<SEC-DOCUMENT>0001140361-22-021264.txt : 20220531
<SEC-HEADER>0001140361-22-021264.hdr.sgml : 20220531
<ACCEPTANCE-DATETIME>20220531155251
ACCESSION NUMBER:		0001140361-22-021264
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20220531
DATE AS OF CHANGE:		20220531
EFFECTIVENESS DATE:		20220531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATLANTIC AMERICAN CORP
		CENTRAL INDEX KEY:			0000008177
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				581027114
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265315
		FILM NUMBER:		22983009

	BUSINESS ADDRESS:	
		STREET 1:		4370 PEACHTREE RD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		4042665500

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>brhc10038305_s8.htm
<DESCRIPTION>S-8
<TEXT>
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  <div style="text-align: center; font-weight: bold;">As filed with the Securities and Exchange Commission on May 31, 2022</div>
  <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
  <div>
    <div>
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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  <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
  <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
  <div style="text-align: center; font-size: 12pt;">Washington, D.C. 20549</div>
  <div>
    <div><br>
    </div>
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  <div style="text-align: center; font-weight: bold;"> <br>
  </div>
  <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM S-8</div>
  <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT</div>
  <div style="text-align: center; font-style: italic;">UNDER</div>
  <div>
    <div style="text-align: center; font-style: italic;">THE SECURITIES ACT OF 1933</div>
    <div style="text-align: center; font-style: italic;"> <br>
    </div>
    <div style="text-align: center; font-style: italic;">
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 30%; color: #000000;"> </div>
    <div><br>
    </div>
  </div>
  <div style="text-align: center; font-size: 24pt; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
  <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
  <div>
    <div>&#160;
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 2px; width: 30%; color: #000000; text-align: center;"></div>
    <div><br>
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      <tr>
        <td style="width: 49%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;">Georgia</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 49%; vertical-align: top;">
          <div style="text-align: center; font-weight: bold;">58-1027114</div>
        </td>
      </tr>
      <tr>
        <td style="width: 49%; vertical-align: top;">
          <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
        </td>
        <td style="width: 2%; vertical-align: top;">&#160;</td>
        <td style="width: 49%; vertical-align: top;">
          <div style="text-align: center;">(I.R.S. Employer Identification No.)</div>
        </td>
      </tr>

  </table>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">4370 Peachtree Road, N.E.</div>
  <div style="text-align: center; font-weight: bold;">Atlanta, Georgia 30319</div>
  <div style="text-align: center; color: rgb(0, 0, 0);">(Address of principal executive offices, including zip code)</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">Atlantic American Corporation 2022 Equity and Incentive Compensation Plan</div>
  <div style="text-align: center; color: rgb(0, 0, 0);">(Full title of the plan)</div>
  <div><br>
  </div>
  <div style="text-align: center; font-weight: bold;">Hilton H. Howell, Jr.</div>
  <div style="text-align: center; font-weight: bold;">President and Chief Executive Officer</div>
  <div style="text-align: center; font-weight: bold;">Atlantic American Corporation</div>
  <div style="text-align: center; font-weight: bold;">4370 Peachtree Road, N.E.</div>
  <div style="text-align: center; font-weight: bold;">Atlanta, Georgia 30319</div>
  <div style="text-align: center; font-weight: bold;">(404) 266-5500</div>
  <div style="text-align: center; color: rgb(0, 0, 0);">(Name and address of agent for service) (Telephone number, including area code, of agent for service)</div>
  <div><br>
  </div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-style: italic;">Copy to:</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Mark L. Hanson, Esq.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Jones Day</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">1221 Peachtree Street, N.E.</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Suite 400</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Atlanta, Georgia 30361</div>
  <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(404) 521-3939</div>
  <div><br>
  </div>
  <div>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated
    filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9af19019b7794c3884bcf05e92521cd4">

      <tr>
        <td style="width: 20%; vertical-align: bottom;">
          <div>Large accelerated filer</div>
        </td>
        <td style="width: 55%; vertical-align: bottom;">
          <div>&#9744;</div>
        </td>
        <td style="width: 22%; vertical-align: bottom;">
          <div>Accelerated filer</div>
        </td>
        <td style="width: 2.71%; vertical-align: bottom;">
          <div>&#9744;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: bottom;">
          <div>Non-accelerated filer</div>
        </td>
        <td style="width: 55%; vertical-align: bottom;">
          <div>&#9746;</div>
        </td>
        <td style="width: 22%; vertical-align: bottom;">
          <div>Smaller reporting company</div>
        </td>
        <td style="width: 2.71%; vertical-align: bottom;">
          <div>&#9746;</div>
        </td>
      </tr>
      <tr>
        <td style="width: 20%; vertical-align: bottom;">&#160;</td>
        <td style="width: 55%; vertical-align: bottom;">&#160;</td>
        <td style="width: 22%; vertical-align: bottom;">
          <div>Emerging growth company</div>
        </td>
        <td style="width: 2.71%; vertical-align: bottom;">
          <div>&#9744;</div>
        </td>
      </tr>

  </table>
  <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
    </font></div>
  <div style="font-family: 'Times New Roman', Times, serif; font-size: 8pt;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
      transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.&#160;&#9744;</font></div>
  <div>
    <div><br>
    </div>
  </div>
  <div>
    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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  </div>
  <div style="text-align: center; font-weight: bold;">EXPLANATORY NOTE</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">This Registration Statement on Form S-8 (this &#8220;Registration Statement&#8221;) is being filed for the purpose of registering 3,000,000 shares of common stock, par value $1.00 per share (the &#8220;Common Stock&#8221;), of Atlantic American
    Corporation (the &#8220;Registrant&#8221;), available for issuance pursuant to the Atlantic American Corporation 2022 Equity and Incentive Compensation Plan (the &#8220;Plan&#8221;).</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">PART I</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">The document(s) containing the information called for in Part I of Form S-8 will be sent or given to participants in the Plan as specified by Rule 428(b)(1) under the Securities Act of 1933 (the &#8220;Securities Act&#8221;). Such
    documents need not be filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) either as part of this Registration Statement or as a prospectus or prospectus supplements pursuant to Rule 424 under the Securities Act. The documents and the
    documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Form S-8, when taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">PART II</div>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf53ff839cc854c049d1190ba35ae4e1e">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 3.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Incorporation of Documents by Reference.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">The following documents filed by the Registrant with the SEC are incorporated by reference into this Registration Statement:</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb1af5229ab64ecb85c50d3c1ddbcf88">

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        <td style="width: 31.5pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top;">a)</td>
        <td style="width: auto; vertical-align: top;">
          <div>the Registrant&#8217;s Annual Report on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/8177/000114036122011156/brhc10035153_10k.htm">Form 10-K</a> for the year ended December 31, 2021, filed with the SEC on March 25, 2022;</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z36880678e8bf4f3e944755a00fbf7e4b">

      <tr>
        <td style="width: 31.5pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top;">b)</td>
        <td style="width: auto; vertical-align: top;">
          <div>the Registrant&#8217;s Quarterly Report on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/8177/000114036122018619/brhc10037203_10q.htm">Form 10-Q</a> for the quarter ended March 31, 2022, filed with the SEC on May 11, 2022;</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcf39d88a549346baa11fde782037984d">

      <tr>
        <td style="width: 31.5pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top;">c)</td>
        <td style="width: auto; vertical-align: top;">
          <div>the Registrant&#8217;s Current Report on Form <a href="https://www.sec.gov/Archives/edgar/data/8177/000114036122021173/brhc10038059_8k.htm">8-K</a> filed with the SEC on May 31, 2022; and</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd05669a7785e4be9a7d6d3d849a5354a">

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        <td style="width: 31.5pt;"><br>
        </td>
        <td style="width: 18pt; vertical-align: top;">d)</td>
        <td style="width: auto; vertical-align: top;">
          <div>the description of the Common Stock contained in the Registrant&#8217;s registration statement filed pursuant to Section 12 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), and all amendments or reports filed for the purpose of
            updating such description, including <a href="https://www.sec.gov/Archives/edgar/data/8177/000114036120006734/hc10009874x1_ex4-1.htm">Exhibit 4.1</a> to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019, filed
            with the SEC on March 24, 2020.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the filing of this Registration Statement and prior to the filing of a post-effective amendment which
    indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part hereof from the date of filing such
    documents.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Any statement contained herein, or in a document incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a
    statement contained in any subsequently filed document that also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or
    superseded, to constitute a part of this Registration Statement.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d9ffa276835414788ac68b69cde7503">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 4.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Description of Securities.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Not applicable.</div>
  <div>&#160;</div>
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    <div style="page-break-after:always;" id="DSPFPageBreak">
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      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 5.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Interests of Named Experts and Counsel.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Not applicable.</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1d16afb00b04ea38d23f4121ae37a6e">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 6.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Indemnification of Directors and Officers.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">The Registrant&#8217;s Restated Bylaws, as amended, provide that the Registrant shall indemnify any of its directors, officers, employees or agents, or any person serving at the Registrant&#8217;s request as a director, officer,
    employee or agent of another corporation or organization, against expense if the person indemnified acted in a manner he reasonably believed to be in or not opposed to the best interests of the Registrant and, with respect to any criminal action or
    proceeding, had no reasonable cause to believe that his conduct was unlawful, except that in proceedings to obtain a judgment in favor of the Registrant, indemnification would be limited to expenses incurred in connection with the defense or settlement
    of such action, and, in the case of adjudicated negligence or misconduct, only if and to the extent approved by the court. Such indemnification obligation is not to be deemed exclusive of any other right, in respect of indemnification or otherwise, to
    which any party may be entitled under any other Bylaw provision or resolution approved by the shareholders.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">&#160;The Registrant&#8217;s Restated Articles of Incorporation, as amended, contain provisions that provide that no director of the Registrant shall be personally liable to the Registrant or its shareholders for monetary damages for
    breach of fiduciary duty as a director, except for liability (i) for any appropriation, in violation of his duties, of any business opportunity of the Registrant, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a
    knowing violation of law, (iii) for the types of liability set forth in Section 14-2-154 of the Georgia Business Corporation Code, as amended, or (iv) for any transaction from which the director derived an improper personal benefit.</div>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">&#160;[The Registrant has obtained directors&#8217; and officers&#8217; liability and corporation reimbursement insurance. The insurance reimburses (a) directors and officers for certain losses arising from claims made against them in
    their capacities as such, or (b) the Registrant for amounts paid where the Registrant is required or permitted to indemnify directors and officers for such losses.]</div>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6e8413203f6543bb944175d1e5a64170">

      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 7.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Exemption from Registration Claimed.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 36pt;">Not applicable.</div>
  <div>&#160;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
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      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 8.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Exhibits.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf9e3fb8876b9403d9109ac6c623c3653">

      <tr>
        <td style="width: 8.33%; vertical-align: top; border-bottom: #000000 2px solid;">
          <div style="text-align: center; font-weight: bold;">Exhibit</div>
          <div style="text-align: center; font-weight: bold;">Number</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td style="width: 55%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">Description of Exhibit</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td style="width: 35%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
          <div style="text-align: center; font-weight: bold;">Location</div>
        </td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="https://www.sec.gov/Archives/edgar/data/8177/000095014409002745/g18290exv3w1.htm">4.1</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Restated Articles of Incorporation of the Registrant, as amended.</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Exhibit 3.1 to the Registrant&#8217;s Annual Report on Form 10-K for the year ended December 31, 2008, filed March 31, 2009</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 8.33%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 55%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="https://www.sec.gov/Archives/edgar/data/8177/000114036116056513/ex3_1.htm">4.2</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Restated Bylaws of the Registrant, as amended.</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Exhibit 3.1 to the Registrant&#8217;s Current Report on Form 8-K filed March 4, 2016</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 8.33%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 55%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="brhc10038305_ex5-1.htm">5.1</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Opinion of Jones Day.</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Filed herewith</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 8.33%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 55%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="brhc10038305_ex23-1.htm">23.1</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Consent of Dixon Hughes Goodman LLP.</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Filed herewith</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 8.33%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 55%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="brhc10038305_ex5-1.htm">23.2</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Consent of Jones Day (included in Exhibit 5.1).</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Filed herewith</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 8.33%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 55%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="#POWEROFATTORNEY">24.1</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Power of Attorney (included on the signature page hereto).</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Filed herewith</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 8.33%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 55%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="brhc10038305_ex99-1.htm">99.1</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Atlantic American Corporation 2022 Equity and Incentive Compensation Plan.</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Exhibit 10.1 to the Registrant&#8217;s Current Report on Form 8-K, filed May 31, 2022</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 8.33%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 55%; vertical-align: top;">&#160;</td>
        <td rowspan="1" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
        <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 8.33%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div><a href="brhc10038305_ex107.htm">107</a></div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 55%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Filing Fee Table.</div>
        </td>
        <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
          <div>Filed herewith</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
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      <tr>
        <td style="width: 36pt; vertical-align: top; font-weight: bold;">Item 9.</td>
        <td style="width: auto; vertical-align: top;">
          <div style="font-weight: bold;">Undertakings.</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 18pt;">(a)&#160; The undersigned Registrant hereby undertakes:</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 36pt;">(1)&#160; To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 54pt;">(i)&#160;&#160; &#160; To include any prospectus required by Section 10(a)(3) of the Securities Act;</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 54pt;">(ii)&#160;&#160;&#160; To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the
    aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not
    exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Filing Fee&#8221; table in the effective registration statement; and</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 54pt;">(iii)&#160;&#160; To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration
    statement;</div>
  <div style="text-indent: 18pt; margin-left: 54pt;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="margin-left: 54pt; font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman'; font-style: italic;">provided</font><font style="font-family: 'Times New Roman';">, <font style="font-style: italic;">however</font>,
      that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or
      Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement.</font></div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 36pt;">(2)&#160; That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 36pt;">(3)&#160; To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 18pt;">(b)&#160;&#160; The registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of such annual report pursuant to Section 13(a) or Section 15(d) of the
    Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration
    statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt; margin-left: 18pt;">(c)&#160; Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or
    otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
    liabilities (other than the payment by such registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
    controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
    such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</div>
  <div>&#160;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after:always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt;">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8 and has duly caused this Registration
    Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Atlanta, State of Georgia, on this 31st day of May 2022.</div>
  <div style="text-indent: 18pt;"> <br>
  </div>
  <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z502f09b42e2c42c7b9152d5381c5e2c0">

      <tr>
        <td style="width: 50.02%; vertical-align: top;">&#160;</td>
        <td colspan="2" style="vertical-align: top;">
          <div style="font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.02%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 50.02%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">
          <div>By:</div>
        </td>
        <td style="width: 47%; vertical-align: top; border-bottom: 2px solid black;">
          <div>/s/ Hilton H. Howell, Jr.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.02%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div>Name: Hilton H. Howell, Jr.</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50.02%; vertical-align: top;">&#160;</td>
        <td style="width: 3%; vertical-align: top;">&#160;</td>
        <td style="width: 47%; vertical-align: top;">
          <div>Title: President and Chief Executive Officer</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div style="text-align: center; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a>POWER OF ATTORNEY</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt;">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Hilton H. Howell, Jr. and J. Ross Franklin, and each of them, as his or her true and lawful attorneys-in-fact and
    agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement on Form S-8, and any and all amendments (including post-effective
    amendments) thereto and any new registration statement with respect to the offering contemplated thereby filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in
    connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith and
    about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute or substitutes, may lawfully do or cause to be done
    by virtue hereof.</div>
  <div>&#160;</div>
  <div style="text-indent: 18pt;">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</div>
  <div>&#160;</div>
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      <tr>
        <td nowrap="nowrap" style="width: 30%; vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;"><u>Signature</u></div>
        </td>
        <td nowrap="nowrap" style="width: 50%; vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;"><u>Title</u></div>
        </td>
        <td style="width: 20%; vertical-align: bottom;">
          <div style="text-align: center; font-weight: bold;"><u>Date</u></div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: middle;">
          <div style="text-align: center;"><u>/s/ Hilton H. Howell, Jr.</u></div>
          <div style="text-align: center;">Hilton H. Howell, Jr.</div>
        </td>
        <td style="width: 50%; vertical-align: middle;">
          <div style="text-align: center;">President, Chief Executive Officer and Chairman of the Board of Directors</div>
          <div style="text-align: center;">(<font style="font-style: italic;">Principal Executive Officer</font>)</div>
        </td>
        <td style="width: 20%; vertical-align: middle;">
          <div style="text-align: center;">May 31, 2022</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: middle;">
          <div style="text-align: center;"><u>/s/ J. Ross Franklin</u></div>
          <div style="text-align: center;">J. Ross Franklin</div>
        </td>
        <td style="width: 50%; vertical-align: middle;">
          <div style="text-align: center;">Vice President and Chief Financial Officer</div>
          <div style="text-align: center;">(<font style="font-style: italic;">Principal Financial and Principal Accounting Officer</font>)</div>
        </td>
        <td style="width: 20%; vertical-align: middle;">
          <div style="text-align: center;">May 31, 2022</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: middle;">
          <div style="text-align: center;"><u>/s/ Robin R. Howell</u></div>
          <div style="text-align: center;">Robin R. Howell</div>
        </td>
        <td style="width: 50%; vertical-align: middle;">
          <div style="text-align: center;">Director</div>
        </td>
        <td style="width: 20%; vertical-align: middle;">
          <div style="text-align: center;">May 31, 2022</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: middle;">
          <div style="text-align: center;"><u>/s/ Mark E. Preisinger</u></div>
          <div style="text-align: center;">Mark E. Preisinger</div>
        </td>
        <td style="width: 50%; vertical-align: middle;">
          <div style="text-align: center;">Director</div>
        </td>
        <td style="width: 20%; vertical-align: middle;">
          <div style="text-align: center;">May 31, 2022</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: middle;">
          <div style="text-align: center;"><u>/s/ Joseph M. Scheerer</u></div>
          <div style="text-align: center;">Joseph M. Scheerer</div>
        </td>
        <td style="width: 50%; vertical-align: middle;">
          <div style="text-align: center;">Director</div>
        </td>
        <td style="width: 20%; vertical-align: middle;">
          <div style="text-align: center;">May 31, 2022</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: middle;">
          <div style="text-align: center;"><u>/s/ Scott G. Thompson</u></div>
          <div style="text-align: center;">Scott G. Thompson</div>
        </td>
        <td style="width: 50%; vertical-align: middle;">
          <div style="text-align: center;">Director</div>
        </td>
        <td style="width: 20%; vertical-align: middle;">
          <div style="text-align: center;">May 31, 2022</div>
        </td>
      </tr>
      <tr>
        <td rowspan="1" style="width: 30%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
        <td rowspan="1" style="width: 20%; vertical-align: middle;">&#160;</td>
      </tr>
      <tr>
        <td style="width: 30%; vertical-align: middle;">
          <div style="text-align: center;"><u>/s/ Keehln Wheeler</u></div>
          <div style="text-align: center;">Keehln Wheeler</div>
        </td>
        <td style="width: 50%; vertical-align: middle;">
          <div style="text-align: center;">Director</div>
        </td>
        <td style="width: 20%; vertical-align: middle;">
          <div style="text-align: center;">May 31, 2022</div>
        </td>
      </tr>

  </table>
  <div>&#160;</div>
  <div><br>
  </div>
  <div>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>brhc10038305_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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      <div style="text-align: right; font-weight: bold;">Exhbit 5.1</div>
      <div><br>
      </div>
      <div style="text-align: center;"><img src="image1.jpg"></div>
      <div>&#160;</div>
      <div style="text-align: center;">May 31, 2022</div>
      <div><br>
      </div>
      <div>Atlantic American Corporation</div>
      <div>4370 Peachtree Road, N.E.</div>
      <div>Atlanta, Georgia 30319</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88c6d6a81b364c1f9120fa0e7eca6443">

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            <td style="width: 36pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top;">Re:</td>
            <td style="width: auto; vertical-align: top;">
              <div><u>Registration Statement on Form S-8 Filed by Atlantic American Corporation</u></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="text-indent: 36pt;">We have acted as counsel for Atlantic American Corporation, a Georgia corporation (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), in connection with the registration of 3,000,000 shares
        (the &#8220;<font style="font-weight: bold; font-style: italic;">Shares</font>&#8221;) of common stock, par value $1.00 per share, of the Company that may be issued or delivered and sold pursuant to the Atlantic American Corporation 2022 Equity and Incentive
        Compensation Plan (the &#8220;<font style="font-weight: bold; font-style: italic;">Plan</font>&#8221;).&#160; <font style="color: rgb(0, 0, 0);">In connection with the opinion expressed herein, we have examined such documents, records and matters of law as we have
          deemed relevant or necessary for purposes of this opinion.&#160; Based on the foregoing, and subject to the further limitations, qualifications and assumptions set forth herein, we are of the opinion that the </font>Shares <font style="color: rgb(0, 0, 0);">that may be issued or delivered and sold pursuant to the Plan and the authorized forms of stock option, restricted stock, restricted stock unit or other applicable agreements thereunder (the &#8220;</font><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0);">Award Agreements</font><font style="color: rgb(0, 0, 0);">&#8221;) will be, when issued or delivered and sold in accordance with such Plan and the Award Agreements, validly issued, fully paid and nonassessable,
          provided that the consideration for the Shares is at least equal to the stated par value thereof.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; color: rgb(0, 0, 0);">The opinion expressed herein is limited to the laws of the State of Georgia, as currently in effect, and we express no opinion as to the effect of the laws of any other jurisdiction on the opinion
        expressed herein. In addition, we have assumed that the resolutions authorizing the Company to issue or deliver and sell the Shares pursuant to the Plan and the Award Agreements will be in full force and effect at all times at which the Shares are
        issued or delivered and sold by the Company, and that the Company will take no action inconsistent with such resolutions.&#160; In rendering the opinion above, we have assumed that each award under the Plan will be approved by the Board of Directors of
        the Company or an authorized committee of the Board of Directors.</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement on Form S-8 filed by the Company to effect registration of the Shares under the Securities Act of 1933 (the &#8220;<font style="font-weight: bold; font-style: italic;">Act</font>&#8221;).&#160; In giving such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Act, or the rules and regulations of
        the Securities and Exchange Commission promulgated thereunder.</div>
      <div>&#160;
        <table cellspacing="0" cellpadding="0" border="0" id="zd35d55f758d74a0bb604bce676312510" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50%;">
                <div style="text-align: left;">Very truly yours,</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%;">
                <div>&#160;</div>
              </td>
              <td style="width: 50%;">/s/ Jones Day</td>
            </tr>

        </table>
      </div>
      <br>
      <div><br>
      </div>
      <div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>brhc10038305_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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    <div>
      <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 23.1</font><br>
        </div>
      <div> <br>
        </div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">We consent to the incorporation by reference in this Registration Statement on Form S&#8209;8 of Atlantic American Corporation for the
        registration of 3,000,000 shares of common stock available for issuance pursuant to the Atlantic American Corporation 2022 Equity and Incentive Compensation Plan, of our report dated March 25, 2022, with respect to the consolidated financial
        statements of Atlantic American Corporation included in its Annual Report on Form 10&#8209;K for the fiscal year ended December 31, 2021, filed with the Securities and Exchange Commission.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 0);">/s/ Dixon Hughes Goodman LLP</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Atlanta, Georgia</div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;">May 31, 2022</div>
    </div>
  </div>
  <div><br>
    </div>
  <br>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>brhc10038305_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
    </div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">2022 EQUITY AND INCENTIVE COMPENSATION PLAN</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">1.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Purpose.&#160; </font>The
          purpose of this Plan<font style="color: #1F497D;">&#160;</font>is to permit award grants to non-employee directors, consultants, officers and other employees<font style="font-weight: bold;">&#160;</font>of the Company and its Subsidiaries and to provide to
          such persons incentives and rewards for performance and/or service.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">2.</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Definitions.&#160; </font>As
          used in this Plan:</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Affiliate&#8221; means any corporation, partnership, joint venture or other entity,
          directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Company as determined by the Committee or the Board, as applicable, in its discretion.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Appreciation Right&#8221; means a right granted pursuant to <font style="font-weight: bold;"><u>Section 5</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Base Price&#8221; means the price to be used as the basis for determining the
          Spread upon the exercise of an Appreciation Right.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Board&#8221; means the Board of Directors of the Company.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Capital Stock&#8221; means all shares, options, warrants, general or limited
          partnership interests, membership interests or other equivalents (regardless of how designated) of or in a corporation, partnership, limited liability company or equivalent entity whether voting or nonvoting, including common stock, preferred
          stock or any other equity security.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Cash Incentive Award&#8221; means a cash award granted pursuant to <font style="font-weight: bold;"><u>Section 8</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Change in Control&#8221; has the meaning set forth in <font style="font-weight: bold;"><u>Section 12</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended, and the
          regulations thereunder, as such law and regulations may be amended from time to time.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Committee&#8221; means the Stock Option and Compensation Committee<font style="font-weight: bold;">&#160;</font>of the Board (or its successor), or any other committee of the Board designated by the Board to administer this Plan pursuant to <font style="font-weight: bold;"><u>Section 10</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Common Shares&#8221; means the common shares, par value $1.00 per share, of the
          Company or any security into which such common shares may be changed by reason of any transaction or event of the type referred to in <font style="font-weight: bold;"><u>Section 11</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Company&#8221; means Atlantic American Corporation, a Georgia corporation, and its
          successors.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Continuing Directors&#8221; means the members of the Board on the Effective Date
          and each other director nominated for election or elected to the Board with the approval of a majority of the Continuing Directors who were members of the Board at the time of such nomination or election.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Date of Grant&#8221; means the date provided for by the Committee on which a grant
          of Option Rights, Appreciation Rights, Performance Shares, Performance Units, Cash Incentive Awards, or other awards contemplated by <font style="font-weight: bold;"><u>Section 9</u></font> of this Plan, or a grant or sale of Restricted Shares,
          Restricted Stock Units, or other awards contemplated by <font style="font-weight: bold;"><u>Section 9</u></font> of this Plan, will become effective (which date will not be earlier than the date on which the Committee takes action with respect
          thereto).</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Detrimental Activity&#8221; means, unless otherwise set forth in an Evidence of
          Award or other agreement between the Company and a Participant:</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z3d570f4b642b4710ac24c0c355c958f8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">engaging in any activity as an employee, principal, agent, or consultant for another entity that competes, directly or indirectly, with the Company in any actual, researched, or
                prospective product, service, system, or business activity for which the Participant has had any direct or indirect responsibility during the last two years of his or her employment with, or having acted as a consultant to, the Company or a
                Subsidiary (or such other period specified in an Evidence of Award), in any territory in which the Company or a Subsidiary sells, markets, services, or utilizes such product, service, or system, or engages in such business activity (or any
                portion of such territory or such other territory specified in the Evidence of Award);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4d40189f8da34fc98feb979b97c9f88e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">soliciting any employee of the Company or a Subsidiary to terminate his or her employment with the Company or a Subsidiary;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z3eeaa17e93544445bc7f0c7b08f32391" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">the disclosure to anyone outside the Company or a Subsidiary, or the use in other than the Company&#8217;s or a Subsidiary&#8217;s business, without prior written authorization from the Company,
                of any confidential, proprietary or trade secret information or material relating to the business of the Company or its Subsidiaries, acquired by the Participant during his or her employment with the Company or its Subsidiaries or while
                acting as a director of or consultant for the Company or its Subsidiaries;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zacb18c56108047f39197030d2f676e3b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">the failure or refusal to disclose promptly and to assign to the Company upon request all right, title and interest in any invention or idea, patentable or not, made or conceived by
                the Participant during employment by, or while consulting with, the Company or any Subsidiary, relating in any manner to the actual or anticipated business, research or development work of the Company or any Subsidiary or the failure or
                refusal to do anything reasonably necessary to enable the Company or any Subsidiary to secure a patent where appropriate in the United States and in other countries;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6a272522143547d5be5aba169bde6f02" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">activity that results in Termination for Cause. For the purposes of this Section, &#8220;Termination for Cause&#8221; will mean a termination:</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z8cb7a9a906a54e5b8ae8a0bf048ce267" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">due to the Participant&#8217;s willful and continuous gross neglect of his or her duties for which he or she is employed; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z8e3b756f227d4772992ae68ab765e71e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 144pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">due to an act of dishonesty on the part of the Participant resulting or intended to result, directly or indirectly, in his or her gain for personal enrichment at the expense of the
                Company or a Subsidiary; or</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z62bbd4c2959d47eaa32c5aa1d018397e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">any other conduct or act determined to be injurious, detrimental or prejudicial to any significant interest of the Company or any Subsidiary unless the Participant acted in good faith
                and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Director&#8221; means a member of the Board.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Effective Date&#8221; means the date this Plan is approved by the Shareholders.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Evidence of Award&#8221; means an agreement, certificate, resolution or other type
          or form of writing or other evidence approved by the Committee that sets forth the terms and conditions of the awards granted under this Plan.&#160; An Evidence of Award may be in an electronic medium, may be limited to notation on the books and
          records of the Company and, unless otherwise determined by the Committee, need not be signed by a representative of the Company or a Participant.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(r)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Exchange Act&#8221; means the Securities Exchange Act of 1934, as amended, and the
          rules and regulations thereunder, as such law, rules and regulations may be amended from time to time.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Incentive Stock Option&#8221; means an Option Right that is intended to qualify as
          an &#8220;incentive stock option&#8221; under Section 422 of the Code or any successor provision.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Management Objectives&#8221; means the performance objective or objectives
          established pursuant to this Plan for Participants who have received grants of Performance Shares, Performance Units or Cash Incentive Awards or, when so determined by the Committee, Option Rights, Appreciation Rights, Restricted Shares,
          Restricted Stock Units, dividend equivalents or other awards pursuant to this Plan.&#160; The Management Objectives applicable to an award under this Plan (if any) shall be determined by the Committee, and may be based on one or more, or a
          combination, of metrics under the following categories or such other metrics as may be determined by the Committee (including relative or growth achievement regarding such metrics):</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z2edd9113bddc4ddc9a0db79ca0fbc4d2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Profits (e.g., operating income, underwriting income, EBIT, EBT, net income, earnings per share, residual or economic earnings, economic profit &#8212; these profitability metrics could be,
                but are not required to be, measured or subject to GAAP definition);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zc360b92be698441e9d8757c6bbc92f94" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cash Flow (e.g., EBITDA, free cash flow, free cash flow with or without specific capital expenditure target or range, including or excluding divestments and/or acquisitions, total
                cash flow, cash flow in excess of cost of capital or residual cash flow or cash flow return on investment);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z5a32c8f164834044a41ba43b2f21875a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Returns (e.g., Profits or Cash Flow returns on: assets, invested capital, net capital employed, and equity);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z5751cb0283d04a828202934da99dc84d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Liquidity Measures (e.g., debt-to-capital, debt-to-EBITDA, total debt ratio);</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z1d506c901aa045aeb02fd7ea90968c7e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Premium Growth, Underwriting Margin Growth, Cost Initiative and Stock Price Metrics (e.g., premiums earned, total revenues, revenue growth, underwriting margin and underwriting margin
                growth, material margin and material margin growth, stock price appreciation, and total return to shareholders); and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z044c24842be74ddca2d34e247b753343" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(vi)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Strategic Initiative Key Deliverable Metrics consisting of one or more of the following: product development, strategic partnering, research and development, vitality index, market
                penetration, geographic business expansion goals, cost targets, customer satisfaction, employee satisfaction, management of employment practices and employee benefits, supervision of litigation and information technology, and goals relating
                to acquisitions or divestitures of subsidiaries, affiliates and joint ventures.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which it conducts its
        business, or other events or circumstances render the Management Objectives unsuitable, the Committee may in its discretion modify such Management Objectives or the goals or actual levels of achievement regarding the Management Objectives, in whole
        or in part, as the Committee deems appropriate and equitable.</div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Market Value per Share&#8221; means, as of any particular date, the closing price
          of a Common Share as reported for that date on the NASDAQ Stock Market or, if the Common Shares are not then listed on the NASDAQ Stock Market, on any other national securities exchange on which the Common Shares are listed, or if there are no
          sales on such date, on the next preceding trading day during which a sale occurred.&#160; If there is no regular public trading market for the Common Shares, then the Market Value per Share shall be the fair market value as determined in good faith by
          the Committee.&#160; The Committee is authorized to adopt another fair market value pricing method provided such method is stated in the applicable Evidence of Award and is in compliance with the fair market value pricing rules set forth in Section
          409A of the Code.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Optionee&#8221; means the optionee named in an Evidence of Award evidencing an
          outstanding Option Right.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Option Price&#8221; means the purchase price payable on exercise of an Option
          Right.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Option Right&#8221; means the right to purchase Common Shares upon exercise of an
          award granted pursuant to <font style="font-weight: bold;"><u>Section 4</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Participant&#8221; means a person who is selected by the Committee to receive
          benefits under this Plan and who is at the time (i) a non-employee Director, (ii) an officer or other employee of the Company or any Subsidiary, including a person who has agreed to commence serving in such capacity within 90 days of the Date of
          Grant, or (iii) a person, including a consultant, who provides services to the Company or any Subsidiary that are equivalent to those typically provided by an employee (provided that such person satisfies the Form S-8 definition of an
          &#8220;employee&#8221;).</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(z)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Performance Period&#8221; means, in respect of a Cash Incentive Award, Performance
          Share or Performance Unit, a period of time established pursuant to <font style="font-weight: bold;"><u>Section 8</u></font> of this Plan within which the Management Objectives relating to such Cash Incentive Award, Performance Share or
          Performance Unit are to be achieved.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Performance Share&#8221; means a bookkeeping entry that records the equivalent of
          one Common Share awarded pursuant to <font style="font-weight: bold;"><u>Section 8</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Performance Unit&#8221; means a bookkeeping entry awarded pursuant to <font style="font-weight: bold;"><u>Section 8</u></font> of this Plan that records a unit equivalent to $1.00 or such other value as is determined by the Committee.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(cc)</font>&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Permitted Holder&#8221; means: (i) the estate of J. Mack Robinson; (ii) Harriet J.
          Robinson and her lineal descendants and spouses of her lineal descendants, and Hilton H. Howell, Jr. and his lineal descendants and spouses of his lineal descendants; (iii) in the event of the incompetence or death of any of the Persons described
          in clause (ii), such Person&#8217;s estate, executor, administrator, committee or other personal representative; (iv) any trusts created for the benefit of the Persons described in clause (i) or (ii); (v) any Person controlled by any of the Persons
          described in clause (i), (ii), (iii) or (iv); and (vi) any group of Persons (as defined in the Exchange Act) in which the Persons described in clause (i), (ii), (iii), (iv) or (v), individually or collectively, control such group.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Plan&#8221; means this Atlantic American Corporation 2022 Equity and Incentive
          Compensation Plan, as may be amended or amended and restated from time to time.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ee)</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Predecessor Plan&#8221; means the Atlantic American Corporation 2012 Equity
          Incentive Plan.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ff)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Predecessor Plan Termination Date&#8221; means May 1, 2022.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(gg)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Restricted Shares&#8221; means Common Shares granted or sold pursuant to <font style="font-weight: bold;"><u>Section 6</u></font> of this Plan as to which neither the substantial risk of forfeiture nor the prohibition on transfer has expired.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Restricted Stock Units&#8221; means an award made pursuant to <font style="font-weight: bold;"><u>Section 7</u></font> of this Plan of the right to receive Common Shares, cash or a combination thereof at the end of the applicable Restriction Period.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Restriction Period&#8221; means the period of time during which Restricted Stock
          Units are subject to restrictions, as provided in <font style="font-weight: bold;"><u>Section 7</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(jj)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Shareholder&#8221; means an individual or entity that owns one or more Common
          Shares.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(kk)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Spread&#8221; means the excess of the Market Value per Share on the date when an
          Appreciation Right is exercised over the Base Price provided for with respect to the Appreciation Right.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(ll)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">&#8220;Subsidiary&#8221; means a corporation, company or other entity (i) more than 50%
          of whose outstanding shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint
          venture, limited liability company, unincorporated association or other similar entity), but more than 50% of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or
          controlled, directly or indirectly, by the Company; <u>provided</u>, <u>however</u>, that for purposes of determining whether any person may be a Participant for purposes of any grant of Incentive Stock Options, &#8220;Subsidiary&#8221; means any
          corporation in which the Company at the time owns or controls, directly or indirectly, more than 50% of the total combined Voting Power represented by all classes of stock issued by such corporation.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(mm)</font>&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">&#8220;Voting Power&#8221; means, at any time, the combined voting power of the
          then-outstanding securities entitled to vote generally in the election of Directors in the case of the Company, or members of the board of directors or similar body in the case of another entity.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Shares Available Under this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Maximum Shares Available Under this Plan</u>.</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zd12a98781bc443bf88b6bea0de215c07" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to adjustment as provided in <font style="font-weight: bold;"><u>Section 11</u></font> of this Plan and the share counting rules set forth in <font style="font-weight: bold;"><u>Section 3(b)</u></font> of this Plan, the number of Common Shares available under this Plan for awards of (A) Option Rights or Appreciation Rights, (B) Restricted Shares, (C) Restricted Stock Units, (D) Performance Shares or
                Performance Units, (E) awards contemplated by <font style="font-weight: bold;"><u>Section 9</u></font> of this Plan, or (F) dividend equivalents paid with respect to awards made under this Plan<font style="color: #1F497D;">&#160;</font>will not
                exceed in the aggregate (x) 3,000,000 Common Shares, plus (y) the Common Shares that are subject to awards granted under this Plan or the Predecessor Plan that are added (or added back, as applicable) to the aggregate number of Common
                Shares available under this <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> pursuant to the share counting rules of this Plan.&#160; Such shares may be shares of original issuance or treasury shares or a combination of the
                foregoing.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6d8ec03822d04606b96f072927727b4f" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Subject to the share counting rules set forth in <font style="font-weight: bold;"><u>Section 3(b)</u></font> of this Plan, the aggregate number of Common Shares available under <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> of this Plan will be reduced by one Common Share for every one Common Share subject to an award granted under this Plan.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Share Counting Rules</u>.</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z9d6238567e6e40fe9b063a1e0e056371" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Except as provided in <font style="font-weight: bold;"><u>Section 22</u></font> of this Plan, if any award granted under this Plan (in whole or in part) is cancelled or forfeited,
                expires, is settled for cash, or is unearned, the Common Shares subject to such award will, to the extent of such cancellation, forfeiture, expiration, cash settlement, or unearned amount, again be available under <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> above.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="ze07cb74422b143ee94da03e786679dad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">If, <font style="color: #000000;">on or after the Predecessor Plan Termination Date</font>, any Common Shares subject to an award granted under the Predecessor Plan are forfeited, or
                an award granted under the Predecessor Plan (in whole or in part) is cancelled or forfeited, expires, is settled for cash, or is unearned, the Common Shares subject to such award will, to the extent of such cancellation, forfeiture,
                expiration, cash settlement, or unearned amount, be available for awards under this Plan.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="za7d24fdfe9b14935b901d697b1960db3" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary contained in this Plan: (A) Common Shares withheld by the Company, tendered or otherwise used in payment of the Option Price
                of an Option Right (or the option price of an option granted under the Predecessor Plan) will not be added (or added back, as applicable) to the aggregate number of Common Shares available under <font style="font-weight: bold;"><u>Section
                    3(a)(i)</u></font> of this Plan; (B) Common Shares withheld by the Company, tendered or otherwise used to satisfy tax withholding with respect to awards will not be added (or added back, as applicable) to the aggregate number of Common
                Shares available under <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> of this Plan; (C) Common Shares subject to a share-settled Appreciation Right that are not actually issued in connection with the settlement of such
                Appreciation Right on the exercise thereof will not be added (or added back, as applicable) to the aggregate number of Common Shares available under <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> of this Plan; and (D)
                Common Shares reacquired by the Company on the open market or otherwise using cash proceeds from the exercise of Option Rights will not be added (or added back, as applicable) to the aggregate number of Common Shares available under <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> of this Plan.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="z9c1146c329974411a7e531dc80ea2069" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; color: #000000; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-family: 'Times New Roman', Times, serif;">If, under this Plan, a Participant has elected to give up the right to receive compensation in exchange for Common Shares based on fair market value, such Common
                Shares will not count against the aggregate limit under <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> of this Plan.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Limit on Incentive Stock Options</u>.&#160; Notwithstanding anything to the
          contrary contained in this Plan, and subject to adjustment as provided in <font style="font-weight: bold;"><u>Section 11</u></font> of this Plan, the aggregate number of Common Shares actually issued or transferred by the Company upon the
          exercise of Incentive Stock Options will not exceed 3,000,000 Common Shares.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><u>Non-Employee Director Compensation Limit</u>.&#160; Notwithstanding anything to
          the contrary contained in this Plan, in no event will any non-employee Director in any one calendar year be granted compensation for such service having an aggregate maximum value (measured at the Date of Grant as applicable, and calculating the
          value of any awards based on the grant date fair value for financial reporting purposes) in excess of $500,000.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">4.</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Option Rights.&#160; </font>The

          Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting to Participants of Option Rights.&#160; Each such grant may utilize any or all of the authorizations, and will be subject to all of the
          requirements, contained in the following provisions:</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant will specify the number of Common Shares to which it pertains
          subject to the limitations set forth in <font style="font-weight: bold;"><u>Section 3</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant will specify an Option Price per Common Share, which Option Price
          (except with respect to awards under <font style="font-weight: bold;"><u>Section 22</u></font> of this Plan) may not be less than the Market Value per Share on the Date of Grant.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant will specify whether the Option Price will be payable (i) in cash,
          by check acceptable to the Company or by wire transfer of immediately available funds, (ii) by the actual or constructive transfer to the Company of Common Shares owned by the Optionee having a value at the time of exercise equal to the total
          Option Price, (iii) subject to any conditions or limitations established by the Committee, by the withholding of Common Shares otherwise issuable upon exercise of an Option Right pursuant to a &#8220;net exercise&#8221; arrangement (it being understood that,
          solely for purposes of determining the number of treasury shares held by the Company, the Common Shares so withheld will not be treated as issued and acquired by the Company upon such exercise), (iv) by a combination of such methods of payment,
          or (v) by such other methods as may be approved by the Committee.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">To the extent permitted by law, any grant may provide for deferred payment of
          the Option Price from the proceeds of sale through a bank or broker on a date satisfactory to the Company of some or all of the Common Shares to which such exercise relates.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant will specify the period or periods of continuous service by the
          Optionee with the Company or any Subsidiary, if any, that is necessary before any Option Rights or installments thereof will vest.&#160; Option Rights may provide for continued vesting or the earlier vesting of such Option Rights, including in the
          event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in Control.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Any grant of Option Rights may specify Management Objectives regarding the
          vesting of such rights.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Option Rights granted under this Plan may be (i) options, including Incentive
          Stock Options, that are intended to qualify under particular provisions of the Code, (ii) options that are not intended to so qualify, or (iii) combinations of the foregoing.&#160; Incentive Stock Options may only be granted to Participants who meet
          the definition of &#8220;employees&#8221; under Section 3401(c) of the Code.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">No Option Right will be exercisable more than 10 years from the Date of
          Grant.&#160; The Committee may provide in any Evidence of Award for the automatic exercise of an Option Right upon such terms and conditions as established by the Committee.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-family: 'Times New Roman', Times, serif;">Option Rights granted under this Plan may not provide for any dividends or
          dividend equivalents thereon.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <font style="font-family: 'Times New Roman', Times, serif;">Each grant of Option Rights will be evidenced by an Evidence of Award.&#160; Each
          Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Appreciation Rights.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Committee may, from time to time and upon such terms and conditions as it
          may determine, authorize the granting to any Participant of Appreciation Rights.&#160; An Appreciation Right will be the right of the Participant to receive from the Company an amount determined by the Committee, which will be expressed as a
          percentage of the Spread (not exceeding 100%) at the time of exercise.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant of Appreciation Rights may utilize any or all of the
          authorizations, and will be subject to all of the requirements, contained in the following provisions:</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z65771afd2a2f40dea963f987b29cbd29" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each grant may specify that the amount payable on exercise of an Appreciation Right will be paid by the Company in cash, Common Shares or any combination thereof.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z2b1f10d27d3549458329a57594c47cdd" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each grant will specify the period or periods of continuous service by the Participant with the Company or any Subsidiary, if any, that is necessary before the Appreciation Rights or
                installments thereof will vest.&#160; Appreciation Rights may provide for continued vesting or the earlier vesting of such Appreciation Rights, including in the event of the retirement, death, disability or termination of employment or service
                of a Participant or in the event of a Change in Control.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zd6a7e426e84b4fd6b47933dc4e954b6e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Any grant of Appreciation Rights may specify Management Objectives regarding the vesting of such Appreciation Rights.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zc5abe489696c49d38caf1496554ddd86" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(iv)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Appreciation Rights granted under this Plan may not provide for any dividends or dividend equivalents thereon.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z5c78664335dd46f4ac2d6ae0df4433c5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(v)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each grant of Appreciation Rights will be evidenced by an Evidence of Award.&#160; Each Evidence of Award will be subject to this Plan and will contain such terms and provisions,
                consistent with this Plan, as the Committee may approve.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Also, regarding Appreciation Rights:</font></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zdb81f548a13141a9b2edbcde5c21c9da" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(i)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Each grant will specify in respect of each Appreciation Right a Base Price, which (except with respect to awards under <font style="font-weight: bold;"><u>Section 22</u></font> of
                this Plan) may not be less than the Market Value per Share on the Date of Grant; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zee5d29f9bd3f4e16b94af8da3838f97b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 108pt;"><br>
            </td>
            <td style="width: 36pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(ii)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">No Appreciation Right granted under this Plan may be exercised more than 10 years from the Date of Grant.&#160; The Committee may provide in any Evidence of Award for the automatic
                exercise of an Appreciation Right upon such terms and conditions as established by the Committee.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">6.</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Restricted Shares.&#160; </font>The

          Committee may, from time to time and upon such terms and conditions as it may determine, authorize the grant or sale of Restricted Shares to Participants.&#160; Each such grant or sale may utilize any or all of the authorizations, and will be subject
          to all of the requirements, contained in the following provisions:</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each such grant or sale will constitute an immediate transfer of the ownership
          of Common Shares to the Participant in consideration of the performance of services, entitling such Participant to voting, dividend and other ownership rights (subject in particular to <font style="font-weight: bold;"><u>Section 6(g)</u></font>
          of this Plan), but subject to the substantial risk of forfeiture and restrictions on transfer hereinafter described.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each such grant or sale may be made without additional consideration or in
          consideration of a payment by such Participant that is less than the Market Value per Share on the Date of Grant.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each such grant or sale will provide that the Restricted Shares covered by
          such grant or sale will be subject to a &#8220;substantial risk of forfeiture&#8221; within the meaning of Section 83 of the Code for a period to be determined by the Committee on the Date of Grant or until achievement of Management Objectives referred to in
          <font style="font-weight: bold;"><u>Section 6(e)</u></font> of this Plan.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each such grant or sale will provide that during or after the period for which
          such substantial risk of forfeiture is to continue, the transferability of the Restricted Shares will be prohibited or restricted in the manner and to the extent prescribed by the Committee on the Date of Grant (which restrictions may include
          rights of repurchase or first refusal of the Company or provisions subjecting the Restricted Shares to a continuing substantial risk of forfeiture while held by any transferee).</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Any grant of Restricted Shares may specify Management Objectives regarding the
          vesting of such Restricted Stock.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary contained in this Plan, Restricted
          Shares may provide for continued vesting or the earlier vesting of such Restricted Shares, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the event of a Change in
          Control.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Any such grant or sale of Restricted Shares may require that any and all
          dividends or other distributions paid thereon during the period of such restrictions be automatically deferred and/or reinvested in additional Restricted Shares, which will be subject to the same restrictions as the underlying award.&#160; For the
          avoidance of doubt, any such dividends or other distributions on Restricted Shares will be deferred until, and paid contingent upon, the vesting of such Restricted Shares.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant or sale of Restricted Shares will be evidenced by an Evidence of
          Award.&#160; Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.&#160; Unless otherwise directed by the Committee, (i) all certificates representing
          Restricted Shares will be held in custody by the Company until all restrictions thereon will have lapsed, together with a stock power or powers executed by the Participant in whose name such certificates are registered, endorsed in blank and
          covering such shares or (ii) all Restricted Shares will be held at the Company&#8217;s transfer agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Shares.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">7.</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Restricted Stock Units.&#160;
          </font>The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting or sale of Restricted Stock Units to Participants.&#160; Each such grant or sale may utilize any or all of the authorizations,
          and will be subject to all of the requirements, contained in the following provisions:</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each such grant or sale will constitute the agreement by the Company to
          deliver Common Shares or cash, or a combination thereof, to the Participant in the future in consideration of the performance of services, but subject to the fulfillment of such conditions (which may include achievement regarding Management
          Objectives) during the Restriction Period as the Committee may specify.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each such grant or sale may be made without additional consideration or in
          consideration of a payment by such Participant that is less than the Market Value per Share on the Date of Grant.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary contained in this Plan, Restricted
          Stock Units may provide for continued vesting or the earlier lapse or other modification of the Restriction Period, including in the event of the retirement, death, disability or termination of employment or service of a Participant or in the
          event of a Change in Control.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">During the Restriction Period, the Participant will have no right to transfer
          any rights under his or her award and will have no rights of ownership in the Common Shares deliverable upon payment of the Restricted Stock Units and will have no right to vote them, but the Committee may, at or after the Date of Grant,
          authorize the payment of dividend equivalents on such Restricted Stock Units on a deferred and contingent basis, either in cash or in additional Common Shares; <u>provided</u>, <u>however</u>, that dividend equivalents or other distributions on
          Common Shares underlying Restricted Stock Units shall be deferred until, and paid contingent upon, the vesting of such Restricted Stock Units.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant or sale of Restricted Stock Units will specify the time and manner
          of payment of the Restricted Stock Units that have been earned.&#160; Each grant or sale will specify that the amount payable with respect thereto will be paid by the Company in Common Shares or cash, or a combination thereof.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant or sale of Restricted Stock Units will be evidenced by an Evidence
          of Award.&#160; Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">8.</font>&#160;&#160;&#160;&#160; &#160; &#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Cash Incentive Awards,
            Performance Shares and Performance Units.&#160; </font>The Committee may, from time to time and upon such terms and conditions as it may determine, authorize the granting of Cash Incentive Awards, Performance Shares and Performance Units.&#160; Each
          such grant may utilize any or all of the authorizations, and will be subject to all of the requirements, contained in the following provisions:</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant will specify the number or amount of Performance Shares or
          Performance Units, or amount payable with respect to a Cash Incentive Award, to which it pertains, which number or amount may be subject to adjustment to reflect changes in compensation or other factors.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Performance Period with respect to each Cash Incentive Award or grant of
          Performance Shares or Performance Units will be such period of time as will be determined by the Committee, which may be subject to continued vesting or earlier lapse or other modification, including in the event of the retirement, death,
          disability or termination of employment or service of a Participant or in the event of a Change in Control.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant of a Cash Incentive Award, Performance Shares or Performance Units
          will specify Management Objectives regarding the earning of the award.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant will specify the time and manner of payment of a Cash Incentive
          Award, Performance Shares or Performance Units that have been earned.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Committee may, on the Date of Grant of Performance Shares or Performance
          Units, provide for the payment of dividend equivalents to the holder thereof either in cash or in additional Common Shares, which dividend equivalents will be subject to deferral and payment on a contingent basis based on the Participant&#8217;s
          earning and vesting of the Performance Shares or Performance Units, as applicable, with respect to which such dividend equivalents are paid.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant of a Cash Incentive Award, Performance Shares or Performance Units
          will be evidenced by an Evidence of Award.&#160; Each Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Other Awards.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Subject to applicable law and the applicable limits set forth in <font style="font-weight: bold;"><u>Section 3</u></font> of this Plan, the Committee may authorize the grant to any Participant of Common Shares or such other awards that may be denominated or payable in, valued in whole or in part by reference to,
          or otherwise based on, or related to, Common Shares or factors that may influence the value of such shares, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Common Shares,
          purchase rights for Common Shares, awards with value and payment contingent upon performance of the Company or specified Subsidiaries, affiliates or other business units thereof or any other factors designated by the Committee, and awards valued
          by reference to the book value of the Common Shares or the value of securities of, or the performance of specified Subsidiaries or affiliates or other business units of the Company.&#160; The Committee will determine the terms and conditions of such
          awards.&#160; Common Shares delivered pursuant to an award in the nature of a purchase right granted under this <font style="font-weight: bold;"><u>Section 9</u></font> will be purchased for such consideration, paid for at such time, by such methods,
          and in such forms, including, without limitation, Common Shares, other awards, notes or other property, as the Committee determines.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Cash awards, as an element of or supplement to any other award granted under
          this Plan, may also be granted pursuant to this <font style="font-weight: bold;"><u>Section 9</u></font>.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Committee may authorize the grant of Common Shares as a bonus, or may
          authorize the grant of other awards in lieu of obligations of the Company or a Subsidiary to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements, subject to such terms as will be determined by the
          Committee in a manner that complies with Section 409A of the Code.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Committee may, at or after the Date of Grant, authorize the payment of
          dividends or dividend equivalents on awards granted under this <font style="font-weight: bold;"><u>Section 9</u></font> on a deferred and contingent basis, either in cash or in additional Common Shares; <u>provided</u>, <u>however</u>, that
          dividend equivalents or other distributions on Common Shares underlying awards granted under this <font style="font-weight: bold;"><u>Section 9</u></font> shall be deferred until, and paid contingent upon, the earning and vesting of such awards.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Each grant of an award under this <font style="font-weight: bold;"><u>Section
              9</u></font> will be evidenced by an Evidence of Award.&#160; Each such Evidence of Award will be subject to this Plan and will contain such terms and provisions, consistent with this Plan, as the Committee may approve, and will specify the time
          and terms of delivery of the applicable award.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Notwithstanding anything to the contrary contained in this Plan, awards under
          this <font style="font-weight: bold;"><u>Section 9</u></font> may provide for the earning or vesting of, or earlier elimination of restrictions applicable to, such award, including in the event of the retirement, death, disability or termination
          of employment or service of a Participant or in the event of a Change in Control.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Administration of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">This Plan will be administered by the Committee; <u>provided</u>, <u>however</u>,
          that, at the discretion of the Board, this Plan may be administered by the Board, including with respect to the administration of any responsibilities and duties held by the Committee hereunder.&#160; The Committee may from time to time delegate all
          or any part of its authority under this Plan to a subcommittee thereof.&#160; To the extent of any such delegation, references in this Plan to the Committee will be deemed to be references to such subcommittee.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The interpretation and construction by the Committee of any provision of this
          Plan or of any Evidence of Award (or related documents) and any determination by the Committee pursuant to any provision of this Plan or of any such agreement, notification or document will be final and conclusive.&#160; No member of the Committee
          shall be liable for any such action or determination made in good faith.&#160; In addition, the Committee is authorized to take any action it determines in its sole discretion to be appropriate subject only to the express limitations contained in this
          Plan, and no authorization in any Plan section or other provision of this Plan is intended or may be deemed to constitute a limitation on the authority of the Committee.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">To the extent permitted by law, the Committee may delegate to one or more of
          its members, to one or more officers of the Company, or to one or more agents or advisors, such administrative duties or powers as it may deem advisable, and the Committee, the subcommittee, or any person to whom duties or powers have been
          delegated as aforesaid, may employ one or more persons to render advice with respect to any responsibility the Committee, the subcommittee or such person may have under this Plan.&#160; The Committee may, by resolution, authorize one or more officers
          of the Company to do one or both of the following on the same basis as the Committee:&#160; (i) designate employees to be recipients of awards under this Plan; and (ii) determine the size of any such awards; <u>provided</u>, <u>however</u>, that (A)
          the Committee will not delegate such responsibilities to any such officer for awards granted to an employee who is an officer (for purposes of Section 16 of the Exchange Act), Director, or more than 10% &#8220;beneficial owner&#8221; (as such term is defined
          in Rule 13d-3 promulgated under the Exchange Act) of any class of the Company&#8217;s equity securities that is registered pursuant to Section 12 of the Exchange Act, as determined by the Committee in accordance with Section 16 of the Exchange Act; (B)
          the resolution providing for such authorization shall set forth the total number of Common Shares such officer(s) may grant; and (C) the officer(s) will report periodically to the Committee regarding the nature and scope of the awards granted
          pursuant to the authority delegated.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Adjustments.&#160; </font>The
          Committee shall make or provide for such adjustments in the number of and kind of Common Shares covered by outstanding Option Rights, Appreciation Rights, Restricted Shares, Restricted Stock Units, Performance Shares and Performance Units granted
          hereunder and, if applicable, in the number of and kind of Common Shares covered by other awards granted pursuant to <font style="font-weight: bold;"><u>Section 9</u></font> of this Plan, in the Option Price and Base Price provided in
          outstanding Option Rights and Appreciation Rights, respectively, in Cash Incentive Awards, and in other award terms, as the Committee, in its sole discretion, determines in good faith is equitably required to prevent dilution or enlargement of
          the rights of Participants that otherwise would result from (a) any extraordinary cash dividend, stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, (b) any merger,
          consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having
          an effect similar to any of the foregoing.&#160; Moreover, in the event of any such transaction or event or in the event of a Change in Control, the Committee may provide in substitution for any or all outstanding awards under this Plan such
          alternative consideration (including cash), if any, as it, in good faith, may determine to be equitable in the circumstances and shall require in connection therewith the surrender of all awards so replaced in a manner that complies with Section
          409A of the Code.&#160; In addition, for each Option Right or Appreciation Right with an Option Price or Base Price, respectively, greater than the consideration offered in connection with any such transaction or event or Change in Control, the
          Committee may in its discretion elect to cancel such Option Right or Appreciation Right without any payment to the person holding such Option Right or Appreciation Right.&#160; The Committee shall also make or provide for such adjustments in the
          number of Common Shares specified in <font style="font-weight: bold;"><u>Section 3</u></font> of this Plan as the Committee, in its sole discretion, determines in good faith is appropriate to reflect any transaction or event described in this <font style="font-weight: bold;"><u>Section 11</u></font>; <u>provided</u>, <u>however</u>, that any such adjustment to the number specified in <font style="font-weight: bold;"><u>Section 3(c)</u></font> of this Plan will be made only if and to
          the extent that such adjustment would not cause any Option Right intended to qualify as an Incentive Stock Option to fail to so qualify.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Change in Control</font>.&#160;
          For purposes of this Plan, except as may be otherwise prescribed by the Committee in an Evidence of Award made under this Plan, a &#8220;Change in Control&#8221; will be deemed to have occurred upon the occurrence (after the Effective Date) of one or more of
          the following events:</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">the acquisition of ownership, directly or indirectly, beneficially or of
          record, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a &#8220;Person&#8221;) other than any Permitted Holder of more than 50% of the outstanding shares of the voting equity interests of the
          Company; or</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">during any period of 24 consecutive months, a majority of the members of the
          Board or other equivalent governing body of the Company cease to be composed of individuals who are Continuing Directors.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Detrimental Activity and
            Recapture Provisions</font>.&#160; Any Evidence of Award may reference a clawback policy of the Company or provide for the cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any gain related to an award, or
          other provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Committee from time to time, if a Participant, either (a) during employment or other service with the Company or a Subsidiary, or (b)
          within a specified period after termination of such employment or service, engages in any detrimental activity, as described in the definition of &#8220;Detrimental Activity&#8221; in this Plan, in the applicable Evidence of Award, or in such clawback
          policy.&#160; In addition, notwithstanding anything in this Plan to the contrary, any Evidence of Award or such clawback policy may also provide for the cancellation or forfeiture of an award or the forfeiture and repayment to the Company of any
          Common Shares issued under and/or any other benefit related to an award, or other provisions intended to have a similar effect, including upon such terms and conditions as may be required by the Committee or under Section 9D of the Exchange Act
          and any applicable rules or regulations promulgated by the Securities and Exchange Commission or any national securities exchange or national securities association on which the Common Shares may be traded.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Accommodations for
            Participants of Different Nationalities.</font>&#160; In order to facilitate the making of any grant or combination of grants under this Plan, the Committee may provide for such special terms for awards to Participants as the Committee may consider
          necessary or appropriate to accommodate differences in local law, tax policy or custom given that Participants are expected to be nationals of both the United States of America and other countries, or to be employed by the Company or any
          Subsidiary both within and outside of the United States of America.&#160; Moreover, the Committee may approve such supplements to or amendments, restatements or alternative versions of this Plan (including sub-plans) (to be considered part of this
          Plan) as it may consider necessary or appropriate for such purposes, without thereby affecting the terms of this Plan as in effect for any other purpose, and the Secretary or other appropriate officer of the Company may certify any such document
          as having been approved and adopted in the same manner as this Plan.&#160; No such special terms, supplements, amendments or restatements, however, will include any provisions that are inconsistent with the terms of this Plan as then in effect unless
          this Plan could have been amended to eliminate such inconsistency without further approval by the Shareholders.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Transferability.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Except as otherwise determined by the Committee, and subject to compliance
          with <font style="font-weight: bold;"><u>Section 17(b)</u></font> of this Plan and Section 409A of the Code, no Option Right, Appreciation Right, Restricted Shares, Restricted Stock Unit, Performance Share, Performance Unit, Cash Incentive
          Award, award contemplated by <font style="font-weight: bold;"><u>Section 9</u></font> of this Plan or dividend equivalents paid with respect to awards made under this Plan will be transferable by the Participant except by will or the laws of
          descent and distribution. In no event will any such award granted under this Plan be transferred for value.&#160; Where transfer is permitted, references to &#8220;Participant&#8221; shall be construed, as the Committee deems appropriate, to include any permitted
          transferee to whom such award is transferred.&#160; Except as otherwise determined by the Committee, Option Rights and Appreciation Rights will be exercisable during the Participant&#8217;s lifetime only by him or her or, in the event of the Participant&#8217;s
          legal incapacity to do so, by his or her guardian or legal representative acting on behalf of the Participant in a fiduciary capacity under state law or court supervision.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Committee may specify on the Date of Grant that part or all of the Common
          Shares that are (i) to be issued or transferred by the Company upon the exercise of Option Rights or Appreciation Rights, upon the termination of the Restriction Period applicable to Restricted Stock Units or upon payment under any grant of
          Performance Shares or Performance Units or (ii) no longer subject to the substantial risk of forfeiture and restrictions on transfer referred to in <font style="font-weight: bold;"><u>Section 6</u></font> of this Plan, will be subject to further
          restrictions on transfer, including minimum holding periods.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Withholding Taxes.</font>&#160;
          To the extent that the Company is required to withhold federal, state, local or foreign taxes or other amounts in connection with any payment made or benefit realized by a Participant or other person under this Plan, and the amounts available to
          the Company for such withholding are insufficient, it will be a condition to the receipt of such payment or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of the
          balance of such taxes or other amounts required to be withheld, which arrangements (in the discretion of the Committee) may include relinquishment of a portion of such benefit.&#160; If a Participant&#8217;s benefit is to be received in the form of Common
          Shares, and such Participant fails to make arrangements for the payment of taxes or other amounts, then, unless otherwise determined by the Committee, the Company will withhold Common Shares having a value equal to the amount required to be
          withheld.&#160; Notwithstanding the foregoing, when a Participant is required to pay the Company an amount required to be withheld under applicable income, employment, tax or other laws, the Committee may require the Participant to satisfy the
          obligation, in whole or in part, by having withheld, from the Common Shares delivered or required to be delivered to the Participant, Common Shares having a value equal to the amount required to be withheld or by delivering to the Company other
          Common Shares held by such Participant.&#160; The Common Shares used for tax or other withholding will be valued at an amount equal to the fair market value of such Common Shares on the date the benefit is to be included in Participant&#8217;s income.&#160; In
          no event will the fair market value of the Common Shares to be withheld and delivered pursuant to this <font style="font-weight: bold;"><u>Section 16</u></font> exceed the minimum amount required to be withheld, unless (a) an additional amount
          can be withheld and not result in adverse accounting consequences, and (b) such additional withholding amount is authorized by the Committee.&#160; Participants will also make such arrangements as the Company may require for the payment of any
          withholding tax or other obligation that may arise in connection with the disposition of Common Shares acquired upon the exercise of Option Rights.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">17.</font>&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Compliance with Section 409A of the
          Code.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">To the extent applicable, it is intended that this Plan and any grants made
          hereunder comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participants.&#160; This Plan and any grants made hereunder will be administered in a
          manner consistent with this intent.&#160; Any reference in this Plan to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such section by the U.S. Department of the Treasury or the
          Internal Revenue Service.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Neither a Participant nor any of a Participant&#8217;s creditors or beneficiaries
          will have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under this Plan and grants hereunder to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or
          garnishment.&#160; Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to a Participant or for a Participant&#8217;s benefit under this Plan and grants hereunder may not be
          reduced by, or offset against, any amount owed by a Participant to the Company or any of its Subsidiaries.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">17</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
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      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">If, at the time of a Participant&#8217;s separation from service (within the meaning
          of Section 409A of the Code), (i) the Participant will be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company makes a good
          faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A
          of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company will not pay such amount on the otherwise scheduled payment date but will instead pay it, without interest, on the fifth business day of the seventh
          month after such separation from service.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Solely with respect to any award that constitutes nonqualified deferred
          compensation subject to Section 409A of the Code and that is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall occur only
          if such event also constitutes a &#8220;change in the ownership,&#8221; &#8220;change in effective control,&#8221; and/or a &#8220;change in the ownership of a substantial portion of assets&#8221; of the Company as those terms are defined under Treasury Regulation &#167;1.409A-3(i)(5),
          but only to the extent necessary to establish a time and form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for any purpose in respect of such award.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Notwithstanding any provision of this Plan and grants hereunder to the
          contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to this Plan and grants hereunder as the Company deems necessary or desirable to avoid the
          imposition of taxes or penalties under Section 409A of the Code.&#160; In any case, a Participant will be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on a Participant or for a Participant&#8217;s account
          in connection with this Plan and grants hereunder (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates will have any obligation to indemnify or otherwise hold a Participant harmless
          from any or all of such taxes or penalties.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">18.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amendments.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Board may at any time and from time to time amend this Plan in whole or in
          part; <u>provided</u>, <u>however</u>, that if an amendment to this Plan, for purposes of applicable stock exchange rules and except as permitted under <font style="font-weight: bold;"><u>Section 11</u></font> of this Plan, (i) would
          materially increase the benefits accruing to Participants under this Plan, (ii) would materially increase the number of securities which may be issued under this Plan, (iii) would materially modify the requirements for participation in this Plan,<font style="font-weight: bold;">&#160;</font>or (iv) must otherwise be approved by the Shareholders in order to comply with applicable law or the rules of the NASDAQ Stock Market or, if the Common Shares are not traded on the NASDAQ Stock Market, the
          principal national securities exchange upon which the Common Shares are traded or quoted, all as determined by the Board, then, such amendment will be subject to Shareholder approval and will not be effective unless and until such approval has
          been obtained.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">18</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Except in connection with a corporate transaction or event described in <font style="font-weight: bold;"><u>Section 11</u></font> of this Plan or in connection with a Change in Control, the terms of outstanding awards may not be amended to reduce the Option Price of outstanding Option Rights or the Base Price of
          outstanding Appreciation Rights, or cancel outstanding &#8220;underwater&#8221; Option Rights or Appreciation Rights (including following a Participant&#8217;s voluntary surrender of &#8220;underwater&#8221; Option Rights or Appreciation Rights) in exchange for cash, other
          awards or Option Rights or Appreciation Rights with an Option Price or Base Price, as applicable, that is less than the Option Price of the original Option Rights or Base Price of the original Appreciation Rights, as applicable, without
          Shareholder approval.&#160; This <font style="font-weight: bold;"><u>Section 18(b)</u></font> is intended to prohibit the repricing of &#8220;underwater&#8221; Option Rights and Appreciation Rights and will not be construed to prohibit the adjustments provided
          for in <font style="font-weight: bold;"><u>Section 11</u></font> of this Plan.&#160; Notwithstanding any provision of this Plan to the contrary, this <font style="font-weight: bold;"><u>Section 18(b)</u></font> may not be amended without approval by
          the Shareholders.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">If permitted by Section 409A of the Code, but subject to <font style="font-weight: bold;"><u>Section 18(d)</u></font>, including in the case of termination of employment or service, or in the case of unforeseeable emergency or other circumstances or in the event of a Change in Control, to the extent a
          Participant holds an Option Right or Appreciation Right not immediately exercisable in full, or any Restricted Shares as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Restricted
          Stock Units as to which the Restriction Period has not been completed, or any Cash Incentive Awards, Performance Shares or Performance Units which have not been fully earned, or any dividend equivalents or other awards made pursuant to <font style="font-weight: bold;"><u>Section 9</u></font> of this Plan subject to any vesting schedule or transfer restriction, or who holds Common Shares subject to any transfer restriction imposed pursuant to <font style="font-weight: bold;"><u>Section

              15(b)</u></font> of this Plan, the Committee may, in its sole discretion, provide for continued vesting or accelerate the time at which such Option Right, Appreciation Right or other award may vest or be exercised or the time at which such
          substantial risk of forfeiture or prohibition or restriction on transfer will lapse or the time when such Restriction Period will end or the time at which such Cash Incentive Awards, Performance Shares or Performance Units will be deemed to have
          been earned or the time when such transfer restriction will terminate or may waive any other limitation or requirement under any such award.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Subject to <font style="font-weight: bold;"><u>Section 18(b)</u></font> of
          this Plan, the Committee may amend the terms of any award theretofore granted under this Plan prospectively or retroactively<font style="color: #000000;">. Except for adjustments made pursuant to </font><font style="font-weight: bold;"><u>Section

              11</u></font> of this Plan, no such amendment will materially impair the rights of any Participant without his or her consent.&#160; The Board may, in its discretion, terminate this Plan at any time.&#160; Termination of this Plan will not affect the
          rights of Participants or their successors under any awards outstanding hereunder and not exercised in full on the date of termination.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Governing Law.&#160; </font>This

          Plan and all grants and awards and actions taken hereunder will be governed by and construed in accordance with the internal substantive laws of the State of Georgia.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">19</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Effective
            Date/Termination.&#160; </font>This Plan will be effective as of the Effective Date.&#160; No grants will be made on or after the Predecessor Plan Termination Date under the Predecessor Plan, provided that outstanding awards granted under the
          Predecessor Plan will continue thereafter in accordance with their terms. No grant will be made under this Plan on or after the tenth anniversary of the Effective Date, but all grants made prior to such date will continue in effect thereafter
          subject to the terms thereof and of this Plan.&#160; For clarification purposes, the terms and conditions of this Plan shall not apply to or otherwise impact previously granted and outstanding awards under the Predecessor Plan, as applicable (except
          for purposes of providing for Common Shares under such awards to be added to the aggregate number of Common Shares available under <font style="font-weight: bold;"><u>Section 3(a)(i)</u></font> of this Plan pursuant to the share counting rules
          of this Plan).</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">21.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Miscellaneous Provisions.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Company will not be required to issue any fractional Common Shares
          pursuant to this Plan.&#160; The Committee may provide for the elimination of fractions or for the settlement of fractions in cash.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">This Plan will not confer upon any Participant any right with respect to
          continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate such Participant&#8217;s employment or other service at any
          time.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Except with respect to <font style="font-weight: bold;"><u>Section 21(e)</u></font>
          of this Plan, to the extent that any provision of this Plan would prevent any Option Right that was intended to qualify as an Incentive Stock Option from qualifying as such, that provision will be null and void with respect to such Option Right.&#160;
          Such provision, however, will remain in effect for other Option Rights and there will be no further effect on any provision of this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">No award under this Plan may be exercised by the holder thereof if such
          exercise, and the receipt of cash or Common Shares thereunder, would be, in the opinion of counsel selected by the Company, contrary to law or the regulations of any duly constituted authority having jurisdiction over this Plan.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Absence on leave approved by a duly constituted officer of the Company or any
          of its Subsidiaries will not be considered interruption or termination of service of any employee for any purposes of this Plan or awards granted hereunder.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">No Participant will have any rights as a Shareholder with respect to any
          Common Shares subject to awards granted to him or her under this Plan prior to the date as of which he or she is actually recorded as the holder of such Common Shares upon the share records of the Company.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">The Committee may condition the grant of any award or combination of awards
          authorized under this Plan on the surrender or deferral by the Participant of his or her right to receive a cash bonus or other compensation otherwise payable by the Company or a Subsidiary to the Participant.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Except with respect to Option Rights and Appreciation Rights, the Committee
          may permit Participants to elect to defer the issuance of Common Shares under this Plan pursuant to such rules, procedures or programs as it may establish for purposes of this Plan and which are intended to comply with the requirements of Section
          409A of the Code.&#160; The Committee also may provide that deferred issuances and settlements include the crediting of dividend equivalents or interest on the deferral amounts.</font></div>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">20</font></div>
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160;&#160;&#160;&#160; &#160; &#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">If any provision of this Plan is or becomes invalid or unenforceable in any
          jurisdiction, or would disqualify this Plan or any award under any law deemed applicable by the Committee, such provision will be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion of the
          Committee, it will be stricken and the remainder of this Plan will remain in full force and effect.&#160; Notwithstanding anything in this Plan or an Evidence of Award to the contrary, nothing in this Plan or in an Evidence of Award prevents a
          Participant from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental
          authorities regarding possible legal violations, and for purpose of clarity a Participant is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">22.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;"><font style="font-weight: bold;">Share-Based Awards in
            Substitution for Awards Granted by Another Company.</font>&#160; Notwithstanding anything in this Plan to the contrary:</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Awards may be granted under this Plan in substitution for or in conversion of,
          or in connection with an assumption of, stock options, stock appreciation rights, restricted stock, restricted stock units or other share or share-based awards held by awardees of an entity engaging in a corporate acquisition or merger
          transaction with the Company or any Subsidiary.&#160; Any conversion, substitution or assumption will be effective as of the close of the merger or acquisition, and, to the extent applicable, will be conducted in a manner that complies with Section
          409A of the Code. The awards so granted may reflect the original terms of the awards being assumed or substituted or converted for and need not comply with other specific terms of this Plan, and may account for Common Shares substituted for the
          securities covered by the original awards and the number of shares subject to the original awards, as well as any exercise or purchase prices applicable to the original awards, adjusted to account for differences in stock prices in connection
          with the transaction.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">In the event that a company acquired by the Company or any Subsidiary or with
          which the Company or any Subsidiary merges has shares available under a pre-existing plan previously approved by shareholders and not adopted in contemplation of such acquisition or merger, the shares available for grant pursuant to the terms of
          such plan (as adjusted, to the extent appropriate, to reflect such acquisition or merger) may be used for awards made after such acquisition or merger under this Plan; <u>provided</u>, <u>however</u>, that awards using such available shares may
          not be made after the date awards or grants could have been made under the terms of the pre-existing plan absent the acquisition or merger, and may only be made to individuals who were not employees or directors of the Company or any Subsidiary
          prior to such acquisition or merger.</font></div>
      <div>&#160;</div>
      <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman', Times, serif; color: #000000;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'Times New Roman', Times, serif;">Any Common Shares that are issued or transferred by, or that
          are subject to any awards that are granted by, or become obligations of, the Company under <font style="font-weight: bold;"><u>Sections 22(a)</u></font> or <font style="font-weight: bold;"><u>22(b)</u></font> of this Plan will not reduce the
          Common Shares available for issuance or transfer under this Plan or otherwise count against the limits contained in <font style="font-weight: bold;"><u>Section 3</u></font> of this Plan.&#160; In addition, no Common Shares subject to an award that is
          granted by, or becomes an obligation of, the Company under <font style="font-weight: bold;"><u>Sections 22(a)</u></font> or <font style="font-weight: bold;"><u>22(b)</u></font> of this Plan will be <font style="color: #000000;">added to the
            aggregate limit contained in </font><font style="font-weight: bold; color: #000000;"><u>Section 3(a)(i)</u></font><font style="color: #000000;"> of this Plan.</font></font></div>
      <div>&#160;</div>
      <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-style: italic;">Effective May 24, 2022</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div> </div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">21</font></div>
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    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;"> </font></div>
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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>5
<FILENAME>brhc10038305_ex107.htm
<DESCRIPTION>EXHIBIT 107
<TEXT>
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    <div style="font-weight: bold; text-align: right;">Exhibit 107<br>
    </div>
    <br>
    <div style="text-align: center; font-weight: bold;">Calculation of Filing Fee Table</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Form S-8</div>
    <div style="text-align: center;">(Form Type)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>Table 1: Newly Registered Securities</u></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za9c9aff7017842f293b5aebbb734c248">

        <tr>
          <td style="width: 8.62%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Security Type</div>
          </td>
          <td style="width: 23.46%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Security Class Title</div>
          </td>
          <td style="width: 12.01%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Fee Calculation Rule</div>
          </td>
          <td style="width: 9.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Amount Registered</div>
            <div style="text-align: center; font-weight: bold;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 10.37%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Proposed Maximum Offering<br>
              Price Per Share</div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Maximum Aggregate Offering Price</div>
          </td>
          <td style="width: 9.66%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Fee Rate</div>
          </td>
          <td style="width: 14.49%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Amount of Registration Fee</div>
          </td>
        </tr>
        <tr>
          <td style="width: 8.62%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Equity</div>
          </td>
          <td style="width: 23.46%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Common stock, par value $1.00 per share</div>
          </td>
          <td style="width: 12.01%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Other <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 9.66%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3,000,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="width: 10.37%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$2.75 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 11.73%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$8,250,000 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="width: 9.66%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$0.0000927</div>
          </td>
          <td style="width: 14.49%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$764.78</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 53.75%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Total Offering Amounts</div>
          </td>
          <td style="width: 10.37%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$8,250,000</div>
          </td>
          <td style="width: 9.66%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14.49%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$764.78</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 53.75%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Total Fee Offsets</div>
          </td>
          <td style="width: 10.37%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9.66%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14.49%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#8211;</div>
          </td>
        </tr>
        <tr>
          <td colspan="4" style="width: 53.75%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Net Fee Due</div>
          </td>
          <td style="width: 10.37%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 11.73%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9.66%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 14.49%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>$764.78</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za12b417efc9541c1ae84cb693d90e59b">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Pursuant to Rule 416(a) under the Securities Act of 1933 (the &#8220;Securities Act&#8221;), this Registration Statement shall also cover any additional shares of the Registrant&#8217;s common stock that become issuable under the Atlantic American
              Corporation 2022 Equity and Incentive Compensation Plan (the &#8220;Plan&#8221;), by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected that results in an increase to the number of outstanding shares of
              the Registrant&#8217;s common stock.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze800fe22f3d546a59bf51998fe5dde2b">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Estimated in accordance with Rule 457(c) and Rule 457(h) under the Securities Act, solely for the purpose of calculating the filing fee, based on the average of the ($2.81) high and ($2.68) low sales prices of the Registrant&#8217;s common stock
              as reported on The Nasdaq Global Market on May 25, 2022, which date is within five business days prior to the date of filing of this Registration Statement.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdeeca39e3c5943f4a62b2337ef48571e">

        <tr>
          <td style="width: 36pt; vertical-align: top;">(3)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Represents 3,000,000 shares of the Registrant&#8217;s common stock issuable pursuant to the Plan.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
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