<SEC-DOCUMENT>0001157523-19-001246.txt : 20190516
<SEC-HEADER>0001157523-19-001246.hdr.sgml : 20190516
<ACCEPTANCE-DATETIME>20190516120818
ACCESSION NUMBER:		0001157523-19-001246
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190515
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190516
DATE AS OF CHANGE:		20190516

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11774
		FILM NUMBER:		19831303

	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>8-K
<SEQUENCE>1
<FILENAME>a51985665.htm
<DESCRIPTION>INVESTORS TITLE COMPANY 8-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Business Wire
         Document created using EDGARfilings PROfile 5.1.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 16pt; font-weight: bold;">WASHINGTON, D.C.&#160; 20549</div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">__________________________________</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the</div>
    <div style="text-align: center; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">Securities Exchange Act of 1934</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">Date of report (Date of earliest event reported):&#160;May 15, 2019</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 16pt;"><font style="font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">INVESTORS TITLE COMPANY</font></div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z40a35edd87e841c29726a8500a3ce8a5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 28%;">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>&#160;&#160; North Carolina&#160;&#160;&#160;</u></font><font style="text-indent: 0px; font-size: 5.02pt;">&#160; <br>
                </font></div>
            </td>
            <td style="width: 5%;">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u><br>
                    </u></font></font></div>
            </td>
            <td colspan="1" style="width: 28%; text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>&#160;&#160;&#160; 0-11774&#160;&#160;&#160;
                  </u></font></font></td>
            <td style="width: 5%;">
              <div style="text-align: center;">&#160;</div>
            </td>
            <td style="width: 28%;">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><u>&#160; 56-1110199 <br>
                    </u></font></font></div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 28%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: center;">&#160;(State or Other Jurisdiction<br>
            </td>
            <td style="width: 5%;">
              <div style="text-align: center;">&#160;</div>
            </td>
            <td colspan="1" style="width: 28%; text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Commission File Number) <br>
              </font></td>
            <td style="width: 5%;">
              <div style="text-align: center;">&#160;</div>
            </td>
            <td style="width: 28%; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; text-align: center;">&#160;(IRS Employer Identification No.)</td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 28%;">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">of Incorporation)</font></div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td colspan="1" style="width: 28%;">&#160;</td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 28%;">
              <div>&#160;</div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.02pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160; &#160;&#160;&#160; <br>
      </font></div>
    <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"></font>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z9e5d356e4ced4db0b71fcc6472f4e33c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 22%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">121 North Columbia Street, Chapel Hill, North Carolina</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px;
                  font-size: 5.01pt;">&#160; <br>
                </font></div>
            </td>
            <td style="width: 3%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;</div>
            </td>
            <td style="width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">&#160;&#160;&#160; 27514&#160;&#160;&#160;&#160;<u> <br>
                    </u></font></font></div>
            </td>
            <td colspan="1" style="width: 25%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 22%;">
              <div>&#160;</div>
            </td>
            <td style="width: 40%;">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Address of Principal Executive Offices)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.06pt;"> <br>
                </font></div>
            </td>
            <td style="width: 3%;">
              <div>&#160;</div>
            </td>
            <td style="width: 10%;">
              <div style="text-align: center;">&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">(Zip Code)</font></div>
            </td>
            <td colspan="1" style="width: 25%;">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.01pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u> <br>
          </u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;Registrant's telephone number, including area code:&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>(919)
            968-2200</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
        registrant under any of the following provisions:</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;&#160; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 18pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#9744;&#160; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div style="text-align: center; margin-top: 6pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</font></div>
    <table cellspacing="0" cellpadding="0" id="z81df7ffe328c422cbc93ecd421ab764c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 45.02%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Title of each class</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Trading Symbol(s)</font></div>
          </td>
          <td style="width: 44.99%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Name of each exchange on which registered</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.02%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Common Stock, no par value</font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">Rights to Purchase Series A Junior Participating Preferred Stock</font></div>
          </td>
          <td style="width: 10%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">ITIC</font></div>
          </td>
          <td style="width: 44.99%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; color: #000000;">The Nasdaq Stock Market LLC</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; margin-top: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
        1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
    <div style="text-align: left; text-indent: 36pt; margin-top: 5pt; margin-bottom: 5pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company&#160; &#9744;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
        any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744; </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 5.02.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On May 15, 2019, Investors Title Company (the &#8220;Company&#8221;) held its 2019 Annual Meeting of Shareholders (the &#8220;Annual
        Meeting&#8221;).&#160; The shareholders of the Company approved the Investors Title Company 2019 Stock Appreciation Rights Plan (the &#8220;Plan&#8221;).&#160; A description of the material terms of the Plan can be found in the Company&#8217;s definitive proxy statement for the
        Annual Meeting filed with the Securities and Exchange Commission on April 15, 2019 under the caption &#8220;<a href="http://www.sec.gov/Archives/edgar/data/720858/000114036119007054/s002755x2_def14a.htm#a027_v1"><font style="font-size: 10pt; font-family:
            'Times New Roman', Times, serif;">Proposal Requiring Your Vote&#8212;Proposal 4&#8212;Approval of the 2019 Stock Appreciation Rights Plan</font></a>.&#8221; Such description is incorporated herein by reference and is qualified in its entirety by reference to the
        Plan and the form of Stock Appreciation Rights Agreement, filed as Exhibits 10.1 and 10.2, respectively, to this report on Form 8-K.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 5.07.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Submission of Matters to a vote of Security Holders.</font></div>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On May 15, 2019, the results of the Annual Meeting were as follows:</font></div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2bc41d1d111446a9b44b6e3ded77b9c5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">1.</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Election of Directors</font>.&#160; Our
                  shareholders elected the following directors for three-year terms or until their successors are elected and qualified</font></div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z3130442316ef45de92d7016bd6b7d61f" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">FOR</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">WITHHELD</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BROKER</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NON-VOTES</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">J. Allen Fine</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1,041,378</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">253,322</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">247,045</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">David L. Francis</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1,022,431</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">272,269</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">247,045</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">James H. Speed, Jr.</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">871,363</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">423,337</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">247,045</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> </font><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Say on Pay Proposal</font>.&#160;



        Our shareholders approved the advisory resolution approving the compensation paid to our named executive officers as follows:</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="z73fb33f8e7664bd1b8ef44e869288dc5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;">
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">AGAINST</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ABSTAIN</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BROKER</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NON-VOTES</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,273,762</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">13,021</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">7,917</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">247,045</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Say on Pay Frequency
          Proposal. </font> Our shareholders approved an advisory vote on the frequency of the advisory vote to approve executive officer compensation as follows:</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="z8ce6e950174e4cd89f80eba4e8afb923" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;">
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1 YEAR</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">2 YEARS</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">3 YEARS</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ABSTAIN</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">330,265</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">14,866</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">947,826</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1,743</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Approval of 2019 Stock
          Appreciation Rights Plan</font>.&#160; Our shareholders approved the Plan as follows:</font></div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="zd9d5d079f5e44db28b2e4a610f42d449" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;">
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">AGAINST</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div> </div>
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ABSTAIN</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BROKER</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NON-VOTES</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,263,130</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">30,242</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1,328</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">247,045</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.&#160; <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-style: italic;">Auditor Ratification</font>.&#160;



        Our shareholders ratified the appointment of Dixon Hughes Goodman LLP as our independent registered public accounting firm for 2019 as follows:</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="ze75bd206c3fc432fbf2cf26890c5ae3d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

        <tr>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 25%; text-align: center;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">FOR</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">AGAINST</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-weight: bold;">ABSTAIN</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">BROKER</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">NON-VOTES</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1,535,943</font></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">3,879</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">1,923</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 22%;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;,Times,serif;">0</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="text-align: center; vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 9.01.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Financial Statements and Exhibits.</font></div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(d) Exhibits.</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Exhibit</font></div>
    <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Number</u></font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Description</u></font></font></div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" id="z8ebc6fcbe217495daa7d4577622ad490" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;"><a href="http://www.sec.gov/Archives/edgar/data/720858/000115752319001233/a51984018ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.1</font></a><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
              <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">&#160;</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
              <td style="width: auto; vertical-align: top; text-align: justify;"><a href="http://www.sec.gov/Archives/edgar/data/720858/000115752319001233/a51984018ex99_1.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investors



                    Title Company 2019 Stock Appreciation Rights Plan (incorporated by reference to Exhibit&#160;99.1 to the Company&#8217;s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on May 15, 2019 (Registration Statement
                    No. 333-231486))</font></a></td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z68bcbec872c540a1b3e888f557323532" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right;"><a href="a51985665ex10_2.htm"><font style="font-size: 10pt; font-family: 'Times New
                    Roman', Times, serif;">10.2</font></a></td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div><a href="a51985665ex10_2.htm"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Form of Stock Appreciation Rights
                      Agreement</font></a></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURE</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
        signed on its behalf by the undersigned hereunto duly authorized.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" style="width: 38%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INVESTORS TITLE COMPANY</font></td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" rowspan="1" colspan="2" style="width: 38%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
            <td valign="top" rowspan="1" colspan="2" style="width: 38%;">&#160;</td>
            <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Date:&#160; May 16, 2019</font></div>
            </td>
            <td valign="top" style="width: 3%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">By: </div>
            </td>
            <td valign="top" align="left" style="width: 35%; border-bottom: #000000 2px solid;">/s/ <font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">James A. Fine, Jr.</font></td>
            <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="bottom" align="left" style="width: 35%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">James A. Fine, Jr.</font></td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">President, Treasurer and Chief Financial Officer<br>
              </font></td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;"><br>
            </td>
            <td valign="top" style="width: 3%;"><br>
            </td>
            <td valign="top" style="width: 35%;"><br>
            </td>
            <td valign="top" style="width: 12%;"><br>
            </td>
          </tr>

      </table>
    </div>
    <br>
    <div><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>a51985665ex10_2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Business Wire
         Document created using EDGARfilings PROfile 5.1.0.0
         Copyright 1995 - 2019 Broadridge -->
  </head>
<body text="#000000" bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
  <div>
    <div style="text-align: right; margin-bottom: 12pt; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: bold;"> Exhibit 10.2<br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">INVESTORS TITLE COMPANY</div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2019 STOCK APPRECIATION RIGHTS PLAN</font></div>
    <div style="text-align: center; margin-bottom: 24pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>STOCK APPRECIATION
            RIGHTS AGREEMENT</u></font></font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">THIS STOCK APPRECIATION RIGHTS AGREEMENT (the &#8220;<font style="font-size: 10pt; font-family: 'Times New
          Roman', Times, serif; font-weight: bold;">Agreemen</font>t&#8221;) is made and entered into as of [DATE] by and between Investors Title Company, a North Carolina corporation (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times,
          serif; font-weight: bold;">Company</font>&#8221;), and [NAME], a director of the Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Grantee</font>&#8221;):</font></div>
    <div style="text-align: center; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>W</u></font>&#160;<font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif;"><u>I</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>T</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>N</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>E</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>S</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman',
          Times, serif;"><u>S</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>E</u></font>&#160;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>T</u></font>&#160;<font style="font-size: 10pt;
          font-family: 'Times New Roman', Times, serif;"><u>H</u></font>:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">WHEREAS, the Company recognizes the value to it of the services of the Grantee and desires to provide
        the Grantee with an incentive to remain as a director of the Company and an opportunity to acquire common stock of the Company, so that the Grantee may acquire or increase&#160; a proprietary interest in the Company&#8217;s success, and</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">WHEREAS, the Company desires to award the Grantee stock appreciation rights (&#8220;<font style="font-size:
          10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SARs</font>&#8221;) under Article II of the Company's 2019 Stock Appreciation Rights Plan (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;
          font-weight: bold;">Plan</font>&#8221;), and the Grantee desires to accept such SARs in accordance with the terms and conditions set forth herein;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and
        intending to be legally bound hereby, the parties agree as follows:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Grant of SARs</u></font>.&#160; Subject to the terms and conditions of this Agreement and the Plan,
        the Company hereby awards to the Grantee [NUMBER (#)] SARs at an exercise price of [PRICE ($)] per SAR (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Exercise Price</font>&#8221;).&#160; Each SAR gives
        the Grantee the right upon exercise of the SAR in accordance with the terms and conditions of this Agreement and the Plan, to receive an amount equal to the difference between (i) the fair market value (as defined in Section 2.1 of the Plan) of one
        (1) share of the Company common stock as of the exercise date, and (ii) the Exercise Price.&#160; Upon exercise, such amount shall be payable to the Grantee in shares of the Company common stock (the &#8220;<font style="font-size: 10pt; font-family: 'Times
          New Roman', Times, serif; font-weight: bold;">Shares</font>&#8221;) in a single payment as soon as administratively practicable (but in no event later than thirty 30 days) following the exercise date.&#160; The number of Shares to be delivered to the
        Grantee shall equal (x) the amount payable to the Grantee upon exercise of the SARs divided by (y) the fair market value (as defined in Section 2.1 of the Plan) of one share of the Company common stock as of the exercise date, with cash payable for
        any fractional share.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 6pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Vesting and Exercisability of SARs</u></font>.&#160; The SARs shall vest in [NUMBER (#) (specify &#8211;
        quarterly, etc.)] installments if the Grantee continues to provide services as a director of the Company through each of the vesting dates as follows:</font></div>
    <table cellspacing="0" cellpadding="0" border="0" id="z18872137f4d7443cb9aa8e504682da8d" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

        <tr>
          <td style="width: 48%; vertical-align: top;">
            <div>&#160;</div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Vesting Date</u></font></font></div>
          </td>
          <td style="width: 4%; vertical-align: top;">&#160;</td>
          <td style="width: 48%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Number of SARs</font></div>
            <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>that become Exercisable</u></font></font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">[SCHEDULE]</div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;"> <br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%2%-  % -%-->
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Notwithstanding the foregoing, all SARs granted hereunder shall fully vest in the event of the Grantee&#8217;s death.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The SARs granted hereunder shall become exercisable (1) at any time on or after the first anniversary
        of the date of this Agreement or, (2) if earlier, upon termination of the Grantee&#8217;s services as a director of the Company but only to the extent vested at the time of such termination, and shall remain exercisable until the expiration of the SARs.&#160;
        Unless sooner terminated as provided in the Plan or in paragraph 5 hereof, all vested SARs shall terminate, and all rights of the Grantee hereunder shall expire, at the close of business on the seventh anniversary of the date of this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Transfer of SARs</u></font>.&#160; The SARs may not be sold, pledged, assigned or transferred in any
        manner other than by will or by the laws of descent or distribution, unless otherwise agreed by the Committee.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Adjustments</u></font>.&#160; If the shares of common stock of the Company are increased, decreased,
        changed into or exchanged for a different number or kind of shares or securities through merger, consolidation, combination, exchange of shares, other reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock
        split in which the Company is the surviving entity, the aggregate number of SARs and the Exercise Price shall be appropriately and proportionately adjusted in the manner provided in the Plan.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Termination of SARs</u></font>.&#160; The SARs hereby granted shall terminate and be of no force or
        effect upon the happening of the first to occur of the following events:</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(a)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">expiration of three (3) months after the date of termination of the Grantee's service as a director of the Company for any reason other than the death of the Grantee;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">expiration of twelve (12) months after the death of the Grantee while serving as a director of the Company;</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">occurrence of any event described in paragraph 10 hereof that causes a termination of the SARs; or</font></div>
    <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the close of business on the seventh anniversary of the date of this Agreement.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Any SARs that may be exercised for a period following termination of the Grantee's service as a
        director may be exercised only to the extent such SARs were vested immediately before such termination and in no event after the SARs would expire by their terms without regard to such termination.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">6.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Method of Exercise</u></font>.&#160; The SARs shall be exercised by delivery to the Company at its
        principal place of business of a written notice, at least three (3) business days prior to the proposed date of exercise, which notice shall:</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">- 2 -</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: left; font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt;">
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="zf3d01cecae9f44b8b269ac36b6ceae8a" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse;">

            <tr>
              <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(a)</div>
              </td>
              <td style="width: 89%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">state the election to exercise the SARs, the number of SARs which are being exercised, and the name, address, and social security
                    number of the person in whose name the stock certificate or certificates for the Shares to be issued in connection with the exercise of the SARs are to be registered;</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(b)</font></div>
              </td>
              <td style="width: 89%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">contain any such representations and agreements as to Grantee's investment intent with respect to such Shares as shall be
                    reasonably required by the Committee pursuant to paragraph 8 hereof; and</font></div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
              <td style="width: 3%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">(c)</font></div>
              </td>
              <td style="width: 89%; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">be signed by the person entitled to exercise the SARs, and if the SARs are being exercised by any person or persons other than
                    the Grantee, be accompanied by proof, satisfactory to the Committee, of the right of such person or persons to exercise the SARs.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z387064b4b3df4be7bdfb5a930eb2e6f6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;"><br>
            </td>
            <td style="width: auto; vertical-align: top;"><br>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">After receipt of such notice in a form satisfactory to the Committee, the Company shall deliver to
        the Grantee a certificate or certificates representing the Shares acquired hereunder, provided, that if any law or regulation requires the Company to take any action with respect to the Shares specified in such notice before the issuance thereof,
        the date of delivery of such Shares shall be extended for the period necessary to take such action.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">7.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rights of a Shareholder</u></font>.&#160; The Grantee shall not be deemed for any purpose to be a
        shareholder of the Company with respect to any Shares covered by the SARs unless the SARs shall have been exercised in the manner provided herein.&#160; No adjustment will be made for dividends or other rights where the record date is prior to the date
        of exercise.&#160; Upon the exercise of the SARs as provided herein and the issuance of the certificate or certificates evidencing the Shares covered thereby, the Grantee shall have all the rights of a shareholder of the Company, including the right to
        receive all dividends or other distributions paid or made with respect to such Shares.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">8.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Compliance with Securities Laws</u></font>.&#160; The Grantee recognizes that any registration of the
        Shares issuable pursuant to the SARs under applicable federal and state securities laws, or actions to qualify for applicable exemptions from such registrations, shall be at the option of the Company.&#160; The Grantee acknowledges that, in the event
        that no such registrations are undertaken and the Company relies on exemptions from such registrations, the Shares shall be issued only if the Grantee qualifies to receive such Shares in accordance with the exemptions from registration on which the
        Company relies and that, in connection with any issuance of certificates evidencing such shares, the Board of Directors may require appropriate representations from the Grantee and take such other action as the Board of Directors may deem
        necessary, including but not limited to placing restrictive legends on such certificates and placing stop transfer instructions in the Company&#8217;s stock transfer records, or delivering such instructions to the Company&#8217;s transfer agent, in order to
        assure compliance with any such exemptions.&#160; Notwithstanding any other provision of the Plan or this Agreement (i) no Shares will be issued upon any exercise of the SARs unless and until such Shares have been registered under all applicable federal
        and state securities laws or unless, in the opinion of counsel satisfactory to the Company, all actions necessary to qualify for exemptions from such registrations shall have been taken and (ii) the Company shall have no obligation to undertake
        such registrations or such actions necessary to qualify for exemptions from registrations and shall have no liability whatsoever for not doing so.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">- 3 -</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">9.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Rule 144</u></font>.&#160; The Grantee acknowledges that, notwithstanding any registration of the SARs
        and the Shares issuable upon exercise of the SARs under the Securities Act of 1933 or under the securities laws of any state, if, at the time of exercise of the SARs, he is deemed to be an &#8220;affiliate&#8221; of the Company as defined in Rule 144 of the
        Securities and Exchange Commission, any Shares acquired hereunder will nevertheless be subject to sale only in compliance with Rule 144 (but without any holding period) or pursuant to an effective registration statement under the Securities Act of
        1933, and that the Company shall take such action as it deems necessary or appropriate to assure such compliance, including, to the extent it deems appropriate, placing restrictive legends on certificates evidencing such Shares and delivering stop
        transfer instructions to the Company's transfer agent.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Reorganizations</u></font>.&#160; To the extent permitted under Section 409A of the Internal Revenue
        Code of 1986, as amended, if the Company shall be a party to any merger or consolidation in which it is not the surviving entity or pursuant to which the shareholders of the Company exchange their common stock, or if the Company shall dissolve or
        liquidate or sell all or substantially all of its assets, the SARs granted hereunder shall terminate on the effective date of such merger, consolidation, dissolution, liquidation or sale; provided, however, that prior to such effective date, the
        Committee may, in its discretion, cause the SARs to become immediately exercisable, and may, to the extent the SARs are terminated as provided in this paragraph 10, authorize a payment to the Grantee that approximates the economic benefit that the
        Grantee would realize if the SARs were exercised immediately before such effective date, or authorize a payment in such other amount as it deems appropriate to compensate the Grantee for the termination of the unexercised portion of the SARs, or
        arrange for the granting of substitute SARs to the Grantee.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">This Agreement shall not affect in any way the right or power of the Company to make adjustments,
        reclassifications, reorganizations or changes of its capital or business structure, or to merge or consolidate, or to dissolve, liquidate, sell or transfer all or any part of its business or assets.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">11.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Tax Matters</u></font>.&#160; The Grantee acknowledges that, upon exercise of the SARs, the Grantee
        will recognize taxable income generally in an amount equal to the excess of the fair market value of the acquired Shares (plus cash for any fractional shares) over the Exercise Price for said Shares, and the Company may have certain withholding
        obligations for income and other taxes.&#160; It shall be a condition to the Grantee&#8217;s receipt of a stock certificate covering the Shares acquired upon exercise of the SARs that the Grantee pay to the Company such amounts as it is required to withhold
        or, with the consent of the Company, that the Grantee otherwise provide for the discharge of the Company&#8217;s withholding obligation.&#160; If any such payment is not made by the Grantee, the Company may deduct the amounts required to be withheld from
        payments of any kind to which the Grantee would otherwise be entitled from the Company.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Construction</u></font>.&#160; This Agreement shall be construed so as to be consistent with the Plan
        and the provisions of the Plan shall be deemed to be controlling in the event that any provision hereof should be inconsistent therewith.&#160; The Grantee hereby acknowledges receipt of a copy of the Plan from the Company and agrees to be bound by all
        of the terms and provisions of the Plan.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Whenever the word &#8220;Grantee&#8221; is used in any provision of this Agreement under circumstances where the
        provision should logically be construed to apply to (i) the estate, personal representative, or beneficiary to whom the SARs may be transferred by will or by the laws of descent and distribution or (ii) the guardian or legal representative of the
        Grantee acting pursuant to a valid power of attorney or the decree of a court of competent jurisdiction, then the term &#8220;Grantee&#8221; shall be construed to include such estate, personal representative, beneficiary, guardian or legal representative.</font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">- 4 -</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">13.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Severability</u></font>.&#160; The provisions of this Agreement shall be severable and the invalidity
        or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereto.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">14.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Successor and Assigns</u></font>.&#160; The terms of this Agreement shall be binding upon and shall
        enure to the benefit of any successors or assigns of the Company and of the Grantee.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">15.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Notices</u></font>.&#160; Notices under this Agreement shall be in writing and shall be deemed to have
        been duly given (i) when personally delivered, (ii) when forwarded by Federal Express, Airborne, or another private carrier which maintains records showing delivery information, (iii) when sent via facsimile but only if a written facsimile
        acknowledgment of receipt is received by the sending party, or (iv) when placed in the United States Mail and forwarded by registered or certified mail, return receipt requested, postage prepaid, addressed to the party to whom such notice is being
        given or such other address as furnished to the Company from time to time for this purpose.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">16.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Entire Agreement; Modification</u></font>.&#160; This Agreement and the Plan constitute the entire
        agreement and understanding of the parties hereto with respect to the SARs granted herein and supersedes any and all prior and contemporaneous negotiations, understandings and agreements with regard to the SARs and the matters set forth herein,
        whether oral or written.&#160; No representation, inducement, agreement, promise or understanding altering, modifying, taking from or adding to the terms and conditions hereof shall have any force or effect unless the same is in writing and validly
        executed by the parties hereto.</font></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">17.</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><u>Governing Law</u></font>.&#160; This Agreement shall be governed by and construed in accordance with
        the laws of the State of North Carolina.</font></div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">IN WITNESS WHEREOF, the Grantee has executed this Agreement and the Company has caused this Agreement to be executed by
        its duly authorized officer, effective as of the day and year first above written.</font></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">
      <table cellspacing="0" cellpadding="0" border="0" id="zeae9babf70ea4ab2b96580f3a79c119b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

          <tr>
            <td style="width: 40%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INVESTORS TITLE COMPANY</font></td>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">GRANTEE</font></td>
          </tr>
          <tr>
            <td style="width: 40%;">
              <div>&#160;</div>
            </td>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%;">
              <div>&#160;</div>
            </td>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">By:</font></td>
            <td style="width: 10%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%;">
              <div>&#160;</div>
            </td>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Title:</font><font style="text-indent: 0px; font-size: 5.14pt;"> <br>
              </font></td>
            <td style="width: 10%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>
            <td style="width: 50%; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Printed Name<font style="text-indent: 0px; font-size: 6pt;"> <br>
                </font></font></td>
          </tr>

      </table>
      <font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.04pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: &quot;Times New Roman&quot;,Times,serif; font-size: 10pt; font-weight: normal; font-style: normal;">- 5 -</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
