<SEC-DOCUMENT>0001213900-20-009183.txt : 20200414
<SEC-HEADER>0001213900-20-009183.hdr.sgml : 20200414
<ACCEPTANCE-DATETIME>20200414170246
ACCESSION NUMBER:		0001213900-20-009183
CONFORMED SUBMISSION TYPE:	DEFC14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200414
DATE AS OF CHANGE:		20200414
EFFECTIVENESS DATE:		20200414

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYNALLOY CORP
		CENTRAL INDEX KEY:			0000095953
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				570426694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05200
		FILM NUMBER:		20791842

	BUSINESS ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		864-585-3605

	MAIL ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKMAN UHLER INDUSTRIES INC
		DATE OF NAME CHANGE:	19710510

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYNALLOY CORP
		CENTRAL INDEX KEY:			0000095953
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				570426694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A

	BUSINESS ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		864-585-3605

	MAIL ADDRESS:	
		STREET 1:		4510 COX ROAD
		STREET 2:		SUITE 201
		CITY:			RICHMOND
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKMAN UHLER INDUSTRIES INC
		DATE OF NAME CHANGE:	19710510
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFC14A
<SEQUENCE>1
<FILENAME>ea0120590-defc14a_synalloy.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>United States<BR>
Securities and Exchange Commission</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> Proxy Statement Pursuant to Section 14(a)<BR>
of the Securities Exchange Act of 1934 (Amendment No. ) </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.5in">Filed by the Registrant &#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.5in">Filed by a Party other than the Registrant &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.5in">Check the appropriate box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9744; </TD><TD STYLE="text-align: justify"> Preliminary
                                         Proxy Statement </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as permitted
by Rule 14a-6(e)(2))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9746; </TD><TD STYLE="text-align: justify"> Definitive
                                         Proxy Statement </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Soliciting Material Under Rule 14a-12</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)<BR></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.5in">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9746;</TD><TD STYLE="text-align: justify">No fee required</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules
14a-6(i)(4) and 0-11.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction
applies: _____</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction
applies: _____</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which&nbsp;the filing fee is calculated and state how it
was determined):</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">4.</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction: _____</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">5.</TD><TD STYLE="text-align: justify">Total fee paid:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9744;</TD><TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided
by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 55%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 88%">Amount Previously Paid:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 9%">_____</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Form Schedule or Registration Statement No.:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">_____</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Filing Party:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">_____</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Date Filed:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">_____</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4510 COX ROAD, SUITE 201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RICHMOND, VA 23060</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MESSAGE FROM THE BOARD OF DIRECTORS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> You are cordially
invited to attend the 2020 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;) of Synalloy Corporation, a Delaware
corporation (the &ldquo;Company&rdquo;), which is scheduled to be held at its headquarters at 4510 Cox Road, Suite 201, Richmond, VA 23060
on June 30, 2020 at 9:00 a.m. ET, and any adjournments or postponements. Shareholders of the Company at the close of business
on May 19, 2020 are entitled to notice of, and to vote at, the Annual Meeting. Details of the business to be conducted at the
Annual Meeting are given in the accompanying Notice of Annual Meeting of Shareholders and Proxy Statement. The Proxy Statement
was first made available to our shareholders on or about April 14, 2020. You should also have received a <B>BLUE</B> Proxy Card
or voting instruction form and postage-paid return envelope, which are being solicited on behalf of our Board of Directors (the
&ldquo;Board&rdquo;). </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Your vote will be especially
important at the Annual Meeting. As you may know, Privet Fund LP, UPG Enterprises LLC and certain of their respective affiliates
(collectively, the &ldquo;Dissident Group&rdquo;) have notified the Company that they&nbsp;intend to&nbsp;nominate five candidates
to the Board&nbsp;for election as directors at the Annual Meeting. Once elected, the Dissident Group&rsquo;s nominees would constitute
a majority of the Board. The Board does <B>NOT</B> endorse the election of any of the Dissident Group&rsquo;s nominees and strongly
urges you <B>NOT</B> to sign or return any proxy card sent to you by the Dissident Group. If you have previously submitted a white
proxy card sent to you by the Dissident Group, you can revoke that proxy and have your shares voted for our Board&rsquo;s nominees
and on the other matters to be voted on at the Annual Meeting by completing, signing, dating and returning the enclosed <B>BLUE</B>
Proxy Card or by following the instructions provided on the <B>BLUE</B> Proxy Card to submit a proxy over the Internet or by telephone
or by attending the Annual Meeting and voting your shares in person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We are confident that our
slate of Board nominees has the right mix of professional achievement, skills, experiences and reputations that qualify each of
the Company&rsquo;s nominees to serve as a shareholder representative overseeing the management of the Company. We are committed
to engaging with our shareholders and continuing to respond to shareholder concerns about the Company, and we believe we are in
the best position to oversee the execution of our long-term strategic plan to grow and realize shareholder value. The Board unanimously
recommends that you vote &ldquo;<B>FOR&rdquo;</B> the election of Messrs. Craig C. Bram, Anthony A. Callander, Henry L. Guy, Jeffrey
Kaczka, James W. Terry, Jr., and Murray H. Wright and Mses. Susan S. Gayner and Amy J. Michtich.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">After reading the Notice
of Annual Meeting of Shareholders and the proxy statement, please mark your votes on the accompanying <B>BLUE</B> Proxy Card or
voting instruction form, sign it and promptly return it in the accompanying postage-paid envelope. You may also vote by Internet
or telephone as instructed in the proxy statement or on the <B>BLUE</B> Proxy Card or voting instruction form. Please vote by whichever
method is most convenient for you to ensure that your shares are represented at the Annual Meeting.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You may receive proxy solicitation
materials from the Dissident Group, including proxy statements and proxy cards. The Board recommends that you disregard them. We
are not responsible for the accuracy of any information provided by or relating to the Dissident Group or the nominees contained
in any proxy solicitation materials filed or disseminated by, or on behalf of, the Dissident Group or any other statements that
the Dissident Group or its representatives have made or may otherwise make. The Board, including all of its independent directors,
strongly urges you <B>NOT</B> to sign or return any proxy card sent to you by or on behalf of the Dissident Group. Signing, dating
and returning any proxy card that the Dissident Group, or any of its affiliates may send to you, even with instructions to vote
&ldquo;withhold&rdquo; with respect to the Dissident Group&rsquo;s nominees, will cancel any proxy you may have previously submitted
to have your shares voted for the Board&rsquo;s nominees on a <B>BLUE</B> Proxy Card, as only your latest proxy card or voting
instruction form will be counted. Again, if you have previously submitted a white proxy card sent to you by or on behalf of the
Dissident Group, you can revoke that proxy and vote for your Board&rsquo;s nominees and on the other matters to be voted on at
the Annual Meeting by using the enclosed <B>BLUE</B> Proxy Card or voting by Internet or telephone by following the instructions
specified on the <B>BLUE</B> Proxy Card or by voting your shares in person at the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">It is very important that
your shares be represented at the Annual Meeting. Whether or not you plan to attend the Annual Meeting, we hope you will vote as
soon as possible. You may vote over the Internet, as well as by telephone, or by mailing the <B>BLUE</B> Proxy Card or voting instruction
form. Returning the proxy or voting by Internet or telephone does not deprive you of your right to attend the Annual Meeting and
vote your shares in person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Your vote and participation,
no matter how many or how few shares you own, are very important to us. Your cooperation is greatly appreciated.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">By Order of the Board of
Directors,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD><IMG SRC="image_001.jpg" ALT=""></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0; text-indent: 0.5in">Richmond, Virginia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> April 14, 2020 </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> The attached Notice
of Annual Meeting of Shareholders and proxy statement are first being made available to shareholders beginning April 14, 2020.
If you have any questions concerning the business to be conducted at the Annual Meeting, would like additional copies of this
Proxy Statement or require assistance in authorizing a proxy or voting your shares of common stock, please contact the Company&rsquo;s
proxy solicitor at the contact listed below: </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">509 Madison Avenue Suite 1206</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shareholders Call Toll Free: (800) 662-5200<BR>
Banks and Brokers Call Collect: (203) 658-9400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Email: SYNL@investor.morrowsodali.com</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4510 COX ROAD, SUITE 201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RICHMOND, VA 23060</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>JUNE 30, 2020</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO THE SHAREHOLDERS OF SYNALLOY CORPORATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Notice is hereby
given that the Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;) of Synalloy Corporation, a Delaware corporation
(the &ldquo;Company&rdquo;), will be held at its headquarters at 4510 Cox Road, Suite 201, Richmond, VA 23060 on June 30<B>,</B> 2020 at
9:00 a.m. ET. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following important
matters will be presented for your consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">1.</TD><TD STYLE="text-align: justify">To elect eight nominees to the Company&rsquo;s Board
of Directors (the &ldquo;Board&rdquo;), each to hold office until the 2021 Annual Meeting of Shareholders or until his or her
respective successor is elected and qualified (Proposal 1);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">2.</TD><TD STYLE="text-align: justify">To approve, on a non-binding advisory basis, of the
compensation of our named executive officers (say-on-pay) (Proposal 2); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">3.</TD><TD STYLE="text-align: justify">To ratify the appointment of KPMG, LLP as our independent
registered public accounting firm for the fiscal year ending December 31, 2020 (Proposal 3).</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Shareholders may also consider
such other business as may properly be brought before the meeting and any adjournment or postponement thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The foregoing items of
business are more fully described in the Proxy Statement accompanying this Notice of Annual Meeting. The Board unanimously recommends
a vote &ldquo;<B>FOR</B>&rdquo; each of the eight nominees for director named in the accompanying Proxy Statement and a vote &ldquo;<B>FOR</B>&rdquo;
each of Proposal 2 and 3 on the enclosed <B>BLUE</B> Proxy Card.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> Only shareholders
of record at the close of business on May 19, 2020 are entitled to notice of and to vote at the Annual Meeting and any adjournment
or postponement thereof. The Annual Meeting may be adjourned or postponed from time to time. At any adjourned or postponed meeting,
action with respect to matters specified in this notice may be taken without further notice to shareholders, unless required by
law or the Company&rsquo;s Bylaws, as amended (the &ldquo;Bylaws&rdquo;). </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> A complete list of
shareholders entitled to vote at the Annual Meeting will be available at the Annual Meeting and for ten days prior to the Annual
Meeting during ordinary business hours, at the Company&rsquo;s headquarters, 4510 Cox Road, Suite 201, Richmond, VA 23060. The
transfer books of the Company will not be closed. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">All shareholders are cordially
invited to attend the Annual Meeting. Whether or not you expect to attend, we encourage you to submit your proxy as soon as possible
using one of three convenient methods by (i) accessing the Internet site described in the <B>BLUE</B> Proxy Card or voting instruction
form provided to you, (ii) calling the toll-free number in the <B>BLUE</B> Proxy Card or voting instruction form provided to you,
or (iii) completing, signing, dating and returning the enclosed <B>BLUE</B> Proxy Card promptly in the accompanying envelope, which
requires no postage if mailed in the United States, or voting instruction form provided to you. You are urged to complete and submit
the enclosed <B>BLUE</B> Proxy Card, even if your shares were sold after such date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> If your broker, bank,
trustee or other similar organization is the holder of record of your shares (<I>i.e.,</I> your shares are held in &ldquo;street
name&rdquo;), you will receive a voting instruction form from the holder of record. You must provide voting instructions by filling
out the voting instruction form in order for your shares to be voted. We recommend that you instruct your broker or other nominee
to vote your shares on the enclosed <B>BLUE</B> Proxy Card. The proxy is revocable and will not affect your right to vote in person
if you attend the Annual Meeting. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Your vote will be especially
important at the Annual Meeting. Privet Fund LP, UPG Enterprises LLC and certain of their respective affiliates (collectively,
the &ldquo;Dissident Group&rdquo;) have notified the Company that they intend to nominate five candidates to the Board for election
as directors at the Annual Meeting. You may receive proxy solicitation materials from the Dissident Group, including proxy statements
and proxy cards. The Board recommends that you disregard them. We are not responsible for the accuracy of any information provided
by or relating to the Dissident Group or the nominees contained in any proxy solicitation materials filed or disseminated by, or
on behalf of, the Dissident Group or any other statements that the Dissident Group or its representatives have made or may otherwise
make. Signing, dating and returning any proxy card that the Dissident Group, or any of its affiliates may send to you, even with
instructions to vote &ldquo;withhold&rdquo; with respect to the Dissident Group&rsquo;s nominees, will cancel any proxy you may
have previously submitted to have your shares voted for the Board&rsquo;s nominees on a <B>BLUE</B> proxy card, as only your latest
proxy card or voting instruction form will be counted. Again, if you have previously submitted a white proxy card sent to you by
or on behalf of the Dissident Group, you can revoke that proxy and vote for your Board&rsquo;s nominees and on the other matters
to be voted on at the Annual Meeting by using the enclosed <B>BLUE</B> Proxy Card or voting by Internet or telephone by following
the instructions specified on the <B>BLUE</B> Proxy Card or by voting your shares in person at the Annual Meeting. If you are a
participant in the Synalloy Corporation 401(k) Plan/Employee Stock Ownership Plan (the &ldquo;401(k)/ESOP Plan&rdquo;) and you
own shares of our Common Stock through the 401(k)/ESOP Plan, you should follow the instructions provided by the 401(k)/ESOP Plan
trustee with respect to having the shares allocated to you in the 401(k)/ESOP Plan voted at the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board, including all
of its independent directors, strongly and unanimously recommends that you vote on the <B>BLUE</B> Proxy Card or voting instruction
form &ldquo;<B>FOR&rdquo;</B> the election of Messrs. Craig C. Bram, Anthony A. Callander, Henry L. Guy, Jeffrey Kaczka, James
W. Terry, Jr., and Murray H. Wright and Mses. Susan S. Gayner and Amy J. Michtich.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> The nominees of the
Board for election as directors of the Company are listed in the accompanying Proxy Statement and <B>BLUE</B> Proxy Card. <B>IT
IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING, REGARDLESS OF WHETHER OR NOT YOU PLAN TO ATTEND. ACCORDINGLY,
AFTER READING THE ACCOMPANYING PROXY STATEMENT, PLEASE FOLLOW THE INSTRUCTIONS ON THE ENCLOSED BLUE PROXY CARD AND PROMPTLY SUBMIT
YOUR PROXY BY INTERNET, TELEPHONE OR MAIL AS DESCRIBED ON THE BLUE PROXY CARD. PLEASE NOTE THAT EVEN IF YOU PLAN TO ATTEND THE
ANNUAL MEETING, WE RECOMMEND THAT YOU VOTE USING THE ENCLOSED BLUE PROXY CARD PRIOR TO THE ANNUAL MEETING TO ENSURE THAT YOUR
SHARES WILL BE REPRESENTED. EVEN IF YOU VOTE YOUR SHARES PRIOR TO THE ANNUAL MEETING, IF YOU ARE A RECORD HOLDER OF SHARES, OR
A BENEFICIAL OWNER WHO OBTAINS A &ldquo;LEGAL&rdquo; PROXY FROM YOUR BROKER, BANK, TRUSTEE OR OTHER NOMINEE, YOU STILL MAY ATTEND
THE ANNUAL MEETING AND VOTE YOUR SHARES IN PERSON. IF YOU ARE AN 401(K)/ESOP PLAN PARTICIPANT AND WANT TO REVOKE ANY PRIOR VOTING
INSTRUCTIONS YOU PROVIDED TO THE 401(K)/ESOP PLAN TRUSTEE IN RESPECT OF THE ANNUAL MEETING, YOU MUST CONTACT THE 401(K)/ESOP PLAN
TRUSTEE.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Regardless of the number
of shares of common stock of the Company that you own, your vote will be important. Thank you for your continued support, interest
and investment in Synalloy Corporation.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%">By order of the Board of Directors</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><IMG SRC="image_001.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Sally M. Cunningham</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Secretary</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0; text-indent: 0.5in">Richmond, Virginia</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0; text-indent: 0.5in"> April 14, 2020 </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0; text-indent: 0.5in">&nbsp;</P>




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS<BR>
 FOR THE ANNUAL MEETING TO BE HELD ON JUNE 30, 2020.</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">The accompanying Proxy Statement,
the accompanying <B>BLUE</B> Proxy Card, and the Company&rsquo;s Annual Report to Shareholders (including its Annual Report on
Form 10-K for the fiscal year ended December 31, 2019) are available free of charge at www.proxyvote.com. Information on this website,
other than this Proxy Statement, is not a part of this Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">Please sign, date and promptly
return the enclosed <B>BLUE</B> Proxy Card in the envelope provided, or grant a proxy and give voting instructions by Internet
or telephone, so that you may be represented at the Annual Meeting. Instructions are on your <B>BLUE</B> Proxy Card or on the voting
instruction form provided by your broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">Brokers cannot vote on any
of the proposals without your instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">The accompanying Proxy Statement
provides a detailed description of the business to be conducted at the Annual Meeting. We urge you to read the accompanying Proxy
Statement, including the appendices, carefully and in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">If you have any questions
concerning the business to be conducted at the Annual Meeting, would like additional copies of this Proxy Statement or require
assistance in authorizing a proxy or voting your shares of Common Stock, please contact the Company&rsquo;s proxy solicitor at
the contact listed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">509 Madison Avenue Suite 1206</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shareholders Call Toll Free: (800) 662-5200<BR>
Banks and Brokers Call Collect: (203) 658-9400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Email: SYNL@investor.morrowsodali.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>The 2019 Annual Report on Form 10-K is
furnished herewith.</B> </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> <B>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIAL FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 30, 2020</B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Company&rsquo;s 2019 Annual Report to
Shareholders, 2019 Annual Report on Form 10-K and 2020 Proxy Statement are available via the Internet at http://investor.synalloy.com.</B></P>

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2020 Proxy Statement</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; width: 94%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 6%; text-align: center"> Page </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <A HREF="#a_001">Our Director Nominees</A> </TD>
    <TD STYLE="text-align: center"> 1 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <A HREF="#a_002">Corporate Governance Highlights</A> </TD>
    <TD STYLE="text-align: center"> 2 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <A HREF="#a_003">Questions and Answers About the Proxy Materials, Annual Meeting and Voting</A> </TD>
    <TD STYLE="text-align: center"> 4 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <A HREF="#a_004">Background to the Solicitation</A> </TD>
    <TD STYLE="text-align: center"> 14 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <A HREF="#a_005">Beneficial Owners of More Than Five Percent (5%) of the Company&rsquo;s Common Stock</A> </TD>
    <TD STYLE="text-align: center"> 19 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <A HREF="#a_006">Security Ownership of Certain Beneficial Owners and Management</A> </TD>
    <TD STYLE="text-align: center"> 20 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <A HREF="#a_007">Proposal 1 - Election of Directors</A> </TD>
    <TD STYLE="text-align: center"> 21 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <A HREF="#a_008">Compensation Discussion and Analysis</A> </TD>
    <TD STYLE="text-align: center"> 30 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <A HREF="#a_009">Proposal 2 - Advisory Vote on the Compensation of Our Named Executive Officers</A> </TD>
    <TD STYLE="text-align: center"> 45 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD> <A HREF="#a_010">Proposal 3 - Ratification of the Appointment of Our Independent Registered Public Accounting Firm</A> </TD>
    <TD STYLE="text-align: center"> 47 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> <A HREF="#a_011">Appendix &ndash; Additional Information Regarding Participants in the Solicitation</A> </TD>
    <TD STYLE="text-align: center"> A-1 </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>4510 COX ROAD, SUITE 201</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RICHMOND, VA 23060</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt; text-align: center"> JUNE 30, 2020 </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> This Proxy Statement and the accompanying
<B>BLUE</B> Proxy Card, along with the 2019 Annual Report to Shareholders (including our Annual Report on Form 10-K for the fiscal
year ended December 31, 2019) is being made available to shareholders on or about April 14, 2020 in connection with the solicitation
by the Board of Directors (the &ldquo;Board&rdquo;) of Synalloy Corporation, a Delaware corporation (the &ldquo;Company&rdquo;)
of proxies to be voted at the Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;), which will be held on June 30,
2020 at 9:00 a.m. ET, at its headquarters at 4510 Cox Road, Suite 201, Richmond, VA 23060, and at any adjournment or postponement thereof,
for the purposes set forth in the accompanying Notice of Annual Meeting. Any shareholder giving such a proxy may revoke it at
any time before it is exercised by written notice to the Corporate Secretary of the Company at the above-stated address, by giving
a later dated proxy or by attending the Annual Meeting and voting in person. Attendance at the Annual Meeting will not in itself
have the effect of revoking the proxy. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As used in this Proxy Statement, the terms
&ldquo;the Company&rdquo;, &ldquo;we&rdquo;, &ldquo;us&rdquo;, and &ldquo;our&rdquo; refer to Synalloy Corporation.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_001"></A>Our
Director Nominees</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> You are being asked to vote on the election
of the 8 nominees listed below. Additional information about each Director nominee&rsquo;s background and experience can be found
beginning on page 21. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE BOARD UNANIMOUSLY RECOMMENDS VOTING
&ldquo;FOR&rdquo; THE ELECTION OF EACH OF THE BOARD&rsquo;S NOMINEES ON PROPOSAL 1, &ldquo;FOR&rdquo; PROPOSAL 2 AND &ldquo;FOR&rdquo;
PROPOSAL 3, USING THE ENCLOSED BLUE PROXY CARD.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE BOARD URGES YOU <U>NOT</U> TO SIGN,
RETURN OR VOTE ANY PROXY CARD SENT TO YOU BY PRIVET FUND LP, UPG ENTERPRISES LLC AND ANY OF THEIR RESPECTIVE AFFILIATES (COLLECTIVELY,
THE &ldquo;DISSIDENT GROUP&rdquo;), EVEN AS A PROTEST VOTE, AS ONLY YOUR LATEST DATED PROXY CARD WILL BE COUNTED.</I></B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: left">Name</TD><TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Position</TD><TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Age</TD><TD STYLE="vertical-align: bottom; text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Board<BR> Tenure</TD><TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Committee<BR> Memberships</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 17%; text-align: left">Craig C. Bram</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 38%; text-align: left">President and Chief Executive Officer of the Company</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: center">61</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">16 years</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Anthony A. Callander</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Principal at Business Value Consultancy; Former Partner at Ernst &amp; Young, LLP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">73</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Audit (Chair) <BR>CG</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Susan S. Gayner</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">President and CEO of ParkLand Ventures, Inc.; Independent Director of Constellation Software Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Comp <BR>CG (Chair)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Henry L. Guy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">President and CEO of Modern Holdings Incorporated; Former Managing Director of Anima Regni Partners</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Audit <BR>Comp (Chair)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">Jeffrey Kaczka</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Former Chief Financial Officer at MSC Industrial Direct, Genworth Financial Inc., Owens &amp; Minor, Inc., Allied Worldwide, Inc. and I-Net, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1 year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Audit <BR>CG</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Amy J. Michtich</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Vice President/General Manager, North American Operations of The Scotts Miracle Gro Company; Former Chief Supply Chain Officer of Molson Coors Canada; Former Operations Manager at Miller Brewing Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Comp <BR>CG</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left">James W. Terry, Jr.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Director of Strategic Investments at Hollingsworth Funds, Inc.; Former President of Carolina First Bank</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">72</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">8 years</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Audit <BR>Comp</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left">Murray H. Wright <BR>(Chairman of the Board)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Former Senior Counsel at DurretteCrump PLC; Former Partner at VanDeventer Black LLP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center">74</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">19 years</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">Comp</TD><TD STYLE="text-align: justify">Compensation &amp; Long-Term Incentive</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.5in; text-align: left">CG</TD><TD STYLE="text-align: justify">Corporate Governance</TD>
</TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_002"></A><FONT STYLE="background-color: white">Corporate
Governance Highlights</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%; padding-right: 2pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director Independence</B></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 13.5pt; text-align: justify; text-indent: -13.5pt">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 13.5pt; text-align: justify; text-indent: -13.5pt">&#9679;</P></TD>
    <TD STYLE="width: 82%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">7 of 8 director nominees are independent</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">3 fully independent Board committees: Audit,
Compensation &amp; Long-Term Incentive, Corporate Governance</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 2pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board Accountability</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Declassified Board &ndash; all directors are elected
        annually</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Majority vote standard for charter and bylaw amendment</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board Leadership</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 16pt; text-align: justify; text-indent: -16pt">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 16pt; text-align: justify; text-indent: -16pt">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 13.5pt; text-align: justify; text-indent: -13.5pt">&#9679;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Separate CEO and Chairman roles</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Annual assessment and determination of Board leadership
        structure</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Independent Chairman has strong role and significant
governance duties, including chair of Executive Sessions of independent directors</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 2pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board Evaluation and Effectiveness</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Annual Board and committee self-assessments</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Annual independent director evaluation of Chairman
        and CEO</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board Refreshment&nbsp;&amp; Diversity</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Balance of new and experienced directors, with 2 directors
        added in the last 5 years</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Retirement Policy in place</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">2 directors are women</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Robust Board self-evaluation process drives refreshment</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 2pt; padding-left: 0; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director
    Engagement</B></FONT> </TD>
    <TD STYLE="padding-right: 2pt; padding-left: 3pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in"> &#9679; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 13pt; text-align: justify; text-indent: -13pt"> &#9679;
        &nbsp; </P></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"> Shareholder ability to contact directors </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt; text-align: justify"> All of our directors
        attended our 2019 Annual Meeting of Shareholders, at which management and the directors responded to each shareholder
        question </P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 2pt; padding-left: 0; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director Access</B></FONT></TD>
    <TD STYLE="padding-right: 2pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#9679;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 13pt; text-align: justify; text-indent: -13pt">&#9679;</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Significant interaction with senior business leaders
        through regular business reviews</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Directors have access to senior management and other
        employees</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">Directors have ability to hire outside experts
and consultants and to conduct independent investigations</P></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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<TR>
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left; vertical-align: bottom; width: 29%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom; width: 8%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>Murray
        H. Wright</B> </P></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 8%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Craig
    C. Bram</B></FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 8%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Anthony
    A. Callander</B></FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 8%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Susan
    S. Gayner</B></FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 8%; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Henry
    L. Guy</B></FONT> </TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom; width: 8%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>Jeffrey
        Kaczka</B> </P></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom; width: 8%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>Amy J.
        Michtich</B> </P></TD>
    <TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom; width: 8%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"> <B>James W.
        Terry, Jr.</B> </P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Public Company Leadership and Strategy </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Financial Management / Reporting / Audit </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Finance / Banking </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Capital Markets / M&amp;A </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Manufacturing / Supply Chain / Logistics </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Operations / Technical Experience (Metals /
    Chemicals) </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Corporate Governance and Other Public Company
    Directorship </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Risk Management </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Capital Allocation </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: left"> Legal &amp; Regulatory </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD>
    <TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> X </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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; background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 4pt double; width: 100%; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public
    Company Leadership and Strategy</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with significant public company leadership experience, including current and former chief executive officers, provide the Company with special insights. These directors possess a hands-on knowledge of how large organizations operate, including the importance of corporate strategy and risk management, and how these factors impact the Company&rsquo;s operations and controls.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 4pt double; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
    Management / Reporting / Audit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with an understanding of financial and accounting reporting processes, particularly in large public company organizations, provide an important oversight role. These directors ensure effective oversight of the Company&rsquo;s financial measures and processes, which is critical to the Company&rsquo;s legal compliance and overall success.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 4pt double; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Finance
    / Banking</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with an understanding of finance and banking, especially with respect to trends in debt and equity markets, provide an important role. These directors provide the Company with the expertise to make sound business judgments and engage in transactions that are supported by the Company&rsquo;s finances.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 4pt double; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Capital
    Markets / M&amp;A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with capital markets and M&amp;A experience provide the Company with valuable insights into potential strategic transactions, as well as important skills in deal analysis and negotiation. Such directors help to evaluate worthwhile opportunities and advise the rest of the Board as to its role and obligations when contemplating potential mergers, acquisitions, or other similar transactions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-top: Black 1.5pt solid; border-bottom: Black 4pt double; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Manufacturing
    / Supply Chain / Logistics</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with manufacturing, supply chain, and logistics experience play an important role, by providing the Company with strategic guidance in areas critically important to its business and allowing the Company to be more competitive and efficient.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 4pt double; border-top: Black 1.5pt solid; width: 100%; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operations
    / Technical Expertise (Metals / Chemicals)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with operations and technical expertise in metals and chemicals provide the Company with special insights. These directors possess knowledge of how to best allocate resources and support production of the Company&rsquo;s products.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 4pt double; border-top: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
    Governance and Other Public Company Directorship</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with corporate governance and other public company directorship experience provide an important oversight role. These directors carry out the responsibilities relating to strong Board and management accountability, and the development and maintenance of the corporate governance policies and related matters required by the federal securities laws.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 4pt double; border-top: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk
    Management</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with risk management expertise help the Company to identify and anticipate risks so that the Company can take only those risks that are consistent with its business objectives, and keep all other risks controlled.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 4pt double; border-top: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Capital
    Allocation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with experience in capital allocation prove instrumental in helping the Board collaborate with management to shape and execute a strategy with respect to the distribution and investment of the Company&rsquo;s financial resources. Specifically, such directors will provide guidance in prioritizing among the many options available to a company looking to allocate excess capital, including whether to make a distribution to shareholders, engage in acquisitions or other strategic transactions, or invest in organic growth. As such, these directors aid the Company in making key decisions about the profits and long-term health of the Company.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 4pt double; border-top: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Legal
    &amp; Regulatory</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors with legal knowledge and experience are able to advise the Board in its oversight role and in appropriate communications with shareholders. As a public company, the Company is subject to myriad regulatory and other legal requirements and elevated scrutiny from federal and state sources, which legally experienced directors can help the Board to navigate. This helps to ensure that the Company remains legally compliant at all times as it executes its business strategy, and this experience is especially helpful during current times of increased uncertainty and volatility in global markets and politics.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5pt; padding-left: 5pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_003"></A>Questions
and Answers About the Proxy Materials, Annual Meeting and Voting</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>When and where will the Annual Meeting be
held?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Annual Meeting will be on June
30, 2020, at 9:00 a.m. ET, at 4510 Cox Road, Suite 201, Richmond, VA 23060. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Why am I receiving this Proxy Statement?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> The Board is soliciting your proxy to vote
at the Annual Meeting because you own shares of the Company&rsquo;s common stock, par value $1.00 per share (the &ldquo;Common
Stock&rdquo;), at the close of business on the Record Date, and therefore, are entitled to vote at the Annual Meeting on the following
proposals: </P>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Proposal 1: To elect eight nominees named in this
Proxy Statement to serve on the Board, each until the next annual meeting of shareholders and until his or her respective successor
is duly elected and qualified;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Proposal 2: To approve, by a non-binding advisory
vote, the compensation paid to the Company&rsquo;s named executive officers; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">Proposal 3: To ratify the appointment of KPMG, LLP
(&ldquo;KPMG&rdquo;) as the Company&rsquo;s independent registered public accounting firm for the fiscal year ending December&nbsp;31,
2020.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Is my vote important?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Your vote will be particularly important at
the Annual Meeting. As you may know, the Company has received a notice from the Dissident Group regarding its intent to nominate
a slate comprised of five candidates to the Board for election as directors, (each, a &ldquo;Dissident Group Nominee&rdquo; and
collectively, the &ldquo;Dissident Group Nominees&rdquo;), in opposition to the eight nominees recommended by the Board. If elected,
the Dissident Group Nominees would constitute a majority of the Board.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Board recommends a vote &ldquo;<B>FOR</B>&rdquo;
the election of each of the director nominees named in this Proxy Statement on the enclosed <B>BLUE</B> Proxy Card, and strongly
urges you <B>NOT</B> to sign or return any proxy card(s) or voting instruction form(s) that you may receive from the Dissident
Group. Please be advised that we are not responsible for the accuracy of any information provided by or relating to the Dissident
Group or any Dissident Group Nominee contained in any proxy solicitation materials filed or disseminated by, or on behalf of,
the Dissident Group or any other statements that the Dissident Group or its representatives have made or may otherwise make. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To vote &ldquo;<B>FOR</B>&rdquo; any of the
Board&rsquo;s nominees, you must complete, sign, date and return the enclosed <B>BLUE</B> Proxy Card or follow the instructions
provided in the <B>BLUE</B> Proxy Card for submitting a proxy over the Internet or by telephone or vote in person at the Annual
Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you have previously signed any proxy card
sent to you by the Dissident Group in respect of the Annual Meeting, you can revoke it by completing, signing, dating and returning
the enclosed <B>BLUE</B> Proxy Card or by following the instructions provided in the <B>BLUE</B> Proxy Card for submitting a proxy
to vote your shares over the Internet or by telephone or voting in person at the Annual Meeting. Completing, signing, dating and
returning any proxy card that the Dissident Group may send to you, even with instructions to vote &ldquo;withhold&rdquo; with respect
to the Dissident Group Nominees, will cancel any proxy you may have previously submitted to have your shares voted for the Board&rsquo;s
nominees as only your latest proxy card or voting instruction form will be counted. Beneficial owners whose shares are held in
&ldquo;street name&rdquo; should follow the voting instructions provided by their bank, broker, trustee or other nominee to ensure
that their shares are represented and voted at the Annual Meeting, or to revoke prior voting instructions. The Board urges you
to complete, sign, date and return only the enclosed <B>BLUE</B> Proxy Card.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who is soliciting my proxy?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board, on behalf of the Company, is soliciting
your proxy to vote your shares of Common Stock on all matters scheduled to come before the Annual Meeting, whether or not you attend
the meeting. By completing, signing, dating and returning the <B>BLUE</B> Proxy Card or voting instruction form, or by transmitting
your proxy and voting instructions over the Internet or by telephone, you are authorizing the proxy holders to vote your shares
of Common Stock at the Annual Meeting as you have instructed. Proxies will be solicited on behalf of the Board by the Company&rsquo;s
directors, director nominees, and certain executive officers of the Company. Such persons are listed in Appendix A to this Proxy
Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Additionally, the Company has retained
Morrow Sodali LLC (&ldquo;Morrow Sodali&rdquo;), a proxy solicitation firm, which may solicit proxies on the Board&rsquo;s behalf.
You may also be solicited through press releases, investor presentations or other communications issued by us, postings on our
corporate website or other websites or otherwise. Unless expressly indicated otherwise, information contained on our corporate
website is not part of this Proxy Statement. In addition, none of the information on the other websites, if any, listed in this
Proxy Statement is part of this Proxy Statement. Such website addresses are intended to be inactive textual references only. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Will there be a proxy contest at the Annual
Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Dissident Group has nominated a slate of
five individuals for election as directors to the Board at the Annual Meeting. <B>The Dissident Group Nominees have <U>NOT</U>
been endorsed by the Board</B>. You may receive proxy solicitation materials from the Dissident Group, including proxy statements
and white proxy cards. <B>The Board recommends that you disregard them</B>. We are not responsible for the accuracy of any information
provided by or relating to the Dissident Group or any Dissident Group Nominee contained in any proxy solicitation materials filed
or disseminated by, or on behalf of, the Dissident Group or any other statements that the Dissident Group or its representatives
have made or may otherwise make.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board is pleased to nominate for election
as directors the following eight persons &mdash; Craig C. Bram, Anthony A. Callander, Henry L. Guy, Jeffrey Kaczka, James W. Terry,
Jr., and Murray H. Wright and Mses. Susan S. Gayner and Amy J. Michtich &mdash; named in this Proxy Statement and on the enclosed
<B>BLUE</B> Proxy Card. We believe our eight nominees have the breadth of relevant and diverse experiences, integrity and commitment
necessary to continue to grow the Company for the benefit of all of the Company&rsquo;s shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>How does the Board recommend that I cast
my vote?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Board unanimously recommends that you vote
by proxy using the <B>BLUE</B> Proxy Card with respect to the proposals as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;<B>FOR</B>&rdquo;&nbsp;&nbsp;the election of
Messrs. Craig C. Bram, Anthony A. Callander, Henry L. Guy, Jeffrey Kaczka, James W. Terry, Jr., and Murray H. Wright and Mses.
Susan S. Gayner and Amy J. Michtich to serve on the Board, each until the next annual meeting of shareholders and until his or
her successor is duly elected and qualified;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;<B>FOR</B>&rdquo; <B>&nbsp;</B>the non-binding,
advisory resolution approving the compensation of the Company&rsquo;s named executive officers for 2020; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">&ldquo;<B>FOR</B>&rdquo;&nbsp;&nbsp;the ratification
of the appointment of KPMG as the Company&rsquo;s independent registered public accounting firm for the fiscal year ended December&nbsp;31,
2020.</TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Why is the Board making such recommendations?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> We describe each proposal and the Board&rsquo;s
reason for its recommendation with respect to each proposal on pages 21, 45, 47 and elsewhere in this Proxy Statement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who is entitled to vote at the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The Board has set May 19, 2020 as the Record
Date for the Annual Meeting. You are entitled to notice and to vote if you are a shareholder as of the close of business on May
19, 2020. You are entitled to one vote on each proposal for each share of Common Stock you hold on the Record Date, except shareholders
have the right to cumulate votes in regard to the election of directors. Your shares may be voted at the Annual Meeting only if
you are present in person or your shares are represented by a valid proxy. Once the Record Date has passed, the Company intends
to supplement this Proxy Statement with the number of shares of Common Stock issued and outstanding at the close of business on
the Record Date, which shares will be entitled to be voted at the Annual Meeting. At the close of business on April 10, 2020,
there were 9,058,040 shares of our Common Stock issued and outstanding. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What is the difference between a shareholder
of &ldquo;record&rdquo; and a &ldquo;street name&rdquo; owner?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If your shares are registered directly in your
name, you are considered the shareholder of record with respect to those shares. The Company sent the proxy materials directly
to you. The <B>BLUE</B> Proxy Card accompanying this Proxy Statement will provide information regarding how to vote your shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If your shares are held in a stock brokerage
account or by a bank, trust or other nominee, then the broker, bank, trust or other nominee is considered to be the shareholder
of record with respect to those shares. You are considered to be the beneficial owner of those shares and your shares are said
to be held in &ldquo;street name,&rdquo; and the proxy materials are being forwarded to you by that organization. Street name owners
generally cannot submit a proxy or vote their shares directly and must instead instruct the broker, bank, trust or other nominee
how to vote their shares. If you do not provide that organization specific direction on how to vote, your shares held in the name
of that organization may not be voted and will not be considered entitled to vote on any matters to be considered at the Annual
Meeting, and as such, will not be considered present at the Annual Meeting. If you own your shares in &ldquo;street name,&rdquo;
please instruct your bank, broker, trustee or other nominee how to vote your shares using the <B>BLUE</B> voting instruction form
provided by your bank, broker, trustee or other nominee so that your vote can be counted. The <B>BLUE</B> voting instruction form
provided by your bank, broker, trustee or other nominee may also include information about how to submit your voting instructions
over the Internet or by telephone, if such options are available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What constitutes a quorum?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Except where otherwise provided by
applicable Delaware law, our Restated Certificate of Incorporation, as amended (the &ldquo;Certificate of
Incorporation&rdquo;) or the Bylaws, as amended (the &ldquo;Bylaws&rdquo;), the presence, in person or by proxy duly
authorized, of the holders of a majority of the outstanding shares of stock of the Company entitled to vote, constitutes a
quorum for the transaction of business, which is required to hold and conduct business at the Annual Meeting. The inspector
of election will determine whether a quorum is present. Once the Record Date has passed, the Company intends to supplement
this Proxy Statement with the number of shares of Common Stock issued and outstanding at the close of business on the Record
Date, which shares will be entitled to be voted at the Annual Meeting. At the close of business on April 10, 2020, there were
9,058,040 shares of our Common Stock issued and outstanding. Shares are counted as present at the Meeting if: </P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"> &#9679; </TD><TD STYLE="text-align: justify"> you
                                         attend the Annual Meeting; or </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">your shares are represented by a properly authorized
and submitted proxy (submitted over the Internet, by telephone or by mail).</TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you are a record holder and you submit your
proxy, regardless of whether you abstain from voting on one or more matters, your shares will be counted as present at the Annual
Meeting for the purpose of determining a quorum. If your shares are held in &ldquo;street name,&rdquo; your shares are counted
as present for purposes of determining a quorum if you provide voting instructions to your broker, bank, trustee or other nominee
and such broker, bank, trustee or other nominee submits a proxy covering your shares. In the absence of a quorum, the Annual Meeting
may be adjourned, from time to time, by vote of the holders of a majority of the shares represented at such meeting (but no other
business shall be transacted at such meeting), without any notice if the time and place thereof are announced at the meeting at
which the adjournment is taken unless the adjournment is for more than thirty days, or unless after the adjournment a new record
date is fixed for the adjourned meeting, in which event a notice of the adjourned meeting will be given to each shareholder of
record entitled to vote at the adjourned meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who can attend the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Admission to the Annual Meeting is limited
to shareholders and their duly appointed proxy holders as of the close of business on the Record Date with proof of ownership
of Common Stock, as well as valid government-issued photo identification, such as a valid driver&rsquo;s license or passport.
If your shares are held in &ldquo;street name&rdquo; and you plan to attend the Annual Meeting, you must present proof of your
ownership of Common Stock, such as a bank or brokerage account statement, as well as valid government-issued photo identification
to be admitted to the Annual Meeting. Any holder of a proxy from a shareholder must present the proxy card, properly executed,
and a copy of proof of ownership as well as valid government-issued photo identification. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We will be unable to admit anyone who does
not present identification or refuses to comply with our rules of conduct for the Annual Meeting. For security reasons, you and
your bags will be subject to search prior to your admittance to the Annual Meeting. These rules provide, among other things, that
no cameras, recording equipment, electronic devices, large bags or packages will be permitted at the Annual Meeting. You are encouraged
to submit a <B>BLUE</B> proxy card to have your shares voted regardless of whether or not you plan to attend the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Your vote is very important. Please submit
your BLUE Proxy Card even if you plan to attend the Annual Meeting.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>How do I vote my shares?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> The process for voting your shares depends
on how your Common Stock is held. Generally, you may hold Common Stock in your name as a &ldquo;shareholder of record&rdquo; or
in an account with a broker, bank, trust or other nominee (i.e., in &ldquo;street name&rdquo;). If your shares are registered
in your name, you may vote your shares in person at the Annual Meeting or by proxy whether or not you attend the Annual Meeting.
If your shares are held in the name of a broker, bank, trust or other nominee, you will receive instructions from the nominee
that you must follow in order for your shares to be voted. <B><I>Your broker is not permitted to vote your shares on any of the
proposals at the Annual Meeting without receiving your voting instructions.</I></B> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Participants in the Synalloy Corporation
401(k)/ESOP Plan</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> If you are a participant in the Synalloy
Corporation 401(k) Plan/Employee Stock Ownership Plan (the &ldquo;401(k)/ESOP Plan&rdquo;) and you own shares of our Common Stock
through the 401(k)/ESOP Plan, the <B>BLUE</B> Proxy Card sent to you will also serve as your voting instruction form to the 401(k)/ESOP
Plan trustee, who actually votes the shares of our Common Stock that you own through the 401(k)/ESOP Plan. If you do not provide
voting instructions for these shares to the trustee by 11:59 p.m. ET, June 25, 2020 (the &ldquo;Plan Cut-Off Date&rdquo;), as
directed by the terms of the 401(k)/ESOP Plan, the Company, in its capacity as the 401(k)/ESOP Plan administrator, will instruct
the trustee to vote those 401(k)/ESOP Plan shares &ldquo;<B>FOR</B>&rdquo; all the director nominees named in this Proxy Statement
and &ldquo;<B>FOR</B>&rdquo; all other proposals. </P>



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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you are a shareholder as of the close of
business on the Record Date, you can vote your shares by any of the methods below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>VOTE BY INTERNET</I> - <U>www.proxyvoting.com/SYNL</U>
(for shareholder of record); <U>www.proxyvote.com</U> (for beneficial owners of shares held in street name)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Use the Internet to transmit your voting instructions
and for electronic delivery of information. Have your <B>BLUE</B> Proxy Card or voting instruction form in hand when you access
the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>VOTE BY PHONE</I> -- 1-800-213- 6370
(for shareholder of record); 1-800-690-6903 (for beneficial owners of shares held in street name)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Use any touch-tone telephone to transmit your
voting instructions. Have your <B>BLUE</B> Proxy Card or voting instruction form in hand when you call and then follow the instructions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you are a shareholder of record, please
sign and date your <B>BLUE</B> Proxy Card and return it in the postage-paid envelope we have provided or return it to Michael A.
Verrechia, c/o Morrow Sodali, 509 Madison Avenue Suite 1206, New York, New York 10022. If you are a beneficial owner whose shares
are held in street name, please return a properly signed and dated voting instruction form by following the instructions specified
in the form.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shares held in your name as the shareholder
of record may be voted in person at the Annual Meeting. Shares held beneficially in street name may be voted in person only if
you obtain a legal proxy from the broker, bank, trust or other nominee that holds your shares as of the Record Date, indicating
that you were a beneficial owner of shares as of the close of business on such date and the number of shares that you beneficially
owned at that time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Even if you plan to attend the Annual
Meeting, we recommend that you also submit your proxy or voting instructions by Internet, telephone, or mail so that your vote
will be counted if you later decide not to attend the Annual Meeting. The Internet and telephone voting facilities will close
at 11:59 p.m. ET the day before the date of the Annual Meeting for shareholders of record and for shares held beneficially in
street name on May 19, 2020 or, for 401(k)/ESOP Plan participants, at 11:59 p.m. ET on the Plan Cut-Off Date. Shareholders who
submit a proxy by Internet or telephone need not return a proxy card or the voting instruction form forwarded by your broker,
bank, trust or other holder of record by mail. </P>



<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: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you would like to reduce the costs incurred
by the Company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports
electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using
the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years. If
you are a participant in the 401(k)/ESOP Plan, although you may attend the Annual Meeting, you will not be able to cast a vote
at the Annual Meeting with respect to any shares you hold through the 401(k)/ESOP Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>If you have any questions or require
assistance in submitting a proxy for your shares, please call Morrow Sodali at (800) 662-5200 (toll free for shareholders) or </I></B><I>(<B>203)
658-9400 (call collect for banks and brokers).</B></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Can I revoke or change my vote after I deliver
my proxy?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a shareholder as of the Record Date, if
you submit a proxy, you may revoke your proxy at any time before it is voted at the Annual Meeting by (i) providing notice in writing
of revocation that is dated later than the date of your proxy to the attention of our Corporate Secretary at 4510 Cox Road, Suite
201, Richmond, VA 23060; (ii) by submitting a valid proxy bearing a later date over the Internet, by telephone or by mail to the
Company&rsquo;s office at 4510 Cox Road, Suite 201, Richmond, VA 23060, prior to the Annual Meeting; or (iii) by attending the
Annual Meeting and voting in person. Attendance at the Annual Meeting will not in itself constitute revocation of a proxy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders whose shares are held in street
name with a broker, bank, trust or other nominee may change or revoke their proxy instructions by following the instructions of
their broker or other nominee or submitting new voting instructions to the broker or other nominee. Such shareholders may also
vote in person at the Annual Meeting if they obtain a legal proxy from their broker, bank, trust or other nominee which holds their
shares in street name.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If you have previously submitted a white proxy
card sent to you by the Dissident Group, you may change your vote by completing and returning the enclosed <B>BLUE</B> Proxy Card
in the accompanying postage-paid envelope or by voting over the Internet or by telephone by following the instructions on your
<B>BLUE</B> Proxy Card. Submitting any proxy card sent to you by the Dissident Group will revoke votes you have previously made
via the Company&rsquo;s <B>BLUE</B> Proxy Card.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Has the Company received notice from one
or more shareholders that they are intending to nominate director candidates or bring proposals at the Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Yes. Based on recently available public
filings, the Dissident Group has indicated beneficial ownership of an aggregate 2,258,908 shares of our Common Stock (representing
approximately 24.93% of outstanding Common Stock), and the Dissident Group has delivered notice to the Company of its intention
to nominate five candidates to the Board for election as directors in opposition to&nbsp;the eight nominees recommended by the
Board. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board strongly urges you <B>NOT</B> to
sign or return any proxy cards or voting instruction forms that you may receive from the Dissident Group, including to vote &ldquo;withhold&rdquo;
with respect to the Dissident Group Nominees. If you wish to vote pursuant to the recommendation of the Board, you should disregard
any proxy card that you receive other than the <B>BLUE</B> Proxy Card.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What does it mean if I receive more than
one notice from the Company or BLUE Proxy Card?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because the Dissident Group has submitted the
Dissident Group Nominees to the Board in opposition to the slate proposed by the Board, we may conduct multiple mailings prior
to the Annual Meeting to ensure shareholders have our latest proxy information and materials to vote. In that event, we will send
you a new <B>BLUE</B> Proxy Card or voting instruction form with each mailing, regardless of whether you have previously voted.
You may also receive more than one set of proxy materials, including multiple <B>BLUE</B> Proxy Cards, if you hold shares that
are registered in more than one account&mdash;please vote the <B>BLUE</B> Proxy Card for every account you own. The latest dated
proxy you submit will be counted, and <B>IF YOU WISH TO VOTE AS RECOMMENDED BY THE BOARD, THEN YOU SHOULD ONLY SUBMIT BLUE PROXY
CARDS AND DISREGARD ANY PROXY CARD SENT TO YOU BY THE DISSIDENT GROUP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What should I do if I receive a proxy card
from the Dissident Group?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Dissident Group has&nbsp;nominated a slate
of five individuals for election as directors to the Board in opposition to the eight nominees proposed by the Board. We expect
that you may receive proxy solicitation materials from the Dissident Group, including opposition proxy statements and proxy cards.
<B>The Board strongly urges you <U>NOT</U> to sign or return any proxy cards or voting instruction forms that you may receive from
the Dissident Group, including to vote &ldquo;withhold&rdquo; with respect to the Dissident Group Nominees</B>. We are not responsible
for the accuracy of any information provided by or relating to the Dissident Group or the Dissident Group Nominees contained in
any proxy solicitation materials filed or disseminated by, or on behalf of, the Dissident Group or any other statements that the
Dissident Group or its representatives have made or may otherwise make. If you have already voted using the white proxy card provided
by the Dissident Group, you have every right to change your vote by completing and returning the enclosed <B>BLUE</B> Proxy Card
or by voting over the Internet or by telephone by following the instructions provided on the enclosed <B>BLUE</B> Proxy Card or
voting instruction form or by voting in person at the Annual Meeting. Only the latest proxy you submit will be counted. If you
vote &ldquo;withhold&rdquo; on the Dissident Group Nominees using the white proxy card sent to you by the Dissident Group, your
vote will not be counted as a vote for any of the director nominees recommended by the Board, but will result in the revocation
of any previous vote you may have cast on the <B>BLUE</B> Proxy Card. <B>If you wish to vote pursuant to the recommendation of
the Board, you should disregard any proxy card that you receive other than the BLUE Proxy Card</B>. If you have any questions or
need assistance voting, please call Morrow Sodali at (800) 662-5200 (toll free for shareholders) or (203) 658-9400 (call collect
for banks and brokers). If you are a 401(k)/ESOP Plan participant and want to revoke any prior voting instructions you provided
to the 401(k)/ESOP Plan trustee in respect of the Annual Meeting, you must contact the 401(k)/ESOP Plan trustee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Is cumulative voting permitted for the election
of directors?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You have the right to cumulate your votes by
distributing a number of votes, determined by multiplying the number of directors to be elected at the Annual Meeting (i.e., eight)
by the number of your shares as of the close of business on the Record Date, to one individual nominee or among two or more nominees.
Unless contrary instructions are provided on the enclosed <B>BLUE</B> Proxy Card or voting instruction form, the persons named
as proxies may cast all of their votes &ldquo;For&rdquo; or &ldquo;Withhold&rdquo; with respect to the nominees or may allocate
the votes among the nominees in accordance with their discretion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> However, you will <B>NOT </B>be permitted
to distribute your votes between the candidates recommended by our Board listed on the <B>BLUE</B> Proxy Card and the Dissident
Group&rsquo;s nominees on the white proxy card sent to you by the Dissident Group. This is because any vote with respect to any
of the Dissident Group&rsquo;s nominees on its white proxy card will revoke any previous proxy submitted by you, including any
previous proxy <B>FOR</B> the Company&rsquo;s nominees. THE BOARD STRONGLY AND UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS <B>DO
NOT RETURN ANY WHITE PROXY CARD SENT TO YOU BY THE DISSIDENT GROUP, EVEN AS A PROTEST VOTE AGAINST ANY OF ITS GROUP MEMBERS OR
NOMINEES. </B>Your Board strongly and unanimously urges you to <B>DISCARD</B> all white proxy cards or other materials sent to
you by the Dissident Group. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>How will my shares be voted?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders as of the close of business on
the Record Date are entitled to one vote for each share of Common Stock held on each matter to be voted upon at the Meeting, except
shareholders have the right to cumulate votes in regard to the election of directors. All shares entitled to vote and represented
by properly submitted proxies received before the polls are closed at the Annual Meeting, and not revoked or superseded, will be
voted at the Annual Meeting in accordance with the instructions indicated on those proxies. Where a choice has been specified on
the <B>BLUE</B> Proxy Card with respect to the proposals, the shares represented by the <B>BLUE</B> Proxy Card will be voted as
you specify. If you return a validly executed <B>BLUE</B> Proxy Card without indicating how your shares should be voted on a matter
and you do not revoke your proxy, your proxy will be voted: &ldquo;<B>FOR</B>&rdquo; the election of the eight Board nominees set
forth on the <B>BLUE</B> Proxy Card (Proposal 1); &ldquo;<B>FOR</B>&rdquo; the non-binding, advisory resolution approving the compensation
of the Company&rsquo;s named executive officers (Proposal 2); and &ldquo;<B>FOR</B>&rdquo; the ratification of the appointment
of KPMG as our independent registered public accounting firm for the fiscal year ended December&nbsp;31, 2020 (Proposal 3).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What happens if I do not specify how I want
my shares voted? What is discretionary voting? What is a broker non-vote?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> As a shareholder as of the close of business
on the Record Date, if you properly complete, sign, date and return a <B>BLUE</B> Proxy Card or voting instruction form, your
shares of Common Stock will be voted as you specify. However, if you are a shareholder of record and you return an executed <B>BLUE
</B>Proxy Card or submit your proxy by telephone or Internet and do not specify how you want your shares voted, the persons named
as proxies will vote your shares: </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><B>&ldquo;FOR</B>&rdquo; the election of the eight
Board nominees listed on the <B>BLUE</B> Proxy Card (i.e., Messrs. Craig C. Bram, Anthony A. Callander, Henry L. Guy, Jeffrey
Kaczka, James W. Terry, Jr., and Murray H. Wright and Mses. Susan S. Gayner and Amy J. Michtich), each to serve on the Board until
the next annual meeting of shareholders and until his or her respective successor is duly elected and qualified;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>&#9679;</B></TD><TD STYLE="text-align: justify"><B>&ldquo;FOR&rdquo; </B>the approval of the non-binding,
advisory resolution approving the compensation of the Company&rsquo;s named executive officers; and</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><B>&ldquo;FOR&rdquo;</B> the ratification of the appointment
of KPMG as the Company&rsquo;s independent registered public accounting firm for the fiscal year ended December&nbsp;31, 2020.</TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> A &ldquo;broker non-vote&rdquo; occurs
when a broker holding shares&nbsp;for a beneficial owner has not received voting instructions from the beneficial owner and the
broker does not have discretionary authority to vote the shares. If you own your shares beneficially in street name through a
broker and do not provide voting instructions to your broker, your shares will be considered to be broker non-votes and will not
be counted for establishing the presence of a quorum and will not be voted on any proposal on which your broker does not have
discretionary authority to vote. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> To the extent that the Dissident Group
provides a proxy card to shareholders in street name, none of the proposals at the Annual Meeting are considered a discretionary
matter. As a result, if you own your shares beneficially in street name through a broker, then we encourage you to provide voting
instructions to the broker that holds your shares by carefully following the instructions provided in their notice to you. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What is the effect of abstentions and broker
non-votes on voting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Abstentions will be counted as present
at the Meeting for the purpose of determining a quorum. Because each director nominee will require more &ldquo;FOR&rdquo; votes
than the director nominees who receive the least number of votes in order to be elected, &ldquo;withhold&rdquo; votes have no
effect on the outcome of Proposal 1. To approve the advisory votes on the compensation of the Company&rsquo;s named executive
officers and to ratify the appointment of KPMG as the Company&rsquo;s independent registered public accounting firm for 2020,
if a quorum is present, the affirmative vote of a majority of the voting power represented at the Annual Meeting is required for
approval. As a result, abstention votes will have the same effect as a vote &ldquo;AGAINST&rdquo; such matters. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> A broker non-vote occurs when the broker
is unable to vote on a proposal because the proposal is not routine and the shareholder who owns the shares in &ldquo;street name&rdquo;
has not provided any voting instructions to the broker on that matter. Even though the Company&rsquo;s Common Stock is listed
on the Nasdaq Global Market, the rules of the New York Stock Exchange (&ldquo;NYSE&rdquo;) apply to brokers that are NYSE members
voting on matters being submitted to shareholders at the Annual Meeting. Under the rules of the NYSE, if a proposal is routine,
a broker holding shares for an owner in street name may vote on the proposal without voting instructions. Because we are facing
a contested election, the NYSE rules governing brokers&rsquo; discretionary authority do not permit brokers to exercise discretionary
voting power regarding any of the proposals to be voted on at the Annual Meeting. As a result, brokers are not entitled to vote
on any of the proposals at the Annual Meeting without receiving voting instructions from the beneficial owners, and thus the underlying
shares will not be counted for establishing the presence of a quorum, and will have no effect on the outcome of Proposals 1, 2
or 3. If you do not provide voting instructions to your broker holding shares of Common Stock for you, your shares will not be
voted with respect to any proposal. We therefore encourage you to provide voting instructions on a <B>BLUE</B> Proxy Card or the
voting instruction form provided by the broker that holds your shares, in each case by carefully following the instructions provided. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Could other matters be decided at the Annual
Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> We do not expect any other items of business
will be presented for consideration at the Annual Meeting other than those described in this Proxy Statement. However, by completing,
signing, dating and returning a <B>BLUE</B> Proxy Card or submitting your proxy or voting instructions over the Internet or by
telephone, you will give to the persons named as proxies discretionary voting authority with respect to any matter that may properly
come before the Annual Meeting, and of which we did not have notice at least by February 29, 2020, which is 45 days before the
date on which we first made available the proxy materials for our 2019 Annual Meeting of Shareholders, and such persons named
as proxies intend to vote on any such other matter in accordance with their best judgment. </P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who will count the votes?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All votes will be tabulated as required by
Delaware law, the state of our incorporation, by the independent inspector of election appointed for the Annual Meeting, who will
separately tabulate affirmative and negative votes, abstentions and broker non-votes. Shares held by persons attending the Annual
Meeting but not voting and shares represented by proxies that reflect abstentions as to one or more proposals will be counted as
present for purposes of determining a quorum. Broker non-votes will not be counted as present for purposes of determining a quorum.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>When will the voting results be announced?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The final voting results will be reported in
a Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) within four business
days after the Annual Meeting. If our final voting results are not available within four business days after the Annual Meeting,
we will file a Current Report on Form 8-K reporting the preliminary voting results and subsequently file the final voting results
in an amendment to the Current Report on Form 8-K within four business days after the final voting results are known to us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>What vote is required with respect to the
proposals?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Election of Directors.</I></B> Pursuant
to our Bylaws, if a quorum is present at the Annual Meeting, with respect to Proposal 1 &ndash; &ldquo;Election of Directors&rdquo;,
directors will be elected by a plurality of the votes cast by shares present in person or by proxy and entitled to vote at the
Annual Meeting. &ldquo;Plurality&rdquo; means that, among the Board&rsquo;s nominees and the Dissident Group Nominees, the eight
nominees who receive the largest number of &ldquo;FOR&rdquo; votes of the shares entitled to be voted in the election for directors
will be elected, whether or not they received a majority of votes cast. You may vote &ldquo;FOR&rdquo; all Board nominees, &ldquo;WITHHOLD&rdquo;
your vote as to all Board nominees, or &ldquo;FOR ALL&rdquo; Board nominees except the specific nominee from whom you &ldquo;WITHHOLD&rdquo;
your vote. There is no &ldquo;against&rdquo; option. <B>Shares voting &ldquo;withhold&rdquo; are counted for purposes of determining
a quorum. However, if you withhold authority to vote with respect to the election of any or all of the nominees, your shares will
not be voted with respect to those nominees indicated. Therefore, &ldquo;withhold&rdquo; votes will not affect the outcome of the
election of directors. Brokers do not have discretionary authority to vote on the election of directors. Broker non-votes and &ldquo;withhold
votes&rdquo; will have no effect on the outcome of Proposal 1.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>Non-binding Resolution to Approve
Compensation for Named Executive Officers.</I></B> The approval of a non-binding, advisory resolution approving the compensation
of the Company&rsquo;s named executive officers requires the affirmative vote by the holders of a majority of the voting power
represented at the Annual Meeting when a quorum is present. You may vote &ldquo;FOR,&rdquo; &ldquo;AGAINST&rdquo; or &ldquo;ABSTAIN.&rdquo;
If you &ldquo;ABSTAIN&rdquo; from voting on Proposal 2, the abstention will have the same effect as an &ldquo;AGAINST&rdquo; vote.
While the vote on Proposal 2 is advisory, and will not be binding on the Company or the Board, the Board will review the results
of the voting on this proposal and take it into consideration when making future decisions regarding executive compensation as
we have done in this and previous years. Broker non-votes will have no effect on the outcome of Proposal 2. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <B><I>Ratification of Auditors.</I></B>
The ratification of the appointment of KPMG requires the affirmative vote by the holders of a majority of the voting power represented
at the Annual Meeting when a quorum is present. You may vote &ldquo;FOR,&rdquo; &ldquo;AGAINST&rdquo; or &ldquo;ABSTAIN.&rdquo;
If you &ldquo;ABSTAIN&rdquo; from voting on Proposal 3, the abstention will have the same effect as an &ldquo;AGAINST&rdquo; vote.
Broker non-votes will have no effect on the outcome of Proposal 3. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who will pay for the solicitation of proxies?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Company will bear the entire cost
of solicitation of proxies, including preparation, assembly and mailing of this Proxy Statement, the <B>BLUE</B> Proxy Card, the
Notice of Annual Meeting and any additional information furnished to shareholders. Copies of solicitation materials will be furnished
to banks, brokerage houses, fiduciaries and custodians holding shares of our Common Stock in their names that are beneficially
owned by others to forward to those beneficial owners. We may reimburse persons representing beneficial owners for their costs
of forwarding the solicitation materials to the beneficial owners. Original solicitation of proxies may be supplemented by telephone,
facsimile, electronic mail or personal solicitation by our directors, officers or staff members. Other than the persons described
in this Proxy Statement, no general class of employee of the Company will be employed to solicit shareholders in connection with
this proxy solicitation. However, in the course of their regular duties, employees may be asked to perform clerical or ministerial
tasks in furtherance of this solicitation. No additional compensation will be paid to our directors, officers or staff members
for such services. We have retained Morrow Sodali to act as a proxy solicitor in conjunction with the Annual Meeting. We have
agreed to pay Morrow Sodali $125,000, plus reasonable out-of-pocket expenses for proxy solicitation services. Morrow Sodali expects
that approximately 35 of its employees will assist in the solicitation. </P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Our aggregate expenses, including legal
fees for attorneys, accountants, public relations and other advisors, printing, advertising, postage, transportation, litigation
and other costs incidental to the solicitation, but excluding (i) costs normally expended for a solicitation for an election of
directors in the absence of a proxy contest and (ii) costs represented by salaries and wages of Company employees and officers,
are expected to be approximately $700,000, of which $195,000 has been incurred as of the date of this Proxy Statement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Appendix A sets forth information relating
to our directors, director nominees, as well as certain of our officers who are considered &ldquo;participants&rdquo; in our solicitation
under the rules of the SEC by reason of their position as directors and director nominees of the Company or because they may be
soliciting proxies on our behalf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Do I have appraisal or dissenters&rsquo;
rights?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">None of the applicable Delaware law, the Certificate
of Incorporation nor our Bylaws provide for appraisal or other similar rights for dissenting shareholders in connection with any
of the proposals set forth in this Proxy Statement. Accordingly, you will have no right to dissent and obtain payment for your
shares in connection with such proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Whom should I call if I have questions about
the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Morrow Sodali is assisting us with our effort
to solicit proxies. If you have any questions concerning the business to be conducted at the Annual Meeting, would like additional
copies of this Proxy Statement or require assistance in authorizing a proxy or voting your shares of Common Stock, please contact
Morrow Sodali:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 45pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">509 Madison Avenue Suite 1206</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Shareholders Call Toll Free: (800) 662-5200<BR>
Banks and Brokers Call Collect: (203) 658-9400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Email: SYNL@investor.morrowsodali.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE BOARD UNANIMOUSLY RECOMMENDS VOTING
&ldquo;FOR&rdquo; THE ELECTION OF EACH</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>OF THE BOARD&rsquo;S NOMINEES ON PROPOSAL
1, &ldquo;FOR&rdquo; PROPOSAL 2 AND &ldquo;FOR&rdquo; PROPOSAL 3, USING THE ENCLOSED BLUE PROXY CARD OR VOTING INSTRUCTION FORM.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE BOARD URGES YOU NOT TO SIGN, RETURN
OR VOTE ANY PROXY CARD OR VOTING INSTRUCTION FORM SENT TO YOU BY THE DISSIDENT GROUP EVEN AS A PROTEST VOTE,</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>AS ONLY YOUR LATEST DATED PROXY CARD WILL
BE COUNTED.</I></B></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_004"></A>Background
to the Solicitation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Throughout 2016, Craig C. Bram, the Company&rsquo;s
President, Chief Executive Officer (&ldquo;CEO&rdquo;) and director, held phone calls with representatives of Privet to discuss
the Company, its operating performance and management&rsquo;s strategy. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 19, 2016, Privet Fund LP and certain
of its affiliates (collectively, &ldquo;Privet&rdquo;) filed a Schedule 13D with the SEC disclosing its ownership of approximately
7.5% of the Company&rsquo;s then outstanding Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 17, 2017, Mr. Bram met with Ryan Levenson,
the managing member of Privet Fund Management LLC (an affiliate of Privet Fund LP), at the Company&rsquo;s headquarters in Richmond,
Virginia, to discuss the Company, its operating performance and management&rsquo;s strategy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 20, 2017, Privet filed Amendment No.
1 to its Schedule 13D with the SEC disclosing its ownership of approximately 8.9% of the Company&rsquo;s then outstanding Common
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 3, 2017, Privet filed Amendment No.
2 to its Schedule 13D with the SEC disclosing its ownership of approximately 10.9% of the Company&rsquo;s then outstanding Common
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 7, 2017, Dennis Loughran, the
Company&rsquo;s Chief Financial Officer (&ldquo;CFO&rdquo;), sent an email to Privet representative Mr. Levenson, informing him
of the Company&rsquo;s participation in an upcoming investor conference and offering a call with Mr. Levenson to discuss the materials
that would be presented by the Company at the investor conference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 29, 2017, Privet filed Amendment
No. 3 to its Schedule 13D with the SEC disclosing its ownership of approximately 12.2% of the Company&rsquo;s then outstanding
Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 10, 2018, the Company issued a press
release announcing an &ldquo;at-the-market&rdquo; program whereby it would sell, from time to time, shares of Common Stock up to
an aggregate amount of $10 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Later on August 10, 2018, Mr. Bram and Mr.
Levenson met telephonically to discuss the Company&rsquo;s &ldquo;at-the-market&rdquo; offering of equity securities announced
earlier that day. Mr. Levenson told Mr. Bram about his belief that the Company should explore a different capital raising mechanism
that he hoped would be more effective.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 11, 2018, Mr. Levenson and Mr. Bram
exchanged emails discussing the conversation that took place the previous day. Mr. Bram elaborated on the Company&rsquo;s decision
to pursue the &ldquo;at-the-market&rdquo; offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 9, 2018, representatives of Privet,
including Mr. Levenson, and representatives of another investor, met with Mr. Bram in Atlanta, Georgia, to discuss the Company&rsquo;s
strategy, operations and capital allocation priorities, as well as Privet&rsquo;s strategic objectives. During the conversation,
Mr. Levenson spoke positively of the Company&rsquo;s M&amp;A deals, integration of new businesses and capital allocation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 31, 2018, Privet and the Company
entered into a mutual non-disclosure agreement (the &ldquo;NDA&rdquo;) to facilitate an open dialogue about the financial performance
and future prospects of the Company. The NDA did not include any standstill provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 14, 2018, Messrs. Bram and Loughran,
Murray H. Wright, the Chairman of the Board, and Henry L. Guy, a member of the Board, met with representatives of Privet, including
Mr. Levenson, and representatives of another investor, in Richmond, Virginia to further discuss the Company and its strategic priorities.
Mr. Levenson again reiterated his approval of the Company&rsquo;s M&amp;A deals, integration of new businesses and capital allocation.
Further, Mr. Levenson commented at this meeting that he regarded the financial results reported in the Company&rsquo;s Quarterly
Report on Form 10-Q issued on November 6, 2018 to be the best of any publicly traded company that Privet had ever owned and that
he was surprised the Company&rsquo;s stock price was not trading at a price in excess of $30.00 per share.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 16, 2018, the Company issued a
press release announcing a dividend payment of $0.25 per share, which represented a 92% increase over the prior year&rsquo;s dividend.
In the press release, the Company also announced that it had terminated its &ldquo;at-the-market&rdquo; program due to market conditions
and the Company&rsquo;s belief that its stock was undervalued at the time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 27, 2018, Privet filed Amendment
No. 4 to its Schedule 13D with the SEC disclosing its ownership of approximately 14.0% of the Company&rsquo;s then outstanding
Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 21, 2019, Mr. Bram spoke by phone
with Privet representatives, including Mr. Levenson and Benjamin Rosenzweig, a partner at Privet Fund Management LLC, to discuss
the Company&rsquo;s recent operating results, capital structure decisions and the details of recently announced 2019 guidance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 18, 2019, Messrs. Bram, Wright and
Guy met with Mr. Levenson and Mr. Rosenzweig at the Company&rsquo;s headquarters in Richmond, Virginia. At this meeting, Messrs.
Levenson and Rosenzweig informed Messrs. Bram, Wright and Guy of Privet&rsquo;s interest in potentially exploring an acquisition
of the Company at a potential purchase price of $19.00 per share. Messrs. Bram, Wright and Guy informed Messrs. Levenson and Rosenzweig
that they would discuss Privet&rsquo;s interest with the other members of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 23, 2019, Privet sent a letter to
the Board proposing to acquire all of the Company&rsquo;s outstanding Common Stock not already owned by Privet for $20.00 per share
(the &ldquo;April 23 Proposal&rdquo;). The proposal did not identify a source of financing for the transaction and was subject
to, among other things, the negotiation and execution of a mutually satisfactory definitive acquisition agreement, regulatory approvals
and satisfactory completion of due diligence.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Also on April 23, 2019, Privet filed Amendment
No. 5 to its Schedule 13D with the SEC disclosing the April 23 Proposal as well as beneficial ownership of approximately 14.5%
of the Company&rsquo;s then outstanding Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 26, 2019, Mr. Bram sent a letter to
Privet indicating that upon thorough review and careful consideration consistent with its fiduciary duties, including consulting
with its independent financial and legal advisors, the Board concluded that the April 23 Proposal undervalued the financial performance
of the Company and unanimously rejected that proposal. The letter also indicated the Board&rsquo;s willingness to consider any
and all good faith offers to acquire the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On May 17, 2019, Mr. Bram had a telephonic
conversation with Mr. Levenson to discuss a status update on Privet&rsquo;s position. During the call, Mr. Bram suggested two
potential paths going forward: 1) Privet could negotiate with the Executive Committee of the Board to determine an acceptable
price, or 2) Privet could tender for the outstanding shares at $20.00 per share and let the shareholders decide on the offer. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 23, 2019, Privet sent a letter to the
Board reiterating its $20.00 per share acquisition proposal (the &ldquo;May 23 Proposal&rdquo;). The proposal again did not identify
a source of financing for the proposed transaction. Also on May 23, 2019, Privet filed Amendment No. 6 to its Schedule 13D with
the SEC disclosing the May 23 Proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 29, 2019, Mr. Bram responded to the
May 23 Proposal by letter to Privet, reiterating the Board&rsquo;s rejection of Privet&rsquo;s $20.00 offer. Mr. Bram again noted
the Board&rsquo;s willingness to negotiate an acceptable price with Privet. Mr. Bram also noted that the Company would be open
to respond to certain of Privet&rsquo;s information requests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 6, 2019, Privet requested from Mr.
Bram a list of diligence items to evaluate in reconsidering its offer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 7, 2019, Mr. Bram responded to Privet&rsquo;s
diligence request list by stating that the Company would be prepared to respond to certain items on the list over the following
weeks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On June 19, 2019, the Company issued a
press release to announce updated full year 2019 guidance and also announced the Executive Committee of its Board, acting on behalf
of the Board, had been in contact with representatives from Privet since Mr. Bram&rsquo;s response to the May 23 Proposal on May
29, 2019. </P>



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 20, 2019, the Company provided Privet
and its advisors with access to an electronic data room containing a number of the diligence items requested by Privet in the diligence
request list.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 1, 2019, the Company held a phone meeting
with representatives of Privet, including Mr. Levenson, Mr. Rosenzweig and Christos Asimakopoulos, a vice president at Privet Fund
Management LLC, as well as Privet&rsquo;s financial advisors, to discuss the Company&rsquo;s financial information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During July 2019, representatives of the Company
provided Privet and its financial advisor with select non-public financials and other information requested by Privet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 2, 2019, Mr. Bram sent an email to
Messrs. Levenson and Rosenzweig, stating that the Board would consider an updated offer from Privet to acquire the Company, if
such offer would be made by the close of business on August 19, 2019. The email also asked for information about Privet&rsquo;s
contacts for financing sources that would be used to complete the transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 19, 2019, Privet sent a letter to
the Board decreasing its previous offer by 7.5% from $20.00 to $18.50 per share (the &ldquo;August 19 Proposal&rdquo;), indicating
that it had decreased its offer based on the Company&rsquo;s recent performance. The August 19 Proposal again did not include a
financing source and instead attached a letter from a representative of Robert Baird &amp; Co. Incorporated, stating such representative&rsquo;s
opinion that Privet would be able to secure debt financing of approximately 3.5-4.0 times of the Company&rsquo;s LTM Adjusted EBITDA.
In the Company&rsquo;s view, the underlying calculation did not reflect all of the Company&rsquo;s outstanding debt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 20, 2019, Privet filed Amendment
No. 7 to its Schedule 13D with the SEC disclosing the August 19 Proposal as well as beneficial ownership of approximately 13.6%
of the Company&rsquo;s then outstanding Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 23, 2019, the Company responded to
the August 19 Proposal by letter to Privet, stating that after careful consideration and review, the Board had decided to reject
that proposal. The letter also stated the Board&rsquo;s belief that notwithstanding the uneven financial results generated by the
Company&rsquo;s cyclical businesses, it would create greater value for shareholders to strategically grow the Company&rsquo;s existing
segments and pursue accretive acquisitions and expansion into complementary product lines. Pursuant to the terms of the NDA, the
Company also announced the termination thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On September 5, 2019, Messrs. Bram, Wright
and Guy had a phone conversation with Messrs. Levenson and Rosenzweig regarding the Company&rsquo;s ongoing strategy and value
creation plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Over the course of September 2019, representatives
of the Company and Privet had discussions regarding entering into a new non-disclosure agreement regarding certain of the Company&rsquo;s
activities in connection with prospective investments. Despite the Company&rsquo;s good faith negotiations with Privet, the parties
were unable to reach agreement and no non-disclosure agreement was entered into at the time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 4, 2019, Mr. Bram sent an email
to Messrs. Levenson and Rosenzweig containing materials relating to the Company&rsquo;s current analysis and discussions regarding
a contemplated future merger with Universal Stainless and Alloy Products, Inc. (&ldquo;USAP&rdquo;), a portfolio holding of Privet.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 7, 2019, representatives of the
Company and Privet had a telephonic meeting to discuss the potential USAP transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Throughout October 2019, Mr. Bram had multiple
conversations with Messrs. Levenson and Rosenzweig regarding the potential USAP transaction. Mr. Levenson expressed his support
for the USAP transaction and indicated his plan to take actions to gauge interest among certain institutional investors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 14, 2019, the Company delivered
a public letter to the Chief Executive Officer of USAP, in which Mr. Bram proposed an all-stock combination between USAP and the
Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 6, 2019, the Company received a
letter from the Chief Executive Officer of USAP, indicating that the Board of Directors of USAP unanimously concluded that a <FONT STYLE="background-color: white">business
combination with the Company was not in the best interests of </FONT>USAP <FONT STYLE="background-color: white">and its shareholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 15, 2019, representatives of the
Company, including Mr. Bram and Mr. Loughran, and representatives of Privet, including Mr. Levenson and Mr. Rosenzweig, had a phone
conversation to discuss the Company&rsquo;s operating results for the third quarter of 2019. During the call, Mr. Levenson expressed
his desire to designate two individuals to the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On November 21, 2019, Mr. Bram sent an
email to Messrs. Levenson and Rosenzweig stating that the Board would be agreeable to adding one person, designated by Privet,
to the 2020 slate of directors to be voted on by shareholders at the Annual Meeting (the &ldquo;November 21 Proposal&rdquo;).
As a condition to this proposal, the Company asked Privet to execute a standstill agreement for a three-year period, during which
time Privet would vote its shares in accordance with the Board&rsquo;s recommendations and would be restricted from increasing
its ownership share in the Company above 15% of the Company&rsquo;s outstanding shares of Common Stock. The proposal contained
additional customary terms regarding Privet&rsquo;s actions during the term of the proposed agreement. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 3, 2019, Mr. Bram had a phone conversation
with Mr. Levenson during which Mr. Levenson offered to purchase the Company&rsquo;s Chemicals segment in exchange for the Company
stock owned by Privet and cash. Mr. Levenson did not respond to the Company&rsquo;s November 21 Proposal during the conversation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On December 6, 2019, Mr. Bram sent an email
to Messrs. Levenson and Rosenzweig stating that the Board had discussed Privet&rsquo;s verbal proposal to explore a purchase of
the Chemicals segment. Mr. Bram noted that upon careful consideration, the Board unanimously concluded that it was not the right
time to consider a sale of the Chemicals segment given the business cycle and that the sale of the Chemicals segment would have
a significant tax consequence for the Company&rsquo;s shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On January 23, 2020, UPG Enterprises LLC
and certain of its affiliates (collectively, &ldquo;UPG&rdquo;) began purchasing shares of Common Stock. </P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 3, 2020, Privet entered into a group
agreement (the &ldquo;Privet-UPG Agreement&rdquo;) with UPG for the purposes of engaging in discussions with the Company regarding
its suggestions for ways to enhance shareholder value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 5, 2020, Privet filed Amendment No.
8 to its Schedule 13D with the SEC disclosing beneficial ownership of approximately 17.0% of the Company&rsquo;s then outstanding
Common Stock (and an aggregate of approximately 25.0% of the Company&rsquo;s then outstanding Common Stock when including shares
held by UPG), and disclosing that it had entered into the Privet-UPG Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Also on March 5, 2020, UPG filed a Schedule
13D with the SEC disclosing beneficial ownership of approximately 8.0% of the Company&rsquo;s then outstanding Common Stock (and
an aggregate of approximately 25.0% of the Company&rsquo;s then outstanding Common Stock when including shares held by Privet),
and disclosing that it had entered into the Privet-UPG Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 16, 2020, Privet, UPG and their nominees
(the &ldquo;Dissident Group Nominees&rdquo;) entered into a Joint Filing and Solicitation Agreement (the &ldquo;Joint Filing and
Solicitation Agreement&rdquo;), which superseded the Privet-UPG Agreement, pursuant to which the parties agreed, among other things,
to (i) form a group with respect to the securities of the Company, (ii) solicit proxies for the election of the Dissident Group
Nominees at the Annual Meeting and (iii) split expenses incurred in connection with the group&rsquo;s activities between Privet
and UPG based on each of Privet&rsquo;s and UPG&rsquo;s pro rata ownership percentage of shares of Common Stock, as adjusted each
month.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Later on March 16, 2020, Privet Fund delivered
a letter (the &ldquo;Privet Nomination Letter&rdquo;) to the Company, nominating the Dissident Group Nominees for election to the
Board at the Annual Meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 18, 2020, Privet and UPG issued a
press release announcing the nomination of the Dissident Group Nominees for election to the Board at the Annual Meeting. Also
on March 18, 2020, Privet filed Amendment No. 9 to its Schedule 13D with the SEC disclosing the delivery of the Privet Nomination
Letter and the issuance of the press release. On the same date, UPG filed Amendment No. 1 to its Schedule 13D with the SEC disclosing
the same.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 20, 2020, the Dissident Group filed
a preliminary proxy statement with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 23, 2020, Mr. Bram and Mr. Rosenzweig
had a phone call in which they agreed that a protracted proxy contest would not be in either party&rsquo;s best interest. Mr. Rosenzweig
stated that settlement would have to include re-constitution of the Board and replacement of the Chief Executive Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On March 29, 2020, the Company&rsquo;s
counsel delivered an updated settlement proposal (the &ldquo;March 29 Proposal&rdquo;) by email to the Dissident Group&rsquo;s
counsel, offering the Dissident Group the right to designate two out of eight directors on the Board, with two incumbent directors
resigning, and agreeing to form a strategic review committee for the purpose of reviewing the Company&rsquo;s strategy and capital
allocation. In exchange, the Dissident Group would agree to vote its shares in accordance with the Board&rsquo;s recommendations
and agree to a customary standstill until the nomination window opens for the Company&rsquo;s 2022 annual meeting of shareholders. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 1, 2020, the Company filed a preliminary
proxy statement with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Also on April 1, 2020, the Company announced
the adoption of a limited duration shareholder rights plan, under which rights to acquire shares of Common Stock would be issued
to shareholders of record on April 10, 2020. The Company adopted the rights plan in light of the recent extreme market volatility
caused by the COVID-19 pandemic and other macroeconomic conditions as well as the fact that the Company&rsquo;s share price did
not reflect intrinsic long-term value. The rights plan will expire on March 31, 2021, or later if the Board approves an extension
prior to expiration and the extension is submitted to shareholders for ratification at the Company&rsquo;s 2021 annual meeting
of shareholders. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On April 2, 2020, the Company issued a
press release announcing the first quarter shipments and bookings for the Metals Segment (excluding Palmer of Texas) and first
quarter shipments for the Specialty Chemicals Segment, each compared with last year&rsquo;s levels. The press release also announced
the suspension of manufacturing operations at the Company&rsquo;s Palmer of Texas business, citing the unprecedented impact of
the COVID-19 pandemic on the oil and gas industry. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Later on that day, the Company issued another
press release announcing its commitment to engage a leading independent financial advisor to conduct a comprehensive review of
strategic alternatives once there is stabilization from the current market volatility and macroeconomic disruption related to
the global health pandemic caused by COVID-19. The same press release also announced the recent making of the March 29 Proposal
to the Dissident Group. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Also on April 2, 2020, the Dissident Group
filed an amendment to its preliminary proxy statement with the SEC. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On April 3, 2020, the Dissident Group issued
a press release commenting on the Company&rsquo;s April 2 press release relating to the strategic alternatives review and the
March 29 Proposal. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On April 6, 2020, the Company issued a
press release advising shareholders to take no action in response to the Dissident Group and any proxy material it may provide. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Later on April 6, 2020, the Company filed
an amendment to its preliminary proxy statement with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On April 9, 2020, the Dissident Group filed
its definitive proxy statement with the SEC. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> On April 10, 2020, the Company&rsquo;s
counsel held a phone call with the Dissident Group&rsquo;s counsel to discuss the possibility of settlement. Later that day, the
Dissident Group&rsquo;s counsel emailed the Company&rsquo;s counsel and indicated the Dissident Group&rsquo;s willingness to consider
additional proposals from the Company that meet certain conditions. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> On April 14, 2020, the Company filed
its definitive proxy statement with the SEC. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">OUR BOARD STRONGLY URGES YOU NOT TO SIGN OR
RETURN ANY PROXY CARD OR VOTING INSTRUCTION FORM THAT YOU MAY RECEIVE FROM THE DISSIDENT GROUP, EVEN TO VOTE &ldquo;WITHHOLD&rdquo;
WITH RESPECT TO THE DISSIDENT GROUP&rsquo;S NOMINEES, AS DOING SO WILL CANCEL ANY PROXY YOU MAY HAVE PREVIOUSLY SUBMITTED TO HAVE
YOUR SHARES VOTED FOR THE BOARD&rsquo;S PROPOSED SLATE ON A <B>BLUE</B> PROXY CARD SINCE ONLY YOUR LATEST PROXY CARD OR VOTING
INSTRUCTION FORM WILL BE COUNTED.</P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>ANNUAL REPORT ON FORM 10-K</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s 2019 Annual Report to Shareholders,
including the Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019 as filed with the SEC, accompanies this
Proxy Statement. Copies of exhibits to the 2019 Annual Report on Form 10-K will be provided upon written request to the Corporate
Secretary, Synalloy Corporation, 4510 Cox Road, Suite 201, Richmond, VA 23060, at a charge of $0.10 per page. Copies of the 2019
Annual Report on Form 10-K and exhibits may also be downloaded at no cost from the SEC&rsquo;s website at http://www.sec.gov. The
2019 Annual Report on Form 10-K does not form any part of the material for soliciting proxies.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_005"></A>Beneficial
Owners of More Than Five Percent (5%) of the Company&rsquo;s Common Stock</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The table below provides certain
information regarding persons known by the Company to be the beneficial owners of more than five percent (5%) of the
Company&rsquo;s Common Stock as of April 10, 2020. This information has been obtained from Schedules 13D and 13G, and
related amendments, filed with the SEC, and has not been independently verified by the Company. The percentages shown were
calculated based on 9,058,040 issued and outstanding shares of Common Stock. To the knowledge of the Company, there are
no&nbsp;material proceedings to which any holder of 5% or more of our currently outstanding common stock, or any
affiliate of such security holder that is adverse to the Company (or any of its subsidiaries) or has a material interest
adverse to the Company (or any of its subsidiaries). </P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 2pt 0 3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name
                                         and Address of Beneficial Owner</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amount
    and Nature of Beneficial Ownership</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent
    of Total</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Privet Fund LP <BR>79 West
    Paces Ferry Road, Suite 200B <BR>Atlanta, GA 30305</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,535,507</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16.95</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Royce &amp; Associates, LP <BR>745 Fifth
    Avenue <BR>New York, NY 10151</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,009,153</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2),(3)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11.14</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UPG Enterprises LLC&nbsp;&nbsp;<BR>
    1400 16<SUP>th</SUP> Street, #250<BR> Oak Brook, IL 60523</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">723,401</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.99</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">BlackRock, Inc. <BR>55 East 52nd Street
    <BR>New York, NY 10055</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">572,937</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2),(4)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dimensional Fund Advisors, LP <BR>Building
    One <BR>6300 Bee Cave Road <BR>Austin, TX 78746</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">480,273</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2),(5)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Schedule 13D/A filed with the SEC on March 18, 2020, Privet Fund LP has shared voting power and shared dispositive power
with respect to 1,535,507 shares referenced above.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Schedule 13G/A filed with the SEC on January 29, 2020, Royce &amp; Associates, LP, an investment advisor registered with
the SEC under the Investment Advisors Act of 1940, has sole voting power and sole dispositive power with respect to 1,009,153
of the shares referenced above.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Schedule 13D/A filed with the SEC on March 18, 2020, UPG Enterprises LLC has sole voting power and sole dispositive power
with respect to 723,401 of the shares referenced above.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Schedule 13G/A filed with the SEC on February 6, 2020, Blackrock, Inc., an investment advisor registered with the SEC under
the Investment Advisors Act of 1940, has sole voting power with respect to 560,585 of the shares referenced above and sole dispositive
power with respect to 572,937 of the shares referenced above.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(5)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the Schedule 13G/A filed with the SEC on February 12, 2020, Dimensional Fund Advisors, LP, an investment advisor registered
with the SEC under the Investment Advisors Act of 1940, has sole voting power with respect to 462,212 of the shares referenced
above and sole dispositive power with respect to 480,273 of the shares referenced above.</FONT></TD>
</TR></TABLE>



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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_006"></A>Security
Ownership of Certain Beneficial Owners and Management</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following table sets forth information
regarding the ownership of the Company&rsquo;s Common Stock as of April 10, 2020 by each director and nominee for director,
and each current executive officer of the Company for whom compensation information is disclosed under the heading &ldquo;Executive
Compensation,&rdquo; and for the directors, nominees for director and executive officers of the Company as a group. The percentages
shown were calculated based on 9,058,040 issued and outstanding shares of Common Stock. Except as otherwise noted, the address
of each person named below is the address of the Company. </P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name
                                         of Beneficial Owner</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    Stock Beneficially Owned</FONT></TD><TD STYLE="text-align: center; white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent
    of Total</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Craig C. Bram</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">308,747</FONT></TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.41</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Murray H. Wright</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">137,008
                                         </FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.51</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dennis M. Loughran</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">63,428</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Henry L. Guy</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,251</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">J. Greg Gibson</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,635</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">James W. Terry, Jr.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,113</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(5)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Susan S. Gayner</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">30,630</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Anthony A. Callander</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,520</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amy J. Michtich</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,058</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Jeffrey Kaczka</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,081</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(6)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">All Directors, Nominees and Executive
    Officers as a group (14 persons)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">777,971</FONT></TD><TD STYLE="white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(7)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>



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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Less than 1%</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes indirect ownership
of 17,818 shares held in an IRA; 32,763 shares held by his spouse; 3,145 shares allocated under the Company&rsquo;s 401(k)/ESOP
Plan; and 2,030 shares which are subject to currently exercisable options.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes indirect ownership
of 40,000 shares held in an IRA; 5,810 shares held by his spouse; and 89,583 shares held in a revocable trust.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes 552 shares held
in custodial accounts for minor children; and 7,000 shares held in a revocable trust.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt"><SUP>(4)</SUP></FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Includes
                                         indirect ownership of 1,896 shares held in an IRA; 7,076 shares held under the Company&rsquo;s
                                         401(k)/ESOP; and 5,490 shares which are subject to currently exercisable options.</FONT> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes 20,000 shares held
in an IRA; and 1,150 shares held in a revocable trust.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes 13,174 shares held
in an IRA</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"> <FONT STYLE="font-size: 10pt"><SUP>(7)</SUP></FONT> </TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt">Includes 12,071 shares allocated under the Company&rsquo;s
                                                                                                                                     401(k)/ESOP Plan; and 8,326 shares which are subject to currently exercisable options. The beneficial owners have a right to
                                                                                                                                     acquire such shares within 60 days of </FONT>April 10, <FONT STYLE="font-size: 10pt">2020.</FONT> </TD>
</TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Delinquent Section 16(a) Reports</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 16(a) under the Exchange Act requires
the Company&rsquo;s officers and Directors and holders of more than ten percent of the Company&rsquo;s outstanding shares of Common
Stock to file reports of ownership and changes in ownership with the SEC and to furnish the Company with copies of these reports.
Based solely upon a review of such reports, or on written representations from certain reporting persons, the Company believes
that during 2019 all required events of its directors, officers and 10% shareholders required to be so reported, were timely filed.</P>

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

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

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




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_007"></A>Proposal
1 - Election of Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Certificate of Incorporation provides that
the Board shall consist of not less than three nor more than 15 individuals. Upon recommendation of the Corporate Governance Committee,
the Board has fixed the number of directors constituting the full Board at eight members and recommends that the eight nominees
listed in the table which follows be elected as directors to serve for a term of one year until the next Annual Meeting or until
his or her respective successor is elected and qualified to serve. Each of the Company&rsquo;s nominees has consented to serving
as a director nominee and being named in this Proxy Statement, and to serving as a director if elected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If cumulative voting is not requested, the
proxy agents named in the accompanying <B>BLUE</B> Proxy Card will vote the proxies received by them &ldquo;<B>FOR</B>&rdquo; the
election of the eight persons named as directors. If cumulative voting is requested, the proxy agents named in the accompanying
<B>BLUE</B> Proxy Card intend to vote the proxies received by them cumulatively for some or all of the nominees in such manner
as may be determined at the time by such proxy agents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If, at the time of the Annual Meeting, or any
adjournment or postponement thereof, one or more of the Company&rsquo;s director nominees is unable to serve or for good cause
will not serve, the proxy agents intend to vote for such substitute nominee(s) as the Board recommends, or the Board will reduce
the number of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> Directors will be elected by a plurality
of the votes cast. &ldquo;Plurality&rdquo; means that, among the Board&rsquo;s nominees and the Dissident Group Nominees, the
eight nominees who receive the largest number of &ldquo;FOR&rdquo; votes of the shares entitled to be voted in the election for
directors will be elected. Votes that are withheld or shares that are not voted will have no effect on the outcome of the election
of directors. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>THE BOARD RECOMMENDS THAT SHAREHOLDERS VOTE
&ldquo;FOR&rdquo; THE ELECTION OF THE EIGHT NOMINEES LISTED IN THE FOLLOWING TABLE AS DIRECTORS OF THE COMPANY.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table sets forth the names of
nominees for director, their ages, the years in which they were first elected directors, if applicable, and a brief description
of their principal occupations and business experience during the last five years. There are no family relationships among any
of the directors, director nominees and executive officers. There are no agreements or arrangements between any director or director
nominee, and any person or entity other than the Company relating to compensation or other payment in connection with the director
or director nominee&rsquo;s candidacy or service.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-size: 10pt"><B>Name, Age, Principal Occupation, Other Directorships and Other Information</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Director</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Since</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><B><I>Craig C. Bram,</I></B> age 61</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> Mr. Bram
        became President and CEO of the Company in January 2011 and has served as a director of the Company since 2004, except
        for a period between September 2010 and January 2011. As the chief architect of the Company&rsquo;s acquisition strategy,
        Mr. Bram has been directly involved in every transaction that has occurred since 2012, including the negotiation of the
        purchase price, associated terms and integration into the overall business. During his tenure, the Company has completed
        six acquisitions and three divestitures, while growing revenue three-fold and posting record profits in 2018. For the
        first time in the Company&rsquo;s history, Synalloy was added to the Russell 2000 Index in June 2018. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Starting in 1995, Mr. Bram founded or
        co-founded multiple private companies covering a broad array of services. He founded and was a Managing Director with McCammon
        Group, a mediation and consulting company, from 1995 through 2011. He served as the President and Chief Executive Officer of Bizport,
        Ltd., a document management company, from January 2002 to December 2010. He served as a director of TrialNet, Inc. (now Acuity
        Management Solutions), an electronic billing company, from 1997 to 2013. He continues to provide investment advisory services through
        his company, Horizon Capital Management, where he was the founder and President since 1995.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Prior to 1995, Mr. Bram served as the
        General Manager for a national litigation firm, overseeing all business operations and the acquisition of new practices. Mr. Bram
        started his business career in manufacturing, holding various logistics and supply chain, sales and marketing, and corporate planning
        and development with Reynolds Metals Company (now Alcoa Corporation NYSE: AA) and Richfood, Inc (now United Natural Foods, Inc
        NYSE: UNFI). Mr. Bram received his B.B.A. in marketing from James Madison University, graduating summa cum laude. He also received
        his M.B.A. from Virginia Commonwealth University, with a concentration in finance.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Bram has over 30 years of experience
        in business management, financial operations, logistics, management consulting, business start-ups and strategic planning for a
        variety of companies.</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2004</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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: 90%">
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><B><I>Anthony A. Callander</I></B>, age
        73</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> Mr. Callander
        has served as a director since 2012. Mr. Callander has served as a Principal at Business Value Consultancy since January
        2019. He was appointed Upstate Managing Director by The Hobbs Group, a certified public accounting firm in Columbia, South
        Carolina, in January 2012. In 2008, he retired from Ernst &amp; Young, LLP after 36 years in their Columbia, South Carolina,
        Greenville, South Carolina and Atlanta, Georgia offices. He served as a Partner in the firm&rsquo;s audit and assurance
        practice and in various other roles including Office Managing Partner of the Columbia and Greenville offices and leading
        the Southeast manufacturing industry group. He has also been an active entrepreneur with direct business interest in several
        Zaxby&rsquo;s franchise restaurants in Arkansas, from 2008 to 2016. Mr. Callander received a B.S. and Masters in Accountancy
        from the Darla Moore School of Business at the University of South Carolina. He is a Certified Public Accountant and a
        Certified Management Accountant. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Callander spent his career in the
        audit and assurance practice with significant experience in auditing, mergers and acquisitions, initial public offerings and other
        financings, reorganizations, business process improvement and business strategy development. From 1998 to 2003, while with Ernst
        &amp; Young, Mr. Callander served as the audit partner on the Company&rsquo;s independent audits, giving him in-depth experience
        and knowledge about the Company. Mr. Callander, a Certified Public Accountant, also meets the criteria of a financial expert.</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">2012</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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: 90%">
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><B><I>Susan S. Gayner</I></B>, age 59</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Ms. Gayner joined our Board in May 2016.
        She currently serves as President and CEO of ParkLand Ventures, Inc. (&ldquo;ParkLand&rdquo;), an owner-operator of multi-family
        housing communities in nine states. She served as Chief Operating Officer of ParkLand from October 2010 to May 2014, and as Vice
        President from May 2009 to October 2010. Ms. Gayner is a chemical engineer and holds a MAI designation (currently inactive). Prior
        to ParkLand, she served as an independent MAI and held various manufacturing and quality assurance roles with the DuPont Company,
        between 1989 and 1992, and Hercules, Inc., between 1983 and 1989. Since September 2019, she has served as a Director of Constellation
        Software Inc. (OTCMKTS: CNSWF). She received a B.A. degree in chemistry and an M.E. degree in chemical engineering, both from the
        University of Virginia.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Ms. Gayner offers valuable experience
        in the chemical business. She has 10 years&rsquo; experience working for two large chemical companies in the area of quality assurance
        and as a research and development engineer. In her current role as CEO and President of Parkland, she has valuable experience in
        executive management and operations.</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">2016</FONT></TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-size: 10pt"><B>Name, Age, Principal Occupation, Other Directorships and Other Information</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Director</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Since</B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><B><I>Henry L. Guy</I></B>, age 51</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Guy joined our Board in August 2011.
        He is the President &amp; CEO of Modern Holdings Incorporated (&ldquo;Modern Holdings&rdquo;), a diversified holding company with
        investments primarily in the insurance, transportation, network services and media industries.&nbsp; He joined Modern Holdings
        in 2002 and has led investments in over 30 Modern Holdings subsidiaries. &nbsp;Previously, Mr. Guy was a managing director of Anima
        Regni Partners, a single family office with offices in the United States, Luxembourg and Sweden. Prior to joining Modern Holdings
        &amp; Anima Regni Partners, Mr. Guy was the Chief Operating Officer of XSource Corporation, a holding company focused on private
        investments in the United States and Scandinavia.&nbsp; He began his professional career as an officer in the United States Navy
        where he served in a variety of operational roles in the United States and Southwest Asia.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Guy&rsquo;s public board experience
        includes serving on the boards of Metro International S.A. (MTRO); Pergo AB (PERG); Miltope Corporation (MILT); and Scribona AB
        (CATB). He currently serves on the boards of Evermore Global Advisors (EVGBX), Lors Photography, Inc., Specialty Claims Management
        &amp; MHI Investments AB. He has served on the Board of Visitors of Vanderbilt University&rsquo;s Owen Graduate School of Management
        since 2010. Mr. Guy&rsquo;s corporate governance experience also includes serving on the nominating committee for the board of
        directors of Investment AB Kinnevik. He holds a B.S. degree in economics from the United States Naval Academy and an M.B.A. from
        Vanderbilt University.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Guy&rsquo;s primary career focus
        has been as an owner/operator of private investments. Mr. Guy has a unique combination of operating skills and M&amp;A experience
        that has been invaluable to the Company&rsquo;s growth by acquisition strategy. His role on the Executive Committee provides the
        President and CEO with a continuous source of advice and counsel as the Company pursues its strategic initiatives.</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2011</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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: 90%">
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><B><I>Jeffrey Kaczka</I></B>, age 60</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Kaczka was elected to the Board in
        May 2019. Prior to his retirement in 2015, Mr. Kaczka served as Executive Vice President and Chief Financial Officer for MSC Industrial
        Direct (NYSE: MSM) from April 2011 to July 2015.&nbsp;Prior to joining MSC Industrial Direct, he held chief financial officer positions
        at Genworth Financial, Inc. (NYSE: GNW), Owens &amp; Minor, Inc. (NYSE: OMI), Allied Worldwide, Inc. and I-Net, Inc.&nbsp;Mr. Kaczka
        began his career at General Electric (NYSE: GE) (&ldquo;GE&rdquo;) in 1981, where he spent 14 years, moving through its Financial
        Management Program, Corporate Audit Staff and financial positions in several GE operations.&nbsp; Mr. Kaczka earned his B.A. in
        Economics from Rutgers University.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Kaczka has more than 25 years of
        experience in financial management of both public and large private companies. His background as chief financial officer for multiple
        publicly traded companies brings significant experience in finance, financial and banking transactions, mergers and acquisitions,
        and audit matters. Mr. Kaczka also meets the criteria of a financial expert.</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">2019</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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: 90%">
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><B><I>Amy J. Michtich</I></B>, age 51</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Ms. Michtich joined our Board in April
        2014. She has served as the Vice President &ndash; General Manager, North American Operations of The Scotts Miracle Gro Company
        since July 2019.&nbsp; From September 2015 to July 2019,&nbsp; she was the Chief Supply Chain Officer of Molson Coors Canada, where
        she oversaw end-to-end operational excellence for Canada&rsquo;s largest and North America&rsquo;s oldest brewer of quality beers
        and ciders. From June 2009 to September 2015, she was the Brewery Vice President and Plant Manager of the MillerCoors-Shenandoah
        Brewery. From November 2007 to May 2009, she served as the Operations Manager at Miller Brewing Company. Prior to 2007, Ms. Michtich
        held executive and operations leadership positions across various consumer package goods companies including Pepsi Bottling Group,
        Clorox and Unilever.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Ms. Michtich served on the Board of Directors
        of Brewers Distributor Ltd., a private joint venture company, between January 2016 and September 2018. Further, she served on the
        Board of Advisors to James Madison University&rsquo;s College of Business between the years of 2013 and 2017. She earned a B.S.
        degree from Purdue University&rsquo;s School of Technology located in West Lafayette, IN.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Ms. Michtich has served in senior level
        leadership positions with several large union and non-union manufacturing businesses. She has significant experience in the areas
        of manufacturing operations, engineering, distribution and global logistics, human resources, environmental compliance and safety.</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">2014</FONT></TD></TR>
</TABLE>

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

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

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<P STYLE="margin: 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: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%"><FONT STYLE="font-size: 10pt"><B>Name, Age, Principal Occupation, Other Directorships and Other Information</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Director</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Since</B></P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%">
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><B><I>James W. Terry, Jr.</I></B>, age
        72</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> Mr. Terry
        has served on the Board since August 2011. Mr. Terry brings a wealth of experience in the banking industry where he spent
        more than 38 years. Since March 2018, he serves as Director of Strategic Assets &amp; Investments for Hollingsworth Funds,
        Inc., a charitable foundation in Greenville, South Carolina. In this role, Mr. Terry manages and provides investment insight
        for an endowment fund of over $200 million. From October 2009 to February 2018, he was the President of Hollingsworth
        Funds, Inc. In his aforementioned banking career, he served as the president of Carolina First Bank from 1991 to 2008
        growing the bank to become an 87-branch network with the franchise becoming the largest regional bank headquartered in
        South Carolina, with assets over $6 billion. Prior to 1991, Mr. Terry was employed by First Union Bank for 21 years where
        he held various positions including Executive Vice President with oversight for U.S. corporate lending, treasury management
        and asset based financing. He received his B.S. degree from the University of North Carolina. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">We believe Mr. Terry&rsquo;s banking
        experience is valuable in helping the Company evaluate financing options as well as acquisitions.</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">2011</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 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: 90%">
        <P STYLE="background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"><B><I>Murray H. Wright</I></B>, age 74</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify"> Mr. Wright
        was elected Chairman of the Board in April 2014 and has served on the Board since April 2001. Prior to his retirement
        in 2014, he was Senior Counsel at the Richmond, Virginia law firm of DurretteCrump, PLC. From 2011 until January 2013,
        he was a Partner at the VanDeventer Black LLP law firm in Richmond, Virginia, where he served as Senior Counsel from 2009
        to 2011. From 1999 to 2012, he was a founder and managing director of Avitas Capital, LLC, a closely held investment banking
        firm. In 1986, he founded the law firm of Wright, Robinson, Osthimer &amp; Tatum in Richmond, Virginia. He served as chief
        executive officer of the law firm from 1986 until 2006. Mr. Wright has served on the board of Bizport, Ltd., a document
        management company, from 1987 until February 2020. He received his B.A. degree from Vanderbilt University and his J.D.
        from Vanderbilt University School of Law. </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: justify">Mr. Wright&rsquo;s career as a trial
        lawyer, founder and chief executive of a law firm and his business and financial experience as managing director of a closely-held
        investment banking firm are considered to be valuable attributes to the Board.</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font-size: 10pt">2001</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Corporate Governance Committee believes
the combined business and professional experience of the Company&rsquo;s directors, and their various areas of expertise make them
a useful resource to management and qualify them for service on the Board. Messrs. Wright and Bram have served on the Board for
a significant period of time. During their tenures, these directors have gained considerable institutional knowledge about the
Company and its operations, which has made them effective board members who are also able to integrate new directors into the Board
and educate them about the Company&rsquo;s business and long-term corporate strategy. Because the Company&rsquo;s operations are
complex, continuity of service and development of institutional knowledge help make the Board more efficient and more effective
at developing long-range plans than it would be if there were frequent turnover in Board membership. When a Board member decides
not to run for re-election, the Corporate Governance Committee seeks replacement directors who it believes will make significant
contributions to the Board for a variety of reasons, including among others, business, legal, and financial experience and expertise,
operations and supply chain expertise, business and government contacts, relationship skills, knowledge of the Company and diversity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Corporate Governance Committee believes
the current Board members are highly qualified to serve and each member has unique qualifications and business expertise that benefit
the Company.</P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BOARD OF DIRECTORS AND COMMITTEES</B></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: justify"><B>Director Independence</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has determined that each of the
following directors are independent as such term is defined by the applicable rules of the Nasdaq Stock Market LLC (the &ldquo;Nasdaq
Rules&rdquo;): Anthony A. Callander, Susan S. Gayner, Henry L. Guy, Jeffrey Kaczka, Amy J. Michtich, James W. Terry, Jr. and Murray
H. Wright. The Board has also determined that each of the current members of the Audit Committee, the Compensation &amp; Long-Term
Incentive Committee and the Corporate Governance Committee is independent within the meaning of the Nasdaq Rules, and each person
who served on such committees at any time during 2019 was independent under the Nasdaq Rules and applicable rules of the SEC, as
discussed in greater detail below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board and Board Committee Meetings and
Attendance at Shareholder Meetings</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During fiscal year 2019, the Board met
seven times. All members of the Board attended 75% or more of the aggregate of the total number of meetings of the Board and of
the committees of the Board on which they served. The Company encourages, but does not require, its directors to attend annual
meetings of shareholders. All directors attended the 2019 Annual Meeting of Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has established an Audit Committee,
a Compensation &amp; Long-Term Incentive Committee and a Corporate Governance Committee, each of which is comprised entirely of
directors who meet the applicable independence requirement of the Nasdaq Rules. The committees keep the Board informed of their
actions and provide assistance to the Board in fulfilling its oversight responsibility to shareholders. The table below provides
current membership information as well as the meeting information for the last fiscal year.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 25%"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 24%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Audit Committee</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 24%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Compensation &amp; Long-Term Incentive Committee</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 24%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Corporate Governance Committee</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Anthony A. Callander</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Susan S. Gayner</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X*</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Henry L. Guy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Jeffrey Kaczka</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Amy J. Michtich</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">James W. Terry, Jr.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">X</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Total Meetings in 2019</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="7">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="7"><FONT STYLE="font-size: 10pt">* Committee Chair</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has an Audit Committee established
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (as amended, the &ldquo;Exchange Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee acts pursuant to a
written charter adopted by the Board, which is available on the Company&rsquo;s website at www.synalloy.com. Each member of the
Audit Committee is independent as defined in the Nasdaq Rules and meets the independence requirements of Rule 10A-3 under the Exchange
Act. The Audit Committee (i) selects and appoints the independent registered public accounting firm, (ii) pre-approves the fees
on the independent registered public accounting firm, (iii) reviews and discusses with management and the independent auditors
prior to filing with the SEC the audited financial statements included in the Company&rsquo;s Annual Report on Form 10-K and the
unaudited financial statements included in the Form 10-Q for each quarter, (iv) meets independently with the independent auditors,
(v) reviews the Audit Committee&rsquo;s charter on an annual basis, and (vi) has oversight of the Company&rsquo;s Code of Conduct
and Internal Audit. The Board has determined that Mr. Callander and Mr. Kaczka meet the definition of the Audit Committee Financial
Expert, as defined by the SEC in Item 407 of Regulation S-K. During fiscal year 2019, the Audit Committee met 8 times.</P>

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


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<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; text-align: justify"><B>Compensation &amp; Long-Term Incentive
Committee</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All members of the Compensation &amp; Long-Term
Incentive Committee are independent as defined in the Nasdaq Rules and qualify as non-employee directors within the meaning of
Rule 16b-3 under the Securities Act. This committee acts pursuant to a written charter which is available on the Company&rsquo;s
website at www.synalloy.com. The committee (i) reviews and approves salaries, bonuses, incentive compensation and benefits for
executive officers of the Company, (ii) administers and makes recommendations with respect to the Company&rsquo;s cash incentive
and equity plans, including the granting of shares and options thereunder, and (iii) reviews the committee&rsquo;s charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The committee sets the compensation
for the CEO and evaluates performance, and it considers recommendations from the Company&rsquo;s CEO in setting compensation for
other senior executive officers. The Vice President, Corporate Administration supports the committee in its duties, and the committee
may receive advice from any compensation advisor related to the Company&rsquo;s compensation programs after the committee has
considered certain factors specified in Rule 10C-1(b)(4) of the Exchange Act and Nasdaq Rule 5605(d)(3)(D). The committee has
the authority under its charter to retain and terminate and approve fees for compensation consultants and other advisors as it
deems appropriate to assist it in the fulfillment of its duties. Since 2016, the committee has retained Pearl Meyer (&ldquo;PM&rdquo;)
as the Compensation &amp; Long-Term Incentive Committee&rsquo;s outside independent compensation consulting firm for such duties.
The committee has reviewed and confirmed the independence of PM as the committee&rsquo;s compensation consultant. Neither PM nor
any of its affiliates provide any services to the Company except for the services related solely to the executive officer and
director compensation. The Compensation &amp; Long-Term Incentive Committee met 5 times during fiscal year 2019. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All members of the Corporate Governance
Committee are independent as defined in the Nasdaq Rules. This committee acts pursuant to a written charter which is available
on the Company&rsquo;s website at www.synalloy.com. This committee is responsible for (i) reviewing and recommending changes in
the size and composition of the Board, (ii) evaluating and recommending candidates for election to the Company&rsquo;s Board, and
(iii) reviewing, approving and overseeing any transaction between the Company and any related person (as defined in Item 404 of
Regulation S-K) and any other potential conflict of interest situations on an ongoing basis. This committee also reviews and oversees
corporate governance issues and makes recommendations to the Board related to the adoption of policies pursuant to rules of the
SEC, Nasdaq and other governing authorities, and as required by the Sarbanes-Oxley Act of 2002. The Corporate Governance Committee
met 3 times during fiscal year 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation Committee Interlocks and
Insider Participation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Susan S. Gayner, Henry L. Guy, Amy
J. Michtich and James W. Terry, Jr. served on the Compensation &amp; Long-Term Incentive Committee during 2019. All members of
the Compensation &amp; Long-Term Incentive Committee are independent directors and none of them is a present or past employee
or officer of the Company or its subsidiaries. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company requires that each executive
officer, director and director nominee complete an annual questionnaire and report all transactions with the Company in which such
persons (or their immediate family members) had or will have a direct or indirect material interest (except for salaries, directors&rsquo;
fees and dividends on our stock). Management reviews responses to the questionnaires and, if any such transactions are disclosed,
they are reviewed by the Board. The Company does not, however, have a formal written policy setting out these procedures. There
were no such transactions during the fiscal year ended December&nbsp;31, 2019.</P>

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


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<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; text-align: justify"><B>Retirement Policy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has adopted a retirement policy
with respect to the Company&rsquo;s directors. Under the policy, directors who attain the age of 75 prior to an annual meeting
of the Company&rsquo;s shareholders are not eligible to be nominated for re-election to the Company&rsquo;s Board at the annual
meeting.</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: justify"><B>CORPORATE GOVERNANCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Board Leadership Structure and Board&rsquo;s
Role in Risk Oversight</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board&rsquo;s role and responsibilities
are set forth in the Bylaws and the Board&rsquo;s Charter and Corporate Governance Guidelines (the &ldquo;Board Charter&rdquo;)
which provide for a Chairman elected by the majority vote of all Board members present at the first Board meeting after an annual
meeting. The business and affairs of the Company are managed under the direction of the Board. Our Board does not have a specific
policy as to whether the role of Chairman and CEO should be held by separate persons, but rather makes an assessment of the appropriate
form of leadership structure on a case-by-case basis. The Board believes that this issue can be a part of the succession planning
process and recognizes that there are various circumstances that weigh in favor of or against both combination and separation of
these offices. Since 2002, the roles of Chairman and CEO have been held by separate persons. The Board believes it is appropriate,
and in our Company&rsquo;s best interests, for the two roles to be separated at this time. The Board does not currently have a
lead independent director.</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: justify">Our Board is actively involved in the oversight
of risks that could affect our Company. The Board receives regular reports from members of senior management on areas of material
risk to us, including strategic, operational, financial, information technology (including cyber risk), legal and regulatory risks.
These reports are reviewed by the full Board, or, where responsibility for a particular area of risk oversight is delegated to
a committee of the Board, that committee reviews the report and then reports to the full Board. In addition, the Audit Committee&rsquo;s
charter requires the committee to inquire of management and the registered public accountants about significant risks or exposures
and assess the steps management has taken to manage such risks, and further requires the committee to discuss with the registered
public accountants the Company&rsquo;s policies and procedures to assess, monitor, and manage business risk, and legal and ethical
compliance programs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director Qualifications and Nomination
Process</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporate Governance Committee follows
the Corporate Governance Guidelines, which are contained as Attachment A to the Board of Director&rsquo;s Charter. The Corporate
Governance Guidelines set forth factors in recommending and evaluating candidates, including personal characteristics, core competencies,
commitment and independence. It also takes into consideration such factors as it deems appropriate based on the Company&rsquo;s
current needs. These factors may include diversity, age, skills such as understanding of appropriate technologies and general finance,
decision-making ability, inter-personal skills, experience with businesses and other organizations of comparable size, and the
interrelationship between the candidate&rsquo;s experience and business background, and other Board members&rsquo; experience and
business background. Although the Corporate Governance Committee does not have a specific policy with regard to the consideration
of diversity in identifying director nominees, the committee considers racial and gender diversity, as well as diversity in business
and educational experience, as part of the total mix of information it takes into account in identifying nominees. Additionally,
candidates for director should possess the highest personal and professional ethics, and they should be committed to the long-term
interests of the shareholders of the Company.</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: justify">The Corporate Governance Committee does
not have any specific process for identifying director candidates. Such candidates are routinely identified through personal and
business relationships and contacts of the directors and executive officers. The Board Charter does require that any director nominee,
whether a new nominee or a previous director, must be less than 75 years of age on the date of the Annual Meeting of Shareholders
and Board vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">The Corporate Governance Committee will
consider as potential nominees persons informally recommended by shareholders if the following requirements are met. If a shareholder
wishes to informally recommend a director candidate to the Corporate Governance Committee for consideration as a Board&rsquo;s
nominee, the shareholder must submit in writing to the Corporate Governance Committee the recommended candidate&rsquo;s name, a
brief resume setting forth the recommended candidate&rsquo;s business and educational background and qualifications for service,
the number of the Company&rsquo;s shares beneficially owned by the person, and a notarized consent signed by the recommended candidate
stating the recommended candidate&rsquo;s willingness to be nominated and to serve. Additionally, the recommending shareholder
must provide his or her name and address and the number of the Company&rsquo;s shares beneficially owned by such person. This information
must be delivered to the Corporate Secretary of the Company at the Company&rsquo;s corporate headquarters at 4510 Cox Road, Suite
201, Richmond, VA 23060 for transmission to the Corporate Governance Committee, and must be received not less than 90 days nor
more than 120 days prior to an annual meeting of shareholders. The committee may request further information if it determines a
potential candidate may be an appropriate nominee. Director candidates recommended by shareholders that comply with these requirements
will receive the same consideration from the committee that other candidates receive.</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: justify">Nominations for election as directors may
also be made by shareholders from the floor at an annual meeting of shareholders provided such nominations are received by the
Company not less than 30 nor more than 60 days prior to the annual meeting, contain the information set forth above, and otherwise
are made in accordance with the procedures set forth in the Company&rsquo;s Bylaws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any shareholder who wishes to send communications
to the Board should mail them addressed to the intended recipient by name or position in care of: Corporate Secretary, Synalloy
Corporation, 4510 Cox Road, Suite 201, Richmond, VA 23060. Upon receipt of any such communications, the Corporate Secretary will
determine the identity of the intended recipient and whether the communication is an appropriate shareholder communication. The
Corporate Secretary will send all appropriate shareholder communications to the intended recipient. An &ldquo;appropriate shareholder
communication&rdquo; is a communication from a person claiming to be a shareholder in the communication the subject of which relates
solely to the sender&rsquo;s interest as a shareholder and not to any other personal or business interest.</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: justify">In the case of communications addressed
to the Board, the Corporate Secretary will send appropriate shareholder communications to the Chairman of the Board. In the case
of communications addressed to the independent or outside directors, the Corporate Secretary will send appropriate shareholder
communications to the Chairman of the Audit Committee. In the case of communications addressed to committees of the Board, the
Corporate Secretary will send appropriate shareholder communications to the Chairman of such committee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For the 2019-2020 term year, non-employee
directors were paid a total annual retainer of $102,000 in the form of cash and restricted stock. Directors must elect to receive
a minimum of $30,000 of the retainer fee in restricted stock and may elect to receive up to 100% of the retainer in restricted
stock. The number of restricted shares issued was determined by the average of the high and low Common Stock price on the day
prior to the 2019 Annual Meeting of Shareholders or the date prior to the appointment to the Board. Non-employee directors elected
by the shareholders for the 2019-2020 term year received an aggregate of 15,909 shares of restricted stock in lieu of such cash
retainer amount as follows: Anthony A. Callander - 1,570; Susan S. Gayner - 5,338; Henry L. Guy - 1,570; Jeffery Kaczka - 2,617;
Amy J. Michtich - 1,570; James W. Terry, Jr. - 1,674; and Murray H. Wright - 1,570. The annual retainer is inclusive of all director
fees and directors did not receive meeting fees or chair fees in addition to the retainer.&nbsp; Directors were reimbursed for
travel and other expenses related to attendance at meetings. Directors who are employees did not receive extra compensation for
service on the Board or any committee of the Board. </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: justify">There will be no changes to non-employee
director annual retainers for the 2020-2021 term year. Non-employee directors will be paid a total annual retainer of $102,000
in the form of cash and restricted stock. Directors must elect a minimum of $30,000 of the retainer fee to be paid in restricted
stock and may elect up to 100% of the retainer to be paid in restricted stock.</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: justify">The shares granted to the non-employee
directors are not registered under the Securities Act of 1933 and are subject to forfeiture in whole or in part upon the occurrence
of certain events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">The following table sets forth information
about compensation paid by the Company to non-employee directors during calendar year 2019 and includes a portion from both the
2018-2019 and 2019-2020 term years. Non-employee directors were paid $102,000 in the 2018-2019 board term and the 2019-2020 board
term.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: left">Name</TD><TD STYLE="white-space: nowrap; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fees Paid in<BR>
 Cash<SUP>(1)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stock <BR>
Awards<SUP>(2)</SUP></B></FONT></TD><TD STYLE="white-space: nowrap; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center">Total</TD><TD STYLE="white-space: nowrap; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">(a)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(b)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(c)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(h)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Anthony A. Callander</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">72,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">30,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">102,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Susan S. Gayner</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Henry L. Guy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">72,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Jeffrey Kaczka <SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">26,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">76,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Amy J. Michtich</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">72,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">James W. Terry, Jr.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">32,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Murray H. Wright</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">72,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">102,000</TD><TD STYLE="text-align: left">&nbsp;</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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents fees paid in cash during 2019.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Represents the grant date fair value, computed in accordance with
FASB ASC Topic 718 as disclosed in the Stock Awards footnote to the Summary Compensation Table, of restricted shares granted to
the directors on May 16, 2019 for 2019 service. For 2019, the directors received restricted shares in lieu of cash retainer as
follows: Anthony A. Callander - 1,570; Susan S. Gayner - 5,338; Henry L. Guy - 1,570; Jeffrey Kaczka - 2,617; Amy J. Michtich -
1,570; James W. Terry, Jr. - 1,674; and Murray H. Wright - 1,570. No director has been granted any stock options by the Company.</FONT></TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Kaczka was elected to the Board on May 16, 2019 and did not serve
for the full 2019 calendar year.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Code <FONT STYLE="font-size: 10pt">of
Conduct</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board has formally adopted a Code of
Conduct that applies to all of our employees, officers and directors. We intend to satisfy the disclosure requirement regarding
any amendment to, or waiver of, a provision of the Code of Conduct for the Company&rsquo;s CEO, CFO, Chief Accounting Officer (&ldquo;CAO&rdquo;),
Controller, or persons performing similar functions, by posting such information on the Company&rsquo;s website.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no amendments to, or waivers
of, any provision of the Code of Conduct for the Company&rsquo;s CEO, CFO, CAO, Controller, or any persons performing similar functions
during fiscal year 2019. A copy of our Code of Conduct is available on our website at www.synalloy.com.</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: justify"><B>Anti-Hedging Policy</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board adopted an anti-hedging and anti-pledging
policy within its Insider Trading Policy whereby the Company&rsquo;s directors, officers and any of their respective designees
are prohibited from engaging in any speculative or hedging transactions in Company securities. Hedging transactions such as puts,
calls, collars, swaps, forward sale contracts, and similar arrangements or instruments designed to hedge or offset decreases in
the market value of Company securities and pledge Company securities as collateral for a loan are prohibited without the written
permission of the Board.</P>

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


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following table provides information
about our executive officers other than Mr. Craig Bram, the Company&rsquo;s President and CEO. Information about Mr. Bram is set
forth above under &ldquo;Election of Directors.&rdquo; </P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; padding-top: 0; width: 100%; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Name, Age, Principal Position and Five-Year Business Experience</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0; padding-bottom: 0">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dennis M. Loughran</I></B>, age
62</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; text-align: justify; padding-top: 0; padding-bottom: 0">Mr. Loughran joined the Company
        in July 2015, as Senior Vice President (&ldquo;SVP&rdquo;) &amp; CFO. Prior to joining the Company, he was the chief financial
        officer of Citadel Plastics Holdings, Inc., a privately-owned company headquartered in Chicago, IL, until its merger with A. Schulman,
        Inc. in June 2015. From 2006 to 2014, he served as the chief financial officer for Rogers Corporation (NYSE: ROG), headquartered
        in Rogers, CT. Previous experience includes 19 years with Reynolds Metals Company in various financial and operations roles and
        six years as Vice President, Finance and Supply Chain with Alcoa Consumer Products. Mr. Loughran has a broad background in international
        business management, financial reporting, planning and analysis, profit improvement, mergers and acquisitions, supply chain optimization,
        tax, treasury management and investor relations. Mr. Loughran attended the University of Richmond, where he received a B.S. degree
        in business administration (magna cum laude) with a major in accounting. He also received his M.B.A. from Virginia Commonwealth
        University, with a concentration in finance. He&nbsp;is a Certified Public Accountant.</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 0; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>J. Greg Gibson</I></B>,
age 46</P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="background-color: White; text-align: justify; padding-top: 0; padding-bottom: 0"> In April 2015, Mr. Gibson was
    named President of Synalloy Chemicals, with business unit responsibility for both Manufacturers Chemicals, LLC and CRI Tolling,
    LLC. He served as Executive Vice President, Sales and Administration for Manufacturers Chemicals, LLC, a wholly-owned subsidiary
    of the Company, from July 2011 to April 2015. Mr. Gibson joined the Company in 2005 as a sales representative providing expertise
    in building client relationships, growing product market share, sales profitability and developing and executing sales strategies.
    Prior to joining the Company, he began his sales career in the pharmaceutical industry. Mr. Gibson graduated with a B.S. degree
    from the University of Tennessee at Chattanooga and a M.B.A. from the University of North Alabama. </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: justify"><B>EXECUTIVE COMPENSATION</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><A NAME="a_008"></A>Compensation Discussion
and Analysis</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Compensation Discussion and Analysis
(&ldquo;CD&amp;A&rdquo;) describes our compensation program and policies and explains how the Board&rsquo;s Compensation &amp;
Long-Term Incentive Committee (the &ldquo;Committee&rdquo;) established goals, reviewed performance measures, and decided compensation
for our named executive officers (&ldquo;NEOs&rdquo;) in and for fiscal year 2019. Our NEOs are listed in the table below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"><B>NEO</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 64%"><B>Title</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Craig C. Bram</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Dennis M. Loughran</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President &amp; Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>J. Greg Gibson</TD>
    <TD>&nbsp;</TD>
    <TD>President, Synalloy Chemicals</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>Overview of Our Business
and Results</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had a very challenging year
in 2019. Coming off a record-breaking year in 2018, we set our 2019 forecasts assuming a continuation of the 2018 market volume
and pricing. Instead, both market volume and pricing were constrained in 2019 as we saw tighter inventory controls from customers
and significant price compression in the marketplace. These constraints were predominantly in the Metals Segment, which is also
our largest segment. While the Company&rsquo;s performance was solid as compared to prior years, the end of year financial results
were well below targets and expectations. The 2019 Incentive Plan paid out below target accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">In 2019, the Company reported net sales
of $305.2 million, up $24.3 million from 2018 but less than our original 2019 forecast of $340 million. Adjusted EBITDA was $13.4
million in 2019, which is considerably lower than the $34.1 million reported in 2018 and our original forecast of $34.4 million
for 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s business has two divisions:
the Metals Segment and the Chemicals Segment.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Metals Segment operates as four reporting
units, including American Stainless Tubing (&ldquo;ASTI&rdquo;), Bristol Metals, LLC (&ldquo;BRISMET&rdquo;), Palmer of Texas Tanks,
Inc. (&ldquo;Palmer&rdquo;) and Specialty Pipe &amp; Tube, Inc. (&ldquo;Specialty&rdquo;). ASTI manufactures high-end ornamental
stainless steel tubing. BRISMET manufactures stainless steel and other alloy pipe and tube. Palmer manufactures liquid storage
solutions and separation equipment, and Specialty is a master distributor of seamless carbon pipe and tube. The Metals Segment&rsquo;s
markets include the oil and gas, chemical, petrochemical, pulp and paper, mining, power generation (including nuclear), water and
waste water treatment, liquid natural gas, brewery, food processing, petroleum, pharmaceutical and other industries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2019, the Metals Segment reported net
sales of $251.1 million, up $28.8 million from 2018 and Adjusted EBITDA was $15.3 million, down from $35.4 million in 2018. Synalloy
Metals revenue was positively impacted by the acquisition of ASTI on January 1, 2019. However, the Adjusted EBITDA was negatively
impacted by market-wide price compression, tighter customer inventory controls, decline in metal surcharges which increased inventory
losses and the lost profits associated with equipment failure of a key production line.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Chemicals Segment operates as one
reporting unit which includes Manufacturers Chemicals, LLC and CRI Tolling, LLC. The Chemicals Segment produces specialty chemicals
for the chemical, paper, metals, mining, agricultural, fiber, paint, textile, automotive, petroleum, cosmetics, mattress, furniture,
janitorial and other industries. </P>



<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Synalloy Chemicals profits decreased slightly
in 2019 as compared to 2018. Actual 2019 financial performance was less than our original 2019 forecast and the 2019 Incentive
Plan paid out below target for the segment. Synalloy Chemicals&rsquo; saw an increase in pounds shipped of 7% over the original
forecast. However, the new business came primarily from non-reactor products and products where the customers provided their own
raw materials. As a result, sales fell short of forecast by 8% and adjusted EBITDA was off 22%. In 2019, the Chemicals Segment
recorded Adjusted EBITDA was $4.5 million, approximately 22% less than our original forecast.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Summary of 2019 Key Compensation Decisions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -45pt"><U>2019 Incentive
Plan</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At our 2019 Annual Meeting of Shareholders,
89.3% of the shares voted at the meeting were in favor of our 2018 NEO compensation program. As a result of this strong level of
support, we committed to using the same Incentive Plan in 2019 (the &ldquo;2019 Incentive Plan&rdquo;) that was utilized in 2018
noting the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><I>Base Salary</I> - There were no changes to any NEO&rsquo;s
base salary in 2019.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Short-Term Cash Incentive</I> - There were no changes to the short-term cash incentive under the 2019 Incentive Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><I>Long-Term Equity Incentive</I> - There were no changes to the long-term equity incentive under the 2019 Incentive Plan.</TD></TR></TABLE>


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<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; text-align: justify"><B>Compensation Philosophy, Objectives
and Process</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>Compensation Philosophy and
Objectives</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board and management believe that the
performance and contributions of our executive officers are critical to our overall success. To attract, retain and motivate the
executives to accomplish our business strategy, the Committee establishes executive compensation policies and oversees the Company&rsquo;s
executive compensation practices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s goal is to attract
and retain highly motivated and talented executives and to ensure a strong link between executive pay, Company performance and
shareholder value.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 30%"><FONT STYLE="font-size: 10pt"><B>Compensation Objective</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 69%"><FONT STYLE="font-size: 10pt"><B>How Objective is Achieved</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Pay for performance</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The majority of the annual short-term cash and long-term equity components of the compensation program have Performance Metric target ranges for each business segment and the Company as a whole. Executives are rewarded with higher incentive pay when above target ranges are met, while lower incentives are paid when target ranges are not achieved.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><B>Attracting and retaining highly motivated and talented executives</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The overall compensation program is designed to be competitive with positions at peer group companies to attract highly qualified candidates.&nbsp;&nbsp;Restricted stock awards have multi-year time vesting elements with forfeiture of unvested grants if an executive leaves the Company prior to vesting for any reason other than retirement, disability or death.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Aligning the interests of executives with the interests of shareholders</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A portion of each executive&rsquo;s pay is equity-based compensation, to align the executives&rsquo; interests with those of our shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and the Committee believe that
the most effective executive compensation program is one that is designed to reward the achievement of specific annual and long-term
goals and functional operational initiatives of the Company as well as align the interest of executives with the interest of shareholders,
ultimately improving shareholder value. Our pay for performance emphasis attracts executives who are willing to risk a larger share
of their compensation on their own performance and the performance of the Company for the benefit of the longer-term shareholder
value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>Compensation Process</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee looks for opportunities to
improve upon the executive compensation program and in 2016 the Company retained PM as the Committee&rsquo;s outside independent
compensation consulting firm. PM is a nationally recognized executive compensation consultant and the Committee has retained it
to provide information concerning compensation paid by competitors and members of our peer group. In 2016, PM assisted the Committee
in designing the Incentive Plan that was used for NEOs in 2017, 2018 and 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In reviewing the base salary of our NEOs
in 2019, the Committee worked with PM to review aggregated information from our peer group and, for the executives below chief
executive officer level, received input and guidance from the CEO on the performance of these officers. The Committee additionally
reviews the performance of the CEO and considers this information in making compensation decisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In 2019, the Committee identified 17
companies for its peer group, all manufacturing businesses, with many in either the Basic Materials-Metals/Mining or Materials-Specialty
Chemicals industry classification. Others are manufacturers of machinery or component parts. The peer group is focused on micro-cap
companies with similar revenues and market capitalization to the Company&rsquo;s performance. Additionally, the Committee compares
the Company&rsquo;s one-year and three-year average annual EBITDA to that of the peer group. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For 2019, our peer group consists of
the following companies: American Vanguard, Ampco-Pittsburgh, CSW Industrials, Core Molding Technologies, Eastern Company, Houston
Wire and Cable, Hawkins, Haynes International, Hurco, Insteel, Landec Corp., Lawson Products Inc., L.B. Foster Company, Northwest
Pipe Co., Perma Pipe, UFP Technologies, and USAP. </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">The peer group information is used by the
Company to benchmark the compensation for our CEO and CFO. The Committee sets base salary for our CEO near the median base salary
for the peer group. The Committee sets the base salaries of the other NEOs to be market competitive as compared to the salaries
of executives at similarly situated companies. However, the Committee believes that targeted total cash compensation, including
short-term incentive pay, should provide the CEO and all other NEOs with the potential to earn in excess of the median total cash
compensation of the peer group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee believes this methodology
is appropriate because it directly aligns the CEO and other NEOs&rsquo; pay with the Company&rsquo;s performance by putting more
emphasis on at-risk components of cash compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>Risk Considerations</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Committee has assessed the risks arising
from the Company&rsquo;s compensation policies and practices for all employees to determine whether such policies or practices
are reasonably likely to have a material adverse effect on the Company. Based on its assessment, the Committee has determined that
the Company&rsquo;s compensation policies and practices are not reasonably likely to have a material adverse effect on the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2019 Performance and Compensation</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our compensation program is relatively
simple and straightforward, and consists of three main components: base salary, short-term cash incentives and long-term stock-based
incentives. Below is information on the main components of and on certain decisions made regarding 2019 NEO compensation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Base salary is a tool to provide executives
with a reasonable level of fixed income relative to the responsibility of the positions they hold. Base salaries are reviewed annually
by the Committee and the CEO and adjustments are considered at that time. Base salaries are adjusted from time to time to reflect
changes in responsibility level, comparison of data obtained from peer groups, data from our compensation consultant and other
external market comparative data. In addition, the Company considers the attributes of each individual executive, including but
not limited to his/her longevity with the Company, his/her educational background and experience, the particular responsibilities
of his/her position, the compensation of others with similar background, credentials and responsibilities, and his/her past level
of performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For 2019, the Committee reviewed peer group
data and, along with the CEO&rsquo;s recommendation for the other NEOs, determined that it was in the best interests of the Company
and our shareholders to defer any increase of each NEO&rsquo;s base salary until a later date to be determined by the Committee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Base salary for each NEO as of December
31, 2019 and December 31, 2018 are listed in the table below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">NEO</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Title</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Base Salary at 12/31/2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Base Salary at 12/31/2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% Increase</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">Craig C. Bram</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: left">President &amp; CEO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">495,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">495,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dennis M. Loughran</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SVP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">322,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">322,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Greg Gibson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">President, Synalloy Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">272,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">272,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>2019 Incentive Plan</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With assistance from our compensation consultant,
the Committee established the 2016 Incentive Plan and essentially carried the same plan forward each year including the 2019 Incentive
Plan. As with the prior incentive plans, the 2019 Incentive Plan consisted of two components: short-term cash incentive compensation
and long-term equity incentive compensation in the form of restricted stock awards to be issued under the 2015 Stock Award Plan
(the &ldquo;2015 Stock Plan&rdquo;), which was approved by shareholders at the 2015 Annual Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">Also, the Committee approved the calculation
of the same performance metric that has been utilized since the 2016 Incentive Plan and is used to calculate certain components
of both the short-term cash and long-term equity incentives. Consistent with prior years incentive plans, the 2019 Incentive Plan
defined the &ldquo;Performance Metric&rdquo; as Adjusted EBITDA before incentives and excluding inventory gains and losses, metal
price change gains and losses, inventory cost adjustments, aged inventory adjustments, and manufacturing variances.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The short-term cash incentive in the 2019
Incentive Plan was calculated as a percentage of an executive&rsquo;s base salary, depending on the executive&rsquo;s position
with the Company and what specified strategic goals were achieved. The two factors included in the short-term cash incentive were:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">70% of short-term cash incentive: Target Performance Metric with an established Threshold Performance
Metric and Maximum Performance Metric for the payment of cash incentives. The Threshold Performance Metric is set at 75% of Target.
The Maximum Performance Metric is set at 125% of Target.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify; text-indent: -13.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">30% of short-term cash incentive: Successful delivery of specified strategic goals that drive stronger
efficiencies across the Company, for Messrs. Bram and Loughran and across the segment for Mr. Gibson.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Performance Metric carried the
heaviest weighting (70%) for the short-term cash component, the Committee used qualitative measures related to strategic goals
to increase executive focus beyond the annual Performance Metric to include those measures management and the Board believe will
lead to sustained results on a longer-term basis. The table below provides the total short-term cash incentive for each NEO at
the threshold, target and maximum levels.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>Total Short-Term Cash Incentive</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><I>(as a percentage of base salary)</I></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Threshold</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Target</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">President &amp; CEO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">50.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">85.0</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">120.0</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SVP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">President, Synalloy Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.0</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the short-term cash incentive compensation
component of the 2019 Incentive Plan, the following table sets forth the Performance Metric component for each executive. Actual
payout is based on a calculation using results for the year and may vary between Threshold and Maximum values. The table below
details the 2019 Performance Metric threshold, target, maximum and actual results.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2019 Performance Metric
    Component </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> (dollars in millions) </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Threshold </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Target </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Maximum </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2019 Actual </TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left"> President &amp; CEO </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 25.50 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 34.00 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 42.50 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 9%; text-align: right"> 21.41 </TD><TD STYLE="width: 1%; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> SVP &amp; CFO </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 25.50 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 34.00 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 42.50 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 21.41 </TD><TD STYLE="text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">President, Synalloy Chemicals<SUP>(1)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 4.35 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5.80 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 7.25 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 5.05 </TD><TD STYLE="text-align: left"> &nbsp; </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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">2019 Performance Metric component is for the Chemicals Segment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">For 2019, the Performance Metric achieved
was below the Threshold level for the Company. The Performance Metric achievement for the Chemicals Segment in 2019 was between
Threshold and Target performance level.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the short-term cash incentive compensation
component of the 2019 Incentive Plan, the following table sets forth the strategic goal component for each executive. Actual payout
is based on a calculation using results for the year and may vary between Threshold and Maximum values. The table below details
the 2019 strategic goals threshold, target, maximum and actual results.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2019 Strategic Goals Component </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Threshold </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Target </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Maximum </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> 2019 Actual </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; text-align: left"> <FONT STYLE="font-size: 10pt">President &amp; CEO<SUP>(1)</SUP></FONT> </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 3 out of 5 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 4 out of 5 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 5 out of 5 </TD><TD STYLE="width: 1%"> &nbsp; </TD>
    <TD STYLE="width: 15%; text-align: center"> 4.9 out of 5 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">SVP &amp; CFO<SUP>(2)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 4 out of 7 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 5 out of 7 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 7 out of 7 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 6.9 out of 7 </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"> <FONT STYLE="font-size: 10pt">President, Synalloy Chemicals<SUP>(3)</SUP></FONT> </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 3 out of 5 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 4 out of 5 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 5 out of 5 </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: center"> 4.0 out of 5 </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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">The 2019 strategic goals for the President &amp; CEO related to financial, growth, and personnel
initiatives.</TD></TR>
</TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">The 2019 strategic goals for the SVP &amp; CFO related to financial, process and personnel initiatives.</TD></TR>
</TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">The 2019 strategic goals for the President, Synalloy Chemicals related to facility safety, sales
and marketing, growth and facility specific initiatives.</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; text-align: justify">For 2019, all NEOs met or exceeded the
&ldquo;Target&rdquo; level of performance for the strategic goals component. The strategic goals component of the short-term cash
incentive are operational and strategic goals specific to each named executive officer&rsquo;s area of responsibility, in each
case designed to drive overall Company financial and operational performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total short-term cash incentives were earned
for fiscal year 2019 as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019 Performance Metric Component</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019 Strategic Goals Component</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total 2019 Short-Term Cash Incentive Payments</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Name</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Position</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Base Salary</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>$</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Base Salary</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Base Salary</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 18%; text-align: left">Craig C. Bram</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left">President &amp; CEO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">176,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">35.7</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">176,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">35.7</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dennis M. Loughran</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SVP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="text-align: left; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Greg Gibson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">President, Synalloy Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">77,580</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">124,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45.6</TD><TD STYLE="text-align: left">%</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 0pt 45pt; text-align: justify; text-indent: -45pt"><I>2019 Long-Term
Equity Incentive</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our goal in awarding long-term equity incentive
compensation is to emphasize to our executives the importance of increasing shareholder value by tying a portion of executive compensation
to growth in the Company&rsquo;s stock price. To help align the interests of our executives with the interest of our shareholders,
one hundred percent (100%) of long-term incentive compensation for NEOs is in the form of equity instruments. In recent years,
the Company has granted restricted stock awards that vest over either three or five years, with half of such awards subject to
achievement of a performance goal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The long-term stock-based incentives are
delivered in the form of restricted stock awards. Stock-based compensation is established at a percentage of each executive&rsquo;s
base salary at the time of grant. In order to attract and retain executive talent, 50% of the long-term incentive is a time-vesting
retention award. In order to closely tie total compensation to long-term shareholder value, the other 50% of the long-term incentive
compensation for the NEOs is earned based on achievement of a three-year cumulative Performance Metric.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> For the long-term equity incentive
component of the 2019 Incentive Plan, Mr. Bram was awarded restricted stock with a value at the time of grant equal to 42.5% of
his base salary in the form of a time-vesting award, Mr. Loughran was awarded restricted stock with a value at the time of grant
equal to 32.5% of his base salary in the form of time-vesting awards, and Mr. Gibson was awarded restricted stock with a value
at the time of grant equal to 28.5% of his base salary in the form of a time-vesting award. These time-vesting stock awards vest
33% per year over a three-year period. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">The NEOs are also eligible for performance-vesting
restricted stock awards which, at maximum pay-out levels, would equal 63.75% of base salary for Mr. Bram, 48.75% of base salary
for Mr. Loughran and 42.75% of base salary for Mr. Gibson. This performance-vesting restricted stock award is based on achievement
of a three-year cumulative Adjusted EBITDA Performance Metric and will be earned, if at all, for performance during the three-year
period ending December 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total long-term equity incentives awarded
for fiscal year 2019 were as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Name</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Position</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2019<BR>
Time-Vesting<BR>
Stock<BR>
 Award<SUP>(1)</SUP></B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019<BR>
 Performance-<BR>
Vesting<BR>
 Stock <BR>
Award<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total 2019 Long-Term Equity Awards</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 38%; text-align: left">Craig C. Bram</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left">President &amp; CEO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">210,375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">210,375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">420,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dennis M. Loughran</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SVP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">104,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">104,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">209,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Greg Gibson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">President, Synalloy Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">77,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">77,520</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">155,040</TD><TD STYLE="text-align: left">&nbsp;</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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Time-vesting restricted stock award vests at 33% per year over a three-year period.</TD></TR>
</TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Performance-vesting restricted stock award is based on achievement of a three-year cumulative Performance
Metric target and will be earned, if at all, for performance during the three-year period ending December 31, 2021.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Vesting of the 2017 Performance Long-Term
Equity Incentive Award</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2017 performance-vesting award was
awarded for the three-year period ending December 31, 2019. The following table shows the threshold, target and maximum three-year
cumulative Performance Metric when the award was made in 2017 as well as the actual performance for the three-year period ending
December 31, 2019.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-style: italic; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-style: italic; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>2017 Performance-Vesting Stock Award</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><I>(cumulative three-year Performance Metric ending<BR>
 December 31, 2020)</I></P></TD><TD STYLE="padding-bottom: 1.5pt; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">(in millions)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Threshold</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Target</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maximum</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">President &amp; CEO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">39.11</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">57.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">75.95</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">71.88</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SVP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">39.11</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">71.88</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">President, Synalloy Chemicals <SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17.39</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">33.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17.46</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Three-year cumulative Performance
Metric is for the Chemicals Segment.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the 2017 performance-vesting stock
award, the three-year cumulative Performance Metric achieved was above the &ldquo;Target&rdquo; level for the Company. The three-year
cumulative Performance Metric achieved for the Chemicals Segment in 2019 was at &ldquo;Threshold&rdquo; level. As such, the following
table shows the amounts earned by the NEOs for the 2017 performance-vesting stock award.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Name</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Position</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>2017<BR>

Performance-<BR>
Vesting<BR>
Award <BR>
Earned<SUP>(1)</SUP></B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left">Craig C. Bram</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 43%; text-align: left">President &amp; CEO</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">185,096</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dennis M. Loughran</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SVP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">92,200</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Greg Gibson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">President, Synalloy Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27,900</TD><TD STYLE="text-align: left">&nbsp;</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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">The amounts in this column represents the aggregate grant date fair value computed in accordance
with FASB ASC Topic 718 of equity awards made pursuant to this award. For the 2017 Performance-Vesting Award, the NEOs received
the following number of restricted shares: Mr. Bram 15,048; Mr. Loughran 7,495; and Mr. Gibson 2,268.</TD></TR></TABLE>

<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">&nbsp;</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: justify"><B>Stock-Ownership Levels</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has established stock ownership
levels for the senior management team and the Board. Directors and executive officers have five years to achieve the targeted ownership
levels. Stock ownership levels for NEOs and directors are based on dollars invested or cost basis, not market value. All NEOs are
in compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stock ownership requirements are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Board - three times retainer;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>CEO - four times base salary;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>CFO and Segment Presidents - $250,000; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD>Corporate Secretary - $200,000.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following approval by the Committee, the
Company has entered into employment agreements with its NEOs. The Employment Agreement section herein reflects Employment Agreements
as of December 31, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An employment agreement with Mr. Bram was
entered into on March 1, 2019 for a two-year term. On each two-year anniversary of the employment agreement, the term is automatically
extended for two additional years, unless the Company or Mr. Bram provides written notice that it or he does not wish to extend
the agreement within 90 days of the end of the term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employment agreements with Mr. Loughran
and Mr. Gibson were entered into on March 1, 2019, each for a one-year term. On each one-year anniversary of the employment agreement,
the term is automatically extended for an additional year, unless the Company or the executive provides written notice that it
or he does not wish to extend the agreement within 90 days of the end of the term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The employment agreements for each of Messrs.
Bram, Loughran and Gibson provide for a base salary, cash incentive and restricted stock incentive to be reviewed by the Committee
on an annual basis. The employment agreements also provide that each executive is eligible to participate in any employee benefit
plan and programs generally made available to employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The employment agreements provide that
the executive will be entitled to severance payments in the case of death or disability, or a termination without cause (outside
of, or in connection with or following a change in control) in the form of (1) salary continuation, (2) average cash bonus, (3)
health insurance and (4) restricted stock and options vesting. The base salary may be paid in installments or in a lump sum, at
the election of the Company. In order to receive the severance, the executive, or his beneficiary or estate, must execute a release
satisfactory to the Company. Please see the table below for more information on the above described severance payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to a change in control, the
employment agreements provide for a severance payment only if, in connection with, or within two years after, a change in control,
either (a) the Company terminates the executive&rsquo;s employment (other than for cause, as defined in the agreement, and other
than due to death or disability), or (b) the executive is not retained in substantially the same or better role and substantially
the same or better compensation level as prior to the change in control. This approach is commonly referred to as &ldquo;double-trigger&rdquo;
acceleration upon a change in control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify"> Each employment agreement defines a
change in control to occur when &ldquo;(i) any person (as defined in Section 13(d) and 14(d) of the Exchange Act) is or becomes
the beneficial owner (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing
more than fifty percent (50%)&nbsp;of the combined voting power of the Company&rsquo;s then outstanding securities, or (ii) there
is a consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the
assets of the Company (a &ldquo;Business Combination&rdquo;), in each case, unless, following such Business Combination, all or
substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of the Company
immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%)&nbsp;of
the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as
the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which, as a
result of such transaction, owns the Company or all or substantially all of the Company&rsquo;s assets either directly or through
one or more subsidiaries). The election of any or all of the Dissident Group&rsquo;s nominees would not trigger a change in control
within the meaning of such term as it is used under these employment agreements. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The employment agreement contains a covenant
not to engage, directly or indirectly, in competition with the Company with respect to the businesses in which it is engaged on
the date the executive&rsquo;s employment is terminated and for a period of one year after termination of the executive&rsquo;s
employment. In addition, each agreement stipulates that the executive may not be employed for a period of one year after his termination
of employment with any business that was identified as a potential acquisition target during the executive&rsquo;s tenure with
the Company. Each NEO has also agreed not to disclose, at any time during his employment with the Company or thereafter, any of
the Company&rsquo;s confidential information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the potential
payments to Messrs. Bram, Loughran and Gibson upon termination for the reasons described below, or to their beneficiaries in the
event of death. The amounts shown assume that the employment of each executive was terminated effective December 31, 2019.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Death
    or Disability<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Retirement<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Termination Without Cause<SUP>(3)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Termination without Cause following a Change in Control<SUP>(4)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%; text-align: left">Craig C. Bram,</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: left">Base Salary</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">123,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">742,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,237,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">President &amp; CEO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Cash Bonus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">176,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">372,356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">930,890</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Stock Options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Restricted Stock <SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">997,886</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">997,886</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,889,428</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Healthcare</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">34,062</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">34,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dennis M. Loughran,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Base Salary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">80,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">241,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">645,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SVP &amp; CFO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Cash Bonus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">86,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">345,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Stock Options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Restricted Stock <SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">498,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">498,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">498,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">847,241</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Healthcare</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42,276</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Greg Gibson,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Base Salary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">68,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">204,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">544,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">President, Synalloy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Cash Bonus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">135,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">64,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">259,780</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Stock Options</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Restricted Stock <SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">340,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">340,630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">612,670</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Healthcare</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">21,138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42,276</TD><TD STYLE="text-align: left">&nbsp;</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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Upon death or disability, all NEOs will receive base salary in the amount of three months or until
the anniversary date of the agreement, whichever is greater, the cash incentive for that fiscal year prorated to the date of the
executive&rsquo;s death or disability, and immediate vesting of all restricted stock and options.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Upon eligible retirement, all restricted stock and options immediately vest. Mr. Loughran was the
only NEO eligible for retirement as of December 31, 2019.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">Upon termination without cause, Mr. Bram will receive 1.5X of current base salary, 1.0X of the
average of the two most recent cash bonuses, 24 months of COBRA premiums and immediate vesting of all restricted stock and options
as severance. All other NEOs will receive 0.75X of current base salary, 0.5X of the average of the two most recent cash bonuses,
12 months of COBRA premiums and immediate vesting of all restricted stock and options as severance.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">Upon a triggering event under the &ldquo;double-trigger&rdquo; change in control, Mr. Bram will
receive 2.5X of current base salary, 2.5X of the average of the two most recent cash and stock bonuses, 24 months of COBRA premiums
and immediate vesting of all restricted stock and options as severance. Upon a triggering event under the &ldquo;double-trigger&rdquo;
change in control, all other NEOs will receive 2.0X of current base salary, 2.0X of the average of the two most recent cash and
stock bonuses, 24 months of COBRA premiums and immediate vesting of all restricted stock and options as severance.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(5)</SUP></TD><TD STYLE="text-align: justify">Restricted Stock is calculated based on the December 31, 2019 closing stock price of $12.91 per
share.</TD></TR></TABLE>

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


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<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; text-align: justify"><B>Compensation of Executive Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>2019 Summary Compensation Table</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth summary
compensation information for our NEOs for the years indicated:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; font-weight: bold; text-align: left">Name and Principal Position</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; font-weight: bold; text-align: center">Year</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; font-weight: bold; text-align: center">Salary</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 0; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Stock<BR>
 Awards<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 0; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-Equity <BR>
Incentive Plan <BR>
Compensation<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-bottom: 0; font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>All Other<BR>
 Compensation<SUP>(3)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; font-weight: bold; text-align: center">Total</TD><TD STYLE="padding-bottom: 0; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; text-align: left"><B>(a)</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; text-align: center"><B>(b)</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; text-align: center"><B>(c)</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; text-align: center"><B>(e)</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; text-align: center"><B>(g)</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; text-align: center"><B>(i)</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0; border-bottom: Black 1.5pt solid; text-align: center"><B>(j)</B></TD><TD STYLE="padding-bottom: 0"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; text-align: left">Craig C. Bram</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 8%; text-align: center">2019</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">495,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">420,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">176,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">11,200</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">1,103,650</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">(President &amp; CEO)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">495,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">292,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">568,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,366,312</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">255,997</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">277,172</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">993,969</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dennis M. Loughran</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">322,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">209,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81,238</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">624,563</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">(SVP &amp; CFO)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">322,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">138,825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">264,450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">736,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">308,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">121,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">192,355</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">633,163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Greg Gibson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">272,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">155,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">124,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">571,032</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">(President, Synalloy Chemicals)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">272,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">117,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">135,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">544,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">260,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">87,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41,730</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">408,994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Stock Awards - The amounts in this column represents the aggregate grant date fair value computed
in accordance with FASB ASC Topic 718 of stock awards made during the year. See Note 7 to the Company&rsquo;s consolidated financial
statements for the year ended December 31, 2019, which are included in the Company&rsquo;s 2019 Annual Report on Form 10-K, for
additional disclosure of all assumptions made with respect to the valuation of stock awards.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Non-Equity Incentive Compensation - The amounts reported in Non-Equity Incentive Plan Compensation
were paid under the Incentive Plan for the respective year, as more fully described in the CD&amp;A. Amounts reported in this column
were earned in the indicated year.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">All Other Compensation - The amounts shown in this column represent the Company&rsquo;s contributions
pursuant to the 401(k)/ESOP Plan for the named executives. In addition, Mr. Gibson received a monthly car allowance.</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: justify"><U>CEO Pay Ratio</U> - For 2019, the annual
total compensation for our median employee was $60,256; Mr. Bram&rsquo;s 2019 annual total compensation was $1,103,650 and the
ratio of these two amounts was 1:18.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SEC rules permit companies to identify
the median paid employee once every three years as long as there has been no change in the company&rsquo;s employee population
or compensation arrangements that significantly impacts the pay ratio disclosure. As we have had no such material changes since
2017, we are using the same median employee identified for 2017, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">The median employee was identified for
2017 utilizing total cash compensation consisting of earnings, bonuses and allowances and annualized for all employees as of December
31, 2017. This pay ratio is a reasonable estimate calculated in a manner consistent with the SEC rules based on our payroll and
employment records and the methodology described above. Because the SEC rules for identifying the median compensated employee and
calculating the pay ratio on that employee&rsquo;s annual total compensation allow companies to adopt a variety of methodologies,
to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their compensation practices, the pay
ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies may have different
employment and compensation practices and may utilize different methodologies, exclusions, estimates and assumptions in calculating
their own pay ratios.</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: justify"><B>Grants of Plan-Based Awards</B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grant
    Date</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated
    Future Payouts Under Non-Equity Incentive Plan Awards<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Estimated
    Future Payouts Under Equity Incentive Plan Awards<SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>All
                                         Other Stock Awards: Number of Shares of Stock or Units</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(#)<SUP>(3)</SUP></B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant
    Date Fair Value of Stock and Option Awards<SUP>(4)</SUP></B></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Threshold</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Target</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Maximum</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Threshold</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Target</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Maximum</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 10%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Craig</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2/8/19</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">74,250</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">420,750</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">594,000</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">C. Bram</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2/8/19</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">105,188</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">210,375</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">315,563</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,396</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">420,750</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dennis M.</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2/8/19</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">43,538</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">209,625</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">274,125</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loughran</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2/8/19</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">52,406</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">104,813</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">157,219</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,669</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">209,625</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">J. Greg</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2/8/19</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32,640</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">155,040</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">204,000</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gibson</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2/8/19</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">38,760</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">77,520</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">116,280</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,932</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">155,040</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">These awards were made pursuant to our 2019 Incentive Plan and were earned upon the achievement
of certain performance goals established by the Committee for the fiscal year ended December 31, 2019. For a discussion of these
performance goals, see our CD&amp;A section included in this Proxy Statement. The Committee targeted a payout equal to 85% of base
salary for Mr. Bram, 65% of base salary for Mr. Loughran, and 57% of base salary for Mr. Gibson, which would be achieved if 100%
of the Performance Metric goal and 80% of the strategic goals were met.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Consequently, the target amounts
in this column assume that Mr. Bram earned 85%, Mr. Loughran earned 65%, and Mr. Gibson earned 57% of the maximum potential awards
that they could have earned using these annual incentive opportunities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The threshold amounts assume
that the NEOs earned the minimum cash incentive awards required to trigger any level of payout. If Company performance fell below
performance goals required to earn the threshold amount, they would not have been entitled to any non-equity incentive plan awards.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Mr. Bram earned 35.7%, Mr. Loughran
earned 25.2%, and Mr. Gibson earned 45.6% of these non-equity incentive plan awards based on our performance during 2019. These
annual incentive amounts are also included under &ldquo;Non-Equity Incentive Compensation&rdquo; in the Summary Compensation Table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&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"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">These amounts represent grants of performance-vesting restricted stock made pursuant to our 2019
Incentive Plan. These restricted shares will be earned over the performance cycle ending December 31, 2022. For a discussion of
the other material terms of these awards, see our CD&amp;A section. The Committee targeted payout of restricted shares equivalent
to 42.5% of base salary for Mr. Bram, 32.5% of base salary for Mr. Loughran and 28.5% of base salary for Mr. Gibson.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">These amounts represent grants of time based restricted shares made under the 2019 Incentive Plan.
For a discussion of the material terms of these awards, see our CD&amp;A section.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"><SUP>(4)</SUP></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD><TD STYLE="text-align: justify">Full grant date fair value of equity awards computed in accordance with FASB ASC Topic 718.</TD></TR></TABLE>

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


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<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; text-align: justify"><B>Outstanding Equity Awards at Fiscal
Year End 2019</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
about stock options and restricted stock awards outstanding at the end of 2019 for each of our NEOs. No other stock awards were
outstanding at December&nbsp;31, 2019.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Option Awards </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-left: Black 1.5pt solid; font-weight: bold; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> Stock Awards </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left"> Name </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Number of<BR>
 Securities<BR>
 Underlying<BR>

    Unexercised<BR>
 Options (#)/<BR>
 Exercisable<SUP>(1)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-weight: bold; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Number of <BR>
Securities <BR>
Underlying
    <BR>
Unexercised <BR>
Options (#)/ <BR>
Unexercisable<SUP>(1)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Option Exercise Price </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> Option Expiration Date </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-left: Black 1.5pt solid; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Number of Shares or Units
    of Stock That Have Not Vested <SUP>(2)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Market Value of Shares or
    Units of Stock That Have Not Vested <SUP>(4)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Equity Incentive Plan Awards:
    Number of Unearned Shares, Units or Other Rights That Have Not Vested<SUP>(3)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Equity Incentive Plan Awards:
    Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested<SUP>(4)</SUP></B></FONT> </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"> (a) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (b) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (c) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (e) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (f) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="border-left: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (g) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (h) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (i) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> (j) </TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; text-align: left; padding-bottom: 1.5pt"> Craig C. Bram </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 1,015 </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 1,015 </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> $ </TD><TD STYLE="width: 7%; text-align: right"> 16.010 </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> <FONT STYLE="font-size: 10pt">2/10/2025</FONT> </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="border-left: Black 1.5pt solid; width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 37,129 </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> $ </TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right"> 479,335 </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; text-align: left"> &nbsp; </TD><TD STYLE="width: 7%; text-align: right"> 17,975 </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> $ </TD><TD STYLE="width: 7%; padding-bottom: 1.5pt; text-align: right"> 232,057 </TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> Dennis M. Loughran </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> &mdash; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="border-left: Black 1.5pt solid; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 18,904 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> 244,051 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 8,817 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> 113,821 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"> J. Greg Gibson </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 1,673 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 419 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> 16.010 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> <FONT STYLE="font-size: 10pt">2/10/2025</FONT> </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="border-left: Black 1.5pt solid; padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 14,493 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> 187,105 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 7,080 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD><TD STYLE="padding-bottom: 1.5pt"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"> $ </TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"> 91,403 </TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> 3,398 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &mdash; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> $ </TD><TD STYLE="text-align: right"> 14.760 </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> <FONT STYLE="font-size: 10pt">2/20/2024</FONT> </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="border-left: Black 1.5pt solid"> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &nbsp; </TD><TD> &nbsp; </TD>
    <TD STYLE="text-align: left"> &nbsp; </TD><TD STYLE="text-align: right"> &nbsp; </TD><TD STYLE="text-align: left"> &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>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Includes stock options granted on February 20, 2014 and February 10, 2015, all of which vest in
20% increments annually, beginning one year after date of grant.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">Includes restricted stock awards granted on February 16, 2016 which vest in 20% increments annually,
beginning one year after date of grant and restricted stock awards granted on May 5, 2017, February 8, 2017, February 7, 2018 and
February 6, 2019 which vest in 33.3% increments annually, beginning one year after date of grant. Stock awards are subject to the
recipients continuing to be employed by the Company and other conditions described under &ldquo;Equity Plans - Stock Awards Plan.&rdquo;</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">These represent the performance based restricted shares granted in 2017, 2018 and 2019, the earn
out of which is based on achievement of a three-year Performance Metric target. Shares will be earned, if at all, for the period
ending December 31, 2020, December 31, 2021 and December 31, 2022. In accordance with SEC rules, the number of shares included
in this table is based on a threshold level of payout.</TD></TR></TABLE>

<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"></TD><TD STYLE="width: 0.25in"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">Based on the December 31, 2019 closing stock price of $12.91 per share.</TD></TR></TABLE>

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


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<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; text-align: justify"><B>2019 Option Exercises and Stock Vested</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
about restricted stock awards that vested in 2019.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Stock Awards</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Name</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Number of Shares Acquired on Vesting</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 10pt"><B>Value Realized on Vesting<SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">(a)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(b)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(c)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Craig C. Bram</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">44,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">703,872</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Dennis M. Loughran</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">307,435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">J. Greg Gibson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">206,841</TD><TD STYLE="text-align: left">&nbsp;</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"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">Based on the market value of the shares on the exercise or vesting date.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company currently has one stock option
plan, the 2011 Long-Term Incentive Stock Option Plan (the &ldquo;2011 Option Plan&rdquo;), approved at the 2011 Annual Meeting
of Shareholders. Options may be exercised beginning one year after the date granted at the rate of 20% annually on a cumulative
basis; however, in no event shall an option be exercisable more than ten years after the date of grant. In the event that (a) all
or substantially all of the assets or Common Stock of the Company (or a subsidiary or division of the Company in which employee
is employed) are sold to an entity not affiliated with the Company, (b) a merger or share exchange with an unaffiliated party occurs
in which the Company is not the surviving entity, or (c) a similar sale or exchange transaction occurs, which in the Committee&rsquo;s
sole discretion justifies an exercise right, an option holder may exercise, in addition to the above, 100% of the options not otherwise
exercisable because of the holding period requirement, subject to the limitation that in no event shall incentive stock options
under this and all other option plans of the Company having an aggregate fair market value in excess of $100,000 at the dates of
grant become exercisable by an optionee for the first time during a calendar year. The exercise price for options granted under
the 2011 Option Plan is equal to 100% of the fair market value on the date the option is granted. The option grant price is determined
by averaging the high and low sales prices for the Company&rsquo;s Common Stock for the day prior to the option grant date as reported
by the Nasdaq Global Market. If one of the events described in (a), (b) or (c) above had occurred as of December 31, 2019, all
of the stock options shown in the &ldquo;Number of Securities Underlying Unexercised Options/Unexercisable&rdquo; column of the
Outstanding Equity Awards at Fiscal Year End 2019 table would have vested immediately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 10, 2015, the Board amended
the 2011 Option Plan to allow former employees who cease to be employees of the Company as a result of normal retirement, early
retirement or disability retirement, to exercise any outstanding options at any time after the date on which he or she ceased to
be an employee, but not later than the end of the fixed term of the option and no earlier than one year from the date the option
was granted. In the case of death, the option may be exercised by the holder&rsquo;s estate, a person who acquired the right to
exercise the option by bequest or inheritance, or his or her attorney-in-fact, as appropriate, at any time after the holder&rsquo;s
death, but not later than the end of the fixed term of the option. Otherwise, options can only be exercised by an employee who
has been in the continuous employment of the Company since the date the option was granted. Options granted under the 2011 Option
Plan to an employee shall not be transferable except by will or the laws of descent and distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> At April 10, 2020, there were a
total of 170,436 shares underlying outstanding options and 46,936 shares underlying exercisable options under the 2011 Option
Plan. There were 28,528 shares available for grant under the 2011 Option Plan as of April 10, 2020. </P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The 2015 Stock Plan, approved by
shareholders at the 2015 Annual Meeting of Shareholders and amended by the Board and the shareholders at the 2018 Annual
Meeting of Shareholders, authorizes the issuance of up to 500,000 shares which can be awarded for a period of ten years from
the effective date of the plan. On February 16, 2017, the Board amended the 2015 Stock Plan to enable the Compensation &amp;
Long-Term Incentive Committee to establish vesting schedules as it administers the plan, generally over three or five years.
In order for the awards to vest, the employee must be in the continuous employment of the Company or a subsidiary since the
date of the awards, except as the result of an employee&rsquo;s retirement (minimum age of 62), death or permanent
disability, upon which event any portion of a stock award that has not vested with the Company will become 100% vested.
Otherwise, any portion of a stock award that has not vested prior to the termination of an employee&rsquo;s employment with
the Company for any other reason shall be automatically cancelled. Vesting of the total number of unvested shares will occur
in the event that there is either (i) the acquisition of more than 50% of the outstanding voting securities of the Company or
a subsidiary or division of the Company in which the employee is employed (calculated on a fully diluted basis) by any person
during any consecutive 12-month period of time; or (ii) the sale of more than 50% in value of the assets of the Company over
any consecutive 12-month period of time. At April 10, 2020, awards for 339,313 shares have been granted under the 2015
Stock Plan. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 2005 Stock Awards Plan (&ldquo;2005
Stock Plan), approved by shareholders at the 2005 Annual Meeting of Shareholders, and amended by the Board effective at its February
2008 and November 2014 meetings, authorized the issuance of up to 300,000 shares which could be awarded for a period of ten years
from the effective date of the plan. The 2005 Stock Plan expired on February 3, 2015 at which time no further grants could be awarded.
There are outstanding awards under the 2005 Stock Plan that will vest over the next year. Stock awards vest in 20% increments annually,
beginning one year after the date of grant. In order for the awards to vest, the employee must be in the continuous employment
of the Company or a subsidiary since the date of the awards, except as the result of an employee&rsquo;s retirement (minimum age
of 62), death or permanent disability, in which case any portion of a stock award that has not vested with the Company will become
100% vested. Otherwise, any portion of a stock award that has not vested prior to the termination of an employee&rsquo;s employment
with the Company for any other reason shall be automatically cancelled. Vesting of up to 100% of the total number of unvested shares
will occur in the event that there is either (i) the acquisition of more than 50% of the outstanding voting securities of the Company
or a subsidiary or division of the Company in which the employee is employed (calculated on a fully diluted basis) by any person
during any consecutive 12-month period of time; or (ii) the sale of more than 50% in value of the assets of the Company over any
consecutive 12-month period of time. The Company may also terminate any portion of an award that has not vested upon an employee&rsquo;s
failure to comply with all conditions of the award or the plan. If one of the events described in (i) or (ii) above had occurred
as of December&nbsp;31, 2019, 100% of the restricted shares shown in the &ldquo;Number of Shares or Units of Stock That Have Not
Vested&rdquo; column of the Outstanding Equity Awards at Fiscal Year End 2019 table would have vested immediately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares relating to awards that have not
yet vested are reserved for issuance by the Company and an employee is not entitled to any voting or dividend rights with respect
to any such shares. Share awards that have not vested are not transferable.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>401(k)/ESOP Plan</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sponsors a 401(k) Plan/Employee
Stock Ownership Plan. All employees (except those employees who are entitled to participate in union-sponsored plans) who are 21
years or older are automatically enrolled at a pre-determined percentage following 60 days of full-time employment with the Company
or any subsidiary. Employees may choose to opt out or elect to change the default deferral rate. Employees are eligible to receive
a matching contribution in the month following their one-year anniversary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees are permitted to contribute up
to 100% of earnings not to exceed a dollar amount set by the Internal Revenue Service through payroll deduction on a pre-tax basis
or after-tax basis through a Roth 401(k). Employees are permitted to change the election daily and can revoke the election at any
time. Employee contributions are 100% vested at all times. An employee can invest his contribution in any of the investment funds
offered; however, employee contributions cannot be invested in the Company&rsquo;s Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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: justify">Prior to January 1, 2016, all Company contributions
were invested in Company stock. Effective January 1, 2016, Company contributions are invested in accordance with employee elections
for individual contributions, and the ESOP portion of the 401(k)/ESOP Plan is frozen. For each plan year, the Company contributes
on behalf of each eligible participant a discretionary matching contribution equal to a percentage determined annually by the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For 2019 and 2018, the maximum matching
contribution was 4%. The matching contribution is allocated within 15 days of each pay period. In addition to the matching contribution,
the Company may make a discretionary contribution which shall be distributed to all eligible participants regardless of whether
they contribute to the 401(k)/ESOP Plan. No discretionary contributions have been made to the 401(k)/ESOP Plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions are not permitted before
age 59 1/2 except in the event of death, disability, termination of employment or reason of proved financial hardship as defined
according to Internal Revenue Service guidelines. The 401(k)/ESOP Plan provides for payment of the participant&rsquo;s account
balance upon death, disability or retirement in the form of cash or shares of the Company&rsquo;s Common Stock or both. If employment
terminates for reasons other than retirement, disability or death (e.g. resignation or termination by the Company), any discretionary
portion of a participant&rsquo;s account balance will vest as follows: less than three years&rsquo; service <FONT STYLE="font-size: 10pt">-</FONT>
0% vested; three or more years <FONT STYLE="font-size: 10pt">-</FONT> 100% vested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unvested amounts are forfeited and allocated
to participants eligible to participate for a plan year. The 401(k)/ESOP Plan permits rollovers from qualified plans at the discretion
of the Company. The 401(k)/ESOP Plan is permitted to borrow money to purchase shares of the Company&rsquo;s Common Stock. All shares
of the Company&rsquo;s Common Stock acquired by the 401(k)/ESOP Plan with the proceeds of a loan are maintained in a suspense account
and are withdrawn and shares are allocated to participant&rsquo;s accounts as the loan is paid. As a participant in the 401(k)/ESOP
Plan, any employee may direct the trustee to vote shares allocated to his or her account in accordance with the employee&rsquo;s
wishes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All 401(k)/ESOP Plan assets are held by
an independent trustee. The trustee invests all assets and makes payment of 401(k)/ESOP Plan benefits. The 401(k)/ESOP Plan is
managed and administered by an independent administrator and a Pension Committee comprised of the corporate officers of the Company.
Expenses incurred for the administration of the 401(k)/ESOP Plan are paid by the Company. The 401(k)/ESOP Plan reserves to the
Board of the Company the right to amend the 401(k)/ESOP Plan in any manner or terminate the 401(k)/ESOP Plan at any time. The 401(k)/ESOP
Plan may be amended to preserve the qualification of the 401(k)/ESOP Plan under the applicable provisions of the Internal Revenue
Code of 1986, as amended from time to time. For 2019, the Company&rsquo;s total matching contribution was $833,698.</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: justify"><B>COMPENSATION COMMITTEE REPORT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Compensation &amp; Long-Term Incentive
Committee has reviewed and discussed with management the Compensation Discussion and Analysis included in this Proxy Statement.
Further, the Compensation &amp; Long-Term Incentive Committee considered and took into account the 2019 shareholder vote on executive
compensation. Based on such review, discussion and consideration of the 2019 shareholder vote, the Compensation &amp; Long-Term
Incentive Committee recommended to our Board that the &ldquo;Compensation Discussion and Analysis&rdquo; be included in our 2019
Annual Report on Form 10-K and in this Proxy Statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><I>The Compensation &amp; Long-Term Incentive Committee</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Henry L. Guy, Chair</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Susan S. Gayner</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Amy J. Michtich</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>James W. Terry, Jr.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_009"></A>Proposal
2 - Advisory Vote on the Compensation of Our Named Executive Officers</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Board is committed to a compensation
philosophy and program that promotes our ability to attract, retain and motivate individuals who can achieve superior financial
results. As part of that commitment, and in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
(the &ldquo;Dodd-Frank Act&rdquo;) and Section 14A of the Exchange Act, shareholders are being asked to approve, in an advisory
non-binding resolution, the compensation of our NEOs as disclosed in this Proxy Statement. This proposal is our &ldquo;say-on-pay&rdquo;
proposal. While the advisory vote is required by the Exchange Act, the frequency of the vote (every year, every two years, or
every three years) is at the discretion of the Board. Rule 14a-21(b) under the Exchange Act requires the Board to ask shareholders
at least every six years, to recommend the frequency of the &ldquo;say-on-pay&rdquo; vote. At the 2018 Annual Meeting of Shareholders,
shareholders recommended that future &ldquo;say-on-pay&rdquo; votes take place every year, and the Board has determined to submit
the &ldquo;say-on-pay&rdquo; vote to shareholders on an annual basis. The next vote for the frequency of the &ldquo;say-on-pay&rdquo;
votes will be at the 2024 Annual Meeting of Shareholders. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This proposal gives you the opportunity
to let us know how you view the overall compensation of our NEOs and the policies and practices described in this Proxy Statement.
It is not intended to address any specific item of compensation. In considering how to vote on this proposal, we encourage you
to review all the relevant information in this Proxy Statement <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">-</FONT>
our CD&amp;A (including its executive summary), the compensation tables, and the rest of the narrative disclosures regarding our
executive compensation program. Your vote will not directly affect or otherwise limit any existing compensation or award arrangement
of any of the NEOs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because your vote is advisory, it is non-binding
on our Board; however, our Board will take into account the outcome of the vote on the say-on-pay proposal when considering future
compensation arrangements. We invite shareholders who wish to communicate with our Board on executive compensation or any other
matters to contact us as provided under &ldquo;Corporate Governance - Shareholder Communications with Directors.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, in compliance with the Dodd-Frank
Act, we ask you to approve the following resolution:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify">&ldquo;RESOLVED, that the shareholders
of Synalloy Corporation hereby approve, on an advisory basis, the compensation of the Company&rsquo;s named executive officers
as disclosed pursuant to the compensation disclosure rules of the SEC and Item 402 of Regulation S-K, including the Compensation
Discussion and Analysis, the compensation tables and narrative discussion in the Company&rsquo;s 2020 Proxy Statement.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of the voting power represented
at the Annual Meeting must vote &ldquo;<B>FOR</B>&rdquo; Proposal 2 to approve the advisory vote on the compensation of our named
executive officers. The enclosed <B>BLUE</B> Proxy Card provides a means for you to vote &ldquo;<B>FOR</B>,&rdquo; &ldquo;<B>AGAINST</B>&rdquo;
or to &ldquo;<B>ABSTAIN</B>&rdquo; on this proposal. Each properly executed proxy received in time for the Annual Meeting will
be voted as specified therein. Abstentions will have the same effect as a vote against this proposal. Broker non-votes will have
no effect on the outcome of the vote on this proposal.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD RECOMMENDS THAT SHAREHOLDERS
VOTE &ldquo;FOR&rdquo; THE APPROVAL OF THE ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fees <FONT STYLE="font-size: 10pt">Paid
to Independent Registered Public Accounting Firm</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following table sets forth the
aggregate fees billed by KPMG for audit services rendered in connection with the consolidated financial statements and reports
for the fiscal years ended December&nbsp;31, 2019 (referred to as &ldquo;Fiscal 2019&rdquo;) and December 31, 2018 (referred to
as &ldquo;Fiscal 2018&rdquo;) and for other services rendered during fiscal years 2019 and 2018, on behalf of the Company and
its subsidiaries, which have been billed or will be billed to the Company. </P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Fee Category</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fiscal 2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fiscal 2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% of Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Audit Fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,636,379</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">99.4</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,099,790</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">95.3</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Audit Related Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">54,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.70</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Tax Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">All Other Fees</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Total Fees</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,645,579</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">100.0</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">1,153,990</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">100.0</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Audit Fees:</I> Audit fees include fees
and out-of-pocket expenses billed for professional services rendered for the audit of the Company&rsquo;s consolidated financial
statements and review of the interim condensed consolidated financial statements included in quarterly reports and services that
are normally provided by the Company&rsquo;s independent auditor in connection with statutory and regulatory filings or engagements,
and attest services, except those not required by statute or regulation. Audit Fees also include fees for the audit of the Company&rsquo;s
internal controls related to Sarbanes-Oxley Section 404 compliance based on criteria established in <I>Internal Control - Integrated
Framework</I> issued by the Committee of Sponsoring Organizations of the Treadway Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Audit Related Fees</I>: In Fiscal 2019,
audit related fees only include costs associated with environmental compliance. In Fiscal 2018, the audit related fees include
costs associated with environmental compliance and costs associated with comfort letter procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Tax Fees</I>: The Company did <I>not</I>
incur tax fees from KPMG in 2019 or 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In making its decision to appoint KPMG
as the Company&rsquo;s <I>independent</I> registered public accounting firm for the fiscal year ending December 31, 2019, the Audit
Committee considered whether services other than audit and audit-related services provided by that firm are compatible with maintaining
the independence of KPMG.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Audit Committee Pre-Approval of Audit
and Permissible Non-Audit Services of Independent Registered Public Accounting Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee pre-approves all audit
and permitted non-audit services (including the fees and terms thereof) provided by the independent registered public accounting
firm, subject to limited exceptions for non-audit services described in Section 10A of the Exchange Act, which are approved by
the Audit Committee prior to completion of the audit. The committee may delegate to one or more designated members of the Audit
Committee the authority to pre-approve audit and permissible non-audit services, provided such pre-approval decision is presented
to the full committee at its next scheduled meeting. During Fiscal 2019, all audit and permitted non-audit services were pre-approved
by the Audit Committee.</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: justify"><B>AUDIT COMMITTEE REPORT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee of the Board has reviewed
and discussed with management the Company&rsquo;s audited consolidated financial statements for the year ended December&nbsp;31,
2019. The Audit Committee has discussed with the Company&rsquo;s independent auditors, KPMG, the matters required to be discussed
by the standards of the Public Company Accounting Oversight Board (&ldquo;PCAOB&rdquo;) and the SEC. The Audit Committee has also
received the written disclosures and the letter from KPMG required by the applicable requirements of the PCAOB regarding the independent
accountant&rsquo;s communications with the Audit Committee concerning independence, and has discussed with KPMG, its independence.
Based on the review and discussions referred to above, the Audit Committee recommended to the Board that the audited financial
statements be included in the Company&rsquo;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2019 for filing with
the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: -0.5in"><I>&nbsp;</I></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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><I>The Audit Committee</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Anthony A. Callander, Chair</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Henry L. Guy</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Jeffrey Kaczka</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>James W. Terry, Jr.</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_010"></A>Proposal
3 - Ratification of the Appointment of Our Independent Registered Public Accounting Firm</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although applicable Delaware law and SEC
rules do not require shareholder ratification to proceed with the appointment, our Audit Committee and our Board are requesting
that our shareholders ratify the appointment of KPMG as our independent registered public accounting firm for fiscal year 2020.
Our Audit Committee is not required to take any action as a result of the outcome of the vote on this proposal. However, if our
shareholders do not ratify the appointment, our Audit Committee may investigate the reasons for shareholder rejection and may consider
whether to retain KPMG or to appoint another independent registered public accounting firm. Furthermore, even if the appointment
is ratified, our Audit Committee in its discretion may direct the appointment of a different independent registered public accounting
firm at any time during the year if it determines that such a change would be in the best interests of our shareholders or the
Company. Representatives of KPMG are expected to be present at the Annual Meeting with an opportunity to make a statement, if they
so desire, and to respond to appropriate questions with respect to that firm&rsquo;s audit of the Company&rsquo;s consolidated
financial statements for the fiscal year ended December&nbsp;31, 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of the voting power represented
at the Annual Meeting must vote &ldquo;<B>FOR</B>&rdquo; Proposal 3 to ratify our Audit Committee&rsquo;s appointment of KPMG,
LLP as our independent registered public accounting firm for the fiscal year ended December 31, 2020. The enclosed <B>BLUE</B>
Proxy Card provides a means for you to vote &ldquo;<B>FOR</B>,&rdquo; &ldquo;<B>AGAINST</B>&rdquo; or to &ldquo;<B>ABSTAIN</B>&rdquo;
on this proposal. Each properly executed proxy received in time for the Annual Meeting will be voted as specified therein. Abstentions
will have the same effect as a vote against this proposal. Broker non-votes will have no effect on the outcome of the vote on this
proposal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE BOARD RECOMMENDS THAT SHAREHOLDERS
VOTE &ldquo;FOR&rdquo; RATIFICATION OF THE APPOINTMENT OF KPMG, LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL
YEAR 2020.</B></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: justify"><B>HOUSEHOLDING OF PROXY MATERIALS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC has adopted rules that permit companies
and intermediaries (such as brokers and banks) to satisfy the delivery requirements for proxy statements and annual reports with
respect to two or more shareholders sharing the same address by delivering a single proxy statement addressed to those shareholders.
This process, which is commonly referred to as &ldquo;householding,&rdquo; potentially means extra convenience for shareholders
and cost savings for companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> A number of banks, trustees and other
holders of record who are our shareholders may be &ldquo;householding&rdquo; our proxy materials and annual reports for their
customers. This means that only one copy of our proxy materials may have been sent to multiple shareholders sharing an address
unless contrary instructions have been received from one or more of the affected shareholders. Once you have received notice from
your bank or broker that it will be householding communications to your address, householding will continue until you are notified
otherwise or until you revoke your consent. If you prefer to receive separate copies of a proxy materials or annual report, either
now or in the future, please call us at 804-822-3260, or send your request in writing to the following address: Corporate Secretary
of Synalloy Corporation, 4510 Cox Road, Suite 201, Richmond, VA 23060. If you are still receiving multiple reports and proxy statements
for shareholders who share an address and would prefer to receive a single copy of the annual report and proxy statement in the
future, please contact us at the above address or telephone number. If you are a beneficial owner, you should contact your bank,
broker or other holder of record. </P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SHAREHOLDER PROPOSALS FOR THE 2021 ANNUAL
MEETING OF SHAREHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Any shareholder proposal to be included
in the proxy materials for the 2021 Annual Meeting of Shareholders must be submitted in accordance with applicable regulations
of the SEC, and received by the Company at its principal executive offices, 4510 Cox Road, Suite 201, Richmond, VA 23060, no later
than December 15, 2020 (120 calendar days prior to the first anniversary of this Proxy Statement); provided, that, if the 2021
Annual Meeting of Shareholders is changed by more than 30 days from the date of the Annual Meeting, then the deadline is a reasonable
time before the Company begins to print and send its proxy materials. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In order for a shareholder to bring
any business or nominations before the 2021 Annual Meeting of Shareholders that is not submitted for inclusion in the Company&rsquo;s
proxy statement for the 2021 Annual Meeting of Shareholders by the deadline identified above, certain conditions set forth in
the Company&rsquo;s Bylaws must be complied with, including but not limited to, the delivery of a written notice to the Corporate
Secretary of the Company between March 14, 2021 and April 13, 2021 (not less than 30 nor more than 60 days in advance of the
2021 Annual Meeting which is tentatively scheduled on May 13, 2021); provided, however, that in the event that less than 40 days&rsquo;
notice or prior public disclosure of the date of the 2021 Annual Meeting of Shareholders is given or made available to shareholders,
notice by the shareholder must be received by the Company not later than the close of business on the 10th&nbsp;day following
the day on which such notice of the date of the 2021 Annual Meeting of Shareholders was mailed or a public disclosure including
such date was made. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each shareholder who desires to present
a proposal to be voted on at the 2021 Annual Meeting of Shareholders may do so only in accordance with Section 9 of Article II
of the Bylaws, which provides that such shareholder&rsquo;s notice referenced above shall be timely and must include, for each
matter the shareholder proposes to bring before the annual meeting, (i) a brief description of the business desired to be brought
before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name and record address
of the shareholder proposing such business, (iii) the class and shareholder, and (iv) any material interest of the shareholder
in such business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each shareholder who desires to nominate
a candidate for election to be voted at the 2021 Annual Meeting of Shareholders may do so only in accordance with Section 10 of
Article II of the Bylaws, which provides that such shareholder&rsquo;s notice referenced above shall be timely and shall set forth
(a) as to each person whom the shareholder proposes to nominate for election or re-election as a director, (i) the name, age, business
address and residence address of the person, (ii) the principal occupation or employment of the person, (iii) the class and number
of shares of the Company which are beneficially owned by the person and (iv) any other information relating to the person that
is required to be disclosed in solicitations for proxies for election of directors pursuant to Rule 14a under the Securities Exchange
Act of 1934; and (b) as to the shareholder giving the notice, (i) the name and record address of shareholder and (ii) the class
and number of shares of the Company which are beneficially owned by the shareholder. The Company may require any proposed nominee
to furnish such other information as may reasonably be required by the Company to determine the eligibility of such proposed nominee
to serve as a director of the Company. No person shall be eligible for election as a director of the Company unless nominated in
accordance with the procedures set forth therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> In accordance with Rule 14a-4(c) under
the Securities Act, the designated proxy agents will vote on the proposal in their discretion with respect to any shareholder
proposal not received by the Company by February 29, 2020, which is 45 days before the date on which this Proxy Statement was
first made available to the Company&rsquo;s shareholders. </P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>REFERENCES TO OUR WEBSITE ADDRESS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References to our website address throughout
this Proxy Statement and the accompanying materials are for informational purposes only, or to fulfill specific disclosure requirements
of the SEC&rsquo;s rules or the Nasdaq Rules. These references are not intended to, and do not, incorporate the contents of our
website by reference into this Proxy Statement or the accompanying materials.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Audit Committee Report&rdquo;
is not deemed to be filed with the SEC and shall not be deemed incorporated by reference into any prior or future filings made
by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent the Company specifically
incorporates such information by reference.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>OTHER MATTERS TO COME BEFORE THE MEETING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this Proxy Statement,
the Board does not know of any matters, other than those stated above, that may properly come before the Annual Meeting. However,
if any other matters do properly come before the Annual Meeting, it is the intention of the persons named as proxies to vote upon
them in accordance with their best judgment.</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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%"><I>BY ORDER OF THE BOARD OF DIRECTORS</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><IMG SRC="image_001.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Sally M. Cunningham</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><I>Secretary</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 56; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A> <B>APPENDIX A</B> </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Additional
Information Regarding Participants in the Solicitation</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under applicable SEC rules and regulations,
members of the Board, the Board&rsquo;s nominees and certain officers of the Company are &ldquo;participants&rdquo; with respect
to the Company&rsquo;s solicitation of proxies in connection with the Meeting. The following sets forth certain information about
such persons (the &ldquo;Participants&rdquo;).</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The names and present principal occupation
of our directors and director nominees, each a Participant, are set forth below. The business address for the Company&rsquo;s
current directors and director nominees is c/o Synalloy Corporation, 4510 Cox Road, Suite 201, Richmond, VA 23060. </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="border-bottom: Black 1.5pt solid; width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 68%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Present Principal Occupation</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Craig C. Bram</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer of the Company</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Anthony A. Callander</TD>
    <TD>&nbsp;</TD>
    <TD>Former (Retired) Partner of Ernst &amp; Young, LLP</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Susan S. Gayner</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer of Parkland Ventures, Inc.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Henry L. Guy</TD>
    <TD>&nbsp;</TD>
    <TD>President and Chief Executive Officer of Modern Holdings Incorporated</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Jeffrey Kaczka</TD>
    <TD>&nbsp;</TD>
    <TD>Former (Retired) Executive Vice President and Chief Financial Officer of MSC Industrial Direct Co., Inc.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Amy J. Michtich</TD>
    <TD>&nbsp;</TD>
    <TD>Vice President &ndash; General Manager, North American Operations of the Scotts Miracle-Gro Company</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>James W. Terry, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>Director of Strategic Assets &amp; Investments for Hollingsworth Funds, Inc.</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Murray H. Wright</TD>
    <TD>&nbsp;</TD>
    <TD>Former (Retired) Senior Counsel of DurretteCrump, PLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> The officers of the Company who are
Participants are Dennis M. Loughran and J. Greg Gibson. The business address for each is c/o Synalloy Corporation, 4510 Cox Road,
Suite 201, Richmond, VA 23060. Their present principal occupations are stated below. Mr. Bram is also an executive officer of
the Company but is listed above as a Director and Director Nominee. </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="border-bottom: Black 1.5pt solid; width: 29%"><B>Name</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 68%"><B>Present Principal Occupation</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>Dennis M. Loughran</TD>
    <TD>&nbsp;</TD>
    <TD>Senior Vice President &amp; Chief Financial Officer of the Company</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>J. Greg Gibson</TD>
    <TD>&nbsp;</TD>
    <TD>President of Synalloy Chemicals</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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: justify"><B><I>Information Regarding Ownership of
the Company&rsquo;s Securities by Participants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The number of the Company&rsquo;s
securities beneficially owned by the Participants as of April 10, 2020 is set forth in the section titled
&ldquo;Security Ownership of Certain Beneficial Owners and Management&rdquo; in this Proxy Statement. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Information Regarding Transactions
in the Company&rsquo;s Securities by Participants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth information
regarding purchases and sales of the Company&rsquo;s securities by the Participants within the past two years. No part of the purchase
price or market value of these securities is represented by funds borrowed or otherwise obtained for the purpose of acquiring or
holding such securities.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left; width: 15%"><B>Name</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 12%"><B>Date</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 15%"><B>Title of Security</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 12%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 42%; text-align: center"><B>Transaction</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Anthony A. Callander&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>01/24/2019<BR>
07/09/2019</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,153<BR>
1,570</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Susan S. Gayner</TD>
    <TD>&nbsp;</TD>
    <TD>01/24/2019<BR>
07/09/2019</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5,491</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5,338</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Henry L. Guy</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">06/13/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/12/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/12/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">01/24/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/20/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">07/09/2019</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">4.224</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">4.224</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,615</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,600</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,570</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Jeffrey Kaczka</TD>
    <TD>&nbsp;</TD>
    <TD>07/09/2019</TD>
    <TD>&nbsp;</TD>
    <TD>Common Stock</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,617</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Grant, Award or Other Acquisition</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Amy J. Michtich</TD>
    <TD>&nbsp;</TD>
    <TD>01/24/2019<BR>
07/09/2019</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,722<BR>
1,570</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">James W. Terry, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">06/12/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">01/24/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/08/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">07/09/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">09/20/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/12/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/13/2020</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,968</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,261</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,500</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,674</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">3,300</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">500</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">500</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gift of Securities from Insider</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gift of Securities from Insider</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Murray H. Wright</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">06/11/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/20/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">01/24/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/07/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/08/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/13/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">07/09/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11/21/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11/27/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/09/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/17/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/19/2019</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">10,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,900</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,615</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5,916</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">4,084</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">980</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,570</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">200</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,800</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">500</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,000</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Sale</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gift of Securities from Insider</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left; width: 13%"><B>Name</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 12%"><B>Date</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 16%"><B>Title of Security</B></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 11%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number of</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Shares</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 44%; text-align: center"><B>Transaction</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">Craig C. Bram</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">06/20/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6/20/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">08/15/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">08/15/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">09/18/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/10/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/10/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/13/2018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/06/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/12/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/07/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/07/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/14/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11/19/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">11/22/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/02/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/09/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/09/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">12/16/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/05/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/05/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/20/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/10/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/11/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/12/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/16/2020</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">36,710</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">27,305</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">38,152</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">26,647</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,800</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,500</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">31,658</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">13,632</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">10,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,040</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,195</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">309</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">31,166</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">14,027</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">996</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">4,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">1,000</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">3,000</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exercise or Conversion of Derivative Security</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exercise or Conversion of Derivative Security</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="white-space: nowrap">Dennis M. Loughran&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/06/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/12/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/22/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">05/08/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/05/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/05/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/20/2020</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">15,770</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5,049</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">512</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">950</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">15,816</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">4,839</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">457</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap">J. Greg Gibson</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/06/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/12/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/22/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">05/08/2019</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/05/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/05/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">02/20/2020</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">03/11/2020</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">9,671</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">3,426</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">335</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">578</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">8,408</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">2,107</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">317</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">130</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Grant, Award or Other Acquisition</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Payment of Exercise Price or Tax Liability</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Open Market Purchase</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"><B><I>Miscellaneous Information Concerning Participants</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Other than as set forth in this Appendix
A or elsewhere in this Proxy Statement and based on the information provided by each Participant, none of the Participants or
their associates (i) beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, or owns
of record but not beneficially, any shares of Common Stock or other securities of the Company or any of its subsidiaries or (ii)
has any substantial interest, direct or indirect, by security holdings or otherwise, in any matter to be acted upon at the Meeting.
In addition, neither the Company nor any of the Participants listed above is now or has been within the past year a party to any
contract, arrangement, or understanding with any person with respect to any of the Company&rsquo;s securities, including, but
not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division
of losses or profits, or the giving or withholding of proxies. No Participant has been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) that is material to such person&rsquo;s ability or integrity during the past ten
years.&nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than as set forth in this Appendix
A or elsewhere in this Proxy Statement and based on the information provided by each Participant, neither the Company nor any of
the Participants listed above or any of their associates have or will have (i) any arrangements or understandings with any person
with respect to any future employment by the Company or its affiliates or with respect to any future transactions to which the
Company or any of its affiliates will or may be a party or (ii) a direct or indirect material interest in any transaction or series
of similar transactions since the beginning of our last fiscal year or any currently proposed transactions, or series of similar
transactions, to which the Company or any of its subsidiaries was or is to be a party in which the amount involved exceeds $120,000.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt"><B><I>&nbsp;</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>4510 COX ROAD, SUITE 201</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>RICHMOND, VA 23060</I></B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>VOTE BY INTERNET - www.proxyvoting.com/SYNL</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Use the Internet to transmit your voting
instructions and for electronic delivery of information up until 11:59 P.M. ET the day before the meeting date or 11:59 P.M. ET
on June 25, 2020 (the &ldquo;Plan Cut-Off Date&rdquo;) for the 401(k)/ESOP Plan. Have your proxy card in hand when you access
the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. </P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ELECTRONIC DELIVERY OF FUTURE PROXY
MATERIALS</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you would like to reduce the costs incurred
by our company in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports
electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using
the Internet and, when prompted, indicate that you agree to receive or access proxy materials electronically in future years.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>VOTE BY PHONE - 1-800-213- 6370</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Use any touch-tone telephone to transmit
your voting instructions up until 11:59 P.M. ET the day before the meeting date or 11:59 P.M. ET on the Plan Cut-Off Date for the
401(k)/ESOP Plan. Have your proxy card in hand when you call and then follow the instructions.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mark, sign and date your proxy card and
return it in the postage-paid envelope we have provided or return it to Michael A. Verrechia, c/o Morrow Sodali, 509 Madison Avenue
Suite 1206, New York, New York 10022.</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 6pt 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"> You may attend and vote at the Annual
Meeting if you are a shareholder of record as of the Record Date, or if you are a beneficial owner of shares held in street name
and you have obtained a legal proxy from the broker, bank, trust or other nominee that holds your shares as of May 19, 2020, which
is the record date for the Annual Meeting </P>

<P STYLE="font: 6pt 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>THIS PROXY CARD IS VALID ONLY WHEN SIGNED
AND DATED.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">1. Company&rsquo;s proposal to elect the eight nominees named
in this Proxy Statement to serve on the Company&rsquo;s Board of Directors, each to hold office until the 2021 Annual Meeting of
Shareholders or until his or her respective successor is elected and qualified.</P>

<P STYLE="font: 7pt 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>
    <TD STYLE="vertical-align: top; width: 22%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt"><B>The Board of Directors recommends you vote FOR the
        following:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>For<BR>
All</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>Withhold<BR>
All</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"></P></TD>
    <TD STYLE="vertical-align: bottom; width: 9%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"><B>For All<BR>
Except</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt; text-align: center"></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; vertical-align: top; width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt">To withhold authority to vote for any individual nominee(s),
        mark &ldquo;For All Except&rdquo; and write the number(s) of the nominee(s) on the line below.<BR>
</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3pt"></P></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Nominees</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 7pt">&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="white-space: nowrap; width: 20%; padding-right: 3pt"><FONT STYLE="font-size: 10pt">01) Craig C. Bram</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 3pt"><FONT STYLE="font-size: 10pt">02) Anthony A. Callander</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 3pt"><FONT STYLE="font-size: 10pt">03) Susan S. Gayner</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 40%; padding-right: 3pt"><FONT STYLE="font-size: 10pt">04) Henry L. Guy</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 3pt"><FONT STYLE="font-size: 10pt">05) Jeffrey Kaczka</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt"><FONT STYLE="font-size: 10pt">06) Amy J. Michtich</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt"><FONT STYLE="font-size: 10pt">07) James W. Terry, Jr.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3pt"><FONT STYLE="font-size: 10pt">08) Murray H. Wright</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0; font-size: 7pt">&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="text-align: justify; width: 100%; padding-right: 3pt; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>CUMULATIVE VOTING INSTRUCTIONS</B>: Provide below any instructions with respect to how the undersigned&rsquo;s shares should be cumulatively voted at the Annual Meeting, including the number of shares of Common Stock to be voted for any particular Nominee and/or the name of any Nominee with respect to whom the undersigned is withholding authority to cumulate votes, as applicable. Unless indicated to the contrary in the space provided below, all cumulative votes of such shareholder will be distributed among the nominees at the discretion of the Proxies named herein.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 7pt; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 7pt; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 7pt; border-bottom: Black 1.5pt solid; padding-right: 3pt; padding-left: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 2pt 0 0; font-size: 7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>The Board of Directors recommends you vote FOR proposals 2 and 3.</B></FONT></P>



<P STYLE="font-size: 7pt; margin: 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="vertical-align: top; width: 2%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">2.&nbsp;&nbsp;</FONT>&nbsp;</TD>
    <TD STYLE="width: 53%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Company&rsquo;s proposal of the non-binding, advisory resolution approving the compensation of our
named executive officers.</FONT></TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>For</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>Against</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 15%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>Abstain</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">3. </FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Company&rsquo;s proposal of the ratification of the appointment of KPMG, LLP as the Company&rsquo;s
independent registered public accounting firm for the fiscal year ended December 31, 2020.</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>For</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>Against</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>&nbsp;</B></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>Abstain</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center">&#9744;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 3pt; text-align: center"><B>&nbsp;</B></P></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 9pt"> <B>NOTE: </B>And in the discretion of such proxy agents,
upon such other business as may properly come before the meeting or any adjournment or postponement thereof and matters incident
to the conduct of the meeting, to the extent authorized under Rule 14a-4(c) under the Securities Exchange Act of 1934. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 3pt 0 0 9pt">Please sign exactly as your name(s) appear(s) hereon.
When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each
sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name, by
authorized officer.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 37%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 10%; padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Signature (Joint Owners)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Date</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0"></P>

<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Important Notice Regarding the Availability
of Proxy Materials for the Annual Meeting:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Notice &amp; Proxy Statement and Annual
Report are available at www.proxyvote.com</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; text-align: center"><B>SYNALLOY CORPORATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>June 30, 2020 9:00 AM ET</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This proxy is solicited by the Board
of Directors</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; text-align: justify"> The undersigned hereby appoints Sally
M. Cunningham and Dennis M. Loughran, or either of them, each of them acting individually or in the absence of others, with the
full power of substitution, as lawful proxy, and hereby authorizes them to represent and vote all the shares of Common Stock of
Synalloy Corporation which the undersigned would be entitled to vote if personally present at the Annual Meeting of Shareholders
of Synalloy Corporation to be held at its headquarters at 4510 Cox Road, Suite 201, Richmond, VA 23060 on June 30, 2020 at 9:00 a.m. ET,
and at any adjournment or postponement thereof, upon such business as may properly come before the meeting. The undersigned hereby
revokes any proxy or proxies heretofore given by the undersigned for the Annual Meeting. </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; text-align: justify"> The proxies will vote on the items
set forth in the Notice of Annual Meeting and Proxy Statement (receipt of which is hereby acknowledged) as specified on this proxy
card and are authorized to vote in their discretion when a vote is not specified. If no specification is made, it is the intention
of said proxies to vote the shares represented by the proxy in favor of the proposal. The proxies are also authorized to vote
in accordance with their discretion upon such other matters as may properly come before the meeting or any adjournment or postponement
thereof and matters incident to the conduct of the Annual Meeting, to the extent authorized under Rule 14a-4(c) under the Securities
Exchange Act of 1934. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This proxy card, when properly executed,
will be voted in the manner directed herein by the undersigned shareholder. If no direction is made, this Proxy will be voted FOR
the election of all the director nominees in Proposal 1; FOR Proposal 2 - approval on the non-binding, advisory resolution approving
the compensation of our named executive officers; and FOR Proposal 3 - the ratification of the appointment of KPMG, LLP as the
Company&rsquo;s independent registered public accounting firm for the fiscal year ended December 31, 2020.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors does <B>NOT</B>
endorse the nominees put forth by Privet Fund LP, UPG Enterprises LLC and certain of their respective affiliates (collectively,
the &ldquo;Dissident Group&rdquo;) and strongly urges you to <B>DISCARD</B> all proxy cards or other materials sent to you by the
Dissident Group. If you have previously submitted a white proxy card sent to you by the Dissident Group, you can revoke that proxy
(including any matter set forth therein, whether or not such matter is listed on the reverse side of this card) by signing and
dating this card and returning it in the postage-paid envelope or by voting via the Internet or by telephone by following the instructions
provided on the reverse side of this card.</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>Continued and to be signed on reverse side</B></P>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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