<SEC-DOCUMENT>0001387131-20-007869.txt : 20200825
<SEC-HEADER>0001387131-20-007869.hdr.sgml : 20200825
<ACCEPTANCE-DATETIME>20200825163752
ACCESSION NUMBER:		0001387131-20-007869
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20201006
FILED AS OF DATE:		20200825
DATE AS OF CHANGE:		20200825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CPI AEROSTRUCTURES INC
		CENTRAL INDEX KEY:			0000889348
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				112520310
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11398
		FILM NUMBER:		201132691

	BUSINESS ADDRESS:	
		STREET 1:		200A EXECUTIVE DR
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
		BUSINESS PHONE:		5165865200

	MAIL ADDRESS:	
		STREET 1:		91 HEARTLAND BLVD
		CITY:			EDGEWOOD
		STATE:			NY
		ZIP:			11717
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>cvu-pre14a_071320.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<html><head><title></title></head><body><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 23.9pt;"></p>

<!-- Field: Rule-Page --><div align="left" style="margin-top: 12pt; margin-bottom: 3pt"><div style="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 8pt 20.9pt 0pt 23.9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>UNITED
STATES</b></font><br><font style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>SECURITIES AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt"><b>Washington,
D.C. 20549</b></font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 23.9pt;"><br><font style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>SCHEDULE
14A</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 26.9pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Proxy
Statement Pursuant to Section 14(a) of</font><br><font style="font-family: Times New Roman, Times, Serif; font-size: 12pt">the
Securities Exchange Act of 1934</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.9pt 0pt 23.9pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <td style="width: 25%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
    by the Registrant</FONT></TD>
    <td style="width: 75%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <td style="width: 25%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
    by a Party other than the Registrant</FONT></TD>
    <td style="width: 75%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt auto"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check
the appropriate box:&nbsp;</font></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif">&#9746;</font></TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
    Proxy Statement</font></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&#9744;</TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Confidential,
    for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&#9744;</TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive
    Proxy Statement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&#9744;</TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive
    Additional Materials</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&#9744;</TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting
    Material under &sect;240.14a-12</FONT></TD></TR>
</TABLE>
<p style="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">&nbsp;</font></p>

<p style="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt auto; text-align: center"></p>

<p style="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.9pt 0pt 23.9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 24pt"><b>CPI
AEROSTRUCTURES, INC.</b>&nbsp;</font></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.9pt 0pt 26.9pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name
of Registrant as Specified In Its Charter)</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.9pt 0pt 26.9pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.9pt 0pt 26.9pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A&nbsp;</font></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 20.9pt 0pt 26.9pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name
of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></P>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment
of Filing Fee (Check the appropriate box):&nbsp;&nbsp;</font></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9746;</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No
    fee required.</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&#9744;</TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee
    computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title
    of each class of securities to which transaction applied:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate
    number of securities to which transaction applies:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Per
    unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which
    the filing fee is calculated and state how it was determined):</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposed
    maximum aggregate value of transaction:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    fee paid:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee
    paid previously with preliminary materials.</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt">&#9744;</TD>
    <TD STYLE="width: 95%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check
    box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting
    fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date
    of its filing.</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount
    Previously Paid:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form,
    Schedule or Registration Statement No.:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filing
    Party:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date
    Filed:</FONT></TD></TR>
</TABLE>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></P>





<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<!-- Field: Rule-Page --><div align="left" style="margin-top: 3pt; margin-bottom: 12pt"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<!-- Field: Page; Sequence: 1 -->
    <div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P></div>
    <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="cvu-pre14a001.jpg" alt="" style="width: 200"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>

<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 23.75pt;"><b>CPI AEROSTRUCTURES,
INC.&nbsp;</b></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 23.75pt;"><b>91 Heartland Blvd.</b>&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 23.75pt;"><b>Edgewood, New York
11717</b>&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 23.75pt;"><b>(631) 586-5200</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 23.75pt; text-align: center"><b></b>&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 23.75pt;"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 20.9pt 0 23.75pt; text-align: center"><b>Notice of Annual Meeting
of Shareholders</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 20.9pt 0 23.75pt; text-align: center"><b>to be held on October 6,
2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 20.9pt 0 23.75pt; text-align: center">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 23.75pt; text-align: center"><b></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">To the Shareholders of CPI Aerostructures, Inc.:</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">You are cordially invited to attend the annual meeting of
shareholders of CPI Aerostructures, Inc. to be held on Tuesday, October 6, 2020, at 9:00 a.m. at our offices at 91 Heartland Boulevard,
Edgewood, New York 11717.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">At the annual meeting, you will be asked to consider and
act upon the following matters:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt"></p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%; margin: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; border-collapse: collapse; width: 100%">

<tr>
<td style="padding: 0pt 0pt 8pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">(1)</p>
</td>
<td style="padding: 0pt 0pt 8pt; width: 94%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">To elect one Class I director to serve for the ensuing three-year
period until a successor is elected and qualified;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">(2)</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">To amend the Company&#x2019;s 2016 Long-Term Incentive Plan (&ldquo;2016 Plan&#x0094;) to increase the total number of shares of common stock available for issuance under the 2016 Plan by 800,000 shares, from 600,000 shares to 1,400,000 shares;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">(3)</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">To approve, on an advisory basis, the executive compensation of our named executive officers;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">(4)</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">To ratify the appointment of CohnReznick LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020; and</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">(5)</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">To transact such other business as may properly come before the annual meeting of shareholders and any and all postponements or adjournments thereof.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Only shareholders of record at the close of business on August
21, 2020 will be entitled to notice of, and to vote at, the annual meeting of shareholders and any postponements or adjournments
thereof.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Please read the enclosed proxy statement carefully, because
it contains information relevant to the actions to be taken at the annual meeting.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Even if you plan to attend the annual meeting in person, we
encourage you to vote your shares in advance by following the voting instructions provided. Every vote is important, and we look
forward to hearing from you.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">By Order of the Board of Directors<br>
&nbsp;<br>
Douglas McCrosson, Chief Executive Officer</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Edgewood, New York<br>
August 25, 2020</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY
OF PROXY MATERIALS FOR<br>
THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 6, 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center"><b>&nbsp;</b></p>

<p style="margin: 0; font: 10pt Times New Roman, Times, Serif">Our 2020 proxy statement and our annual report for the fiscal year
ended December 31, 2019 are available at <font style="color: Blue"><i><u>http://www.cstproxy.com/cpiaero/2020/</u></i></font>.
&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 20.9pt 0pt 26.9pt;"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<img src="cvu-pre14a001.jpg" alt="" style="width: 200"></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b>PROXY STATEMENT<br>
Annual Meeting of Shareholders<br>
to be held on October 6, 2020</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 3pt 20.9pt 0 26.9pt">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">This proxy statement and the accompanying form of proxy is furnished
to shareholders of CPI Aerostructures, Inc. (the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, or &ldquo;us&rdquo;) in connection with
the solicitation of proxies by our board of directors for use in voting at our annual meeting of shareholders (the &ldquo;Annual
Meeting&rdquo;) to be held at our offices at 91 Heartland Boulevard, Edgewood, New York 11717, on Tuesday, October 6, 2020, at
9:00 a.m., and at any and all postponements or adjournments thereof.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">This proxy statement, the proxy card, and the Annual Report
on Form 10-K for the year ended December 31, 2019 are being mailed on or about [&#9679;], 2020 to shareholders of record as of
August 21, 2020. We are bearing all costs of this solicitation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What matters am I voting on?</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">You are being asked to vote on the following matters:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="width: 100%; margin: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; border-collapse: collapse; width: 100%">

<tr>
<td style="padding: 0pt 0pt 8pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .7pt 0pt 0pt;">(1)</p>
</td>
<td style="padding: 0pt 0pt 8pt; width: 94%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0pt;">To elect one Class I director to serve for the ensuing three-year period until a successor is elected and qualified; </p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .7pt 0pt 0pt;">(2)</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.45pt 0pt 0pt;">To amend the Company&#x2019;s 2016 Long-Term Incentive Plan (&ldquo;2016 Plan&#x0094;) to increase the total number of shares of common stock available for issuance under the 2016 Plan by 800,000 shares, from 600,000 shares to 1,400,000 shares;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .7pt 0pt 0pt;">(3)</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">To approve, on an advisory basis, the executive compensation of our named executive officers;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .7pt 0pt 0pt;">(4)</p>
</td>
<td style="padding: 0pt 0pt 8pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">To ratify the appointment of CohnReznick LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020; and</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .7pt 0pt 0pt;">(5)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">To transact such other business as may properly come before the Annual Meeting and any and all postponements or adjournments thereof.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>What are the recommendations of the board of directors?</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our board of directors recommends that you vote:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36.0pt;"><font style="color: #0e2e94">&#10003;&nbsp;&nbsp;&nbsp;</font><font style="color: black">&ldquo;</font><font style="color: #0e2e94"><b>FOR</b></font><font style="color: black">&#x0094; the
election of the director nominee named in this proxy statement;&nbsp;</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36.0pt;"><font style="color: #0e2e94">&#10003;&nbsp;&nbsp;&nbsp;</font><font style="color: black">&ldquo;</font><font style="color: #0e2e94"><b>FOR</b></font><font style="color: black">&#x0094; the
amendment of the 2016 Plan;</font>&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36.0pt;"><font style="color: #0e2e94">&#10003;&nbsp;&nbsp;&nbsp;</font><font style="color: black">&ldquo;</font><font style="color: #0e2e94"><b>FOR</b></font><font style="color: black">&#x0094; the
advisory approval of executive compensation; and</font>&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 36.0pt;"><font style="color: #0e2e94">&#10003;&nbsp;&nbsp;&nbsp;</font><font style="color: black">&ldquo;</font><font style="color: #0e2e94"><b>FOR</b></font><font style="color: black">&#x0094;
the ratification of the appointment of CohnReznick LLP as the Company&#x2019;s independent registered public accounting firm.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Who is entitled to vote?</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Holders of our common stock as of the close of business on August
21, 2020, the record date, are entitled to vote at the Annual Meeting. As of the record date, we had issued and outstanding 11,876,610
shares of common stock, our only class of voting securities outstanding. Each holder of our common stock is entitled to one vote
for each share held on the record date. There is no cumulative voting.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How do I attend the Annual Meeting?</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">In-person attendance at the Annual Meeting is limited due to due to the coronavirus pandemic and its concern for the safety of the Company's shareholders, officers, and directors and mandated social distancing protocols in the State of New York. If you would like to attend the Annual Meeting in person, you must reserve your attendance at least two (2) business days in advance of the Annual Meeting by contacting us at 91 Heartland Boulevard, Edgewood, NY 11717, telephone (516) 586-5200. Reservations will be accepted in the order in which they are received.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For security reasons, be prepared to show a form of government-issued photo identification upon arrival. If you do not reserve your attendance in advance, you will be admitted only if space is available and you provide photo identification and satisfactory evidence that you were a shareholder as of the record date. Additionally, in accordance with federal and local guidelines, we require all persons visiting our office to wear face masks, and attendees of the Annual Meeting are encouraged to bring their own masks. If you do not have a face mask, the Company will endeavor to provide you with one. Social distancing and local and state requirements concerning occupancy will be enforced.</p>


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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How do I submit my vote?</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><u>Record holders</u> can vote by the following methods:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:18pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">&#x25cf;</p>
</td>
<td valign="top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><i>By Internet</i>. You may vote by proxy via the internet. The proxy card enclosed with this proxy statement provides instructions for submitting a proxy by internet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:18pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">&#x25cf;</p>
</td>
<td valign="top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><i>By Mail</i>. You may vote by completing the proxy card and returning it in the postage-paid return envelope.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:18pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">&#x25cf;</p>
</td>
<td valign="top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><i>In Person</i>. You may attend the Annual Meeting and vote in person using the ballot provided to you at the Annual Meeting, provided that you have registered in advance
and you follow the Company&rsquo;s COVID-19 protocol. See &ldquo;How do I attend the Annual Meeting?&rdquo;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><u>Beneficial owners</u> of shares held in street name may instruct their bank, broker, or other nominee how to vote their shares. Beneficial owners should refer to the materials provided to them by their bank, broker, or other nominee for information on communicating these voting instructions. Beneficial owners may not vote their shares in person at the Annual Meeting unless they obtain a legal proxy from the shareholder of record, present it to the inspector of election at the Annual Meeting, and produce valid identification. Beneficial owners should contact their bank, broker, or other nominee for instructions regarding obtaining a legal proxy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Whether or not you plan to attend the Annual Meeting, please vote as soon as possible.</p>
<p style="margin-right: 0; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What is the difference between a &ldquo;record holder&rdquo;
and a &ldquo;beneficial owner&rdquo; of the Company&rsquo;s common stock?</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">If your shares are registered in your name with the Company&rsquo;s
transfer agent, Continental Stock Transfer and Trust Company, then you are considered the record holder for those shares. If you
are the record holder of your shares, you have the right to vote your shares by proxy or to attend the Annual Meeting and vote
in person.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">If your shares are held through a bank, broker, or other nominee,
then you are considered to hold your shares in &ldquo;street name.&rdquo; While you are the &ldquo;beneficial owner&rdquo; of those
shares, you are not considered the record holder. As the beneficial owner of shares of the Company&rsquo;s common stock, you have
the right to instruct your bank, broker, or other nominee how to vote your shares. However, since you are not the record holder
of your shares, you may not vote these shares in person at the Annual Meeting unless you obtain a legal proxy from the shareholder
of record. You must bring this legal proxy to the Annual Meeting, present it to the inspector of election and produce valid identification.
<b><i>If you hold your shares in street name, your bank, broker, or other holder of record will not be permitted to vote on your
behalf on certain matters, including with respect to the election of our directors, unless it receives voting instructions from
you</i></b>. To ensure that your vote is counted, please communicate your voting instructions to your broker, bank, or other holder
of record before the Annual Meeting, or obtain a legal proxy and arrange to attend the Annual Meeting.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What is the effect of giving a proxy?</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The persons named on the proxy card that accompanies this proxy statement have been designated as proxies by our board of directors. If you are a record holder and return the proxy card in accordance with the procedures set forth in this proxy statement, the persons designated as proxies by our board of directors will vote your shares at the Annual Meeting as specified in your proxy.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">If you are a record holder and return your proxy in accordance
with the procedures set forth in this proxy statement but you do not provide any instructions as to how your shares should be
voted, your shares will be voted FOR the election of the director nominee (Proposal<font style="color: white">.</font>1), FOR
amendment of the 2016 Plan (Proposal 2), FOR the advisory approval of executive compensation (Proposal 3), and FOR the ratification
of the appointment of CohnReznick LLP as our independent registered public accounting firm for the fiscal year ending December
31, 2020 (Proposal 4).&nbsp;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">If you give your proxy, your shares also will be voted in the discretion
of the persons designated as proxies with respect to any other matters properly brought before the Annual Meeting and any postponements
or adjournments thereof. If any other matters are properly brought before the Annual Meeting, the persons designated as proxies
will vote the proxies in accordance with their best judgment.&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>May I change my vote after I give my proxy?</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">You may revoke your proxy at any time before it is exercised
by:&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:18pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">&#x25cf;</p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">delivering written notification of your revocation to our secretary;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:18pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">&#x25cf;</p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">delivering another proxy bearing a later date; or</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:18pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">&#x25cf;</p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;">voting in person at the Annual Meeting.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Please note that your attendance at the
Annual Meeting will not alone serve to revoke your proxy.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>What is a quorum?</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">A quorum is the minimum number of shares required to be present
at the Annual Meeting for the meeting to be properly held under our bylaws and New York law. The presence, in person or by proxy,
of a majority of the votes entitled to be cast at the Annual Meeting will constitute a quorum. In certain instances, shares which
are not considered present and entitled to vote on a particular matter will count for purposes of determining the presence of
a quorum. For example, a proxy submitted by a shareholder may indicate that all or a portion of the shares represented by the
proxy are not being voted (&ldquo;shareholder withholding&rdquo;), or that the shareholder is abstaining, with respect to a particular
matter. Similarly, a broker may not be permitted to vote (&ldquo;broker non-vote&rdquo;) with respect to shares held in street
name on a particular matter in the absence of instructions from the beneficial owner of the shares. The shares which are not being
voted on a particular matter due to either shareholder withholding, abstention, or broker non-vote will not be considered shares
present and entitled to vote on that matter but will count for purposes of determining the presence of a quorum if the shares
are being voted with respect to any other matter at the Annual Meeting. If the proxy indicates that the shares are not being voted
on any matter at the Annual Meeting, the shares will not be counted for purposes of determining the presence of a quorum.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>How many votes are needed for approval of each matter?</b></p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>The election of the director nominee</i></b>. The election
of the director nominee requires a plurality vote of the votes cast at the Annual Meeting. &ldquo;Plurality&rdquo; means that the
individual who receives the largest number of votes cast &ldquo;FOR&rdquo; is elected as director. Consequently, any shares not
voted &ldquo;FOR&rdquo; such nominee, whether as a result of a direction of the shareholder to withhold authority, abstentions,
or a broker non-vote, will not have any effect on the election.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Amendment of the 2016 Plan</i></b>. Approval of the amendment
of the 2016 Plan requires the affirmative vote of a majority of the votes cast at the Annual Meeting. Abstentions and broker non-votes
will not be counted in determining the number of votes required for a majority and will therefore have no effect on the outcome
of this matter.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Advisory approval of executive compensation (&ldquo;Say
on Pay&rdquo;)</i></b>. The results of the Say on Pay vote are advisory and non-binding on our board of directors. A vote &ldquo;FOR&rdquo;
the Say on Pay proposal by a majority of the votes cast at the Annual Meeting with respect to such proposal will constitute the
shareholders&rsquo; non-binding approval of our current executive compensation and related policies and procedures. Abstentions
and broker non-votes will not be counted in determining the number of votes required for a majority and will therefore have no
effect on the outcome of this matter.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Ratification of independent registered public accounting
firm</i></b>. The ratification of the appointment of CohnReznick LLP as our independent registered public accounting firm for the
fiscal year ending December 31, 2020 must be approved by a majority of the votes cast at the Annual Meeting with respect to the
proposal. Abstentions will not be counted in determining the number of votes required for a majority and will therefore have no
effect on the outcome. Brokerage firms do have authority to vote customers&rsquo; shares on this proposal in the absence of instructions
from the beneficial owner of the shares. To the extent any brokerage firms do not vote on this proposal, such broker non-votes
will not have any effect on the outcome of this matter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;"></font></font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center; color: #0E2E94"><b>PROPOSAL 1&nbsp;&mdash;&nbsp;ELECTION
OF DIRECTOR NOMINEE</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Our board of directors is divided into three classes with one
class of directors typically being elected in each year and each class serving a three-year term. The term of office of our Class
I directors expires at this year&rsquo;s Annual Meeting. Our current Class I directors are Janet Cooper and Terry Stinson. Ms.
Cooper will not stand for re-election as a Class I director; her seat will remain vacant at this time. The term of office of our
Class II directors, Walter Paulick and Eric Rosenfeld, expires at the 2021 Annual Meeting. The term of office of our Class III
directors, Carey Bond, Michael Faber, and Douglas McCrosson, expires at the 2022 Annual Meeting.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Our board of directors has nominated Terry Stinson, a current
Class I director, for re-election as a Class I director. Following the Annual Meeting, our board of directors will have one vacancy.
Under our bylaws, vacancies on the board of directors may be filled by the remaining directors or by the shareholders at an annual
or special meeting called for that purpose.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Mr. Stinson has agreed to be named in this proxy statement and
to serve as a director if elected. Unless otherwise specified by you when you give your proxy, the shares subject to your proxy
will be voted &ldquo;FOR&rdquo; the election of Mr. Stinson as a Class I director. In case Mr. Stinson becomes unavailable for
election to our board of directors, an event which is not anticipated, the proxy holders, or their substitutes, shall have full
discretion and authority to vote or refrain from voting your shares for any other person in accordance with their best judgment.
Biographical information about Mr. Stinson and the entire board of directors can be found under the heading &ldquo;<i>Directors,
Executive Officers, and Corporate Governance</i>&rdquo; beginning on page 19 below.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 6pt 0">Our bylaws provide that a director nominee that receives the
affirmative vote of a plurality of the issued and outstanding shares of the Company&rsquo;s common stock, represented in person
or by proxy at the Annual Meeting and entitled to vote thereon, will be elected as a director.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0; text-align: center; color: #0E2E94"><b>THE BOARD OF DIRECTORS
RECOMMENDS THAT YOU VOTE<br>
&ldquo;FOR&rdquo; THE CLASS I DIRECTOR NOMINEE.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: #0e2e94"><font style="color: #0e2e94">&nbsp;</font></font></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #0E2E94"><b>PROPOSAL 2 &ndash;
AMENDMENT OF 2016 PLAN</b></p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s 2016 Long-Term Incentive Plan was approved
by shareholders at the annual meeting held in 2016 and reserves 600,000 shares of common stock for issuance to employees, officers,
directors, and consultants, in accordance with the 2016 Plan&rsquo;s terms. On May 22, 2020, the board approved and adopted, subject
to the approval of our shareholders at the Annual Meeting, an amendment to the 2016 Plan to increase the total number of shares
available under the 2016 Plan. The compensation and human resources committee of the board of directors (&ldquo;Compensation&nbsp;&amp;&nbsp;Human Resources Committee&rdquo;) has recommended an increase of 800,000 shares of common stock, from 600,000 shares to 1,400,000
shares available under the 2016 Plan. At the Annual Meeting, shareholders will vote on a proposal to approve this amendment.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Reasons for the Amendment</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Company plans to make equity grants in connection with
new hires and promotions and in connection with its annual employee reviews. The Company believes its employees are valuable assets.
Offering a broad-based equity compensation program is vital to attract and retain the most highly skilled people in the Company&rsquo;s
industry. In addition, the Company believes that employees who have a stake in the future success of its business become highly
motivated to achieve the Company&rsquo;s long-term business goals and to expend maximum effort in the creation of shareholder value,
thereby linking the interests of such individuals with those of shareholders generally.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">As of the record date, the Company has granted, net of forfeitures,
awards to purchase 527,655 out of the 600,000 shares presently available under the 2016 Plan. Our board of directors believes that
increased capacity to make equity awards provided by the amendment is essential to the Company&rsquo;s continued growth, and therefore
in the best interest of its shareholders.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">In determining the number of shares to
request for approval by our shareholders, our management team worked with the Compensation &amp; Human Resources Committee to
evaluate a number of factors, including our recent share usage and our stock price trends. The increase of 800,000 shares
represents approximately 6.8% of our outstanding common stock, for an aggregate market value of $$2,568,000, based on the
closing price of $3.21 per share as reported by the NYSE American exchange of our common stock on August 21, 2020, the record
date. We currently anticipate that the 800,000 additional shares, combined with the remaining shares available for future
awards, will last for about two (2) years based on our recent grant rates and the approximate current share price, but
could last for a shorter or longer period of time if actual compensation practice does not match recent rates or if our share
price changes materially. We recognize that equity compensation awards dilute shareholder equity and we carefully manage our
equity incentive compensation to be both competitive and consistent with market practices as well as mindful of shareholder
interests.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Why you should Vote to Approve the Amendment</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>We manage our equity award use carefully</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>&nbsp;</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">We have three equity incentive plans: the Performance Equity
Plan 2000, the Performance Equity Plan 2009, and the 2016 Long-Term Incentive Plan. The total number of shares of common stock
subject to awards granted in the last three years has, on average, been 1.50% of the weighted average number of shares of our common
stock outstanding during the corresponding year.</p>

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The following table provides certain information regarding
our share usage under each of our incentive plans.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: 3%">
<tr style="vertical-align: bottom">
    <td>&nbsp;</td><td colspan="4" style="color: white; font-weight: bold; padding-bottom: 1pt; text-align: right"><font style="color: White; background-color: #0E2E94">As
                   of August 21, 2020 (record date)</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="width: 70%; text-align: left; padding-left: 5.4pt">Number of shares of common stock subject to outstanding full value awards</td><td style="width: 10%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 18%; text-align: right">450,567</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 5.4pt">Number of shares of common stock available under the 2000 Plan</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 5.4pt">Number of shares of common stock available under the 2009 Plan</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">75,236</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 5.4pt">Number of shares of common stock available under the 2016 Plan</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">72,345</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 5.4pt"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Burn Rate<sup>(1)</sup></p></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.25</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 5.4pt"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Adjusted Burn Rate<sup>(2)</sup></p></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.50</td><td style="text-align: left">%</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">________________</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 3%; text-align: left">(1)</td><td style="text-align: justify; width: 97%">&ldquo;Burn Rate&#x0094; refers to how many shares are
subject to awards that we grant over a particular period of time, in relation to the weighted average number of shares of common
stock issued and outstanding during that period.</td>
</tr></table>

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 3%; text-align: left">(2)</td><td style="text-align: justify; width: 97%">&ldquo;Adjusted Burn Rate&#x0094; gives effect to a 1.5x
multiplier for grants of restricted stock and RSUs made under the 2016 Long-Term Incentive Plan.</td>
</tr></table>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;"><i>Focus on performance-based equity awards</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt">Fifty percent of the equity awards made to our executive officers each year are subject to performance-based vesting requirements, with the remaining fifty percent subject to time-based vesting over four years. Our performance metrics typically focus on the achievement of financial targets such as revenue and free cash flow, which we believe aligns our executives&#x2019; pay with the Company&#x2019;s financial results and the creation of shareholder value. Equity-based compensation paid to our non-employee directors vests over one year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>We have implemented compensation and governance best practices</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The 2016 Plan includes provisions that are designed to protect our shareholders&#x2019; interests and to reflect compensation and corporate governance best practices, including:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>management independence:</b></font> the Compensation&nbsp;&amp;&nbsp;Human Resources Committee, a committee of our board which is composed entirely of independent directors, manages the 2016
Plan and approves grants made to executive officers and directors;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>vesting: </b></font>vesting period of awards is typically
four years;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>limited share recycling: </b></font>shares of common
stock subject to awards that are forfeited or terminated will be available for future award grants, but shares that are reacquired
or withheld to satisfy the exercise or purchase price of an award are not available for future award grants;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>&ldquo;multiplier&#x0094; for full value awards: </b></font>awards
of restricted stock, restricted stock units, and other stock-based awards count against the plan limit at 1.5x for every share
granted;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>no evergreen provision: </b></font>shareholder approval
is required to increase the number of shares available for grant;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>forfeiture: </b></font>awards are generally subject
to forfeiture or clawback;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>options priced at fair market value: </b></font>the
exercise price of options may not be less than the fair market value of the underlying common stock on the date of grant;</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 45pt; text-align: right"><font style="color: #0e2e94"><b>&#10003;</b></font></td><td style="width: 10pt"></td><td style="text-align: justify"><font style="color: #0e2e94"><b>no repricing: </b></font>repricing and cash-out of
underwater awards is not permitted without shareholder approval.</td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">If shareholders do not approve the amendment to the 2016 Plan, the current share limit under the 2016 Plan will remain in effect.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Summary of the 2016 Plan</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The following is a summary of the
principal features of the 2016 Plan. This summary is qualified in its entirety by reference to the full text of the 2016
Plan, which is incorporated by reference to Exhibit 10.2 of the Company&#x2019;s Annual Report on Form 10-K for the year
ended December 31, 2019. The only change to the 2016 Plan that would be implemented is to increase the number of shares of
common stock eligible for issuance thereunder by 800,000 shares, from 600,000 shares to 1,400,000 shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Administration</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The 2016 Plan is administered by the Compensation &amp; Human Resources Committee of our board of directors. Subject to the provisions of the 2016 Plan, the Compensation &amp; Human Resources Committee determines, among other things, the persons to whom from time to time awards may be granted, the specific type of awards to be granted, the number of shares subject to each award, share prices, any restrictions or limitations on the awards, and any vesting, exchange, deferral, surrender, cancellation, acceleration, termination, exercise or forfeiture provisions related to the awards.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Stock Subject to the 2016 Plan</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Assuming shareholder approval of the amendment to the 2016
Plan, we will have 872,345 shares of common stock available for grant under the 2016 Plan.&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Full Value
Awards</i>.&nbsp;&nbsp;Any shares of common stock granted in connection with awards other than stock options and stock
appreciation rights are counted against the number of shares reserved for issuance under the 2016 Plan as one and one-half
shares of common stock for every one share of common stock granted in connection with such award. Any shares of common stock
granted in connection with stock options and stock appreciation rights are counted against the number of shares
reserved for issuance under the 2016 Plan as one share for every one share of common stock issuable
upon the exercise of such stock option or stock appreciation right awarded.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Award Limitation</i>.&nbsp;&nbsp;No
participant may be granted options and/or stock appreciation rights with respect to more than 100,000 shares of common stock
in the aggregate or any other awards for more than 50,000 shares of common stock in the aggregate or incentive bonuses for
more than $500,000 in the aggregate, in any calendar year. A non-employee director may not be granted awards covering more
than 50,000 shares of common stock in any calendar year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Limited Recycling Provision. </i>Shares of common stock subject to awards that are forfeited or terminated will be available for future award grants under the 2016 Plan. If a holder pays the exercise price of a stock option by surrendering any previously owned shares of common stock, or if a holder arranges to have the appropriate number of shares otherwise issuable to him withheld to cover the withholding tax liability associated with the exercise of a stock option or the grant of shares of restricted stock, restricted stock units, or other full-value awards, the shares surrendered by the holder or withheld by the Company will not be available for future award grants under the 2016 Plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Eligibility</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">We may grant awards under the 2016 Plan to employees, officers, directors and consultants who are deemed to have rendered, or to be able to render, significant services to us and who are deemed to have contributed, or to have the potential to contribute, to our success. An &ldquo;incentive stock option&#x0094; as defined in Section 422 of the Internal Revenue Code of 1986, as amended (&ldquo;Code&#x0094;), may be granted under the 2016 Plan only to a person who, at the time of the grant, is an employee of ours.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Types of Awards</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Options</i>.&nbsp;&nbsp;The 2016 Plan provides both for incentive stock options, and for options not qualifying as incentive options, both of which may be granted with any other stock based award under the 2016 Plan. The Compensation &amp;
Human Resources Committee determines the exercise price per share of common stock purchasable under an incentive or non-qualified stock option, which may not be less than 100% of the fair market value on the day of the grant or, if greater, the par value of a share of common stock. However, the exercise price of an incentive stock option granted to a person possessing more than 10% of the total combined voting power of all classes of our common stock may not be less than 110% of the fair market value on the date of grant. The aggregate fair market value of all shares of common stock with respect to which incentive stock options are exercisable by a participant for the first time during any calendar year (under all of our plans), measured at the date of the grant, may not exceed $100,000 or such other amount as may be subsequently specified under the Code or the regulations thereunder.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">An incentive stock option may only be granted within ten years of June 28, 2016, which is the date that our shareholders initially approved the 2016 Plan. Incentive stock options may only be exercised within ten years from the date of the grant, or within five years in the case of an incentive stock option granted to a person who, at the time of the grant, owns common stock possessing more than 10% of the total combined voting power of all classes of our stock. Subject to any limitations or conditions the Compensation &amp; Human Resources Committee may impose, stock options may be exercised, in whole or in part, at any time during the term of the stock option by giving written notice of exercise to us specifying the number of shares of common stock to be purchased. The notice must be accompanied by payment in full of the purchase price, either in cash or, if provided in the agreement, in our securities or in combination of the two.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Generally, stock options granted under the
2016 Plan may not be transferred other than by will or by the laws of descent and distribution and all stock options are exercisable,
during the holder&#x2019;s lifetime, only by the holder, or in the event of legal incapacity or incompetency, the holder&#x2019;s
guardian or legal representative. However, a holder, with the approval of the Compensation &amp; Human Resources Committee, may
transfer a non-qualified stock option by gift to a family member of the holder, by domestic relations order to a family member
of the holder, or by transfer to an entity in which more than 50% of the voting interests are owned by the holder or&nbsp;family
members of the holder in exchange for an interest in that entity.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Generally, if the holder is an employee,
no stock options granted under the 2016 Plan may be exercised by the holder unless he or she is employed by us or a subsidiary
of ours at the time of the exercise and has been so employed continuously from the time the stock options were granted. However,
in the event the holder&#x2019;s employment is terminated due to disability, the holder may still exercise his or her vested stock
options for a period of 12 months or such other greater or lesser period as the Compensation &amp; Human Resources Committee may determine, from the date of termination or until the expiration of the stated term of the stock option, whichever
period is shorter.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Similarly, should a holder die
while employed by us, his or her legal representative or legatee under his or her will may exercise the decedent
holder&#x2019;s vested stock options for a period of 12 months from the date of his or her death, or such other greater or
lesser period as the Compensation &amp; Human Resources Committee may determine or until the expiration of the
stated term of the stock option, whichever period is shorter. If the holder&#x2019;s employment is terminated due to normal
retirement, the holder may still exercise his vested stock options for a period of 12 months from the date of termination or
until the expiration of the stated term of the stock option, whichever period is shorter. If the holder&#x2019;s employment
is terminated for any reason other than death, disability or normal retirement, the stock option will automatically
terminate, except that if the holder&#x2019;s employment is terminated by us without cause, then the portion of any stock
option that is vested on the date of termination may be exercised for the lesser of three months after termination of
employment, or such other greater or lesser period as the Compensation &amp; Human Resources Committee may determine but not
beyond the balance of the stock option&#x2019;s term.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Stock Appreciation Rights</i>.&nbsp;&nbsp;Under the 2016 Plan, we may grant stock appreciation rights to plan participants who have been, or are being, granted stock options under the 2016 Plan as a means of allowing the participants to exercise their stock options without the need to pay the exercise price in cash, or we may grant them alone and unrelated to an option. In conjunction with nonqualified stock options, stock appreciation rights may be granted either at or after the time of the grant of the non-qualified stock options. In conjunction with incentive stock options, stock appreciation rights may be granted only at the time of the grant of the incentive stock options. A stock appreciation right entitles the holder to receive a number of shares of common stock having a fair market value equal to the excess fair market value of one share of common stock over the exercise price of the related stock option, multiplied by the number of shares subject to the stock appreciation rights. The granting of a stock appreciation right will not affect the number of shares of common stock available for awards under the 2016 Plan. The number of shares available for awards under the 2016 Plan will, however, be reduced by the number of shares of common stock acquirable upon exercise of the stock option to which the stock appreciation right relates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Restricted
Stock</i>.&nbsp;&nbsp;Under the 2016 Plan, we may award shares of restricted stock either alone or in addition to other
awards granted under the 2016 Plan. The Compensation &amp; Human Resources Committee determines the persons to whom grants of
restricted stock are made, the number of shares to be awarded, the price if any to be paid for the restricted stock by the
person receiving the stock from us, the time or times within which awards of restricted stock may be subject to forfeiture,
the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the restricted stock
awards.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Restricted stock awarded under the 2016 Plan may not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise disposed of, other than to us, during the applicable restriction period. In order to enforce these restrictions, the 2016 Plan requires that all shares of restricted stock awarded to the holder remain in our physical custody until the restrictions have terminated and all vesting requirements with respect to the restricted stock have been fulfilled. Other than regular cash dividends and other cash equivalent distributions as we may designate, pay, or distribute, we will retain custody of all distributions made or declared with respect to the restricted stock during the restriction period. A breach of any restriction regarding the restricted stock will cause a forfeiture of the restricted stock and any retained distributions. Except for the foregoing restrictions, the holder will, even during the restriction period, have all of the rights of a shareholder, including the right to receive and retain all regular cash dividends and other cash equivalent distributions as we may designate, pay, or distribute on the restricted stock and the right to vote the shares.</p>

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

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Restricted Stock
Units</i>.&nbsp;&nbsp;Under the 2016 Plan, we may award restricted stock units, which are an unfunded, unsecured right to
receive, on the applicable settlement date, one share or an amount in cash or other consideration determined by the
Compensation &amp; Human Resources Committee to be of equal value as of such settlement date, subject to certain vesting
conditions and other restrictions. Restricted stock units may be awarded either alone or in addition to other awards granted
under the 2016 Plan. The Compensation &amp; Human Resources Committee determines the persons to whom grants of restricted
stock units are made, the number of restricted stock units to be awarded, the time or times within which awards of restricted
stock units may be subject to deferral or forfeiture, the vesting schedule and rights to acceleration thereof, and all other
terms and conditions of the restricted stock units. The holder will have no rights of a shareholder with respect to shares
subject to any restricted stock unit unless and until the shares are delivered in settlement of the restricted stock unit. If
the Compensation &amp; Human Resources Committee provides, a grant of restricted stock units may provide the holder with the
right to receive dividend equivalents. Dividend equivalents may be paid currently or credited to an account for the holder,
settled in cash or shares and subject to the same restrictions on transferability and forfeitability as the restricted stock
units with respect to which the dividend equivalents are granted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Other Stock-Based Awards</i>.&nbsp;&nbsp;Under the 2016 Plan, we may grant other stock-based awards, subject to limitations under applicable law, that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of common stock, as deemed consistent with the purposes of the 2016 Plan. These other stock-based awards may be in the form of purchase rights, shares of common stock awarded that are not subject to any restrictions or conditions, convertible or exchangeable debentures or other rights convertible into shares of common stock and awards valued by reference to the value of securities of, or the performance of, one of our subsidiaries. These other stock-based awards may include performance shares or options, whose award is tied to specific performance criteria. These other stock-based awards may be awarded either alone, in addition to, or in tandem with any other awards under the 2016 Plan or any of our other plans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Incentive
Bonuses</i>.&nbsp;&nbsp;Under the 2016 Plan, we may grant incentive bonuses that confer upon the holder the opportunity to
earn a future payment tied to the level of achievement with respect to one or more performance goals for a performance period
established by the Compensation &amp; Human Resources Committee. The terms of any incentive bonus will be set forth in an
agreement. Each agreement evidencing an incentive bonus shall contain provisions regarding (i) the target and maximum amount
payable to the holder as an incentive bonus, (ii) the performance goal(s) and level of achievement versus the performance
goal(s) that shall determine the amount of such payment, (iii) the term of the performance period as to which performance
shall be measured for determining the amount of any payment, (iv) the timing of any payment earned by virtue of performance,
(v) restrictions on the alienation or transfer of the incentive bonus prior to actual payment, (vi) forfeiture provisions, and
(vii) such further terms and conditions, in each case not inconsistent with the 2016 Plan as may be determined from time to
time by the Compensation &amp; Human Resources Committee. The Compensation &amp; Human Resources Committee establishes the
performance goal(s) and level of achievement versus the performance goal(s) that shall determine the target and maximum
amount payable under an incentive bonus. These incentive bonuses may be awarded either alone, in addition to, or in tandem
with any other awards under the 2016 Plan or any of our other plans.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Accelerated Vesting and Exercisability</i>.&nbsp;&nbsp;If any one person, or more than one person acting as a group, acquires the ownership of stock of the Company that, together with the stock held by such person or group, constitutes more than 50% of the total fair market value or combined voting power of the stock of the Company, and the Company&#x2019;s board of directors does not authorize or otherwise approve such acquisition, then the vesting periods of any and all stock options and other awards granted and outstanding under the 2016 Plan shall be accelerated and all such stock options and awards will immediately and entirely vest, and the respective holders thereof will have the immediate right to purchase and/or receive any and all common stock subject to such stock options and awards on the terms set forth in the 2016 Plan and the respective agreements respecting such stock options and awards, and all performance goals will be deemed achieved at 100% of target levels and all other terms and conditions will be deemed met. An increase in the percentage of stock owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property is not treated as an acquisition of stock.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The Compensation &amp; Human
Resources Committee may, in the event of an acquisition by any one person, or more than one person acting as a group,
together with acquisitions during the 12-month period ending on the date of the most recent acquisition by such person or
persons, of assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross
fair market value of all of the assets of the Company immediately before such acquisition or acquisitions, or if any one
person, or more than one person acting as a group, acquires the ownership of stock of the Company that, together with the
stock held by such person or group, constitutes more than 50% of the total fair market value or combined voting power of the
stock of the Company, which has been approved by the Company&#x2019;s board of directors, (i) accelerate the vesting of any
and all stock options and other awards granted and outstanding under the 2016 Plan, or (ii) require a holder of any award
granted under the 2016 Plan to relinquish such award to the Company upon the tender by the Company to the holder of cash,
stock or other property, or any combination thereof, in an amount equal to the repurchase value of such award; provided,
however, that the obligation to tender the repurchase value to such holders may be subject to any terms and conditions to
which the tender of consideration to the Company&#x2019;s shareholders in connection with the acquisition is subject,
including any terms and conditions of the acquisition providing for an adjustment to or escrow of such consideration; and
provided, further, that in the case of any stock option or stock appreciation right with an exercise price that equals or
exceeds the price paid for a share of common stock in connection with the acquisition, the Compensation &amp; Human Resources
Committee may cancel the stock option or stock appreciation right without the payment of consideration therefor; and/or (iii)
terminate all incomplete performance periods in respect of awards in effect on the date the acquisition occurs, determine the
extent to which performance goals have been met based upon such information then available as it deems relevant and cause to
be paid to the holder all or the applicable portion of the award based upon the Compensation &amp; Human Resources Committee&rsquo;s
determination of the degree of attainment of performance goals, or on such other basis determined by the Compensation &amp; Human Resources Committee. For this
purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of,
determined without regard to any liabilities associated with such assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Notwithstanding any provisions of the 2016 Plan or any award granted thereunder to the contrary, no acceleration shall occur with respect to any award to the extent such acceleration would cause the 2016 Plan or an award granted thereunder to fail to comply with Code Section 409A.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Repurchases</i>.&nbsp;&nbsp;The
Compensation &amp; Human Resources Committee may at any time offer to repurchase a stock option previously granted, at
a purchase price not to exceed the repurchase value and under such terms and conditions as the Compensation &amp; Human
Resources Committee shall establish and communicate to the holder of stock at the time of the offer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Other Limitations</i>.&nbsp;&nbsp;The Compensation &amp; Human Resources Committee may not modify or amend any outstanding option or stock appreciation right to reduce the exercise price of such option or stock appreciation right, as applicable, below the exercise price as of the date of grant of such option or stock appreciation right. In addition, no payment of cash or other property having a value greater than the repurchase value may be made, and no option or stock appreciation right with a lower exercise price may be granted in exchange for, or in connection with, the cancellation or surrender of an option or stock appreciation right. However, under the 2016 Plan, upon a change in the number of shares of our common stock as a result of a dividend on shares of common stock payable in shares of common stock, common stock forward split or reverse split or other extraordinary or unusual event that results in a change in the shares of common stock as a whole, the terms of the outstanding award may be proportionately adjusted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Withholding Taxes</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Upon the exercise of any award granted under the 2016 Plan, the holder may be required to remit to us an amount sufficient to satisfy all federal, state and local withholding tax requirements prior to delivery of any certificate or certificates for shares of common stock.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Term and Amendments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Unless terminated by the board, the 2016 Plan shall continue to remain effective until no further awards may be granted and all awards granted under the 2016 Plan are no longer outstanding. Notwithstanding the foregoing, grants of incentive stock options may be made only until June 28, 2026, which is ten years from the date of shareholder approval of the 2016 Plan. The board may at any time, and from time to time, amend the 2016 Plan, provided that no amendment will be made that would impair the rights of a holder under any agreement entered into pursuant to the 2016 Plan without the holder&#x2019;s consent.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Federal Income Tax Consequences</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The following discussion of the federal income tax consequences of participation in the 2016 Plan is only a summary of the general rules applicable to the grant and exercise of stock options and other awards and does not give specific details or cover, among other things, state, local and foreign tax treatment of participation in the 2016 Plan. The information contained in this section is based on present law and regulations, which are subject to being changed prospectively or retroactively.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Incentive Stock Options</i>.&nbsp;&nbsp;Participants will recognize no taxable income upon the grant of an incentive stock option. The participant generally will realize no taxable income when the incentive stock option is exercised. The excess, if any, of the fair market value of the shares on the date of exercise of an incentive stock option over the exercise price will be treated as an item of adjustment for a participant&#x2019;s taxable year in which the exercise occurs and may result in an alternative minimum tax liability for the participant. We will not qualify for any deduction in connection with the grant or exercise of incentive stock options. Upon a disposition of the shares after the later of two years from the date of grant or one year after the transfer of the shares to a participant, the participant will recognize the difference, if any, between the amount realized and the exercise price as long-term capital gain or long-term capital loss, as the case may be, if the shares are capital assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">If common stock acquired upon the exercise of an incentive stock option is disposed of prior to the expiration of the holding periods described above, the participant will recognize ordinary compensation income in the taxable year of disposition in an amount equal to the excess, if any, of the fair market value of the shares on the date of exercise over the exercise price paid for the shares; and we will qualify for a deduction equal to any amount recognized, subject to the limitation that the compensation be reasonable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Non-Qualified Stock Options</i>.&nbsp;&nbsp;With respect to non-qualified stock options:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="margin-right: auto; margin-left: auto; float: none; width: 100%">

<tr>
<td style="padding: 0pt; width: 4%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 4%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 92%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">upon grant of the stock option, the participant will recognize no income provided that the exercise price was not less than the fair market value of our common stock on the date of grant;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#x25cf;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">upon exercise of the stock option, if the shares of common stock are not subject to a substantial risk of forfeiture, the participant will recognize ordinary compensation income in an amount equal to the excess, if any, of the fair market value of the shares on the date of exercise over the exercise price, and we will qualify for a deduction in the same amount, subject to the requirement that the compensation be reasonable; and</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#x25cf;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">we will be required to comply with applicable federal income tax withholding requirements with respect to the amount of ordinary compensation income recognized by the participant.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">On a disposition of the shares, the participant will recognize gain or loss equal to the difference between the amount realized and the sum of the exercise price and the ordinary compensation income recognized. The gain or loss will be treated as capital gain or loss if the shares are capital assets and as short-term or long-term capital gain or loss, depending upon the length of time that the participant held the shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">If the shares acquired upon exercise of a non-qualified stock option are subject to a substantial risk of forfeiture, the participant will recognize ordinary income at the time when the substantial risk of forfeiture is removed, unless the participant timely files under Section 83(b) of the Code to elect to be taxed on the receipt of shares, and we will qualify for a corresponding deduction at that time. The amount of ordinary income will be equal to the excess of the fair market value of the shares at the time the income is recognized over the amount, if any, paid for the shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Stock Appreciation Rights</i>.&nbsp;&nbsp;Upon the grant of a stock appreciation right, the participant recognizes no taxable income and we receive no deduction. The participant recognizes ordinary income and we receive a deduction at the time of exercise equal to the cash and fair market value of common stock payable upon the exercise.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Restricted Stock</i>.&nbsp;&nbsp;A participant who receives restricted stock will recognize no income on the grant of the restricted stock and we will not qualify for any deduction. At the time the restricted stock is no longer subject to a substantial risk of forfeiture, a participant will recognize ordinary compensation income in an amount equal to the excess, if any, of the fair market value of the restricted stock at the time the restriction lapses over the consideration paid for the restricted stock. A participant&#x2019;s shares are treated as being subject to a substantial risk of forfeiture so long as his or her sale of the shares at a profit could subject him or her to a suit under Section 16(b) of the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&#x0094;). The holding period to determine whether the participant has long-term or short-term capital gain or loss begins when the restriction period expires, and the tax basis for the shares will generally be the fair market value of the shares on this date.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">A participant may elect under Section 83(b) of the Code, within 30 days of the transfer of the restricted stock, to recognize ordinary compensation income on the date of transfer in an amount equal to the excess, if any, of the fair market value on the date of transfer of the shares of restricted stock, as determined without regard to the restrictions, over the consideration paid for the restricted stock. If a participant makes an election and thereafter forfeits the shares, no ordinary loss deduction will be allowed. The forfeiture will be treated as a sale or exchange upon which there is realized loss equal to the excess, if any, of the consideration paid for the shares over the amount realized on such forfeiture. The loss will be a capital loss if the shares are capital assets. If a participant makes an election under Section 83(b), the holding period will commence on the day after the date of transfer and the tax basis will equal the fair market value of shares, as determined without regard to the restrictions, on the date of transfer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">On a disposition of the shares, a participant will recognize gain or loss equal to the difference between the amount realized and the tax basis for the shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Whether or not the participant makes an election under Section 83(b), we generally will qualify for a deduction, subject to the reasonableness of compensation limitation, equal to the amount that is taxable as ordinary income to the participant, in the taxable year in which the income is included in the participant&#x2019;s gross income. The income recognized by the participant will be subject to applicable withholding tax requirements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Dividends paid on restricted stock that is subject to a substantial risk of forfeiture generally will be treated as compensation that is taxable as ordinary compensation income to the participant and will be deductible by us subject to the reasonableness limitation. If, however, the participant makes a Section&nbsp;83(b)&nbsp;election, the dividends will be treated as dividends and taxable as ordinary income to the participant, but will not be deductible by us.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Restricted Stock Units.</i>&nbsp;&nbsp;A participant who receives restricted stock units generally will recognize no income upon the grant of restricted stock units. Instead, a participant will recognize as ordinary income, and we receive a corresponding deduction, any cash delivered and the fair market value of any common stock delivered in payment of an amount due under the restricted stock unit. The income recognized by the participant will be subject to applicable withholding tax requirements. Upon selling any common stock received by a participant in payment of an amount due under a restricted stock unit, the participant generally will recognize a capital gain or loss in an amount equal to the difference between the sale price of the common stock and the participant&#x2019;s tax basis in the common stock (i.e., the ordinary income recognized by the participant).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Other Stock-Based Awards</i>.&nbsp;&nbsp;The federal income tax treatment of other stock-based awards will depend on the nature and restrictions applicable to the award.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Certain Awards Deferring or Accelerating the Receipt of Compensation</i>.&nbsp;&nbsp;Section 409A of the Code, enacted as part of the American Jobs Creation Act of 2004, imposes certain new requirements applicable to &ldquo;nonqualified deferred compensation plans.&#x0094; If a nonqualified deferred compensation plan subject to Section 409A fails to meet, or is not operated in accordance with, these new requirements, then all compensation deferred under the 2016 Plan may become immediately taxable. Stock appreciation rights and deferred stock awards that may be granted under the 2016 Plan may constitute deferred compensation subject to the Section 409A requirements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">It is our intention that any award agreement governing awards subject to Section 409A will comply with these rules.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>New Plan Benefits</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The benefits or amounts that will be received by or allocated to any executive officers or employees under the 2016 Plan are not currently determinable since no specific grants have been decided upon.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b>Recommendation and Vote Required</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">Approval of the amendment to the 2016 Plan to increase the
number of shares authorized for issuance thereunder by 800,000 shares, from 600,000 shares to 1,400,000 shares, will require the
affirmative vote of the holders of a majority of the votes cast at the Annual Meeting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE<br>&ldquo;FOR&#x0094; THE AMENDMENT TO THE 2016 PLAN.</font></font></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">PROPOSAL 3 &#x2013; SAY ON PAY</font></font></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">At the Annual Meeting, shareholders will vote on the following resolution:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 36.0pt 0pt 36.0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="color: black;">RESOLVED, that the shareholders of CPI Aerostructures, Inc. approve, on an advisory basis, the compensation of CPI Aerostructures, Inc.&#x2019;s Named Executive Officers as disclosed in this proxy statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission (which include the compensation tables and related narrative discussion).</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><font style="color: black;">Section 951 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (&ldquo;Dodd-Frank Act&#x0094;), and rules promulgated by the Securities and Exchange Commission (&ldquo;SEC&#x0094;) thereunder, enable our shareholders to vote to approve, on an advisory basis, the compensation of our Chief Executive Officer, and our two highest-paid executive officers other than the Chief Executive Officer (collectively, our &ldquo;Named Executive Officers&#x0094;) as disclosed in this proxy statement in accordance with the SEC&#x2019;s rules. Our compensation policies are intended to ensure that executive compensation is competitive yet reasonable, supportive of organizational objectives and shareholder interests, and designed to align the interests of executive officers with the Company&#x2019;s long-term performance and increase shareholder value. An explanation of our policies and procedures in determining executive compensation is found below under the heading &ldquo;<i><font style="color: black;">Executive Officer Compensation</font></i>&#x0094;and specific information regarding the current compensation of our Named Executive Officers is found in the compensation tables included below.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt; color: black">The
Say on Pay vote is not intended to address any specific item of compensation, but rather the overall compensation of our Named
Executive Officers. We believe that the executive compensation as disclosed in our tabular disclosures and other narrative executive
compensation disclosure in this proxy statement aligns with our compensation policies.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><font style="font: 10pt Times New Roman, Times, serif; color: black">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, serif; color: black">The Say on Pay vote is advisory, and therefore
not binding on the Company, our board of directors, or the Compensation &amp; Human Resources Committee. As a matter of policy,
the Compensation &amp; Human Resources Committee has decided to take into consideration the results of the most recent Say on
Pay vote when making compensation decisions and reviewing its compensation policies and practices.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, serif; color: black">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><font style="font: 10pt Times New Roman, Times, serif"><font style="color: black"></font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE</font></font></b></font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">&ldquo;FOR&#x0094; THE APPROVAL OF THE COMPANY&#x2019;S COMPENSATION</font></font></b></font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">OF ITS NAMED EXECUTIVE OFFICERS.</font></font></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">PROPOSAL
4 &#x2014;&nbsp;RATIFICATION OF THE APPOINTMENT OF<br>OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</font></font></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The audit and finance committee of our board of directors (&ldquo;Audit &amp; Finance Committee&#x0094;) is directly responsible for the appointment, compensation, retention, and oversight of the independent registered public accounting firm that audits our financial statements and our internal control over financial reporting. The Audit &amp; Finance Committee has selected CohnReznick LLP (&ldquo;CohnReznick&#x0094;) as our independent registered public accounting firm for 2020. The Audit &amp; Finance Committee annually reviews CohnReznick&#x2019;s independence and performance in deciding whether to retain CohnReznick or engage a different independent registered public accounting firm. This review includes, among other things, consideration of CohnReznick&#x2019;s historical and recent performance on our audit, CohnReznick&#x2019;s capability and expertise in handling the breadth and complexity of our operations, the appropriateness of CohnReznick&#x2019;s fees for audit and non-audit services, both on an absolute basis and as compared to its peer firms, and CohnReznick&#x2019;s independence and tenure as our independent registered public accounting firm.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">We propose that the shareholders ratify the appointment of CohnReznick as our independent registered public accounting firm for fiscal year 2020. We expect that representatives of CohnReznick will be present at the Annual Meeting and that they will be available to respond to appropriate questions submitted by shareholders at the Annual Meeting. CohnReznick will have the opportunity to make a statement if they desire to do so.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">The
following fees were paid to CohnReznick for services rendered in the years ended December 31, 2019 and 2018:</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, serif"></font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 94%; font: 11pt Times New Roman, Times, Serif; margin-left: 36pt">
<tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">&nbsp;</font></td><td style="font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">&nbsp;</font></td>
    <td colspan="6" style="font-weight: bold; background-color: #003399; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">Year
    Ended December 31,</font></td><td style="font-weight: bold; background-color: #003399"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">&nbsp;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">&nbsp;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: White 1pt solid; background-color: #003399"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">2019</font></td><td colspan="2" style="padding-bottom: 1pt; font-weight: bold; background-color: #003399">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: White 1pt solid; background-color: #003399"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">2018</font></td><td style="padding-bottom: 1pt; font-weight: bold; background-color: #003399"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: White">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="width: 70%; text-align: left; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    Fees<sup>(1)</sup></font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">331,500</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 12%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">361,580</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-Related
    Fees<sup>(2)</sup></font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">205,150</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Fees</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; text-align: left; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Other Fees</font></td><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td><td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</font></td><td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Fees</font></td><td style="padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">331,500</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td><td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">566,730</font></td><td style="padding-bottom: 1pt; text-align: left; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt">&nbsp;</font></p>


<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -36.0pt; margin: 0pt 0pt 0pt 72.0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">______________________</font></p>

<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:36pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(1)</font></p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Audit fees consist of fees billed for professional services by CohnReznick for audit and quarterly review of the Company&#x2019;s consolidated financial statements during the years ended December 31, 2019 and 2018, and related services normally provided in connection with statutory and regulatory filings or engagements.</font></p>
</td>
</tr>

</table>

<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:36pt;"></td>
<td valign="top" style="width:18pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">(2)</font></p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Audit-related fees represent the
aggregate fees billed for assurance and related professional services rendered by CohnReznick that are reasonably related to the
performance of the audit or review of the Company&rsquo;s financial statements and are not reported under &ldquo;Audit Fees.&rdquo;
Audit-related fees also include fees billed for professional services rendered by CohnReznick in connection with the acquisition
of Welding Metallurgy, Inc. in 2018.</font></p>
</td>
</tr>

</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"></font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>

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

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

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><i>Pre-Approval
Policies and Procedures</i>.&nbsp;&nbsp;In accordance with Section 10A(i) of the Exchange Act, before we engage our
independent registered public accounting firm to render audit or non-audit services, the engagement is approved by our Audit&nbsp;&amp;&nbsp;Finance Committee. Our Audit &amp; Finance Committee approved all of the fees referred to in the rows titled
&ldquo;Audit Fees&#x0094; and &ldquo;Audit-Related Fees&#x0094; in the table above.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>





<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">Ratification by the shareholders of the appointment of an independent registered public accounting firm is not required, but our board of directors believes that it is desirable to submit this matter to the shareholders. If a majority of the votes cast at the Annual Meeting do not ratify the selection of CohnReznick, the selection of an independent registered public accounting firm will be reconsidered by our Audit &amp; Finance Committee. Even if the appointment is ratified, our Audit &amp; Finance Committee, at its discretion, may change the appointment at any time if it determines that doing so would be in the best interests of the Company and our shareholders.</font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, serif"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, serif; font-size: 10pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">THE BOARD OF DIRECTORS RECOMMENDS A VOTE<br>&ldquo;FOR&#x0094; THE RATIFICATION OF THE APPOINTMENT OF COHNREZNICK LLP<br>AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.</font></font></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><font style="font: 10pt Times New Roman, Times, serif"><b><font style="color: #0e2e94"><font style="color: #0e2e94">&nbsp;</font></font></b></font></p>

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<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0pt 0pt 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">&nbsp;</font></font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: #0e2e94"><font style="color: #0e2e94">DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE</font></font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: #0e2e94"><font style="color: #0e2e94">&nbsp;</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Information about Directors, the Nominee, and Executive
Officers</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Our directors, director nominee, and Named Executive Officers
are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="width: 100%; border-collapse: collapse; margin: 0px;" border="0" cellspacing="0" cellpadding="0">

<tr>
<td style="padding: 0pt;border-bottom: 1pt solid black;width:14%;" valign="bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .7pt 0pt 0pt;"><b>Name</b></p>
</td>
<td style="padding: 0pt;width:1%;" valign="bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .7pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt;border-bottom: 1pt solid black;width:5%;" valign="bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .7pt 0pt 0pt;"><b>Age</b></p>
</td>
<td style="padding: 0pt;width:1%;" valign="bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .7pt 0pt 0pt;"><b>&nbsp;</b></p>
</td>
<td style="padding: 0pt;border-bottom: 1pt solid black;width:8%;" valign="bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .7pt 0pt 0pt;"><b>Director Since</b></p>
</td>
<td style="padding: 0pt;width:1%;" valign="bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .7pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt;border-bottom: 1pt solid black;width:70%;" valign="bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .7pt 0pt 0pt;"><b>Position &amp; Board Committees</b></p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Carey Bond</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">59</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">2016</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Vice Chairman of the Board of Directors</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt -4.5pt 0pt 0pt;"><font style="color: gray;">Compensation &amp; Human Resources Committee (Chair), Nominating &amp; Corporate Governance Committee, Oversight Committee (Chair)</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Janet K. Cooper</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">66</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">2019</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Director*</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">Audit &amp; Finance Committee (Chair), Oversight Committee</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Michael Faber</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">60</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">2013</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Director</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt -2.3pt 0pt 0pt;"><font style="color: gray;">Audit &amp; Finance Committee, Nominating &amp; Corporate Governance Committee (Chair), Strategic Planning Committee</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Kenneth Hauser</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">57</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&mdash;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Vice President of Global Supply Chain Management and Quality</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Douglas McCrosson</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">57</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">2014</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Chief Executive Officer, President, and Director</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">Strategic Planning Committee</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Walter Paulick</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">73</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">1992</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Director</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">Audit &amp; Finance Committee, Nominating &amp; Corporate Governance Committee, Oversight Committee</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Thomas Powers</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">66</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&mdash;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Acting Chief Financial Officer**</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Eric Rosenfeld</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">63</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">2003</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Director</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">Compensation &amp; Human Resources Committee, Nominating &amp; Corporate Governance Committee, Strategic Planning Committee (Chair)</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">&nbsp;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">Terry Stinson</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">78</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">2014</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Chairman of the Board of Directors, Director Nominee</p>
</td>
</tr>
<tr>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-indent: -10.0pt; margin: 0pt 0pt 0pt 10.0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;">Compensation &amp; Human Resources Committee, Strategic Planning Committee</font></p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;"><font style="color: gray;"></font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">_____________________</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0pt 0pt; text-align: justify"><font style="layout-grid-mode: line;">*
Ms. Cooper will not stand for re-election as a Class I director at the Annual Meeting. &nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="layout-grid-mode: line">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="layout-grid-mode: line">**</font><font style="color: black;"> Mr. Powers began his service as our Acting Chief Financial Officer on February 12, 2020. Previously, Dan Azmon served as our Chief Financial Officer from November 2019 until his resignation on February 10, 2020, and Vincent Palazzolo served as our Chief Financial Officer from 2004 until November 2019.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">We believe that it is necessary for
each of our directors to possess qualities, attributes, and skills that contribute to a diversity of views and perspectives
among the directors and enhance the overall effectiveness of the board of directors. As described on page 28 under
&ldquo;<i>Nominating &amp; Corporate Governance Committee Information&nbsp;&mdash;&nbsp;Guidelines for Selecting Director
Nominees</i>,&rdquo; the nominating and corporate governance committee of our board of directors (&ldquo;Nominating&nbsp;&amp;&nbsp;Corporate Governance Committee&rdquo;) considers all factors it deems relevant when evaluating prospective candidates or
current members of our board of directors for nomination to our board of directors, as prescribed in the committee&rsquo;s
written charter and established guidelines and the Company&rsquo;s corporate governance guidelines. All of our directors
bring to the board of directors leadership experience derived from past service. They also all bring a diversity of views and
perspectives derived from their individual experiences working in a range of industries and occupations, which provide our
board of directors, as a whole, with the skills and expertise that serve the needs of the Company. The following skills
matrix shows the diverse range of experience our directors provide to our Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<tr>
<td style="padding: 0pt 5.4pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt 5.4pt;" colspan="3" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0pt 0pt 0pt;"><b>Qualifications</b></p>
</td>
<td colspan="4" style="padding: 0pt 5.4pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0pt 0pt 0pt;"><b>Experience</b></p>
</td>
</tr>
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<td style="padding: 0pt 5.4pt; width: 25%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;"><font style="color: #ffffff;">&nbsp;</font></p>
</td>
<td style="background-color: #0e2e94; padding: 0pt 5.4pt; width: 11%; vertical-align: bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="color: #ffffff;">Executive <u>Leadership</u></font></p>
</td>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="color: #ffffff;">Public Company <u>Director</u></font></p>
</td>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="color: #ffffff;">Audit Committee Financial <u>Expert<sup>(1)</sup></u></font></p>
</td>
<td style="background-color: #0e2e94; padding: 0pt 5.4pt; width: 7%; vertical-align: bottom">
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0pt 0pt 0pt;"><font style="color: #ffffff;"><u>Law</u></font></p>
</td>
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<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0pt 0pt 0pt;"><font style="color: #ffffff;"><u>M&amp;A</u></font></p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="color: #ffffff;">Corporate Governance &amp; <u>Supervision</u></font></p>
</td>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="color: #ffffff;">Aerospace Industry <u>Experience</u></font></p>
</td>
</tr>
<tr style="background-color: Silver">
<td style="padding: 0pt 5.4pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">Carey Bond</p>
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<td style="padding: 0pt 5.4pt;" valign="top"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0pt 0pt 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: rgb(14,46,148)">&#10003;</font></p>
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</td>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;">Michael Faber</p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.25pt 0pt 0pt;">Douglas McCrosson</p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;">Walter Paulick</p>
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<tr style="background-color: Silver">
<td style="padding: 0pt 5.4pt;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;">Eric Rosenfeld</p>
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<td style="padding: 0pt 5.4pt;" valign="top"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt 0pt 0pt 0pt;"><font style="color: #0e2e94">&nbsp;</font></p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;">Terry Stinson</p>
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<p  style="font: 10pt Times New Roman, Times, serif; text-indent: 0pt; margin: 0pt;">______________________</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">(1)</p>
</td>
<td style="vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">Indicates audit committee members who meet the criteria of an &ldquo;Audit Committee Financial Expert&#x0094; under applicable SEC rules.</p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Certain individual experiences, qualifications,
and skills of our directors that contribute to the board of directors&#x2019; effectiveness as a whole are described in the biographies
set forth below.</p>

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

<p style="text-align: justify; padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Carey E. Bond </b>is the Non-Executive Vice Chairman
of the Board of Directors, a position which he has held since August 2020. Mr. Bond has been a director since December 2016, chair
of our Compensation &amp; Human Resources Committee since June 2019, and chair of the Oversight Committee since March 2020. Mr.
Bond&rsquo;s career as a corporate executive in the aviation industry has spanned over 30 years, where he has held successful
leadership roles in several areas such as aircraft development and production, sales, service, and profit and loss ownership.
Mr. Bond spent 10 years at Sikorsky Aircraft Corporation, a corporation specializing in designing, manufacturing and servicing
helicopters, as Vice President, Corporate Strategy, Chief Marketing Officer, and President, Commercial Systems and Services. Mr.
Bond currently serves on the board of directors of TECT Aerospace, a business unit of TECT Corporation, a conglomerate of privately
held aerospace companies. Mr. Bond has also served on the board of directors of domestic and international companies, namely Shanghai
Sikorsky Aircraft Company Limited, New Eclipse Aerospace, and PZL Mielec Aircraft Company. Mr. Bond holds a Masters of Business
Administration from Texas Christian University. Mr. Bond brings to our board of directors a seasoned expertise in the aerospace
industry, an internationally-minded approach to business development, and general business acumen.</p>

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

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Michael Faber </b>has been a director since August 2013 and chair of our Nominating &amp; Corporate Governance Committee since June 2014. <font style="color: black; layout-grid-mode: line;">Since 1996, Mr. Faber has served as Chief Executive Officer of NextPoint Management Company, Inc., an investment and strategic advisory firm, advising family offices on a variety of issues, including asset manager selection and oversight, direct investing, and trust and estates. Additionally, Mr. Faber currently serves as a senior advisor to a family office with more than $2 billion in assets and as a director or senior advisor to a number of private companies and asset management firms. From 1990 to 2008, Mr. Faber was a General Partner of the NextPoint and Walnut family of investment funds, focusing on private equity, venture capital, and structured investments. Previously, Mr. Faber was a senior advisor to the law firm of Akerman, of counsel to the law firm of Mintz Levin, an attorney with the law firm of Arnold &amp; Porter, and a senior consultant to The Research Council of Washington, the predecessor to The Corporate Executive Board Company. Mr. Faber has served on audit and compensation committees for a number of companies. Mr. Faber is an honors graduate and John M. Olin Fellow of the University of Chicago Law School and attended the Johns Hopkins University School of International Studies and the State University of New York. Mr. Faber brings to our board of directors his legal and financial expertise as well as his years of investment and general business experience.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><font style="color: black; layout-grid-mode: line;"><font style="color: black; layout-grid-mode: line;">Kenneth Hauser</font></font></b><font style="color: black; layout-grid-mode: line;"> has been our Vice President of Global Supply Chain Management and Quality since 2020. Prior to that he was Vice President of Global Supply Chain Management since 2013. Prior to that, he held the position of Director, Global Supply Chain Management for which he was hired in 2011. Prior to joining CPI Aero, Mr. Hauser had a 30-year career at Northrop Grumman where he held various management positions for Manufacturing/Operations and Global Supply Chain. Mr. Hauser&#x2019;s last position with Northrop Grumman was as the E-2D Global Supply Chain Program Manager, where he had responsibility for cost, quality and schedule performance of all procured parts and major aircraft structures. Mr. Hauser holds a Bachelor of Technology in Management of Technology from State University of New York at Farmingdale and a Master of Science in Management of Technology from Polytechnic University.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Douglas McCrosson</b> <font style="color: black;">has been our Chief Executive Officer, President and a director since March 2014. Mr. McCrosson joined the Company in 2003 as Director of Business Development. During his tenure, he has held positions of increasing responsibility, including Vice President of Business Development and Senior Vice President of Operations, where he headed CPI&#x2019;s business development, engineering, procurement and manufacturing operations. Subsequently, he was promoted to the position of Chief Operating Officer in January 2010 before becoming President and Chief Executive Officer. He has 35 years of aerospace experience, having started his career as a mechanical engineer at Grumman Corporation, now Northrop Grumman. Mr. McCrosson holds a Bachelor of Science degree in mechanical engineering from the State University of New York at Buffalo and a Master of Science degree in Management from the New York University Polytechnic School of Engineering. He is a member of the Board of Governors of the Aerospace Industries Association, a trade association representing major aerospace and defense manufacturers and suppliers in the United States. He is a member of the Board of Directors of the Long Island Association, the leading business association in the Long Island region. Mr. McCrosson provides our board of directors with unique knowledge of the Company&#x2019;s business, operations and management and his other extensive experience in the Company&#x2019;s industry.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Walter Paulick</b> <font style="color: black;">has been a director since April 1992. </font><font style="layout-grid-mode: line;">He served as the chair of our Nominating &amp; Corporate Governance Committee from March 2004 until June 2015 and as chair of our Audit Committee from June 2006 until April 2007. Mr. Paulick is a self-employed real estate development consultant. From 1982 to November 1992, Mr.&nbsp;Paulick was a vice president of Parr Development Company, Inc., a real estate development company. From 1974 to 1982, Mr. Paulick was a vice president of National Westminster U.S.A. Mr. Paulick holds an Associate degree in Applied Science from Suffolk Community College and a Bachelor of Business Administration from Dowling College. Mr. Paulick&#x2019;s background in banking and real estate development, and his general business knowledge provides our board of directors with a diverse perspective on the Company&#x2019;s industry and business in our region.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0pt;"><b>Thomas Powers</b> has been
our Acting Chief Financial Officer and Secretary since February 12, 2020. <font style="color: black">Mr. Powers has been employed
by the Company since January 2019, serving as Director of Financial Planning and Analysis. Prior to joining the Company, Mr. Powers
worked for Triumph Group, a multi-billion dollar publicly owned aerospace manufacturer, where he last served as Vice President
of Financial Planning and Analysis. At Triumph, he previously held positions of Group Controller, Division Controller and
served as Interim Chief Financial Officer.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><font style="color: black;"><font style="color: black;">Eric S. Rosenfeld</font></font></b><font style="color: black;"> <FONT STYLE="font-size: 10pt">is
the Chairman Emeritus of our board of directors. Mr. Rosenfeld served as the non-executive chairman of our board of directors
from January 2005 until November 2018. He has also served as chair of our Strategic Planning Committee since April 2003. Mr. Rosenfeld
has been the President and Chief Executive Officer of Crescendo Partners, L.P., a New York based investment firm, since its formation
in November 1998. Prior to forming Crescendo Partners, he held the position of Managing Director at CIBC Oppenheimer and its predecessor
company, Oppenheimer &amp; Co., Inc., for 14 years. Mr. Rosenfeld currently serves as a director for several companies, including
Primo Water Corporation (formerly Cott) (NYSE: PRMW), a leading water service company, Pangea Logistics Solutions Ltd. (Nasdaq:
PANL) (and Quartet Merger Corp. prior to its merger with Pangea Logistics Solutions Ltd., for which he also served as Chief Executive
Officer), a maritime logistics and shipping company, and Aecon Group, Inc. (TSE: ARE), a construction company. He is also on the
board of Canaccord Genuity (TSE: CF), a financial services company. Mr. Rosenfeld previously served on the board of directors
of several companies, including Absolute Software Corporation (TSE: ABT), a provider of security and management for computers
and ultra-portable devices, NextDecate LLC (Nasdaq: NEXT) (and Harmony Merger Corp. prior to its merger with NextDecade LLC, for
which he also served as Chief Executive Officer), a natural gas company, SAExploration Holdings Inc. (Nasdaq: SAEX) (and Trio
Merger Corp. prior to its merger with SAEX, for which he also served as Chief Executive Officer), a geophysical services company,
Primoris Services Corporation (Nasdaq: PRIM) (and Rhapsody Acquisition Corporation prior to its merger with PRIM, for which he
also served as Chief Executive Officer), a holding company for specialty contractor and infrastructure businesses, DALSA Corp.,
a digital imaging and semiconductor manufacturer, and Hill International Inc. (NYSE: HIL) (and Arpeggio Acquisition Corp. prior
to its merger with HIL, for which he also served as Chief Executive Officer), a construction project management firm. He was also
the Chief Executive Officer of Allegro Merger Corp., a blank check company previously listed on Nasdaq. Mr. Rosenfeld is a regular
guest lecturer at Columbia Business School and has served on numerous panels at Queen&rsquo;s University Business Law School Symposia,
McGill Law School, the World Presidents&rsquo; Organization and the Value Investing Congress. He is a senior faculty member at
the Director&rsquo;s College. He has also been a guest host on CNBC. Mr. Rosenfeld received an A.B. in economics from Brown University
and an M.B.A. from the Harvard Business School. Mr. Rosenfeld provides our board of directors with expertise in finance and financial
markets and with experience derived from his service on the boards of other public and private companies.</font></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Terry Stinson</b> is the Non-Executive Chairman of the
Board, a position which he has held since November 2018. Mr. Stinson was the chair of the compensation committee of the board from
June 2014 until June 2018 and has been a director since June 2014. Mr. Stinson is Chief Executive Officer of his own consulting
practice, Stinson Consulting, LLC, a position he has held since 2001. Stinson Consulting is engaged in strategic alliances and
marketing for the aerospace industry. From January 2013 until May 31, 2014, he served as Executive Vice President of AAR CORP.,
an international, publicly traded aerospace manufacturing and services company. Mr. Stinson currently serves as an independent
consultant to AAR CORP. From August 2007 until January 2013, Mr. Stinson served as Group Vice President of AAR CORP. From 2002
to 2005, Mr. Stinson served as Chief Executive Officer of Xelus, Inc., a collaborative enterprise service management solution company.
From 1998 to 2001, Mr. Stinson was Chairman and Chief Executive Officer of Bell Helicopter Textron Inc., the world&rsquo;s leading
manufacturer of vertical lift aircraft, and served as President from 1996 to 1998. From 1991 to 1996, Mr. Stinson served as Group
Vice President and Segment President of Textron Aerospace Systems and Components for Textron Inc. From 1986 to 1996, he was President
of the Hamilton Standard division of United Technologies Corporation, a defense supply company. Mr. Stinson previously served as
a director of Lennox International Inc., a company engaged in the design and manufacture of heating, ventilation, air conditioning,
and refrigeration products, serving on such company&rsquo;s Board Governance, Compensation, and Human Resources Committees. Mr.
Stinson previously served as a director of Triumph Group, Inc., a company engaged in the manufacturing and repair of aircraft components,
subassemblies, and systems, from September 2003 to March 2008. As a former senior executive of two Fortune 500 companies,&nbsp;Mr.
Stinson contributes to our board of directors his extensive management and marketing experience in the aerospace industry, as well
as his general business acumen and experience developed by serving on other public company boards.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><font style="color: black"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Family Relationships</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">There are no family relationships among any of the Company&#x2019;s directors or Named Executive Officers.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Independence of Directors</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b></b>&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Our common stock is listed on the NYSE American
LLC exchange (&ldquo;NYSE American&rdquo;), a stock exchange affiliated with the New York Stock Exchange. As a result, we follow
the rules of the NYSE American exchange in determining whether a director is independent. The NYSE American exchange listing standards
define an &ldquo;independent director&rdquo; generally as a person, other than an officer or employee of the Company, who does
not have a relationship with the Company that would interfere with the director&rsquo;s exercise of independent judgment. Our
board of directors consults with our legal counsel to ensure that our board of directors&rsquo; determinations are consistent
with NYSE American exchange rules and all relevant securities and other laws and regulations regarding the independence of directors.
Consistent with these considerations, the Nominating &amp; Corporate Governance Committee determined on May 21, 2020
that Carey Bond, Michael Faber, Walter Paulick, Eric Rosenfeld, and Terry Stinson will be independent directors of the Company
for the ensuing year. The remaining director, Douglas McCrosson, is not independent because he is currently employed by us. All
members of our Audit &amp; Finance, Compensation &amp; Human Resources, and Nominating &amp; Corporate Governance Committees are
independent.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Code of Ethics</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our board of directors has adopted a written code of ethics which applies to our directors, officers, and employees, and which is designed to deter wrongdoing and to promote ethical conduct, full, fair, accurate, timely, and understandable disclosure in reports that we file or submit to the SEC and others, compliance with applicable government laws, rules, and regulations, prompt internal reporting of violations of the code, and accountability for adherence to the code. A copy of the code of ethics may be found on our website at <i>www.cpiaero.com/board.html</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Board of Directors Meetings and Committees</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our board of directors held 8 meetings in 2019 and acted by unanimous written consent 4 times. All directors attended the 2019 annual shareholder meeting. Although we do not have any formal policy regarding director attendance at annual shareholder meetings, we attempt to schedule our annual meetings so that all of our directors can attend. In addition, we expect our directors to attend all board and committee meetings and to spend the time needed and meet as frequently as necessary to properly discharge their responsibilities. No director attended fewer than 75% of the meetings of the board and of the committees thereof upon which he served in 2019. We have 5 standing committees: the Compensation &amp; Human Resources Committee, Audit &amp; Finance Committee, Nominating &amp; Corporate Governance Committee, Strategic Planning Committee, and Oversight Committee. Copies of our committee charters are available free of charge on our website at <i>www.cpiaero.com/board.html</i>.<font style="font-size: 10pt;">&nbsp;</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Leadership Structure</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our board of directors has determined to keep separate the positions of board chairman and principal executive officer at this time. This permits our principal executive officer to concentrate his efforts primarily on managing the Company&#x2019;s business operations and development. This also allows us to maintain an independent chairman of the board who oversees, among other things, communications and relations between our board of directors and senior management, consideration by our board of directors of the Company&#x2019;s strategies and policies, and the evaluation of our principal executive officers by our board of directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Succession Planning</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our board of directors is responsible for overseeing management succession planning. At least annually, our board of directors reviews management&#x2019;s succession plan with respect to the Chief Executive Officer role and other senior management roles. We have developed succession plans for both ordinary course succession and planning due to an unforeseen event.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Risk Oversight</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The primary function of our board of directors is oversight. Our board of directors as a whole has responsibility for risk oversight and reviews management&#x2019;s risk assessment and risk management policies and procedures. Each committee of our board of directors has been delegated oversight authority over specific risk areas identified by our board of directors. For instance, our Audit &amp; Finance Committee discusses with management the Company&#x2019;s major financial risk exposures, our Compensation &amp; Human Resources Committee discusses with management the Company&#x2019;s major human capital risk exposures, and our newly-formed Oversight Committee discusses with management the Company&#x2019;s day-to-day operations. and reports its findings to our board of directors in connection with our board&#x2019;s risk oversight review. Further information about each committee&#x2019;s role in risk assessment and management is included below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Cybersecurity</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our board of directors is charged with oversight of the Company&#x2019;s cybersecurity matters, and management reports to the board periodically regarding material risks concerning cybersecurity. We took several steps in 2018 to mitigate cybersecurity risks, such as upgrading detection, prevention and monitoring systems, as well as contracting with an outside cybersecurity firm to provide constant monitoring of our systems.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Stock Ownership Requirements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Non-executive directors are subject to a stock ownership policy whereby each non-executive director is required to own common stock of the Company valued at least four times his annual cash compensation before and after any stock sales. We believe this policy promotes and strengthens the alignment of interests between our non-executive directors, management, and shareholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Prohibition on Short Sales and Hedging</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Company prohibits directors, officers, employees, and consultants from entering into transactions involving short sales of our securities. Transactions in put options, call options or other derivative securities that have the effect of hedging the value of our securities also are prohibited except in certain limited circumstances where the insider already owns the securities prior to effecting the transaction and the transaction has been pre-approved.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Corporate Governance Highlights</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94">&#10003;
</font><font style="color: black">Independent Chairman of the Board</font></p>
</td>
<td style="padding: 0pt; width: 50%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94">&#10003;
</font><font style="color: black">Regular executive sessions of independent directors</font></p>
</td>
</tr>
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<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94">&#10003;</font> <font style="color: black">5 out of 6 directors are independent</font></p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94">&#10003;
</font><font style="color: black">Stock ownership requirements for independent directors</font></p>
</td>
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<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94">&#10003;
</font><font style="color: black">Robust risk oversight process for board</font> and committees</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="color: black;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94;">&#10003;</font> Annual board and committee evaluations</font></p>
</td>
</tr>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"></p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94">&#10003;
</font>Voting rights are proportional to economic interests</p>
</td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Compensation &amp; Human Resources Committee Information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-size: 10pt;">Our Compensation &amp; Human Resources Committee is currently comprised of Carey Bond (Chair), Eric Rosenfeld, and Terry Stinson. Our board of directors has determined that each member of the Compensation &amp; Human Resources Committee is an independent director under the NYSE American exchange listing standards. Our board of directors has adopted a written Compensation &amp; Human Resources Committee charter, which is reviewed annually and which the Compensation &amp; Human Resources Committee intends to review at its next regularly scheduled meeting. The responsibilities of our Compensation &amp; Human Resources Committee include:</font></p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">establishing the general compensation policy for our Named Executive Officers, including the Chief Executive Officer and Chief Financial Officer;</p>
</td>
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<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">&#x25cf;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">reviewing and approving the compensation of our executive officers and employment agreements with our executive officers, including change in control agreements, indemnification agreements, and severance agreements;</p>
</td>
</tr>

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<td style="padding: 0pt; width: 25pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">&#x25cf;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">reviewing the compensation paid to non-executive directors and making recommendations to the board of directors for any adjustments;</p>
</td>
</tr>

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<td style="padding: 0pt; width: 25pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">&#x25cf;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">administering our stock option and performance equity plans and determining who participates in the plans, establishing performance goals, if any, and determining specific grants and bonuses to the participants;</p>
</td>
</tr>

</table>
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<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">&#x25cf;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">ensuring that any compensation plan for key executives does not encourage undue risk-taking; and</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;">&nbsp;</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">&#x25cf;</p>
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<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">assisting the board in the discharge of its oversight responsibilities for risks related to human resources, including talent management, employee conduct, diversity and inclusion, and employee compensation.</p>
</td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our Compensation &amp; Human Resources Committee held 5 meetings during 2019 to review, discuss, and make any necessary changes to our executive and non-executive director compensation and to exercise oversight over human resources matters. Our Compensation &amp; Human Resources Committee makes all final determinations with respect to compensation of executive officers, considering, among other things, its assessment of the value of each executive officer&#x2019;s contribution to the Company, the Company&#x2019;s financial performance during recent fiscal years in light of prevailing business conditions, and the Company&#x2019;s goals for the ensuing fiscal year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our Compensation &amp; Human Resources Committee may utilize the services of third parties, including subscriptions to executive compensation surveys and other databases, to assist with the review of compensation for executive officers. Our Compensation &amp; Human Resources Committee is charged with performing an annual review of the compensation of our executive officers to determine whether they are provided with adequate incentives and motivation, and whether they are compensated appropriately in accordance with our compensation policies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Audit &amp; Finance Committee Information and Report</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">During 2019 and 2020 until the Annual Meeting, our Audit &amp; Finance
Committee was comprised of Janet Cooper (Chair), Michael Faber, and Walter Paulick. Following the Annual Meeting, we will have
one vacancy on our Audit &amp; Finance Committee. Our Audit &amp; Finance Committee held 10 meetings during 2019. All of the members
of our Audit &amp; Finance Committee are &ldquo;independent directors,&rdquo; as defined under NYSE American exchange listing standards,
and are able to read and understand fundamental financial statements, including a company&rsquo;s balance sheet, income statement,
and cash flow statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0"><i>Financial Experts on the Audit &amp; Finance Committee</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">We must certify to the NYSE American exchange that our Audit&nbsp;&amp;&nbsp;Finance Committee has, and will continue to have, at least one member who has past employment experience in finance or accounting,
requisite professional certification in accounting, or other comparable experience or background that results in the individual&rsquo;s
financial sophistication. Our board of directors determined that the qualifications of each of Janet Cooper and Michael Faber satisfied
the NYSE American exchange&rsquo;s definition of financial sophistication and also qualify them as an &ldquo;audit committee financial
expert,&rdquo; as defined under the rules and regulations of the SEC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><i>Audit &amp; Finance</i> <i>Committee Report</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our board of directors has adopted a written Audit &amp; Finance Committee charter, which is reviewed annually and which the Audit &amp; Finance Committee intends to review at its next regularly scheduled meeting. According to our Audit &amp; Finance Committee charter, our Audit &amp; Finance Committee&#x2019;s responsibilities include, among other things:</p>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
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<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: justify;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
with the independent registered public accounting firm prior to the audit to review the scope, planning, and staffing of the audit;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
and discussing with management and our independent registered public accounting firm the annual audited financial statements,
and recommending to our board of directors whether the audited financial statements should be included in our Annual Report on
Form 10-K;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; text-align: left; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
and discussing with management and the independent registered public accounting firm the Company&#x2019;s quarterly financial
statements prior to the filing of Quarterly Reports on Form 10-Q, including the results of the independent registered public accounting
firm&#x2019;s review of the quarterly financial statements;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
with management and our independent registered public accounting firm significant financial reporting issues and judgments made
in connection with our financial statements, including the reporting requirements of Public Company Accounting Oversight Board
(&ldquo;PCAOB&#x0094;) Auditing Standard 3101;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
earnings press releases with management, including the use of pro forma or adjusted non-GAAP information, and financial information
and earnings guidance provided to analysts and rating agencies;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; text-align: justify; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
with management and our independent registered public accounting firm the effect on our financial statements of regulatory and
accounting initiatives and off-balance sheet structures;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
with management major financial risk exposures and the steps management has taken to monitor and control such exposures, including
our risk assessment and risk management policies;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
with the independent registered public accounting firm the matters required to be discussed by Statement on Auditing Standards
No. 61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions
on the scope of activities or access to requested information, and any significant disagreements with management;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
disclosures made to our Audit &amp; Finance Committee by our Chief Executive Officer and Chief Financial Officer during their
certification process for our Form 10-Ks and Form 10-Qs about any significant deficiencies in the design or operation of internal
controls or material weaknesses therein and any fraud involving management or other employees who have a significant role in our
internal controls;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
the scope, planning, and staffing of the audit for the Company&#x2019;s 401(k) plan and reviewing the audited financial statements
for the&nbsp;401(k)&nbsp;plan;</font></p>
<p style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">verifying
the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible
for reviewing the audit as required by law;</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
and discussing with our independent registered public accounting firm the firm&#x2019;s written disclosures concerning independence
as required by PCAOB Ethics and Independence Rule 3526;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
and approving all related-party transactions;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
with management our compliance with applicable laws and regulations;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 25pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
</td>
<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving
all audit services and permitted non-audit services to be performed by our independent registered public accounting firm, including
the fees and terms of the services to be performed;</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></font></p>

<p style="font: 10pt Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>
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<tr>
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</td>
<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
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<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
or replacing our independent registered public accounting firm;</font></p>
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<td style="padding: 0pt; width: 18pt; vertical-align: top"><p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x25cf;</font></p>
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<td style="padding: 0pt; vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
the compensation and oversight of the work of our independent registered public accounting firm (including resolution of disagreements
between management and our independent registered public accounting firm regarding financial reporting) for the purpose of preparing
or issuing an audit report or related work;</font></p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
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<td style="padding: 0pt; text-align: left; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, serif; margin: 0pt 0.8pt 0pt 0pt; text-align: left;">establishing procedures for the receipt, retention, and treatment of complaints received by us regarding accounting, internal accounting controls, or reports which raise material issues regarding our financial statements or accounting policies;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">reviewing and making recommendations with respect to the Company&#x2019;s capital structure and its related policies and long-term financial objectives, including allocation of capital and capital budget, changes in capital structure, uses of cash, cash requirements and sources of cash, including debt or equity issuances, revolving credit facilities, or other debt instruments or facilities and the Company&#x2019;s borrowing alternatives and levels; and</p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">&nbsp;</p>
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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">assessing and managing financial risk exposures.</p>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Management has reviewed the audited financial statements
in the Company&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2019 with our Audit &amp; Finance Committee,
including a discussion of the quality, not just the acceptability, of the accounting principles, the reasonableness of significant
accounting judgments and estimates, and the clarity of disclosures in the financial statements. In addressing the quality of management&#x2019;s
accounting judgments, members of our Audit &amp; Finance Committee asked for management&#x2019;s representations and reviewed
certifications prepared by the Chief Executive Officer and Acting Chief Financial Officer that the unaudited quarterly and audited
annual financial statements of the Company fairly present, in all material respects, the financial condition and results of operations
of the Company.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In performing all of these functions, our Audit &amp; Finance Committee acts only in an oversight capacity. The Audit &amp; Finance Committee reviews the Company&#x2019;s annual reports and its quarterly reports prior to filing with the SEC. In its oversight role, our Audit &amp; Finance Committee relies on the work and assurances of the Company&#x2019;s management, which has the responsibility for financial statements and reports, and of our independent registered public accounting firm, who, in their report, express an opinion on the conformity of the Company&#x2019;s annual financial statements to generally accepted accounting principles. Our Audit &amp; Finance Committee has met and held discussions with management and the Company&#x2019;s independent registered public accounting firm. Management represented to our Audit &amp; Finance Committee that the Company&#x2019;s financial statements were prepared in accordance with generally accepted accounting principles, and our Audit &amp; Finance Committee has reviewed and discussed the financial statements with management and our independent registered public accounting firm. Our Audit &amp; Finance Committee also discussed with our independent registered public accounting firm the matters required to be discussed by the applicable requirements of the Public Company Accounting and Oversight Board (&ldquo;PCAOB&#x0094;). The Company&#x2019;s independent registered public accounting firm also provided our Audit &amp; Finance Committee with the written disclosures required by applicable requirements of the PCAOB regarding independence, including with regard to fees for services rendered during the fiscal year and for all other professional services rendered. In reliance on these reviews, discussions, and the report of our independent registered public accounting firm, our Audit &amp; Finance Committee recommended to our board of directors, and the board of directors approved, that the audited financial statements for the fiscal year ended December 31, 2019 and the restated financial statements for the fiscal year ended December 31, 2018 be included in the Company&#x2019;s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, for filing with the SEC.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">Janet K. Cooper (Chair)</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">Michael Faber</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;">Walter Paulick</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Nominating &amp; Corporate Governance Committee Information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our Nominating &amp; Corporate Governance Committee is currently comprised of Carey Bond, Michael Faber (Chair), Walter Paulick, and Eric Rosenfeld, each an independent director under NYSE American exchange listing standards. Our Nominating &amp; Corporate Governance Committee held two meetings during 2019. Our Nominating &amp; Corporate Governance Committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors and for developing and recommending corporate governance guidelines. Our Nominating &amp; Corporate Governance Committee considers potential director nominees identified by its members, our board of directors, management, shareholders, investment bankers, and others.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our board of directors has adopted a written charter for our Nominating &amp; Corporate Governance Committee, which establishes guidelines for corporate governance, the selection of director nominees, and the method by which shareholders may propose to our Nominating &amp; Corporate Governance Committee candidates for selection as nominees for director.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The Nominating &amp; Corporate Governance Committee annually reviews its charter, along with the Company&#x2019;s guidelines for corporate governance and the selection of director nominees, and intends to review such documents at its next regularly scheduled meeting.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><i>Guidelines for Selecting Director Nominees</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The guidelines for selecting director nominees generally provide that the nominee should be accomplished in his or her field, have a reputation that is consistent with that of the Company, have relevant experience and expertise, have an understanding of financial statements, corporate budgeting, and capital structure, be familiar with the requirements of a publicly traded company, be familiar with industries relevant to our business endeavors, be willing to devote significant time to the oversight duties of the board of directors of a public company, and be able to promote a diversity of views based on the person&#x2019;s education, experience, and professional employment. Our Nominating &amp; Corporate Governance Committee evaluates each individual in the context of the board as a whole, with the objective of recommending a group of persons that can best implement our business plan, perpetuate our business, and represent shareholder interests. Our Nominating &amp; Corporate Governance Committee may require certain skills or attributes, such as financial or accounting experience, to meet specific needs that arise from time to time. Our Nominating &amp; Corporate Governance Committee does not distinguish among nominees recommended by shareholders and other persons.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><i>Procedure for Shareholders to Recommend Director
Candidates</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><i></i>&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Shareholders and others who wish to recommend
candidates to our Nominating &amp; Corporate Governance Committee for consideration as directors must submit their written recommendations
to our Nominating &amp; Corporate Governance Committee and include all of the information described in the section &ldquo;<i>2021
Annual Meeting Shareholder Proposals and Nominations</i>&rdquo; on page 43 below.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">On May 21, 2020 our Nominating &amp; Corporate
Governance Committee recommended to our board of directors to nominate Terry Stinson for election as a Class I director. Our Nominating&nbsp;&amp;&nbsp;Corporate Governance Committee did not receive recommendations from any shareholders or others for director candidates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><i>Guidelines for Corporate Governance</i></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Our corporate governance guidelines are intended to ensure that the board of directors has the necessary authority and practices in place to review and evaluate the Company&#x2019;s business operations and to make decisions that are independent of the Company&#x2019;s management. The corporate governance guidelines are also intended to align the interests of the Company&#x2019;s directors and management with those of the Company&#x2019;s shareholders. The guidelines establish the practices our board of directors follows with respect to the obligations of the board and each director, board composition and selection, board meetings and involvement of senior management, Chief Executive Officer performance evaluation and succession planning, board committee composition and meetings, director compensation, director orientation and education, and director access to members of management and to independent advisors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The corporate governance guidelines were adopted by our board of directors in 2010 and are reviewed periodically and updated as necessary to reflect changes in regulatory requirements and evolving oversight practices. The guidelines comply with corporate governance requirements contained in the listing standards of the NYSE American exchange and enhance the Company&#x2019;s corporate governance policies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Strategic Planning Committee Information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The strategic planning committee of our board of directors (&ldquo;Strategic Planning Committee&#x0094;) is currently comprised of Douglas McCrosson, Michael Faber, Eric Rosenfeld (Chair), and Terry Stinson. The main role of the Strategic Planning Committee is to evaluate and analyze strategic options for the Company. The Strategic Planning Committee met twice during 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt;"><b>Oversight Committee Information</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The oversight committee of our board of directors (&ldquo;Oversight Committee&#x0094;) was formed in March 2020 to take a more active role in oversight over the Company&#x2019;s day-to-day operations, including advising management as to profitability on the programs that the Company chooses to bid for, terminating programs that are not profitable for the Company, reducing overhead costs and operating inefficiencies, and generating free cash from operations. The Oversight Committee is currently comprised of Carey Bond (Chair), Janet Cooper, and Walter Paulick.</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">EXECUTIVE OFFICER COMPENSATION</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Overview</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>References in this section to Employment Agreements are to the employment agreement in effect for each Named Executive Officer for the applicable period, giving effect to any and all amendments, unless context requires otherwise.</i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">At our 2018 annual meeting of shareholders, we conducted an advisory Say on Pay Frequency vote, in which shareholders determined that an advisory Say on Pay vote should be held every year. In accordance with the shareholder vote, we will hold an advisory Say on Pay vote at this Annual Meeting, in which shareholders will be asked to approve, on an advisory basis, the current compensation of our Named Executive Officers. The Compensation &amp; Human Resources Committee considers the results of shareholder advisory votes regarding compensation as one factor when reviewing compensation and making compensation decisions.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Compensation Objectives</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our compensation program is designed to attract, retain, and motivate highly qualified executive officers in the competitive aerospace and defense industry. Additionally, a substantial portion of total compensation of our Named Executive Officers is variable and delivers rewards based on Company and individual performance. Company performance is measured against metrics established by the Compensation &amp; Human Resources Committee each year. Such metrics typically focus on the achievement of financial targets such as revenue and free cash flow, to align our executives&#x2019; pay with the Company&#x2019;s financial results and the creation of shareholder value. Individual performance is measured against each individual&#x2019;s contributions to the Company&#x2019;s overall success.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">There are three major components to our compensation program for our Named Executive Officers:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 20pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94"><b>&#10003;</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Base
Salary - fixed compensation, designed to recognize responsibilities, experience, and performance.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 20pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94"><b>&#10003;</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-Term
Cash Incentives - annual cash incentive, as a percentage of base salary, paid upon the achievement of Company performance goals
set by the Compensation <font style="color: black">&amp; Human Resources </font>Committee during the first fiscal quarter. This
variable at-risk compensation motivates and rewards executives with respect to short-term performance.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 20pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0e2e94"><b>&#10003;</b></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-Term
Equity Incentives - annual grants of restricted stock, 50% of which is subject to time-based vesting, and 50% of which vests upon
the achievement of Company financial performative-metric thresholds set by our Compensation <font style="color: black">&amp; Human
Resources </font>Committee. This variable at-risk compensation aligns executive interests with long-term shareholder value creation.</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Summary Compensation Table</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The following table sets forth the compensation paid to or earned by each of our Named Executive Officers for each of the fiscal years ended December 31, 2019 and 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(40,56,138)">
    <td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">Name and Position</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Year</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: white"><b>Salary</b></font><font style="font-family: Times New Roman, Times, Serif"><br><font style="color: white"><b>($)<sup>(1)</sup></b></font></font></p></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: white"><b>Stock</b></font><font style="font-family: Times New Roman, Times, Serif"><br><font style="color: white"><b>Awards</b></font><br><font style="color: white"><b>($)<sup>(2)</sup></b></font></font></p></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"><sup>&nbsp;</sup></font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><font style="font-family: Times New Roman, Times, Serif; color: white"><b>Non-Equity</b></font><font style="font-family: Times New Roman, Times, Serif"><br><font style="color: white"><b>Incentive</b></font><br><font style="color: white"><b>Compensation</b></font><br><font style="color: white"><b>($)<sup>(3)</sup></b></font></font></p></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">All
    Other<BR>($)</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Total<BR>($)</font></td><td style="color: white; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="width: 24%; color: black; text-align: left; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif">Douglas
    McCrosson</font></td><td style="width: 1%; color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="width: 1%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 8%; color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2019</font></td><td style="width: 1%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 1%; color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="width: 1%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 8%; color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">365,761</font></td><td style="width: 3%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 1%; color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="width: 1%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 8%; color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">274,319
                                         </font></p></td><td style="width: 3%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(4)</sup></font></td><td style="width: 1%; color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="width: 1%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 8%; color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&mdash;&#8239;</p></td><td style="width: 3%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(5)</sup></font></td><td style="width: 1%; color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="width: 1%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 8%; color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">28,836
                                         </font></p></td><td style="width: 3%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(6)</sup></font></td><td style="width: 1%; color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="width: 1%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="width: 8%; color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">668,916</font></td><td style="width: 3%; color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; font-style: italic; text-align: left; padding-left: 20pt"><font style="font-family: Times New Roman, Times, Serif">Chief
    Executive Officer</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2018</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">365,761</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">274,320</font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(7)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">135,215</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">23,341
                                         </font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(8)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">798,637</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif">Vincent
    Palazzolo*</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2019</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">272,195
                                         </font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(9)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">108,019</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(10)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&mdash;</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">339,614</font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(11)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">719,828</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; font-style: italic; text-align: left; padding-left: 20pt"><font style="font-family: Times New Roman, Times, Serif">Former
    Chief Financial Officer</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2018</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">286,048</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">107,267</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(12)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">53,697</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">23,952
                                         </font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(13)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">470,964</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif">Dan
    Azmon*</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2019</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">34,615
                                         </font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(14)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: right; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">73,700
                                         </font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(15)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">30,000
                                         </font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(16)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; color: black">577
                                         </font></p></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(17)</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">138,892</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; font-style: italic; text-align: left; padding-left: 20pt"><font style="font-family: Times New Roman, Times, Serif">Former
    Chief Financial Officer</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2018</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&mdash;</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&mdash;</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>&nbsp;</sup></font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&mdash;</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&mdash;</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: right"><font style="font-family: Times New Roman, Times, Serif">&mdash;</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left; padding-left: 3pt"><font style="font-family: Times New Roman, Times, Serif">Kenneth
    Hauser</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2019</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">228,021</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">55,419
                                         </font></p></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(18)</sup></font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">48,171</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">2,801</font></p></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(19)</sup></font></td><td></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">328,067</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; font-style: italic; text-align: left; padding-left: 20pt"><font style="font-family: Times New Roman, Times, Serif">Vice
    President of Global Supply Chain Management and Quality</font></td><td style="color: black"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="color: black; text-align: center"><font style="font-family: Times New Roman, Times, Serif">2018</font></td><td style="color: black; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">223,646</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">54,333
                                         </font></p></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(20)</sup></font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">64,936</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif">2,921
                                         </font></p></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"><sup>(21)</sup></font></td><td><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">339,519</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="layout-grid-mode: line;">* Thomas</font><font style="color: black;"> Powers began his service as our Acting Chief Financial Officer on February 12, 2020. Previously, Dan Azmon served as our Chief Financial Officer from November 2019 until his resignation on February 10, 2020, and Vincent Palazzolo served as our Chief Financial Officer from 2004 until November 2019.</font></p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(1)</font></p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">Reflects actual base salary amounts paid to for each of the years indicated.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(2)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Reflects grant date fair market value of restricted stock grants awarded to our Named Executive Officers as part of their performance-based annual bonus.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(3)</font></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents amounts awarded in cash to our Named Executive Officers as part of their performance-based annual bonus. Awards were earned in the year provided, but were not made until the following fiscal year.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(4)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Does not reflect the aggregate of 18,930 shares which Mr. McCrosson will forfeit on the date that the Company&#x2019;s Annual Report on Form 10-K is filed, in accordance with the terms of his restricted stock award agreements with the Company.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(5)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black;">Mr. McCrosson and the Compensation &amp; Human Resources Committee agreed that Mr. McCrosson would forego $97,783 of short-term incentive cash bonus that Mr. McCrosson earned for 2019 in consideration of the recent decline in the Company&#x2019;s stock price and the challenges the Company is facing due to economic conditions and uncertainties resulting from the COVID-19 pandemic.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(6)</font></p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">Represents (a) $17,156 of an automobile lease, insurance, and maintenance attributable to personal use; (b) $6,222 of disability insurance premiums; and&nbsp;(c) $5,459 of 401(k) contributions.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(7)</font></p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">Does not reflect the aggregate of 13,679 shares which Mr. McCrosson forfeited on April 2, 2019 in accordance with the terms of his restricted stock award agreements with the Company.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(8)</font></p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">Represents (a) $12,653 of an automobile lease, insurance, and maintenance attributable to personal use; (b) $6,595 of disability insurance premiums; and&nbsp;(c) $4,093 of 401(k) contributions.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(9)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents a pro-rated amount of Mr. Palazzolo&#x2019;s annual base salary of $286,048 through his termination by the Company without cause in November 2019.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(10)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Does not reflect the aggregate of 38,906 shares which Mr. Palazzolo forfeited upon his termination by the Company without cause in November 2019 in accordance with the terms of his restricted stock award agreements with the Company.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(11)</font></p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Includes an aggregate severance payment of $339,614 and the following perquisites paid in 2019: (a) $16,476 of an automobile lease, insurance, and maintenance attributable to personal use; (b) $5,082 of disability insurance premiums; and&nbsp;(c) $4,950 of 401(k) contributions.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(12)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Does not reflect the aggregate of 6,224 shares which Mr. Palazzolo forfeited on April 2, 2019 in accordance with the terms of his restricted stock award agreements with the Company.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(13)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents (a) $10,112 of an automobile lease, insurance and maintenance attributable to personal use, (b) $5,399 of disability insurance premiums; and (c) $8,441 of 401(k) contributions.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(14)</font></p>
</td>
<td valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">Represents six weeks&#x2019; pro-rated salary at an annual rate of $300,000.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(15)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents the equity portion of a signing bonus. Such amount was subsequently forfeited when Mr. Azmon resigned.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(16)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents the non-equity portion of a signing bonus. Such amount was subsequently forfeited when Mr. Azmon resigned.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(17)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents (a) $505 of an automobile lease, insurance and maintenance attributable to personal use and (b) $72 of disability insurance premiums.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(18)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Does not reflect an aggregate of 3,904 shares which Mr. Hauser will forfeit on the date that the Company&#x2019;s Annual Report on Form 10-K is filed, in accordance with the terms of his restricted stock award agreements with the Company.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(19)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents (a) $1,920 of an automobile lease, insurance and maintenance attributable to personal use and (b) $881 of disability insurance premiums.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(20)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Does not reflect an aggregate of 2,843 shares which Mr. Hauser forfeited on April 2, 2019 in accordance with the terms of his restricted stock award agreements with the Company.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(21)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents (a) $2,040 of an automobile lease, insurance and maintenance attributable to personal use and (b) $881 of disability insurance premiums.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Compensation Arrangements for Named Executive Officers</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Douglas McCrosson</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black">In 2016, Mr. McCrosson entered into
a Severance and Change in Control Agreement with us (the &ldquo;Severance and Change in Control Agreement&#x0094;), the details
of which are outlined below under the heading &ldquo;<i>Payments upon Termination or Change in Control</i>.&#x0094; Pursuant to
the Severance and Change in Control Agreement, Mr. McCrosson is prohibited from disclosing confidential information and he has
agreed not to compete with us without our consent during the term of employment and for 18 months thereafter, so long as we make
severance payments to Mr. McCrosson pursuant to the agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black">During 2018,
Mr. McCrosson&#x2019;s base salary was $365,761. He was entitled to receive a non-discretionary performance based cash bonus equal
to 60% of his base salary upon the attainment of Company growth targets measured by pre-tax income, return on invested capital,
free cash flow, and revenue, plus an additional non-discretionary performance based cash bonus equal to 3% of his base salary
upon the attainment of each of five performance objectives, for an aggregate of 15%. For the year ended December 31, 2018,&nbsp;Mr.
McCrosson received $135,215 in performance-based cash compensation, which was paid in 2019. In addition, Mr. McCrosson was awarded
an aggregate of 33,251 shares of restricted stock (with a fair market value on the date of grant of $274,320) pursuant to the
Company&#x2019;s 2016 long-term incentive plan. The shares of restricted stock vest on a four year schedule, as follows: 50% of
the shares are subject to time-based vesting, and vest in four equal annual installments on the day after the filing of the Company&#x2019;s
Annual Report on Form 10-K each year; the remaining 50% of the shares are subject to performance based vesting, and vest upon
the achievement of all Company financial performative-metric thresholds for each fiscal year as identified by our Compensation&nbsp;&amp;&nbsp;Human Resources Committee no later than 90 days following January 1 of the applicable fiscal year. The fiscal 2018 metrics
were growth targets measured by backlog, revenue, and year-end inventory. The 2018 performance-based vesting metrics were not
all met and, therefore, Mr. McCrosson forfeited 13,679 shares of restricted stock, representing the performance-based portion
of the restricted stock granted in 2018, 2017, and 2016.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><font style="color: black">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">During 2019,
Mr. McCrosson&rsquo;s base salary was $365,761. He was entitled to receive a non-discretionary performance based cash bonus equal
to 60% of his base salary upon the attainment of Company growth targets measured by pre-tax income, cash flow from operations,
revenue, and book to bill ratio, plus an additional non-discretionary performance based cash bonus equal to 3% of his base salary
upon the attainment of each of four performance objectives, for an aggregate of 12%. Mr. McCrosson and the Compensation&nbsp;&amp;&nbsp;Human Resources Committee agreed that Mr. McCrosson would forego $97,783 of short-term incentive cash bonus that Mr. McCrosson
earned for 2019 in consideration of the recent decline in the Company&rsquo;s stock price and the challenges the Company is facing
due to economic conditions and uncertainties resulting from the COVID-19 pandemic. In addition, during 2019, Mr. McCrosson was
awarded an aggregate of 42,009 shares of restricted stock (with a fair market value on the date of grant of $274,319) pursuant
to the Company&rsquo;s 2016 long-term incentive plan. The shares of restricted stock vest on a four year schedule, as follows:
50% of the shares are subject to time-based vesting, and vest in four equal annual installments on the day after the filing of
the Company&rsquo;s Annual Report on Form 10-K each year; the remaining 50% of the shares are subject to performance based vesting,
and vest upon the achievement of all Company financial performative-metric thresholds for each fiscal year as identified by our
Compensation &amp; Human Resources Committee no later than 90 days following January 1 of the applicable fiscal year. The fiscal
2019 metrics were growth targets measured by revenue, pre-tax income, and cash flow from operations. The 2019 performance-based
vesting metrics were not all met and, therefore, Mr. McCrosson will forfeit 18,930 shares of restricted stock on the date that
the Company&rsquo;s Annual Report on Form 10-K is filed, representing the performance-based portion of the restricted stock granted
in 2019, 2018, 2017, and 2016.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">&nbsp;</font></p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Vincent Palazzolo</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black;">During 2018, Mr. Palazzolo&#x2019;s base salary was $286,048. He was entitled to receive a non-discretionary performance based cash bonus equal to 45% of his base salary upon the attainment of Company growth targets measured by pre-tax income, return on invested capital, free cash flow, and revenue. For the year ended December 31, 2018, Mr. Palazzolo received $53,697 in performance-based cash compensation. In addition, Mr. Palazzolo was awarded an aggregate of 13,002 shares of restricted stock (with a fair market value on the date of grant of $107,267) pursuant to the Company&#x2019;s 2016 long-term incentive plan. The shares of restricted stock vest on a four year schedule, as follows: 50% of the shares are subject to time-based vesting, and vest in four equal annual installments on the day after the filing of the Company&#x2019;s Annual Report on Form 10-K each year; the remaining 50% of the shares are subject to performance based vesting, and vest upon the achievement of all Company financial performative-metric thresholds for each fiscal year as identified by our Compensation &amp; Human Resources Committee no later than 90 days following January 1 of the applicable fiscal year. The fiscal 2018 metrics were growth targets measured by backlog, revenue, and year-end inventory. The 2018 performance-based vesting metrics were not all met and, therefore, Mr. Palazzolo forfeited 6,224 shares of restricted stock, representing the performance-based portion of the restricted stock granted in 2018, 2017, and 2016.</font></p>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;">During 2019, Mr. Palazzolo&#x2019;s base salary was $272,195, representing an eleven-month pro-rated amount of his annual base salary of $286,048 through his termination in November 2019. Upon his termination, Mr. Palazzolo was entitled to severance payments in an amount of $339,614 and forfeited an aggregate of 38,906 shares of restricted stock.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Dan Azmon</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;">Mr. Azmon served as our Chief Financial Officer from November 2019 until his resignation on February 10, 2020. During 2019, Mr. Azmon received a base salary of $34,615, representing a two-month pro-rated amount of his annual base salary of $300,000. Mr. Azmon also received a cash signing bonus in the amount of $30,000 and an equity grant of 10,000 shares of restricted common stock, which shares were subject to cliff vesting on November 18, 2022 subject to Mr. Azmon&#x2019;s continuing employment with the Company. Upon Mr. Azmon&#x2019;s resignation on February 10, 2020, he repaid the cash signing bonus and forfeited the equity portion of his signing bonus.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Kenneth Hauser</font></i></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;">In 2016, Mr. Hauser entered into a Severance and Change in Control Agreement with us, the details of which are outlined below under the heading &ldquo;<i><font style="color: black; layout-grid-mode: line;">Payments upon Termination or Change in Control</font></i>.&#x0094; Pursuant to the Severance and Change in Control Agreement, Mr. Hauser is prohibited from disclosing confidential information and he has agreed not to compete with us without our consent during the term of employment and for 12 months thereafter, so long as we make severance payments to Mr. Hauser pursuant to the agreement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black">During 2018,
Mr. Hauser&#x2019;s base salary was $217,330. He was entitled to receive a non-discretionary performance based cash bonus targeted
at 25% of his base salary upon the attainment of Company targets measured by revenue, inventory levels, and product deliveries,
among other measures. For the year ended December 31, 2018, Mr. Hauser received $64,936 in performance-based cash compensation,
which was paid in 2019. In addition, Mr. Hauser was awarded an aggregate of 6,586 shares of restricted stock (with a fair market
value on the date of grant of $54,333) pursuant to the Company&#x2019;s 2016 long-term incentive plan. The shares of restricted
stock vest on a four year schedule, as follows: 50% of the shares are subject to time-based vesting, and vest in four equal annual
installments on the day after the filing of the Company&#x2019;s Annual Report on Form 10-K each year; the remaining 50% of the
shares are subject to performance based vesting, and vest upon the achievement of all Company financial performative-metric thresholds
for each fiscal year as identified by our Compensation &amp; Human Resources Committee no later than 90 days following January
1 of the applicable fiscal year. The fiscal 2018 metrics were growth targets measured by backlog, revenue, and year-end inventory.
The 2018 performance-based vesting metrics were not all met and, therefore, Mr. Hauser forfeited 2,843 shares of restricted stock,
representing the performance-based portion of the restricted stock granted in 2018, 2017, and 2016.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><font style="color: black">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black">During 2019, Mr. Hauser&rsquo;s
base salary was $221,677. He was entitled to receive a non-discretionary performance based cash bonus targeted at 25% of his base
salary upon the attainment of Company targets measured by revenue, inventory levels, and product deliveries, among other measures.
For the year ended December 31, 2019,&nbsp;Mr. Hauser received $48,171 in performance-based cash compensation, which was paid
in 2020. In addition, during 2019, Mr. Hauser was awarded an aggregate of 8,487 shares of restricted stock (with a fair market
value on the date of grant of $55,419) pursuant to the Company&rsquo;s 2016 long-term incentive plan. The shares of restricted
stock vest on a four year schedule, as follows: 50% of the shares are subject to time-based vesting, and vest in four equal annual
installments on the day after the filing of the Company&rsquo;s Annual Report on Form 10-K each year; the remaining 50% of the
shares are subject to performance based vesting, and vest upon the achievement of all Company financial performative-metric thresholds
for each fiscal year as identified by our Compensation &amp; Human Resources Committee no later than 90 days following January
1 of the applicable fiscal year. The fiscal 2019 metrics were growth targets measured by revenue, pre-tax income, and cash flow
from operations. The 2019 performance-based vesting metrics were not all met and, therefore, Mr. Hauser will forfeit 3,904 shares
of restricted stock on the date that the Company&rsquo;s Annual Report on Form 10-K is filed, representing the performance-based
portion of the restricted stock granted in 2019, 2018, 2017, and 2016.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt"><font style="color: black; layout-grid-mode: line"></font></p>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><font style="color: black; layout-grid-mode: line;"><font style="color: black; layout-grid-mode: line;">Outstanding Equity Awards at Fiscal Year-End</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;">The following tables summarize the outstanding stock awards as of December 31, 2019 for each Named Executive Officer.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</td><td style="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td colspan="13" style="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><b><font style="color: black; layout-grid-mode: line"><font style="color: black; layout-grid-mode: line">Stock Awards</font></font></b></p>

</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(40,56,138)">
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; color: black; text-align: center; background-color: White"><b>Name</b></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; background-color: White">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: right"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: white; layout-grid-mode: line;"><font style="color: white; layout-grid-mode: line;">Number of Shares of<br>Stock Unvested (#)</font></font></b><b><sup><font style="color: white; layout-grid-mode: line;"><b>(1)</b></font></sup></b></p></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left"><sup>&nbsp;</sup></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: right"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: white; layout-grid-mode: line;"><font style="color: white; layout-grid-mode: line;">Equity Incentive Plan<br>Awards: Number of<br>Unearned Shares (#)</font></font></b><b><sup><font style="color: white; layout-grid-mode: line;"><b>(2)</b></font></sup></b></p></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left"><sup>&nbsp;</sup></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: right"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: white; layout-grid-mode: line;"><font style="color: white; layout-grid-mode: line;">Market Value of<br>Shares&nbsp;Unvested ($)</font></font></b><b><sup><font style="color: white; layout-grid-mode: line;"><b>(3)</b></font></sup></b></p></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white">&nbsp;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left">&nbsp;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: right"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: white; layout-grid-mode: line;"><font style="color: white; layout-grid-mode: line;">Equity Incentive<br>Plan Awards: Market<br>or Payout Value of<br>Unearned Shares ($)</font></font></b><b><sup><font style="color: white; layout-grid-mode: line;"><b>(3)</b></font></sup></b></p></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; color: white; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="width: 40%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 20pt; text-indent: -20pt">Douglas
    McCrosson <BR><i>Chief Executive Officer</i></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">85,239</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>(4)</sup></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">37,801</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>5)</sup></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">254,402</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">573,657</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 20pt; text-indent: -20pt">Vincent
    Palazzolo <BR><i>Chief Financial Officer*</i></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>(6)</sup></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">52,624</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>(6)</sup></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">354,156</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 20pt; text-indent: -20pt">Dan
    Azmon <BR><i>Chief Financial Officer*</i></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">10,000</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>(7)</sup></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>&nbsp;</sup></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">73,700</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">&mdash;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-left: 20pt; text-indent: -20pt">Kenneth
    Hauser <BR><i>Vice President of Global Supply Chain Management and Quality</i></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">16,829</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>(8)</sup></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">8,378</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left"><sup>(9)</sup></td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">107,202</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">56,387</td><td style="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt;"><font style="layout-grid-mode: line;">*<b> </b></font><font style="color: black;">Dan Azmon served as our Chief Financial Officer from November 2019 until his resignation on February 10, 2020, and Vincent Palazzolo served as our Chief Financial Officer from 2004 until November 2019.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(1)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Reflects shares of restricted stock granted pursuant to the Company&#x2019;s 2016 long-term incentive plan which have yet to vest. The shares of restricted stock vest on a four year schedule, as follows: 50% of the shares are subject to time-based vesting, and vest in four equal annual installments on the day after the filing of the Company&#x2019;s Annual Report on Form 10-K each year; the remaining 50% of the shares are subject to performance-based vesting, and vest upon the achievement of all Company financial performative-metric thresholds for each fiscal year as identified by our Compensation &amp; Human Resources Committee no later than 90 days following January 1 of the applicable fiscal year. The fiscal 2016 metrics were growth targets measured by EBITDA and revenue, the fiscal 2017 metrics were growth targets measured by revenue and year-end inventory, the fiscal 2018 metrics were growth targets measured by backlog, revenue, and year-end inventory, and the fiscal 2019 metrics were growth targets measured by measured by revenue, pre-tax income, and cash flow from operations.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(2)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Reflects
shares of restricted stock granted pursuant to the Company&#x2019;s 2016 long-term incentive plan which were forfeited in
2017, 2018, and 2019, and shares of restricted stock withheld to satisfy tax obligations. Does not include shares of
restricted stock granted pursuant to the Company&#x2019;s 2016 long-term incentive plan which were or will be forfeited in
2020.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(3)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Calculated using the closing price per share of the Company&#x2019;s common stock on the last date of fiscal year 2019.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(4)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Includes (i) 10,398 unvested shares of restricted stock initially granted on August 2, 2016, (ii) 17,295 unvested shares of restricted stock initially granted on March 2, 2017, (iii) 24,938 shares of restricted stock initially granted on March 20, 2018, and (iv) 42,009 unvested shares of restricted stock initially granted on April 2, 2019, </font><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">less</font></i></font><font style="color: black; layout-grid-mode: line;"> an aggregate of 9,401 shares withheld to satisfy tax obligations.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(5)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Includes (i) the forfeiture of an aggregate of 15,596 shares of restricted stock initially granted on August 2, 2016, and (ii) the forfeiture of an aggregate of 8,648 shares of restricted stock initially granted on March 2, 2017, (iii) the forfeiture of an aggregate of 4,156 shares of restricted stock initially granted on March 20, 2018, (iv) no forfeiture of restricted stock initially granted on April 2, 2019 (as such shares had not vested or been forfeited as of December 31, 2019), and (v) and an aggregate of 9,401 shares withheld to satisfy tax obligations.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(6)</font></p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Upon the termination of Mr. Palazzolo&#x2019;s employment in November 2019, all unvested shares of restricted stock were forfeited.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(7)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Such shares were forfeited upon Mr. Azmon&#x2019;s resignation on February 10, 2020.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(8)</font></p>
</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Includes (i) 2,318 unvested shares of restricted stock initially granted on August 2, 2016, (ii) 3,442 unvested shares of restricted stock initially granted on March 2, 2017, (iii) 4,940 shares of restricted stock initially granted on March 20, 2018, and (iv) 8,487 unvested shares of restricted stock initially granted on April 2, 2019, </font><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">less</font></i></font><font style="color: black; layout-grid-mode: line;"> an aggregate of 2,357 shares withheld to satisfy tax obligations.</font></p>
</td>
</tr>

</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;">(9)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Includes (i) the forfeiture of an aggregate of 3,477 shares of restricted stock initially granted on August 2, 2016, and (ii) the forfeiture of an aggregate of 1,721 shares of restricted stock initially granted on March 2, 2017, (iii) the forfeiture of an aggregate of 823 shares of restricted stock initially granted on March 20, 2018, (iv) no forfeiture of restricted stock initially granted on April 2, 2019 (as such shares had not vested or been forfeited as of December 31, 2019), and (iv) and an aggregate of 2,357 shares withheld to satisfy tax obligations.</font></p>
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</table>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><font style="color: black; layout-grid-mode: line;"><font style="color: black; layout-grid-mode: line;">Pension Benefits</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;">Other than our 401(k) plan, we do not maintain any other plan that provides for payments or other benefits at, following, or in connection with retirement.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b><font style="color: black; layout-grid-mode: line;"><font style="color: black; layout-grid-mode: line;">Payments upon Termination or Change in Control</font></font></b></p>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;">The Severance and Change in Control agreements with our Named Executive Officers provide for varying types and amounts of payments and additional benefits upon termination of employment, depending on the circumstances of the termination.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;<font style="font-size: 10pt;">&nbsp;</font></p>
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<tr>
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<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;"><i>&#x25cf;</i></font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Termination without cause</font></i></font><font style="color: black; layout-grid-mode: line;">.&nbsp;&nbsp;If employment is terminated by the Company other than for cause, as defined in the agreements, then (i) with respect to Mr. McCrosson, he is entitled to (x) continued salary for 18 months, (y) any earned cash bonus not yet paid for the preceding fiscal year, and (z) a pro-rata cash bonus calculated using the prior year&#x2019;s cash bonus amount, and (ii) with respect to Mr. Palazzolo, Mr. Azmon, Mr. Powers, or Mr. Hauser, he is entitled to (x) continued salary for 12 months, (y) any earned cash bonus not yet paid for the preceding fiscal year, and (z) a pro-rata cash bonus calculated using the prior year&#x2019;s cash bonus amount. A non-competition provision will apply for as long as severance payments are being paid. Any unvested restricted stock will be forfeited and any unexercised options will expire.</font></p>
</td>
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</table>
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<tr>
<td valign="top" style="width:20pt;"></td>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;"><i>&#x25cf;</i></font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Termination for cause, or if the executive quits.&nbsp;</font></i></font><font style="color: black; layout-grid-mode: line;">If one of our Named Executive Officers voluntarily terminates his employment, or if the Company terminates his employment for cause, he is not entitled to any severance payments and is not bound by a non-compete clause, however he is still bound by any confidentially and non-disparagement duties. Any unvested restricted stock will be forfeited and any unexercised options will expire.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;"></td>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;"><i>&#x25cf;</i></font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Termination for disability.&nbsp;</font></i></font><font style="color: black; layout-grid-mode: line;">If one of our Named Executive Officers is terminated because of a disability, as defined in the Severance and Change in Control agreements, then he will receive severance as if he had been terminated without cause.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;"></td>
<td valign="top" style="width:20pt;">
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt;"><font style="color: black; layout-grid-mode: line;"><i>&#x25cf;</i></font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;"><i><font style="color: black; layout-grid-mode: line;">Termination following a change in control.&nbsp;</font></i></font><font style="color: black; layout-grid-mode: line;">If the employment of one of our Named Executive Officers is terminated within 18 months following a change in control by the Company other than for cause or disability or by him for good reason (all such terms as defined in the Severance and Change in Control Agreements), he is entitled to (i) his base salary earned through the date of termination, (ii) any earned cash bonus not yet paid for the preceding fiscal year, and (iii) a pro rata portion of the his annual cash bonus for the portion of the year he worked, assuming all applicable targets had been met. In addition, he will be entitled to a change in control payment: (x) for Mr. McCrosson, in an amount equal to two times total compensation (base salary plus earned cash bonus) for either the prior full fiscal year, or the preceding fiscal year, whichever is the highest total compensation; (y) for Mr. Palazzolo, Mr. Azmon, Mr. Powers, or Mr. Hauser, in an amount equal to one and one-half times his base salary for the prior full fiscal year. Upon any change in control, all outstanding stock options and restricted stock will vest immediately for such Named Executive Officer. Health insurance and other fringe benefits will continue for the Named Executive Officer for a period of six months after termination.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><font style="color: black; layout-grid-mode: line;">The following table summarizes the amounts payable upon termination of employment for our Named Executive Officers, assuming termination occurred on December 31, 2019 under the current Severance and Change in Control Agreements with each such Named Executive Officer. For purposes of presenting amounts payable over a period of time (e.g., salary continuation), the amounts are shown as a single total but not as a present value (the single sum does not reflect any discount). To the extent the termination accelerates vesting of equity awards, the value presented below is based upon the Company&#x2019;s stock price as of December 31, 2019, and assumes the achievement of all applicable performance benefits.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;Potential
Termination Payments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="layout-grid-mode: line"></font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(33,55,132)">
    <td style="color: white; font-weight: bold; text-align: left">Name</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="6" style="color: white; font-weight: bold; text-align: center; border-bottom: White 1pt solid">Disability</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; text-align: center">&nbsp;</td>
    <td colspan="6" style="color: white; text-align: center; border-bottom: White 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><b>By
Company</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: white"><b>for Cause&nbsp;</b></p></td><td style="color: white; text-align: center">&nbsp;</td><td style="color: white; text-align: center">&nbsp;</td>
    <td colspan="6" style="color: white; text-align: center; border-bottom: White 1pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: white"><b>By
Company</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; color: white"><b>without Cause</b></p></td><td style="color: white; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="6" style="color: white; font-weight: bold; text-align: center; border-bottom: White 1pt solid">Change in Control</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(33,55,132)">
    <td style="text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Cash ($)</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Equity</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Cash ($)</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Equity</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Cash ($)</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Equity</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Cash ($)</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Equity</td><td style="color: white; font-weight: bold; text-align: center">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left; width: 12%">Douglas McCrosson</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">683,866</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">&mdash;</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">&mdash;</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">&mdash;</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">683,866</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">&mdash;</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">1,137,167</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 8%; color: black; text-align: right">47,379</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left">Vincent Palazzolo*</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">339,614</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">339,614</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">482,769</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">38,907</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left">Dan Azmon*</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">300,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">300,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">450,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">10,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left">Thomas Powers*</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left">Kenneth Hauser</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">254,928</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">254,928</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">&mdash;</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">587,444</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">11,379</td><td style="color: black; text-align: left">&nbsp;</td></tr>
</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="layout-grid-mode: line">&nbsp;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="layout-grid-mode: line">*</font><b> </b><font style="color: black;">Mr. Powers began his service as our Acting Chief Financial Officer on February 12, 2020. Previously, Dan Azmon served as our Chief Financial Officer from November 2019 until his resignation on February 10, 2020, and Vincent Palazzolo served as our Chief Financial Officer from 2004 until November 2019.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Equity Award Plans</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Long-term equity incentives are an important component of compensation and are <font style="color: black;">designed to align the interests of our executive officers and directors who receive long-term equity awards with the Company&#x2019;s long-term performance and to increase shareholder value. </font>The Company has awarded long-term incentive compensation pursuant to three plans:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>2016 Long-Term Incentive Plan.&nbsp; </i>The 2016 Long-Term Incentive Plan registered 600,000 shares of our common stock, which may be granted in the form of stock options, stock appreciation rights, restricted stock, deferred stock, stock reload options, and other stock-based awards, to employees, officers, directors, and consultants of the company. <font style="color: black;">As of December 31, 2019, we had granted 533,370 shares under this plan and 66,630 shares remained available for grant under this plan.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Performance Equity Plan 2009</i>.&nbsp;&nbsp;The Performance Equity Plan 2009 authorizes the grant of 500,000 stock options, stock appreciation rights, restricted stock, deferred stock, stock reload options, and other stock-based awards. <font style="color: black; layout-grid-mode: line;">As of December 31, 2019, we had granted 366,984 shares under this plan and 133,016 shares remained available for grant.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Performance Equity Plan 2000</i>.&nbsp;&nbsp;The Performance Equity Plan 2000 authorizes the grant of 1,230,000 stock options, stock appreciation rights, restricted stock, deferred stock, stock reload options, and other stock-based awards. As of December 31, 2018, options to purchase an aggregate of 1,283,333 shares of common stock had been granted under this plan, of which 35,000 options remained outstanding exercisable at a price of $6.60 per share. As of December 31, 2019, zero options/shares remained available for grant under this plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="13" style="font-weight: bold; text-align: center; padding-left: 0pt">Equity Compensation Plan Information</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(33,55,132)">
    <td style="font-weight: bold; text-align: center; padding-bottom: 0pt; padding-left: 0pt; border-bottom: White 0pt solid"><font style="color: White">Plan
    Category</font></td><td style="font-weight: bold; padding-bottom: 0pt"><font style="color: White">&nbsp;</font></td>
    <td style="border-bottom: Black 0pt solid; font-weight: bold; text-align: left"><font style="color: White">&nbsp;</font></td><td style="border-bottom: White 0pt solid; font-weight: bold; text-align: right"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;"><font style="color: White"><b>Number
                                         of Securities to be issued upon exercise of outstanding options, warrants, and rights</b></font></p></td><td style="padding-bottom: 0pt; font-weight: bold; text-align: left"><font style="color: White">&nbsp;</font></td><td style="font-weight: bold; padding-bottom: 0pt"><font style="color: White">&nbsp;</font></td>
    <td style="border-bottom: Black 0pt solid; font-weight: bold; text-align: left"><font style="color: White">&nbsp;</font></td><td style="border-bottom: White 0pt solid; font-weight: bold; text-align: right"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;"><font style="color: White"><b>Weighted-average
                                         exercise price of outstanding options, warrants, and rights ($)</b></font></p></td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"><font style="color: White">&nbsp;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="color: White">&nbsp;</font></td>
    <td style="border-bottom: Black 0pt solid; font-weight: bold; text-align: left"><font style="color: White">&nbsp;</font></td><td style="border-bottom: White 0pt solid; font-weight: bold; text-align: right"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt .8pt 0pt 0pt;"><font style="color: White"><b>Number
                                         of securities remaining available for future issuance under equity compensation plans
                                         <sup>(1)</sup></b></font></p></td><td style="padding-bottom: 0pt; font-weight: bold; text-align: left"><font style="color: White">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="width: 31%; text-align: left; padding-left: 0pt">Equity compensation plans approved by shareholders</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 13%; text-align: right">&mdash;</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 13%; text-align: right">&mdash;</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 13%; text-align: right">199,646</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 0pt">Equity compensation plans not approved by shareholders</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="padding-left: 0pt">Total</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">199,646</td><td style="text-align: left">&nbsp;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 80%">                                                                                                                                        <tr style="vertical-align: top">
<td style="text-align: left; width: 20%; border-bottom: Black 1pt solid">&nbsp;</td><td style="width: 60%">&nbsp;</td></tr>
</table>

<p style="margin: 0"></p>

<table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 80%">
<tr style="vertical-align: top">
<td colspan="2" style="text-align: left">(1) Excludes securities to be issued upon exercise of outstanding options, warrants, and rights, which are reflected in the first column.</td>
</tr>     <tr style="vertical-align: top">
<td style="text-align: left; width: 2%">&nbsp;</td><td style="width: 78%">&nbsp;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Compensation of Directors</b></p>

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

<p style="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Directors who are employees of
the Company do not receive separate compensation for their service as a director. Our non-executive directors receive a mix of
cash compensation and stock compensation for their service to our Company. Each year, our Compensation &amp; Human Resources Committee
determines the total amount of non-executive director compensation, as well as the allocation among cash and stock compensation,
and takes into consideration, among other things, the Company&rsquo;s performance relative to its guidance, the extent to which
director compensation aligns the interests of our directors with the interests of our shareholders, compensation awarded to directors
of similarly sized companies in our industry, and past practices. Our Compensation &amp; Human Resources Committee is also tasked
with reviewing the compensation paid to non-executive directors and making recommendations to our board of directors for any adjustments
deemed necessary as a result of their review. In December 2018, our board of directors determined that the following structure
would properly incentivize non-executive directors and adequately recognize the additional work performed by board committee chairs:
Chairman of the Board, $200,000; Chair of each of the Audit &amp; Finance Committee and Strategic Planning Committee, $140,000
each; Chair of the Compensation &amp; Human Resources Committee, $125,000; Chair of the Nominating &amp; Corporate Governance
Committee, $120,000; and all other non-executive directors, $100,000 each. Mr. Stinson, who served as both Non-Executive Chairman
of the Board and Chair of the Compensation Committee (until Mr. Bond became Chair of the Compensation &amp; Human Resources Committee
in June 2019), waived his additional compensation as Chair of the Compensation Committee. In August 2020, our board of directors
created a new position of Non-Executive Vice Chairperson of the Board and set the compensation for such role at $165,000. Mr.
Bond was appointed to serve as Non-Executive Vice Chairperson of the Board in August 2020.&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The following table summarizes the compensation of our non-executive directors for the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(33,55,132)">
    <td style="padding-left: 3pt; color: white; font-weight: bold">Name</td><td style="color: white; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Fees Earned or<BR>Paid in Cash ($)</td><td style="color: white; font-weight: bold">&nbsp;</td><td style="color: white; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center"><p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: white; layout-grid-mode: line;">Stock Awards ($)</font><sup><font style="color: white; layout-grid-mode: line;"><b>(1)</b></font></sup></b></p></td><td style="color: white; font-weight: bold">&nbsp;</td><td style="color: white; font-weight: bold">&nbsp;</td>
    <td colspan="2" style="color: white; font-weight: bold; text-align: center">Total ($)</td><td style="color: white; font-weight: bold">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="width: 15%; color: black; text-align: left; padding-left: 3pt">Harvey Bazaar<sup>(2)</sup></td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 12%; color: black; text-align: right">28,000</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 12%; color: black; text-align: right">42,003</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 1%; color: black">&nbsp;</td>
    <td style="width: 1%; color: black; text-align: left">&nbsp;</td><td style="width: 12%; color: black; text-align: right">70,003</td><td style="width: 1%; color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 3pt">Janet Cooper<sup>(3)</sup></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">37,823</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">56,733</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">94,556</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left; padding-left: 3pt">Carey Bond<sup>(4)</sup></td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">45,583</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">68,375</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">113,958</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 3pt">Michael Faber</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">48,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">72,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">120,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left; padding-left: 3pt">Walter Paulick</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">40,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">60,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">100,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 3pt">Eric Rosenfeld</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">56,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">84,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">140,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: black; text-align: left; padding-left: 3pt">Terry Stinson</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">80,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">120,000</td><td style="color: black; text-align: left">&nbsp;</td><td style="color: black">&nbsp;</td>
    <td style="color: black; text-align: left">&nbsp;</td><td style="color: black; text-align: right">200,000</td><td style="color: black; text-align: left">&nbsp;</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">_________________</p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black; layout-grid-mode: line;">(1)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Represents stock awarded to directors during 2019 in the form of RSUs, all of which had vested by December 31, 2019. The Company accounts for compensation expense associated with RSUs based on the fair value of the units on the date of grant.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black; layout-grid-mode: line;">(2)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Mr. Bazaar retired from our board of directors in June 2019. Represents the pro-rated portion of compensation.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black; layout-grid-mode: line;">(3)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Ms. Cooper joined our board of directors in May 2019 and became chair of our Audit &amp; Finance Committee in June 2019. Represents the pro-rated portion of compensation.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;"></p>
<table style="width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td valign="top" style="width:20pt;">
<p  style="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; margin-top: 0pt; margin-right: 0pt;"><font style="color: black; layout-grid-mode: line;">(4)</font></p>
</td>
<td valign="top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><font style="color: black; layout-grid-mode: line;">Mr. Bond became chair of our Compensation &amp; Human Resources Committee in June 2019. Includes the pro-rated portion of his additional compensation.</font></p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Non-Employee Director Stock Ownership Policy</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">In July 2019, upon the recommendation of the Compensation &amp; Human Resources Committee, our board of directors revised its stock ownership policy for non-employee directors. Under the prior policy, non-employee directors were required to own stock of the Company valued at least four times his or her annual cash compensation before and following any stock sales. In order to better align the long-term interests of non-employee directors with our shareholders, our board revised the policy as follows: non-employee directors are now expected to own shares of stock equal to five times the then cash portion of the annual non-employee director&#x2019;s compensation within five years of joining the board.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><b>Certain Relationships and Related-Party Transactions</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Related-Party Policy</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our Code of Ethics requires us to avoid, wherever possible, all related-party transactions that could result in actual or potential conflicts of interest, except under guidelines approved by our board of directors (or our Audit &amp; Finance Committee). SEC rules generally define related-party transactions as transactions in which (1) the aggregate amount involved will or may be expected to exceed $120,000 in any calendar year, (2) we or any of our subsidiaries is a participant, and (3) any (a) executive officer, director or nominee for election as a director, (b) greater than 5% beneficial owner of our common stock, or (c) immediate family member of the persons referred to in clauses (a) and (b), has or will have a direct or indirect material interest (other than solely as a result of being a director or a less than 10% beneficial owner of another entity). A conflict of interest situation can arise when a person takes actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may also arise if a person, or a member of his or her family, receives improper personal benefits as a result of his or her position.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our Audit &amp; Finance Committee, pursuant to its written charter, is responsible for reviewing and approving related-party transactions to the extent we enter into such transactions. Our Audit &amp; Finance Committee considers all relevant factors when determining whether to approve a related-party transaction, including whether the related-party transaction is on terms no less favorable than terms generally available to an unaffiliated third-party under the same or similar circumstances and the extent of the related-party&#x2019;s interest in the transaction. No director may participate in the approval of any transaction in which he or she is a related-party, but that director is required to provide our Audit &amp; Finance Committee with all material information concerning the transaction. Additionally, we require each of our directors and executive officers to complete a directors&#x2019; and officers&#x2019; questionnaire annually that elicits information about related-party transactions. These procedures are intended to determine whether any such related-party transaction impairs the independence of a director or presents a conflict of interest on the part of a director, employee, or officer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><i>Related-Party Transactions</i>.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">There were no related-party transactions during the year ended December 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table and accompanying footnotes
below set forth certain information as of August 21, 2020, the record date, with respect to the ownership of our common stock by:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="margin-left: 23.9pt; border-collapse: collapse; width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="padding: 0pt 0pt 0pt 0pt;width:0%;" valign="top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:3%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:98%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">each person or group who beneficially owns more than 5% of our common stock;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="margin-left: 23.9pt; border-collapse: collapse; width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="padding: 0pt 0pt 0pt 0pt;width:0%;" valign="top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:3%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:98%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">each of our directors and our director nominees;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="margin-left: 23.9pt; border-collapse: collapse; width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="padding: 0pt 0pt 0pt 0pt;width:0%;" valign="top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:3%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:98%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">each of our Named Executive Officers; and</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table style="margin-left: 23.9pt; border-collapse: collapse; width: 100%;" border="0" width="100%" cellspacing="0" cellpadding="0">

<tr>
<td style="padding: 0pt 0pt 0pt 0pt;width:0%;" valign="top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:3%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt 0pt 0pt 0pt;width:98%;" valign="top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">all of our directors and executive officers as a group.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A person is deemed to be the beneficial
owner of securities that can be acquired by the person within 60 days from the record date. Accordingly, common stock issuable
upon exercise of options that are currently exercisable, or exercisable within 60 days of August 21, 2020, have been included in
the table with respect to the beneficial ownership of the person owning the options.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(33,55,132)">
    <td style="font-weight: bold; border-bottom: White 0pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; text-align: left; margin-bottom: 0pt"><font style="color: White"><b>Name
                                         and Address of Beneficial Owner<sup>(1)</sup></b></font></p></td><td style="font-weight: bold; text-align: center"></td>
    <td colspan="2" style="border-bottom: White 0pt solid; font-weight: bold; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 3pt; margin-bottom: 0pt"><font style="color: White"><b>Shares
                                         Beneficially</b><br><b>Owned<sup>(2)</sup></b></font></p></td><td style="font-weight: bold; text-align: center"></td><td style="text-align: center"></td>
    <td colspan="2" style="text-align: center; border-bottom: White 0pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><font style="color: White"><b>Percent
                                         of</b></font></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="color: White"><b>Class<sup>(3)</sup></b></font></p></td><td style="text-align: center"><font style="color: White">&nbsp;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="color: #0e2e94; font-weight: bold; font-style: italic; text-align: left; padding-left: 5.4pt">Current Directors and Officers:</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="width: 74%; text-align: left; padding-left: 20pt">Douglas McCrosson</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: right">&nbsp;</td><td style="width: 10%; text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: right">125,725</p></td><td style="width: 1%; text-align: left"><sup>(4)</sup></td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 10%; text-align: right">1.1</td><td style="width: 1%; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Thomas Powers</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">0.0</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 20pt">Kenneth Hauser</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">22,852<sup></sup></p></td><td style="text-align: left"><sup>(5)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">*</p></td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Carey Bond</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">40,484</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">*</p></td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 20pt">Janet Cooper</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">20,835</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">*</p></td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Michael Faber</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">43,134</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">*</p></td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 20pt">Walter Paulick</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">59,324</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">*</p></td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Eric Rosenfeld</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: right">760,415</p></td><td style="text-align: left"><sup>(6)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6.4</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 20pt">Terry Stinson</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">80,748</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">*</p></td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-left: 5.4pt">All current directors and named executive officers as a group (nine persons)</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: right">&nbsp;</td><td style="font-weight: bold; text-align: right">1,153,517</td><td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td style="font-weight: bold; text-align: left">&nbsp;</td><td style="font-weight: bold; text-align: right">9.7</td><td style="font-weight: bold; text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="color: #0e2e94; font-weight: bold; font-style: italic; text-align: left; padding-left: 5.4pt">Five Percent Holders:</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="color: black; text-align: left; padding-left: 20pt">Jeffrey L. Feinberg</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">983,443<sup></sup></p></td><td style="text-align: left"><sup>(7)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">8.3</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 20pt">Royce &amp; Associates, LLC</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">732,366<sup></sup></p></td><td style="text-align: left"><sup>(8)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6.2</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Dimensional Fund Advisors LP</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">619,742<sup></sup></p></td><td style="text-align: left"><sup>(9)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.2</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 20pt">The Vanguard Group</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">606,169<sup></sup></p></td><td style="text-align: left"><sup>(10)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.1</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Russell Investments Group, Ltd.</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right">598,360<sup></sup></p></td><td style="text-align: left"><sup>(11)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.1</td><td style="text-align: left">%</td></tr>
<tr style="vertical-align: bottom; background-color: Silver">
    <td style="text-align: left; padding-left: 20pt">David W. Wright</td><td>&nbsp;</td>
    <td style="text-align: right">&nbsp;</td><td style="text-align: right">600,000</td><td style="text-align: left"><sup>(12)</sup></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.1</td><td style="text-align: left">%</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">________________</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">* Less than 1%</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 0.35in; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(1)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Unless otherwise noted, the business address of each of the following persons is c/o CPI Aerostructures, Inc., 91 Heartland Blvd., Edgewood, New York 11717.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(2)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Unless otherwise noted, we believe that all persons named in the table have sole voting and investment power with respect to all common stock beneficially owned by them, subject to community property laws, where applicable. With respect to our executive officers, this includes both time-based and performance-based restricted stock awards that are forfeitable until the vesting date or performance certification date, as applicable. It does not include portions of restricted stock awards which have been forfeited. With respect to our non-executive directors, this includes time-based RSUs. RSUs are granted on the first day of the year and vest quarterly upon completion of service as a director. Such shares of restricted stock and such RSUs are included herein because they confer voting rights and therefore may be deemed to be beneficially owned under Rule 13d-3(a)(1) promulgated under the Exchange Act.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(3)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">As of August 21, 2020, there were 11,876,610 shares of our common
stock issued and outstanding. Each person beneficially owns a percentage of our outstanding common stock equal to a fraction, the
numerator of which is the number shares of our common stock held by such person plus the number of shares of our common stock that
such person can acquire within 60 days the record date upon the exercise of options, if applicable, and the denominator of which
is 11,876,610 (the number of shares of our common stock outstanding) plus the number of shares of our common stock such person
can so acquire during such 60-day period.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 0.35in; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(4)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Includes an aggregate of 47,379 shares subject to time-based or performance-based vesting. Does not reflect shares which may be granted to Mr. McCrosson under the long-term incentive plan for 2020, or an aggregate of 18,930 shares which Mr. McCrosson will forfeit on the date that the Company&rsquo;s Annual Report on Form 10-K is filed, representing the performance-based portion of the restricted stock granted in 2019, 2018, 2017, and 2016, in accordance with the terms of his restricted stock award agreements with the Company.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(5)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Includes an aggregate of 9,022 shares subject to time-based or performance-based vesting. Does not reflect shares which may be granted to Mr. Hauser under the long-term incentive plan for 2020, or an aggregate of 3,904 shares which Mr. Hauser will forfeit on the date that the Company&rsquo;s Annual Report on Form 10-K is filed, representing the performance-based portion of the restricted stock granted in 2019, 2018, 2017, and 2016, in accordance with the terms of his restricted stock award agreements with the Company.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(6)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Represents 250,145 shares of common stock owned individually and 510,270 shares of common stock held by Crescendo Partners II, L.P. Series L (&ldquo;Crescendo Partners II&#x0094;). Mr. Rosenfeld is the senior managing member of the sole general partner of Crescendo Partners II. Mr. Rosenfeld disclaims beneficial ownership of the shares held by Crescendo Partners II, except to the extent of his pecuniary interest therein.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(7)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The information with respect to Jeffrey L. Feinberg is derived from a Schedule 13G/A filed with the SEC on February 12, 2020. The business address of Jeffrey L. Feinberg is <font style="color: black;">c/o Feinberg Investments Management LP, 972 Palisades Beach Road, Santa Monica, CA 90403.</font></p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(8)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The information with respect to Royce &amp; Associates, LLC is derived from an Amendment to Schedule 13G/A filed with the SEC on January 21, 2020. The business address of Royce &amp; Associates, LLC is 745 Fifth Avenue, New York, NY 10151.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(9)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">The information with respect to Dimensional Fund Advisors LP is derived from a Schedule 13G/A filed with the SEC on February 12, 2020. Dimensional Fund Advisors LP, an investment adviser registered under Section 203 of the Investment Advisors Act of 1940, furnishes investment advice to four investment companies registered under the Investment Company Act of 1940, and serves as investment manager or sub-adviser to certain other commingled funds, group trusts and separate accounts (such investment companies, trusts and accounts, collectively referred to as the &ldquo;Funds&#x0094;). In certain cases, subsidiaries of Dimensional Fund Advisors LP may act as an adviser or sub-adviser to certain Funds. In its role as investment advisor, sub-adviser and/or manager, Dimensional Fund Advisors LP or its subsidiaries (collectively, &ldquo;Dimensional&#x0094;) may possess voting and/or investment power over the securities of the Issuer that are owned by the Funds, and may be deemed to be the beneficial owner of the shares of the Issuer held by the Funds. However, all securities reported in this schedule are owned by the Funds. Dimensional disclaims beneficial ownership of such securities. The business address of Dimensional is&nbsp; Building One, 6300 Bee Cave Road, Austin, TX 78746.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(10)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&nbsp;The information with respect to The Vanguard Group is derived from a Schedule 13G filed with the SEC on February 11, 2020. Vanguard Fiduciary Trust Company (&ldquo;VFTC&#x0094;), a wholly-owned subsidiary of The Vanguard Group, Inc., is the beneficial owner of 1,598 shares or 0.01% of the Common Stock outstanding of the Company as a result of its serving as investment manager of collective trust accounts. Vanguard Investments Australia, Ltd. (&ldquo;VIA&#x0094;), a wholly-owned subsidiary of The Vanguard Group, Inc., is the beneficial owner of 0 shares or 0.00% of the Common Stock outstanding of the Company as a result of its serving as investment manager of Australian investment offerings. The business address of The Vanguard Group is 100 Vanguard Blvd., Malvern, PA 19355.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(11)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The information with respect to Russell Investments Group, Ltd. is derived from a Schedule 13G filed with the SEC on February 12, 2020. The business address of Russell Investments Group, Ltd. is 1301 Second Ave, Suite 1800, Seattle, WA 98101.</p>
</td>
</tr>
<tr>
<td style="padding: 0pt; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">(12)</p>
</td>
<td style="padding: 0pt; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The information with respect to
David W. Wright is derived from a Schedule 13G filed with the SEC on June 12, 2020. The business address of Mr. Wright is 255
South 17th Street, Suite 1102, Philadelphia, PA 19103. Beneficial ownership includes 311,000 shares of common stock held by Henry
Partners, L.P., 254,000 shares of common stock held by Matthew Partners, L.P., and 35,000 shares of common stock held by Mr. Wright
individually. Mr. Wright is the President of Canine Partners, LLC, which is the sole general partner of Henry Investment Trust,
L.P. Henry Investment Trust, L.P. is the sole general partner of each of Henry Partners, L.P. and Matthew Partners, L.P.</p>
</td>
</tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">SOLICITATION OF PROXIES</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Your proxy is being solicited on behalf of our board of directors and we are bearing the cost of this solicitation. In addition to the use of the mails and the Internet, proxies may be solicited personally or by email or telephone using the services of directors, officers, and regular employees at nominal cost. Banks, brokerage firms, and other custodians, nominees, and fiduciaries will be reimbursed by us for expenses incurred in sending proxy material to beneficial owners of our common stock. We have retained MacKenzie Partners, Inc. (&ldquo;MacKenzie&#x0094;) to assist in the solicitation of proxies for the Annual Meeting. We will pay MacKenzie a fee of $6,500 plus reimbursement for reasonable out-of-pocket expenses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">2021 ANNUAL MEETING SHAREHOLDER PROPOSALS AND NOMINATIONS</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We intend to hold the 2021 annual meeting of
shareholders on or about June 15, 2021. In order for any shareholder proposal to be presented at the 2021 annual meeting or to
be eligible for inclusion in our proxy statement for such meeting pursuant to Rule 14a-8 under the Exchange Act, we must receive
the shareholder proposal at our principal executive offices by March 31, 2021. Proposals received after March 31, 2021, will be considered
untimely. Each proposal should include the exact language of the proposal, a brief description of the matter and the reasons for
the proposal, the name and address of the shareholder making the proposal and the disclosure of that shareholder&rsquo;s number
of shares of common stock owned, length of ownership of the shares, a representation that the shareholder will continue to own
the shares through the shareholder meeting, a statement of the shareholder&rsquo;s intention to appear in person or by proxy at
the shareholder meeting, the and material interest, if any, in the matter being proposed.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Shareholders who wish to recommend to our Nominating&nbsp;&amp;&nbsp;Corporate Governance Committee a candidate for election to our board of directors must send the recommendation to CPI Aerostructures,
Inc., 91 Heartland Boulevard, Edgewood, New York 11717, Attention: Nominating &amp; Corporate Governance Committee, by May 7, 2021.
The corporate secretary will promptly forward all such letters to the members of our Nominating &amp; Corporate Governance Committee.
Shareholders must follow certain procedures to recommend to our Nominating &amp; Corporate Governance Committee candidates for
election as directors, in addition to the procedures for other shareholder proposals, detailed above.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The recommendation must contain the following
information about the candidate:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 94%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">Name and age;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 94%; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Current business and residence addresses and telephone numbers, as well as residence addresses for the past 20 years;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; width: 94%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Principal occupation or employment and employment history (name and address of employer and job title) for the past 10 years (or such shorter period as the candidate has been in the workforce);</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 94%; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Educational background;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 94%; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Permission for the Company to conduct a background investigation, including the right to obtain education, employment and credit information;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 94%; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The number of shares of common stock of the Company beneficially owned by the candidate;</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 94%; vertical-align: top">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The information that would be required to be disclosed by the Company about the candidate under the rules of the SEC in a proxy statement soliciting proxies for the election of such candidate as a director (which currently includes information required by Items 401, 404 and 405 of Regulation S-K promulgated by the SEC); and</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0; border-collapse: collapse; width: 100%; width: 100%">

<tr>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">&nbsp;</p>
</td>
<td style="padding: 0pt; width: 3%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">&#x25cf;</p>
</td>
<td style="padding: 0pt; width: 94%; vertical-align: top">
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt .8pt 0pt 0pt;">A signed consent of the nominee to serve as a director of the Company, if elected.</p>
</td>
</tr>

</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">OTHER SHAREHOLDER COMMUNICATIONS WITH OUR BOARD OF DIRECTORS</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our board of directors provides a process for shareholders and interested parties to send communications to the board of directors. Shareholders and interested parties may communicate with our board of directors, any committee chairperson or the non-management directors as a group by writing to the board or committee chairperson in care of CPI Aerostructures, Inc., 91 Heartland Blvd., Edgewood, New York 11717. Each communication will be forwarded, depending on the subject matter, to the board of directors, the appropriate committee chairperson or all non-management directors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">DISCRETIONARY VOTING OF PROXIES</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to Rule 14a-4 promulgated by the SEC,
shareholders are advised that our management will be permitted to exercise discretionary voting authority under proxies it solicits
and obtains for our 2021 annual meeting of shareholders with respect to any proposal presented by a shareholder at such meeting,
without any discussion of the proposal in our proxy statement for such meeting, unless we receive notice of such proposal at our
principal office in Edgewood, New York, not later than March 31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">INCORPORATION BY REFERENCE</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">This proxy statement incorporates by reference certain information included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, including our audited financial statements and supplementary data, management&#x2019;s discussion and analysis of financial condition and results of operations, and our quantitative and qualitative disclosures about market risk. You may request a free copy of any or all of the information incorporated by reference into the proxy statement (other than exhibits not specifically incorporated by reference into the text of such documents). Please direct any oral or written requests for such documents to CPI Aerostructures, Inc., 91 Heartland Blvd., Edgewood, New York 11717, Attention: Corporate Secretary.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin: 0pt;"><b><font style="color: #0e2e94;"><font style="color: #0e2e94;">OTHER MATTERS</font></font></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt">Our board of directors knows of no matter that will be presented for consideration at the Annual Meeting other than the matters referred to in this proxy statement. Should any other matter properly come before the Annual Meeting, it is the intention of the persons named in the accompanying proxy to vote the proxy in accordance with their best judgment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;<br></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>By Order of the Board of Directors</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top; text-align: left">
    <td style="width: 75%">&nbsp;</td>
    <td style="width: 25%">Douglas McCrosson, Chief Executive Officer</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
<p  style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 20.9pt 0pt 0pt;">Edgewood, New York<br>August 25, 2020</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt; background-color: white">&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt; background-color: white">&nbsp;</FONT></P>

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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; white-space: nowrap; width: 100%"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>YOUR
        VOTE IS IMPORTANT. PLEASE VOTE TODAY.</B></FONT></P>
        <P STYLE="font: 1pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
    </TR>
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    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Vote
by Internet &mdash; QUICK <IMG SRC="proxycard_img001.jpg" ALT=""> EASY&nbsp;<BR>
IMMEDIATE &mdash; 24 Hours a Day, 7 Days a Week or by Mail</B></FONT></TD>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 70%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt"><B>CPI AEROSTRUCTURES, INC.</B></FONT></TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 30%; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>Your
    internet vote authorizes the named proxies to vote your shares in the same manner as if you marked, signed and returned your
    proxy card. Votes submitted electronically over the internet must be received by 11:59 p.m., Eastern Time, on October 5, 2020.</B></FONT></TD></TR>
</TABLE>
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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif; text-align: center"><IMG SRC="proxycard_img002.jpg" ALT=""></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>INTERNET/MOBILE &mdash;&nbsp;<BR>
    www.cstproxyvote.com/cpiaero/2020</B></FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 45%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Use the
    internet to vote your proxy. Have your proxy card available when you access the above website. Follow the prompts to vote
    your shares.</FONT></TD>
    </TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    </TR>
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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center"><IMG SRC="proxycard_img003.jpg" ALT=""></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B>MAIL&nbsp;</B>&ndash;
    Mark, sign and date your proxy card and return it in the postage-paid envelope provided.</FONT></TD>
    </TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 50%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border: black 1pt solid; font-family: Arial, Helvetica, Sans-Serif; width: 100%; padding: 5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PLEASE
    DO NOT RETURN THE PROXY CARD IF YOU ARE VOTING ELECTRONICALLY .</B></FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9650;
FOLD HERE &bull; DO NOT SEPARATE &bull; INSERT IN ENVELOPE PROVIDED &#9650;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 78%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PROXY</B></FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 13%; text-align: center; text-indent: 0.75pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Please
    mark&nbsp;<BR>
    your votes<BR>
    like this</FONT></TD>
    <TD STYLE="text-align: left; font-family: Arial, Helvetica, Sans-Serif; width: 9%; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9746;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THE BOARD
OF DIRECTORS RECOMMENDS A VOTE &ldquo;FOR&rdquo; PROPOSALS 1, 2, 3 AND 4.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 90%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Election of the following
    director&nbsp;<BR> </FONT></TD></TR>
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<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD COLSPAN="2" STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR&nbsp;</B><BR>
    Nominee</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>WITHHOLD</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AUTHORITY</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">for nominee</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Terry Stinson</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Approval of an amendment to
    the 2016 Long-Term Incentive Plan to increase the shares available for issuance by 800,000 shares.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AGAINST</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ABSTAIN</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD></TR>
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<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Advisory approval of the compensation
    of the Company&rsquo;s Named Executive Officers.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AGAINST</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ABSTAIN</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD></TR>
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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ratification of appointment
    of CohnReznick LLP as the Company&rsquo;s independent registered public accounting firm.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>FOR</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AGAINST</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ABSTAIN</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><BR>
    </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD></TR>
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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In their discretion, the proxies are authorized to vote
upon such other business as may come before the meeting or any adjournment thereof.</FONT></TD>
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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%">&nbsp;</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 10%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 42%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Mark here if you plan to attend the meeting.</B>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt">&#9744;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 16%">&nbsp;</TD>
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    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top; width: 16%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; width: 40%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">CONTROL
    NUMBER</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; border: black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><BR STYLE="clear: both">
<BR>
<BR></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Signature________________________________
Signature, if held jointly______________________________ Date_____________, 2020</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Note:
Please sign exactly as name appears hereon. When shares are held by joint owners, both should sign. When signing as attorney,
executor, administrator, trustee, guardian, or corporate officer, please give title as such.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Important
Notice Regarding the Internet Availability of Proxy&nbsp;<BR>
Materials for the Annual Meeting of Shareholders</B></FONT></P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>The
2020 Proxy Statement and the 2019 Annual Report to&nbsp;<BR>
Shareholders are available at: http://www.cstproxy.com/cpiaero/2020</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&#9650;
FOLD HERE &bull; DO NOT SEPARATE &bull; INSERT IN ENVELOPE PROVIDED &#9650;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>PROXY</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 18pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CPI
AEROSTRUCTURES, INC.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>THIS
PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS FOR THE&nbsp;<BR>
ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 6, 2020</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">The
undersigned shareholder(s) of CPI AEROSTRUCTURES, INC., a New York corporation (&ldquo;Company&rdquo;), hereby&nbsp;appoint(s)&nbsp;Walter
Paulick and Douglas McCrosson, or either of them, with full power of substitution and to act without the other, as the agents,
attorneys and proxies of the undersigned, to vote the shares standing in the name of the undersigned at the Company&rsquo;s Annual
Meeting of Shareholders to be held on October 6, 2020 and at all adjournments thereof. This proxy will be voted in accordance
with the instructions given below. If no instructions are given, this proxy will be voted FOR election of the Class I director
nominee, FOR the amendment to the 2016 Long-Term Incentive Plan, FOR the Say on Pay Proposal, and FOR the ratification of the
appointment of CohnReznick LLP as the Company&rsquo;s independent registered public accounting firm.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>(Continued,
and to be marked, dated and signed, on the other side)</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; background-color: white"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P>



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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
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end
</TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
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