<SEC-DOCUMENT>0001144204-16-101298.txt : 20160512
<SEC-HEADER>0001144204-16-101298.hdr.sgml : 20160512
<ACCEPTANCE-DATETIME>20160512164524
ACCESSION NUMBER:		0001144204-16-101298
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160510
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160512
DATE AS OF CHANGE:		20160512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STONERIDGE INC
		CENTRAL INDEX KEY:			0001043337
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				341598949
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13337
		FILM NUMBER:		161644588

	BUSINESS ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
		BUSINESS PHONE:		3308562443

	MAIL ADDRESS:	
		STREET 1:		9400 EAST MARKET ST
		CITY:			WARREN
		STATE:			OH
		ZIP:			44484
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v439750_8k.htm
<DESCRIPTION>8-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">Date of Report (Date
of earliest event reported): May 10, 2016</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><B>Commission file number:
001</B>-<B>13337</B></P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>STONERIDGE, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(Exact name of registrant as specified
in its charter)</I></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 15%; padding: 0; text-align: center"><B>&nbsp;</B></TD>
    <TD NOWRAP STYLE="width: 25%; padding: 0; text-align: center"><B><U>Ohio</U></B></TD>
    <TD NOWRAP STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; padding: 0; text-align: center"><B><U>34-1598949</U></B></TD>
    <TD NOWRAP STYLE="width: 15%; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center">(<I>State or other jurisdiction of</I></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center"><I>(I.R.S. Employer</I></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center"><I>incorporation or organization)</I></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center"><I>Identification No.)</I></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
</TABLE>


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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 10%; padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%; padding: 0; text-align: center"><B><U>9400 East Market Street, Warren, Ohio</U></B></TD>
    <TD NOWRAP STYLE="width: 20%; padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%; padding: 0; text-align: center"><B><U>44484</U></B></TD>
    <TD NOWRAP STYLE="width: 10%; padding: 0; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center"><I>&nbsp;(Address of principal executive offices)</I></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center"><I>(Zip Code)</I></TD>
    <TD NOWRAP STYLE="padding: 0; text-align: center">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><U>(330) 856-2443</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Registrant&rsquo;s telephone number, including
area code</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 49.5pt">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 93%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt"><B>ITEM 5.02</B></FONT></TD><TD STYLE="text-align: justify"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; </B> <B>Compensatory Arrangements of Certain Officers.</B></TD>
</TR></TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the 2016 Annual Meeting of Shareholders (the &ldquo;2016
Annual Meeting&rdquo;) on May 10, 2016, the Company&rsquo;s shareholders approved the Annual Incentive Plan (&ldquo;AIP&rdquo;).&nbsp;&nbsp;The
AIP will be effective December 31, 2016 under which cash incentive compensation awards are permitted through December 31, 2021.
A description of the AIP was included in the Company&rsquo;s proxy statement which was filed with the Securities and Exchange Commission
on Schedule 14A on April 8, 2016.&nbsp;&nbsp; A copy of the AIP is attached hereto as Exhibit 99.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2016 Long-Term Incentive Plan</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the 2016 Annual Meeting, the Company&rsquo;s shareholders
also approved the 2016 Long-Term Incentive Plan (&ldquo;2016 LTIP&rdquo;).&nbsp;&nbsp;The 2016 LTIP reserves 1,800,000 common shares
for issuance pursuant to grants or awards under it and replaces the Amended and Restated Long-Term Incentive Plan which expired
on April 24, 2016. The 2016 LTIP is effective May 10, 2016 under which equity-based grants are permitted through May
10, 2026. A description of the 2016 LTIP was included in the Company&rsquo;s proxy statement which was filed with the Securities
and Exchange Commission on Schedule 14A on April 8, 2016.&nbsp;&nbsp;A copy of the 2016 LTIP is attached hereto as Exhibit 99.2.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>ITEM 5.07</B></TD><TD STYLE="text-align: justify"><B>Submission of Matters to a Vote of Security Holders.</B></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">The Company
held its 2016 Annual Meeting whereby the following matters were voted on by shareholders:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The eight nominees for election to the Board of Directors were elected, each for a one-year term, by the following votes:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Nominee</B></FONT></TD>
    <TD STYLE="width: 25%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 25%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Withheld</B></FONT></TD>
    <TD STYLE="width: 25%; padding: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Broker Non-Votes</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Jonathan B. DeGaynor</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,455,768</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">515,813</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Jeffrey P. Draime</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,006,295</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">965,286</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Douglas C. Jacobs</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,432,339</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">539,242</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Ira C. Kaplan</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,481,040</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">490,541</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Kim Korth</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,463,804</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">507,777</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">William M. Lasky</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,430,339</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">541,242</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">George S. Mayes, Jr.</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,491,577</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">480,004</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Paul J. Schlather</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">24,274,540</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">697,041</FONT></TD>
    <TD STYLE="padding: 0; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">643,532</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The proposal to ratify the appointment of Ernst &amp; Young LLP as the Company&rsquo;s independent registered public accounting
firm for the year ended December 31, 2016 was approved by the following votes:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt"><B>Broker Non-Votes</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">25,248,665</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">364,585</FONT></TD>
    <TD STYLE="padding: 0; text-align: center"><FONT STYLE="font-size: 10pt">1,863</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>A non-binding advisory resolution to approve the 2015 compensation paid to the Company&rsquo;s Named Executive Officers was
approved by the following votes:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Broker Non-Votes</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">24,321,837</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">630,883</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">18,861</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The proposal to approve Stoneridge&rsquo;s Annual Incentive Plan was approved by the following votes:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Broker Non-Votes</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">24,263,583</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">699,624</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8,374</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The proposal to approve Stoneridge&rsquo;s 2016 Long-Term Incentive Plan was approved by the following votes:</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; margin-left: 0.5in">
<TR>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt"><B>Abstain</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Broker Non-Votes</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">17,974,196</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">6,989,024</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">8,361</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">643,532</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>ITEM 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD>
</TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Exhibits</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">Exhibit No.&nbsp;</FONT></TD>
    <TD STYLE="width: 85%"><FONT STYLE="font-size: 10pt">Description&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Annual Incentive Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">2016 Long-Term Incentive Plan</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 20%; padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 55%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt"><B>Stoneridge, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Date: May 12, 2016</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ George E. Strickler</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">George E. Strickler, Executive Vice President,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Chief Financial Officer and Treasurer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">(Principal Financial and Accounting Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="width: 92%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">Annual Incentive Plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font-size: 10pt">2016 Long-Term Incentive Plan</FONT></TD></TR>
</TABLE>


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



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

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

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

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v439750_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The purpose of the Stoneridge,
Inc. (the &ldquo;Company&rdquo;) Annual Incentive Plan (the &ldquo;Plan&rdquo;) is to provide an opportunity to the Company&rsquo;s,
and the Company&rsquo;s Subsidiaries&rsquo;, officers and other key employees selected by the Committee (defined below) to earn
annual incentive or bonus awards in order to motivate those persons to put forth maximum efforts toward the growth, profitability
and success of the Company and its Subsidiaries (defined below) and to encourage such individuals to remain in the employ of the
Company or a Subsidiary. Awards for participating employees under the Plan shall depend upon corporate and individual performance
measures as determined by the Committee (defined below) for the Performance Year (defined below).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In this Plan, unless the
context clearly indicates otherwise, words in the masculine gender shall be deemed to include a reference to the female gender,
any term used in the singular also shall refer to the plural, and the following terms, when capitalized, shall have the meaning
set forth in this Section&nbsp;2:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Award&rdquo;
means a potential cash benefit payable or cash benefit paid to a person in accordance with the terms and conditions of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Beneficiary&rdquo;
means the person or persons designated in writing by the Grantee as his or her beneficiary in respect of an Award; or, in the absence
of an effective designation, or if the designated person or persons predecease the Grantee, the Grantee&rsquo;s Beneficiary shall
be the person or persons who acquire by bequest or inheritance the Grantee&rsquo;s rights in respect of an Award. In order to be
effective, a Grantee&rsquo;s designation of a Beneficiary must be on file with the Company before the Grantee&rsquo;s death. Any
such designation may be revoked and a new designation substituted therefor at any time before the Grantee&rsquo;s death.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Board of
Directors&rdquo; or &ldquo;Board&rdquo; means the Board of Directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Code&rdquo;
means the Internal Revenue Code of 1986, as amended from time to time, and any lawful regulations or pronouncements promulgated
thereunder. Whenever a reference is made to a specific Code Section, such reference shall be deemed to include any successor Code
Section having the same or similar purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Committee&rdquo;
means the Compensation Committee appointed by the Board for the purpose of administering the Plan. The Committee shall consist
of three members of the Board of Directors each of whom shall qualify, at the time of appointment and thereafter, as an &ldquo;outside
director&rdquo; within the meaning of Section 162(m) of the Code (or a successor provision of similar import), as in effect from
time to time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Company&rdquo;
means Stoneridge, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Covered
Executive&rdquo; means an individual who is determined by the Committee to be reasonably likely to be a &ldquo;covered employee&rdquo;
under Section 162(m) of the Code as of the end of the Company&rsquo;s taxable year for which an Award to the individual will be
deductible and whose Award would exceed the deductibility limits under Section 162(m) if such Award is not Performance-Based Compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Disability&rdquo;
or &ldquo;Disabled&rdquo; means having a total and permanent disability as defined in Section&nbsp;22(e)(3) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Grantee&rdquo;
means an officer or key employee of the Company or a Subsidiary to whom an Award has been granted under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Performance
Objective&rdquo; means the goal or goals identified by the Committee that will result in an Award if the target for the Performance
Year is satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Performance
Year&rdquo; means the then current fiscal year of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Performance-Based
Compensation&rdquo; means compensation that is intended to qualify as &ldquo;performance-based compensation&rdquo; under Section
162(m) of the Code and the regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;Subsidiary&rdquo;
means a corporation, association, partnership, limited liability company, joint venture, business trust, organization, or business
of which the Company directly or indirectly through one or more intermediaries owns at least fifty percent (50%) of the outstanding
capital stock (or other shares of beneficial interest) entitled to vote generally in the election of directors or other managers
of the entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall
be administered by the Committee. The Committee shall have all the powers vested in it by the terms of the Plan, such powers to
include authority (within the limitations described herein) to select Grantees under the Plan, to determine the time when Awards
will be granted, to determine whether performance objectives and other conditions for earning Awards have been met, to determine
whether Awards will be paid at the end of the Performance Year, and to determine whether an Award or payment of an Award should
be reduced or eliminated. The Committee is authorized, subject to the provisions of the Plan, to establish such rules and regulations
as it deems necessary for the proper administration of the Plan and to make such determinations and interpretations and to take
such action in connection with the Plan and any Awards granted hereunder as it deems necessary or advisable. All determinations
and interpretations made by the Committee shall be binding and conclusive on all persons participating in the Plan and their legal
representatives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may
not delegate to any individual the authority to make determinations concerning that individual&rsquo;s own Awards, or the Awards
of any Covered Executive or any executive officer (as defined pursuant to the Securities Exchange Act of 1934). Except as provided
in the preceding sentence, as to the selection of and grant of Awards to Grantees who are not Covered Executives or executive officers
of the Company, the Committee may delegate its responsibilities to members of the Company&rsquo;s management in a manner consistent
with applicable law and provided that such participant&rsquo;s compensation is not subject to the limitations of Section 162(m)
of the Code. References herein to the Committee shall include any delegate described under this paragraph, except where the context
or the regulations under Code Section 162(m) otherwise require.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee,
or any person to whom it has delegated duties as described herein, may employ one or more persons to render advice with respect
to any responsibility the Committee or such person may have under the Plan (including such legal or other counsel, consultants,
and agents as it may deem desirable for the administration of the Plan) and may rely upon any opinion or computation received from
any such counsel, consultant, or agent. Expenses incurred in the engagement of such counsel, consultant, or agent shall be paid
by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligibility</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Committee may grant
Awards under the Plan to such of the Company&rsquo;s (and the Company&rsquo;s Subsidiaries&rsquo;) officers and key employees as
it shall select for participation pursuant to Section&nbsp;3 above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards;
Limitations on Awards</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Award granted
under the Plan shall represent an amount payable in cash by the Company to the Grantee upon achievement of one or more of a combination
of Performance Objectives in a Performance Year, subject to all other terms and conditions of the Plan and to such other terms
and conditions as may be specified by the Committee. The grant of Awards under the Plan shall be evidenced by Award letters in
a form approved by the Committee from time to time which shall contain the terms and conditions, as determined by the Committee,
of a Grantee&rsquo;s Award; provided, however, that in the event of any conflict between the provisions of the Plan and any Award
letter, the provisions of the Plan shall prevail. An Award shall be determined by multiplying the Grantee&rsquo;s target percentage
of base salary with respect to a Performance Year by applicable factors and percentages based on the achievement of Performance
Objectives, subject to the discretion of the Committee as provided in Section&nbsp;6 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The maximum amount
of an Award granted to any one Grantee in respect of a Performance Year shall not exceed $2.0&nbsp;million. This maximum amount
limitation shall be measured at the time of settlement of an Award under Section&nbsp;7.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Performance
Objectives shall be based on the performance of the Company, one or more of its Subsidiaries or affiliates, one or more of its
units or divisions and/or the individual for the Performance Year. The Committee may use one or more of the following business
criteria to establish Performance Objectives for each Grantee: increase in net sales; pretax income before allocation of corporate
overhead and bonus; operating profit; net working capital; earnings per share; net income; revenue growth; attainment of division,
group or corporate financial goals; return on shareholders&rsquo; equity; return on assets; other return measures (including, but
not limited to, return on capital, invested capital, or average equity); cash flow (including, but not limited to, operating cash
flow, free cash flow, cash generation, cash flow return on equity, and cash flow return on investment); capital and liquidity ratios;
attainment of strategic and operational initiatives; attainment of one or more specific and measurable individual strategic goals;
appreciation in or maintenance of the price of the Company&rsquo;s common shares; increase in market share; gross profits; total
return to shareholders; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; comparisons
with various stock market indices or peer performance; or achievement of safety, succession planning; sustainability, share price
or talent development objectives or reductions in labor or material costs. The performance objective for any participant shall
be sufficiently specific that a third party having knowledge of the relevant facts could determine whether the objective is met;
and the outcome under the performance objective shall be substantially uncertain when the Committee establishes the objective.
Performance objectives may include or exclude losses from discontinued operations, restatements and accounting changes and other
unplanned special charges such as restructuring expenses, acquisitions, acquisition expenses, including expenses related to goodwill
and other intangible assets, share offerings and share repurchases, provided that in the case of an Award intended to qualify for
the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C)
of the Code, such inclusion or exclusion shall be made in compliance with Section 162(m) of the Code. The Committee may modify,
amend or otherwise adjust the performance objectives specified for outstanding performance-based Award if it determines that an
adjustment would be consistent with the objectives of the Plan and taking into account the interests of the participants and the
Company&rsquo;s shareholders and such adjustment complies with the requirements of Section 162(m) of the Code, to the extent applicable,
unless the Committee indicates a contrary intention. The types of events which could cause an adjustment in the performance objectives
include, without limitation, accounting changes which substantially affect the determination of performance objectives, changes
in applicable laws or regulations which affect the performance objectives, and divisive corporate reorganizations, including spin-offs
and other distributions of property or capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant
of Awards</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall
grant Awards to any Grantee who is a Covered Executives not later than 90&nbsp;days after the commencement of the Performance Year
provided that the outcome is substantially uncertain at the time the Committee actually establishes the Performance Objective(s).
If a Covered Executive is initially employed by the Company or a Subsidiary after the beginning of a Performance Year, the Committee
may grant an Award to that Covered Executive with respect to a period of service following the Covered Executive&rsquo;s date of
hire, provided that no more than twenty-five percent (25%) of the relevant service period has elapsed when the Committee grants
the Award and the Performance Objective otherwise satisfies the requirements applicable to the Covered Executive. The Committee
shall select Grantees other than Covered Executives for participation in the Plan and shall grant Awards to such Grantees at such
times as the Committee may determine. In granting an Award, the Committee shall establish the terms of the Award, including the
Performance Objectives and the maximum amount that will be paid (subject to the limit in Section&nbsp;5) if the Performance Objectives
are achieved. The Committee may establish different payment levels under an Award based on different levels of achievement under
the Performance Objectives.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After the end of
each Performance Year, the Committee shall determine the amount payable to each Grantee in settlement of the Grantee&rsquo;s Award
for the Performance Year. The Committee, in its discretion, may reduce the maximum payment established when the Award was granted,
or may determine to make no payment under the Award. The Committee, in its discretion, may increase the amount payable under the
Award (but not to an amount greater than the limit in Section&nbsp;5) to a Grantee who is not a Covered Executive. The Committee
shall certify in writing, in a manner conforming to applicable regulations under Section 162(m) of the Code, prior to the settlement
of each Award granted to a Covered Executive, that the Performance Objectives and other material terms of the Award upon which
settlement of the Award was conditioned have been satisfied.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may
adjust or modify Awards or terms of Awards (1)&nbsp;in recognition of unusual or nonrecurring events affecting the Company or any
business unit, or the financial statements or results thereof, or in response to changes in applicable laws (including tax, disclosure,
and other laws), regulations, accounting principles, or other circumstances deemed relevant by the Committee, (2)&nbsp;with respect
to any Grantee whose position or duties with the Company change during a Performance Year, or (3)&nbsp;with respect to any person
who first becomes a Grantee after the first day of the Performance Year; provided, however, that no adjustment to an Award granted
to a Covered Executive shall be authorized or made if, and to the extent that, such authorization or the making of such adjustment
would contravene the requirements applicable to Performance-Based Compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement
of Awards</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Except as provided in
this Section&nbsp;7, each Grantee shall receive payment of a cash lump sum in settlement of his or her Award, in the amount determined
in accordance with Section&nbsp;6. Such payment shall be made on or before the fifteenth (15th) day of the third (3rd) month following
the Performance Year. No Award to a Covered Executive for a Performance Year commencing after December , 31, 2021, shall be settled
until the shareholders of the Company have reapproved the Plan in a manner that satisfies the requirements of Section 162(m) of
the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination
of Employment</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Except as otherwise provided
in any written agreement between the Company and a Grantee, if a Grantee ceases to be employed by the Company prior to the end
of a Performance Year or after the Performance Year but prior to payment for any reason other than death, or Disability, any Award
for such Performance Year shall be forfeited. If such cessation of employment results from such Grantee&rsquo;s death or Disability,
the Committee shall determine, in its sole discretion and in such manner as it may deem reasonable, subject to Section&nbsp;9,
the extent to which the Performance Objectives for the Performance Year or portion thereof completed at the date of cessation of
employment have been achieved, and the amount payable in settlement of the Award based on such determinations. The Committee may
base such determination on the performance achieved for the full year, in which case its determination may be deferred until following
the Performance Year. Such determinations shall be set forth in a written certification, as specified in Section&nbsp;6. Such Grantee
or his or her Beneficiary shall be entitled to receive a lump sum cash settlement of such Award at the earliest time such payment
may be made without causing the payment to fail to be deductible by the Company under Section 162(m) of the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Status
of Awards Under Section&nbsp;162(m)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">It is the intent of the
Company that Awards granted to Covered Executives for Performance Years commencing after December&nbsp;31, 2016, shall constitute
Performance-Based Compensation, if at the time of settlement the Grantee remains a Covered Executive. Accordingly, the Plan shall
be interpreted in a manner consistent with Section 162(m) of the Code and the regulations thereunder. If any provision of the Plan
relating to a Covered Executive or any Award letter evidencing such an Award to a Covered Executive does not comply with, or is
inconsistent with, the provisions of Section&nbsp;162(m)(4)(C) of the Code or the regulations thereunder (including Treasury Regulation
&sect; 1.162-27(e) or its succession provisions) for Performance-Based Compensation, such provision shall be construed or deemed
amended to the extent necessary to conform to such requirements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Awards and any other benefit
payable under, or interest in, this Plan are not transferable by a Grantee except upon a Grantee&rsquo;s death by will or the laws
of descent and distribution, and shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, or charge, and any such attempted action shall be void.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All payments relating
to an Award shall be net of any amounts required to be withheld pursuant to applicable federal, state and local tax withholding
requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenure</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A Grantee&rsquo;s right,
if any, to continue to serve the Company as a Covered Executive, officer, employee, or otherwise, shall not be enlarged or otherwise
affected by his or her selection as a Grantee or any other event under the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Rights to Participation or Settlement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Nothing in the Plan shall
be deemed to give any eligible employee any right to participate in the Plan except upon determination of the Committee. Until
the Committee has determined to settle an Award under Section&nbsp;7, a Grantee&rsquo;s selection to participate, the grant of
an Award, and other events under the Plan shall not be construed as a commitment that any Award will be settled under the Plan.
The foregoing notwithstanding, the Committee may authorize legal commitments with respect to Awards under the terms of an employment
agreement or other agreement with a Grantee, to the extent of the Committee&rsquo;s authority under the Plan, including commitments
that limit the Committee&rsquo;s future discretion under the Plan, but in all cases subject to the provisions of Section&nbsp;9.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfunded
Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">A Grantee shall have no
right, title, or interest whatsoever in or to any specific assets of the Company, nor to any investments that the Company may make
to aid in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions,
shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Grantee, Beneficiary,
legal representative or any other person. To the extent that any person acquires a right to receive payments from the Company under
the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made
hereunder shall be paid from the general funds of the Company. The Company shall not be required to establish any special or separate
fund, or to segregate any assets, to assure payment of such amounts. The Plan is not intended to be subject to the Employee Retirement
Income Security Act of 1974, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Compensatory Plans and Arrangements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Nothing in the Plan shall
preclude any Grantee from participation in any other compensation or benefit plan of the Company or its Subsidiaries. The adoption
of the Plan and the grant of Awards hereunder shall not preclude the Company or any Subsidiary from paying any other compensation
apart from the Plan, including compensation for services or in respect of performance in a Performance Year for which an Award
has been made. If an Award to a Covered Executive may not be settled under the terms of the Plan, however (for example, because
the Covered Executive has not achieved the Performance Objective or because shareholders have not approved the Plan), neither the
Company nor a Subsidiary may pay any part of the Award to the Covered Executive outside the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duration,
Amendment and Termination of Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">After approval of the
Plan at the 2016 Annual Meeting of Shareholders, no Award may be granted in respect of any Performance Year commencing after December&nbsp;31,
2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Board may amend the
Plan from time to time (either retroactively or prospectively), and may suspend or terminate the Plan at any time, provided that
any such action shall be subject to shareholder approval if and to the extent required to ensure that compensation under the Plan
will qualify as Performance-Based Compensation, or as otherwise may be required under applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing
Law and Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>In General</U>. The Plan, Awards
granted hereunder, and actions taken in connection herewith shall be governed and construed in accordance with the laws of the
State of Ohio (regardless of the law that might otherwise govern under applicable Ohio principles of conflict of laws).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section 409A Compliance</U>.
To the extent applicable, it is intended that the Plan and all Awards hereunder comply with the requirements of Section 409A of
the Code, and the Plan and all Award agreements shall be interpreted and applied by the Committee in a manner consistent with this
intent in order to avoid the imposition of any additional tax under Section 409A of the Code. In the event that any provision of
the Plan or an Award agreement is determined by the Committee to not comply with the applicable requirements of Section 409A of
the Code, the Committee shall have authority to take such actions and to make such changes to the Plan or an Award agreement as
the Committee deems necessary to comply with such requirements, provided that no such action shall adversely affect any outstanding
Award without the consent of the affected Grantee. Notwithstanding the foregoing or anything elsewhere in the Plan or an Award
agreement to the contrary: (a) unless the Committee shall otherwise expressly provide, where applicable the term &ldquo;disability&rdquo;
shall have the meaning given to such term under Section 409A and the regulations and guidance issued thereunder with respect to
any Awards, and (b) if a Grantee is a &ldquo;specified employee&rdquo; as defined in Section 409A of the Code at the time of termination
of Service with respect to an Award, then solely to the extent necessary to avoid the imposition of any additional tax under Section
409A of the Code, the commencement of any payments or benefits under the Award shall be deferred until the date that is six months
following the Grantee&rsquo;s termination of Service (or such other period as required to comply with Section 409A).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign Jurisdictions</U>. The
Committee may adopt, amend and terminate such arrangements and grant such Awards, not inconsistent with the intent of the Plan,
as it may deem necessary or desirable to comply with any tax, securities, regulatory or other laws of other jurisdictions with
respect to Awards that may be subject to such laws. The terms and conditions of such Awards may vary from the terms and conditions
that would otherwise be required by the Plan solely to the extent the Committee deems necessary for such purpose. Moreover, the
Board may approve such supplements to or amendments, restatements or alternative versions of the Plan, not inconsistent with the
intent of the Plan, as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of the Plan
as in effect for any other purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>Section 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
Date</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Plan shall be effective
as of December 31, 2016; provided the Company&rsquo;s shareholders approve the Plan at the 2016 Annual Meeting of Shareholders.
In addition, the Board may determine to submit the Plan to shareholders for reapproval at such time, if any, as may be required
in order that compensation under the Plan shall qualify as Performance-Based Compensation.</P>



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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">STONERIDGE,
INC.<BR>
2016 LONG-TERM INCENTIVE PLAN</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Purpose; Definitions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The purpose of the Stoneridge, Inc. 2016 Long-Term
Incentive Plan (the &ldquo;LTIP&rdquo;) is to enable Stoneridge, Inc. (the &ldquo;Company&rdquo;) and its Subsidiaries (as defined
below) to attract, retain and reward key employees of the Company and of its Subsidiaries and to strengthen the mutuality of interests
between those employees and the Company&rsquo;s shareholders by offering such employees equity or equity-based incentives thereby
increasing their proprietary interest in the Company&rsquo;s business and enhancing their personal interest in the Company&rsquo;s
success.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">For purposes of the LTIP, the following terms
are defined as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Award&rdquo; </I>means
any award of Stock Options, Restricted Shares, Restricted Share Units, Performance Shares, Performance Share Units, Deferred Shares,
Share Purchase Rights, Share Appreciation Rights or Other Share-Based Awards under the LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<I>Board&rdquo; </I>means
the Board of Directors of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Cause</I>&rdquo;
means, unless <I>otherwise</I> provided by the Committee, (i) &ldquo;Cause&rdquo; as defined in any Individual Agreement to which
the participant is a party, or (ii) if there is no such Individual Agreement or if it does not define Cause:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;misappropriation of funds
from the Company or dishonesty in the course of fulfilling the participant&rsquo;s employment duties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conviction of a felony;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commission of a crime or
act or series of acts involving moral turpitude;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;commission of an act or series
of acts of dishonesty that are materially inimical to the best interests of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;breach of any material term
of an employment agreement, if any;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;willful and repeated failure
to perform the duties associated with the participant&rsquo;s position, which failure has not been cured within thirty (30) days
after the Company gives notice thereof to the participant; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;failure to cooperate with
any Company investigation or with any investigation, inquiry, hearing or similar proceedings by any governmental authority having
jurisdiction over the participant or the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Committee shall, unless otherwise provided in an
Individual Agreement with the participant, have the sole discretion to determine whether &ldquo;Cause&rdquo; exists, and its determination
shall be final.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Change in Control&rdquo;
</I>has the meaning set forth in Section 11(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Change in Control
Price</I>&rdquo; has the meaning set forth in Section 11(d).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Code</I>&rdquo; means
the Internal Revenue Code of 1986, as amended, and any lawful regulations or other lawful guidance promulgated thereunder. Whenever
a reference is made to a specific Code Section, such reference shall be deemed to include any successor Code Section having the
same or similar purpose.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Committee</I>&rdquo;
means the Committee referred to in Section 2 of the LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Company</I>&rdquo;
means Stoneridge, Inc., an Ohio corporation, or any successor corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Deferred Shares</I>&rdquo;
means an Award of the right to receive Shares at the end of a specified deferral period granted pursuant to Section 7.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Disability</I>&rdquo;
generally means a permanent and total disability as defined in Section 22(e)(3) of the Code. However, if Section 409A of the Code
applies, a special definition may be applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Exchange Act</I>&rdquo;
means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Fair Market Value</I>&rdquo;
means, as of a given date (in order of applicability): (i) the closing price of a Common Share on the principal exchange on which
the Common Shares are then trading, if any, on the day immediately prior to such date, or if Common Shares were not traded on the
day previous to such date, then on the next preceding trading day during which a sale occurred; or (ii) if Common Shares are not
traded on an exchange but are quoted on NASDAQ or a successor quotation system, (A) the last sale price (if Common Shares are then
listed as a National Market Issue under the NASD National Market System) or (B) if Common Shares are not then so listed, the mean
between the closing representative bid and asked prices for Common Shares on the day previous to such date as reported by NASDAQ
or such successor quotation system; or (iii) if Common Shares are not publicly traded on an exchange and not quoted on NASDAQ or
a successor quotation system, the mean between the closing bid and asked prices for Common Shares, on the day previous to such
date, as determined in good faith by the Committee; or (iv) if Common Shares are not publicly traded, the fair market value established
by the Committee acting in good faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Incentive Stock Option</I>&rdquo;
means any Stock Option intended to be and designated as, and that otherwise qualifies as, an &ldquo;Incentive Stock Option&rdquo;
within the meaning of Section 422 of the Code.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Individual Agreement</I>&rdquo;
means an employment or similar agreement between a participant and the Company or one of its Subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;LTIP&rdquo; means the
Stoneridge, Inc. 2016 Long-Term Incentive Plan, as amended from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Non-Employee Director</I>&rdquo;
has the meaning set forth in Section 16 of the Exchange Act, or any successor definition adopted by the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Non-Qualified Stock
Option</I>&rdquo; means any Stock Option that is not an Incentive Stock Option.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Other Share-Based
Awards</I>&rdquo; means an Award granted pursuant to Section&nbsp;11 that is valued, in whole or in part, by reference to, or is
otherwise based on, Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Outside Director</I>&rdquo;
has the meaning set forth in Section 162(m) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Performance Shares</I>&rdquo;
has the meaning set forth in Section 10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Performance Share
Units</I>&rdquo; has the meaning set forth in Section 10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Restricted Shares</I>&rdquo;
means an Award of Shares that is granted pursuant to Section 6 and is subject to restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Restricted Share
Units</I>&rdquo; means an Award of Restricted Share Units that is granted pursuant to Section 6 and is subject to restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Section 16 Participant</I>&rdquo;
means a participant under the LTIP who is then subject to Section 16 of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Shares</I>&rdquo;
means the Common Shares, without par value, of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Share Appreciation
Right</I>&rdquo; means an Award of a right to receive an amount from the Company that is granted pursuant to Section 9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&ldquo;Stock Option</I>&rdquo;
or &ldquo;<I>Option</I>&rdquo; means any option to purchase Shares (including Restricted Shares and Deferred Shares, if the Committee
so determines) that is granted pursuant to Section 5.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Share Purchase Right</I>&rdquo;
means an Award of the right to purchase Shares that is granted pursuant to Section 8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<I>Subsidiary</I>&rdquo;
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations
(other than the last corporation in the unbroken chain) owns stock possessing 50% or more of the total combined voting power of
all classes of stock in one of the other corporations in that chain. For purposes of Section 409A of the Code &ldquo;at least 50%&rdquo;
is to be used instead of &ldquo;at least 80%&rdquo; in applying the tests to determine whether a corporation is a service recipient.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Administration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The LTIP shall be administered by the Compensation
Committee of the Board or such other committee authorized by the Board to administer the LTIP (the &ldquo;Committee&rdquo;), or
absent the Committee, the full Board. The Committee shall consist of not less than three directors of the Company all of whom shall
be Outside Directors, Non-Employee Directors and Independent Directors (as defined by the listing standards of the NYSE if the
Company&rsquo;s Shares are traded on the New York Stock Exchange). Those directors shall be appointed by the Board and shall serve
as the Committee at the pleasure of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Committee shall have full power to interpret
and administer the LTIP and full authority to select the individuals to whom Awards will be granted and to determine the type and
amount of any Awards to be granted to each participant, the consideration, if any, to be paid for any Awards, the timing of any
Awards, the terms and conditions of any Award granted under the LTIP, and the terms and conditions of the related agreements that
will be entered into with participants. As to the selection of and grant of Awards to participants who are not executive officers
of the Company or any Subsidiary or Section 16 Participants, the Committee may delegate its responsibilities to members of the
Company&rsquo;s management in a manner consistent with applicable law and provided that such participant&rsquo;s compensation is
not subject to the limitations of Section 162(m) of the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Committee shall have the authority to
adopt, alter and repeal such rules, guidelines and practices governing the LTIP as it shall, from time to time, deem advisable;
to interpret the terms and provisions of the LTIP and any Award issued under the LTIP (and any agreements relating thereto); to
direct employees of the Company or other advisors to prepare such materials or perform such analyses as the Committee deems necessary
or appropriate; and otherwise to supervise the administration of the LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any interpretation or administration of the
LTIP by the Committee, and all actions and determinations of the Committee, shall be final, binding and conclusive on the Company,
its shareholders, Subsidiaries, affiliates, all participants in the LTIP, their respective legal representatives, successors and
assigns, and all persons claiming under or through any of them. No member of the Board or of the Committee shall incur any liability
for any action taken or omitted, or any determination made, in good faith in connection with the LTIP.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Shares Subject to the LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aggregate Shares Subject
to the LTIP</I>. Subject to adjustment as provided in Section 3(c), the total number of Shares reserved and available for Awards
under the LTIP is 1,800,000, pursuant to which the maximum number of Shares which may be issued subject to Incentive Stock Options
is 250,000. Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued shares or treasury shares.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Forfeiture or Termination
of Awards of Shares and Recycling</I>. If any Shares subject to any Award granted hereunder are forfeited or an Award otherwise
terminates or expires without the issuance of Shares, the Shares subject to that Award shall again be available for distribution
in connection with future Awards under the LTIP as set forth in Section 3(a), unless the participant who had been awarded those
forfeited Shares or the expired or terminated Award has theretofore received dividends or other benefits of ownership with respect
to those Shares. For purposes hereof, a participant shall not be deemed to have received a benefit of ownership with respect to
those Shares by the exercise of voting rights or the accumulation of dividends that are not realized because of the forfeiture
of those Shares or the expiration or termination of the related Award without issuance of those Shares. However, the following
Shares shall not be available for issuance under the LTIP: (i) Shares not issued due to a net settlement of a Stock Option or Share
Appreciation Right; (ii) Shares used to pay the exercise price or for withholding purposes such as for Stock Options or Stock Appreciation
Rights; (iii) Shares which the Company may repurchase on the open market with proceeds from a Stock Option exercise; (iv) Shares
delivered to the Company to satisfy withholding requirements for Restricted Shares; or (v) other Shares acquired or retained in
similar fashion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustment</I>. In the event
of any dividend (other than a regular cash dividend) or other distribution (whether in the form of cash, Shares, other securities,
or other property), recapitalization, reclassification, stock split, reverse stock split, reorganization, merger, consolidation,
acquisition, split-up, spinoff, combination, repurchase, liquidation, dissolution, or sale, transfer, exchange or other disposition
of all or substantially all of the assets of the Company, or exchange of Shares or other securities of the Company, issuance of
warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event
(an &ldquo;Event&rdquo;), and in the Committee&rsquo;s opinion, such Event affects the Shares such that an adjustment is determined
by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to
be made available under the LTIP or with respect to an Award, then the Committee shall, in such manner as it may deem equitable,
including, without limitation, adjust any or all of the following: (i) the number of Shares (or other securities or property) with
respect to which Awards may be granted or awarded; (ii) the number of Shares (or other securities or property) subject to outstanding
Awards; (iii) the grant or exercise price with respect to any Award; and (iv) the applicable limitations for grants to a participant
under Section 3. The Committee determination under this Section 3(c) shall be final, binding and conclusive. Any such adjustment
made to an Incentive Stock Option shall be made in accordance with Section 424(a) of the Code and any adjustment to any other Award
that is subject to Section 409A of the Code shall be made in accordance with Section&nbsp;409A of the Code, unless otherwise determined
by the Committee, in its sole discretion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Upon the occurrence of an Event
in which outstanding Awards are not to be assumed or otherwise continued following such an Event, the Committee may, in its discretion,
terminate any outstanding Award without a participant&rsquo;s consent and (i) provide for either the purchase of any such Award
for an amount of cash equal to the amount that could have been attained upon the exercise of such Award or realization of the participant&rsquo;s
rights had such Award been currently exercisable or payable or fully vested (or without any payment if the Fair Market Value of
one Share on the date of the Event is less than the per share exercise price of a Stock Option or Share Appreciation Right) or
the replacement of such Award with other rights or property selected by the Committee in its sole discretion and/or (ii) provide
that such Award shall be exercisable (whether or not vested) as to all shares covered thereby for at least 10 days prior to such
Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">The existence of the LTIP, Award
agreements and the Awards granted hereunder shall not affect or restrict in any way the right or power of the Company or the shareholders
of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company&rsquo;s capital
structure or its business, any merger or consolidation of the Company, any issue of stock or of options, warrants or rights to
purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Shares
or the rights thereof or which are convertible into or exchangeable for Shares, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Award Limit</I>.
No participant may be granted Stock Options, Share Appreciation Rights or other Awards, including any Performance Shares (whether
or not subject to Section 162(m) of the Code), under the LTIP with respect to an aggregate of more than 400,000 Shares (subject
to adjustment as provided in Section 3(c) hereof) during any one calendar year or with respect to the following (subject to adjustment
as provided in Section 3(c)) during any one calendar year:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, including Restricted
Share Units with performance criteria and goals and Performance Share Units - $1,500,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full value share awards (e.g.
Restricted Shares, Restricted Share Units, Performance Shares or Deferred Shares) &ndash; 400,000 Shares; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Options (Incentive
Stock Options and Non-Qualified Stock Options) and Share Appreciation Rights &ndash; 100,000 Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Eligibility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Grants may be made from time to time to those
officers and other key employees of the Company who are designated by the Committee in its sole and exclusive discretion. Eligible
persons may include, but shall not necessarily be limited to, officers and key employees of the Company and any Subsidiary; however,
Stock Options intended to qualify as Incentive Stock Options shall be granted only to eligible persons while actually employed
by the Company or a Subsidiary. The Committee may grant more than one Award to the same eligible person. No Award shall be granted
to any eligible person during any period of time when such eligible person is on a leave of absence.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Stock Options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant. </I>Stock Options
may be granted alone, in addition to or in tandem with other Awards granted under the LTIP or cash awards made outside the LTIP.
The Committee shall determine the individuals to whom, and the time or times at which, grants of Stock Options will be made, the
number of Shares purchasable under each Stock Option, and the other terms and conditions of the Stock Option in addition to those
set forth in Sections 5(b) and 5(c). Any Stock Option granted under the LTIP shall be in such form as the Committee may from time
to time approve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Stock Options granted under the
LTIP may be of two types which shall be indicated on their face: (i) Incentive Stock Options and (ii) Non-Qualified Stock Options.
Subject to Section 5(c) hereof, the Committee shall have the authority to grant to any participant Incentive Stock Options, Non-Qualified
Stock Options or both types of Stock Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms and Conditions</I>.
Options granted under the LTIP shall be evidenced by an agreement (&ldquo;Option Agreements&rdquo;), shall be subject to the following
terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the LTIP, as the
Committee shall deem desirable:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Option Price</I>. The
option price per share of Shares purchasable under a Non-Qualified Stock Option or an Incentive Stock Option shall be determined
by the Committee at the time of grant and shall be not less than 100% of the Fair Market Value of the Shares at the date of grant
(or, with respect to an Incentive Stock Option, 110% of the Fair Market Value of the Shares at the date of grant in the case of
a participant who at the date of grant owns Shares possessing more than 10% of the total combined voting power of all classes of
stock of the Company or its parent or Subsidiary corporations (as determined under Sections 424(d), (e) and (f) of the Code)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Option Term</I>. The term
of each Stock Option shall be determined by the Committee and may not exceed ten years from the date the Option is granted (or,
with respect to an Incentive Stock Options, five years in the case of a participant who at the date of grant owns Shares possessing
more than 10% of the total combined voting power of all classes of stock of the Company or its parent or Subsidiary corporations
(as determined under Sections 424(d), (e) and (f) of the Code)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exercise</I>. Stock Options
shall be exercisable at such time or times and shall be subject to such terms and conditions as shall be determined by the Committee
at grant; but, except as provided in Section 5(b)(6) and Section 11, unless otherwise determined by the Committee at or after grant,
no Stock Option shall be exercisable prior to one year following the date of grant. If any Stock Option is exercisable only in
installments or only after specified exercise dates, the Committee may waive, in whole or in part, such installment exercise provisions,
and may accelerate any exercise date or dates, at any time at or after grant based on such factors as the Committee shall determine,
in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Method of Exercise</I>.
Subject to any installment exercise provisions that apply with respect to any Stock Option, and the six-month and one day holding
period set forth in Section 5(b)(3), a Stock Option may be exercised in whole or in part, at any time during the Option period,
by the holder thereof giving to the Company written notice of exercise specifying the number of Shares to be purchased.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">That notice shall be accompanied
by payment in full of the Option price of the Shares for which the Option is exercised, in cash or mature Shares or by check or
such other instrument as the Committee may accept. The value of each such Share surrendered or withheld shall be 100% of the Fair
Market Value of the Shares on the date the option is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">No Shares shall be issued on an
exercise of an Option until full payment has been made. A participant shall not have rights to dividends or any other rights of
a shareholder with respect to any Shares subject to an Option unless and until the participant has given written notice of exercise,
has paid in full for those Shares, has given, if requested, the representation described in Section 15(a) and those Shares have
been issued to him.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Transferability of
Options</I>. No Stock Option shall be transferable by any participant other than by will or by the laws of descent and distribution
or pursuant to a qualified domestic relations order (as defined in the Code or the Employee Retirement Income Security Act of 1974,
as amended) except that, if so provided in the Option Agreement, the participant may transfer without consideration the Option,
other than an Incentive Stock Option, during the participant&rsquo;s lifetime to one or more members of the participant&rsquo;s
family, to one or more trusts for the benefit of one or more of the participant&rsquo;s family, or to a partnership or partnerships
of members of the participant&rsquo;s family, or to a charitable organization as defined in Section 501(c)(3) of the Code, provided
that the transfer would not result in the loss of any exemption under Rule 16b-3 of the Exchange Act with respect to any Option.
The transferee of an Option will be subject to all restrictions, terms and conditions applicable to the Option prior to its transfer,
except that the Option will not be further transferable by the transferee other than by will or by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination of Employment</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination by Death</I>.
Subject to Sections 5(b)(3) and 5(c), if any participant&rsquo;s employment with the Company or any Subsidiary terminates by reason
of death, any Stock Option held by that participant shall become immediately and automatically vested and exercisable. If termination
of a participant&rsquo;s employment is due to death, then any Stock Option held by that participant may thereafter be exercised
for a period of two years (or with respect to an Incentive Stock Option, for a period of one year) (or such other period as the
Committee may specify at grant) from the date of death. Notwithstanding the foregoing, in no event will any Stock Option be exercisable
after the expiration of the option period of such Option. The balance of the Stock Option shall be forfeited if not exercised within
two years (or one year with respect to Incentive Stock Options).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination by Reason
of Disability</I>. Subject to Sections 5(b)(3) and 5(c), if a participant&rsquo;s employment with the Company or any Subsidiary
terminates by reason of Disability, any Stock Option held by that participant shall become immediately and automatically vested
and exercisable. If termination of a participant&rsquo;s employment is due to Disability, then any Stock Option held by that participant
may thereafter be exercised by the participant or by the participant&rsquo;s duly authorized legal representative if the participant
is unable to exercise the Option as a result of the participant&rsquo;s Disability, for a period of two years (or with respect
to an Incentive Stock Option, for a period of one year) (or such other period as the Committee may specify at grant) from the date
of such termination of employment; and if the participant dies within that two-year period (or such other period as the Committee
may specify at or after grant), any unexercised Stock Option held by that participant shall thereafter be exercisable by the estate
of the participant (acting through its fiduciary) for the duration of the two-year period from the date of that termination of
employment. Notwithstanding the foregoing, in no event will any Stock Option be exercisable after the expiration of the option
period of such Option. The balance of the Stock Option shall be forfeited if not exercised within two years (or one year with respect
to Incentive Stock Options).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination for Cause</I>.
Unless otherwise determined by the Committee at or after the time of granting any Stock Option, if a participant&rsquo;s employment
with the Company or any Subsidiary terminates for Cause, any unvested Stock Options will be forfeited and terminated immediately
upon termination and any vested Stock Options held by that participant shall terminate 30 days after the date employment terminates.
Notwithstanding the foregoing, in no event will any Stock Option be exercisable after the expiration of the option period of such
Option. The balance of the Stock Option shall be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Termination</I>.
Unless otherwise determined by the Committee at or after the time of granting any Stock Option, if a participant&rsquo;s employment
with the Company or any Subsidiary terminates for any reason other than death, Disability or for Cause, all Stock Options held
by that participant shall thereupon terminate six months after the date employment terminates (or three months in the case of Incentive
Stock Options). Notwithstanding the foregoing, in no event will any Stock Option be exercisable after the expiration of the option
period of such Option. The balance of the Stock Option shall be forfeited.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Leave of Absence. </I>In
the event a participant is granted a leave of absence by the Company or any Subsidiary to enter military service or because of
sickness, the participant&rsquo;s employment with the Company or such Subsidiary will not be considered terminated, and the participant
shall be deemed an employee of the Company or such Subsidiary during such leave of absence or any extension thereof granted by
the Company or such Subsidiary. Notwithstanding the foregoing, in the case of an Incentive Stock Option, a leave of absence of
more than three months will be viewed as a termination of employment unless continued employment is guaranteed by contract or statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Incentive Stock Options</I>.
Notwithstanding Sections 5(b)(5) and (6), an Incentive Stock Option shall be exercisable by (i) a participant&rsquo;s authorized
legal representative (if the participant is unable to exercise the Incentive Stock Option as a result of the participant&rsquo;s
Disability) only if, and to the extent, permitted by Section 422 of the Code and (ii) by the participant&rsquo;s estate, in the
case of death, or authorized legal representative, in the case of Disability, no later than ten years from the date the Incentive
Stock Option was granted (in addition to any other restrictions or limitations that may apply). Anything in the LTIP to the contrary
notwithstanding, no term or provision of the LTIP relating to Incentive Stock Options shall be interpreted, amended or altered,
nor shall any discretion or authority granted under the LTIP be exercised, so as to disqualify the LTIP under Section 422 of the
Code, or, without the consent of the participants affected, to disqualify any Incentive Stock Option under such Section 422 or
any successor section thereto.</P>

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

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Restricted Shares and Restricted Share Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant</I>. Restricted Shares
may be issued alone, in addition to or in tandem with other Awards under the LTIP or cash awards made outside the LTIP. The Committee
shall determine the individuals to whom, and the time or times at which, grants of Restricted Shares will be made, the number of
Restricted Shares to be awarded to each participant, the price (if any) to be paid by the participant (subject to Section 6(b)),
the date or dates upon which Restricted Share Awards will vest and the period or periods within which those Restricted Share Awards
may be subject to forfeiture, and the other terms and conditions of those Awards in addition to those set forth in Section 6(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">The Committee may condition the vesting of Restricted
Shares upon the attainment of specified performance goals or such other factors as the Committee may determine in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms and Conditions</I>.
Restricted Shares awarded under the LTIP shall be subject to the following terms and conditions and such additional terms and conditions,
not inconsistent with the provisions of the LTIP, as the Committee shall deem desirable. A participant who receives a Restricted
Share Award shall not have any rights with respect to that Award, unless and until the participant has executed an agreement evidencing
the Award in the form approved from time to time by the Committee and has delivered a fully executed copy thereof to the Company,
and has otherwise complied with the applicable terms and conditions of that Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase price (if any)
for Restricted Shares shall be determined by the Committee at the time of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards of Restricted Shares
must be accepted by executing a Restricted Share Award agreement and paying the price (if any) that is required under Section 6(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine
in its discretion the manner of delivery of Restricted Shares subject to a Restricted Share Award. Such delivery may be in the
form of one or more Share certificates, an electronic account entry into a new or existing account, or any other means the Committee
in its discretion shall deem appropriate. If one or more physical certificates are issued, the certificate(s) shall be registered
in the name of the participant and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable
to the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Committee determines
that delivery should be in the form of one or more Share certificates, the Committee shall require that the stock certificates
evidencing such Restricted Shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that,
as a condition of any Restricted Share Award the participant shall have delivered to the Company a stock power, endorsed in blank,
relating to the Shares covered by that Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions
of this LTIP and the Restricted Share Award agreement, during a period set by the Committee commencing with the date of any Award
(the &ldquo;Restriction Period&rdquo;), the participant shall not be permitted to sell, transfer, pledge, assign or otherwise encumber
the Restricted Shares covered by that Award. The Restriction Period shall not be less than one year in duration (&ldquo;Minimum
Restriction Period&rdquo;) unless otherwise determined by the Committee at the time of grant. Subject to these limitations and
the Minimum Restriction Period requirements, the Committee, in its sole discretion, may provide for the lapse of such restrictions
in installments and may accelerate or waive such restrictions, in whole or in part, based on service, performance or such other
factors and criteria as the Committee may determine, in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this
Section 6(b)(6), Section 6(b)(5) and Section 6(b)(7) the participant shall have, with respect to the Restricted Shares awarded,
all of the rights of a shareholder of the Company, including the right to vote the Shares, and the right to receive any dividends.
The Committee, in its sole discretion, as determined at the time of an Award, may require the payment of cash dividends to be deferred
and subject to forfeiture and, if the Committee so determines, reinvested, subject to Section 15(f), in additional Restricted Shares
to the extent Shares are available under Section 3, or otherwise reinvested. Unless the Committee or Board determines otherwise,
Share dividends issued with respect to Restricted Shares shall be treated as additional Restricted Shares that are subject to the
same restrictions and other terms and conditions that apply to the Shares with respect to which such dividends are issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Restricted Shares shall
be transferable by a participant other than by will or by the laws of descent and distribution or pursuant to a qualified domestic
relations order (as defined in the Code or the Employee Retirement Income Security Act of 1974, as amended) except that, if so
provided in the Restricted Share Agreement, the participant may transfer without consideration the Restricted Shares during the
participant&rsquo;s lifetime to one or more members of the participant&rsquo;s family, to one or more trusts for the benefit of
one or more of the participant&rsquo;s family, to a partnership or partnerships of members of the participant&rsquo;s family, or
to a charitable organization as defined in Section 501(c)(3) of the Code, provided that the transfer would not result in the loss
of any exemption under Rule 16b-3 of the Exchange Act with respect to any Restricted Shares. The transferee of Restricted Shares
will be subject to all restrictions, terms and conditions applicable to the Restricted Shares prior to its transfer, except that
the Restricted Shares will not be further transferable by the transferee other than by will or by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined
by the Committee at or after the time of granting any Restricted Shares, if a participant&rsquo;s employment with the Company or
any Subsidiary terminates by reason of death, any Restricted Shares held by such participant shall thereupon vest and all restrictions
thereon shall lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined
by the Committee at or after the time of granting any Restricted Shares, if a participant&rsquo;s employment with the Company or
any Subsidiary terminates by reason of Disability, any Restricted Shares held by such participant shall thereupon vest and all
restrictions thereon shall lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Committee determines
otherwise at any time, in the event of the participant&rsquo;s termination of employment during the vesting period for a reason
other than due to death or Disability (and other than for Cause), then upon such termination, the amount of the participant&rsquo;s
Restricted Shares shall be adjusted. The revised Awards shall be determined by multiplying the amount of the Restricted Shares
by the number of months the participant worked at least one day during the respective vesting period divided by the number of months
in the vesting period, to be paid, if at all, at the same time and under the same terms that such outstanding Restricted Shares
would otherwise be paid; <I>provided, however,</I> if the participant is not retirement eligible and terminates employment voluntarily
during the vesting period for a grant of Restricted Shares, then such Award shall be cancelled upon such termination. A termination
shall be deemed to be voluntary if it is recorded as such on the records of the Company, as determined by the Company in its sole
discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Share Units</I>.
In lieu of or in addition to Restricted Shares, the Committee may grant Restricted Share Units under such terms and conditions
as shall be determined by the Committee. Restricted Share Units shall be subject to the same terms and conditions under this LTIP
as Restricted Shares except as otherwise provided in this LTIP or as otherwise provided by the Committee. Except as otherwise provided
by the Committee, a Restricted Share Unit Award shall be settled and pay out promptly upon vesting (to the extent permitted by
Section 409A of the Code), and the participant holding such Restricted Share Units shall receive, as determined by the Committee,
Shares equal to the number of such Restricted Share Units as to which restrictions lapse, or cash equal to the Fair Market Value
of the number of Shares underlying such Restricted Share Units as of the settlement date. Restricted Share Units shall not be transferable
and shall have no voting rights. If determined by the Committee, a dividend equivalent in an amount equal to the dividend payable
on one Share may be made to a participant for each Restricted Share Unit held by such participant on the record date for the dividend.
Such dividend equivalent, if any, shall only be paid on the number of Restricted Share Units actually distributed and such payment
shall be made when the related Restricted Share Units are distributed.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Deferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant</I>. Deferred Shares
may be awarded alone, in addition to or in tandem with other Awards granted under the LTIP or cash awards made outside the LTIP.
The Committee shall determine the individuals to whom, and the time or times at which, Deferred Shares shall be awarded, the number
of Deferred Shares to be awarded to any participant, the duration of the period (the &ldquo;Deferral Period&rdquo;) during which,
and the conditions under which, receipt of the Shares will be deferred, and the other terms and conditions of the Award in addition
to those set forth in Section 7(b).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">The Committee may condition the
grant of Deferred Shares upon the attainment of specified performance goals or such other factors as the Committee shall determine,
in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms and Conditions</I>.
Deferred Share Awards shall be subject to the following terms and conditions and shall contain such additional terms and conditions,
not inconsistent with the terms of the LTIP, as the Committee shall deem desirable:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase price for Deferred
Shares shall be determined at the time of grant by the Committee. Subject to the provisions of the LTIP and the Award agreement
referred to in Section 7(b)(8), Deferred Share Awards may not be sold, assigned, transferred, pledged or otherwise encumbered during
the Deferral Period. At the expiration of the Deferral Period (or the Elective Deferral Period referred to in Section 7(b)(7),
when applicable), stock certificates shall be delivered to the participant, or his legal representative, for the Shares covered
by the Deferred Share Award. The Deferral period applicable to any Deferred Share Award shall not be less than one year (&ldquo;Minimum
Deferral Period&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined
by the Committee at the time of grant, amounts equal to any dividends declared during the Deferral Period with respect to the number
of Shares covered by a Deferred Share Award will be paid to the participant currently, or deferred and deemed to be reinvested
in additional Deferred Shares, or otherwise reinvested, all as determined by the Committee, in its sole discretion, at the time
of the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Deferred Shares shall
be transferable by a participant other than by will or by the laws of descent and distribution or pursuant to a qualified domestic
relations order (as defined in the Code or the Employee Retirement Income Security Act of 1974, as amended) except that, if so
provided in the Deferred Shares Agreement, the participant may transfer without consideration the Deferred Shares during the participant&rsquo;s
lifetime to one or more members of the participant&rsquo;s family, to one or more trusts for the benefit of one or more of the
participant&rsquo;s family, to a partnership or partnerships of members of the participant&rsquo;s family, or to a charitable organization
as defined in Section 501(c)(3) of the Code, provided that the transfer would not result in the loss of any exemption under Rule
16b-3 of the Exchange Act with respect to any Deferred Shares. The transferee of Deferred Shares will be subject to all restrictions,
terms and conditions applicable to the Deferred Shares prior to its transfer, except that the Deferred Shares will not be further
transferable by the transferee other than by will or by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined
by the Committee at the time of granting any Deferred Shares, if a participant&rsquo;s employment by the Company or any Subsidiary
terminates by reason of death, any Deferred Shares held by that participant shall thereafter vest and any restrictions shall lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined
by the Committee at the time of granting any Deferred Shares, if a participant&rsquo;s employment by the Company or any Subsidiary
terminates by reason of Disability, any Deferred Shares held by that participant shall thereafter vest and any restrictions shall
lapse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined
by the Committee at the time of granting any Deferred Share Award, if a participant&rsquo;s employment by the Company or any Subsidiary
terminates for any reason other than death or Disability, all Deferred Shares held by such participant which are unvested or subject
to restriction shall thereupon be forfeited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A participant may elect to
further defer receipt of a Deferred Share Award (or an installment of an Award) for a specified period or until a specified event
(the &ldquo;Elective Deferral Period&rdquo;), subject in each case to the Committee&rsquo;s approval and the terms of this Section
7 and such other terms as are determined by the Committee, all in its sole discretion. Subject to any exceptions approved by the
Committee, such election may be made only if and to the extent permitted and in accordance with Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each such Award shall be
confirmed by, and subject to the terms of, a Deferred Share Award agreement evidencing the Award in the form approved from time
to time by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Share Purchase Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant</I>. Share Purchase
Rights may be granted alone, in addition to or in tandem with other Awards granted under the LTIP or cash awards made outside the
LTIP. The Committee shall determine the individuals to whom, and the time or times at which, grants of Share Purchase Rights will
be made, the number of Shares which may be purchased pursuant to the Share Purchase Rights, and the other terms and conditions
of the Share Purchase Rights in addition to those set forth in Section 8(b). The Shares subject to the Share Purchase Rights must
be purchased at the Fair Market Value of such Shares on the date of grant. Subject to Section 8(b) hereof, the Committee may also
impose such forfeiture or other terms and conditions as it shall determine, in its sole discretion, on such Share Purchase Rights
or the exercise thereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">Each Share Purchase Right Award
shall be confirmed by, and be subject to the terms of, a Share Purchase Rights Agreement which shall be in form approved by the
Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms and Conditions</I>.
Share Purchase Rights may contain such additional terms and conditions not inconsistent with the terms of the LTIP as the Committee
shall deem desirable and shall generally be exercisable for such period as shall be determined by the Committee. However, Share
Purchase Rights granted to Section 16 Participants shall not become exercisable earlier than one year after the grant date. Share
Purchase Rights shall not be transferable by a participant other than by will or by the laws of descent and distribution.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Share Appreciation Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant</I>. Share Appreciation
Rights may be granted in connection with all or any part of an Option. Share Appreciation Rights may be exercised in whole or in
part at such times under such conditions as may be specified by the Committee in the participant&rsquo;s Option Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms and Conditions</I>.
The following terms and conditions will apply to all Share Appreciation Rights that are granted in connection with Options:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rights</I>. Share Appreciation
Rights shall entitle the participant, upon exercise of all or any part of the Share Appreciation Rights, to surrender to the Company
unexercised, that portion of the underlying Option relating to the same number of Shares as is covered by the Share Appreciation
Rights (or the portion of the Share Appreciation Rights so exercised) and to receive in exchange from the Company an amount equal
to the excess of (x) the Fair Market Value, on the date of exercise, of the Shares covered by the surrendered portion of the underlying
Option over (y) the exercise price of the Shares covered by the surrendered portion of the underlying Option. The Committee may
limit the amount that the participant will be entitled to receive upon exercise of the Share Appreciation Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Surrender of Option</I>.
Upon the exercise of the Share Appreciation Right and surrender of the related portion of the underlying Option, the Option, to
the extent surrendered, will not thereafter be exercisable. The underlying Option may provide that such Share Appreciation Rights
will be payable solely in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exercise.</I> In addition
to any further conditions upon exercise that may be imposed by the Committee, the Share Appreciation Rights shall be exercisable
only to the extent that the related Option is exercisable, except that in no event will a Share Appreciation Right held by a Section
16 Participant be exercisable prior to one year after it is awarded even though the related Option is or becomes exercisable, and
each Share Appreciation Right will expire no later than the date on which the related Option expires. A Share Appreciation Right
may be exercised only at a time when the Fair Market Value of the Shares covered by the Share Appreciation Right exceeds the exercise
price of the Shares covered by the underlying Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Method of Exercise. </I>Share
Appreciation Rights may be exercised by the participant&rsquo;s giving written notice of the exercise to the Company, stating the
number of Share Appreciation Rights the participant has elected to exercise and surrendering the portion of the underlying Option
relating to the same number of Shares as the number of Share Appreciation Rights elected to be exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment. </I>The manner
in which the Company&rsquo;s obligation arising upon the exercise of the Share Appreciation Right will be paid will be determined
by the Committee and shall be set forth in the participant&rsquo;s Option Agreement. The Committee may provide for payment in Shares
or cash, or a fixed combination of Shares or cash, or the Committee may reserve the right to determine the manner of payment at
the time the Share Appreciation Right is exercised. Shares issued upon the exercise of a Share Appreciation Right will be valued
at their Fair Market Value on the date of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Performance Shares and Performance Share Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant</I>. Subject to the
terms of the LTIP, Performance Shares and Performance Share Units may be granted to eligible employees at any time and from time
to time, as determined by the Committee. Subject to Sections 3, 4 and 10(c), the Committee shall have complete discretion in determining
the number of Performance Shares and/or Performance Share Units awarded to each participant and the terms and conditions of each
such Award.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms and Conditions</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Performance Share or Performance
Share Unit is equivalent in value to a Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may denominate
a Performance Share Unit Award in dollars instead of Performance Share Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance Goals</I>. For
each Award of Performance Shares or Performance Share Units, the Committee shall establish performance goals for the Company, its
Subsidiaries, and/or divisions of any of foregoing, using the performance criteria. Unless previously canceled or reduced, Performance
Shares and Performance Share Units which may not be converted because of failure in whole or in part to satisfy the relevant performance
goals or for any other reason shall be canceled without further action by the Committee at the time they would otherwise be distributable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividend Equivalents on
Performance Shares</I>. If determined by the Committee, a dividend equivalent in an amount equal to the dividend payable on one
Share may be made to a participant for each Performance Share held by such participant on the record date for the dividend. Such
dividend equivalent, if any, shall only be paid on the number of Performance Shares actually distributed and such payment shall
be made when the related Performance Shares are distributed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Form and Timing of Payment
of Performance Shares and Performance Share Units</I>. As soon as practicable after the applicable performance period has ended
and all other conditions (other than Committee actions) to conversion and distribution of a Performance Share and/or Performance
Share Unit Award have been satisfied (or, if applicable, at such other time determined by the Committee at or before the establishment
of the performance goal), the Committee shall determine whether and the extent to which the Performance Goals were met for the
applicable Performance Shares and Performance Share Units and shall certify such results in a manner consistent with the provisions
of the performance-based compensation exception provisions of the Section 162(m) of the Code. If performance goals have been met,
then the number of Performance Shares and Performance Share Units to be converted into Shares and/or cash and distributed to the
participants shall be determined in accordance with the performance goals for such Awards, subject to any limits imposed by the
Committee. Payment of Performance Shares and Performance Share Units shall be made in a single lump sum in cash and/or Shares,
as soon as reasonably administratively possible following the determination of the number of Shares and/or amount of cash to which
the participant is entitled but not later than the 15<SUP>th</SUP> day of the third month following the end of the applicable performance
period. Performance Shares and Performance Share Units will be distributed to participants in the form of cash or Shares, or a
combination of cash and Shares, as determined by the Committee. At any time prior to the distribution of the Performance Shares
and/or Performance Share Units, unless otherwise provided by the Committee or prohibited by this LTIP (such as in the case of a
Change in Control), the Committee shall have the authority to reduce or eliminate the number of Performance Shares or Performance
Share Units to be converted and distributed or to cancel any part or all of a grant or award of Performance Shares or Performance
Share Units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">For the purpose of converting Performance
Shares into cash and distributing the same to the holders thereof (or for determining the amount of cash to be deferred), the value
of a Performance Share shall be the Fair Market Value of a Share on the date the Committee authorizes the payout of Awards. Performance
Shares to be distributed in the form of Shares will be converted at the rate of one (1) Share per Performance Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination of Employment
Due to Death or Disability</I>. In the event of the participant&rsquo;s termination of employment by reason of death or Disability
during a performance period, the participant shall receive a lump sum payout, in cash and/or Shares as determined by the Committee,
of the related outstanding Performance Shares and Performance Share Units calculated as if all unfinished performance periods had
ended with one hundred percent (100%) of the performance goals achieved at target level, valued as of the first business day of
the calendar year following the date of termination of employment and payable as soon thereafter as reasonably possible but not
later than the 15th&nbsp;day of the third month after the end of the calendar year in which such death or Disability occurred.
Where the amount or part of dividend equivalents is determined by the number of Performance Shares that are paid out or is otherwise
determined by a performance measure, and the related performance period for the dividend equivalents was not completed at death
or Disability, then the dividend equivalents will be calculated as though one hundred percent (100%) of the goals were achieved
at target level and paid as soon as reasonably possible.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination of Employment
for Other than Death or Disability</I>. Unless the Committee determines otherwise at any time, in the event of the participant&rsquo;s
termination of employment during the performance period for a reason other than due to death or Disability (and other than for
Cause), then upon such termination, the amount of the Participant&rsquo;s Performance Shares and number of Performance Share Units
shall be adjusted. The revised Awards shall be determined by multiplying the amount of the Performance Shares and the number of
Performance Share Units, as applicable, by the number of months the participant worked at least one day during the respective performance
period divided by the number of months in the performance period, to be paid, if at all, at the same time and under the same terms
that such outstanding Performance Shares or Performance Share Units would otherwise be paid; <I>provided, however,</I> if the participant
is not retirement eligible and terminates employment voluntarily during the Performance Period for a grant of Performance Shares
or Performance Share Units, then such Award shall be cancelled upon such termination. A termination shall be deemed to be voluntary
if it is recorded as such on the records of the Company, as determined by the Company in its sole discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Termination of Employment
for Cause</I>. In the event of the termination of employment of a participant by the Company for Cause, all Performance Shares
and Performance Share Units shall be forfeited by the participant to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-transferability</I>.
Performance Shares and Performance Share Units may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Other Share-Based Awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Grant</I>. Other Awards
of Shares and other Awards that are valued, in whole or in part, by reference to, or are otherwise based on, Shares, including,
without limitation, performance shares, phantom shares or units, convertible preferred shares, convertible debentures, exchangeable
securities, and Share Awards or options valued by reference to Book Value or subsidiary performance, may be granted alone, in addition
to or in tandem with other Awards granted under the LTIP or cash awards made outside of the LTIP.</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">At the time the Shares or Other
Share-Based Awards are granted, the Committee shall determine the individuals to whom and the time or times at which such Shares
or Other Share-Based Awards shall be awarded, the number of Shares to be used in computing an Award or which are to be awarded
pursuant to such Awards, the consideration, if any, to be paid for such Shares or Other Share-Based Awards, and all other terms
and conditions of the Awards in addition to those set forth in Section 11(b). The Committee will also have the right, at its sole
discretion, to settle such Awards in Shares, Restricted Shares or cash in an amount equal to then current value of the Shares or
Other Share-Based Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Terms and Conditions</I>.
Other Share-Based Awards shall be subject to the following terms and conditions and shall contain such additional terms and conditions,
not inconsistent with the terms of the LTIP, as the Committee shall deem desirable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions
of this LTIP and the Award agreement referred to in Section 11(b)(5) below, Shares awarded or subject to Awards made under this
Section 10 may not be sold, assigned, transferred, pledged or otherwise encumbered prior to the date on which the Shares are issued,
or, if later, the date on which any applicable restriction, performance, holding or deferral period or requirement is satisfied
or lapses. All Shares or Other Share-Based Awards granted under this Section 11 shall be subject to a minimum holding period (including
any applicable restriction, performance and/or deferral periods ) of one year (&ldquo;Minimum Holding Period&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions
of this LTIP and the Award agreement and unless otherwise determined by the Committee at the time of grant, the recipient of an
Other Share-Based Award shall be entitled to receive, currently, interest or dividends with respect to the number of Shares covered
by the Award, as determined at the time of the Award 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Minimum Holding
Period, any Other Share-Based Award and any Shares covered by any such Award shall vest or be forfeited to the extent, at the times
and subject to the conditions, if any, provided in the Award agreement, as determined by the Committee, in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of the participant&rsquo;s
Disability or death, or in cases of special circumstances, the Committee may, in its sole discretion, waive, in whole or in part,
any or all of the remaining limitations imposed hereunder or under any related Award agreement (if any) with respect to any part
or all of any Award under this Section 11, provided that the Minimum Holding Period requirement may not be waived, except in case
of a participant&rsquo;s death.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Award shall be confirmed
by, and subject to the terms of, an agreement or other instrument evidencing the Award in the form approved from time to time by
the Committee, the Company and the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares (including securities
convertible into Shares) issued on a bonus basis under this Section 11 shall be issued for no cash consideration. Shares (including
securities convertible into Shares) purchased pursuant to a purchase right awarded under this Section 11 shall bear a price of
at the Fair Market Value of the Shares on the date of grant. The purchase price of such Shares, and of any Other Share-Based Award
granted hereunder, or the formula by which such price is to be determined, shall be fixed by the Committee at the time of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that any &ldquo;derivative
security, &ldquo; as defined in Rule 16a-1(c) (or any successor thereof) promulgated by the Securities and Exchange Commission
under Section 16 of the Exchange Act, is awarded pursuant to this Section 11 to any Section 16 Participant, such derivative security
shall not be transferable other than by will or by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Change In Control Provision.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Impact of Event</I>. Unless
otherwise provided in an Award agreement, following the effective date of a Change in Control as defined in Section 12(b) in which
outstanding Awards are not terminated in accordance with Section 3(c) of the LTIP and are assumed or substituted for by the successor
company (or in which the Company is the ultimate parent corporation and continues the Award), if a participant&rsquo;s continuous
service with such successor company (or the Company) or a subsidiary thereof terminates within 24 months following such Change
in Control (or such other period set forth in the Award agreement, including prior thereto if applicable) and under the circumstances
specified in the Award agreement, the following shall apply:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Stock Options awarded
under the LTIP not previously exercisable and vested shall become fully exercisable and vested upon either: (i) the involuntary
termination of employment of the participant by the Company other than for Cause or (ii) the voluntary termination of employment
by the participant for a Good Reason;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Share Appreciation Rights
shall become immediately exercisable upon either: (i) the involuntary termination of employment of the participant by the Company
other than for Cause or (ii) the voluntary termination of employment by the participant for a Good Reason;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The restrictions applicable
to any Restricted Shares or Restricted Share Units, Performance Shares or Performance Share Units, Deferred Shares, Share Purchase
Rights and Other Share-Based Awards shall lapse and such Shares and Awards shall be deemed fully vested upon either: (i) the involuntary
termination of employment of the participant by the Company other than for Cause or (ii) the voluntary termination of employment
by the participant for a Good Reason; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined
by the Committee, the payout of Performance Shares and Performance Share Units shall be determined exclusively by the attainment
of the Performance Goals established by the Committee, which may not be modified after the Change in Control, and the Company shall
not have the right to reduce the Awards after the Change in Control for any other reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision
of this Section 12(a) to the contrary, any Award which is subject to Section 409A of the Code shall be settled in accordance with
the terms of the grant without regard to the Change in Control unless the Change in Control also constitutes a &ldquo;change in
control event&rdquo; within the meaning of Section 409A of the Code and such termination of employment occurs within two years
after such Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition of Change in
Control</I>. For purposes of Section 12(a), a &ldquo;Change in Control&rdquo; means the occurrence of any of the following: (i)
the Board or shareholders of the Company approve a consolidation or merger that results in the shareholders of the Company immediately
prior to the transaction giving rise to the consolidation or merger owning less than 50% of the total combined voting power of
all classes of stock entitled to vote of the surviving entity immediately after the consummation of the transaction giving rise
to the merger or consolidation; (ii) the Board or shareholders of the Company approve the sale of substantially all of the assets
of the Company or the liquidation or dissolution of the Company; (iii) any person or other entity (other than the Company or a
Subsidiary or any Company employee benefit plan (including any trustee of any such plan acting in its capacity as trustee)) purchases
any Shares (or securities convertible into Shares) pursuant to a tender or exchange offer without the prior consent of the Board,
or becomes the beneficial owner of securities of the Company representing 35% or more of the voting power of the Company&rsquo;s
outstanding securities; or (iv) during any two-year period, individuals who at the beginning of such period constitute the entire
Board cease to constitute a majority of the Board, unless the election or the nomination for election of each new director is approved
by at least two-thirds of the directors then still in office who were directors at the beginning of that period. For purposes of
Awards subject to Section 409A of the Code, Change in Control means a Change in Control as defined above which is also a &ldquo;change
in control event&rdquo; within the meaning of such Section 409A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Definition of Good Reason</I>.
For purposes of Section 12(a), a participant will be considered to have terminated employment for &ldquo;Good Reason&rdquo; if
such termination is due to any one or more of the following listed conditions (with each occurrence of such a condition being considered
a separate Good Reason) within two years following a Change in Control provided that the participant terminates employment within
two years following the initial occurrence of such condition and provided further that the participant provides notice to the Company
of such condition within 90 days following the initial occurrence of such condition and gives the Company at least 30 days to cure
such condition:</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A material diminution in
the participant&rsquo;s base compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A material diminution in
the participant&rsquo;s authority, duties, or responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A material diminution in
the authority, duties, or responsibilities of the supervisor to whom the participant is required to report, including a requirement
that a participant report to a corporate officer or employee instead of reporting directly to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A material diminution in
the budget over which the participant retains authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A material change in the
geographic location at which the participant must perform the services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other action or inaction
that constitutes a material breach by the Company of the agreement under which the participant provides services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Form and Timing of Payment Under Awards; Deferrals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the terms of the LTIP and any applicable
Award agreement (as may be amended pursuant to Section 14 hereof), payments to be made by the Company or a Subsidiary upon the
exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee shall determine, including,
without limitation, cash, Shares, other Awards or other property, and may be made in a single payment or transfer or in installments;
provided, however, that settlement in other than Shares must be authorized by the applicable Award agreement. The settlement of
any Award may be accelerated and cash paid in lieu of Shares in connection with such settlement; provided, however, that settlement
in cash must be authorized by the applicable Award agreement. The acceleration of any Award that does not result in a cash settlement
must also be authorized by the applicable Award agreement. If and to the extent permitted by and in accordance with Section 409A
of the Code, installment or deferred payments may be required by the Committee or permitted at the election of the participant
on terms and conditions approved by the Committee, including without limitation the ability to defer awards pursuant to any deferred
compensation plan maintained by the Company, a Subsidiary. Payments may include, without limitation, provisions for the payment
or crediting of a reasonable interest rate on installment or deferred payments or other amounts in respect of installment or deferred
payments denominated in Shares.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Reimbursement of Company for Unearned or Ill-Gotten Gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Regardless of any other provisions of this
LTIP or of any Award agreement, and to the extent permitted by applicable law, if the Company is required to prepare an accounting
restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws,
the Committee shall apply the Company&rsquo;s Clawback Policy as in effect at the time of such restatement to Awards under the
LTIP.</P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Amendments and Termination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Board may at any time, in its sole discretion,
amend, alter or discontinue the LTIP, but no such amendment, alteration or discontinuation shall be made that would (i) impair
the rights of a participant under an Award theretofore granted, without the participant&rsquo;s consent, or (ii) require shareholder
approval under any applicable law, rule, regulation or listing standard of an exchange or market on which the Shares are listed
and/or traded, unless such shareholder approval is received. The Company shall submit to the shareholders of the Company for their
approval any amendments to the LTIP which are required by Section 16 of the Exchange Act or the rules and regulations thereunder,
or Section 162(m) of the Code, or the listing standards of an exchange or market on which the Shares are listed and/or traded to
be approved by the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Committee may at any time, in its sole
discretion, amend the terms of any Award, but no such amendment shall be made that would impair the rights of a participant under
an Award theretofore granted, without the participant&rsquo;s consent; nor shall any such amendment be made which would make the
applicable exemptions provided by Rule 16b-3 under the Exchange Act unavailable to any Section 16 Participant holding the Award
without the participant&rsquo;s consent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Subject to the above provisions, the Board
shall have all necessary authority to amend the LTIP to clarify any provision or to take into account changes in applicable securities
and tax laws and accounting rules, as well as other developments.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Unfunded Status of LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The LTIP is intended to constitute an &ldquo;unfunded&rdquo;
plan for incentive and deferred compensation. With respect to any payments not yet made to a participant by the Company, nothing
contained herein shall give that participant any rights that are greater than those of a general creditor of the Company. The adoption
of the LTIP and any reservation of Shares or cash amounts by the Company to discharge its obligations hereunder shall not be deemed
to create a trust or other funded arrangement. Neither a participant nor the participant&rsquo;s permitted transferees or estate
shall have any other interest in any assets of the Company by virtue of the LTIP. Notwithstanding the foregoing, the Company shall
have the right to implement or set aside funds in a grantor trust, subject to the claims of the Company&rsquo;s creditors or otherwise,
to discharge its obligations under the LTIP.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>General Provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Participant Representation</I>.
The Committee may require each participant acquiring Shares pursuant to an Award under the LTIP to represent to and agree with
the Company in writing that the participant is acquiring the Shares without a view to distribution thereof. The certificates for
any such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">All Shares or other securities delivered
under the LTIP shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the
rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Shares are
then listed, and any applicable federal or state securities laws, and the Committee may cause a legend or legends to be put on
any certificates for those Shares to make appropriate reference to such restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Arrangements</I>.
Nothing contained in this LTIP shall prevent the Board from adopting other or additional compensation arrangements, subject to
shareholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only
in specific cases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No Right to Employment</I>.
Neither the adoption of the LTIP, nor its operation, nor any document describing, implementing or referring to the LTIP, or any
part thereof, shall confer upon any participant under the LTIP any right to continue in the employ, or as a director, of the Company
or any Subsidiary, or shall in any way affect the right and power of the Company or any Subsidiary to terminate the employment,
or service as a director, of any participant under the LTIP at any time with or without assigning a reason therefor, to the same
extent as the Company or any Subsidiary might have done if the LTIP had not been adopted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Transfers</I>. For purposes
of this LTIP, a transfer of a participant between the Company and its Subsidiaries shall not be deemed a termination of employment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Taxes</I>. No later than
the date as of which an amount first becomes includable in the gross income of the participant for federal income tax purposes
with respect to any award under the LTIP, the participant shall pay to the Company, or make arrangements satisfactory to the Committee
regarding the payment of, any federal, state or local taxes or other items of any kind required by law to be withheld with respect
to that amount. Subject to the following sentence, unless otherwise determined by the Committee, withholding obligations may be
settled with Shares, including unrestricted Shares previously owned by the participant or Shares that are part of the Award that
gives rise to the withholding requirement. Notwithstanding the foregoing, any right by a Section 16 Participant to elect to settle
any tax withholding obligation with Shares that are part of an Award must be set forth in the agreement evidencing the Award or
be approved by the Committee, in its sole discretion. The obligations of the Company under the LTIP shall be conditional on those
payments or arrangements and the Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise payable to the participant. Shares withheld by, or otherwise remitted to, the
Company to satisfy a participant&rsquo;s tax withholding obligations upon the lapse of restrictions on Restricted Shares or the
exercise of Options or Share Appreciation Rights granted under the LTIP or upon any other payment or issuance of shares under the
LTIP will not be available for the use of new awards under the LTIP.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adequacy of Shares</I>.
The actual or deemed reinvestment of dividends in additional Restricted Shares (or in Deferred Shares or other types of Awards)
at the time of any dividend payment shall be permissible only if sufficient Shares are available under Section 3 for such reinvestment
(taking into account then outstanding Stock Options, Share Purchase Rights and other LTIP Awards).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governing Law</I>. The LTIP,
all Awards made and actions taken thereunder and any agreements relating thereto shall be governed by and construed in accordance
with the laws of the State of Ohio.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Plan Controls</I>. All agreements
entered into with participants pursuant to the LTIP shall be subject to the LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Awards May Vary</I>. The
provisions of Awards need not be the same with respect to each participant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section 409A of the Code</I>.
In the event that an Award granted pursuant to the LTIP shall constitute &ldquo;non-qualified deferred compensation&rdquo; within
the meaning of Section 409A of the Code, the terms of the LTIP as they apply to such Award shall be interpreted to comply with
Section 409A of the Code. To the extent that an Award which is subject to Section 409A shall be payable to a participant who is
a &ldquo;specified employee&rdquo; on account of his &ldquo;separation from service&rdquo; as such terms are defined in Section
409A, such payment shall not occur until the date which is six (6) months and one (1) day after the participant&rsquo;s separation
from service. To the extent applicable, it is intended that the LTIP and all Awards hereunder comply with the requirements of Section
409A of the Code, and the LTIP and all Award agreements shall be interpreted and applied by the Committee in a manner consistent
with this intent in order to avoid the imposition of any additional tax under Section 409A of the Code. In the event that any provision
of the LTIP or an Award agreement is determined by the Committee to not comply with the applicable requirements of Section 409A
of the Code, the Committee shall have the authority to take such actions and to make such changes to the LTIP or an Award agreement
as the Committee deems necessary to comply with such requirements, provided that no such action shall adversely affect any outstanding
Award without the consent of the affected participant. Notwithstanding the foregoing or anything elsewhere in the LTIP or an Award
agreement to the contrary unless the Committee shall otherwise expressly provide, if Section 409A applies the term &ldquo;disability&rdquo;
shall have the meaning given to such term under Section 409A and the regulations and guidance issued thereunder. The Company makes
no guarantee concerning tax treatment and the participant will be solely responsible for any taxes incurred.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Jurisdictions</I>.
The Committee may adopt, amend and terminate such arrangements and grant such Awards, not inconsistent with the intent of the LTIP,
as it may deem necessary or desirable to comply with any tax, securities, regulatory or other laws of other jurisdictions with
respect to Awards that may be subject to such laws. The terms and conditions of such Awards may vary from the terms and conditions
that would otherwise be required by the LTIP solely to the extent the Committee deems necessary for such purpose. Moreover, the
Board may approve such supplements to or amendments, restatements or alternative versions of the LTIP, not inconsistent with the
intent of the LTIP, as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of the LTIP
as in effect for any other purpose.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Substitute Awards in Corporate
Transactions</I>. Nothing contained in the LTIP shall be construed to limit the right of the Committee to grant Awards under the
LTIP in connection with the acquisition, whether by purchase, merger, consolidation or other corporate transaction, of the business
or assets of any corporation or other entity. Without limiting the foregoing, the Committee may grant Awards under the LTIP to
an employee or director of another corporation who becomes an eligible person pursuant to Section 4 of the LTIP by reason of any
such corporate transaction in substitution for awards previously granted by such corporation or entity to such person. The terms
and conditions of the substitute Awards may vary from the terms and conditions that would otherwise be required by the LTIP solely
to the extent the Committee deems necessary for such purpose. Unless otherwise determined by the Committee, such substitute Award
shall not be deemed to deplete the number of Shares available for Awards pursuant to Section 3 nor reduce the number of Shares
under the term of the Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Performance Objectives and
Business Criteria</I>. For purposes of Restricted Shares, Restricted Share Units, Performance Shares, Performance Share Units,
Deferred Shares, Share Purchase Rights, Share Appreciation Rights and Other Share-Based Awards granted pursuant to the LTIP that
are intended to qualify as &ldquo;performance-based&rdquo; compensation under Section 162(m) of the Code and for which establishment
of performance objectives is appropriate, the performance objectives shall be based on the performance of the Company, one or more
of its Subsidiaries or affiliates, one or more of its units or divisions and/or the individual over the term of the award period
designed by the Committee. The Committee may use one or more of the following business (or substantially similar) criteria to establish
performance objectives for each participant: increase in net sales; pretax income before allocation of corporate overhead and bonus;
operating profit; net working capital; earnings per share; net income; revenue growth; attainment of division, group or corporate
financial goals; return on shareholders&rsquo; equity; return on assets; other return measures (including, but not limited to,
return on capital, invested capital, or average equity); cash flow (including, but not limited to, operating cash flow, free cash
flow, cash generation, cash flow return on equity, and cash flow return on investment); capital and liquidity ratios; attainment
of strategic and operational initiatives; attainment of one or more specific and measurable individual strategic goals; appreciation
in or maintenance of the price of the Company&rsquo;s common shares; increase in market share; gross profits; total return to shareholders;
earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; comparisons with various stock
market indices or peer performance; or achievement of safety, succession planning; sustainability, Share price or talent development
objectives or reductions in labor or material costs. The performance objective for any participant shall be sufficiently specific
that a third party having knowledge of the relevant facts could determine whether the objective is met; and the outcome under the
performance objective shall be substantially uncertain when the Committee establishes the objective. Performance objectives may
include or exclude losses from discontinued operations, restatements and accounting changes and other unplanned special charges
such as restructuring expenses, acquisitions, acquisition expenses, including expenses related to goodwill and other intangible
assets, share offerings and share repurchases, provided that in the case of an Award intended to qualify for the exemption from
the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C) of the Code, such
inclusion or exclusion shall be made in compliance with Section 162(m) of the Code. The Committee may modify, amend or otherwise
adjust the performance objectives specified for outstanding performance-based Award if it determines that an adjustment would be
consistent with the objectives of the LTIP and taking into account the interests of the participants and the Company&rsquo;s shareholders
and such adjustment complies with the requirements of Section 162(m) of the Code, to the extent applicable, unless the Committee
indicates a contrary intention. The types of events which could cause an adjustment in the performance objectives include, without
limitation, accounting changes which substantially affect the determination of performance objectives, changes in applicable laws
or regulations which affect the performance objectives, and divisive corporate reorganizations, including spin-offs and other distributions
of property or capital stock.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Shareholder Approval; Effective Date of LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This 2016 Long-Term Incentive Plan was adopted
by the Board of Directors on March 28, 2016, and is subject to the approval by the holders of the Company&rsquo;s outstanding Shares,
in accordance with applicable law and the listing standards of the New York Stock Exchange. This 2016 Long-Term Incentive Plan
will become effective on the date of such shareholder approval.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="text-transform: uppercase">SECTION
19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Term of LTIP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No Award shall be granted pursuant to the
LTIP on or after May 10, 2026, but Awards granted prior to such date may extend beyond that date.</P>

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



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

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