795,711</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">691,260</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">892,592</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Reflects cash bonuses earned in the applicable year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Amounts set forth as &ldquo;All Other Compensation&rdquo; for fiscal 2015 consist of the following:</TD></TR></TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Name</b></font></td>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>401(k) Contributions ($)</b></font></td>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Supplemental Retirement Cash Payment ($)</b></font></td>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Life and Health Insurance ($)</b></font></td>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Personal Use of Company Vehicle&nbsp;&nbsp;&nbsp;&nbsp;($)</b></font></td>
    <TD STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total ($)</b></font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">J. Allen Fine</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">10,600</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">16,479</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;4,149</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6,857</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">38,085</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: White">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">James A. Fine, Jr.</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">10,600</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">16,375</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,374</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">4,016</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">40,365</font></td></tr>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">W. Morris Fine</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">10,600</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">16,375</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,374</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,695</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">46,044</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;<B><I>&nbsp;</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each of the named executive officers is party
to an employment agreement with the Company, which was amended and restated effective January 1, 2009. Under the employment agreements,
each of J. Allen Fine, James A. Fine, Jr., and W. Morris Fine are entitled to a minimum base salary of $303,360, $255,560 and $255,560,
respectively. Under these agreements, Messrs. Fine, Fine, Jr., and Fine participate in the Company&rsquo;s benefits programs generally
provided to other executives, receive 30 days of paid vacation and unlimited sick leave, and are entitled to reimbursement for
reasonably incurred out-of-pocket business expenses. Additionally, under these agreements, Messrs. Fine, Fine, Jr., and Fine receive
an annual supplemental retirement cash payment equal to the amount that would have been contributed to their 401(k) plan accounts
if the contributions to the 401(k) plan were not limited under federal tax laws. The agreements also provide for minimum payments
to each executive officer in the event of (i) disability or retirement, (ii) termination by the Company without cause, or (iii)
termination by the officer for good reason or due to a change in control. These agreements also prohibit Messrs. Fine, Fine, Jr.,
and </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0in; text-indent: 0in">Fine from engaging in certain activities involving competition with the Company for a two-year period following termination
of employment. Each employment agreement has a five-year rolling term beginning January 1, 2009, unless terminated earlier in accordance
with its terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 -0.5in; text-indent: 0.5in"><B>Grants of Plan-Based Awards in 2015</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There were no grants of plan based awards to
the named executive officers in the fiscal year ended December 31, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Outstanding Equity Awards at 2015 Fiscal Year-End</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There were no outstanding equity awards to the
named executive officers as of December 31, 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>2015 Option Exercises and Stock Vested </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There was no exercise of options or SARs or
vesting of shares of Common Stock held by the named executive officers in fiscal 2015.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As discussed above, under the heading &ldquo;
&ndash; Compensation Discussion and Analysis &ndash; Elements of Executive Compensation,&rdquo; the named executive officers are
eligible to participate in a Non-Qualified Supplemental Retirement Benefit Plan and a Non-Qualified Deferred Compensation Plan.
As shown in the table below, there was no activity in these plans during fiscal 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&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; background-color: white">
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center; text-indent: 0.4pt; vertical-align: bottom"><font style="font-size: 10pt"><b>Name</b></font></td>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Executive&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Contributions&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>in Last FY&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>($)</b></P></td>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>&nbsp;</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Contributions&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>in Last FY&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>($)<SUP>(1)&nbsp;</SUP></B></P></td>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Aggregate&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Earnings&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>in Last FY&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>($) <SUP>(2)&nbsp;</SUP></B></P></td>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Aggregate<BR>
Withdrawals/</B><br>
<B>Distributions&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>in Last FY&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>($)&nbsp;</B></P></td>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; text-align: center; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Aggregate<BR>
Balance&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>at Last&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FYE&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>($)<SUP>(3)&nbsp;</SUP></B></P></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; border: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">J. Allen Fine&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">(Deferred Compensation Plan)</P></td>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">J. Allen Fine&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">(Supplemental Retirement Plan)</P></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">James A. Fine, Jr.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">(Deferred Compensation Plan)</P></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">James A. Fine, Jr.&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">(Supplemental Retirement Plan)</P></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td></tr>
<TR STYLE="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">W. Morris Fine&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">(Deferred Compensation Plan)</P></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td></tr>
<TR STYLE="background-color: White">
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 2pt; padding-left: 2pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">W. Morris Fine&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.4pt">(Supplemental Retirement Plan)</P></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">0</font></td></tr>
</table>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Potential Payments Upon Termination or Change of Control</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the employment agreements in effect on
December 31, 2015, the executive officers are entitled to severance payments and benefits under their employment agreements as
described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>J. Allen Fine.</I>&nbsp;</B>Under Mr.
J. Allen Fine&rsquo;s employment agreement, if his employment is terminated due to death, disability or retirement (following his
70<SUP>th</SUP> birthday), he is entitled to receive the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>except in the case of death, a lump sum payment of three times his then-current salary, but in no event less than $910,000;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>except in the case of death, a lump sum payment of three times the average of the bonus compensation paid to him in the three
prior fiscal years, but in no event less than $1,055,000;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>accrued benefits under the Nonqualified Supplemental Retirement Benefit Plan and Nonqualified Deferred Compensation Plan;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>accelerated vesting in full of all stock options held by him;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>continued participation in the Company&#8217;s health insurance plans by him and his wife at no expense until his death or,
if later, his wife&#8217;s death; and</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>continued participation in the Company&#8217;s health insurance plans by his dependent children at no expense until any such
children are no longer dependent.</TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Mr. Fine&rsquo;s employment agreement,
if his employment is terminated by the Company other than for &ldquo;cause&rdquo; or by him due to the Company&rsquo;s material
breach under his employment agreement (&ldquo;i.e., good reason&rdquo;), he is entitled to receive the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a lump sum payment of five times his then-current salary, but in no event less than $1,516,800;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a lump sum payment of five times the average of the bonus compensation paid to him in the three prior fiscal years, but in
no event less than $1,758,335;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>accrued benefits under the Nonqualified Supplemental Retirement Benefit Plan and Nonqualified Deferred Compensation Plan;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>accelerated vesting in full of all stock options held by him; and</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>continued health insurance coverage as described above.</TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Mr. Fine&rsquo;s employment agreement,
if he terminates his employment because of a &ldquo;change in control,&rdquo; he is entitled to receive the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a lump sum payment equal to 2.99 times his then-current base salary, but in no event less than $907,046;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a lump sum payment equal to 2.99 times the average bonus compensation paid to him during the preceding three fiscal years,
but in no event less than $1,051,484;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>accrued benefits under the Nonqualified Supplemental Retirement Benefit Plan and Nonqualified Deferred Compensation Plan;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>accelerated vesting in full of all stock options held by him; and</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>continued health insurance coverage as described above.</TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In the event of a change in control that does
not result in a termination of employment, Mr. Fine is entitled to a base salary increase of 100%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If any portion of these payments and benefits,
or payments and benefits under any other plan, agreement or arrangement, would constitute an &ldquo;excess parachute payment&rdquo;
for purposes of the Code, such payments and benefits payable under the agreement will be reduced until no portion thereof would
fail to be deductible by reason of being &ldquo;an excess parachute payment.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Mr. Fine&rsquo;s employment agreement,
if his employment is terminated by the Company for &ldquo;cause,&rdquo; he is entitled to receive the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>an amount equal to that amount he would have received as salary had he remained an employee until the later of the date of
his termination and the date that was 30 days after notice of his termination; and</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>accrued benefits under the Nonqualified Supplemental Retirement Benefit Plan and Nonqualified Deferred Compensation Plan.</TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Mr. Fine&rsquo;s employment agreement,
&ldquo;cause&rdquo; is defined as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the executive&#8217;s conviction of, or plea of guilty or nolo contendere to, any crime involving dishonesty or moral turpitude;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the commission by the executive of a fraud against the Company for which he is convicted;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>gross negligence or willful misconduct by the executive with respect to the Company which causes material detriment to the
Company;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the falsification or manipulation of any records of the Company;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>repudiation of the agreement by the executive or the executive&#8217;s abandonment of employment with the Company;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>breach by the executive of his confidentiality, non-competition or non-solicitation obligations under the agreement; or</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>failure or refusal of the executive to perform his duties with the Company or to implement or to follow the policies or directions
of the Board of Directors within 30 days after a written demand for performance is delivered to the executive that specifically
identifies the manner in which the Board of Directors believes that the executive has not performed his duties or failed to implement
or follow the policies or directions of the Board of Directors.</TD></TR></TABLE>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under Mr. Fine&rsquo;s employment agreement,
a &ldquo;change in control&rdquo; will occur if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>any person or group acting in concert, other than the executive or his affiliates or immediate family members, is or becomes
the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power
of the Company&#8217;s outstanding shares entitled to vote for the election of directors;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the directors serving at the time the agreement was entered into or any successor to any such director (and any additional
director) who after such time (i) was nominated or selected by a majority of the directors serving at the time of his or her nomination
or selection and (ii) who is not an &#8220;affiliate&#8221; or &#8220;associate&#8221; (as defined in Regulation 12B under the
Exchange Act) of any person who is the beneficial owner, directly or indirectly, of securities representing 50% or more of the
combined voting power of the Company&#8217;s outstanding shares entitled to vote for the election of directors, cease for any reason
to constitute at least a majority of the Company&#8217;s Board of Directors;</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>a sale of more than 50% of the Company&#8217;s assets (measured in terms of monetary value) is consummated; or</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>any merger, consolidation, or like business combination or reorganization of the Company is consummated that results in the
occurrence of any event described above.</TD></TR></TABLE>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">J. Allen Fine is also party to a Death Benefit
Plan Agreement with the Company. The Death Benefit Plan Agreement provides that in the event of his death while employed by the
Company, a lump sum amount equal to three times the sum of his then-current base salary, but in no event less than $910,000, plus
the average of his bonus compensation for the past three fiscal years, but in no event less than $1,055,000, be paid within 60
days of his death to a beneficiary designated by Mr. Fine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>James A. Fine, Jr. and W. Morris Fine</I>.
</B>The employment agreements of James A. Fine, Jr. and W. Morris Fine are substantially identical to J. Allen Fine&rsquo;s employment
agreement, except that under their agreements the following apply:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Messrs. Fine, Jr. and Fine are eligible to receive retirement benefits under their agreements after age 50, rather than age
70;</TD></TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the minimum lump sum salary payment upon termination for disability or retirement shall be no less than $766,680 for each;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the minimum lump sum bonus compensation payment upon termination for disability or retirement shall be no less than $1,030,000
for James A. Fine, Jr. and no less than $1,015,000 for W. Morris Fine;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the minimum lump sum salary payment for termination without cause or by employee for &#8220;good reason&#8221; shall be no
less than $1,277,800 for each;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>the minimum lump sum bonus compensation payment for termination without cause or by employee for &#8220;good reason&#8221;
shall be no less than $1,716,665 for James A. Fine, Jr. and no less than $1,691,665 for W. Morris Fine;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>if James A. Fine, Jr. leaves the Company due to a &#8220;change in control,&#8221; he will receive a lump sum salary payment
in an amount no less than $764,124 and a lump sum bonus payment in an amount no less than $1,026,565;</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>if W. Morris Fine leaves the Company due to a &#8220;change in control,&#8221; he will receive a lump sum salary payment in
an amount no less than $764,124 and a lump sum bonus payment in an amount no less than $1,011,615; and</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>following termination of employment by the Company other than for &#8220;cause&#8221; or by the executive due to a material
breach by the Company of the agreement (i.e., &#8220;good reason&#8221;) or because of a &#8220;change in control,&#8221; they
are entitled to cause the Company to transfer to them any life insurance policies owned by the Company on their lives.</TD></TR></TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">James A. Fine, Jr. and W. Morris Fine are also
each party to a Death Benefit Plan Agreement. Their Death Benefit Plan Agreements provide that in the event of their death while
employed by the Company, a lump sum amount equal to three times the sum of their then-current base salary, but in no event less
than $766,680 for each executive, plus the average of each executive&rsquo;s bonus compensation for the past three fiscal years,
but in no event less than $1,030,000 for James A. Fine, Jr., and no less than $1,015,000 for W. Morris Fine, be paid within 60
days of their individual death to a beneficiary designated by the executive. Additionally, under each executive&rsquo;s Death
Benefit Plan Agreement, each of Messrs. Fine and their designated beneficiaries would also be paid a lump sum amount equal to
$2,000,000,</P>

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

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

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


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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>reduced by the following amounts:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>three times the then-current base salary but in no event less than $766,680 for each executive;</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>three times the average bonus compensation during the preceding three fiscal years but in no event less than $1,030,000 for
James A. Fine, Jr. and no less than $1,015,000 for W. Morris Fine;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the cost of continued participation in the Company&rsquo;s health insurance plans by the executive&rsquo;s wife until her death;
and</TD></TR></TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>the cost of continued participation in the Company&rsquo;s health insurance plans by the executive&rsquo;s dependent children
until any such children are no longer dependent; and</TD></TR></TABLE>

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; padding-left: 0in; text-indent: 0in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="padding-left: 0in">increased by the amounts accrued on the Company&#8217;s books as of the date of death for the payments described in items (a)
through (d) above.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Conditions to Receipt of Severance Benefits.</I>&nbsp;</B>Under
each named executive officer&rsquo;s employment agreement, the Company&rsquo;s obligations to provide the executive with the severance
benefits described above are contingent on:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The executive&#8217;s compliance with certain covenants with respect to confidential information;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The executive&#8217;s compliance with a two year non-competition covenant; and</TD></TR></TABLE>

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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The executive&#8217;s compliance with a two year non-solicitation covenant.</TD></TR></TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B><I>Estimated Post-Employment Compensation
and Benefits</I>.&nbsp;</B>The following tables set forth the estimated post-employment compensation and benefits that would have
been payable to each of the named executive officers under his agreements, assuming that each covered circumstance occurred on
December 31, 2015.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table shows the potential payments
upon termination or a change of control of the Company for J. Allen Fine, the Company&rsquo;s Chief Executive Officer and Chairman
of the Board:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border: Black 1pt solid; padding-top: 2pt; padding-left: 8.65pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Executive
Benefits and</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Payments Upon Termination</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Voluntary</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Termination</B><BR>
    <B>Due to Change</B><BR>
    <B>in Control</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Death</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
    Cause</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Involuntary
    or</B><BR>
    <B>Good Reason</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Termination
    for</B><BR>
    <B>Retirement <SUP>(1)</SUP></B><BR>
    <B>or Disability</B><BR>
    <B>($)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Base
    Salary</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,062,945<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,066,500
    <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,625
    <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,777,500
    <SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,066,500
    <SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bonus</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,051,484<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,055,000
    <SUP>(8)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,758,335
    <SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,055,000
    <SUP>(8)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplemental Retirement
    Plan <SUP>(10)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplemental
    Retirement Benefit <SUP>(11)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,479</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Benefits
    and Perquisites:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Health
    Plan <SUP>(12)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">94,504</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">94,504</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">94,504</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">94,504</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
    &ndash; J. Allen Fine</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,479</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,225,412</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,232,483</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,104</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,646,818</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,232,483</FONT></TD></TR>
</TABLE>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table shows the potential payments
upon termination or a change of control of the Company for James A. Fine, Jr., the Company&rsquo;s President, Chief Financial Officer
and Treasurer:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Executive
    Benefits and</B><BR>
    <B>Payments Upon</B><BR>
    <B>Termination</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Voluntary</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Termination</B><BR>
    <B>Due to</B><BR>
    <B>Change in</B><BR>
    <B>Control</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Death</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
    Cause</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Involuntary
    or</B><BR>
    <B>Good Reason</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Termination
    for</B><BR>
    <B>Retirement <SUP>(2)</SUP> or</B><BR>
    <B>Disability</B><BR>
    <B>($)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Base
    Salary</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">901,784
    <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">904,800
    <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,133
    <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,508,000
    <SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">904,800
    <SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bonus</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,245,833
    <SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,250,000
    <SUP>(8)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,083,333
    <SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,250,000
    <SUP>(8)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplemental
    Retirement Plan <SUP>(10)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplemental
    Retirement Benefit <SUP>(11)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Benefits
    and Perquisites:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Health
    Plan <SUP>(12)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">389,481</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">389,481</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">389,481</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">389,481</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Death
    Benefit Plan Agreement <SUP>(13)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Life
    Insurance <SUP>(14)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">277,353</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">277,353</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">277,353</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">277,353</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
    - James A. Fine, Jr.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,830,826</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,838,009</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,508</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,274,542</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,838,009</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table shows the potential payments
upon termination or a change of control of the Company for W. Morris Fine, the Company&rsquo;s Executive Vice President and Secretary:</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Executive
    Benefits and</B><BR>
    <B>Payments Upon Termination</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Voluntary</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Termination</B><BR>
    <B>Due to Change</B><BR>
    <B>in Control</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Death</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>For
    Cause</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Involuntary</B><BR>
    <B>or Good</B><BR>
    <B>Reason</B><BR>
    <B>Termination</B><BR>
    <B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Termination</B><BR>
    <B>for</B><BR>
    <B>Retirement</B><BR>
    <B>or Disability</B><BR>
    <B>($)</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Compensation:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Base
    Salary</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">901,784
    <SUP>(4)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">904,800
    <SUP>(5)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">25,133
    <SUP>(3)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,508,000
    <SUP>(6)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">904,800
    <SUP>(5)</SUP></FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bonus</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,245,833
    <SUP>(7)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,250,000
    <SUP>(8)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,083,333
    <SUP>(9)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,250,000
    <SUP>(8)</SUP></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplemental
    Retirement Plan <SUP>(10)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Supplemental
    Retirement Benefit <SUP>(11)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Benefits
    and Perquisites:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Health
    Plan <SUP>(12)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">398,638</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">398,638</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">398,638</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">398,638</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Death
    Benefit Plan Agreement <SUP>(13)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Life
    Insurance <SUP>(14)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">178,164</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">178,164</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">178,164</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">178,164</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
    &ndash; W. Morris Fine</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,375</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,740,794</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,747,977</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">41,508</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,184,510</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,747,977</FONT></TD></TR>
</TABLE>


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

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

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

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




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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">(1) &#9;</TD>
    <TD STYLE="width: 92%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">J. Allen Fine became eligible to retire on May 2, 2004.</P>
</TD></TR>
</TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">(2)&#9;</TD>
    <TD STYLE="width: 92%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">James A. Fine, Jr. became eligible to retire on April 19,
2012.</P>
</TD></TR>
</TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">&nbsp;&#9;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">(3)</TD>
    <TD STYLE="width: 92%">Represents 30 days severance.</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(4)</TD><TD STYLE="width: 92%">Represents lump sum severance payment equal to 2.99 times base salary, but in no event less than $907,046 for J. Allen Fine,
$764,124 for James A. Fine, Jr., and $764,124 for W. Morris Fine.</TD></TR></TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(5)</TD><TD STYLE="width: 92%">Represents lump sum severance payment under the Death Benefit Plan Agreement equal to 3 times base salary, but in no event
less than $910,000 for J. Allen Fine, $766,680 for James A. Fine, Jr. and $766,680 for W. Morris Fine.</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(6)</TD><TD STYLE="width: 92%">Represents lump sum severance payment equal to 5 times base salary, but in no event less than $1,516,800 for J. Allen Fine,
$1,277,800 for James A. Fine, Jr., and $1,277,800 for W. Morris Fine.</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(7)</TD><TD STYLE="width: 92%">Represents lump sum severance payment equal to 2.99 times average bonus for past three fiscal years, but in no event less than
$1,051,484 for J. Allen Fine, $1,026,565 for James A. Fine, Jr. and $1,011,615 for W. Morris Fine.</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(8)</TD><TD STYLE="width: 92%">Represents lump sum severance payment under the Death Benefit Plan Agreement equal to 3 times average bonus for past three
fiscal years, but in no event less than $1,055,000 for J. Allen Fine, $1,030,000 for James A. Fine, Jr., and $1,015,000 for W.
Morris Fine.</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(9)</TD><TD STYLE="width: 92%">Represents lump sum severance payment equal to 5 times average bonus for past three fiscal years, but in no event less than
$1,758,335 for J. Allen Fine, $1,716,665 for James A. Fine, Jr., and $1,691,665 for W. Morris Fine.</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(10)</TD><TD STYLE="width: 92%">Represents accumulated benefit under the Company&rsquo;s Nonqualified Supplemental Retirement Benefit Plan plus contribution
required to ensure minimum of 20 quarters of Company contributions.</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(11)</TD><TD STYLE="width: 92%">Represents the accrued annual supplemental cash retirement benefit under the named executive officers&rsquo; employment agreements.</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(12)</TD><TD STYLE="width: 92%">Reflects estimated cost of providing health insurance plan coverage utilizing assumptions used for financial reporting purposes.</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(13)</TD><TD STYLE="width: 92%">Represents additional estimated lump sum amount, if any, that would be payable under the officer&rsquo;s Death Benefit Plan
Agreement.</TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 3%">(14)</TD><TD STYLE="width: 92%">Reflects cash surrender value of life insurance policy, transferable at the executive&rsquo;s request.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Risk Analysis of Compensation Policies and Practices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We have considered our compensation policies
and practices for all employees and concluded that any risks arising from our policies and practices are not reasonably likely
to have a material adverse effect on the Company.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 27.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="itcdefa14aa031"></A>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">The Board of Directors recognizes that related
party transactions present a heightened risk of conflicts of interest, or the perception of conflicts of interest, and has adopted
a written policy to be followed in connection with all related party transactions involving the Company. Pursuant to the policy,
all related party transactions must be approved by either (1) a majority of the disinterested members of the Audit Committee of
the Board of Directors or (2) a majority of independent and disinterested members of the Board of Directors. In either case, a
related party transaction may not be approved by a single director. For purposes of the policy, the term &ldquo;related party transaction&rdquo;
is defined as (A) any transaction that is required to be disclosed in the Company&rsquo;s proxy statements or other filings with
the SEC pursuant to Item 404(a) of Regulation S-K under the Exchange Act; (B) any material &ldquo;conflict of interest&rdquo; transaction
with a director, as that term is defined under the North Carolina Business Corporation Act; and (C) any loan, guaranty or other
form of security provided to or for the benefit of any officer (other than an executive officer) of the Company. Loans or guaranties
to directors and executive officers are prohibited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">There were no reportable related person transactions
during fiscal 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="itcdefa14aa032"></A><B>SHAREHOLDER PROPOSALS FOR 2017 ANNUAL MEETING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">Shareholders
who, in accordance with Rule 14a-8 of the Exchange Act, wish to present proposals for inclusion in the proxy materials to be distributed
in connection with the 2017 Annual Meeting of Shareholders must submit their proposals so that they are received at the Company&rsquo;s
principal executive offices no later than December 14, 2016. Pursuant to SEC rules, submitting a proposal does not guarantee that
it will be included in the proxy materials. &nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; font-weight: normal">In
accordance with the Company&rsquo;s Bylaws, in order to be properly brought before the 2017 Annual Meeting of Shareholders, a
shareholder&rsquo;s notice of a matter the shareholder wishes to present (other than a matter brought pursuant to Rule 14a-8 of
the Exchange Act), or the person or persons the shareholder wishes to nominate as a director, must be delivered to the Corporate
Secretary of the Company at its principal executive offices no earlier than the close of business on January 18, 2017 and no later
than the close of business on February 17, 2017.</FONT><FONT STYLE="font-weight: normal"> <FONT STYLE="font-size: 10pt">To be
in proper form, such shareholder&rsquo;s notice must include the specified information concerning the proposal or nominee as described
in the Company&rsquo;s Bylaws. The Company or the presiding officer at the annual meeting of shareholders may refuse to accept
any such proposal that is not in proper form or submitted in compliance with the procedures specified in the Company&rsquo;s Bylaws.
&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BY ORDER OF THE BOARD OF DIRECTORS:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT><IMG SRC="itcdefa14a003.jpg" ALT="(SIGNE)"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">W. Morris Fine</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 13, 2016</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27.35pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font: 8pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="width: 50%; font: 8pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD ROWSPAN="3"><FONT STYLE="font-size: 8pt"><IMG SRC="proxycard001.jpg" ALT="" STYLE="height: 60; width: 173"><BR><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Broadridge
Corporate Issuer Solutions</I></B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>C/O Investors Title
Company</I></B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>PO BOX 1342</I></B></FONT><BR> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Brentwood,
NY 11717</I></B></FONT></FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>VOTE BY INTERNET - www.proxyvote.com</B></FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Use the Internet to transmit your voting instructions and for electronic
delivery of information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card
in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction
form.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>ELECTRONIC DELIVERY OF
FUTURE PROXY MATERIALS</B></FONT><FONT STYLE="font-size: 8pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>
</B>If you would like to reduce the costs incurred by our company in mailing proxy materials, you can consent to receiving all
future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery,
please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access
proxy materials electronically in future years.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 8pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 8pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>VOTE BY PHONE - 1-800-690-6903</B></FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Use any touch-tone telephone to transmit your voting instructions up
until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and
then follow the instructions.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 8pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font: 8pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>VOTE BY &nbsp;MAIL</B></FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Mark, sign and date your proxy card and return it in the postage-paid
envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.</FONT></FONT></TD></TR>
</TABLE>




<P STYLE="margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">TO VOTE, MARK BLOCKS BELOW
    IN BLUE OR BLACK INK AS FOLLOWS:</FONT></TD></TR>
</TABLE>

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1.5pt dashed; text-align: left; width: 60%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt dashed; text-align: left; width: 0%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt dashed; text-align: right; width: 40%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">KEEP
THIS PORTION FOR YOUR RECORDS</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">DETACH
AND RETURN THIS PORTION ONLY</FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>THIS
PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="5" STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="6" STYLE="padding: 0; text-indent: 0"></TD>
<TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>For</B></FONT><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>All</B></FONT></FONT></TD>
<TD STYLE="padding: 0; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Withhold All</B></FONT></TD>
<TD STYLE="padding: 0; text-align: center">&nbsp;</TD>
<TD STYLE="text-align: center; padding: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>For All
Except</B></FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding: 0; text-indent: 0; text-align: justify"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">To
withhold authority to vote for any individual nominee(s), mark &ldquo;For All Except&rdquo; and write the number(s) of the nominee(s)
on the line below.</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="padding: 0; text-indent: 0; border-top: Black 2pt solid; border-right: Black 2pt solid">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="5" STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>The
Board of Directors recommends you vote FOR the following:</B></FONT></TD>
<TD COLSPAN="5" STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0; border-right: Black 2pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"></TD>
<TD COLSPAN="4" STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"></FONT></TD>
<TD STYLE="text-align: center; padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="text-align: center; padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="text-align: center; padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; text-indent: 0; border-right: Black 2pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0 0 3pt; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0 0 3pt; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>1.</B></FONT></TD>
<TD COLSPAN="4" STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Election
of Directors</FONT></TD>
<TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: left; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; border-right: Black 2pt solid; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; border-right: Black 1pt solid; padding-left: 0; text-indent: 0; text-align: left; vertical-align: top"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="height: 2%">
<TD STYLE="border-left: Black 1pt solid; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD COLSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="text-align: center; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD COLSPAN="2" STYLE="text-align: center; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="text-align: center; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="text-align: center; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD COLSPAN="4" STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="border-right: Black 1pt solid; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Nominees:</B></FONT></TD>
<TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding-top: 0; padding-right: 0; border-right: Black 1pt solid; padding-left: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD COLSPAN="13" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">01</FONT></TD>
<TD COLSPAN="13" STYLE="padding: 0; text-indent: 0"><P STYLE="margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">J.
                                         Allen Fine&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;02 &nbsp;&nbsp;&nbsp;&nbsp;David
                                         L. Francis&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;03
                                         &nbsp;&nbsp;&nbsp;&nbsp;James H. Speed, Jr.</FONT></P>

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<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="14" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>The
Board of Directors recommends you vote FOR proposals 2 and 3.</B></FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"></TD>
<TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>For</B></FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; font-weight: bold; font-size: 7pt; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Against</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="padding: 0; font-weight: bold; font-size: 7pt; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Abstain</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="5" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; font-weight: bold; font-size: 7pt; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; font-weight: bold; font-size: 7pt; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; font-weight: bold; font-size: 7pt; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; font-weight: bold; font-size: 7pt; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>2</B></FONT></TD>
<TD COLSPAN="13" STYLE="text-align: justify; padding: 0; text-indent: 0"><P STYLE="margin: 0; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Advisory
                                         resolution approving the compensation paid to our named executive officers.</FONT></P>


</TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="13" STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>3</B></FONT></TD>
<TD COLSPAN="13" STYLE="text-align: justify; padding: 0; text-indent: 0"><P STYLE="margin: 0; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Proposal
                                         to ratify the appointment of Dixon Hughes Goodman LLP as the Company&rsquo;s independent registered
                                         public accounting firm for 2016.</FONT></P>


</TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="13" STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="14" STYLE="text-align: justify; padding: 0; text-indent: 0"><P STYLE="margin: 0; text-align: left"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>NOTE:
                                         </B>The proxies are authorized to vote in accordance with their best judgment on such
                                         other business as may properly come before the meeting or any adjournment or postponement
                                         thereof.</FONT></P>


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<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="14" STYLE="text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="10" STYLE="padding: 0; text-align: justify; text-indent: 0"><P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Please
                                         sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator,
                                         or other fiduciary, please give full title as such. Joint owners should each sign personally.
                                         All holders must sign. If a corporation or partnership, please sign in full corporate
                                         or partnership name, by authorized officer.</FONT></P>


</TD>
<TD COLSPAN="4" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="3" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 2pt 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 2pt 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="6" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2pt solid; border-left: Black 1pt solid; padding: 2pt 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; padding: 2pt 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 2pt 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 2pt 0; text-align: center; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2pt solid; border-left: Black 1pt solid; padding: 2pt 0; text-indent: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding: 2pt 0; text-indent: 0; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2pt solid"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="padding: 2pt 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 2pt 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 2pt 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 2pt 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 2pt 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="5" STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Signature
[PLEASE SIGN WITHIN BOX]</FONT></TD>
<TD STYLE="text-align: center; padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: left; padding: 3pt 0 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Date</FONT></TD>
<TD STYLE="text-align: center; padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="4" STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Signature
(Joint Owners)</FONT></TD>
<TD COLSPAN="3" STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">Date</FONT></TD>
<TD STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="padding: 3pt 0 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 3pt 0 0; border-right: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0; text-indent: 0; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 2%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 18%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 8%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 2%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 5%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding: 0; text-indent: 0; width: 2%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 15%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 6%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 4%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 3%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 2%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 2%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-bottom: Black 1pt solid; text-indent: 0; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="padding: 0; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0; width: 1%"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">0000286834_1 R1.0.1.25</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Important Notice Regarding the
Availability of Proxy Materials for the Annual Meeting:</B> The Notice &amp; Proxy Statement, and Annual Report to Shareholders
is/are available at <U>www.proxyvote.com</U></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt dashed; text-align: left; width: 51%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt dashed; text-align: left; width: 17%"></TD>
    <TD STYLE="border-bottom: Black 1.5pt dashed; text-align: right; width: 32%"></TD></TR>
</TABLE>

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

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><BR></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; border-top: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: justify; border-top: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; border-top: Black 1pt solid; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INVESTORS
TITLE COMPANY&nbsp;</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Annual
Meeting of Shareholders</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>May
18, 2016 11:00 AM</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This
proxy is solicited by the Board of Directors&nbsp;</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
shareholder(s) signing the reverse side hereby appoint(s) J. Allen Fine and W. Morris Fine, or either of them, as proxies, each
with the power to appoint a substitute, and hereby authorizes them to represent and to vote, as designated on the reverse side
of this ballot, all of the shares of common stock of Investors Title Company that shareholders are entitled to vote at the Annual
Shareholders&rsquo; Meeting of Investors Title Company to be held at The Siena Hotel located at 1505 East Franklin Street, Chapel Hill,
North Carolina on Wednesday, May 18, 2016 at 11:00 AM, EDT, and any adjournment or postponement thereof.</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: justify; text-indent: 0"><P STYLE="margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>This
                                         proxy, when properly executed, will be voted in the manner directed herein. If no such
                                         direction is made, this proxy will be voted in accordance with the Board of Directors&rsquo;
                                         recommendations. The proxy holders are also authorized to vote upon all other matters
                                         as may properly come before the meeting, or any adjournment or postponement thereof,
                                         utilizing their best judgment as described in the proxy statement.</B></FONT></P>


</TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
<TD COLSPAN="7" STYLE="padding: 0; text-align: justify; text-indent: 0"></TD>
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<TD COLSPAN="7" STYLE="padding: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Continued
and to be signed on reverse side</B></FONT></TD>
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