<SEC-DOCUMENT>0000891092-15-000599.txt : 20150128
<SEC-HEADER>0000891092-15-000599.hdr.sgml : 20150128
<ACCEPTANCE-DATETIME>20150128162956
ACCESSION NUMBER:		0000891092-15-000599
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150225
FILED AS OF DATE:		20150128
DATE AS OF CHANGE:		20150128
EFFECTIVENESS DATE:		20150128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALICO INC
		CENTRAL INDEX KEY:			0000003545
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				590906081
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-00261
		FILM NUMBER:		15555205

	BUSINESS ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913
		BUSINESS PHONE:		239-226-2000

	MAIL ADDRESS:	
		STREET 1:		10070 DANIELS INTERSTATE COURT STE. 100
		CITY:			FT. MYERS,
		STATE:			FL
		ZIP:			33913

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALICO LAND DEVELOPMENT CO
		DATE OF NAME CHANGE:	19740219
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>e62449def14a.htm
<DESCRIPTION>NOTICE & PROXY STATEMENT
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 12pt; text-align: center"><B>UNITED STATES</B></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. &nbsp;&nbsp;)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-right: 0.8pt; text-align: center; font-size: 12pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 94%; padding-right: 0.8pt; font-size: 12pt">Preliminary Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 12pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 1.8pt; font-size: 12pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.8pt; text-align: center; font-size: 12pt"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 12pt">Definitive Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 12pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 12pt">Definitive Additional Materials</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 12pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; font-size: 12pt">Soliciting Material Pursuant to &sect;240.14a-12</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center; text-indent: 0.5in; border-top: black 0.5pt solid">&nbsp;<B>(Name
of Registrant as Specified In Its Charter)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">N/A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 0; text-align: center; text-indent: 0.5in; border-top: black 0.5pt solid">&nbsp;<B>(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 13.5pt 0 0 13.5pt">Payment of Filing Fee (Check the appropriate box):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">No fee required.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD></TR>
<TR>
    <TD STYLE="width: 6%; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 88%; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(1)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Title of each class of securities to which transaction applies:</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(2)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Aggregate number of securities to which transaction applies:</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(3)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(4)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Proposed maximum aggregate value of transaction:</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(5)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Total fee paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">Fee paid previously with preliminary materials.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(1)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Amount Previously Paid:</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
</TABLE>

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    <TD STYLE="width: 6%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 6%; padding-right: 0.8pt; text-align: center">(2)</TD>
    <TD STYLE="vertical-align: top; width: 88%; border-bottom: Black 1pt solid; padding-right: 0.8pt">Form, Schedule or Registration Statement No.:</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(3)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Filing Party:</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; font-size: 5pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">(4)</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 0.8pt">Date Filed:</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="padding-right: 0.8pt; text-align: center; font-size: 5pt">&nbsp;</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 77px; width: 173px"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10070 Daniels Interstate Court</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 100</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fort Myers, FL 33913</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 4.5pt 0 0 4.5pt; text-align: center"><B>Notice of Annual Meeting of
Shareholders</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>To be held February 25, 2015</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2.5pt 0 0 2.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11px; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 283px; padding-right: 0.8pt; text-align: right">&nbsp;January&nbsp;28, 2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt">Alico, Inc. Shareholders:</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Annual Meeting of Shareholders (the &ldquo;Annual
Meeting&rdquo;) of Alico, Inc. (the &ldquo;Company&rdquo; or &ldquo;Alico&rdquo; or referred to as &ldquo;we&rdquo;, &ldquo;us&rdquo;,
or &ldquo;our&rdquo; in this Notice and Proxy Statement) will be held at the offices of Wachtell, Lipton, Rosen &amp; Katz, 51
West 52nd Street, New York, New York 10019, on February 25, 2015, at 9:30 a.m. Eastern Standard Time, for the following purposes:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">To elect the seven nominees named in the attached Proxy Statement as directors to serve on our
Board of Directors. These seven directors will serve until the next Annual Meeting or until their respective successors have been
elected and qualified.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">To approve the Alico, Inc. Stock Incentive Plan of 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">To ratify the Audit Committee&rsquo;s appointment of McGladrey LLP as the Company&rsquo;s Independent
Registered Public Accounting Firm for fiscal year 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">To request advisory approval of the compensation of the Company&rsquo;s Named Executive Officers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">To transact any other business as may properly come before the Annual Meeting or any and all adjournments
thereof.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board of Directors has fixed the close
of business on December 31, 2014, as the record date for determination of the shareholders entitled to notice of, and to vote at,
the Annual Meeting. Only shareholders of record who own stock on the record date are entitled to receive notices about the Annual
Meeting and to vote at the Annual Meeting.<BR>
&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.1in; text-align: justify">For the Board of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.1in; text-align: justify"><I>A. Denise
Plair</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 4.1in; text-align: justify">Corporate Secretary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 238.5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Your vote is very important to us. You are
invited to attend the meeting in person. If you need directions to the meeting location, you may contact the Corporate Secretary
by phone at (239) 226-2000 or by mail at the address above. Whether or not you plan to attend and no matter how many shares you
own, please mark your vote on the enclosed proxy card, sign</B></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B> and date it and mail it in the enclosed
envelope. If you wish to attend the Annual Meeting in person, please tear off the admission ticket from the top half of the enclosed
proxy card and bring it and a photo ID with you to the Annual Meeting. If you attend the Annual Meeting you may vote in person,
if you wish, even if you have previously submitted a proxy. You may revoke your proxy at any time before the vote is taken by delivering
to the Corporate Secretary a written revocation or a proxy with a later date or by voting your shares in person at the Annual Meeting
in which case your proxy will be disregarded. </B><BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting of Shareholders to Be Held on February 25, 2015:&nbsp; </B>This Notice, the attached
2015 Proxy Statement, along with our Annual Report on Form 10-K for fiscal year 2014, are available at http://www.alicoinc.com.</P>

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


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

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



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><A HREF="#a_Toc409644030"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_001">Proxy Statement</A></A></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644030"><A HREF="#a_001">1</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644032"><A HREF="#a_002">Change in Control Transaction</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644032"><A HREF="#a_002">6</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644033"><A HREF="#a_003">Security Ownership of Certain Beneficial Owners and Management</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644033"><A HREF="#a_003">7</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644034"><A HREF="#a_004">Section 16(a) Beneficial Ownership Reporting Compliance</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644034"><A HREF="#a_004">10</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644035"><A HREF="#a_005">Proposal 1: Election of Directors</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644035"><A HREF="#a_005">11</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644036"><A HREF="#a_006">Corporate Governance Matters</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644036"><A HREF="#a_006">18</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644037"><A HREF="#a_007">Directors Independence &mdash; Alico, Inc. is a &ldquo;Controlled Company&rdquo;</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644037"><A HREF="#a_007">18</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644038"><A HREF="#a_008">Right to Designate Directors</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644038"><A HREF="#a_008">18</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644039"><A HREF="#a_009">Board Leadership Structure and Role in Risk Oversight</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644039"><A HREF="#a_009">19</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644040"><A HREF="#a_010">Committees of the Board</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644040"><A HREF="#a_010">20</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644041"><A HREF="#a_011">Code of Business Conduct and Ethics and Corporate Governance Principles</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644041"><A HREF="#a_011">23</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644042"><A HREF="#a_012">Director Compensation</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644042"><A HREF="#a_012">24</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644043">Compensation
    Committee Report</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644043"><A HREF="#a_013">27</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644044"><A HREF="#a_014">Executive Officers</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644044"><A HREF="#a_014">27</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644045"><A HREF="#a_015">Compensation Discussion and Analysis</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644045"><A HREF="#a_015">29</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644046"><A HREF="#a_016">Executive Compensation</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644046"><A HREF="#a_016">38</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644047"><A HREF="#a_017">Grants of Plan-Based Awards in Fiscal Year 2014</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644047"><A HREF="#a_017">40</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644048"><A HREF="#a_018">Outstanding Equity Awards at Fiscal Year End 2014</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644048"><A HREF="#a_018">40</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644049"><A HREF="#a_020">Option Exercises and Stock Vested in Fiscal Year 2014</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644049"><A HREF="#a_020">40</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644050"><A HREF="#a_021">Pension Benefits</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644050"><A HREF="#a_021">41</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644051"><A HREF="#a_022">Nonqualified Deferred Compensation</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644051"><A HREF="#a_022">41</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_035">Potential
    Payments upon Termination or Change in Control</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_035">41</A></font></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644052"><A HREF="#a_023">Certain Relationships and Related Party Transactions</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644052"><A HREF="#a_023">44</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.25in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644053"><A HREF="#a_024">Audit Committee Report</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644053"><A HREF="#a_024">47</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644054"><A HREF="#a_026">Proposal 2: Approval of the Alico, Inc. Stock Incentive Plan of 2015</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644054"><A HREF="#a_026">48</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644055"><A HREF="#a_027">Proposal 3: Ratification of the Selection of McGladrey LLP as Our Independent Registered Public Accounting Firm</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644055"><A HREF="#a_027">58</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644056"><A HREF="#a_028">Proposal 4: Advisory Approval of the Compensation of the Company&rsquo;s Named Executive Officers</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644056"><A HREF="#a_028">60</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644057"><A HREF="#a_029">Other Business</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644057"><A HREF="#a_029">62</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644058"><A HREF="#a_030">Shareholder Proposals</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644058"><A HREF="#a_030">62</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644059"><A HREF="#a_032">Shareholders Sharing an Address</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644059"><A HREF="#a_032">62</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644060"><A HREF="#a_033">Annual Report on Form 10-K</A></A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_Toc409644060"><A HREF="#a_033">63</A></A></FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_034">Appendix A &mdash; Alico, Inc. Stock Incentive Plan of 2015</A></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><P STYLE="margin: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><A HREF="#a_034">A-1</A></FONT></P>


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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10070 Daniels Interstate Court</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suite 100</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fort Myers, FL 33913</B></P>

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>Proxy Statement</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Annual Meeting of Shareholders</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>February 25, 2015</B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #252525"><B>Important Notice Regarding
the Availability of Proxy Materials for the<BR>
Annual Meeting of Shareholders to Be Held on February 25, 2015</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 9pt; text-align: center"><FONT STYLE="color: #252525"><B>The
Proxy Statement and accompanying Annual Report to the shareholders are available at</B></FONT><BR>
<B><I>www.alicoinc.com</I> <FONT STYLE="color: #252525">or at</FONT> <I>https://materials.proxyvote.com/016230</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 9pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Our Board of Directors seeks
your proxy for use in voting at the Annual Meeting of Shareholders to be held on Wednesday, February 25, 2015 at 9:30 a.m. Eastern
Standard Time in New York, New York. This Proxy Statement and proxy card were mailed on or about January 28, 2015 to all holders
of common stock entitled to vote at the Annual Meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">We have enclosed with the Proxy
Statement our 2014 Annual Report to Shareholders, which includes our audited financial statements. The Annual Report does not constitute
any part of the material for the solicitation of proxies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Holders of shares of our common
stock as of the close of business on December 31, 2014, the record date, may vote at the Annual Meeting either in person or by
proxy. At the close of business on December 31, 2014, there were 7,366,738 shares of our common stock outstanding and entitled
to vote on each matter properly brought up at the Annual Meeting. The common stock is our only authorized voting security, and
each share of common stock is entitled to vote at the Annual Meeting. A shareholder of record giving a proxy may revoke it at any
time before the vote is taken by delivering a written revocation or a proxy with a later date to the Corporate Secretary or by
voting his or her shares in person at the Annual Meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">At the Annual Meeting, the
shareholders will be asked to vote on the following proposals:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525"><I>Proposal 1</I>:
Election of seven nominees named in this Proxy Statement to serve on our Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525"><I>Proposal 2: </I>Approval
of the Alico, Inc. Stock Incentive Plan of 2015.<BR>
&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525"><I>Proposal 3</I>:
Ratification of the Audit Committee&rsquo;s appointment of McGladrey LLP as our independent registered public accounting firm for
fiscal year 2015.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525"><I>Proposal 4</I>:
Advisory approval of the compensation of the Company&rsquo;s Named Executive Officers.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525"><B>Difference between holding shares as a shareholder
of record and as a beneficial owner</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">If your shares are registered
directly in your name with our transfer agent, Computershare, you are considered the shareholder of record with respect to those
shares. The Proxy Statement, the enclosed proxy card and the 2014 Annual Report to Shareholders have been sent directly to you.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">If your shares are held in
a stock brokerage account or by a bank or other nominee, those shares are held in &ldquo;street name&rdquo; and you are considered
to be the &ldquo;beneficial owner&rdquo; of those shares. As the beneficial owner, you have the right to instruct your broker,
bank or other holder of record how to vote your shares. The Proxy Statement, the 2014 Annual Report to Shareholders and other materials
have been forwarded to you by your broker, bank or other nominee, who is the shareholder of record. You will receive separate instructions
from your broker, bank or other holder of record describing how to vote your shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Each shareholder has one vote
per share. If you hold shares in your own name as a shareholder of record, you can cast your vote before the Annual Meeting by
authorizing the individuals named on the enclosed proxy card to serve as your proxy to vote your shares at the Annual Meeting in
the manner you indicate. You may do so by completing, signing and dating the enclosed proxy and returning it in the enclosed postage-paid
envelope.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">If you are a beneficial owner
of shares held in street name, your broker, bank or nominee will provide you with materials and instructions for voting your shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Brokers do not have
discretionary authority to vote on the proposals to elect directors, the proposal to approve the Alico, Inc. Stock Incentive
Plan of 2015 or the advisory vote on executive compensation if they do not receive instructions from a beneficial owner.
Accordingly, if you are a beneficial owner, you must instruct your broker on how you want your shares to be voted on
these</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">proposals in order for the votes to be counted.
Brokers have discretionary authority to vote on the ratification of the Audit Committee&rsquo;s selection of the auditor if they
do not receive instructions from a beneficial owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Voting in person at the Annual Meeting</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">If you hold shares in your
own name as a shareholder of record, you are invited to attend the Annual Meeting and cast your vote at the meeting by properly
completing and submitting a ballot at the meeting. If you are the beneficial owner of shares held in the name of your broker, bank
or other nominee, you are invited to attend the meeting in person, but in order to vote at the meeting you must first obtain a
legal proxy from your broker, bank or other nominee giving you the right to vote those shares and submit that proxy along with
a properly completed ballot at the meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>How you can change or revoke your vote</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">If you hold shares in your
own name as a shareholder of record, you may change your vote or revoke your proxy at any time before voting begins by:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Giving written notice of revocation to our Corporate Secretary at any time before the voting begins; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Signing and delivering a proxy that is dated after the proxy you wish to revoke; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Attending the Annual Meeting and voting in person by properly completing and submitting a ballot.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: 13.5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Attendance at the Annual Meeting,
in and of itself, will not cause your previously granted proxy to be revoked unless you vote at the meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
<FONT STYLE="color: #252525">We must receive your notice of revocation or later-dated proxy at or prior to voting at the Annual
Meeting for it to be effective. It should be delivered to:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">Alico, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">10070 Daniels Interstate
Court</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">Suite 100</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">Fort Myers, FL 33913</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #252525">Attention: A. Denise
Plair</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">You may hand deliver a written
revocation notice, or a later-dated proxy, to the Corporate Secretary at the Annual Meeting before the voting begins.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">If you are the beneficial owner
of your shares held in street name and if you wish to change your vote, please check with your bank or broker and follow the procedures
your bank or broker provides.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The presence at the Annual
Meeting, in person or by proxy, of holders of 3,683,370 shares (a majority of the number of shares of common stock issued and outstanding
and entitled to vote as of the record date) is required to constitute a quorum to transact business at the meeting. Proxies marked
&ldquo;abstain&rdquo; and broker &ldquo;non-votes&rdquo; will be counted in determining the presence of a quorum.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">An abstention occurs when a
shareholder sends in a proxy with explicit instructions to decline to vote regarding a particular proposal. An abstention with
respect to any proposal for the Annual Meeting will not be counted as a vote &ldquo;cast&rdquo; for or against the proposal. Consequently,
an abstention with respect to any of the proposals scheduled for a vote at the Annual Meeting will not affect the outcome of the
vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Broker non-votes</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Broker &ldquo;non-votes&rdquo;
are shares held by brokers or nominees for whom voting instructions have not been received from the beneficial owners or the persons
entitled to vote those shares. The broker or nominee does not have discretionary voting power under rules applicable to broker-dealers,
so the broker is unable to cast those uninstructed shares. A broker &ldquo;non-vote&rdquo; with respect to a proposal will not
be counted as a vote &ldquo;cast&rdquo; for or against the proposal. Consequently, a broker &ldquo;non-vote&rdquo; will not affect
the outcome of the vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Elections of Directors</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Directors are elected by a
plurality of the votes cast at the meeting, which means that seven nominees who receive the highest number of votes cast in favor
of their election as director will be elected as directors, even if those nominees do not receive a majority of the votes cast.
Any shares not voted (whether by abstention, broker &ldquo;non-vote&rdquo; or otherwise) will not be counted as votes cast and
will have no effect on the outcome of the vote. Shareholders may not cumulate votes in the election of the directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I><A NAME="a_025"></A>Approval of the Alico, Inc.
Stock Incentive Plan of 2015<BR>
<BR>
</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To approve the Alico, Inc. Stock Incentive
Plan of 2015, the &ldquo;for&rdquo; votes cast in favor of the matter must exceed the &ldquo;against&rdquo; votes cast against
the matter. Any shares not voted (whether by abstention, broker non-votes or otherwise) will not be counted as votes cast and will
not have an effect on the outcome of the vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left; color: #252525"><I>Ratification
of Independent Registered Public Accounting Firm<BR>
<BR>
</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">To ratify the appointment of
our independent registered public accounting firm, the &ldquo;for&rdquo; votes cast in favor of the matter must exceed the &ldquo;against&rdquo;
votes cast against the matter. Any shares not voted (whether by abstention, broker &ldquo;non-votes&rdquo; or otherwise) will not
be counted as votes cast and will not have an effect on the outcome of the vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Advisory Approval of the
Company&rsquo;s Executive Compensation</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">To approve the non-binding
resolution regarding approval of the executive compensation, the &ldquo;for&rdquo; votes cast in favor of the matter must exceed
the &ldquo;against&rdquo; votes cast against the matter. Any shares not voted (whether by abstention, broker &ldquo;non-votes&rdquo;
or otherwise) will not be counted as votes cast and will not have an effect on the outcome of the vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Proxy Solicitation &mdash; Counting the Votes</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">We are soliciting your proxy
for the Annual Meeting and will pay all costs related to the proxy solicitation process. The cost of preparing, assembling and
mailing the Notice of Meeting, this Proxy Statement, the enclosed proxy ballot and the 2014 Annual Report to Shareholders will
be paid by the Company. Following the mailing of this Proxy Statement, directors, officers and regular employees of the Company
may solicit proxies by mail, telephone, e-mail, or in person; such persons will receive no additional compensation for such services.
We will request brokerage houses, bankers and other custodians, nominees and fiduciaries to forward solicitation material to the
beneficial owners of our common stock. We will reimburse them for reasonable out-of-pocket expenses they incur for the solicitation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">A representative of our transfer
agent, Computershare, will tabulate the votes and act as inspector of election to certify the results.<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Attending the Annual Meeting</B><BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">You must be a holder of Alico shares as of the record date of December
31, 2014 to attend the Annual Meeting. If you plan to attend the Annual Meeting in person, please tear off the admission ticket
from the top half of the enclosed proxy card and bring it with you to the Annual Meeting to gain access. Please note that seating
is limited and admission will be on a first-come, first-served basis.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">If you plan to attend the Annual Meeting in person, you must bring
your admission ticket, along with a valid government-issued photo identification, such as a driver&rsquo;s license, that matches
your name on the admission ticket, prior to the start of the Annual Meeting. <U>We reserve the right to deny admission to any person
who does not bring both a valid admission ticket and photo identification, with matching names.</U></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">For security reasons, you and your bags may be subject to search
prior to your admittance to the Annual Meeting. Attendees will not be permitted to bring food or beverages, cameras, camera phones,
cell phones, recording equipment, electronic devices, computers, large bags, briefcases,</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">weapons (including any item we may deem to be a weapon in our sole
discretion) or packages into the Annual Meeting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The Annual Meeting will begin promptly at <FONT STYLE="color: #252525">9:30
a.m. Eastern Standard Time</FONT>. Check-in will begin at 9:00 a.m., <FONT STYLE="color: #252525">Eastern Standard Time</FONT>,
and you should allow time for the check-in procedures.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_002"></A>Change in Control Transaction</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 19, 2013, 734 Agriculture, LLC
(&ldquo;734 Agriculture&rdquo;) and its affiliates, including 734 Investors, LLC (&ldquo;734 Investors&rdquo;), completed the purchase
from Alico Holding, LLC, a company wholly owned by Atlantic Blue Group, Inc. (&ldquo;Atlanticblue&rdquo;), of 3,725,457 shares
of our common stock (the &ldquo;Share Purchase&rdquo;) for an aggregate purchase price of $137,841,909 in cash. The Share Purchase
was financed using equity investments from the members of 734 Investors and $13,691,909 in cash drawn on a revolving credit facility
from Rabo AgriFinance, Inc. secured by the Alico common stock acquired by 734 Agriculture and its affiliates in the Share Purchase.
The common stock acquired by 734 Agriculture and its affiliates, including 734 Investors, represented approximately 51% of our
outstanding common stock at the time.<BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The operating agreement of 734 Investors designated
734 Agriculture as the managing member with authority to administer the affairs of 734 Investors, including the voting and disposition
of share of common stock, subject to certain restrictions. <FONT STYLE="color: #252525">The operating agreement also provides that
734 Investors will cause one person (or two persons, if the Board of Directors is comprised of eleven or more members) designated
by an affiliate of Arlon Group to be elected to the Board of Directors, as long as such person(s) satisfies certain conditions
set forth in the operating agreement, including Director independence criteria. Mr. Fishman is the designee of Arlon Group.</FONT></P>


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_003"></A>Security Ownership of Certain Beneficial Owners and Management</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The following table sets forth
the beneficial ownership of our common stock as of January 16, 2015, by (i)&nbsp;each person known to us to be the beneficial owner
of more than five percent of the outstanding shares of our common stock, (ii) each Director and Director nominee, (iii) our Named
Executive Officers, and (iv)&nbsp;all of our Directors and Executive Officers as a group. Unless otherwise indicated, the persons
listed in this table have sole voting and investing power with respect to all shares shown as beneficially owned, subject to community
property laws where applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Shares Beneficially
        Owned<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 65%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Name and
        Address of Beneficial Owners</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Amount and
        Nature of Beneficial Ownership</B></P></TD>
    <TD STYLE="width: 14%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Percent
        of Class</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font-size: 9pt"><B><I>5% Shareholders</I></B></FONT></TD>
    <TD STYLE="padding-top: 3pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-size: 9pt">734 Investors, LLC</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">3,725,457<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">50.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">410 Park Avenue, 17th Floor</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">New York, NY 10022 </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-size: 9pt">734 Agriculture, LLC</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">3,725,457<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">50.5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">410 Park Avenue, 17th Floor</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">New York, NY 10022</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Thomas E. Claugus</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">596,581<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">8.1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">2100 Riveredge Parkway, Suite 840</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">Atlanta, GA&nbsp;&nbsp;30328 </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-size: 9pt">GMT Capital Corp.</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">577,481<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">7.8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">2100 Riveredge Parkway, Suite 840</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">Atlanta, GA&nbsp;&nbsp;30328 </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Bruce S. Sherman</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">514,046<SUP>(4)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">7.0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">c/o M4 Capital LLC</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">5150 Tamiami Trail N., Suite 505</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.2in"><FONT STYLE="font-size: 9pt">Naples, FL&nbsp;&nbsp;34103 </FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 9pt"><B><I>Directors and Executive Officers</I></B><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">George R. Brokaw</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">3,806,282<SUP>(2)(6)(7)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">51.6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Adam D. Compton</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">6,004<SUP>(3)(7)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">R. Greg Eisner</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">4,149<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Benjamin D. Fishman</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">W. Andrew Krusen, Jr.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">4,891<SUP>(7)(8)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Ramon A. Rodriguez </FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">13,747<SUP>(7)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Henry R. Slack</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">2,820<SUP>(9)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Remy W. Trafelet</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">3,822,089<SUP>(2)(7)(10)</SUP></FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">51.9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Clayton G. Wilson</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">JD Alexander</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">69,135<SUP>(11)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Kenneth Smith, Ph.D.</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">5,586<SUP>(12)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">W. Mark Humphrey, CPA</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">4,134<SUP>(12)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="padding-top: 2pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Steven C. Lewis, CPA</FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">2,047<SUP>(12)</SUP></FONT></TD>
    <TD STYLE="padding-top: 2pt; text-align: right"><FONT STYLE="font-size: 9pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 9pt">All Executive Officers, directors and director nominees as a group (13 persons)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right"><FONT STYLE="font-size: 9pt">3,938,751</FONT></TD>
    <TD STYLE="padding-left: 6pt; text-align: right; padding-right: 2pt"><FONT STYLE="font-size: 9pt">53.44%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt">_____________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt">* Less than one percent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Beneficial ownership is determined in accordance with the rules of the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) that deem shares to be beneficially owned by any</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">person who has or shares voting and/or
investment power with respect to such shares. There were no outstanding options for any of the parties included in the table above.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">The beneficial ownership numbers for Messrs. Brokaw and Trafelet include 3,705,457 shares acquired
by 734 Investors and 20,000 shares acquired by Mr. Brokaw in his capacity as 734 Investors&rsquo; designee, in each case from an
affiliate of Atlanticblue, on November 19, 2013 as reported on the Schedule 13D filed November 29, 2013 by 734 Investors, 734 Agriculture
and Messrs. Brokaw and Trafelet. Pursuant to the Designee Agreement, Mr. Brokaw agreed to vote the 20,000 shares acquired by him
in the Share Purchase as directed by 734 Investors and not to transfer, sell or otherwise dispose of those shares except pro rata
with 734 Investors&rsquo; disposition of its shares of common stock. Because of its position as the sole managing members of 734
Investors, 734 Agriculture may be deemed to be the beneficial owner of the 3,705,457 shares owned by 734 Investors and the 20,000
shares owned by Mr. Brokaw and subject to the Designee Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">GMT Capital Corp.&rsquo;s Schedule 13G/A filed on February 18, 2014 reflected 596,581 shares held
as of December 31, 2013. This included 19,100 shares which Mr. Claugus, President of GMT Capital Corp., holds personally and for
which he holds sole voting and dispositive powers. Mr. Compton currently serves as the Managing Director and Portfolio Manager
with GMT Capital Corp. and has disclaimed beneficial ownership of the shares held by GMT Capital Corp.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">The amount shown for Mr. Sherman is based on the number of shares reported on Mr. Sherman&rsquo;s
Schedule 13D/A filed with the SEC on December 10, 2014.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Except as set forth in this table or the footnotes thereto, the business address of each Director
and NEO listed is c/o Alico, Inc., 10070 Daniels Interstate Court, Suite 100, Fort Myers, FL 33913.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: justify">As one of the two controlling persons of 734 Agriculture, Mr. Brokaw may be considered to be the
indirect beneficial owner of, and to have shared power to vote or to direct the vote and to dispose of or to direct the disposition
of, 3,705,457 shares of common stock held directly by 734 Investors. In addition, pursuant to the Designee Agreement, Mr. Brokaw
may be deemed to have shared power with Mr. Trafelet to vote or to direct the vote and to dispose of or to direct the disposition
of 20,000 shares held directly by Mr. Brokaw. Mr. Brokaw disclaims beneficial ownership of the 3,705,457 shares held by 734 Investors
except to the extent of his pecuniary interest therein. The beneficial ownership numbers for Mr. Brokaw also include 76,676 shares
held by Delta Offshore Master II, LTD (the &ldquo;Fund&rdquo;) of which Mr. Brokaw may be considered to be the indirect beneficial
owner by virtue of his position with Trafelet Brokaw Capital Management, L.P. (&ldquo;TBCM&rdquo;) which serves as investment manager
to the Fund and, in such capacity, exercises voting and investment control over securities held for the accounts of the Fund. Mr.
Brokaw disclaims beneficial ownership of the shares held by the Fund except to the extent of his pecuniary interest therein.<BR>
<BR>
</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: justify">Consists of shares received under the 2013 Incentive Equity Plan and the Directors Stock Compensation
Plan pursuant to such Director&rsquo;s election to receive shares in lieu of cash fees.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 27.35pt; text-indent: -27.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: justify">The beneficial ownership numbers for Mr. Krusen include 1,000 shares held by Dominion Strategic
Resource Partners (&ldquo;DSRP&rdquo;) of which Mr. Krusen may be considered to be the indirect beneficial owner by virtue of his
position as President of Dominion Financial Group, Inc. (&ldquo;DFG&rdquo;), the managing general partner of DSRP which solely
holds voting and dispositive powers. Mr. Krusen has investment authority over shares held by DFG pursuant to a Consulting Agreement
between Mr. Krusen and DFG.<BR>
<BR>
</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: justify">Two family trusts (the &ldquo;Family Trusts&rdquo;) directly hold an aggregate of 1,000 shares
of common stock. Mr. Slack is not the trustee for the Family Trusts, but his immediate family members are beneficiaries of such
trusts. Mr. Slack disclaims beneficial ownership of the shares held by such trust, and disclaims beneficial ownership of such shares,
except to the extent of his pecuniary interest therein. Montac Trust, a trust of which Mr. Slack is a beneficiary, also holds 1,820
shares of common stock. Mr. Slack disclaims beneficial ownership of the shares held by such trust except to the extent of his pecuniary
interest therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: justify">As one of the controlling persons of 734 Agriculture, Mr. Trafelet may be considered to be the
indirect beneficial owner of, and to have shared power to vote or to direct the vote and to dispose of or to direct the disposition
of, 3,725,457 shares of common stock beneficially owned by 734 Investors. Mr. Trafelet disclaims beneficial ownership of the 3,725,457
shares held by 734 Investors and Mr. Brokaw except to the extent of his pecuniary interest therein. The beneficial ownership numbers
for Mr. Trafelet also include 76,676 shares held by Delta Offshore Master II, LTD (the &ldquo;Fund&rdquo;) of which Mr. Trafelet
may be considered to be the indirect beneficial owner by virtue of his position with TBCM, which serves as investment manager to
the Fund and, in such capacity, exercises voting and investment control over securities held for the accounts of the Fund. Mr.
Trafelet disclaims beneficial ownership of the common stock held by the Fund except to the extent of his pecuniary interest therein.
The beneficial ownership numbers for Mr. Trafelet also include 16,065 shares held in third party accounts managed by TBCM. Mr.
Trafelet may be considered to be the indirect beneficial owner of shares held in such accounts by virtue of his position with TBCM.
Mr. Trafelet disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(11)</TD><TD STYLE="text-align: justify">Includes 4,926 shares indirectly owned by Mr. Alexander in a trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(12)</TD><TD STYLE="text-align: justify">The amounts shown for Messrs. Smith, Humphrey and Lewis represent shares received under Restricted
Stock Award Agreements entered into in 2011.</TD></TR></TABLE>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_004"></A>Section 16(a) Beneficial Ownership Reporting Compliance</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Section 16(a) of the Securities
Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) requires our Directors, Executive Officers and persons who beneficially own
more than ten percent of our outstanding common stock to file reports of ownership and changes in beneficial ownership of our common
stock on Form 3, Form 4 and Form 5, as appropriate, with the SEC and to furnish us with copies of all such Section 16(a) reports
they file. Based solely on the review of copies of such reports and amendments thereto and other information furnished to us, we
believe that, during fiscal year 2014, all Executive Officers, Directors and persons who beneficially own more than ten percent
of our common stock complied in a timely manner with all such filing requirements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

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


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_005"></A>Proposal 1:<BR>
Election of Directors</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Board currently consists
of nine members. Two of our current Directors, Ramon A. Rodriguez and Adam D. Compton will not stand for re-election at the Annual
Meeting. We thank them for their service and guidance, as well as the perspective and insight they provided to our Company. Accordingly,
at the Annual Meeting, seven Directors will be elected to hold office for the ensuing year or until their respective successors
are duly elected and qualified, unless they earlier resign or a vacancy is created due to the death or removal of any such Director,
or for other cause in accordance with the Bylaws of the Company. Unless authority is withheld on the attached form of proxy card,
such proxy will be voted FOR the election of the nominees set forth below to serve as Directors. The proxy cannot be voted for
a greater number of persons than seven. The Board of Directors has determined that all nominees are qualified to serve. All nominees,
who are all currently members of the Board of Directors, have consented to being named in this Proxy Statement and have notified
management that they will serve, if elected. Management knows of no reason why any of these nominees would be unable or unwilling
to serve; but, if any of the nominees should be unable or unwilling to serve as a Director, the persons designated as proxies reserve
full discretion to cast their votes for another person in his/her&nbsp;place.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Nominees for Directors to be Elected at the 2015 Annual Meeting
of Shareholders to Serve Until 2016</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The following sets forth a
brief summary of each Director&rsquo;s principal occupation, recent professional experience and other qualifications, considered
by the Nominating and Governance Committee and the Board, and directorships at other public companies in the past five years, if
any.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Nominee</B></P></TD>
    <TD STYLE="width: 5%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Age</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Position
        with the Company, if any</B></P></TD>
    <TD STYLE="width: 59%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Business
        Experience and Qualifications</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">George R. Brokaw</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt; text-align: center">47</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Mr. Brokaw has served on the Board of Directors since November 19, 2013 and brings to the Board extensive knowledge and experience in the areas of business, finance and capital markets.&nbsp;&nbsp;&nbsp;&nbsp;Mr. Brokaw is Managing Partner at Trafelet Brokaw &amp; Company, LLC, a New York-based private investment management firm, and a director of DISH Network Corporation.&nbsp;&nbsp;He previously served as the Managing Director of the Highbridge Growth Equity Fund at Highbridge Principal Strategies, LLC.&nbsp;&nbsp;Prior to joining Highbridge in 2012, Mr. Brokaw was a Managing Partner and Head of Private Equity at Perry Capital, LLC.&nbsp;&nbsp;Mr. Brokaw also served as a director to several companies, including:&nbsp;&nbsp;American Energy Partners Inc., Capital Business Credit LLC, Timberstar, and Value Place Holdings LLC.&nbsp;&nbsp;Prior to joining Perry in 2005, Mr. Brokaw was Managing </TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Nominee</B></P></TD>
    <TD STYLE="width: 5%; padding-right: 6pt; padding-left: 6pt; text-align: center">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: black 0.5pt solid; margin-bottom: 0; text-align: center"><B>Age</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Position
        with the Company, if any</B></P></TD>
    <TD STYLE="width: 59%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Business
        Experience and Qualifications</B></P></TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 12pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-top: 12pt; text-align: justify; font-size: 12pt">Director of Lazard Fr&egrave;res &amp; Co. LLC.&nbsp;&nbsp;Mr. Brokaw received a B.A. degree from Yale University and a J.D. and M.B.A. from the University of Virginia.&nbsp;&nbsp;Mr. Brokaw is a member of the New York Bar.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">R. Greg Eisner</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt; text-align: center">32</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Mr. Eisner has served on the Board of Directors since November
19, 2013 and brings to the Board extensive knowledge and experience in the areas of finance and investments.&nbsp; Mr. Eisner is
the Co-President of Engineers Gate LP, a proprietary
trading firm&nbsp;focused on quantitative strategies founded in early 2014 and consults for Dubin &amp; Company, LP, an
investment firm managed on behalf of Glenn Dubin and his family interests.&nbsp; Prior to joining Dubin &amp; Company in 2013,
Mr. Eisner was a Managing Director and the Chief Operating Officer of Hedge Fund Strategies for J.P. Morgan Asset Management.&nbsp;
From 2005 through 2012, Mr. Eisner held various positions at Highbridge Capital Management, including Chief Operating Officer of
Business Development, Chief Strategy Officer of G&aacute;vea Investimentos and Head of Corporate Strategy.&nbsp; He was a member
of the Highbridge Operating Committee, the Chairman of the Highbridge New Product Committee and, in 2010, led J.P. Morgan and Highbridge&rsquo;s
purchase of a majority interest in G&aacute;vea Investimentos.&nbsp; Mr. Eisner also served on the board of directors of Louis
Dreyfus Highbridge Energy LLC, an integrated merchant energy business and portfolio company of Highbridge.&nbsp; Prior to joining
Highbridge in 2005, Mr. Eisner was an investment banker in Mergers and Acquisitions at The Blackstone Group and in Energy and Power
at Banc of America Securities.&nbsp; Mr. Eisner earned his B.S. degree in Economics and B.A. degree in Philosophy, <I>magna cum
laude</I>, from the Wharton School at the University of Pennsylvania, where he was a Joseph Wharton and Benjamin Franklin Scholar.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">Benjamin D. Fishman</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt; text-align: center">38</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Mr. Fishman has served on the Board of Directors since
November 19, 2013 and brings to the Board extensive knowledge and experience in the agriculture industry.&nbsp;&nbsp;Mr. Fishman
is a Managing Principal of Arlon Group, the investment arm of Continental Grain Company, and is focused on the activities of the
Arlon food and agriculture investment program, which targets investments across the food and agriculture</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Nominee</B></P></TD>
    <TD STYLE="width: 5%; padding-right: 6pt; padding-left: 6pt; text-align: center">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: black 0.5pt solid; margin-bottom: 0; text-align: center"><B>Age</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Position
        with the Company, if any</B></P></TD>
    <TD STYLE="width: 59%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Business
        Experience and Qualifications</B></P></TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 12pt; font-size: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-top: 12pt; text-align: justify; font-size: 12pt">value chain and seeks to provide long-term growth capital for companies.&nbsp;&nbsp;Mr. Fishman began his career at Continental Grain Company in 1998.&nbsp;&nbsp;He left Continental Grain Company to co-found The Grow Network in 2000, which was sold to the McGraw-Hill Companies in 2004.&nbsp;&nbsp;In 2005, Mr. Fishman was a National Finalist for the White House Fellowship, and currently, Mr. Fishman is a board member of Grandpoint Capital, Inc., K-Mac Holdings Corp., and Rose Displays Ltd., and a Member of the Alumni Council of Collegiate School in New York City.&nbsp;&nbsp;Mr. Fishman received his B.A. degree, <I>cum laude</I>, from Princeton University.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">W. Andrew Krusen, Jr.</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt; text-align: center">66</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Mr. Krusen has served on the Board of Directors since
    November 19, 2013 and brings to the Board extensive knowledge and experience in the areas of business leadership, finance
    and     capital markets.&nbsp;&nbsp;Mr. Krusen is Chairman and Chief Executive Officer of Dominion Financial Group, Inc., a
    merchant     banking organization that provides investment capital to the natural resources, communications and
    manufacturing     and     distribution sectors.&nbsp;&nbsp;He is also the managing member of Gulf Standard Energy, LLC, an
    oil and gas concern,     and the     managing member of Krusen-Douglas, LLC, a large landowner in the Tampa, Florida
    area.&nbsp;&nbsp;Mr. Krusen     serves as a     director of publicly-traded Exactech, Inc., a developer and manufacturer
    of orthopedic implant devices.&nbsp;&nbsp;He     is     also a director of Raymond James Trust     Company, a subsidiary of
    Raymond     James     Financial,     Inc., as well as     numerous     privately held companies, including     Beall&rsquo;s
    Inc.,     Romark     Laboratories, L.C.     He is currently a     director and     Chairman of Florida Capital Group, Inc., a
    Florida bank     holding company, as        well as Florida Capital     Bank, N.A., its     wholly owned
    subsidiary.&nbsp;&nbsp;Mr. Krusen       is a former member of the     Young     Presidents&rsquo;     Organization, and is
    currently a member of the World     President&rsquo;s     Organization     and the Society of       International Business
    Fellows.&nbsp;&nbsp;He is a past     Chairman of Tampa&rsquo;s Museum     of     Science and     Industry.&nbsp;&nbsp;Mr.
    Krusen     holds a B.A. degree in     Geology from Princeton University.</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Nominee</B></P></TD>
    <TD STYLE="width: 5%; padding-right: 6pt; padding-left: 6pt; text-align: center">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: black 0.5pt solid; margin-bottom: 0; text-align: center"><B>Age</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Position
        with the Company, if any</B></P></TD>
    <TD STYLE="width: 59%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Business
        Experience and Qualifications</B></P></TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-top: 12pt; font-size: 12pt">Henry R. Slack</TD>
    <TD STYLE="width: 5%; padding-top: 12pt; font-size: 12pt; text-align: center">64</TD>
    <TD STYLE="width: 15%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-top: 12pt; text-align: justify; font-size: 12pt">Mr. Slack has served on the Board of Directors since November 19, 2013 and brings to the Board extensive experience in the areas of business, finance and capital markets. Mr. Slack served as Chairman of Terra Industries, an international nitrogen-based fertilizer company, from 2001 until 2010, and as a director of Terra Industries from 1983 to 2010.&nbsp;&nbsp;He is currently the senior partner of Quarterwatch, LLC.&nbsp;&nbsp;Additionally, Mr. Slack is Chairman of the Advisory Board of Blakeney Limited Partners.&nbsp;&nbsp;He has also served as a director of E. Oppenheimer and Son International Limited, a private investment and holding company, since 1979 and sits on its Investment Committee.&nbsp;&nbsp;He was Chief Executive Officer of Minorco SA, an international mining company, from 1991 until 1999, when that company merged with Anglo American Corporation to form Anglo American plc.&nbsp;&nbsp;Mr. Slack was a member of the board of directors and the executive committee of Anglo American Corporation, an international mining company, from 1981 until 1999.&nbsp;&nbsp;He has also served on the board of directors of Salomon Brothers Inc., a provider of investment-banking, securities underwriting, and foreign exchange trading services, from 1982 to 1988, SAB Miller plc., one of the world&rsquo;s largest brewers, from 1998 to 2002, and for more than 20 years on the board of Engelhard Corporation, a supplier of catalysts used in the petroleum, chemical and food industries, until its acquisition in 2006.&nbsp;&nbsp;He is currently a member of the Advisory Council of the Willow School, and a trustee of the Raritan Headquarters Association in New Jersey.&nbsp;&nbsp;Mr. Slack holds a B.A. degree in History from Princeton University.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">Remy W. Trafelet</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">44</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Mr. Trafelet has served on the Board of Directors since November 19, 2013 and brings to the Board extensive knowledge and experience in the areas of finance and capital markets. Mr. Trafelet is Managing Partner and Portfolio Manager of Trafelet Brokaw &amp; Company, LLC, a New York-based private investment management firm.&nbsp;&nbsp;Mr. Trafelet also serves as Managing Partner of Trafelet Capital Management, LP, Manager of 734 Agriculture, LLC and Chairman of 734 Citrus Holdings, LLC, d/b/a Silver Nip Citrus  </TD></TR>
</TABLE>

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 21%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Nominee</B></P></TD>
    <TD STYLE="width: 5%; padding-right: 6pt; padding-left: 6pt; text-align: center">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: black 0.5pt solid; margin-bottom: 0; text-align: center"><B>Age</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Position
        with the Company, if any</B></P></TD>
    <TD STYLE="width: 59%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Business
        Experience and Qualifications</B></P></TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 15%; padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-top: 12pt; text-align: justify; font-size: 12pt">(&ldquo;Silver Nip Citrus&rdquo;), a grower of Florida citrus products.&nbsp;&nbsp;He currently serves as Chairman of HazelTree Treasury Management Solutions, which Mr. Trafelet founded in 2009.&nbsp;&nbsp;In 2000, Mr. Trafelet founded Trafelet Delta Funds, LLC, and in 2009, he spun off the firm&rsquo;s London operations to form Habrok Capital Management.&nbsp;&nbsp;Prior to founding Trafelet Delta Funds, LLC, Mr. Trafelet was a portfolio manager at Fidelity Management and Research Company.&nbsp;&nbsp;Mr. Trafelet is a trustee of Phillips Exeter Academy and serves as Chairman of its Investment Committee.&nbsp;&nbsp;Additionally, he is a board member of Children&rsquo;s Scholarship Fund.&nbsp;&nbsp;Mr. Trafelet is a member of the Cold Spring Harbor Research Laboratory Investment Committee and a board member of the Boys&rsquo; Club of New York.&nbsp;&nbsp;Mr. Trafelet earned an A.B. degree from Dartmouth College, where he graduated with honors and was named a Presidential Scholar.&nbsp;&nbsp;He is also a Chartered Financial Analyst. </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">Clayton G. Wilson</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">53</TD>
    <TD STYLE="padding-top: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Mr. Wilson has served as Alico&rsquo;s President, Chief Executive Officer and Director since November, 2013 and brings to the Board extensive knowledge and experience in the citrus industry.&nbsp;&nbsp;Mr. Wilson is a third generation citrus grower and has been actively involved in the citrus industry for over 28 years.&nbsp;&nbsp;He is the Chief Executive Officer of 734 Citrus Holdings, LLC, d/b/a Silver Nip Citrus.&nbsp;&nbsp;His responsibilities include the oversight of all aspects of the company&rsquo;s citrus operations.&nbsp;&nbsp;Mr. Wilson is Vice President and Chairman of the Board for Latt Maxcy Corporation and also serves on the board of Citizens Bank and Trust.&nbsp;&nbsp;Mr. Wilson is also a board member of many industry associations, including Ranch One Cooperative, Cooperative Producers, Inc. and Gulf Harvesting, Inc. and is past President of Highlands County Citrus Growers Association.&nbsp;&nbsp;He currently serves as a board member and Vice President of Citrus Marketing Services and is a past board member of the Harvesting Advisory Council for the Florida Department of Citrus.&nbsp;&nbsp;He holds a degree in Commerce and Business Administration from the University of Alabama.&nbsp;&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 30pt 0 0; text-align: center"><B>THE BOARD OF DIRECTORS RECOMMENDS
A VOTE &ldquo;FOR&rdquo;</B><BR>
<B>THE ELECTION OF THE NOMINEES NAMED ABOVE FOR THEIR ELECTION AS DIRECTORS.</B></P>

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

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


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>How Nominees Are Selected</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Typically, Board vacancies
are filled from nominees supplied by the Nominating and Governance Committee after considering nominees proposed by Board members
or who come to the attention of the Nominating and Governance Committee through their performance in areas of benefit to the Company.
In addition, the Nominating and Governance Committee will accept for consideration the names of qualified nominees submitted by
shareholders of the Company, including nomination proposals that comply with the Nominating and Governance Committee&rsquo;s formal
policy with regard to shareholder nominations as described below in the section entitled &ldquo;Committees of the Board; Nominating
and Governance Committee.&rdquo; These processes are expected to remain the same for the foreseeable future.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Director Qualifications</I>
&mdash; The Nominating and Governance Committee determines the selection criteria of Director nominees based upon the Company&rsquo;s
needs at the time nominees are considered. In evaluating Director candidates, the Nominating and Governance Committee will consider
a candidate&rsquo;s:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">Intellect;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">Integrity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">Broad-based experience at the policy-making level in business, government, education or the public
interest;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">Analytical ability;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">Ability to qualify as an Independent Director;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">Ability and willingness to devote time and energy to effectively carry out all Board responsibilities;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">Unique qualifications, skills and experience.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee reviews past performance of the Board for Directors seeking re-election. The Board typically undertakes an annual self-evaluation
process to assist the Nominating and Governance Committee in this review.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee considers the diversity of Director candidates and seeks to enhance the overall diversity of the Board.&nbsp; Each candidate&rsquo;s
diversity in terms of race, gender, national origin and other personal characteristics is considered.&nbsp; The Nominating and
Governance Committee also assesses each candidate&rsquo;s contribution to the diversity of the Board in a broader sense, including
age, education, experience, skills and other qualifications.&nbsp; While the Nominating and Governance Committee carefully considers
diversity when evaluating Director candidates, it has not adopted a formal diversity policy.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and
Governance Committee recommends Director nominees to the Board to be submitted for election at the next Annual Meeting of
Shareholders.&nbsp; The Board selects Director nominees based on its assessment and consideration of various factors. These
factors include the current Board profile, the long-term interests of shareholders, the needs of the Company and the goal of
creating an appropriate balance of knowledge, experience and diversity on the Board. For the Audit Committee, committee
members are selected based on their expertise and independence in accordance with current SEC and NASDAQ rules.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">We believe that our Director
nominees are well qualified under the criteria described above.&nbsp; Each Director nominee brings a variety of qualifications,
skills, attributes and experience to the Board of Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">A common trait among our director
nominees is executive leadership experience. Such experience brings a variety of benefits, including an understanding of business
management, various business functions and strategic planning. Other advantages of an executive leadership background include experience
with policy making, risk management and corporate governance matters.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The biographical information
above identifies and highlights additional qualifications, skills, attributes and experience each Director nominee brings to the
Board.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_006"></A>Corporate Governance Matters</P>

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

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_007"></A>Directors Independence &mdash; Alico, Inc. is a &ldquo;Controlled
Company&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">734 Agriculture and its affiliates,
including 734 Investors, directly or indirectly own approximately 50.5% of our outstanding voting stock, and therefore, we are
a &ldquo;controlled company&rdquo; under the NASDAQ corporate governance rules. Accordingly, we are exempt from the Independent
Director requirements of NASDAQ with respect to the composition of our Board and our Compensation and Nominating and Governance
Committees. Our Audit Committee, however, must be comprised of Independent Directors. To be considered independent under NASDAQ
rules, a Director may not be employed by Alico or engage in certain types of business dealings with Alico. In addition, as required
by NASDAQ rules, the Board is required to make an affirmative determination that the Director has no relationships that would interfere
with the exercise of independent judgment in carrying out the responsibilities as a Director.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors has determined that
there are no material relationships between the Company and each of Messrs. Compton, Eisner, Fishman, Krusen, Rodriguez and Slack,
and therefore they qualify as, and are determined to be, independent in accordance with the NASDAQ listing rules and the Sarbanes-Oxley
Act of 2002.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">It is the policy of the Board
to have separate meetings for Independent Directors at least twice a year and at other times as requested by an Independent Director.
Each meeting shall be led by a chairman chosen <I>pro tem</I> by the Independent Directors. The Company met this requirement during
the fiscal year ended September&nbsp;30, 2014.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_008"></A>Right to Designate Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">As the owner of approximately
50.5% of our outstanding voting stock, 734 Agriculture and its affiliates, including 734 Investors, collectively have the voting
power to control the election of Directors and any other matter requiring the affirmative vote or consent of our shareholders.
There is no agreement between the Company and 734 Agriculture or the Company and 734 Investors with respect to the right to elect
Directors. The operating agreement of 734 Investors does provide,</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"> however, that 734 Investors will cause one person (or two persons,
if the Board of Directors is comprised of eleven or more members) designated by an affiliate of Arlon Group to be elected to the
Board of Directors, as long as such person(s) satisfies certain conditions set forth in the operating agreement, including Director
independence criteria. Mr. Fishman is the designee of Arlon Group.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: italic 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_009"></A>Board Leadership Structure and Role in Risk Oversight</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The leadership structure of
the Board is based on the concept of an appropriate balance between management and the Board. The Board currently consists of nine
members. The Board&rsquo;s leadership is structured so that there is a separate Chairman of the Board and Chief Executive Officer.
The Board believes that this structure is appropriate because it provides an additional layer of oversight to management and allows
the Board to act independently of management. &nbsp;The Board also believes that its Independent Directors provide strong leadership
and complement the talents of our management team.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Board has delegated certain
duties with respect to risk oversight for the Company to the Audit Committee. Under the terms of the Board&rsquo;s Audit Committee
Charter, the Audit Committee is composed solely of Independent Directors and is charged with discussing with management our major
financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company&rsquo;s
risk assessment and risk management policies. The Audit Committee provides regular reports to the Board, and the Board considers
risk assessment and risk management policies where appropriate.</P>


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_010"></A>Committees of the Board</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Company currently has the
following standing committees: an Executive Committee, an Audit Committee, a Compensation Committee and a Nominating and Governance
Committee. The descriptions set forth below provide detailed information about the activities of these Committees during the 2014
fiscal year, as well as the current composition of each Committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Executive Committee</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Executive Committee is
empowered to act for the Board, to the fullest extent permitted by law, for the purpose of directing the operational management
and polices of the Company, including the adoption of productivity measures, and to take other measures between regularly scheduled
meetings of the Board. The Executive Committee&rsquo;s Charter is available on the Company&rsquo;s website at http://www.alicoinc.com,
in the Corporate Governance section of the Investors webpage, and is available in printed form upon request from the Corporate
Secretary, 10070 Daniels Interstate Court Suite 100, Fort Myers, FL 33913. The Executive Committee is currently composed of the
following Directors: Remy W. Trafelet (Chairman), George R. Brokaw, Benjamin D. Fishman and Henry R. Slack.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Audit Committee</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Audit Committee acts on
behalf of the Board in fulfilling the Board&rsquo;s oversight responsibilities with respect to the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">reviewing the accounting and financial reporting processes and the annual independent audit of
the financial statements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">maintaining the integrity of the Company&rsquo;s financial statements and disclosures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">complying with legal and regulatory requirements;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">reviewing the retention, qualifications, compensation, independence and performance of the Company&rsquo;s
independent public accountant;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">ensuring the Company maintains internal audit processes; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #252525">&#183;</FONT></TD><TD STYLE="text-align: justify">providing an avenue of communication between management and the auditors.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Audit Committee&rsquo;s
Charter is available on the Company&rsquo;s website at http://www.alicoinc.com, in the Corporate Governance section of the Investors
webpage, and is available in printed form upon request from the Corporate Secretary, 10070 Daniels Interstate Court Suite 100,
Fort Myers, FL 33913.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Audit Committee is currently
composed of three independent Directors: Ramon A. Rodriguez (Chairman), Adam D. Compton and W. Andrew Krusen, Jr. The Company&rsquo;s Board
of Directors has determined that Mr.&nbsp;Rodriguez is qualified to serve, and has been designated, as the Audit Committee Financial
Expert. The Audit Committee met four times in fiscal year 2014.</P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Following the 2015 Annual
Meeting, and subject to approval by the Board, the Audit Committee is expected to be composed of three independent Directors:
Benjamin D. Fishman (Chairman), R. Greg Eisner and W. Andrew Krusen, Jr. The Board of Directors has determined that Mr.
Fishman is qualified to serve, and will be designated, as the Audit Committee Financial Expert.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Committee</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Compensation Committee
is responsible for the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">determining and approving the compensation of the Chief Executive Officer;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">determining and approving the executive officer compensation plans, policies and programs of the
Company;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">establishing the compensation philosophies, goals and objectives for the executive officers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">making recommendations to the Board of Directors with respect to incentive compensation and equity-based
plans; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">providing oversight of the Company&rsquo;s compensation policies, plans and benefits programs.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Compensation Committee
is governed by a written charter adopted and approved by the Board. The Compensation Committee&rsquo;s Charter is available on
the Company&rsquo;s website at http://www.alicoinc.com, in the Corporate Governance section of the Investors webpage and is available
in printed form upon request from the Corporate Secretary, 10070 Daniels Interstate Court Suite 100, Fort Myers, FL 33913.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="color: #252525">The Compensation
Committee is currently composed of three Directors: R. Greg Eisner (Chairman), George R. Brokaw and W. Andrew Krusen, Jr. The
Compensation Committee met eight times in fiscal year 2014. The composition of the Compensation Committee is not expected to change
in connection with the 2015 Annual Meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Compensation Committee
engaged Pearl Meyer &amp; Partners, at various times in fiscal year 2014 to provide advice about proposed compensation programs
and amounts and to provide market survey data regarding executive compensation. Pearl Meyer &amp; Partners is the current compensation
consultant and has been instructed to provide specific data to the Compensation Committee on an annual basis and from time to time
as requested.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Committee Interlocks
and Insider Participation</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">None of the current
members of the Compensation Committee is an officer or employee of the Company. In addition, there are no interlocking
relationships between any of these Directors and any other current Executive Officer of the Company, and each of the
Committee members, other than Mr. Brokaw, is independent under the NASDAQ listing standards.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Nominating and Governance
Committee</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee is responsible for the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">reviewing annually the performance of the Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">recommending nominees to serve on the Board to fill new positions or vacancies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">reviewing performance and qualifications of Board members before they stand for re-election; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">reviewing corporate governance guidelines to assure their relevance to and compliance with the
Company&rsquo;s current situation and recommending changes to these principles to the Board for its consideration and approval.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee&rsquo;s Charter is available on the Company&rsquo;s website at&nbsp;http:// www.alicoinc.com, in the Corporate Governance
section of the Investors webpage and is available in printed form upon request from the Corporate Secretary, 10070 Daniels Interstate
Court Suite 100, Fort Myers, FL 33913.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #252525">Currently, the
four members of the Nominating and Governance Committee are George R. Brokaw (Chairman), Adam D. Compton, Benjamin D. Fishman
and Ramon A. Rodriguez. The Nominating and Governance Committee met two&nbsp;times during fiscal year 2014.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Following the 2015 Annual Meeting,
and subject to approval by the Board, the three members of the Nominating and Governance Committee are expected to be George R.
Brokaw (Chairman), Benjamin D. Fishman and Henry R. Slack. The Board of Directors has determined that Mr. Fishman and Mr. Slack
are independent under the NASDAQ listing standards.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">There were no fees or expenses
paid to a third party in fiscal year 2014 for the identification or evaluation of potential nominees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and
Governance Committee has adopted a formal policy with regard to the consideration of any Director candidates recommended by
shareholders other than 734 Agriculture or its affiliates, including 734 Investors, Alico&rsquo;s controlling shareholder
group. 734 Agriculture and its affiliates, including 734 Investors, are not included in this policy because, as the
controlling shareholder group of Alico, representatives of 734 Agriculture and its affiliates, including 734 Investors, may
serve on Alico&rsquo;s Board of Directors to express their views on corporate strategy and policy and other matters. Subject
to the foregoing, the criteria for consideration of shareholder recommendations are as follows: (a)&nbsp;for each Annual
Meeting of the Company&rsquo;s shareholders, the Nominating and Governance Committee will accept for consideration only one
recommendation from any shareholder or affiliated group of shareholders; (b)&nbsp;only candidates who satisfy the
Company&rsquo;s minimum qualifications for Directors will be considered; and (c)&nbsp;in considering shareholder
recommendations, the Nominating and Governance Committee will take into account, among other factors, the size and duration
of the recommending shareholder&rsquo;s ownership interest in the Company and whether the shareholder intends to continue
holding that interest through the Annual Meeting date.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">A shareholder wishing to
recommend to the Nominating and Governance Committee a candidate for election as a Director must submit the recommendation in writing
to the Nominating and Governance Committee, in care of the Company&rsquo;s Corporate Secretary at the address of the Company&rsquo;s
headquarters. Submissions by shareholders recommending candidates for election at the next Annual Meeting must comply with the
same deadline as other shareholder proposals for such meeting; that is, the recommendations must be received not later than 120
calendar days nor more than 150 calendar days prior to the first anniversary of the date of the Proxy Statement for the prior Annual
Meeting of shareholders. In the event that the date of the next Annual Meeting of shareholders is more than 30 days following the
first anniversary date of the Annual Meeting of shareholders for the prior year, the submission must be made in a reasonable time
in advance of the mailing of the Company&rsquo;s next annual Proxy Statement. Each nominating recommendation must include such
specified information concerning the group of shareholders making the recommendations as the Nominating and Governance Committee
may determine from time to time, the name of the proposed nominee, any relationships between the recommending shareholder and the
proposed nominee and the qualifications of the proposed nominee to serve as a Director. The recommendation must also be accompanied
by the consent of the proposed nominee to serve if nominated and the agreement of the nominee to be contacted by the Nominating
and Governance Committee, if the Nominating and Governance Committee decides to do so.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Nominating and Governance
Committee at this time is proposing seven nominees for seven positions, all of whom are currently Board members. All of the seven
Director nominees approved by the Nominating and Governance Committee for election at the 2015 Annual Meeting were Directors elected
at the 2014 Annual Meeting of Shareholders. Under Florida law and the Company&rsquo;s Bylaws, the Board may increase the number
of Directors during the year and appoint additional Directors to fill the vacancies so created if it chooses to do so. There is
no plan to do so at the present time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Special Committee<BR>
<BR>
</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #252525">From time to time,
the Board may form special committees to which the Board delegates authority to administer certain of its duties. A special committee
comprised solely of the independent and disinterested members of the Board (the &ldquo;Special Committee&rdquo;) was formed to
represent the Company in negotiating and evaluating the potential acquisition of </FONT>Silver Nip Citrus or any other alternative
transaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_011"></A>Code of Business Conduct and Ethics and Corporate Governance
Principles</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">The Board of Directors
has adopted a Code of Business Conduct and Ethics (&ldquo;Code of Ethics&rdquo;) that is applicable to all Directors,
officers and employees. The code covers all areas of professional conduct, including conflicts of interest, unfair or
unethical use of corporate opportunities, protection of confidential information, compliance with all applicable laws and
regulations, and oversight and compliance. The Board has also adopted Corporate Governance Principles to guide its own
operations. Both documents are available on the Company&rsquo;s website at http://www.alicoinc.com in the Corporate
Governance section of the Investors webpage and are</P>

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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">available in printed form upon request from the Corporate Secretary, 10070 Daniels Interstate Court Suite 100, Fort Myers, FL 33913.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">Shareholders and other interested
parties may communicate with the Board by forwarding written comments to the Board of Directors of Alico, Inc., 10070 Daniels Interstate
Court, Suite 100, Fort Myers, Florida&nbsp; 33913. Company contact information and procedures are also included on the Company&rsquo;s
website at http://www.alicoinc.com.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
The Board of Directors met seven times during fiscal year 2014. Each Director attended at least 75% of the Board meetings and committee
meetings held by all committees on which they served. It is the Company&rsquo;s policy to strongly encourage its Directors to attend
the Annual Meeting of shareholders, in addition to attendance at regular Board and committee meetings. All of the Directors attended
the 2014 Annual Meeting of Shareholders.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_012"></A>Director Compensation</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under our director compensation arrangement
that became effective on April 1, 2013, our Directors receive an annual fee of $75,000 in cash, payable in quarterly installments.
No additional fees are payable for attendance at Board meetings, except that members of the Special Committee received attendance
fees of $1,000 per meeting. For service as a standing committee chairman, Directors are paid $5,000 annually in quarterly installments,
with the exception of the chairman of the Audit Committee, who receives $10,000 annually, and the Chairman of the Board of Directors,
who receives $50,000 annually.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the beginning of each calendar year,
each Director may elect to receive all or any portion of his or her Director fees, including those received for chairing any committee,
in the form of common stock with a market value at the time of such quarterly installment equal to 150% of the amount of such fees
otherwise payable in cash.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><B>Additional Arrangements</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company pays for or provides (or reimburses
Directors for out-of-pocket costs incurred for) transportation, hotel, food, and other incidental expenses related to attending
Board and committee meetings or participating in Director education programs and other Director orientation or educational meetings.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; color: #252525"><B>2014 Director Compensation</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information concerning
the compensation of the Company&rsquo;s Directors for the Company&rsquo;s fiscal year ending September&nbsp;30, 2014. There were
no stock options outstanding for any Director as of September&nbsp;30, 2014. Non-employee Directors do not presently participate
in the Company&rsquo;s pension benefit plan or in any of the Company&rsquo;s defined contribution plans. Accordingly, the columns
for such information have been omitted from the table below. For a complete understanding of the table, please read the footnotes
and the narrative disclosures that follow the table.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Fees Earned or Paid in Cash<SUP>(1)</SUP></B></P></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Stock Awards<SUP>(2)</SUP></B></P></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: center; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; "><FONT STYLE="font-size: 9pt"><B>Current Board</B></FONT><B><FONT STYLE="font-size: 8pt"><SUP>(3)</SUP></FONT></B><BR> <FONT STYLE="font-size: 9pt"><I>(November&nbsp;19, 2013 &ndash; September&nbsp;30, 2014)</I></FONT></TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; font-size: 9pt; text-align: left; padding-left: 0.1in">George R. Brokaw</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">103,650</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 9pt; text-align: right">103,650</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Adam D. Compton</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">10,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">84,366</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">94,366</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">R. Greg Eisner</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">5,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">103,650</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">108,650</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Benjamin D. Fishman</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">10,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">97,222</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">107,222</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">W. Andrew Krusen</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">4,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">97,222</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">101,222</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Ramon A. Rodriguez</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">9,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">95,612</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">104,612</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Henry R. Slack</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">112,017</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">112,017</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Remy W. Trafelet</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">97,222</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">97,222</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">Clayton G. Wilson<SUP>(4)</SUP></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">64,810</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">64,810</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; padding-top: 6pt"><FONT STYLE="font-size: 9pt"><B>Predecessor Board</B></FONT><BR> <FONT STYLE="font-size: 9pt"><I>(October&nbsp;1, 2013 &ndash; November&nbsp;18, 2013)</I></FONT></TD><TD STYLE="font-size: 9pt; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right; padding-top: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left; padding-top: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; padding-left: 0.1in"><FONT STYLE="font-size: 9pt">JD Alexander<SUP>(5)</SUP></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">28,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">28,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Adam D. Compton</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">20,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">28,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">48,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Dykes Everett</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">28,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">28,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Charles L. Palmer</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">20,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">29,998</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">49,998</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Ramon A. Rodriguez</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">30,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">46,870</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">76,870</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">John D. Rood</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">20,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">29,998</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">49,998</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Thomas H. McAuley</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">20,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">31,891</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">51,891</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Robert J. Viguet</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">38,750</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">38,750</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 0.1in">Gordon Walker, Ph. D.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">20,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">28,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">48,105</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">All figures represent the dollar amount of cash paid for Directors&rsquo; annual fees (including
any fees received in connection with service as a Chairman of a committee or Chairman of the Board of Directors), meeting attendance,
and participation on any special committee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Totals represent the value of common stock received in lieu of cash fees pursuant to each Director&rsquo;s
election under the 2013&nbsp;Incentive Plan and the Director Compensation Plan, as recognized for financial statement reporting
purposes with respect to fiscal year&nbsp;2014, which for all grants were equal to the grant date fair value, computed in accordance
with FASB ASC Topic&nbsp;718. Directors are granted shares of common stock in lieu of cash fees on a quarterly basis each year.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">In connection with the closing of the Share Purchase, the Board was reconstituted on November 19,
2013.</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Mr. Wilson received Director fees in cash in addition to his compensation as CEO during fiscal
year&nbsp;2014. This amount is also reflected in the Summary Compensation Table.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: justify">Mr. Alexander received Director fees in stock in addition to his compensation as CEO during fiscal
year&nbsp;2014. This amount is also reflected in the Summary Compensation Table.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&#9;<B>&#9;</B></P>

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


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_013"></A>Compensation Committee Report</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Philosophy
and Framework</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The goal of Alico&rsquo;s executive compensation
program is to attract, retain and reward executives who create shareholder value, share our vision and perform in a manner that
enables the Company to achieve its strategic goals. Alico&rsquo;s compensation programs are designed to accomplish this goal by
rewarding executives for their contributions to the financial and operating performance of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Committee Report</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee has reviewed and
discussed with management the Compensation Discussion and Analysis that immediately follows this report. Based on this review and
discussion, the Compensation Committee has recommended to the Board of Directors that the Compensation Discussion and Analysis
be included in this Proxy Statement and incorporated by reference into the Company&rsquo;s Annual Report on Form 10-K for the year
ended September&nbsp;30, 2014.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><I>Submitted by the Compensation Committee of the Board:</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">R. Greg Eisner, Chairman</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">George R. Brokaw</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in">W. Andrew Krusen, Jr.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_014"></A>Executive Officers</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth certain information
on each of the current Executive Officers of the Company.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Name</B></P></TD>
    <TD STYLE="width: 6%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Age</B></P></TD>
    <TD STYLE="width: 68%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Position
        and Background with the Company</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">Clayton G. Wilson</TD>
    <TD STYLE="padding-top: 12pt; text-align: center; font-size: 12pt">53</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Chief Executive Officer and President (November 22, 2013&ndash;Present). Mr. Wilson is a third generation citrus grower and has been actively involved in the citrus industry for over 28 years.&nbsp;&nbsp;He is the Chief Executive Officer of 734 Citrus Holdings, LLC, d/b/a Silver Nip Citrus.&nbsp;&nbsp;His responsibilities include the oversight of all aspects of the company&rsquo;s citrus operations.&nbsp;&nbsp;Mr. Wilson is Vice President and Chairman of the Board for Latt Maxcy Corporation and also serves on the board of Citizens Bank and Trust.&nbsp;&nbsp;Mr. Wilson is also a board member of many industry associations, including Ranch One Cooperative, Cooperative Producers, Inc. and Gulf Harvesting, Inc., and past President of Highlands County Citrus Growers Association.&nbsp;&nbsp;He currently serves as a board member and Vice President of Citrus Marketing Services and is a past board member of the Harvesting Advisory Council for the Florida Department of Citrus.&nbsp;&nbsp;He holds a degree in Commerce and Business</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Name</B></P></TD>
    <TD STYLE="width: 6%; padding-right: 6pt; padding-left: 6pt; text-align: center">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; border-bottom: Black 0.75pt solid; margin-bottom: 0; text-align: center"><B>Age</B></P></TD>
    <TD STYLE="width: 68%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.75pt solid"><B>Position
        and Background with the Company</B></P></TD></TR>


<TR STYLE="vertical-align: top">
    <TD STYLE="width: 26%; padding-top: 12pt; font-size: 12pt; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 12pt; text-align: center; font-size: 12pt; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="width: 68%; padding-top: 12pt; text-align: justify; font-size: 12pt; padding-bottom: 12pt">Administration from the University of Alabama.&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">Kenneth Smith, Ph.D.</TD>
    <TD STYLE="padding-top: 12pt; text-align: center; font-size: 12pt">47</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Executive Vice President and Chief Operating Officer (July 1, 2010&ndash;Present). Prior to joining Alico, Dr. Smith was the Vice-President of Agriculture Operations for Atlanticblue Group Inc.&nbsp;Prior to joining Atlanticblue, Dr. Smith was a private consultant for large cattle operations across the United States, including Alico, and held various management positions in technical services/research and business management with Purina Mills, Inc. He holds a BS and MS degree in Animal Science from West Texas State University and a PhD from Texas Tech University.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">W. Mark Humphrey, CPA</TD>
    <TD STYLE="padding-top: 12pt; text-align: center; font-size: 12pt">43</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Senior Vice President and Chief Financial Officer (June 20, 2011&ndash;Present). Prior to joining Alico, Mr. Humphrey was the Chief Financial Officer for the Compass Management Group, LLC, a diversified company involved in the management of homeowners associations and commercial properties in Southwest Florida.&nbsp;Prior to his involvement with the Compass Management Group he held similar positions with Prism Microwave, Inc. and Source Interlink Companies. Mr. Humphrey started his career with PricewaterhouseCoopers and spent two years in the firm&rsquo;s National Accounting &amp; SEC Directorate in New York City where he helped develop Sarbanes&ndash;Oxley methodology for the firm and its clients.&nbsp;Mr. Humphrey holds a BS and MS degree in Accounting from the University of Florida, and he has a Florida CPA designation.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; font-size: 12pt">Steven C. Lewis, CPA</TD>
    <TD STYLE="padding-top: 12pt; text-align: center; font-size: 12pt">54</TD>
    <TD STYLE="padding-top: 12pt; text-align: justify; font-size: 12pt">Treasurer (December 2010&ndash;Present). Prior to joining Alico, Mr. Lewis served as Chief Financial Officer for WilsonMiller, Inc. and was the Corporate Controller of Miromar Development Corporation in Southwest Florida. Mr. Lewis also spent approximately six years in public accounting, principally with Kenneth Leventhal &amp; Company in Miami, Florida. He holds a BS degree in Accounting from the University of Florida, and he has a Florida CPA designation</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_015"></A>Compensation Discussion and Analysis</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Introduction</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Compensation Discussion and Analysis discusses
the compensation programs provided to our Named Executive Officers (whom we refer to as &ldquo;NEOs&rdquo;) in fiscal year&nbsp;2014.
It also describes the compensation philosophy on which the fiscal year&nbsp;2014 compensation was based.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: #252525">On November 19,
2013, 734 Agriculture and its affiliates, including 734 Investors completed the acquisition of 3,725,457 shares of our common stock,
representing approximately 51% of our outstanding common stock at the time, which acquisition we refer to as the &ldquo;Share Purchase.&rdquo;
</FONT> In connection with the Share Purchase, the Compensation Committee was reconstituted with new members on November&nbsp;22,
2013. In addition, <FONT STYLE="color: #252525">upon the closing of the Share Purchase, JD Alexander ceased to be the Company&rsquo;s
Chief Executive Officer, and on November&nbsp;22, 2013, the Board appointed Clayton G. Wilson to serve as the Company&rsquo;s Chief
Executive Officer, effective immediately. </FONT>This discussion should be read in conjunction with the tables and related narratives
that follow. In fiscal year&nbsp;2014, our NEOs were:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Clayton G. Wilson&mdash;President and Chief Executive Officer (effective November&nbsp;22, 2013)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">JD Alexander&mdash;President and Chief Executive Officer (through November&nbsp;19, 2013)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Kenneth Smith, Ph.D.&mdash;Executive Vice President and Chief Operating Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">W. Mark Humphrey, CPA&mdash;Senior Vice President and Chief Financial Officer</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Steven C. Lewis, CPA&mdash;Treasurer</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s compensation philosophy
and program design is intended to support the Company&rsquo;s business strategy and align executives&rsquo; interests with those
of shareholders and employees. A significant portion of the Company&rsquo;s executive compensation opportunity is related to factors
that directly and indirectly influence shareholder value, including stock performance and operational performance. The Company
believes that as executives&rsquo; responsibilities increase, so should the proportion of his or her total pay comprised of variable
compensation, which supports and reinforces the Company&rsquo;s pay for performance orientation.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In view of the significant changes that the Company has undergone in the past year and its modified operating profile and
significantly greater size as a result of the strategic acquisitions announced or completed at the beginning of the Company's
2015 fiscal year, the Compensation Committee intends to undertake a thorough review of all compensation practices of the Company,
including the use of equity incentives, as contemplated by the equity incentive plan described in Proposal 2 of this proxy
statement, and will use all necessary expert resources to develop an appropriate compensation structure.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Say on Pay Vote</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt">At the 2014&nbsp;Annual Meeting, our shareholders expressed
their support of our executive compensation programs by approving the non-binding advisory vote on our executive compensation.
More than 90% of votes cast supported our executive compensation policies and practices. We continued to review our executive
compensation programs in 2014 in conjunction with business results. The Compensation Committee also regularly reviews best practices
related to executive compensation to ensure alignment between the Company&rsquo;s compensation programs, business strategy, and shareholder focus.</P>


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


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I><BR>
Our Executive Compensation Program</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The intent of the Company&rsquo;s executive
compensation program is to attract and retain talent and to create incentives for and to reward excellent performance. To that
end, we seek to compensate our executives in a manner that:</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">is competitive;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">rewards performance that creates shareholder value and recognizes individual contribution; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">encourages longer-term value creation.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Philosophy and Peer Group</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following describes the compensation philosophy
on which the fiscal year&nbsp;2014 compensation was based. As previously discussed, the Compensation Committee was
reconstituted with new members on November&nbsp;22, 2013.  The new Compensation Committee continues to evaluate the Company's compensation practices and programs in light of the Company's
strategy to become a leading agriculture and natural resource company and establish leading positions in its different business
lines. At the beginning of fiscal year&nbsp;2014, as a general proposition, the Compensation
Committee believed that aggregate base salaries for executives should be below the median for comparable companies and that a larger
component of total pay should be in the form of variable compensation. In developing and maintaining appropriate compensation programs
and compensation levels for our executives, the Compensation Committee has previously performed the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">A review of two sets of comparative data prepared by our compensation consultant to evaluate the
positioning of compensation levels for our executives.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">The first set of market data comes from published compensation surveys and reflects prevailing
compensation practices and levels for broad-based general industry companies.<BR>
<BR>
</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">The second set of market data comes from compensation information publicly filed by twelve peer
companies (which companies we refer to as our &ldquo;Compensation Peer Group&rdquo;). The Compensation Committee believes that
peer company data provides useful information, but few, if any, peers accurately mirror Alico&rsquo;s operations. The Company utilizes
the data, however, as a reference point in its compensation determination, in conjunction with data from published surveys. These
data points create ranges of compensation values that the Compensation Committee considers in setting executive pay levels. The
benchmark data reviewed by the Compensation Committee are statistical summaries of pay practices and are not representative of
the compensation levels at any one organization.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">At the time of the evaluation, the Compensation Peer Group adopted by the Company consisted of
the twelve companies listed below. All were publicly traded companies with annual revenues between $17 million and $525 million,
with the median revenue being $99 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Alexander&nbsp;&amp;&nbsp;Baldwin,&nbsp;Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">AV Homes, Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Consolidated-Tomoka Land Co.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Deltic&nbsp;Timber&nbsp;Corporation</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Forestar Group Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Griffin Land &amp; Nurseries, Inc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Limoneira&nbsp;Company</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Pope Resources&nbsp;L.P.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Potlatch Corporation</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Tejon&nbsp;Ranch&nbsp;Company</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">The St. Joe Company</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace">o</FONT></TD><TD STYLE="text-align: justify">Thomas Properties Group, Inc.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Compensation Committee annually reviews the Company&rsquo;s financial performance and evaluates
the individual performance of each executive and his or her role in influencing Company performance and the financial condition
of the Company. The Compensation Committee evaluates the performance of the NEOs based on the Compensation Committee&rsquo;s overall
judgment using quantitative and qualitative factors, including the accomplishment of initiatives, attitude, and leadership. The
Compensation Committee does not directly link compensation to achievement of performance goals, but rather considers the contribution
of the NEOs in the context of relevant conditions and many factors beyond the executive&rsquo;s control, such as weather, commodity
prices, and strategic opportunities, to determine if and to what extent the NEO&rsquo;s individual contribution merits discretionary
compensation.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Consultants</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee makes
recommendations to the Board for all compensation for executives, including the structure and design of the compensation
programs. The Compensation Committee is responsible for retaining and terminating compensation consultants and
determining</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">the terms and conditions of
their engagement. At the beginning of fiscal year 2014, the Compensation Committee engaged Pearl Meyer &amp; Partners with
respect to the Company&rsquo;s compensation programs and to perform various related studies and projects, including market
analysis and compensation program design. The Compensation Committee&rsquo;s responsibilities include reviewing the role of
its compensation advisors. In fiscal year 2014, the Compensation Committee concluded that no conflict of interest existed with
Pearl Meyer &amp; Partners and that Pearl Meyer &amp; Partners was fully independent for purposes of
providing ongoing recommendations regarding executive compensation. Following the Share Purchase, the reconstituted Compensation Committee has not reengaged Pearl Meyer &amp; Partners and has
not selected a compensation consultant for fiscal year 2015.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Pay Mix</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As noted above, the Compensation Committee
believes that a significant portion of each executive&rsquo;s compensation opportunity should be tied to variable compensation
and value creation for shareholders. The Compensation Committee believes this mix provides an appropriate balance between the financial
security required to attract and retain qualified individuals, and the Compensation Committee&rsquo;s goal of ensuring that executive
compensation rewards performance that benefits shareholders over the long term.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Base Salaries</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Base salaries for the
Company&rsquo;s NEOs are based on their scope of responsibilities, education, and training levels, leadership abilities,
performance, and specialized skills. Determination of salaries is based on the current competitive market environment
including overall demand for such executives and competitive pay practices, including a review of the Company&rsquo;s Peer
Group and other relevant data. The Company&rsquo;s financial performance, overall financial condition, and individual
performance are evaluated in addition to the factors listed above in order to determine whether base salary increases are
advisable. The Compensation Committee wishes to incentivize executives with pay for performance. Accordingly, base salary
levels of the Company have been generally lower than the market median. It has  been the Compensation Committee&rsquo;s
philosophy to provide a significant portion of the compensation paid to each executive through its discretionary incentive
bonus program and long-term incentives.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee made no increases
to the base salaries of the NEOs in fiscal year 2014. Annual salaries for the NEOs are summarized in the table below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">NEO</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">FY 2013</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">FY 2014</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="width: 56%; font-size: 12pt; text-align: left">Clayton G. Wilson (effective November 22, 2013)</TD><TD STYLE="width: 8%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 12pt; text-align: right">N/A</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 12pt; text-align: right">150,000</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt">JD Alexander (through November 19, 2013)</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">380,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">N/A</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 12pt; text-align: left">Kenneth Smith, Ph.D.</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">285,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">285,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left">W. Mark Humphrey, CPA</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">200,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">200,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 12pt; text-align: left">Steven C. Lewis, CPA</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">175,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">175,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Annual Discretionary Cash
Bonuses</I></P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has an annual discretionary cash
bonus program (which we refer to as the &ldquo;discretionary bonus program&rdquo;). The Compensation Committee evaluates the Company&rsquo;s
</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">financial performance and overall financial condition in addition to its evaluation of each of the NEOs to determine if discretionary
bonuses are to be paid for the fiscal year. The Compensation Committee generally does not establish target minimum or maximum bonus
levels for executives. If, in the Compensation Committee&rsquo;s discretion, the Company&rsquo;s performance and overall financial
condition do not warrant the payment of discretionary bonuses, no such bonuses are paid.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation
Committee also considers the individual performance of each executive and his or her role in influencing Company performance and
the financial condition of the Company. In the case of NEOs other than the CEO, these evaluations are based in part on input from
the Company&rsquo;s CEO regarding each executive&rsquo;s performance. The Compensation Committee evaluates the executive&rsquo;s
performance based on the Compensation Committee&rsquo;s overall judgment considering a number of quantitative and qualitative factors,
including accomplishment of initiatives, attitude, and leadership. All Compensation Committee actions regarding the discretionary
bonuses are subject to the review and approval of the Board.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the Company&rsquo;s financial results
in fiscal year 2014, the Compensation Committee approved discretionary bonuses as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Executive</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Payout</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">% of Salary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="width: 53%; font-size: 12pt; text-align: left">Clayton G. Wilson<FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 7%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 12pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 12pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left">%</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left">JD Alexander <FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">0</TD><TD STYLE="font-size: 12pt; text-align: left">%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 12pt; text-align: left">Kenneth Smith, Ph.D.</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">100,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">35</TD><TD STYLE="font-size: 12pt; text-align: left">%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left">W. Mark Humphrey, CPA</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">100,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">50</TD><TD STYLE="font-size: 12pt; text-align: left">%</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 12pt; text-align: left">Steven C. Lewis, CPA</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">80,000</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">46</TD><TD STYLE="font-size: 12pt; text-align: left">%</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">_______________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Mr. Wilson was not awarded a discretionary bonus in fiscal year 2014 because his compensation arrangements are being finalized
in connection with the continued growth of the Company.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Mr. Alexander was not awarded a discretionary bonus in fiscal year 2014 due to his resignation, effective November&nbsp;19,
2013, the date of the closing of the Share Purchase.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee believes that these
discretionary bonuses are consistent with the Company&rsquo;s fiscal year&nbsp;2014 financial performance, reflect the competitive
market, and are appropriate to the scope of responsibility and contribution made by each NEO.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Long-Term Incentives</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May&nbsp;26, 2011, the Board approved
the adoption of the Long-Term Incentive Program (the &ldquo;Program&rdquo;) as part of the Alico, Inc. 2008 Incentive Equity
Plan. Pursuant to the Program, the Company entered into Restricted Stock Award Agreements with Kenneth Smith, W. Mark
Humphrey, and Steven C. Lewis on May&nbsp;26, 2011, and with JD Alexander on April&nbsp;19, 2012.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Restricted Stock Award Agreements,
the NEOs were entitled to receive awards of restricted common stock of the Company if the Performance Criteria or Partial Performance
Criteria (each as outlined below) were achieved. The restricted common stock awards were subject to vesting restrictions as specified.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The number of shares subject to each award
to each NEO (the &ldquo;Award Level&rdquo;) was determined based on the product of (a)&nbsp;the percentage of base salary represented
by the annualized value of long-term incentive compensation that ranked at the 75th percentile of the Company&rsquo;s Compensation
Peer Group at the time of the award for the comparable executive officer of Compensation Peer Group companies, multiplied by (b)&nbsp;the
median base salary of the comparable executive officer at Compensation Peer Group companies, multiplied by (c)&nbsp;three (to reflect
a three-year compensation period under the Program), which product was divided by the Base Stock Price (i.e., the 20-Day Average
Closing Price (described below) of the common stock immediately prior to the grant date of the award).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Restricted Stock Award Agreements,
the &ldquo;Performance Criteria&rdquo; would be achieved if, at any time during the five-year period following the Award Date (the
&ldquo;Performance Period&rdquo;), the average of the closing price of Alico&rsquo;s common stock over the most recent 20 consecutive
trading day period (the &ldquo;20-Day Average Closing Price&rdquo;) exceeded (a)&nbsp;200% of the Base Stock Price at any time
during the three-year period commencing on the Award Date, (b)&nbsp;214% of the Base Stock Price during the one-year period commencing
on the third anniversary of the Award Date and ending on the fourth anniversary of the Award Date, or (c)&nbsp;228% of the Base
Stock Price at any time during the one-year period commencing on the fourth anniversary of the Award Date and ending on the fifth
anniversary of the Award Date (in each case, the &ldquo;Target Average Stock Price&rdquo;). If the 20-Day Average Closing Price
equaled or exceeded 100% of the applicable Target Average Stock Price on any day during the Performance Period, Participants would
be awarded, subject to vesting, 100% of their respective Award Levels.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Performance Criteria was not achieved
during the Performance Period but at any time during the Performance Period, the 20-Day Average Closing Price exceeded 90% of the
applicable Target Average Stock Price, then 50% of the Award Level for each respective Participant would be awarded, subject to
vesting, at the end of the Performance Period (&ldquo;Partial Performance Criteria&rdquo;).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Performance Criteria was achieved, the
shares of restricted common stock subject to the award would vest as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">50% of the Award Level would immediately vest upon achievement of the Target Average Stock Price
(the date of such achievement, the &ldquo;Achievement Date&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">25% of the Award Level would vest on the first anniversary of the Achievement Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">25% of the Award Level would vest on the second anniversary of the Achievement Date.</TD></TR></TABLE>




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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Partial Performance Criteria
was achieved, the shares of restricted common stock subject to the award would vest as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">25% of the Award Level would vest at the end of the Performance Period.</TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">12.5% of the Award Level would vest on the first anniversary of the end of the Performance Period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">12.5% of the Award Level would vest on the second anniversary of the end of the Performance Period.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Share Purchase constituted a change-in-control
as defined in the Restricted Stock Award Agreements and resulted in the vesting of the award of shares to the NEOs on November&nbsp;19,
2013, and the shares were delivered in January 2014. The vesting effectively concluded the Program. No long-term incentive awards
were made to the NEOs during fiscal year 2014.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Retirement Benefits</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Executives are allowed to participate in the
Company&rsquo;s tax-qualified 401(k) and Profit Sharing Plan offered to all full-time employees. Under the plan, the Company provides
a matching contribution of up to 4% of a participating employee&rsquo;s eligible compensation. Additionally, annual discretionary
contributions, based on a percentage of salary determined at the Board of Directors&rsquo; sole discretion, may be contributed
pursuant to the qualified profit-sharing portion of the plan. The Company made 3%, 3%, and 4% discretionary contributions for fiscal
years&nbsp;2014, 2013 and 2012, respectively.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Perquisites and Other Fringe
Benefits</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s executives receive health
and insurance benefits, such as group medical and life insurance, under plans generally available to all salaried employees. Other
fringe benefits consist of supplemental life insurance, company provided vehicles and housing allowances where appropriate. The
Company does not own a corporate jet or helicopter nor does it pay for country club dues or other such perquisites.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Compensation Risk Assessment</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From time to time, a comprehensive assessment
is conducted to identify potential risks within the Company&rsquo;s compensation program. The Company does not use highly leveraged short-term incentives that encourage short-term, high-risk strategies at the
expense of long-term performance and value. Furthermore, the Compensation Committee is involved in making compensation
decisions that are consistent with the Company&rsquo;s business strategy. The Company&rsquo;s compensation programs promote consistent,
long-term performance by weighting variable compensation so that it rewards executives for strong operating performance
and favorable financial performance.</P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Indemnification Agreements</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has entered into Indemnification
Agreements with each of its officers and Directors (each, an &ldquo;Indemnified Party&rdquo;). Pursuant to the terms of the agreements,
the Company agreed to indemnify each Indemnified Party, to the fullest extent permitted by applicable law, against all expenses,
judgments, and fines incurred in connection with any legal proceeding brought against an Indemnified Party by reason of the fact
that he or she is or was an officer or Director of the Company or by reason of any action taken by him while acting on behalf of
the Company. The Company also agreed to maintain directors&rsquo; and officers&rsquo; liability insurance policies at existing
coverage levels for as long as an Indemnified Party continues to serve as an officer or Director of the Company and for a period
of six years thereafter.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Stock Ownership Guidelines
for CEO and Directors</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company believes that its CEO should have
a financially significant investment in the Company so that his or her interest and the interest of the Company&rsquo;s shareholders
are aligned. In furtherance of this goal, in January 2013 the Board adopted a CEO Stock Purchase Policy requiring the CEO to beneficially
own shares in the Company with a value equal to the higher of the market value or the price at which the CEO acquired the stock
that is equal to or greater than $250,000 or the lesser amount applicable to a phase-in period as specified below (the &ldquo;Company
CEO Target Stock Ownership Requirement&rdquo;), determined as of the end of each fiscal year. During the phase-in period, the CEO
who is phasing-in ownership must own, as of each measurement date (as described below) and at all times thereafter while he or
she is the CEO of the Company, stock with a market value at least equal to or greater than the phase-in Company CEO Target Ownership
Requirement as follows: At the end of the fiscal year during which the CEO is hired (the &ldquo;first measurement date&rdquo;),
the CEO must have ownership of $50,000 in Alico common stock, at the end of the next fiscal year after the first measurement date,
have ownership of $150,000 in Alico common stock and at the end of the second fiscal year after the first measurement date, have
ownership of $250,000 in Alico common stock. It is expected that Mr. Wilson will meet the Company CEO Target Ownership Requirements
upon the closing of the Silver Nip Citrus merger.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2005, the Board adopted, and the
Company&rsquo;s shareholders approved, a Director stock purchase policy requiring that all Directors who were not beneficial
owners of Atlanticblue own Alico common stock with a market value (or cost, if higher) that is equal to or greater than
$200,000 or such lesser amount as is applicable to a phase-in period (the &ldquo;Company Director Target Stock Ownership
Requirement&rdquo;). To provide Directors serving on the Board as of the date of the adoption of this policy and new
Directors who subsequently join the Board the opportunity to meet this requirement over a reasonable period of time, each
such Director has three years to achieve the overall Company Director Target Stock Ownership Requirement. If the Director is
elected to the Board at a time when there is less than four months remaining in the fiscal year, then the three-year period
for overall compliance with the Company Director Target Stock Ownership Requirement would be extended until the end of the
next full fiscal year. The Company Director Target Stock Ownership Requirement will be measured at the end of the phase-in
period and annually thereafter at the end of each fiscal year.</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525"><I>Tax Impact on Compensation</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section&nbsp;162(m) of the Internal Revenue
Code (the &ldquo;Code&rdquo;) places a $1&nbsp;million limit on the amount of compensation the Company may deduct for tax purposes
in any year with respect to each NEO, except that performance-based compensation that meets applicable requirements is excluded
from the $1&nbsp;million limit. The Company&rsquo;s executive compensation program is intended to maximize the deductibility of
compensation; however, there can be no assurance that all long-term incentive compensation, if and when any is paid to any NEO,
will ultimately prove to be deductible to the Company under the Code and applicable U.S. Treasury Regulations. Further, when warranted
due to competitive or other factors, the Compensation Committee may decide in certain circumstances to exceed the deductibility
limit under Section&nbsp;162(m) of the Code or to otherwise pay nondeductible compensation.</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_016"></A>Executive Compensation</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides information regarding
the compensation of our Named Executive Officers for fiscal years&nbsp;2014, 2013, and 2012. This table should be read in conjunction
with the Compensation Discussion and Analysis, which sets forth the objectives and other information regarding our executive compensation
program.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Name and Principal Position</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Fiscal Year</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Salary(c)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Bonus(d)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Stock<BR>
Awards(e)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">All Other Compensation(i)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total(j)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="width: 40%; font-size: 9pt; text-align: left; padding-left: 6pt"><FONT STYLE="font-size: 9pt">Clayton G. Wilson <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: center">2014</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD NOWRAP STYLE="width: 6%; font-size: 9pt; text-align: right">192,694<SUP>(3)</SUP></TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">6,984</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">199,678</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">President &amp; Chief Executive Officer</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2013</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2012</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt"><FONT STYLE="font-size: 9pt">JD Alexander <SUP>(2)</SUP></FONT></TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2014</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">62,116</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">28,105<SUP>(4)</SUP></TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">837,630</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">927,851</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">President &amp; Chief Executive Officer</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2013</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">380,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">240,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">90,778<SUP>(4)</SUP></TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">25,211</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">735,989</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: center">2012</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 9pt; text-align: left">$</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: right">285,000</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 9pt; text-align: left">$</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: right">300,000</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 9pt; text-align: left">$</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: right">299,891<SUP>(4)</SUP></TD><TD NOWRAP STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 9pt; text-align: left">$</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: right">35,936</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD NOWRAP STYLE="font-size: 9pt">&nbsp;</TD>
    <TD NOWRAP STYLE="font-size: 9pt; text-align: left">$</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: right">920,827</TD><TD NOWRAP STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">W. Mark Humphrey, CPA</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2014</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">200,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">100,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">12,694</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">312,694</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">Senior Vice President and Chief Financial Officer</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2013</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">200,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">80,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">14,059</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">294,059</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2012</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">200,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">100,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">13,759</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">313,759</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">Kenneth Smith, Ph.D.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2014</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">285,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">100,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">20,114</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">405,114</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">Executive Vice President and</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2013</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">285,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">200,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">24,195</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">509,195</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">Chief Operating Officer</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2012</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">285,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">200,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">19,305</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">504,305</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">Steven C. Lewis, CPA</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2014</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">175,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">80,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">15,794</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">270,794</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">Treasurer</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2013</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">175,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">55,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">13,984</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">243,984</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: center">2012</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">175,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">65,000</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">13,924</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">253,924</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt">_______________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD><TD>Mr.&nbsp;Wilson began serving as President and Chief Executive Officer on November&nbsp;22, 2013.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Mr. Alexander resigned as President and Chief Executive Officer, effective November&nbsp;19, 2013, the date of the closing
of the Share Purchase.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Mr. Wilson&rsquo;s base salary for fiscal year&nbsp;2014 includes $64,810 in Director fees received
in cash in addition to his compensation as CEO. This amount is also reflected in the Director Compensation Table.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Mr. Alexander received Director fees in stock awards in lieu of cash fees in addition to his compensation
as CEO. This amount is also reflected in the Director Compensation Table.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Columns ((f)-(h)) have been omitted as they are not applicable.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Salary (Column (c))</I></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (c) represent
base salaries paid to each of the Named Executive Officers for each of the last three completed fiscal years and also includes
$64,810 in Director fees received by Mr. Wilson in 2014.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Bonuses (Column (d))</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (d) represent
bonuses paid to each of the Named Executive Officers for the last three completed fiscal years, as indicated.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Stock Awards (Column (e))</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (e) for Mr.
Alexander include the value of stock received in lieu of cash fees for his service as a Director ($28,105 for fiscal year 2014,
$90,778 for fiscal year 2013 and $299,891 for fiscal year&nbsp;2012). The amount reported in Column (e) for Mr. Alexander for fiscal
year&nbsp;2012 also includes the grant date fair value of restricted stock awards that were subject to performance- and service-based
conditions, computed in accordance with FASB ASC Topic&nbsp;718. The Company calculated the grant date fair values of the restricted
stock awards using a binomial model and applying the following assumptions: (a)&nbsp;grant date stock price of $23.00; (b)&nbsp;target
stock price to achieve performance criteria of $46.00; (c)&nbsp;risk-free interest rate 0.25%; and (d)&nbsp;expected volatility
of 53.3%.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No stock options or stock appreciation rights
have been granted since February&nbsp;2004. There were no outstanding stock options or appreciation rights outstanding as of September&nbsp;30,
2014.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>All Other Compensation (Column
(i))</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts reported in Column (i) represent
the aggregate dollar amount for each NEO for perquisites and other personal benefits, tax reimbursements, Company contributions
to the Company&rsquo;s 401(k) retirement plans, insurance premiums for life insurance policies, and amounts paid to Mr. Alexander
under a Consulting and Non-Competition Agreement. The following table shows and explains the specific amounts included in Column
(i) of the Summary Compensation Table for fiscal year 2014. Under SEC Rules, the Company is required to identify by type all perquisites
and other personal benefits for a Named Executive Officer if the total value for that individual equals or exceeds $10,000, and
to report and quantify each perquisite or personal benefit that exceeds the greater of $25,000 or 10% of the total amount for that
individual. For purposes of uniformity, all information regarding perquisites has been provided for each Named Executive Officer,
not just those meeting the $10,000 threshold.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Perquisites and Other Personal Benefits<SUP>(1)</SUP></B></P></TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Company Contributions to Retirement Plans</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Insurance Premiums<SUP>(2)</SUP></B></P></TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Payments Related to Consulting and Non-Competition Agreement</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="width: 35%; font-size: 9pt; text-align: left; padding-left: 6pt">Clayton G. Wilson</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 9pt; text-align: right">6,087</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 9pt; text-align: right">897</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 9pt; text-align: right">6,984</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">JD Alexander</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">4,297</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">833,333</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">837,630</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">W. Mark Humphrey, CPA</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">11,650</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">1,044</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">12,694</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">Kenneth Smith, Ph.D.</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">16,522</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">3,592</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">20,114</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 9pt; text-align: left; padding-left: 6pt">Steven C. Lewis, CPA</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">14,750</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">1,044</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">$</TD><TD STYLE="font-size: 9pt; text-align: right">15,794</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0">_______________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Perquisites and other personal benefits are valued on the basis of the aggregate incremental cost to the Company, including
the cost to the Company for Company cars used for commuting and other personal transportation. The amounts will be based on the
fair lease value of the vehicle in accordance with tables published annually by the Internal Revenue Service where applicable,
and the amount of vehicle or housing allowances paid. NEOs are taxed on the imputed income attributable to personal use of Company
vehicles, including commuting mileage, and do not receive tax assistance from the Company with respect to these amounts.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Represents applicable premiums paid on life insurance policies for each of the NEOs.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Dividends on shares of restricted stock are paid to participants during the fiscal year on vested
and unvested shares whenever dividends are paid to the Company&rsquo;s common shareholders.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Total Compensation (Column
(j))</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
The amounts reported in Column (j) are the sum of Columns (c) through (i) for each of the NEOs. All compensation amounts reported
in Column (j) include amounts paid and amounts deferred.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_017"></A>Grants of Plan-Based Awards in Fiscal Year 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><BR>
There were no grants of plan-based awards to the NEOs in the fiscal year ended September&nbsp;30, 2014, other than the shares received
by Mr. JD Alexander in lieu of cash fees totaling $28,105 for his service as a Director.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>GRANTS
        OF PLAN-BASED AWARDS</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Name</B></P></TD>
    <TD STYLE="width: 24%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Grant
        Date</B></P></TD>
    <TD STYLE="width: 43%; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>All
        Other Stock Awards: Number of Shares of Stock or Units<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #99CCFF">
    <TD STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; font-size: 12pt">JD Alexander</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: center; font-size: 12pt">10/4/2013</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">683</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0">__________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">(1)</TD><TD STYLE="text-align: justify">In connection with his service as a Director, Mr. Alexander
received 683&nbsp;shares of Common Stock in lieu of cash fees totaling $28,105. This amount is also reflected in the Director
Compensation Table.</TD>
</TR></TABLE>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_018"></A>Outstanding Equity Awards at Fiscal Year End 2014</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There were no outstanding equity awards as
of September&nbsp;30, 2014.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_020"></A>Option Exercises and Stock Vested in Fiscal Year 2014</P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No options were exercised during fiscal year
2014 by any of the Named Executive Officers, and there were no stock options outstanding at September 30, 2014. All shares previously
awarded </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">under the Long-Term Incentive Plan became fully earned and vested upon the closing of the Share Purchase on November 19,
2013.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 9pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>OPTION EXERCISES
        AND STOCK VESTED</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Stock Awards</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Name</B></P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Number
        of Shares Acquired on Vesting<BR>
        (#)</B></P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Value
        Realized on Vesting<BR>
        ($)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 6pt; padding-left: 6pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #99CCFF">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; font-size: 12pt">JD Alexander</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">93,793</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">3,611,031</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; font-size: 12pt">W. Mark Humphrey, CPA</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">18,250</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">752,265</TD></TR>
<TR STYLE="background-color: #99CCFF">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; font-size: 12pt">Kenneth Smith, Ph.D.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">30,966</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">1,276,419</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 6pt; padding-left: 6pt; font-size: 12pt">Steven C. Lewis, CPA</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">9,394</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 6pt; padding-left: 6pt; text-align: right; font-size: 12pt">387,221</TD></TR>
<TR>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 31%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_021"></A>Pension Benefits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>Management Security Plan</I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management security plan (&ldquo;MSP&rdquo;)
is a nonqualified, noncontributory defined supplemental deferred retirement benefit plan for a select group of management personnel.
The MSP provides a fixed supplemental retirement benefit for 180&nbsp;months certain. The MSP is frozen; no new participants are
being added and no benefit increases are being granted.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. Alexander had an accrued vested benefit
of approximately $70,516 at September&nbsp;30, 2014. The other NEOs are not participants in the MSP.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: #252525"><B>&nbsp;</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Name</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Plan Name</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Years Credited Service</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Present Value of Accumulated Benefits</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Payments During Last Fiscal Year</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="width: 18%; font-size: 12pt; text-align: left; vertical-align: top; padding-top: 6pt">JD Alexander</TD><TD STYLE="width: 3%; font-size: 12pt; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="width: 18%; font-size: 12pt; text-align: left; padding-top: 6pt">Management Security Plan</TD><TD STYLE="width: 3%; font-size: 12pt; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="width: 16%; font-size: 12pt; text-align: center; padding-top: 6pt">7</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="width: 3%; font-size: 12pt; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left; padding-top: 6pt">$</TD><TD STYLE="width: 15%; font-size: 12pt; text-align: right; padding-top: 6pt">70,516</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left; padding-top: 6pt">&nbsp;</TD><TD STYLE="width: 3%; font-size: 12pt; padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left; padding-top: 6pt">$</TD><TD STYLE="width: 15%; font-size: 12pt; text-align: right; padding-top: 6pt">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left; padding-top: 6pt">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_022"></A>Nonqualified Deferred Compensation</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None of our NEOs participate in any nonqualified
defined contribution plan.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><A NAME="a_035"></A><B>Potential Payments upon
Termination or Change in Control</B></P>

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




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2013, the Company entered into Change-in-Control
Agreements with each of its then-NEOs (JD Alexander, Kenneth Smith, W. Mark Humphrey, and Steven C. Lewis). Pursuant to the terms
of the agreements, if the NEO is terminated without &ldquo;cause&rdquo; (as defined in the </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">applicable NEO&rsquo;s agreement) or
resigns for &ldquo;good reason&rdquo; (as defined in the applicable NEO&rsquo;s agreement) within 18&nbsp;months following a change-in-control,
the NEO will receive, in the case of Mr. Alexander, an amount equal to 2&nbsp;times the sum of his base salary and the average
of his cash compensation other than base salary during the three-year period prior to termination, and in the cases of Messrs.
Smith, Humphrey, and Lewis, an amount equal to the sum of their respective base salaries and the average of their respective cash
compensation other than base salary during the three-year period prior to termination. Payment of severance under the Change-in-Control
Agreements is subject to the execution and non-revocation of a release of claims in favor of the Company by the NEO. On November&nbsp;6,
2013, Mr. Alexander tendered his resignation as Chief Executive Officer and as an employee of the Company, subject to and effective
immediately following the closing of the Share Purchase, thereby waiving his right to receive any payments under the Change-in-Control
Agreement.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November&nbsp;6, 2013, the Company entered
into a Consulting and Non-Competition Agreement with Mr. Alexander under which (a)&nbsp;Mr. Alexander will provide consulting services
to the Company for a period of two years after the closing of the Share Purchase, (b)&nbsp;Mr. Alexander will be bound by certain
non-competition, non-solicitation, and non-interference covenants for a period of two years after the closing of the Share Purchase,
and (c)&nbsp;the Company will pay Mr. Alexander $2&nbsp;million in 24&nbsp;monthly installments after the closing of the Share
Purchase for such services and covenants.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Restricted Stock Award Agreements,
the shares subject to the awards become fully vested upon, and were to be issued to the NEOs within 60&nbsp;days following, a change-in-control.
The Share Purchase constituted a change-in-control under the Restricted Stock Award Agreements and resulted in the vesting of the
restricted shares held by each of the NEOs (other than Mr. Wilson).</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth estimates of
the amounts payable to each of the NEOs (other than Mr. Wilson) under their respective Change-in-Control Agreements, assuming a
change-in-control occurred, and the NEO experienced a qualifying termination of employment under the Change-in-Control Agreement,
on September&nbsp;30, 2014. Mr. Wilson would not be entitled to any compensation upon a change-in-control or a termination of employment
occurring on September&nbsp;30, 2014.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Named Executive Officer</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Qualifying Termination Following a Change-in-Control<SUP>(1)</SUP></B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 12pt; text-align: left; padding-left: 6pt">Clayton G. Wilson</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&mdash;<SUP>(2)</SUP></TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; padding-left: 6pt">JD Alexander</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&mdash;<SUP>(3)</SUP></TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="width: 70%; font-size: 12pt; text-align: left; padding-left: 6pt">Kenneth Smith, Ph.D.</TD><TD STYLE="width: 10%; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt; text-align: left">$</TD><TD STYLE="width: 18%; font-size: 12pt; text-align: right">451,667</TD><TD STYLE="width: 1%; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left; padding-left: 6pt">W. Mark Humphrey, CPA</TD><TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">$</TD><TD STYLE="font-size: 12pt; text-align: right">293,333</TD><TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #99CCFF">
    <TD STYLE="font-size: 12pt; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Steven C. Lewis, CPA</TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; text-align: right">241,667</TD><TD STYLE="padding-bottom: 1pt; font: 12pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0">_____________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Under the Change-in-Control Agreements, the NEO will only be entitled to these payments if he is
terminated without &ldquo;cause&rdquo; or if he resigns for &ldquo;good reason&rdquo; within 18&nbsp;months after a change-in-control.
As noted above, the Share Purchase constituted a change-in-control for purposes of the Change-in-Control Agreements.
</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">Mr. Wilson would not be entitled to any compensation upon a change-in-control or a termination
of employment occurring on September&nbsp;30, 2014.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">Mr. Alexander waived his rights to payments under his Change-in-Control Agreement by tendering
his resignation as an employee, subject to and effective immediately following the closing of the Share Purchase. Mr. Alexander
has 14&nbsp;remaining monthly installments totaling $1,166,667 as of September&nbsp;30, 2014, in consideration of consulting services
to be performed by Mr. Alexander and compliance by Mr. Alexander with certain non-competition, non-solicitation, and non-interference
covenants.</TD></TR></TABLE>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0"><A NAME="a_023"></A>Certain Relationships and Related Party Transactions</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Alico may engage in a transaction or series of transactions with
our directors, executive officers and certain persons related to them. Those transactions that constitute &ldquo;related party&rdquo;
transactions under Item 404 of SEC Regulation S-K are subject to the review, oversight and approval by the Audit Committee in advance
of any proposed related party transactions in compliance with Nasdaq Rules and the Audit Committee must present material related
party transactions to the full Board for approval.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><I><U>734 Investors and 734 Agriculture</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On November 19, 2013, 734 Agriculture
and its affiliates, including 734 Investors, acquired all of the approximately 51% of Alico&rsquo;s common stock then owned by
Atlanticblue.&nbsp;734 Investors now beneficially owns, directly or indirectly, approximately 51% of the outstanding shares of
the Company&rsquo;s common stock and possesses the voting power to control the election of the Company&rsquo;s Directors and any
other matter requiring the affirmative vote or consent of the Company&rsquo;s shareholders. 734 Agriculture is the sole managing
member of 734 Investors.&nbsp;By virtue of their ownership percentage, 734 Investors and 734 Agriculture are able to elect all
of the Directors and, consequently, control Alico.&nbsp;Messrs. Brokaw and Trafelet are the two controlling persons of 734 Agriculture.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><I><U>Employee Lease Agreement with
Silver Nip Citrus</U></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0">On November 22, 2013,
the Company entered into an employee lease agreement with Mr. Wilson and Silver Nip Citrus (the &ldquo;Employee Lease Agreement&rdquo;).
Silver Nip Citrus is owned and controlled by Messrs. Brokaw, Trafelet and Wilson.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Employee Lease Agreement provides, subject
to the terms and conditions set forth therein, for the Company to furnish Mr. Wilson&rsquo;s services to Silver Nip Citrus to perform
the functions and services that Mr. Wilson has previously performed for Silver Nip Citrus prior to his resignation as CEO of Silver
Nip Citrus. The Employee Lease Agreement provides that Mr. Wilson will spend a majority of his working time performing functions
and services for the Company and that in no event will Mr. Wilson be required to take any action that he or the Company determines
could conflict with Mr. Wilson&rsquo;s exercise of his fiduciary duties under applicable law owed to the Company or could interfere
with the performance of his duties as an executive officer of the Company. In exchange for furnishing Mr. Wilson&rsquo;s services,
Silver Nip Citrus has agreed to pay to the Company the cash salary that would have been paid to Mr. Wilson pursuant to his previous
employment arrangement with Silver Nip Citrus, had that arrangement continued to be in force.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Employee Lease Agreement provides
that if neither the Company nor Silver Nip Citrus has provided the other with written notice of an intention to terminate the
Employee Lease Agreement at least three business days before the month&rsquo;s end (or any subsequent renewal period), the
Employee Lease Agreement will automatically renew for a one-month period. In addition, Silver Nip Citrus may terminate the
Employee Lease Agreement at any time upon 10 business days&rsquo; prior written notice to the Company. As of September 30,
2014 neither the Company nor Silver Nip Citrus has provided written notice to terminate the Employee Lease Agreement. The
description of the Silver Nip Agreement is qualified in its entirety by reference to the complete terms and</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">conditions of the agreement, which is listed as an exhibit to the Company&rsquo;s Current
Report on Form 8-K filed on November 25, 2013. In the fiscal year ended September 30, 2014, the Company has received $128,000 under
this agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #252525"><I><U>JD Alexander</U></I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 6, 2013, JD Alexander tendered
his resignation as Chief Executive Officer and as an employee of the Company, subject to and effective immediately after the closing
of the Share Purchase on November 19, 2013. Mr. Alexander&rsquo;s resignation included a waiver of any rights to any payments under
his Change-in-Control Agreement with the Company. At that time, the Company and Mr. Alexander entered into a Consulting and Non-Competition
Agreement under which (i)&nbsp;Mr. Alexander will provide consulting services to the Company during the two-year period after the
closing of the Share Purchase, (ii) Mr. Alexander agreed to be bound by certain non-competition covenants relating to the Company&rsquo;s
citrus operations and non-solicitation and non-interference covenants for a period of two years after the closing of the Share
Purchase, and (iii) the Company will pay Mr. Alexander for such services and covenants $2 million in twenty-four monthly installments.
Mr. Alexander also agreed, in a separate side letter with the Company, not to sell or transfer the shares that will be awarded
pursuant to his Restricted Stock Award Agreement (other than to a family trust) for a period of two years after the closing of
the Share Purchase. Mr. Alexander also executed a general release in favor of the Company.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><I><U>Silver Nip Citrus Merger Agreement</U></I></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On December 2, 2014, the Company entered
into an Agreement and Plan of Merger (the &ldquo;Merger Agreement&rdquo;) with 734 Sub, LLC, a wholly owned subsidiary of the Company
(&ldquo;Merger Sub&rdquo;), Silver Nip Citrus and, solely with respect to certain sections thereof, the equity holders of Silver
Nip Citrus, which consist of 734 Agriculture, Mr. Wilson, and an entity controlled by Mr. Wilson. The Merger Agreement provides
that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Silver Nip Citrus (the
&ldquo;Merger&rdquo;), with Silver Nip Citrus surviving the Merger as a wholly owned subsidiary of the Company. Subject to the
terms and conditions set forth in the Merger Agreement, the Company will issue shares of the Company&rsquo;s common stock to the
equity holders of Silver Nip Citrus as follows (the &ldquo;Stock Issuance&rdquo;):</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">at the effective time of the Merger, up to 1,463,544 shares
of common stock, subject to certain adjustments set forth in the Merger Agreement for Silver Nip Citrus&rsquo;s net indebtedness
at the closing of the Merger, amounts related to certain groves specified in the Merger Agreement (the &ldquo;TRB Groves&rdquo;),
certain Silver Nip Citrus transaction expenses and the trading price of the common stock; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22pt; text-align: left"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">thirty days after the end of Silver Nip Citrus&rsquo;s 2014-2015
citrus harvest season, an additional amount of shares of common stock, with the number of shares issued to be based on the net
proceeds received by the Company from the sale of citrus fruit harvested on certain Silver Nip Citrus groves after the closing
of the Merger, subject to certain adjustments set forth in the Merger Agreement for the cost
to harvest the citrus fruit and the trading price of the common stock.</TD>
</TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">The Company currently estimates that Silver
Nip Citrus&rsquo;s outstanding net indebtedness at the closing of the Merger will be approximately $42.6 million and that Silver
Nip Citrus will have spent approximately $17.9 million in relation to the TRB Groves and $0.25 million in transaction expenses
that are subject to the adjustment. Based on these estimates, the Company would issue approximately 800,502 shares of common stock
at the closing of the Merger.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">734 Agriculture owns
74.89% of the membership interests of Silver Nip Citrus and Messrs. Brokaw and Trafelet serve on the board of directors of Silver
Nip Citrus. Mr. Wilson owns 5% of the membership interests of Silver Nip Citrus directly and 20.11% of such membership interests
indirectly through Rio Verde Ventures, LLC, an entity controlled by him. Mr. Wilson also manages the day-to-day operations of Silver
Nip Citrus and serves as a member of Silver Nip Citrus&rsquo;s board of directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">The Company has filed
an information statement with the SEC in accordance with Regulation 14C of the Exchange Act in connection with the approval of
the Stock Issuance by the written consent of 734 Investors, which owns a majority of Alico&rsquo;s outstanding common stock. For
more information about the Merger and the Stock Issuance, please refer to the information statement.</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><A NAME="a_024"></A>Audit Committee Report</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee had primary responsibility
for interacting with the Company&rsquo;s outside auditors during the preparation of the audited financial statements for the fiscal
year ended September&nbsp;30, 2014 (the &ldquo;audited financial statements&rdquo;). </P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee prepared the following report on its activities
with respect to the Company&rsquo;s audited financial statements for the fiscal year ended September&nbsp;30, 2014:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Audit Committee has reviewed and discussed the audited financial statements with management
of the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Audit Committee has discussed with McGladrey LLP, the Company&rsquo;s independent auditors,
the matters required to be discussed by Statement on Auditing Standards No.&nbsp;61, <I>Communication with Audit Committees</I>
(SAS 61), as amended and as adopted by the Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;) in Rule 3200T.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The Audit Committee has received from McGladrey LLP the written disclosures and the letter from
the independent accountants required by PCAOB Ethics and Independence Rule 3526, <I>Communication with Audit Committee Concerning
Independence</I> and has discussed with McGladrey LLP their independence.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Based on and relying on the review and discussions described above, the Audit Committee recommended
to the Board of Directors that the audited financial statements be included in the Company&rsquo;s Annual Report on Form 10-K for
the fiscal year ended September&nbsp;30, 2014, for filing with the U.S. Securities and Exchange Commission.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>Audit Committee for Fiscal Year Ended September 30, 2014:</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Ramon A. Rodriguez, Chairman</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">W. Andrew Krusen, Jr.</P>

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

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


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<!-- Field: Split-Segment; Name: PROPOSAL 2 -->


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_026"></A>Proposal 2:<BR>
Approval of the Alico, Inc. Stock Incentive Plan of 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 23pt"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">We ask that our shareholders vote to
approve the Alico, Inc. Stock Incentive Plan of 2015, which we refer to as the &ldquo;2015 Plan.&rdquo; The 2015 Plan was adopted
by the action of the Board of Directors on January 27, 2015, upon the recommendation of the Compensation Committee and subject
to such approval. If approved by shareholders at the Annual Meeting, the 2015&nbsp;Plan will become effective on the date of such
approval, which we refer to as the &ldquo;Effective Date.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the 2015&nbsp;Plan is approved by
shareholders:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">We may elect to deduct performance-based compensation paid to certain senior executives, in accordance
with Section&nbsp;162(m) of the Internal Revenue Code, which we refer to as the &ldquo;Code,&rdquo; which requires that shareholders
approve the material terms of the performance goals under which performance-based compensation is to be paid at least every five
years;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Any new long-term incentive awards will be made under the 2015&nbsp;Plan, and will no longer be
made under the Company&rsquo;s 2013 Incentive Equity Plan, which we refer to as the &ldquo;2013&nbsp;Plan&rdquo;; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">We will be able to use the 2015&nbsp;Plan to attract, retain, and motivate officers, employees,
directors, and/or consultants, which provides incentives directly linked to shareholder value.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Section&nbsp;162(m) of the Code generally
places a $1 million annual limit on a company&rsquo;s tax deduction for compensation paid to certain senior executives, other than
compensation that satisfies the applicable requirements for a performance-based compensation exception. To qualify as performance-based
compensation under Section&nbsp;162(m) of the Code, the compensation must (among other requirements) be subject to attainment of
performance goals that have been disclosed to shareholders and approved by a majority shareholder vote. We are asking shareholders
at the 2015&nbsp;Annual Meeting to approve the material terms of the performance goals under the 2015&nbsp;Plan so that the company
may make awards that qualify as performance-based compensation under Section&nbsp;162(m) of the Code, and thus, would be tax-deductible.
For purposes of Section&nbsp;162(m) of the Code, the material terms of the performance goals requiring shareholder approval include
the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the employees eligible to receive awards under the 2015&nbsp;Plan;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the business criteria used as the basis for the performance goals; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">the limits on the maximum amount of compensation payable to any employee in a given time period.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">By approving the 2015&nbsp;Plan, shareholders
will be approving, among other things, the eligibility requirements, performance goals, and limits on various stock awards contained
therein for purposes of Section&nbsp;162(m) of the Code.</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If the 2015&nbsp;Plan is approved by
our shareholders, no new awards may be granted under the 2013&nbsp;Plan. Awards previously granted and outstanding under the 2013&nbsp;Plan,
however, will remain in full force and effect under the 2013&nbsp;Plan according to their terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As of September&nbsp;30, 2014, there
were 311,053&nbsp;shares available for issuance under the 2013&nbsp;Plan and no&nbsp;shares underlying outstanding awards under
the 2013&nbsp;Plan. The Compensation Committee believes that our executive compensation program, and particularly the granting
of equity awards, will allow the Company to align the interests of its executives and other service providers of the Company who
are selected to receive awards with those of shareholders by rewarding long-term decision-making and actions for the benefit of
the Company. The Company believes that equity-based compensation assists in the attraction and retention of qualified executives
and other service providers and provides them with additional incentive to devote their best efforts to pursue and sustain our
strategy to become a leading agriculture and natural resource company and establish leading positions in our different business
lines, where scale and expertise can generate strong long-term returns for the Company and its shareholders. Furthermore, the Company
believes it is important to have the flexibility to grant various types of equity awards to its service providers so that it can
react appropriately to the changing competitive environment and to engage in strategic transactions such as those announced and/or
completed during the beginning of the current fiscal year. The shares available for awards under the 2013&nbsp;Plan will likely
be insufficient to satisfy our equity compensation needs for fiscal year&nbsp;2015 and beyond. Therefore, if our shareholders do
not approve the 2015&nbsp;Plan, we may experience a shortfall of shares available for issuance that we believe may adversely affect
our ability to attract, retain, and reward service providers who contribute to our long-term success.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Compensation Committee believes it is appropriate and prudent to preserve the Company&rsquo;s ability to make additional grants
should it become necessary to do so in the Compensation Committee&rsquo;s business judgment. Accordingly, the Compensation Committee
has approved, and is asking the Company&rsquo;s shareholders to approve, the 2015&nbsp;Plan, which would make up to an additional
1,250,000&nbsp;shares available for issuance. The Compensation Committee believes that the additional shares that will be available
for issuance under the 2015&nbsp;Plan if approved by shareholders would permit the Company to pursue its compensation structure
and strategy for fiscal year&nbsp;2015 and beyond.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The purpose of the 2015&nbsp;Plan is
to allow us to attract, retain, and motivate officers, employees, directors, and/or consultants and to provide us and our subsidiaries
and affiliates with a long-term incentive plan providing incentives directly linked to shareholder value.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A summary of the 2015&nbsp;Plan is set
forth below. The summary of the 2015&nbsp;Plan is qualified in its entirety by the full text of the 2015&nbsp;Plan, which is included
in this Proxy Statement as Appendix&nbsp;A.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Summary of the 2015&nbsp;Plan</B><BR>
<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>General. </I>Awards granted under the 2015&nbsp;Plan may be
in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance units, other stock-based
awards, or any combination of those awards. The 2015&nbsp;Plan provides that awards may be made under the 2015&nbsp;Plan for ten
years.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Administration</I>. Under the terms
of the 2015&nbsp;Plan, the 2015&nbsp;Plan will be administered by the Compensation Committee of our Board, or by such other committee
as may be appointed by our Board, which we refer to as the &ldquo;committee,&rdquo; and which consists entirely of two or more
&ldquo;outside directors&rdquo; within the meaning of Section&nbsp;162(m) of the Code who are also &ldquo;non-employee directors&rdquo;
as defined in Rule&nbsp;16b-3 under the Securities Exchange Act of 1934. Unless and until the Board appoints any other committee
or subcommittee, the 2015&nbsp;Plan will be administered by the Compensation Committee. Under the terms of the 2015&nbsp;Plan,
the committee can make rules and regulations and establish such procedures for the administration of the 2015&nbsp;Plan as it deems
appropriate. Any determination made by the committee under the 2015&nbsp;Plan will be made in the sole discretion of the committee
and such determinations will be final and binding on all persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Shares Available</I>. The 2015&nbsp;Plan
provides that the aggregate number of shares of our common stock that may be subject to awards under the 2015&nbsp;Plan cannot
exceed 1,250,000, subject to adjustment in certain circumstances to prevent dilution or enlargement. No participant may be granted,
during any calendar year, performance-based awards intended to qualify under Section&nbsp;162(m) of the Code (other than stock
options and stock appreciation rights) covering in excess of 500,000&nbsp;shares or stock options and stock appreciation rights
covering in excess of 500,000&nbsp;shares. The maximum number of shares that may be granted pursuant to incentive stock options
is 1,250,000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">As described above, if the 2015&nbsp;Plan
is approved by our shareholders, no new awards may be granted under the 2013&nbsp;Plan. Awards previously granted and outstanding
under the 2013&nbsp;Plan, however, will remain in full force and effect under the 2013&nbsp;Plan according to their respective
terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Shares underlying awards that expire
or are forfeited or terminated without being exercised or settled for cash will again be available for the grant of additional
awards within the limits provided by the 2015&nbsp;Plan. If the exercise price of any option and/or the tax withholding obligations
relating to any award are satisfied by delivering shares (either actually or through attestation) or withholding shares relating
to such award, only the number of shares issued net of the shares withheld or attested to shall be deemed delivered for purposes
of determining the maximum numbers of shares available for delivery under the 2015&nbsp;Plan. To the extent any shares subject
to an award are not delivered to a participant because such shares are used to satisfy an applicable tax-withholding obligation,
such shares shall not be deemed to have been delivered for purposes of determining the maximum number of shares available for delivery
under the 2015&nbsp;Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Eligibility</I>. The
2015&nbsp;Plan provides for awards to the directors, officers, employees, and consultants of the Company and its subsidiaries
and affiliates and prospective employees and consultants who have accepted offers of employment or consultancy from the
Company or its subsidiaries or affiliates, except that incentive stock options may be granted only to employees of the
company and its subsidiaries. As of the date of this Proxy Statement, there were approximately 290&nbsp;directors, officers,
and employees eligible to participate in the 2015&nbsp;Plan. Our current executive officers named in the Summary Compensation
Table under the caption &ldquo;Compensation Discussion and Analysis&rdquo; herein and each of our directors are among the
individuals eligible to receive awards under the 2015&nbsp;Plan.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Stock Options</I>. Subject to the
terms and provisions of the 2015&nbsp;Plan, options to purchase shares of our common stock may be granted to eligible individuals
at any time and from time to time as determined by the committee. Options may be granted as incentive stock options, which are
intended to qualify for favorable treatment to the recipient under federal tax law, or as nonqualified stock options, which do
not qualify for this favorable tax treatment. Subject to the limits provided in the 2015&nbsp;Plan, the committee determines the
number of options granted to each recipient. Each option grant will be evidenced by a stock option agreement that specifies the
option exercise price, whether the options are intended to be incentive stock options or nonqualified stock options, the duration
of the options, the number of shares to which the options pertain, and such additional limitations, terms, and conditions as the
committee may determine, but the 2015&nbsp;Plan provides that, except as otherwise determined by the committee, in no event will
the normal vesting schedule of an option provide that the option will vest before the first anniversary of the date of grant.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The committee determines the exercise
price for each option granted, except that the option exercise price may not be less than 100% of the fair market value of a share
of our common stock on the date of grant. All options granted under the 2015&nbsp;Plan will expire no later than ten years from
the date of grant. The method of exercising an option granted under the 2015&nbsp;Plan is set forth in the 2015&nbsp;Plan as are
the general provisions regarding the exercisability of incentive stock options and nonqualified stock options following certain
terminations of employment. Stock options are nontransferable except by will or by the laws of descent and distribution or, in
the case of nonqualified stock options, as otherwise expressly permitted by the committee. The granting of an option does not accord
the recipient the rights of a shareholder, and such rights accrue only after the exercise of an option and the registration of
shares of our common stock in the recipient&rsquo;s name.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Stock Appreciation Rights</I>. The
committee in its discretion may grant stock appreciation rights under the 2015&nbsp;Plan. Stock appreciation rights may be &ldquo;tandem
SARs,&rdquo; which are granted in conjunction with an option, or &ldquo;free-standing SARs,&rdquo; which are not granted in conjunction
with an option. A stock appreciation right entitles the holder to receive from us upon exercise an amount equal to the excess,
if any, of the aggregate fair market value of a specified number of shares of our common stock to which such stock appreciation
right pertains over the aggregate exercise price for the underlying shares. The exercise price of a free-standing SAR shall not
be less than 100% of the fair market value of a share of our common stock on the date of grant.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A tandem SAR may be granted at the grant
date of the related option. A tandem SAR will be exercisable only at such time or times and to the extent that the related option
is exercisable and will have the same exercise price as the related option. A tandem SAR will terminate or be forfeited upon the
exercise or forfeiture of the related option, and the related option will terminate or be forfeited upon the exercise or forfeiture
of the tandem SAR.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Each SAR will be evidenced by an award
agreement that specifies the base price, the number of shares to which the stock appreciation right pertains, and such additional
limitations, terms, and conditions as the committee may determine, but the 2015&nbsp;Plan provides that, except as otherwise determined
by the committee, in no event will the normal vesting schedule of a SAR provide that the right will vest before the first anniversary
of the date of grant. We may make payment of the amount to which the participant exercising stock appreciation rights is entitled
by delivering shares</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">of our common stock, cash, or a combination of stock and cash as set forth in the award agreement relating
to the stock appreciation rights. The method of exercising a stock appreciation right granted under the 2015&nbsp;Plan is set forth
in the 2015&nbsp;Plan as are the general provisions regarding the exercisability of SARs following terminations of employment.
Stock appreciation rights are not transferable except by will or the laws of descent and distribution or, with respect to stock
appreciation rights that are not granted in &ldquo;tandem&rdquo; with an option, as expressly permitted by the committee. Each
stock appreciation right will be evidenced by an award agreement that specifies the date and terms of the award and such additional
limitations, terms, and conditions as the committee may determine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Restricted Stock</I>. The 2015&nbsp;Plan
provides for the award of shares of our common stock that are subject to forfeiture and restrictions on transferability as set
forth in the 2015&nbsp;Plan and as may be otherwise determined by the committee. Except for these restrictions and any others imposed
by the committee, upon the grant of restricted stock, the recipient will have rights of a shareholder with respect to the restricted
stock, including the right to vote the restricted stock and to receive all dividends and other distributions paid or made with
respect to the restricted stock. During the restriction period set by the committee, the recipient may not sell, transfer, pledge,
exchange, or otherwise encumber the restricted stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Restricted Stock Units</I>. The 2015&nbsp;Plan
authorizes the committee to grant restricted stock units and deferred share rights. Restricted stock units and deferred share rights
are not shares of our common stock and do not entitle the recipients to the rights of a shareholder. Restricted stock units granted
under the 2015&nbsp;Plan may or may not be subject to performance conditions. The recipient may not sell, transfer, pledge, or
otherwise encumber restricted stock units granted under the 2015&nbsp;Plan prior to their vesting. Restricted stock units will
be settled in cash or shares of our common stock, in an amount based on the fair market value of our common stock on the settlement
date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Performance Units</I>. The 2015&nbsp;Plan
provides for the award of performance units that are valued by reference to a designated amount of cash or other property other
than shares of our common stock. The payment of the value of a performance unit is conditioned upon the achievement of performance
goals set by the committee in granting the performance unit and may be paid in cash, shares of our common stock, other property
or a combination thereof. The performance period for a performance unit must be at least six months. The maximum value of the property
that may be paid to a participant pursuant to a performance unit in any year is $5,000,000.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Other Stock-Based Awards</I>. The
2015&nbsp;Plan also provides for the award of shares of our common stock and other awards that are valued by reference to our common
stock, including unrestricted stock, dividend equivalents and convertible debentures. Awards of unrestricted stock may be granted
only in lieu of compensation that would otherwise be payable to the participant.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Performance Goals</I>. The 2015&nbsp;Plan
provides that performance goals may be established by the committee in connection with the grant of restricted stock, restricted
stock units, performance units, or other stock-based awards. In the case of an award intended to qualify for the performance-based
compensation exception of Section&nbsp;162(m) of the Code: (a)&nbsp;such goals will be based on the attainment of specified levels
of one or more of the following measures: overall or selected premium or sales growth, expense efficiency ratios (ratio of expenses
to premium income), market share, customer service measures or indices, underwriting efficiency and/or</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">quality, persistency factors,
return on net assets, economic value added, shareholder value added, embedded value added, combined ratio, expense ratio, loss
ratio, premiums, risk-based capital, revenues, revenue growth, earnings (including earnings before taxes, earnings before interest
and taxes or earnings before interest, taxes, depreciation and amortization), earnings per share, operating income (including non-pension
operating income), pre- or after-tax income, net income, cash flow (before or after dividends), cash flow per share (before or
after dividends), gross margin, return on equity, return on capital (including return on total capital or return on invested capital),
cash flow return on investment, return on assets or operating assets, economic value added (or an equivalent metric), stock price
appreciation, total stockholder return (measured in terms of stock price appreciation and dividend growth), cost control, gross
profit, operating profit, cash generation, unit volume, stock price, market share, sales, asset quality, cost saving levels, marketing-spending
efficiency, core non-interest income, or change in working capital with respect to the Company or any one or more subsidiaries,
divisions, business units or business segments of the Company either in absolute terms or relative to the performance of one or
more other companies or an index covering multiple companies; and (b)&nbsp;such performance goals will be set by the committee
within the time period and other requirements prescribed by Section&nbsp;162(m) of the Code and the regulations promulgated thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Change in Control</I>. Unless provided
otherwise in the applicable award agreement:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">in the event of a &ldquo;change in control&rdquo; of the Company (as defined in the 2015&nbsp;Plan),
if equivalent replacement awards are substituted for awards granted and outstanding under the 2015&nbsp;Plan at the time of such
change in control, such awards will not vest upon the change in control but would vest upon a termination of service by reason
of death, disability, or retirement, or upon a termination of service without cause or a resignation for &ldquo;good reason,&rdquo;
in each case, within two years after such change in control (i.e., the awards vest on a &ldquo;double-trigger&rdquo; basis); and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">notwithstanding any other provision of the 2015&nbsp;Plan to the contrary, upon the termination
of service of a participant during the two-year period following a change in control for any reason other than for cause, any option
or stock appreciation right held by the participant as of the date of the change in control that remains outstanding as of the
date of such termination of service may thereafter be exercised until (a)&nbsp;in the case of incentive stock options, the last
date on which such options would otherwise be exercisable, and (b)&nbsp;in the case of nonqualified options and stock appreciation
rights, the later of (i)&nbsp;the last date on which such option or stock appreciation right would otherwise be exercisable and
(ii)&nbsp;the earlier of (A)&nbsp;the third anniversary of the change in control and (B)&nbsp;the expiration of the option&rsquo;s
or stock appreciation right&rsquo;s term.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">An award qualifies as a &ldquo;replacement
award&rdquo; under the 2015&nbsp;Plan if the following conditions are met in the sole discretion of the committee: (a)&nbsp;it
is of the same type as the award being replaced; (b)&nbsp;it has a value equal to the value of the award being replaced as of the
date of the change in control; (c)&nbsp;if the underlying award being replaced was an equity-based award, it relates to publicly
traded equity securities of the Company or the entity surviving the Company following the change in control; (d)&nbsp;it contains
terms relating to vesting (including with respect to a termination of service) that are substantially identical to those of the
award being replaced; and (e)&nbsp;its other terms and conditions are not less favorable to the participant than the terms and</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">conditions of the award being replaced (including the provisions that would apply in the event of a subsequent change in control)
as of the date of the change in control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">If equivalent replacement awards are
not substituted for awards granted and outstanding under the 2015&nbsp;Plan at the time of such change in control, all then-outstanding
options and stock appreciation rights will become fully vested and exercisable, and all full-value awards (other than performance-based
awards) will vest in full, be free of restrictions, and be deemed to be earned, and payable in an amount equal to the full value
of such award.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Termination of Service</I>. Unless
otherwise determined by the committee:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">upon a participant&rsquo;s termination of service for any reason other than death, disability,
retirement, or cause, any option or SAR held by the applicable participant that was exercisable immediately before the termination
of service may be exercised at any time until the earlier of (a)&nbsp;the 90th day following such termination of service and (ii)&nbsp;expiration
of the term of the option or SAR;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">upon a participant&rsquo;s termination of service by reason of the participant&rsquo;s death or
disability, any option or SAR held by the participant will vest and be exercisable at any time until the earlier of (a)&nbsp;the
first anniversary of the date of death and (b)&nbsp;the expiration of the term of the option or SAR;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">upon a participant&rsquo;s termination of service for retirement, any option or SAR held by the
participant will vest and be exercisable at any time until the earlier of (a)&nbsp;in the case of nonqualified options and SARs,
(i)&nbsp;the fifth anniversary of the termination of service and (ii)&nbsp;the expiration of the term of the option or SAR, and
(b)&nbsp;in the case of incentive options, (i)&nbsp;the 90th day following such termination of service and (ii)&nbsp;the expiration
of the term of the option; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">upon a participant&rsquo;s termination for cause, all options or SARs will be forfeited.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Amendment</I>. Our Board of Directors
or the committee may amend, alter or discontinue the 2015&nbsp;Plan, but no amendment, alteration or discontinuation shall be made
which would materially impair the rights of the participant with respect to a previously granted award without such participant&rsquo;s
consent, except such an amendment made to comply with applicable law, including without limitation Section&nbsp;409A of the Code,
stock exchange rules, or accounting rules. In addition, no such amendment shall be made without the approval of our shareholders
to the extent such approval is required by applicable law or the listing standards of the applicable stock exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Federal Income Tax Consequences</B><BR>
<BR>
The following is a summary of certain federal income tax consequences of awards made under the 2015&nbsp;Plan based upon the laws
in effect on the date hereof. The discussion is general in nature and does not take into account a number of considerations that
may apply in light of the circumstances of a particular participant under the 2015&nbsp;Plan. The income tax consequences under
applicable state and local tax laws may not be the same as under federal income tax laws.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Nonqualified Stock Options</I>. A
participant will not recognize taxable income at the time of grant of a nonqualified stock option, and we will not be entitled
to a tax deduction at such time. A participant will recognize compensation taxable as ordinary income (and subject to income tax
withholding in respect of an employee) upon exercise of a nonqualified stock option equal to the excess of the fair market value
of the shares purchased over their exercise price, and we generally will be entitled to a corresponding deduction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Incentive Stock Options</I>. A participant
will not recognize taxable income at the time of grant of an incentive stock option. A participant will not recognize taxable income
(except for purposes of the alternative minimum tax) upon exercise of an incentive stock option. If the shares acquired by exercise
of an incentive stock option are held for the longer of two years from the date the option was granted and one year from the date
the shares were transferred, any gain or loss arising from a subsequent disposition of such shares will be taxed as long-term capital
gain or loss, and we will not be entitled to any deduction. If, however, such shares are disposed of within such two- or one-year
periods, then in the year of such disposition the participant will recognize compensation taxable as ordinary income equal to the
excess of the lesser of the amount realized upon such disposition and the fair market value of such shares on the date of exercise
over the exercise price, and we generally will be entitled to a corresponding deduction. The excess of the amount realized through
the disposition date over the fair market value of the stock on the exercise date will be treated as capital gain.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Stock Appreciation Rights</I>. A
participant will not recognize taxable income at the time of grant of a stock appreciation right, and we will not be entitled to
a tax deduction at such time. Upon exercise, a participant will recognize compensation taxable as ordinary income (and subject
to income tax withholding in respect of an employee) equal to the fair market value of any shares delivered and the amount of cash
paid by us, and we generally will be entitled to a corresponding deduction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Restricted Stock</I>. A
participant will not recognize taxable income at the time of grant of shares of restricted stock, and we will not be entitled
to a tax deduction at such time, unless the participant makes an election under Section&nbsp;83(b) of the Code to be taxed at
such time. If such election is made, the participant will recognize compensation taxable as ordinary income (and subject to
income tax withholding in respect of an employee) at the time of the grant equal to the excess of the fair market value of
the shares at such time over the amount, if any, paid for such shares. If such election is not made, the participant will
recognize compensation taxable as ordinary income (and subject to income tax withholding in respect of an employee) at the
time the restrictions lapse in an amount equal to the excess of the fair market value of the shares at such time over the
amount, if any, paid for such shares. We are entitled to a corresponding deduction at the time the ordinary income is
recognized by the participant, except to the extent the deduction limits of Section&nbsp;162(m) of the Code apply. In
addition, a participant receiving dividends with respect to restricted stock for which the above-described election has not
been made and prior to the time the restrictions lapse will recognize compensation taxable as ordinary income (and subject to
income tax withholding in respect of an employee), rather than dividend income. We will be entitled to a corresponding
deduction, except to the extent the deduction limits of Section&nbsp;162(m) of the Code apply.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Restricted Stock Units</I>. A participant
will not recognize taxable income at the time of grant of a restricted stock unit, and we will not be entitled to a tax deduction
at such time. A participant will</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">recognize compensation taxable as ordinary income (and subject to income tax withholding in respect
of an employee) at the time of settlement of the award equal to the fair market value of any shares delivered and the amount of
cash paid by us, and we will be entitled to a corresponding deduction, except to the extent the deduction limits of Section&nbsp;162(m)
of the Code apply.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Performance Units</I>. A participant
will not recognize taxable income at the time of grant of performance units, and we will not be entitled to a tax deduction at
such time. A participant will recognize compensation taxable as ordinary income (and subject to income tax withholding in respect
of an employee) at the time of settlement of the award equal to the fair market value of any shares or property delivered and the
amount of cash paid by us, and we will be entitled to a corresponding deduction, except to the extent the deduction limits of Section&nbsp;162(m)
of the Code apply.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>Section&nbsp;162(m) Limitations</I>.
As explained above, Section&nbsp;162(m) of the Code generally places a $1&nbsp;million annual limit on a company&rsquo;s tax deduction
for compensation paid to certain senior executives, other than compensation that satisfies the applicable requirements for a performance-based
compensation exception. The 2015&nbsp;Plan is designed so that options and SARs qualify for this exemption, and it also permits
the committee to grant other awards designed to qualify for this exception. However, the committee reserves the right to grant
awards that do not qualify for this exception, and, in some cases, the exception may cease to be available for some or all awards
that otherwise so qualify. Thus, it is possible that Section&nbsp;162(m) of the Code may disallow compensation deductions that
would otherwise be available to the company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: justify">The foregoing general tax discussion is intended for the
information of shareholders considering how to vote with respect to this proposal and not as tax guidance to participants in the
2015&nbsp;Plan. Participants are strongly urged to consult their own tax advisors regarding the federal, state, local, foreign
and other tax consequences to them of participating in the 2015&nbsp;Plan.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Any awards under the 2015&nbsp;Plan
will be subject to the discretion of the committee, and the committee has not yet determined to whom awards will be made and the
terms and conditions of such awards.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The following table reflects
equity-based awards granted during fiscal year&nbsp;2014 to our named executive officers, our executive officers as a group,
our non-executive directors as a group, and all other employees as a group. We did not grant any equity-based compensation to
employees during fiscal year&nbsp;2014. (Mr. Alexander received director fees in stock for his service as a director during
fiscal year&nbsp;2014, which are reflected in the table below.)</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 9pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center; font-size: 12pt"><B>NEW PLAN BENEFITS</B></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center; font-size: 12pt"><B>Alico, Inc. Stock Incentive Plan of 2015</B></TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; border-bottom: Black 0.5pt solid"><B>Name and Position</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center; border-bottom: Black 0.5pt solid"><B>Dollar
        Value ($)</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">Clayton G. Wilson&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #99CCFF">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">JD Alexander&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">28,105</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">W. Mark Humphrey, CPA&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #99CCFF">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">Kenneth Smith, Ph.D.&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">Steven C. Lewis, CPA&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #99CCFF">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">Executive Group&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">28,105</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">Non-Executive Director Group<SUP>(1)</SUP>&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">678,944</TD></TR>
<TR STYLE="vertical-align: top; background-color: #99CCFF">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; font-size: 12pt">Non-Executive Officer Employee Group&#9;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: right; font-size: 12pt">&mdash;</TD></TR>
<TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Reflects the value of stock awards granted to our current non-employee directors during fiscal
year&nbsp;2014.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><BR>
For more information regarding grants made to our named executive officers and non-employee directors during fiscal year&nbsp;2014,
see Grants of Plan-Based Awards on page&nbsp;40 and the information set forth under &ldquo;Director Compensation&rdquo; on page&nbsp;24.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Approval</B><BR>
<BR>
Approval of the 2015&nbsp;Plan requires the affirmative vote of a majority of the total votes cast on the proposal at the 2015
Annual Meeting.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE
&ldquo;FOR&rdquo; APPROVAL OF THE ALICO, INC. STOCK INCENTIVE PLAN OF 2015.</B></P>

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


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_027"></A>Proposal 3:<BR>
Ratification of the Selection of McGladrey LLP<BR>
as Our Independent Registered Public Accounting Firm</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee has selected McGladrey
LLP as the independent registered public accounting firm to audit our consolidated financial statements for the fiscal year ending
September&nbsp;30, 2015. McGladrey LLP currently serves as our independent registered public accounting firm.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Representatives of McGladrey LLP will be present
at the Annual Meeting with an opportunity to make a statement if they desire to do so and will be available to respond to appropriate
questions from shareholders.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Shareholder Ratification of the Appointment of Independent Registered
Public Accountants</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We are asking our shareholders to ratify the
selection of McGladrey LLP as our independent registered public accounting firm. Although ratification is not required by our articles
of incorporation, bylaws or otherwise, the Board is submitting the selection of McGladrey LLP to our shareholders for ratification
as a matter of good corporate practice. In the event the appointment is not ratified by our shareholders, the appointment will
be reconsidered by the Audit Committee and the Board. Even if the selection is ratified, the Audit Committee may, in its discretion,
select a different independent registered public accounting firm at any time during the fiscal year if it determines that such
a change would be in the best interest of the Company and our shareholders.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fees paid to McGladrey LLP for the fiscal years
ended September 30, 2014 and 2013 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD></TR>
<TR STYLE="background-color: rgb(153,204,255)">
    <TD STYLE="width: 56%">Audit Fees<SUP>(1)</SUP></TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">304,373</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">223,293</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Audit Related Fees<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(153,204,255)">
    <TD>Tax Fees<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,096</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">All Other Fees<SUP>(4)</SUP></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(153,204,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">341,873</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">288,389</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1.5in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Audit fees include the aggregate fees billed by McGladrey LLP for professional services and expenses
rendered for the annual audit and quarterly reviews of the Company&rsquo;s consolidated financial statements for the years ended
September 30, 2014 and 2013 and assessment of the Company&rsquo;s system of internal controls and services that are normally provided
in connection with statutory and regulatory filings or engagements.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Audit-related fees billed by McGladrey LLP for assurance and related services that were reasonably
related to the performance of the audit or review of the Company&rsquo;s consolidated financial statements.</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Tax fees include fees billed by McGladrey LLP for professional services rendered for tax compliance,
advice and planning services for the fiscal years ended September 30, 2014 and 2013.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: justify">McGladrey LLP did not bill for any services other than those listed above for the years ended September
30, 2014 and 2013.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Audit Committee Charter requires that the
Audit Committee pre-approve all services performed by the Company&rsquo;s independent auditors. To fulfill that requirement, the
Company&rsquo;s outside auditor, McGladrey LLP, provides a proposal to the Audit Committee for all services it proposes to provide
and the Audit Committee then approves the proposals as appropriate. During fiscal years 2014 and 2013, 100% of the services provided
by McGladrey LLP were pre-approved by the Audit Committee.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE
&ldquo;FOR&rdquo; RATIFICATION<BR>
OF THE APPOINTMENT OF MCGLADREY LLP AS THE COMPANY&rsquo;S INDEPENDENT<BR>
REGISTERED PUBLIC ACCOUNTING
FIRM FOR FISCAL YEAR 2015.</B></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_028"></A>Proposal 4:<BR>
Advisory Approval of the Compensation of the Company&rsquo;s Named Executive Officers</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Executive compensation is an important matter
to us and to our shareholders. We are asking our shareholders to vote to approve, on an advisory (non-binding) basis, the compensation
of our Named Executive Officers as disclosed in this Proxy Statement in accordance with the SEC&rsquo;s rules.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As described in detail under the heading &ldquo;Compensation
Discussion and Analysis,&rdquo; our executive compensation programs are designed to attract, motivate, and retain our executive
officers, including our Named Executive Officers, who are critical to our strategic goals and success. Under our executive compensation
program, our Named Executive Officers receive compensation that encourages both near-term and long-term growth and successes through
compensation linked to performance standards aimed to increase shareholder value. Please read the Compensation Discussion and Analysis
and Executive Compensation sections for additional details about our executive compensation programs, including information about
the fiscal year&nbsp;2014 compensation of our Named Executive Officers.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Compensation Committee bases its executive
compensation decisions on our compensation objectives, which include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">aligning management&rsquo;s incentives with the interests of our shareholders;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">providing competitive compensation to our Named Executive Officers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">rewarding Named Executive Officers for past performance and motivating them to excel in the future;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">rewarding superior performance of both the Company and each individual executive and encouraging
actions that promote our near-term and long-term strategic goals.</TD></TR></TABLE>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We believe that our existing compensation programs
have been effective at motivating our Named Executive Officers to achieve superior performance and success for us, aligning compensation
with performance measures and shareholder interests and enabling us to attract, retain and motivate talented executive officers.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Section&nbsp;14A of the Exchange
Act, our shareholders are entitled to an advisory vote to approve the compensation of our Named Executive Officers. This advisory
vote is commonly known as a &ldquo;say-on-pay&rdquo; proposal. Accordingly, in compliance with these requirements and as a matter
of good corporate governance, we are asking our shareholders to approve the following resolution at our Annual Meeting:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">RESOLVED, that the shareholders of
Alico, Inc. (the &ldquo;Company&rdquo;) approve, on an advisory (non-binding) basis, the compensation of the Company&rsquo;s Named
Executive Officers, as disclosed pursuant to SEC rules, including the Compensation Discussion and Analysis, the compensation tables,
and associated narrative discussion.</P>

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The say-on-pay vote is advisory, and
therefore not binding on the Company, our Compensation Committee or our Board of Directors. Our Board of Directors and our
Compensation Committee value the opinions of our shareholders, however, and will review and consider the outcome of this
advisory vote when making future compensation decisions for our Named Executive Officers.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This advisory vote will be approved if it receives
the affirmative vote of the majority of the shares of common stock present at the meeting, in person, or represented by proxy and
entitled to vote on this proposal that are voted &ldquo;for&rdquo; or &ldquo;against&rdquo; the matter. Abstentions and broker
&ldquo;non-votes&rdquo; will not affect the outcome of the vote on this proposal.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 7pt 0 0 7pt; text-align: center; text-indent: 23pt"><B>THE BOARD OF
DIRECTORS RECOMMENDS THAT YOU INDICATE YOUR<BR>
SUPPORT FOR THE COMPANY&rsquo;S COMPENSATION PHILOSOPHY, POLICIES,<BR>
AND PROCEDURES BY
VOTING &ldquo;FOR&rdquo; THE ADVISORY APPROVAL OF THE<BR>
COMPENSATION OF THE COMPANY&rsquo;S NAMED EXECUTIVE OFFICERS.</B></P>


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_029"></A>Other Business</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors is aware of no other
matter that will be presented for action at the meeting. If any other matter requiring a vote of the shareholders properly comes
before the meeting, the persons authorized under management proxies will vote and act according to their best judgment.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_030"></A>Shareholder
Proposals</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholder proposals intended to be presented
at the next Annual Meeting should be sent by certified mail, return receipt requested, and must be received by the Company at its
principal executive offices (Attention: Corporate Secretary) by September&nbsp;30, 2015, for inclusion in the Proxy Statement and
the form of proxy for that meeting. Such proposals may be made only by persons who are shareholders, beneficially or of record,
on the date the proposals are submitted and who continue in such capacity through the 2016 Annual Meeting date, of at least 1%
or $2,000 in market value of securities entitled to be voted at the meeting and have held such securities for at least one year.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders who otherwise wish to present
a proposal or nominate directors at the 2016 Annual Meeting of Shareholders must deliver written notice of the proposal to our
Corporate Secretary at our principal executive offices, no earlier than September 28, 2015 and no later than October 28, 2015 (provided,
however, that if the 2016 Annual Meeting is held earlier than January 26, 2016 or later than April 25, 2016, proposals must be
received no earlier than the close of business on the later of the 120th day prior to the 2016 Annual Meeting or the 10th day following
the day on which public announcement of the 2016 Annual Meeting is first made). The submission must include certain information
concerning the shareholder and the proposal, as specified in the Company&rsquo;s amended and restated bylaws. Our Amended and Restated
Bylaws are included as an exhibit to a Current Report on Form 8-K we filed with the SEC on January 25, 2013, which you may access
through the SEC&rsquo;s electronic data system called EDGAR at www.sec.gov. You may also request a copy of our amended and restated
bylaws by contacting our Corporate Secretary at our principal executive offices.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_032"></A>
Shareholders Sharing an Address</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Alico will deliver only one Proxy Statement
to multiple shareholders sharing an address unless Alico has received contrary instructions from one or more of its shareholders.
Alico undertakes to deliver promptly, upon written or oral request, a separate copy of this Proxy Statement to a shareholder at
a shared address to which a single copy of this Proxy Statement is delivered. A shareholder can notify Alico that the shareholder
wishes to receive a separate copy of this Proxy Statement, or a future Proxy Statement, by written request directed to:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#9;Alico, Inc.<BR>
&#9;10070 Daniels Interstate Court<BR>
&#9;Suite 100<BR>
&#9;Fort Myers, FL 33913<BR>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#9;Attention: A. Denise Plair, Corporate Secretary<BR>
&#9;</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Likewise, shareholders sharing an address
who are receiving multiple copies of this Proxy Statement and wish to receive a single copy of future Proxy Statements may notify
Alico at the address and telephone number listed above.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><A NAME="a_033"></A>Annual Report
on Form 10-K</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Annual Report on Form
10-K for the fiscal year ended September&nbsp;30, 2014, as filed with the Securities and Exchange Commission, is being mailed
with this Proxy Statement; however, it is not intended that the Annual Report on Form 10-K be deemed a part of this Proxy
Statement or a solicitation of proxies.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A copy of the Annual Report on Form 10-K may
also be obtained upon request and without charge, by writing:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-indent: 0.5in">Alico, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">10070 Daniels Interstate Court</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Suite 100</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Fort Myers, FL 33913</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Attention: A. Denise Plair, Corporate Secretary</P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 3.5in">By Order of the Board of Directors</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 9pt 0 0 3.5in"><U>/s/ A. Denise Plair</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">A. Denise Plair</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><I>Corporate Secretary</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting of Shareholders to be held on February 25, 2015:</B> &nbsp;The Company&rsquo;s Proxy
Statement and our Annual Report on Form 10-K for the fiscal year ended September&nbsp;30, 2014 are available on our website at&nbsp;<I>http://www.alicoinc.com</I>.
In addition, you may access these materials at <I>https://www.materials.proxyvote.com/016230</I>.</P>

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


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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><A NAME="a_034"></A>alico,
inc.<BR>
STOCK INCENTIVE PLAN OF 2015</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;1.
Purpose; Definitions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">The
purpose of this Plan is to give the Company a competitive advantage in attracting, retaining and motivating officers, employees,
directors and/or consultants and to provide the Company and its Subsidiaries and Affiliates with a long-term incentive plan providing
incentives directly linked to stockholder value. Certain terms used herein have definitions given to them in the first place in
which they are used. In addition, for purposes of this Plan, the following terms are defined as set forth below:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Affiliate&rdquo;
</I>means a corporation or other entity controlled by, controlling or under common control with the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Applicable
Exchange&rdquo;</I> means the Nasdaq or such other securities exchange as may at the applicable time be the principal market for
the Common Stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Award&rdquo;
</I>means an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit or Other Stock-Based
Award granted pursuant to the terms of this Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Award
Agreement&rdquo;</I> means a written document or agreement setting forth the terms and conditions of a specific Award.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Board&rdquo;
</I>means the Board of Directors of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Business
Combination&rdquo;</I> has the meaning set forth in Section&nbsp;10(e)(iii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Cause&rdquo;
</I>means, unless otherwise provided in an Award Agreement, (a)&nbsp;&ldquo;Cause&rdquo; as defined in any Individual Agreement
to which the applicable Participant is a party, or (b)&nbsp;if there is no such Individual Agreement or if it does not define
&ldquo;Cause&rdquo;: (i)&nbsp;conviction of the Participant for committing a felony under federal law or the law of the state
in which such action occurred, (ii)&nbsp;dishonesty in the course of fulfilling the Participant&rsquo;s employment duties, (iii)&nbsp;failure
on the part of the Participant to perform substantially such Participant&rsquo;s employment duties in any material respect, (iv)&nbsp;a
material violation of the Company&rsquo;s ethics and compliance program, or (v)&nbsp;before a Change in Control, such other events
as shall be determined by the Committee and set forth in a Participant&rsquo;s Award Agreement. Notwithstanding the general rule
of Section&nbsp;2(c), following a Change in Control, any determination by the Committee as to whether &ldquo;Cause&rdquo; exists
shall be subject to <I>de novo</I> review.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Change
in Control&rdquo;</I> has the meaning set forth in Section&nbsp;10(e).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Code&rdquo;
</I>means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations
thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference
to any specific section of the Code shall be deemed to include such regulations and guidance, as well as any successor provision
of the Code.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Committee&rdquo;
</I>has the meaning set forth in Section&nbsp;2(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Common
Stock&rdquo;</I> means common stock, par value $1.00 per share, of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Company&rdquo;
</I>means Alico, Inc., a Florida corporation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Corporate
Transaction&rdquo;</I> has the meaning set forth in Section&nbsp;3(d)(i).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Disability&rdquo;
</I>means (a)&nbsp;&ldquo;Disability&rdquo; as defined in any Individual Agreement to which the Participant is a party, (b)&nbsp;if
there is no such Individual Agreement or it does not define &ldquo;Disability,&rdquo; disability of a Participant means the Participant
is (i)&nbsp;unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii)&nbsp;by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than
three months under an accident and health plan covering employees of the Company. The Committee may require such medical or other
evidence as it deems necessary to judge the nature and duration of the Participant&rsquo;s condition. Notwithstanding the above,
with respect to an Incentive Stock Option, Disability shall mean Permanent and Total Disability as defined in Section&nbsp;22(e)(3)
of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Disaffiliation&rdquo;
</I>means a Subsidiary&rsquo;s or Affiliate&rsquo;s ceasing to be a Subsidiary or Affiliate for any reason (including, without
limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Subsidiary or Affiliate)
or a sale of a division of the Company and its Affiliates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Effective
Date&rdquo;</I> has the meaning set forth in Section&nbsp;12(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Eligible
Individuals&rdquo; </I>means directors, officers, employees and consultants of the Company or any of its Subsidiaries or Affiliates,
and prospective employees and consultants who have accepted offers of employment or consultancy from the Company or its Subsidiaries
or Affiliates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Exchange
Act&rdquo;</I> means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Fair
Market Value&rdquo;</I> means the closing price of a share of Common Stock on the Applicable Exchange on the date of measurement,
or if Shares were not traded on the Applicable Exchange on such measurement date, then on the immediately preceding date on which
Shares were traded, all as reported by such source as the Committee may select. If the Common Stock is not listed on a national
securities exchange, Fair Market Value shall be determined by the Committee in its good faith discretion using a reasonable valuation
method which shall include consideration of the following factors, as applicable: (a)&nbsp;the value of the Company&rsquo;s tangible
and intangible assets; (b)&nbsp;the present value of the Company&rsquo;s future cash-flows; (c)&nbsp;the market value of stock
or equity interests in similar corporations and other entities engaged in substantially similar trades or businesses, the value
of which can be readily determined objectively (such as through trading prices on an established securities market or an amount
paid</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">in an
arm&rsquo;s-length private transaction); (d)&nbsp;control premiums or discounts for lack of marketability; (e)&nbsp;recent arm&rsquo;s-length
transactions involving the sale or transfer of such stock or equity interests; and (f)&nbsp;other relevant factors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Free-Standing
SARs&rdquo;</I> has the meaning set forth in Section&nbsp;5(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">&ldquo;<I>Full-Value
Award</I>&rdquo; means any Award other than an Option or Stock Appreciation Right.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Good
Reason&rdquo;</I> means, unless otherwise determined by the Committee, (i)&nbsp;&ldquo;Good Reason&rdquo; as defined in any Individual
Agreement to which the applicable Participant is a party, or (ii)&nbsp;if there is no such Individual Agreement or if it does
not define &ldquo;Good Reason&rdquo;: (A) a material adverse change in the applicable Participant&rsquo;s authority, powers, functions,
duties or responsibilities as in effect immediately prior to the applicable Change in Control; (B) a material reduction in the
applicable Participant&rsquo;s base salary below the level in effect immediately prior to the applicable Change in Control; or
(C) the reassignment of the applicable Participant&rsquo;s place of employment to an office location more than 50 miles from the
Participant&rsquo;s then-current place of employment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Grant
Date&rdquo;</I> means (i)&nbsp;the date on which the Committee by resolution selects an Eligible Individual to receive a grant
of an Award and determines the number of Shares to be subject to such Award, or (ii)&nbsp;such later date as the Committee shall
provide in such resolution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Incentive
Stock Option&rdquo;</I> means any Option that is designated in the applicable Award Agreement as an &ldquo;incentive stock option&rdquo;
within the meaning of Section&nbsp;422 of the Code, and that in fact so qualifies.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Incumbent
Board&rdquo;</I> has the meaning set forth in Section&nbsp;10(e)(ii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Individual
Agreement&rdquo;</I> means an employment, consulting or similar agreement between a Participant and the Company or one of its
Subsidiaries or Affiliates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Investors&rdquo;
</I>means, collectively, 734&nbsp;Agriculture, LLC, a Delaware limited liability company, 734 Investors, LLC, a Delaware limited
liability company, any member of 734&nbsp;Agriculture, LLC as of the Effective Date, and any Person (other than the Company and
its consolidated Subsidiaries) that is controlled by 734&nbsp;Agriculture, LLC.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Nonqualified
Option&rdquo;</I> means any Option that is not an Incentive Stock Option.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Option&rdquo;
</I>means an Award granted under Section&nbsp;5.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Other
Stock-Based Award&rdquo;</I> means Awards of Common Stock and other Awards that are valued in whole or in part by reference to,
or are otherwise based upon, Common Stock, including (without limitation) unrestricted stock, dividend equivalents, and convertible
debentures.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Outside
Directors&rdquo;</I> has the meaning set forth in Section&nbsp;11(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Outstanding
Company Shares&rdquo;</I> has the meaning set forth in Section&nbsp;10(e)(i).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Outstanding
Company Voting Securities&rdquo;</I> has the meaning set forth in Section&nbsp;10(e)(i).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Participant&rdquo;
</I>means an Eligible Individual to whom an Award is or has been granted.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">&ldquo;<I>Performance
Goals&rdquo;</I> means the performance goals established by the Committee in connection with the grant of Restricted Stock, Restricted
Stock Units, Performance Units or Other Stock-Based Awards. In the case of Qualified Performance-Based Awards, (a)&nbsp;such goals
shall be based on the attainment of specified levels of one or more of the following measures: overall or selected premium or
sales growth, expense efficiency ratios (ratio of expenses to premium income), market share, customer service measures or indices,
underwriting efficiency and/or quality, persistency factors, return on net assets, economic value added, shareholder value added,
embedded value added, combined ratio, expense ratio, loss ratio, premiums, risk-based capital, revenues, revenue growth, earnings
(including earnings before taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation and amortization),
earnings per share, operating income (including non-pension operating income), pre- or after-tax income, net income, cash flow
(before or after dividends), cash flow per share (before or after dividends), gross margin, return on equity, return on capital
(including return on total capital or return on invested capital), cash flow return on investment, return on assets or operating
assets, economic value added (or an equivalent metric), stock price appreciation, total stockholder return (measured in terms
of stock price appreciation and dividend growth), cost control, gross profit, operating profit, cash generation, unit volume,
stock price, market share, sales, asset quality, cost saving levels, marketing-spending efficiency, core non-interest income,
or change in working capital with respect to the Company or any one or more Subsidiaries, divisions, business units or business
segments of the Company either in absolute terms or relative to the performance of one or more other companies or an index covering
multiple companies and (b)&nbsp;such Performance Goals shall be set by the Committee within the time period prescribed by Section&nbsp;162(m)
of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">&ldquo;<I>Performance
Period</I>&rdquo; means that period established by the Committee at the time any Performance Unit is granted or at any time thereafter
during which any Performance Goals specified by the Committee with respect to such Award are to be measured, <I>provided</I> that
such period shall in no event be shorter than six months.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">&ldquo;<I>Performance
Unit</I>&rdquo; means any Award granted under Section&nbsp;8 of a unit valued by reference to a designated amount of cash or other
property other than Shares, which value may be paid to the Participant by delivery of such property as the Committee shall determine,
including, without limitation, cash, Shares, or any combination thereof, upon achievement of such Performance Goals during the
Performance Period as the Committee shall establish at the time of such grant or thereafter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Person&rdquo;
</I>has the meaning set forth in Section&nbsp;10(e)(i).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Plan&rdquo;
</I>means this Alico, Inc. Stock Incentive Plan of 2015, as set forth herein and as hereafter amended from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Qualified
Performance-Based Award&rdquo;</I> means an Award intended to qualify for the Section&nbsp;162(m) Exemption, as provided in Section&nbsp;11.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Replaced
Award&rdquo;</I> has the meaning set forth in Section&nbsp;10(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Replacement
Award&rdquo;</I> has the meaning set forth in Section&nbsp;10(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Restricted
Stock&rdquo;</I> means an Award granted under Section&nbsp;6.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Restricted
Stock Units&rdquo;</I> has the meaning set forth in Section&nbsp;7(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Restriction
Period&rdquo;</I> has the meaning set forth in Section&nbsp;6(b)(ii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">&ldquo;<I>Retirement</I>&rdquo;
means the Participant&rsquo;s Termination of Service after the attainment of age 65 or the attainment of age 55 and at least 15
years of service.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;SEC&rdquo;
</I>means the Securities and Exchange Commission or any successor agency.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Section&nbsp;16(b)&rdquo;
</I>has the meaning set forth in Section&nbsp;11(d).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Section
162(m) Exemption&rdquo;</I> means the exemption from the limitation on deductibility imposed by Section&nbsp;162(m) of the Code
that is set forth in Section&nbsp;162(m)(4)(C) of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Separation
from Service&rdquo;</I> has the meaning set forth in Section&nbsp;11(e).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Share&rdquo;
</I>means a share of Common Stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Share
Change&rdquo;</I> has the meaning set forth in Section&nbsp;3(d)(ii).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Stock
Appreciation Right&rdquo;</I> has the meaning set forth in Section&nbsp;5(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Subsidiary&rdquo;
</I>means any corporation, partnership, joint venture, limited liability company or other entity during any period in which at
least a majority of the voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Tandem
SARs&rdquo;</I> has the meaning set forth in Section&nbsp;5(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Term&rdquo;
</I>means the maximum period during which an Option or Stock Appreciation Right may remain outstanding, subject to earlier termination
upon Termination of Service or otherwise, as specified in the applicable Award Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><I>&ldquo;Termination
of Service&rdquo;</I> means the termination of the applicable Participant&rsquo;s employment with, or performance of services
for, the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, (i)&nbsp;if a Participant&rsquo;s
employment with the Company and its Affiliates terminates but such Participant continues to provide services to the Company and
its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Service and (ii)&nbsp;a
Participant employed by, or performing services for, a Subsidiary or an Affiliate or a division of the Company and its Affiliates
shall be deemed to incur a Termination of Service if, as a result of a Disaffiliation, such Subsidiary, Affiliate, or division
ceases to be a Subsidiary, Affiliate or division, as the case may be, and the Participant does not immediately thereafter become
an employee of, or service provider for, the Company or another Subsidiary or Affiliate. Temporary absences from employment because
of illness,</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">vacation
or leave of absence and transfers among the Company and its Subsidiaries and Affiliates shall not be considered Terminations of
Service.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;2.
Administration</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"><FONT STYLE="font-style: normal">(a)
</FONT><I>Committee</I>. The Plan shall be administered by the Compensation Committee of the Board or such other committee of
the Board as the Board may from time to time designate (the &ldquo;Committee&rdquo;), which shall be composed of not less than
two directors, and shall be appointed by and serve at the pleasure of the Board. The Committee shall, subject to Section&nbsp;11,
have plenary authority to grant Awards pursuant to the terms of the Plan to Eligible Individuals. Among other things, the Committee
shall have the authority, subject to the terms and conditions of the Plan:</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;to
select the Eligible Individuals to whom Awards may from time to time be granted;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;to
determine whether and to what extent Incentive Stock Options, Nonqualified Options, Stock Appreciation Rights, Restricted Stock,
Restricted Stock Units, Performance Units, Other Stock-Based Awards, or any combination thereof, are to be granted hereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iii)&#9;to
determine the number of Shares to be covered by each Award granted hereunder;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iv)&#9;to
determine the terms and conditions of each Award granted hereunder, based on such factors as the Committee shall determine;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(v)&#9;subject
to Section&nbsp;12, to modify, amend or adjust the terms and conditions of any Award;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(vi)&#9;to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem
advisable;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(vii)&#9;to
interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(viii)&#9;subject
to Section&nbsp;12, to accelerate the vesting or lapse of restrictions of any outstanding Award, based in each case on such considerations
as the Committee in its sole discretion determines;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ix)&#9;to
decide all other matters that must be determined in connection with an Award;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(x)&#9;to
determine whether, to what extent and under what circumstances cash, Shares and other property and other amounts payable with
respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(xi)&#9;to
establish any &ldquo;blackout&rdquo; period that the Committee, in its sole discretion, deems necessary or advisable; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(xii)&#9;to
otherwise administer the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Procedures</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;The
Committee may act only by a majority of its members then in office, except that the Committee may, except to the extent prohibited
by applicable law or the listing standards of the Applicable Exchange and subject to Section&nbsp;11, allocate all or any portion
of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities
and powers to any person or persons selected by it.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;Subject
to Section&nbsp;11(c), any authority granted to the Committee may also be exercised by the full Board. To the extent that any
permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(c)&#9;<I>Discretion
of Committee</I>. Subject to second sentence of the definition of &ldquo;Cause,&rdquo; any determination made by the Committee
or by an appropriately delegated officer pursuant to delegated authority under the provisions of the Plan with respect to any
Award shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless
in contravention of any express term of the Plan, at any time thereafter. All decisions made by the Committee or any appropriately
delegated officer pursuant to the provisions of the Plan shall be final, binding and conclusive on all persons, including the
Company, Participants, and Eligible Individuals.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(d)&#9;<I>Cancellation
or Suspension</I>. Subject to Section&nbsp;5(d) and Section&nbsp;12(d), the Committee shall have full power and authority to determine
whether, to what extent and under what circumstances any Award shall be cancelled or suspended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(e)&#9;<I>Award
Agreements.</I> The terms and conditions of each Award, as determined by the Committee, shall be set forth in a written (or electronic)
Award Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable
following, the grant of such Award. The effectiveness of an Award shall be subject to the Award Agreement&rsquo;s being signed
by the Company and the Participant receiving the Award unless otherwise provided in the Award Agreement. Award Agreements may
be amended only in accordance with Section&nbsp;12 hereof.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;3.&#9;Common
Stock Subject to Plan</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;<I>Plan
Maximums. </I>The maximum number of Shares that may be granted pursuant to Awards under the Plan shall be 1,250,000. The maximum
number of Shares that may be granted pursuant to Options intended to be Incentive Stock Options shall be 1,250,000&nbsp;Shares.
Shares subject to an Award under the Plan may be authorized and unissued Shares. On and after the Effective Date (as defined in
Section&nbsp;12(a)), no new awards may be granted under the Company&rsquo;s 2013&nbsp;Incentive Equity Plan, it being understood
that awards outstanding under such</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">plan as
of the Effective Date shall remain in full force and effect under such plan according to their respective terms.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Individual
Limits</I>. No Participant may be granted Qualified Performance-Based Awards (other than Stock Options and Stock Appreciation
Rights) covering in excess of 500,000&nbsp;Shares during any calendar year. No Participant may be granted Stock Options and Stock
Appreciation Rights covering in excess of 500,000&nbsp;Shares during any calendar year.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(c)&#9;<I>Rules
for Calculating Shares Delivered</I>. To the extent that any Award is forfeited, or any Option and the related Tandem SAR (if
any) or Free-Standing SAR terminates, expires or lapses without being exercised, or any Award is settled for cash, the Shares
subject to such Awards not delivered as a result thereof shall again be available for Awards under the Plan. If the exercise price
of any Option and/or the tax withholding obligations relating to any Award are satisfied by delivering Shares (either actually
or through attestation) or withholding Shares relating to such Award, only the number of Shares issued net of the Shares delivered
or attested to shall be deemed delivered for purposes of determining the maximum numbers of Shares available for delivery under
the Plan. To the extent any Shares subject to an Award are not delivered to a Participant because such Shares are used to satisfy
an applicable tax-withholding obligation, such Shares shall not be deemed to have been delivered for purposes of determining the
maximum number of Shares available for delivery under the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(d)&#9;<I>Adjustment
Provision</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;In
the event of a merger, consolidation, acquisition of property or shares, stock rights offering, liquidation, disposition for consideration
of the Company&rsquo;s direct or indirect ownership of a Subsidiary or Affiliate (including by reason of a Disaffiliation),<B>
</B>or similar event affecting the Company or any of its Subsidiaries (each, a &ldquo;<I>Corporate Transaction</I>&rdquo;), the
Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (A)&nbsp;the
aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (B)&nbsp;the various
maximum limitations set forth in Sections&nbsp;3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of
certain types of Awards, (C)&nbsp;the number and kind of Shares or other securities subject to outstanding Awards, and (D)&nbsp;the
exercise price of outstanding Awards.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;In
the event of a stock dividend, stock split, reverse stock split, reorganization, share combination, or recapitalization or similar
event affecting the capital structure of the Company, or a Disaffiliation, separation or spinoff, in each case without consideration,
or other extraordinary dividend of cash or other property to the Company&rsquo;s shareholders (each, a &ldquo;<I>Share Change</I>&rdquo;),
the Committee or the Board shall make such substitutions or adjustments as it deems appropriate and equitable to (A)&nbsp;the
aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (B)&nbsp;the various
maximum limitations set forth in Sections&nbsp;3(a) and 3(b) upon certain types of Awards and upon the grants to individuals of
certain types of Awards, (C)&nbsp;the number and kind of Shares or other securities subject to outstanding Awards, and (D)&nbsp;the
exercise price of outstanding Awards.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 44pt; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iii)&#9;In
the case of Corporate Transactions, such adjustments may include, without limitation, (A)&nbsp;the cancellation of outstanding
Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such
Awards, as determined by the Committee or the Board in its sole discretion (it being understood that, in the case of a Corporate
Transaction with respect to which shareholders of Common Stock receive consideration other than publicly traded equity securities
of the ultimate surviving entity, any such determination by the Committee that the value of an Option or Stock Appreciation Right
shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant
to such Corporate Transaction over the exercise price of such Option or Stock Appreciation Right shall conclusively be deemed
valid); (B)&nbsp;the substitution of other property (including, without limitation, cash or other securities of the Company and
securities of entities other than the Company) for the Shares subject to outstanding Awards; and (C)&nbsp;in connection with any
Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other
securities (including, without limitation, other securities of the Company and securities of entities other than the Company),
by the affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following
such Disaffiliation (as well as any corresponding adjustments to Awards that remain based upon Company securities).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iv)&#9;The
Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary
items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes,
each as defined by generally accepted accounting principles or as identified in the Company&rsquo;s financial statements, notes
to the financial statements, management&rsquo;s discussion and analysis or other the Company&rsquo;s SEC filings, <I>provided
</I>that in the case of Performance Goals applicable to any Qualified Performance-Based Awards, such adjustment does not violate
Section&nbsp;162(m) of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(e)&#9;<I>Section&nbsp;409A.
</I>Notwithstanding the foregoing: (i)&nbsp;any adjustments made pursuant to Section&nbsp;3(d) to Awards that are considered &ldquo;deferred
compensation&rdquo; within the meaning of Section&nbsp;409A of the Code shall be made in compliance with the requirements of Section&nbsp;409A
of the Code; and (ii)&nbsp;any adjustments made pursuant to Section&nbsp;3(d) to Awards that are not considered &ldquo;deferred
compensation&rdquo; subject to Section&nbsp;409A of the Code shall be made in such a manner as to ensure that after such adjustments,
either (A) the Awards continue not to be subject to Section&nbsp;409A of the Code or (B)&nbsp;there does not result in the imposition
of any penalty taxes under Section 409A of the Code in respect of such Awards.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;4.&#9;Eligibility</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">Awards
may be granted under the Plan to Eligible Individuals; <I>provided, however</I>, that Incentive Stock Options may be granted only
to employees of the Company and its subsidiaries or parent corporation (within the meaning of Section&nbsp;424(f) of the Code).</P>

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

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;5.&#9;Options
and Stock Appreciation Rights</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;<I>Types
of Options</I>. Options may be of two types: Incentive Stock Options and Nonqualified Options. The Award Agreement for an Option
shall indicate whether the Option is intended to be an Incentive Stock Option or a Nonqualified Option.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Types
and Nature of Stock Appreciation Rights.</I> Stock Appreciation Rights may be &ldquo;<I>Tandem SARs</I>,&rdquo; which are granted
in conjunction with an Option, or &ldquo;<I>Free-Standing SARs</I>,&rdquo; which are not granted in conjunction with an Option.
Upon the exercise of a Stock Appreciation Right, the Participant shall be entitled to receive an amount in cash, Shares, or both,
in value equal to the product of (i)&nbsp;the excess of the Fair Market Value of one Share over the exercise price of the applicable
Stock Appreciation Right, multiplied by (ii)&nbsp;the number of Shares in respect of which the Stock Appreciation Right has been
exercised. The applicable Award Agreement shall specify whether such payment is to be made in cash or Common Stock or both, or
shall reserve to the Committee or the Participant the right to make that determination prior to or upon the exercise of the Stock
Appreciation Right.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(c)&#9;<I>Tandem
SARs</I>. A Tandem SAR may be granted at the Grant Date of the related Option. A Tandem SAR shall be exercisable only at such
time or times and to the extent that the related Option is exercisable in accordance with the provisions of this Section&nbsp;5,
and shall have the same exercise price as the related Option. A Tandem SAR shall terminate or be forfeited upon the exercise or
forfeiture of the related Option, and the related Option shall terminate or be forfeited upon the exercise or forfeiture of the
Tandem SAR.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(d)&#9;<I>Exercise
Price</I>. The exercise price per Share subject to an Option or Free-Standing SAR shall be determined by the Committee and set
forth in the applicable Award Agreement, and shall not be less than the Fair Market Value of a share of the Common Stock on the
applicable Grant Date. In no event may any Option or Stock Appreciation Right granted under this Plan be amended, other than pursuant
to Section&nbsp;3(d), to decrease the exercise price thereof, be cancelled in conjunction with the grant of any new Option or
Free-Standing SAR with a lower exercise price, or otherwise be subject to any action that would be treated, under the Applicable
Exchange listing standards or for accounting purposes, as a &ldquo;repricing&rdquo; of such Option or Free-Standing SAR, unless
such amendment, cancellation, or action is approved by the Company&rsquo;s shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(e)&#9;<I>Term</I>.
The Term of each Option and each Free-Standing SAR shall be fixed by the Committee, but shall not exceed ten years from the Grant
Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(f)&#9;<I>Vesting
and Exercisability</I>. Except as otherwise provided herein, Options and Free-Standing SARs shall be exercisable at such time
or times and subject to such terms and conditions as shall be determined by the Committee, <I>provided</I> that, except as otherwise
determined by the Committee, in no event shall the normal vesting schedule of an Option or Free-Standing SAR provide that such
Option or Free-Standing SAR vest prior to the first anniversary of the Grant Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(g)&#9;<I>Method
of Exercise</I>. Subject to the provisions of this Section&nbsp;5, Options and Free-Standing SARs may be exercised, in whole or
in part, at any time during the applicable term by</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">giving
written notice of exercise to the Company specifying the number of Shares as to which the Option or Free-Standing SAR is being
exercised. In the case of the exercise of an Option, such notice shall be accompanied by payment in full of the purchase price
(which shall equal the product of such number of shares multiplied by the applicable exercise price) by certified or bank check
or such other instrument as the Company may accept or, if approved by the Committee, payment, in full or in part, may also be
made as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;Payments
may be made in the form of unrestricted shares of Common Stock (by delivery of such shares or by attestation) of the same class
as the Common Stock subject to the Option already owned by the Participant (based on the Fair Market Value of the Common Stock
on the date the Option is exercised).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;To
the extent permitted by applicable law, payment may be made by delivering a properly executed exercise notice to the Company,
together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds
necessary to pay the purchase price, and, if requested, the amount of any federal, state, local or foreign withholding taxes.
To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements for coordinated
procedures with one or more brokerage firms. To the extent permitted by applicable law, the Committee may also provide for Company
loans to be made for purposes of the exercise of Options.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iii)&#9;Payment
may be made by instructing the Company to withhold a number of shares of Common Stock having a Fair Market Value (based on the
Fair Market Value of the Common Stock on the date the applicable Option is exercised) equal to the product of (A)&nbsp;the exercise
price multiplied by (B)&nbsp;the number of shares of Common Stock in respect of which the Option shall have been exercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(h)&#9;<I>Delivery;
Rights of Shareholders</I>. No Shares shall be delivered pursuant to the exercise of an Option until the exercise price therefor
has been fully paid and applicable taxes have been withheld. The applicable Participant shall have all of the rights of a stockholder
of the Company holding the class or series of Common Stock that is subject to the Option or Stock Appreciation Right (including,
if applicable, the right to vote the applicable Shares and the right to receive dividends) when the Participant (i)&nbsp;has given
written notice of exercise, (ii)&nbsp;if requested, has given the representation described in Section&nbsp;14(a), and (iii)&nbsp;in
the case of an Option, has paid in full for such Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(i)&#9;<I>Nontransferability
of Options and Stock Appreciation Rights</I>. No Option or Free-Standing SAR shall be transferable by a Participant other than,
for no value or consideration, (i)&nbsp;by will or by the laws of descent and distribution, or (ii)&nbsp;in the case of a Nonqualified
Option or Free-Standing SAR, as otherwise expressly permitted by the Committee including, if so permitted, pursuant to a transfer
to the Participant&rsquo;s family members, whether directly or indirectly or by means of a trust or partnership or otherwise (for
purposes of this Plan, unless otherwise determined by the Committee, &ldquo;family member&rdquo; shall have the meaning given
to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and any successor thereto).
A Tandem SAR shall be transferable only with the related Option as permitted by the preceding sentence. Any Option or Stock Appreciation
Right shall be</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">exercisable,
subject to the terms of this Plan, only by the applicable Participant, the guardian or legal representative of such Participant,
or any person to whom such Option or Stock Appreciation Right is permissibly transferred pursuant to this Section&nbsp;5(i), it
being understood that the term &ldquo;Participant&rdquo; includes such guardian, legal representative and other transferee; <I>provided,
however</I>, that the term &ldquo;Termination of Service&rdquo; shall continue to refer to the Termination of Service of the original
Participant.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(j)&#9;<I>Termination
of Service</I>. A Participant&rsquo;s Options and Stock Appreciation Rights shall be forfeited upon his or her Termination of
Service:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;Upon
a Participant&rsquo;s Termination of Service for any reason other than death, Disability, Retirement or Cause, any Option or Stock
Appreciation Right held by the Participant that was exercisable immediately before the Termination of Service may be exercised
at any time until the earlier of (A)&nbsp;the 90th day following such Termination of Service and (B)&nbsp;expiration of the Term
thereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;Upon
a Participant&rsquo;s Termination of Service by reason of the Participant&rsquo;s death or Disability, any Option or Stock Appreciation
Right held by the Participant shall vest and be exercisable at any time until the earlier of (A)&nbsp;the first anniversary of
the date of such death or Disability and (B)&nbsp;the expiration of the Term thereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iii)&#9;Upon
a Participant&rsquo;s Termination of Service for Retirement, any Option or Stock Appreciation Right held by the Participant shall
vest and be exercisable at any time until the earlier of (A)&nbsp;in the case of Nonqualified Options and Stock Appreciation Rights,
(x) the fifth anniversary of such Termination of Service and (y)&nbsp;the expiration of the Term thereof, and (B) in the case
of Incentive Stock Options, (x) the 90th day following such Termination of Service and (y)&nbsp;the expiration of the Term thereof;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iv)&#9;Upon
a Participant&rsquo;s Termination of Service for Cause, any Option or Stock Appreciation Right held by the Participant shall immediately
be forfeited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(k)&#9;<I>Committee
Discretion</I>. Notwithstanding the foregoing, the Committee shall have the power, in its discretion, to apply different rules
concerning the consequences of a Termination of Service, <I>provided</I>, that if such rules are less favorable to the Participant
than those set forth above, such rules are set forth in the applicable Award Agreement.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;6.&#9;Restricted
Stock</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;<I>Nature
of Awards and Certificates</I>. Shares of Restricted Stock are actual Shares issued to a Participant and shall be evidenced in
such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates.
Any certificate issued in respect of Shares of Restricted Stock shall be registered in the name of the applicable Participant
and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially
in the following form:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 44pt; text-indent: 0pt">&ldquo;The
transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including
forfeiture) of the Alico, Inc. Stock Incentive Plan of </P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 44pt">2015 and an Award Agreement. Copies of such Plan and Agreement are on file
at the offices of Alico, Inc., 10070 Daniels Interstate Court, Suite 100, Fort Myers, FL 33913.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">The Committee
may require that the certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall
have lapsed and that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock
power, endorsed in blank, relating to the Common Stock covered by such Award.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Terms
and Conditions</I>. Shares of Restricted Stock shall be subject to the following terms and conditions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;The
Committee shall, prior to or at the time of grant, condition (A)&nbsp;the vesting of an Award of Restricted Stock upon the continued
service of the applicable Participant, or (B)&nbsp;the grant or vesting of an Award of Restricted Stock upon the attainment of
Performance Goals or the attainment of Performance Goals and the continued service of the applicable Participant. In the event
that the Committee conditions the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or
the attainment of Performance Goals and the continued service of the applicable Participant, the Committee may, prior to or at
the time of grant, designate an Award of Restricted Stock as a Qualified Performance-Based Award. The conditions for grant or
vesting and the other provisions of Restricted Stock Awards (including without limitation any applicable Performance Goals) need
not be the same with respect to each recipient.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;Subject
to the provisions of the Plan and the applicable Award Agreement, during the period, if any, set by the Committee, commencing
with the date of such Restricted Stock Award for which such vesting restrictions apply (the &ldquo;<I>Restriction Period</I>&rdquo;),
and until the expiration of the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or
otherwise encumber Shares of Restricted Stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iii)&#9;Except
as provided in this Section&nbsp;6 and in the applicable Award Agreement, the applicable Participant shall have, with respect
to the Shares of Restricted Stock, all of the rights of a stockholder of the Company holding the class or series of Common Stock
that is the subject of the Restricted Stock, including, if applicable, the right to vote the Shares and the right to receive any
cash dividends. If so determined by the Committee in the applicable Award Agreement and subject to Section&nbsp;14(e), (A)&nbsp;cash
dividends on the class or series of Common Stock that is the subject of the Restricted Stock Award shall be automatically deferred
and reinvested in additional Restricted Stock, held subject to the vesting of the underlying Restricted Stock, and (B)&nbsp;subject
to any adjustment pursuant to Section&nbsp;3(d), dividends payable in Common Stock shall be paid in the form of Restricted Stock
of the same class as the Common Stock with which such dividend was paid, held subject to the vesting of the underlying Restricted
Stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iv)&#9;If
and when any applicable Performance Goals are satisfied and the Restriction Period expires without a prior forfeiture of the Shares
of Restricted Stock for</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 0pt">which
legended certificates have been issued, unlegended certificates for such Shares shall be delivered to the Participant upon surrender
of the legended certificates.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;7.&#9;Restricted
Stock Units</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;<I>Nature
of Awards.</I> Restricted stock units and deferred share rights (together, &ldquo;<I>Restricted Stock Units</I>&rdquo;) are Awards
denominated in Shares that will be settled, subject to the terms and conditions of the Restricted Stock Units, in an amount in
cash, Shares, or both, based upon the Fair Market Value of a specified number of Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Terms
and Conditions</I>. Restricted Stock Units shall be subject to the following terms and conditions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;The
Committee shall, prior to or at the time of grant, condition (A)&nbsp;the vesting of Restricted Stock Units upon the continued
service of the applicable Participant, or (B)&nbsp;the grant or vesting of Restricted Stock Units upon the attainment of Performance
Goals or the attainment of Performance Goals and the continued service of the applicable Participant. In the event that the Committee
conditions the grant or vesting of Restricted Stock Units upon the attainment of Performance Goals or the attainment of Performance
Goals and the continued service of the applicable Participant, the Committee may, prior to or at the time of grant, designate
the Restricted Stock Units as a Qualified Performance-Based Awards. The conditions for grant or vesting and the other provisions
of Restricted Stock Units (including, without limitation, any applicable Performance Goals) need not be the same with respect
to each recipient. An Award of Restricted Stock Units shall be settled as and when the Restricted Stock Units vest, at a later
time specified by the Committee or in the applicable Award Agreement, or, if the Committee so permits, in accordance with an election
of the Participant.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;Subject
to the provisions of the Plan and the applicable Award Agreement, during the Restriction Period, if any, set by the Committee,
the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Restricted Stock Units.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iii)&#9;The
Award Agreement for Restricted Stock Units shall specify whether, to what extent and on what terms and conditions the applicable
Participant shall be entitled to receive payments of cash, Common Stock or other property corresponding to the dividends payable
on the Common Stock (subject to Section&nbsp;14(e) below).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 0pt">Section&nbsp;8.&#9;Performance
Units</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">Performance
Units may be issued hereunder to Eligible Individuals, for no cash consideration or for such minimum consideration as may be required
by applicable law, either alone or in addition to other Awards granted under the Plan. The Performance Goals to be achieved during
any Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance
Unit. The Committee may, in connection with the grant of Performance Units, designate them as Qualified Performance-Based Awards.
The conditions for grant or vesting and the other provisions of Performance Units (including without limitation any applicable
Performance Goals) need not be the same with respect to each recipient. Performance Units may be paid in cash, Shares, other property
or any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">combination
thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement. The maximum value of the property,
including cash, that may be paid or distributed to any Participant pursuant to a grant of Performance Units made in any one calendar
year shall be five million dollars ($5,000,000).</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;9.&#9;Other
Stock-Based Awards</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">Other
Stock-Based Awards may be granted under the Plan, <I>provided</I> that any Other Stock-Based Awards that are Awards of Common
Stock that are unrestricted shall only be granted in lieu of other compensation due and payable to the Participant.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;10.&#9;Change
in Control Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;<I>General</I>.
The provisions of this Section&nbsp;10 shall, subject to Section&nbsp;3(d) and Section&nbsp;10(f), apply notwithstanding any other
provision of the Plan to the contrary, except to the extent the Committee specifically provides otherwise in an Award Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Impact
of Change in Control.</I> Upon the occurrence of a Change in Control, unless otherwise provided in the applicable Award Agreement:
(i) all then-outstanding Options and Stock Appreciation Rights shall become fully vested and exercisable, and all Full-Value Awards
(other than performance-based Awards) shall vest in full, be free of restrictions, and be deemed to be earned and payable in an
amount equal to the full value of such Award, except in each case to the extent that another Award meeting the requirements of
Section&nbsp;10(c) (any award meeting the requirements of Section&nbsp;10(c), a &ldquo;<I>Replacement Award</I>&rdquo;) is provided
to the Participant pursuant to Section&nbsp;3(d) to replace such Award (any award intended to be replaced by a Replacement Award,
a &ldquo;<I>Replaced Award</I>&rdquo;), and (ii) any performance-based Award that is not replaced by a Replacement Award shall
be deemed to be earned and payable in an amount equal to the full value of such performance-based Award (with all applicable Performance
Goals deemed achieved at the greater of (x) the applicable target level and (y) the level of achievement of the Performance Goals
for the Award as determined by the Committee not later than the date of the Change in Control, taking into account performance
through the latest date preceding the Change in Control as to which performance can, as a practical matter, be determined (but
not later than the end of the applicable Performance Period)) multiplied by a fraction, the numerator of which is the number of
days during the applicable Performance Period before the date of the Change in Control, and the denominator of which is the number
of days in the applicable Performance Period; <I>provided</I>, <I>however</I>, that such fraction shall be equal to one in the
event that the applicable Performance Goals in respect of such performance-based Awards have been fully achieved as of the date
of such Change in Control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(c)&#9;<I>Replacement
Awards.</I> An Award shall meet the conditions of this Section&nbsp;10(c) (and hence qualify as a Replacement Award) if: (i) it
is of the same type as the Replaced Award; (ii) it has a value equal to the value of the Replaced Award as of the date of the
Change in Control; (iii) if the underlying Replaced Award was an equity-based award, it relates to publicly traded equity securities
of the Company or the entity surviving the Company following the Change in Control; (iv) it contains terms relating to vesting
(including with respect to a Termination of Service) that are substantially identical to those of the Replaced Award; and (v)
its other terms and conditions are not less favorable to the Participant than the terms and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">conditions
of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control) as of the date
of the Change in Control. Without limiting the generality of the foregoing, a Replacement Award may take the form of a continuation
of the applicable Replaced Award if the requirements of the preceding sentence are satisfied. If a Replacement Award is granted,
the Replaced Award shall not vest upon the Change in Control. The determination whether the conditions of this Section&nbsp;10(c)
are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(d)&#9;<I>Termination
of Service.</I> Upon a Termination of Service of a Participant occurring upon or during the two years immediately following the
date of a Change in Control by reason of death, Disability or Retirement, by the Company without Cause, or by the Participant
for Good Reason, (i) all Replacement Awards held by such Participant shall vest in full, be free of restrictions, and be deemed
to be earned in an amount equal to the full value of such Replacement Award, and (ii) unless otherwise provided in the applicable
Award Agreement, notwithstanding any other provision of the Plan to the contrary, any Option or Stock Appreciation Right held
by the Participant as of the date of the Change in Control that remains outstanding as of the date of such Termination of Service
may thereafter be exercised, until (A) in the case of Incentive Stock Options, the last date on which such Incentive Stock Options
would be exercisable in the absence of this Section&nbsp;10(d), and (B) in the case of Nonqualified Options and Stock Appreciation
Rights, the later of (x) the last date on which such Nonqualified Option or Stock Appreciation Right would be exercisable in the
absence of this Section&nbsp;10(d) and (y) the earlier of (1) the third anniversary of such Change in Control and (2) expiration
of the Term of such Nonqualified Option or Stock Appreciation Right.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(e)&#9;<I>Definition
of Change in Control</I>. For purposes of the Plan, &ldquo;<I>Change in Control</I>&rdquo; shall mean any of the following events:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(i)&#9;The
acquisition by any individual, entity or group (within the meaning of Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act) (a
&ldquo;<I>Person</I>&rdquo;) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
more than 50% of either (A)&nbsp;the then-outstanding Common Stock (the &ldquo;<I>Outstanding Company Shares</I>&rdquo;) or (B)&nbsp;the
combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors
(the &ldquo;<I>Outstanding Company Voting Securities</I>&rdquo;); <I>provided</I>, <I>however</I>, that for purposes of this subsection&nbsp;(i),
the following acquisitions shall not constitute a Change in Control: (1)&nbsp;any acquisition directly from the Company, (2)&nbsp;any
acquisition by the Company, (3)&nbsp;any acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any entity controlled by the Company, (4)&nbsp;any acquisition by any Investor, or (5)&nbsp;any acquisition by
any entity pursuant to a transaction which complies with clauses&nbsp;(A), (B) and (C) of subsection&nbsp;(iii) of this Section&nbsp;10(e);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(ii)&#9;Individuals
who, as of the Effective Date, constitute the Board (the &ldquo;<I>Incumbent Board</I>&rdquo;) cease for any reason to constitute
at least a majority of the Board; <I>provided</I>, <I>however</I>, that any individual becoming a director subsequent to the Effective
Date of this Plan whose election, or nomination for election by the Company&rsquo;s shareholders, was approved by a vote of at
least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 0pt">member
of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iii)&#9;Consummation
of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of
its subsidiaries with a third party (other than any Investor or any Person controlled by, controlling or under common control
with one or more Investors), or of a sale or other disposition of all or substantially all of the assets of the Company to a third
party, other than any Investor or any Person controlled by, controlling or under common control with one or more Investors (a
&ldquo;<I>Business Combination</I>&rdquo;), in each case, unless, following such Business Combination, (A) all or substantially
all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Shares and Outstanding
Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50%
of, respectively, the then outstanding ordinary shares (or, for a non-corporate entity, equivalent securities) and the combined
voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or, for a non-corporate
entity, equivalent securities), as the case may be, of the entity resulting from such Business Combination (including, without
limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company&rsquo;s
assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately
prior to such Business Combination of the Outstanding Company Shares and Outstanding Company Voting Securities, as the case may
be, (B)&nbsp;no Person (excluding any entity resulting from such Business Combination or any parent of such entity, any employee
benefit plan (or related trust) of the Company, such entity resulting from such Business Combination or such parent, and any Investor)
beneficially owns, directly or indirectly, more than 50%, respectively, the then outstanding ordinary shares (or, for a non-corporate
entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then
outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination,
and (C)&nbsp;at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing
body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution
of the initial agreement, or of the action of the Board, providing for such Business Combination; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 22pt; text-indent: 22pt">(iv)&#9;The
approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(f)&#9;<I>Section&nbsp;409A</I>.
Notwithstanding the foregoing, if any Award is subject to Section&nbsp;409A of the Code, this Section&nbsp;10 shall be applicable
only to the extent specifically provided in the Award Agreement and permitted pursuant to Section&nbsp;11(e). Nothing in this
Section&nbsp;10 shall preclude the Company from settling upon a Change in Control an Award if it is not replaced by a Replacement
Award, to the extent effectuated in accordance with Treas. Reg. &sect;&nbsp;1.409A-3(j)(ix).</P>

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

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;11.&#9;Qualified
Performance-Based Awards; Section&nbsp;16(b); Section&nbsp;409A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;The
provisions of this Plan are intended to ensure that all Options and Stock Appreciation Rights granted hereunder to any Participant
who is or may be a &ldquo;covered employee&rdquo; (within the meaning of Section&nbsp;162(m)(3) of the Code) in the tax year in
which such Option or Stock Appreciation Right is expected to be deductible to the Company qualify for the Section&nbsp;162(m)
Exemption, and, unless otherwise determined by the Committee, all such Awards shall therefore be considered Qualified Performance-Based
Awards and this Plan shall be interpreted and operated consistent with that intention (including, without limitation, to require
that all such Awards be granted by a committee composed solely of members who satisfy the requirements for being &ldquo;outside
directors&rdquo; for purposes of the Section&nbsp;162(m) Exemption (&ldquo;<I>Outside Directors</I>&rdquo;)). When granting any
Award other than an Option or Stock Appreciation Right, the Committee may designate such Award as a Qualified Performance-Based
Award, based upon a determination that (i)&nbsp;the recipient is or may be a &ldquo;covered employee&rdquo; (within the meaning
of Section&nbsp;162(m)(3) of the Code) with respect to such Award, and (ii)&nbsp;the Committee wishes such Award to qualify for
the Section&nbsp;162(m) Exemption, and the terms of any such Award (and of the grant thereof) shall be consistent with such designation
(including, without limitation, that all such Awards be granted by a committee composed solely of Outside Directors). To the extent
required to comply with the Section 162(m) Exemption, within 90 days after the commencement of a Performance Period or, if earlier,
by the expiration of 25% of a Performance Period, the Committee will designate one or more Performance Periods, determine the
Participants for the Performance Periods and establish the Performance Goals for the Performance Periods.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;Each
Qualified Performance-Based Award (other than an Option or Stock Appreciation Right) shall be earned, vested and/or payable (as
applicable) upon the achievement of one or more Performance Goals, together with the satisfaction of any other conditions, such
as continued employment, as the Committee may determine to be appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(c)&#9;The
full Board shall not be permitted to exercise authority granted to the Committee to the extent that the grant or exercise of such
authority would cause an Award designated as a Qualified Performance-Based Award not to qualify for, or to cease to qualify for,
the Section&nbsp;162(m) Exemption.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(d)&#9;The
provisions of this Plan are intended to ensure that no transaction under the Plan is subject to (and not exempt from) the short-swing
recovery rules of Section&nbsp;16(b) of the Exchange Act (&ldquo;<I>Section 16(b)</I>&rdquo;). Accordingly, the composition of
the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan
to be exempt (pursuant to Rule 16b-3 promulgated under the Exchange Act) from Section&nbsp;16(b), and no delegation of authority
by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from)
Section&nbsp;16(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(e)&#9;The
Plan is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and, with
respect to amounts that are subject to Section 409A of the Code, it is intended that the Plan be administered in all respects
in accordance with Section 409A of the Code. Each payment under any Award shall be treated as a</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">separate
payment for purposes of Section 409A of the Code. In no event may a Participant, directly or indirectly, designate the calendar
year of any payment to be made under any Award. Notwithstanding any provision of the Plan or any Award Agreement to the contrary,
if a Participant is a &ldquo;specified employee&rdquo; within the meaning of Section 409A of the Code (as determined in accordance
with the methodology established by the Company), amounts that constitute &ldquo;nonqualified deferred compensation&rdquo; within
the meaning of Section 409A of the Code that would otherwise be payable during the six-month period immediately following a Participant&rsquo;s
&ldquo;separation from service&rdquo; within the meaning of Section 409A of the Code (&ldquo;<I>Separation from Service</I>&rdquo;)
shall instead be paid or provided on the first business day after the date that is six months following the Participant&rsquo;s
Separation from Service. If the Participant dies following the Separation from Service and prior to the payment of any amounts
delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Participant&rsquo;s
estate within 30 days after the date of the Participant&rsquo;s death.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;12.&#9;Term,
Amendment and Termination</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;<I>Effectiveness</I>.
The Plan was approved by the action of the Board on January&nbsp;27, 2015, upon the recommendation of the Compensation Committee,
and subject to and contingent upon approval by at least a majority of the outstanding shares of the Company. The Plan will be
effective as of the date of such approval by the Company&rsquo;s shareholders (the &ldquo;<I>Effective Date</I>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Termination</I>.
The Plan will terminate on the tenth anniversary of the Effective Date. Awards outstanding as of such date shall not be affected
or impaired by the termination of the Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(c)&#9;<I>Amendment
of Plan</I>. The Board or the Committee may amend, alter, or discontinue the Plan, but no amendment, alteration or discontinuation
shall be made which would materially impair the rights of the Participant with respect to a previously granted Award without such
Participant&rsquo;s consent, except such an amendment made to comply with applicable law, including without limitation Section&nbsp;409A
of the Code, Applicable Exchange listing standards or accounting rules. In addition, no amendment shall be made without the approval
of the Company&rsquo;s shareholders to the extent that such approval is required by applicable law or the listing standards of
the Applicable Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(d)&#9;<I>Amendment
of Awards</I>. Subject to Section&nbsp;5(d), the Committee may unilaterally amend the terms of any Award theretofore granted,
but no such amendment shall without the Participant&rsquo;s consent materially impair the rights of any Participant with respect
to an Award, except such an amendment made to cause the Plan or Award to comply with applicable law, Applicable Exchange listing
standards or accounting rules.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;13.&#9;Unfunded
Status of Plan</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">It is presently intended that the Plan
constitute an &ldquo;unfunded&rdquo; plan for incentive and deferred compensation. The Committee may authorize the creation of
trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or make payments; <I>provided,
however</I>, that unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with
the &ldquo;unfunded&rdquo; status of the Plan.</P>

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

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">Section&nbsp;14.&#9;General
Provisions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(a)&#9;<I>Conditions
for Issuance</I>. The Committee may require each person purchasing or receiving Shares pursuant to an Award to represent to and
agree with the Company in writing that such person is acquiring the Shares without a view to the distribution thereof. The certificates
for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer. Notwithstanding
any other provision of the Plan or agreements made pursuant thereto, the Company shall not be required to issue or deliver any
certificate or certificates for Shares under the Plan prior to fulfillment of all of the following conditions: (i)&nbsp;listing
or approval for listing upon notice of issuance of such Shares on the Applicable Exchange; (ii)&nbsp;any registration or other
qualification of such Shares of the Company under any state or federal law or regulation, or the maintaining in effect of any
such registration or other qualification which the Committee shall, in its absolute discretion upon the advice of counsel, deem
necessary or advisable; and (iii)&nbsp;obtaining any other consent, approval, or permit from any state or federal governmental
agency which the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary
or advisable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(b)&#9;<I>Additional
Compensation Arrangements</I>. Nothing contained in the Plan shall prevent the Company or any Subsidiary or Affiliate from adopting
other or additional compensation arrangements for its employees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(c)&#9;<I>No
Contract of Employment</I>. The Plan shall not constitute a contract of employment, and adoption of the Plan shall not confer
upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary
or Affiliate to terminate the employment of any employee at any time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(d)&#9;<I>Required
Taxes</I>. No later than the date as of which an amount first becomes includible in the gross income of a Participant for federal,
state, local or foreign income or employment or other tax purposes with respect to any Award under the Plan, such Participant
shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local
or foreign taxes of any kind required by law to be withheld with respect to such amount. Unless otherwise determined by the Company,
withholding obligations may be settled with Common Stock, including Common Stock that is part of the Award that gives rise to
the withholding requirement, having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater
amount) required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. The obligations
of the Company under the Plan shall be conditional on such payment or arrangements, and the Company and its Affiliates shall,
to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to such Participant. The
Committee may establish such procedures as it deems appropriate, including making irrevocable elections, for the settlement of
withholding obligations with Common Stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(e)&#9;<I>Limitation
on Dividend Reinvestment and Dividend Equivalents</I>. Reinvestment of dividends in additional Restricted Stock at the time of
any dividend payment, and the payment of Shares with respect to dividends to Participants holding Awards of Restricted Stock Units,
shall only be permissible if sufficient Shares are available under Section&nbsp;3 for such reinvestment or payment (taking into
account then-outstanding Awards). In the event that sufficient Shares are</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 0">not available
for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of Restricted Stock Units
equal in number to the Shares that would have been obtained by such payment or reinvestment, the terms of which Restricted Stock
Units shall provide for settlement in cash and for dividend equivalent reinvestment in further Restricted Stock Units on the terms
contemplated by this Section&nbsp;14(e).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(f)&#9;<I>Designation
of Death Beneficiary</I>. The Committee shall establish such procedures as it deems appropriate for a Participant to designate
a beneficiary to whom any amounts payable in the event of such Participant&rsquo;s death are to be paid or by whom any rights
of such eligible Individual, after such Participant&rsquo;s death, may be exercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(g)&#9;<I>Subsidiary
Employees</I>. In the case of a grant of an Award to any employee of a Subsidiary, the Company may, if the Committee so directs,
issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may
specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the employee in accordance with the
terms of the Award specified by the Committee pursuant to the provisions of the Plan. All Shares underlying Awards that are forfeited
or cancelled should revert to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(h)&#9;<I>Governing
Law and Interpretation</I>.<I> </I>The Plan and all Awards made and actions taken thereunder shall be governed by and construed
in accordance with the laws of the State of Florida, without reference to principles of conflict of laws. The captions of this
Plan are not part of the provisions hereof and shall have no force or effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(i)&#9;<I>Non-Transferability</I>.
Except as otherwise provided in Section&nbsp;5(i) or by the Committee, Awards under the Plan are not transferable except by will
or by laws of descent and distribution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(j)&#9;<I>Foreign
Employees and Foreign Law Considerations</I>. The Committee may grant Awards to Eligible Individuals who are foreign nationals,
who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are
otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions
outside the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of
the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of
such purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable
to comply with such legal or regulatory provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt">(k)&#9;<I>Deferrals</I>.
The Committee shall be authorized to establish procedures pursuant to which the payment of any Award may be deferred. Subject
to the provisions of this Plan and any Award Agreement, the recipient of an Award (including, without limitation, any deferred
Award) may, if so determined by the Committee, be entitled to receive, currently or on a deferred basis, interest or dividends,
or interest or (except with respect to Stock Options and Stock Appreciation Rights) dividend equivalents, with respect to the
number of shares covered by the Award, as determined by the Committee, in its sole discretion, and the Committee may provide that
such amounts (if any) shall be deemed to have been reinvested in additional Shares or otherwise reinvested. Notwithstanding the
foregoing, dividends and dividend equivalents</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0">with respect to performance-based Awards may not be paid until vesting (if any)
of such Awards, and the Committee shall not take or omit to take any action that would result in the imposition of penalty taxes
under Section 409A of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0; text-indent: 22pt"></P>

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    <!-- Field: /Page -->




<P STYLE="font: 12pt Arial Narrow Bold; margin: 6.6pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Admission Ticket</B></FONT></P>
<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><IMG SRC="image_001a.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 4pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 68.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="4" CELLSPACING="0" STYLE="border-collapse: collapse; width: 40%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: center; vertical-align: middle; border: Black 1pt solid"><P STYLE="font: 7pt Arial Bold Italic; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">IMPORTANT
ANNUAL MEETING INFORMATION</FONT></P></TD></TR>
</TABLE>





<P STYLE="font: 7pt Arial Bold Italic; margin: 0 0 0 371.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7pt Arial Bold Italic; margin: 0 0 0 371.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial Narrow Bold; margin: 6.6pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Electronic
Voting Instructions</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 2.1pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Available
24 hours a day, 7 days a week!</B></FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.6pt 46.75pt 0 260pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Instead
of mailing your proxy, you may choose one of the voting methods outlined below to vote your proxy.</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 3.85pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">VALIDATION
DETAILS ARE LOCATED BELOW IN THE TITLE BAR.</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3pt 19.75pt 0 260pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxies
submitted by the Internet or telephone must be received by 1:00 a.m., Eastern Time, on February 25, 2015.</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 1.95pt 0 0 320pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 11%"><IMG SRC="img1.gif" ALT=""></TD>
    <TD STYLE="width: 42%"><P STYLE="font: 10pt Arial Narrow Bold; margin-top: 1.95pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Vote
by Internet</B></FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin-top: 2.4pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Go to <B>www.investorvote.com/ALCO</B> </FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 2.8pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Or scan the QR code with your smartphone</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin-top: 2.8pt; margin-right: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Follow the steps outlined on the secure website</FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 371.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 1.4pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Vote
by telephone</B></FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0.1pt 23pt 0 260pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Call toll free 1-800-652-VOTE (8683) within the USA, US territories &amp; Canada on a touch tone telephone</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.85pt 0 0 260pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&bull;
Follow the instructions provided by the recorded message</FONT></P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 6.7pt 7.5pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Using
a <B><U>black ink</U></B> pen, mark your votes with an X as shown in </FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">this
example. Please do not write outside the designated areas. <FONT STYLE="font-size: 12pt">|X|</FONT></FONT></P>

<P STYLE="font: 14pt Arial Narrow Bold; margin: 14pt 0 0 0pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Annual
Meeting Proxy Card</B></FONT></P>

<P STYLE="font: 14pt Arial Narrow Bold; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&#9660;
IF YOU HAVE NOT VOTED VIA THE INTERNET <U>OR</U> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION
IN THE ENCLOSED ENVELOPE.</B> &#9660;</FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0 0 0 26.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="margin: 5.4pt 0 6pt 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>|A| Proposals &mdash; The Board of
Directors recommends a vote <U>FOR</U> all the nominees listed and <U>FOR</U> Proposals 2, 3 and 4.</B> </FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.1pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="2" STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1.
    &nbsp;ELECTION OF DIRECTORS:</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Withhold</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Withhold</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">01 - George R. Brokaw</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 13%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">02
    - R. Greg Eisner</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">03 - Benjamin D. Fishman</FONT></TD>
    <TD NOWRAP STYLE="width: 8%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="width: 9%; text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 16pt">&nbsp;&nbsp;<B><FONT STYLE="font-family: Wingdings 2">&Ecirc;</FONT></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">04 - W. Andrew Krusen</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">05 - Henry R. Slack</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">06 - Remy W. Trafelet</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">07 - Clayton G. Wilson</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-top: 6pt"><FONT STYLE="font-family: Wingdings">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.1pt 0 0 0pt"></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 25%"></TD>
    <TD STYLE="width: 6%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Against</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Abstain</B></FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 26%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Against</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; vertical-align: top"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Abstain</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>TO APPROVE THE ALICO, INC. STOCK INCENTIVE PLAN OF 2015:</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>THE ADVISORY APPROVAL OF THE COMPENSATION OF THE NAMED EXECUTIVE OFFICERS AS DISCLOSED IN
THE COMPANY&rsquo;S PROXY STATEMENT: </B></FONT></B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>3.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>RATIFICATION OF THE AUDIT COMMITTEE&rsquo;S SELECTION OF MCGLADREY
    LLP AS THE COMPANY&rsquo;S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2015:</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings">o</FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>5.</B></FONT></TD>
    <TD><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>IN THEIR DISCRETION, THE PROXY OR PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY AND ALL ADJOURNMENTS THEREOF.</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings"></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings"></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-family: Wingdings"></FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 8pt Arial Narrow Bold; margin: 1.1pt 0 0 24.9pt; text-indent: 201.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> &#9; </FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 2.7pt 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 0 0 0 24.9pt; text-indent: 301.2pt"></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.65pt 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> &#9;</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.65pt 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow Bold; margin: 3.65pt 0 0 24.9pt"></P>

<P STYLE="margin: 6.75pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>|B| Non-Voting Items</B> </FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 1.4pt 0 0 0pt"></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 1.4pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-top: 3; padding-bottom: 3"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Change of Address</B> &mdash; Please print new address below.</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD ROWSPAN="2" NOWRAP STYLE="padding-left: 12pt; width: 5%"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Meeting Attendance</B> </FONT><BR>
    <FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Mark box to the right if <BR>
you plan to attend the <BR>
Annual Meeting.</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%; text-align: center; vertical-align: middle"><FONT STYLE="font: 12pt Wingdings">o</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border: Black 1pt solid; padding-top: 5; padding-bottom: 5">&nbsp;</TD>

    </TR>
</TABLE>

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

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 0 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="margin: 3.4pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica"><B>|C| &#9;Authorized Signatures &mdash; This section
must be completed for your vote to be counted. &mdash; Date and Sign Below</B> </FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.4pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Executors,
Administrators, Trustees, Guardians, etc. will so indicate when signing.)</FONT></P>

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

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#9;&#9;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Date (mm/dd/yyyy) &mdash; Please print
    date below.</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Signature 1 &mdash; Please keep signature
    within the box.</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; padding-bottom: 3"><FONT STYLE="font: 7pt Arial, Helvetica, Sans-Serif">Signature 2 &mdash; Please keep signature
    within the box.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom; border: Black 1pt solid">/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom; border: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 6; padding-bottom: 6; text-align: center; vertical-align: bottom; border: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"></P>



<P STYLE="font: 8pt Arial Narrow,sans-serif; margin: 2.3pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>


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<P STYLE="font: 10pt Arial Narrow Bold; margin-top: 11.2pt; text-align: center; margin-bottom: 0"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>2015
Annual Meeting Admission Ticket</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin-top: 11.2pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>2015 Annual Meeting of <BR>
ALICO, INC. <BR>
February 25, 2015 at 9:30 a.m. Eastern Standard Time <BR>
Offices
of Wachtell, Lipton, Rosen &amp; Katz <BR>
51 West 52nd Street <BR>
New York, New York 10019 <BR><BR>

Upon arrival, please present this admission
ticket <BR>
and photo identification at the registration desk.&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 11.2pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow Bold; margin: 11.2pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Important
Notice Regarding the Availability of Proxy Materials for the Shareholders Meeting to be held on February 25, 2015:</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0.1pt 34.75pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
Company&rsquo;s Proxy Statement and our Annual Report on Form 10-K for the fiscal year ended September 30, 2014 are available
on our website at <U>http://www.alicoinc.com</U>. In addition, you may access these materials at <U>https://materials.proxyvote.com/016230</U>.</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0 0 0 30.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0.35pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&#9660; IF
YOU HAVE NOT VOTED VIA THE INTERNET <U>OR</U> TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE
ENCLOSED ENVELOPE. &#9660;</B></FONT></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 0pt; color: Red">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0 0 0 0pt; color: Red"><IMG SRC="image_001a.jpg" ALT=""></P>

<P STYLE="font: 7.5pt Arial Narrow Bold; margin: 0 0 0 24.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 14pt Arial Narrow Bold; margin: 10.6pt 0 0 0pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Proxy
&mdash; Alico, Inc.</B></FONT></P>

<P STYLE="font: 12pt Arial Narrow Bold; margin: 12.8pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
PROXY IS SOLICITED ON BEHALF OF THE COMPANY&rsquo;S BOARD OF DIRECTORS</B></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5.7pt 16.95pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5.7pt 16.95pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The undersigned
shareholder(s) of Alico, Inc., a Florida corporation (the &ldquo;Company&rdquo;), hereby appoints Henry R. Slack and Clayton G.
Wilson, or either of them, the proxy or proxies of the undersigned, each with the power to appoint his substitute, and hereby authorizes
them to represent and to vote, as designated on the reverse side, all the shares of Common Stock of the Company held of record
by the undersigned on December 31, 2014, at the Annual Meeting of Shareholders of the Company to be held on Wednesday, February 25,
2015 and at any and all adjournments thereof, with all powers the undersigned would possess if personally present.</P>



<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5.7pt 16.95pt 0 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5pt 14.1pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5pt 14.1pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
undersigned acknowledges receipt of the Notice of Annual Meeting of Shareholders and the Proxy Statement
dated January&nbsp;28, 2015. This proxy card when properly executed will be voted in the manner directed herein by the
undersigned shareholder. If no direction is made, this proxy will be voted FOR PROPOSAL 1, FOR PROPOSAL 2, FOR PROPOSAL 3,
FOR PROPOSAL 4 AND IN THE DISCRETION OF THE PROXY HOLDERS WITH RESPECT TO SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE
MEETING.</P>



<P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 5pt 14.1pt 0 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Arial Narrow Italic; margin: 5.45pt 0 0 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><I>(Continued
and to be signed on the other side)</I></FONT></P>

<P STYLE="font: 12pt Arial Narrow Italic; margin: 0">&nbsp;</P>

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

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