EX-10.6


 Exhibit 10.6 

ADDENDUM TO EMPLOYMENT AGREEMENT 

THIS ADDENDUM TO EMPLOYMENT AGREEMENT (“Addendum”) is entered into effective as of January 1, 2014 (the “Effective
Date”), by and between Stewart Information Services Corporation (the “Company”), and Joseph Allen Berryman (the “Executive”). 

W I T N E S S E T H: 

WHEREAS, Executive is currently employed with the Company and previously entered into an Employment Agreement with the Company as of
January 1, 2012 (“Effective Date”); and 
 WHEREAS, Executive and the Company have agreed to amend the Agreement to
provide for a change in the definition of terms and conditions regarding Executive’s entitlement of certain payments, including: Annual Salary, Long Term Incentive Plan, Short Term Incentive Plan, and Special Bonus, as specified and defined in
the Employment Agreement; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Addendum and other
good and valuable consideration, the Executive and the Company, intending to be legally bound, hereby agree as follows: 
 Section 2.1
Annual Salary, in the Employment Agreement shall be amended and superseded by the following Section 2.1: 
 2.1 Annual Salary. The
Company shall pay to the Executive an annual salary at a rate of not less than Three Hundred Twenty Five Thousand Five Hundred Dollars ($325,500) per year (the “Annual Salary”), subject to increase at the sole discretion of the Board of
Directors of Stewart Information Services Corporation (the “Board of Directors” or the “Board”). The Annual Salary shall be payable in accordance with the payroll policies of the Company as from time to time in effect, but in no
event less frequently than twice each month, less such deductions as shall be required to be withheld by applicable law and regulations and less any Executive voluntary deductions. 

Section 2.2.1. Short Term Incentives, in the Employment Agreement shall be amended and superseded by the following
Section 2.2.1: 
 2.2.1 Short Term Incentives. The Executive shall be eligible to receive an annual short term incentive cash payment, the
incentive plan to be determined by the Board in its sole discretion. The terms of the short term incentive plan (“STI Plan”) are set out in Exhibit A hereto, which is incorporated herein for all purposes. The terms and conditions of the
STI Plan are subject to change from year to year. The payment made pursuant to this Section 2.2.1 shall be paid to the Executive in the succeeding year for which it is earned and shall be paid by March 31 of such year. The Executive must
be actually employed on the date that any short term incentive plan payment is made in order to be eligible and entitled to any such short term incentive plan payment, except as otherwise set forth in this Agreement. 

  
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 Section 2.2.2 Long Term Incentives, in the Employment Agreement shall be amended and
superseded by the following Section 2.2.2: 
 2.2.2 Long Term Incentives. The Executive shall be eligible to participate in the Company’s
Long Term Incentive Plan (“LTI Plan”), as such plan shall be in effect and amended and/or superseded from time to time. The Company reserves the right to terminate the LTI Plan in its sole discretion in accordance with the terms of the LTI
Plan, and the terms and conditions of the Plan are subject to change from year to year. The terms of the LTI Plan are set out in Exhibit B hereto, which is incorporated herein for all purposes. The Executive must be actually employed on the date
that any long term incentive plan payment is made in order to be eligible and entitled to any such long term incentive plan payment. 
 1.
Term of Addendum Agreement. The Company and Executive agree that the term of this Addendum Agreement shall commence on January 1, 2014. 

2. Entire Addendum Agreement. This Addendum Agreement contains the entire agreement between the parties with respect to the
subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 
 3. Waivers and
Amendments. This Addendum Agreement may be amended, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party
waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any waiver on the part of any party of any such right, power or privilege hereunder, nor any
single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

4. Governing Law. This Addendum Agreement shall be governed by and construed in accordance with the laws of the State of Texas
(without giving effect to the choice of law provisions thereof). 
 5. Assignment. This Addendum Agreement, and any rights and
obligations hereunder, may not be assigned by Executive and may be assigned by the Company only to a successor by merger or purchasers of substantially all of the assets of the Company or its affiliates. 

6. Counterparts. This Addendum Agreement may be executed in separate counterparts, each of which when so executed and delivered
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 7. Headings. The
headings in this Addendum Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Addendum Agreement. 

8. No Presumption Against Interest. This Addendum Agreement has been negotiated, drafted, edited and reviewed by the respective
parties, and therefore, no provision arising directly or indirectly here from shall be construed against any party as being drafted by said party. 

  
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 9. Binding Agreement. This Addendum Agreement shall inure to the benefit of and be
binding upon the Company and its respective successors and assigns and Executive and Executive’s legal representatives. 
 IN WITNESS WHEREOF, the
parties have executed this Addendum Agreement as of the date first above written. 
  

			
	EXECUTIVE
		
	By:	 	 /s/ J. Allen Berryman

		
	Date:	 	 4/7/14

		
	Name:	 	Joseph Allen Berryman
	Title:	 	Chief Financial Officer
	
	COMPANY
	
	Stewart Information Services Corp.
		
	By:	 	 /s/ Matthew W. Morris

		
	Date:	 	 4/7/14

		
	Name:	 	Matthew W. Morris
	Title:	 	Chief Executive Officer



  
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 EXHIBIT A 

ANNUAL SHORT TERM INCENTIVE PLAN 

(“STI PLAN”) 
 Executive shall be
eligible to participate in the Company’s Annual Bonus Payment Program, also known as the Short Term Incentive Plan (“STI Plan”). The STI Plan shall be determined by the Board of Directors (“Board”), in its sole discretion.

 Payout amount will be determined by the attainment towards metrics which are both specific to your position as well as reflective of corporate
performance. 
 As part of its analysis, the Board shall consider the following targets in determining the amount of the STI payment to the Executive: 

 

							
	Short Term Incentive (STI)	  	 	  	 	 
	 Target Payout:
	  	 40% of Base Pay
	  	$	130,200	  
			
	 Maximum Target Payout:
	  	 200% of Target
	  	$	260,400	  

  

																	
	Metrics Used to Determine STI	  	Threshold	 	 	Target	 	 	Maximum	 	 	Weighting	 
	 Corporate Goals (75.0% of STI):
	  				 				 				 			
	 EBIDTA Improvement
	  	 	-5.00	% 	 	 	0.00	% 	 	 	5.00	% 	 	 	25.00	% 
	 Pretax Profit Margin
	  	 	5.00	% 	 	 	5.50	% 	 	 	6.00	% 	 	 	25.00	% 
	 Modified Return on Equity
	  	 	9.00	% 	 	 	10.00	% 	 	 	11.00	% 	 	 	25.00	% 
					
	 Home Office Goals (25.0% of STI):
	  				 				 				 			
	 Project Attainment
	  	 	65.00	% 	 	 	80.00	% 	 	 	95.00	% 	 	 	12.50	% 
	 Customer Service Index
	  	 	75.00	% 	 	 	80.00	% 	 	 	85.00	% 	 	 	6.50	% 
	 Budget Attainment
	  	 	5.00	% 	 	 	0.00	% 	 	 	-5.00	% 	 	 	6.00	% 

 STI will be delivered as a cash bonus, paid annually after the conclusion of the fiscal year, before the end of the first
quarter of the succeeding year. STI payout is expressed as a percentage of your base pay. 
 Target Annual STI payout is the equivalent of 40% of your base
pay. 
 Maximum Annual STI payout is the equivalent of 200% of your target payout. 

  
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 Specific terms and calculations related to the Short Term Incentive (STI) Plan 

The following sets forth the definition of specific terms and calculations related to the Short-Term Incentive (STI). 

 

			
	 Term/Calculation
	  	 Definition

		
	Base Pay	  	This is the annual base salary.
		
	Budget Attainment	  	Budget Attainment metric measures the variance between actual expenses and budget expenses for service center executives. The variance is expressed as a percent variance. The metric is calculated by taking the actual annual expenses
minus the budgeted annual expenses. The difference is then divided by the budgeted annual expenses. Payout for this metric is based on variance percentage.
		
	Company	  	The Company is Stewart Information Services Corporation and its subsidiaries.
		
	Corporate	  	Corporate is the same as Company.
		
	Corporate Performance	  	Corporate Performance is the set of metrics for the Company.
		
	Project Attainment	  	Project Attainment metric is specific goals established for each service center executive. This metric is measured by determining how much of the annual goals were completed on a percentage basis. Payout for this metric is based on
completion percentage.
		
	Customer Service Index	  	Customer Service Index metric is an internal survey conducted at least annually. The result is the absolute value of the results of the annual survey.
		
	Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	  	EBITDA metric is calculated by adding back interest expense, depreciation expense and amortization expense to pretax earnings. The source of data is the System of Record. Payout for this metric is based on percent
improvement.
		
	Investment and Other Gains (Losses) – Net	  	Investment and Other Gains (Losses) – Net is a line item on the Company’s Consolidated Statement of Earnings and Comprehensive Earnings that includes, but not limited to, realized earnings (losses) from the sale of various
types of financial and non-financial instruments; sale of subsidiaries, equity basis investments, and cost-basis investments; impairment of equity and cost-basis investments; and other types of non-operating transactions. The source of data is the
System of Record.


  
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	 Term/Calculation
	  	 Definition

		
	Investment Income	  	Investment Income is a line item on the Company’s Consolidated Statement of Earnings and Comprehensive Earnings that includes, but not limited to, interest income, dividends, royalties and certain rental income less any fees
incurred from investments. The source of data is the System of Record.
		
	Maximum (Performance Level)	  	See Performance Level.
		
	Maximum Target Payout	  	The Maximum Target Payout is the maximum annual cash bonus that can be earned and paid under the STI. It is calculated by multiplying the Target Payout by an agreed upon percentage as indicated in the Executive Compensation Plan
Summary.
		
	Modified Average Shareholders’ Equity	  	Modified Average Shareholders’ Equity is calculated by subtracting accumulated other comprehensive earnings and noncontrolling interest from shareholders’ equity. This calculation is done as of the beginning of the year
and the end of the year. The average is then calculated by adding the beginning of the year and ending of the year calculations and then dividing by two.
		
	Modified Earnings Before Interest, Taxes, Depreciation and Amortization (Modified EBITDA)	  	The Modified EBITDA metric is calculated by subtracting Investment Income, Investment and Other Gains (Losses) – Net, Title Losses and Related Claims, and other unique or unusual items including, but not limited to, certain
claims exceeding $1.0 million as determined by the Board of Directors of the Company, from EBITDA. The Modified EBITDA excludes Modified EBITDA reported by National Production Services and acquisitions that occur during 2014. The source of data is
the System of Record. Payout for this metric is based on percent improvement.
		
	Modified Earnings Before Interest, Taxes, Depreciation and Amortization Margin (Modified EBITDA Margin)	  	Modified Earnings Before Interest, Taxes, Depreciation and Amortization Margin metric is calculated by dividing Modified Earnings Before Interest, Taxes, Depreciation and Amortization (Modified EBITDA) by Operating Revenues. The
source of data is the System of Record. Payout for this metric is based on ratio attainment.
		
	Modified Net Earnings Attributable to Company	  	Modified Net Earnings Attributable to Company is calculated by subtracting certain items including, but not limited to, certain unusual income tax expense or benefit as determined by the Board of Directors of the Company from Net
Earnings Attributable to Company. The source of data is the System of Record.


  
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	 Term/Calculation
	  	 Definition

		
	Modified Return on Equity (Modified ROE)	  	Modified Return on Equity metric is calculated by dividing Modified Net Earnings Attributable to Company by Modified Average Shareholders’ Equity. The source of data is the System of Record. Payout for this metric is based on
ratio attainment.
		
	Operating Revenues	  	Operating Revenues is calculated by deducting Investment Income and Investment and Other Gains (Losses) – Net from total gross revenues. The Company’s portion of earnings from equity investees is included in the
calculation. The source of data is the System of Record.
		
	Operational Performance	  	Operational Performance is the set of metrics for an executive’s area of management.
		
	Performance Level	  	Performance Level represents the range of possible payout depending on performance driver for each metric. The payout range is defined as the Threshold (50% of Target) and Maximum (200% of Target).
		
	Policy Loss Ratio	  	Policy Loss Ratio metric is calculated by dividing Title Losses and Related Claims by Title Insurance Revenues. The source of data is the System of Record. Payout for this metric is based on ratio attainment.
		
	Pretax Profit	  	Pretax Profit is equivalent to earnings before taxes and noncontrolling interests as reported in the Form 10-K.
		
	Pretax Profit Margin	  	Pretax Profit Margin corporate metric is calculated by dividing the earnings before taxes and noncontrolling interests by total gross revenues. The System of Record is the Form 10-K.
		
	System of Record	  	Hyperion Financial Management (HFM) is the system of record for all financial data unless otherwise stated.
		
	Target (Performance Level)	  	See Performance Level.
		
	Target Payout	  	Target Payout is the annual cash bonus that can be earned and paid under the STI. Target Payout is calculated by multiplying Base Pay by an agreed upon percentage as indicated in the Executive Compensation Plan Summary.
		
	Threshold (Performance Level)	  	See Performance Level.
		
	Title Insurance Revenues	  	Title Insurance Revenues are revenues earned from title insurance premiums and escrow and other related fees. The source of data is the System of Record.


  
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	 Term/Calculation
	  	 Definition

		
	Title Losses and Related Claims	  	Title Losses and Related Claims is a line item on the Company’s Consolidated Statement of Earnings and Comprehensive Earnings included in the Company’s Annual Report filed with the Securities Exchange Commission on the
Form 10-K. The source of data is the System of Record.
		
	Weighting	  	Weighting is a calculation that applies a percentage to each metric. The aggregation of the percentages is 100%.


  
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 EXHIBIT B 

LONG TERM INCENTIVE PLAN 

(“LTI”) 
 Executive shall be
eligible to participate in the Company’s Long Term Incentive Plan (“LTI”), as such plan shall be in effect and amended and/or superseded from time to time. 

The actual value of the LTI shall be determined by the Board of Directors (“Board”), in its sole discretion. The Board shall consider the overall
performance of the Company in awarding the LTI. As part of its analysis, the Board shall consider the following targets in determining the value of the LTI payable to the Executive: 

 

							
	Long Term Incentive (LTI)	  	 	  	 	 
	 Target Payout:
	  	85% of Base Pay	  			
	 33% paid as Restricted Stock Award (RSA)
	  	 Time Vested
	  	$	92,225	  
	 33% paid as Performance Share Award (PSA)
	  	 Total Shareholder Return (TSR)
	  	$	92,225	  
	 33% paid as Performance Share Award (PSA)
	  	 Earnings Per Share (EPS)
	  	$	92,225	  
			
	 Total Target Value Payout
	  		  	$	276,675	  
	 Total Maximum Value Payout
	  		  	$	461,125	  

  

	
	Metrics Used to Determine RSA and PSA
	 Time Vesting

	 Shares are not subject to performance contingencies and will be earned by the recipient by continued employment through the vesting period

	
	 Total Shareholder Return (TSR)

	 Vesting of performance shares occurs at the end of the performance period based on the achievement of pre-determined TSR percentile ranking in relation to
the Russell 2000 Financial Services Index

	
	 Earnings Per Share (EPS)

	 Vesting of EPS performance shares occurs at the end of the performance period based on achievement of pre-determined EPS targets.


 Target LTI grant is the equivalent of 85% of your base pay. 

LTI will be delivered as a Restricted Stock Award (RSA) or as a Performance Stock Award (PSA) (Total = 100% of LTI grant). 

LTI will be granted annually. It is 100% granted, but vests depending on the terms listed in this exhibit. 

Dividend Equivalent Rights (“DER”): 

In the event a dividend is paid to shareholders during the restriction period, the recipient will receive a cash payout as a DER at the time of
vesting based on the number of shares from this restricted period which become vested due to meeting the performance and time restrictions. 

  
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 Time-Vested Restricted Shares 

Award Value: 
  

	 	•	 	One-third of the total targeted annual grant value will be provided in time-based RSA’s. 

  

	 	•	 	The grant value will be determined by calculating the total equity grant value [(2014 base salary x LTI target as % of 2014 base salary) then dividing by three]. 


 

	 	•	 	Share count is based on the grant value divided by grant date closing stock price on 12/31/2013. 

 Vesting:

  

	 	•	 	RSA’s will cliff vest three years from date of grant. 

  

	 	•	 	These shares are not subject to performance contingencies and will be earned by the recipient by continued employment through the vesting period. 


Performance Shares -Total Shareholder Return (“TSR”) 

Award Value: 
  

	 	•	 	The TSR-based performance shares will constitute one third of the overall long-term incentive grant value. 

  

	 	•	 	The target number of shares granted will be equal to the number of time-based restricted shares. 

 Vesting:

  

	 	•	 	Vesting of performance shares occurs at the end of the three year performance period based on the achievement of pre-determined TSR percentile ranking in relation to the Russell 2000 Financial Services Index Companies
(“Comparative Group”). 

 Performance Period: 
  

	 	•	 	The three year period which covers the grant date to the three year anniversary of the grant date. 


Performance Metric: 
  

	 	•	 	The performance metrics associated with the Performance Shares will function on a relative TSR-based model provided on the following page. Actual relative TSR performance will be measured at the end of the three-year
period as compared to the Russell 2000 Financial Services Index. 


  
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 Performance Range: 
  

	 	•	 	As set out in the table below, threshold and maximum opportunity to incentivize performance will be associated with varying levels of relative performance. Targeted performance is achieved when SISCO TSR is at the 60th percentile of the comparative group. Threshold performance is set at the 40th percentile. In the event SISCO performance is below the 40th percentile, the associated payout is equal to zero. Maximum payout is achieved when SISCO TSR performance is at the 100th percentile of the
comparative group. 

  

							
	 	  	Performance-Based Payment Schedule	 
	 	  	TSR Percentile
Ranking	  	Percent of
Target Payment 1	 
	 Maximum
	  	100th	  	 	200	% 
		  	90th	  	 	175	% 
		  	80th	  	 	150	% 
		  	70th	  	 	125	% 
	 Target
	  	60th	  	 	100	% 
		  	50th	  	 	75	% 
	 Threshold
	  	40th	  	 	50	% 
		  	<40th	  	 	0	% 

  

	1)	Payouts will be interpolated in between percentile rankings. 

 Performance Shares - Earnings per Share
(“EPS”) Growth 
 Award Value: 
  

	 	•	 	The EPS-based performance shares will constitute one third of the overall long-term incentive grant value. 

  

	 	•	 	The target number of shares to grant will be equal to the number of time-based RSA’s 

 Vesting: 

 

	 	•	 	Vesting of EPS performance shares occurs at the end of the three-year performance period based on achievement of pre-determined EPS targets. 


Performance Period: 
  

	 	•	 	The three year period which covers the grant date to the three year anniversary of the grant date. 


Performance Metric: 
  

	 	•	 	EPS performance shares will function on an EPS Compounded Annual Growth Rate performance scale. 


  
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 Performance Range: 
  

	 	•	 	As set out in the table below, threshold and maximum opportunity to incentivize performance will be associated with varying levels of EPS achievement. Targeted performance is achieved when SISCO’s EPS Compounded
Annual Growth Rate is equal to 10%. A threshold performance level has been established at 5% growth. In the event SISCO performance is below this level, the associated payout is equal to zero. Maximum payout is achieved when SISCO EPS performance is
equal to or greater than 15% growth. 

  

									
	 	  	EPS Performance Shares	 
	 	  	EPS Compounded
Growth Rate	 	 	Percent of
Target Payment 1	 
	 Maximum
	  	 	15	% 	 	 	200	% 
		  	 	13	% 	 	 	150	% 
	 Target
	  	 	10	% 	 	 	100	% 
		  	 	8	% 	 	 	80	% 
	 Threshold
	  	 	5	% 	 	 	50	% 
		  	 	<5	% 	 	 	0	% 

  

	1)	Payouts will be interpolated for actual EPS Growth Rate achieved. 

 Key Employee Equity Plan
(“KEEPs”) 
 Executive shall be eligible to participate in a one-time LTI Performance Share Award (PSA) under the special Company’s
Key Employee Equity Plan (“KEEPs”), as such plan shall be in effect and amended and/or superseded from time to time. 
 The actual value of the
KEEPs shall be determined by the Board of Directors (“Board”), in its sole discretion. The Board shall consider the overall performance of the Company in awarding the KEEPs. As part of its analysis, the Board shall consider the following
targets in determining the value of the KEEPs PSA granted to the Executive: 
  

											
	Key Employee Equity Plan (KEEPs)	 
	EPS Performance Level	 	  	% of 2014 Base Salary1	 	 	Cash Value of Award	 
	<$	5.00	  	  	 	0	% 	 	$	—  	  
	$	5.00	  	  	 	500	% 	 	$	1,627,500.00	  
	$	5.50	  	  	 	600	% 	 	$	1,953,000.00	  
	$	6.00	  	  	 	700	% 	 	$	2,278,500.00	  

  

	1)	Payouts will be interpolated for actual EPS Growth Rate achieved. 

 PSA Value: 

 

	 	•	 	KEEPs is a one-time special Long Term Incentive. 

  

	 	•	 	Targeted PSA values for differing levels of EPS achievement will be established at the beginning of the performance period (500% - 700% of 2014 base salary). 


 

	 	•	 	No PSA will be granted at the beginning of the performance period. Rather, performance will be assessed and awards granted based on the achievement of EPS goals set forth in the schedule above. 


 

	 	•	 	Cash value of award is equal to [2014 base salary x KEEPs target as % of 2014 base salary]. 


  
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 Vesting: 
  

	 	•	 	If the performance criterion is achieved, awards as determined by the Board will be granted and immediately vested. 


Performance Metric: 
  

	 	•	 	The Committee has established an EPS performance level scale which must be achieved by for the year ending December 31, 2016 as illustrated in the table above. 


Performance Range: 
  

	 	•	 	This PSA is based upon achieving pre-established EPS goals set forth by the Committee. Currently this range is from $5.00 per share at the threshold, to $6.00 per share at the maximum. In the event these goals are
achieved, PSA’s equal to the achieved EPS performance amount will be issued to participants. If the EPS is below $5.00 per share, the PSA’s will not be granted. 


Specific terms and calculations related to the Long Term Incentive (LTI) 

The following sets forth the definition of specific terms and calculations related to the Long Term Incentive (LTI). 

 

			
	 Term/Calculation
	  	 Definition

		
	Base Pay	  	This is the annual base salary.
		
	Company	  	The Company is Stewart Information Services Corporation and its subsidiaries.
		
	Circuit Breaker	  	Circuit Breaker is the minimum corporate performance that must be achieved in order to receive the specified compensation.
		
	Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	  	EBITDA metric is calculated by adding back interest expense, depreciation expense and amortization expense to pretax earnings. The source of data is the System of Record.
		
	Earnings Per Share (EPS)	  	Earnings Per Share (EPS) is the Diluted EPS attributable to Stewart as reported annually in the Form 10-K. Metric attainment shall be expressed as both SISCO’s EPS Compounded Annual Growth Rate (for the purposes of
Performance Share vesting) and absolute value (for the purposes of the KEEPs award determination.)
		
	Maximum (Performance Level)	  	See Performance Level.


  
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	 Term/Calculation
	  	 Definition

		
	Maximum Target Payout	  	The Maximum Target Payout is the maximum annual cash bonus that can be earned and paid under the LTI. It is calculated by multiplying the Target Payout by an agreed upon percentage as indicated in the Executive Compensation Plan
Summary.
		
	Performance Goals	  	Performance Goals provide the threshold, target and maximum measurements that must be achieved in order to receive the related level of compensation.
		
	Performance Level	  	Performance Level represents the range of possible payout depending on performance driver for each metric. The payout range is defined as the Threshold (50% of Target) and Maximum (200% of Target).
		
	Performance Share Award (PSA)	  	Performance Share Award is share-based compensation that vests based on defined measures, which include corporate performance and time based measures.
		
	Restricted Stock Award (RSA)	  	Restricted Stock Award is share-based compensation that is restricted by time of service.
		
	System of Record	  	Hyperion Financial Management (HFM) is the system of record for all financial data unless otherwise stated.
		
	Target (Performance Level)	  	See Performance Level.
		
	Target Payout	  	Target Payout is the share-based bonus that can be earned under the LTI. Target Payout is distributed at the end of three years. Target Payout is calculated by multiplying Base Pay by an agreed upon percentage as indicated in the
Executive Compensation Plan Summary.
		
	Threshold (Performance Level)	  	See Performance Level.
		
	Total Shareholder Return (TSR)	  	Total Shareholder Return is calculated by taking the difference between the Company’s end of year price per share and the beginning of year price per share and adding the Company dividend per share. Next, divide that sum by the
Company’s beginning of year price per share.


  
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	 Term/Calculation
	  	 Definition

		
	Total Shareholder Return (TSR) Ranking	  	Total Shareholder Return Ranking is determined by calculating the Company’s percentile ranking for Total Shareholder Return relative to the Russell 2000 Financial Services Index. The source of data is Bloomberg.


  
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