Document:

Exhibit

Exhibit 10.1

Execution Copy

FIRST AMENDMENT TO CREDIT AGREEMENT

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), made and entered into as of June 15, 2017, is by and between PARK NATIONAL CORPORATION, a corporation organized under the laws of the State of Ohio (the “Borrower”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Bank”)..

RECITALS

1.The Bank and the Borrower entered into a Credit Agreement dated as of May 18, 2016 (the “Credit Agreement”); and

2.The Borrower desires to amend certain provisions of the Credit Agreement, and the Bank has agreed to make such amendments, subject to the terms and conditions set forth in this Amendment.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby covenant and agree to be bound as follows:

Section 1.    Capitalized Terms. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement, unless the context otherwise requires.

Section 2.    Amendments. The Credit Agreement is hereby amended as follows:

2.1.    Section 1.1 of the Credit Agreement is amended by amending the definition of “Revolving Loan Maturity Date” in its entirety to read as follows:

“Revolving Loan Maturity Date”: May 17, 2018.

2.2.    Section 7.2 of the Credit Agreement is amended by amending the second sentence thereof in its entirety to read as follows:

If any other Event of Default shall occur and be continuing, the Bank may terminate or suspend the obligations of the Lender under the Revolving Commitment to make Loans hereunder or the Bank may declare the outstanding unpaid principal balance of the Note, the accrued and unpaid interest thereon and all other Obligations to be forthwith due and payable, whereupon the Note, all accrued and unpaid interest thereon and all such Obligations shall immediately become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of

which are hereby expressly waived, anything in this Agreement or in the Note to the contrary notwithstanding.

Section 3.    Effectiveness of Amendment. The amendments in this Amendment shall become effective upon delivery by the Borrower of, and compliance by the Borrower with, the following:

3.1.    This Amendment duly executed by the Borrower.

3.2.    A certificate of a Secretary or Assistant Secretary of the Borrower dated as of the date of this Amendment and certifying as to the following:

(a)    The Borrower’s Resolutions of the Executive Committee of the Board of Directors of the Borrower duly adopted on May 6, 2016 (the “Resolution”), remain in full force and effect and are sufficient to authorize this Amendment by the Borrower and its execution and delivery by officers of the Borrower, and there has been no change in or revocation of the authority granted to the officers of the Borrower therein.

(b)    The Resolution contains the incumbency, names, titles, and signatures of the Borrower’s officers authorized to execute this Amendment.

(c)    There has been no amendment to the Borrower’s articles of incorporation or code of regulations since true and accurate copies thereof were delivered to the Bank with an Officer’s Certificate of the Borrower dated May 18, 2016.

3.3.    A good standing certificate from the Secretary of State of the State of Ohio dated not more than 30 days prior to the date of this Amendment.

3.4.    The Borrower shall have satisfied such other conditions as specified by the Bank, including payment of all unpaid legal fees and expenses incurred by the Bank through the date of this Amendment in connection with the Credit Agreement and the Amendment Documents (as defined below).

Section 4.    Representations, Warranties, Authority, No Adverse Claim.

4.1.    Reassertion of Representations and Warranties, No Default.  The Borrower hereby represents that on and as of the date hereof and after giving effect to this Amendment (a) all of the representations and warranties in the Credit Agreement are true, correct, and complete in all respects as of the date hereof as though made on and as of such date, except for changes permitted by the terms of the Credit Agreement, and
(b) there will exist no Default or Event of Default under the Credit Agreement as amended by this Amendment on such date that the Bank has not waived.

4.2.    Authority, No Conflict, No Consent Required, Enforceability. The Borrower represents and warrants that it has the power, legal right, and authority to enter into this Amendment and has duly authorized as appropriate the execution and delivery

of this Amendment and all other agreements and documents (collectively, the “Amendment Documents”) executed and delivered by the Borrower in connection therewith by proper corporate action, and none of the Amendment Documents and the agreements therein contravenes or constitutes a default under any agreement, instrument, or indenture to which the Borrower is a party or a signatory, any provision of the Borrower’s articles of incorporation or bylaws, or any other agreement or requirement of law, or results in the imposition of any Lien on any of its property under any agreement binding on or applicable to the Borrower or any of its property except, if any, in favor of the Bank. The Borrower represents and warrants that no consent, approval, or authorization of or registration or declaration with any Person, including but not limited to any governmental authority, is required in connection with the execution and delivery by the Borrower of the Amendment Documents or other agreements and documents executed and delivered by the Borrower in connection therewith or the performance of obligations of the Borrower therein described, except for those that the Borrower has obtained or provided and as to which the Borrower has delivered certified copies of documents evidencing each such action to the Bank. The Borrower represents and warrants that the Amendment Documents constitute the legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’ rights generally and subject to limitations on the availability of equitable remedies.

4.3.    No Adverse Claim. The Borrower warrants, acknowledges, and agrees that no events have taken place and no circumstances exist at the date hereof that would give the Borrower a basis to assert a defense, offset, or counterclaim to any claim of the Bank with respect to the Obligations.

Section 5.    Affirmation of Credit Agreement, Further References. The Bank and the Borrower each acknowledge and affirm that the Credit Agreement, as hereby amended, is hereby ratified and confirmed in all respects and all terms, conditions, and provisions of the Credit Agreement, except as amended by this Amendment, shall remain unmodified and in full force and effect. All references in any document or instrument to the Credit Agreement are hereby amended to refer to the Credit Agreement as amended by this Amendment.

Section 6.    Merger and Integration, Superseding Effect. This Amendment, from and after the date hereof, embodies the entire agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment shall control with respect to the specific subjects hereof and thereof.

Section 7.    Severability. Whenever possible, each provision of this Amendment and the other Amendment Documents and any other statement, instrument, or transaction contemplated thereby or relating thereto shall be interpreted so as to be effective, valid, and enforceable under the applicable law of any jurisdiction, but if any provision of this Amendment, the other Amendment Documents, or any other statement, instrument or transaction contemplated thereby or relating thereto is held to be prohibited, invalid, or unenforceable under the applicable law, such provision shall be ineffective in such jurisdiction only to the extent of

such prohibition, invalidity, or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment, the other Amendment Documents, or any other statement, instrument or transaction contemplated thereby or relating thereto in such jurisdiction, or affecting the effectiveness, validity, or enforceability of such provision in any other jurisdiction.

Section 8.    Successors. The Amendment Documents shall be binding upon the Borrower, the Bank, and their respective successors and assigns and shall inure to the benefit of the Borrower, the Bank, and the Bank’s successors and assigns.

Section 9.    Legal Expenses. As provided in Section 8.2 of the Credit Agreement, the Borrower shall pay or reimburse the Bank, upon execution of this Amendment, for all reasonable out-of-pocket expenses paid or incurred by the Bank, including filing and recording costs and fees, charges and disbursements of outside counsel to the Bank and/or the allocated costs of in- house counsel incurred from time to time, in connection with the Credit Agreement, including in connection with the negotiation, preparation, execution, collection, and enforcement of the Amendment Documents and all other documents negotiated, prepared, and executed in connection with the Amendment Documents, and in enforcing the obligations of the Borrower under the Amendment Documents, and to pay and save the Bank harmless from all liability for any stamp or other taxes that may be payable with respect to the execution or delivery of the Amendment Documents, which obligations of the Borrower shall survive any termination of the Credit Agreement.

Section 10.    Headings. The headings of various sections of this Amendment have been inserted for reference only and shall not be deemed to be a part of this Amendment.

Section 11.    Counterparts. The Amendment Documents may be executed in several counterparts as deemed necessary or convenient, each of which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document.

Section 12.    Governing Law. THE AMENDMENT DOCUMENTS SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS, THEIR HOLDING COMPANIES, AND THEIR AFFILIATES.

Section 13.    Acknowledgement and Release. IN ORDER TO INDUCE THE BANK TO ENTER INTO THIS AMENDMENT, THE BORROWER: (A) REPRESENTS AND WARRANTS TO THE BANK THAT NO EVENTS HAVE TAKEN PLACE AND NO CIRCUMSTANCES EXIST AT THE DATE HEREOF WHICH WOULD GIVE THE BORROWER THE RIGHT TO ASSERT A DEFENSE, OFFSET OR COUNTERCLAIM TO ANY CLAIM BY THE BANK FOR PAYMENT OF THE OBLIGATIONS; AND (B) HEREBY RELEASES AND FOREVER DISCHARGES THE BANK AND ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES AND PARTICIPANTS FROM ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, PROCEEDINGS, DEBTS, SUMS OF MONEY, COVENANTS, CONTRACTS, CONTROVERSIES, CLAIMS AND

DEMANDS, AT LAW OR IN EQUITY, WHICH THE BORROWER EVER HAD OR NOW HAS AGAINST THE BANK OR ANY OF ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR PARTICIPANTS BY VIRTUE OF THEIR RELATIONSHIP TO THE BORROWER IN CONNECTION WITH THIS AMENDMENT, THE CREDIT AGREEMENT, THE LOAN DOCUMENTS AND TRANSACTIONS RELATED THERETO.

[The next page is the signature page.]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date and year first above written.

PARK NATIONAL CORPORATION

By:   /s/ Brady T. Burt     Name:  Brady T. Burt
Title:  Chief Financial Officer

U.S. BANK NATIONAL ASSOCIATION

By:   /s/ Eric M. Niedbalski     Name: Eric M. Niedbalski
Title: Vice President

[Signature Page to First Amendment to Credit Agreement]Exhibit 10.1

  

ADDENDUM TO EMPLOYMENT AGREEMENT

 

THIS ADDENDUM TO EMPLOYMENT
AGREEMENT (this “Addendum”) provides for certain modifications
to the terms and conditions of the employment agreement by and between Stewart Information Services Corporation (the “Company”),
and Joseph Allen Berryman (the “Executive”) dated as of January 1, 2016 (the “Employment Agreement”), and
is effective as of January 1, 2017 (“Effective Date”).

  

W I T N E S S E T H:

 

WHEREAS, the
Company and Executive have agreed to modify the Employment Agreement in certain respects, as set forth in this Addendum; and

 

WHEREAS, Executive
and the Company desire to have the terms and conditions set forth in this Addendum supersede any conflicting terms and conditions
set forth in the Employment Agreement; and

 

WHEREAS, any
capitalized terms used in this Addendum shall have the same meaning as provided for such terms in the Employment Agreement, except
to the extent otherwise defined in this Addendum or clearly required by the context; and

 

WHEREAS, any
terms and conditions of the Employment Agreement that are not inconsistent with the terms and conditions set forth in this Addendum
are understood and agreed to continue in full force and effect, without change;

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained in this Addendum and other good and valuable consideration, Executive
and the Company, intending to be legally bound, hereby agree as follows:

 

1.                 
Annual Salary. Executive’s Annual Salary shall be Three Hundred and Seventy- Five Thousand Dollars ($375,000),
as it may be increased by the Board and set forth in any exhibit delivered to Executive subsequent to the date of this Addendum.

 

2.                 
Stock Ownership Guidelines. The guidelines for stock ownership are revised, and, as a consequence, Section 4.16 of
the Employment Agreement (regarding “Stock Ownership”) is amended and restated in its entirety, to read:

 

“4.16Stock
Ownership. Executive shall reach and maintain ownership of a number of shares of Company stock no later than five (5) years
from January 24, 2017, the date of Board approval of these requirements, that are equivalent to a total share trading price of
two (2) times the most current Annual Salary in effect (the “Required Stock Ownership”). Executive may not sell shares
of Company stock until Executive has achieved the Required Stock Ownership. As permitted by the LTI Plan and prior to achieving
the Required Stock Ownership, Executive may elect to surrender shares of Company stock in connection with any taxes required by
law to be withheld as a result of the vesting of an LTI Award. Once Executive reaches the Required Stock Ownership, Executive’s
obligation to maintain the ownership level required by this Section 4.16 will be satisfied so long as Executive owns the
same number of shares that Executive owned on the date that Executive reached the level of ownership required, regardless of the
total value of the shares as affected by fluctuations in the price of the stock. Both vested stock, and granted but unvested time-based
LTI Awards, shall be counted in achieving and maintaining the Required Stock Ownership. For the avoidance of doubt, granted but
unvested performance-based LTI Awards shall not be counted in achieving and maintaining the Required Stock Ownership.”

 

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
Page 1
	JAB _____
MWM _____

     

    

 

3.                 
Participation in Annual Bonus and Long Term Incentive Plans. The terms and conditions of Executive’s participation
in the Company’s Annual Short Term Incentive Plan and in grants and awards made under the Company’s 2014 Long Term
Incentive Plan for 2017 are set forth in the Appendices attached to this Addendum as Exhibits A and B.

 

4.                 
Waivers and Amendments. This Addendum 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.

 

5.                 
Governing Law. This Addendum 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).

 

6.                 
Assignment. This Addendum, 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.

 

7.                 
Counterparts. This Addendum 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.

 

8.                 
Headings. The headings in this Addendum are for reference purposes only and shall not in any way affect the meaning
or interpretation of this Addendum.

 

9.                 
No Presumption Against Interest. This Addendum 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.

 

10.               
Binding Agreement. This Addendum 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.

 

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
Page 2
	JAB _____
MWM _____

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Addendum as of the date first above written.

  

	 	EXECUTIVE
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Name:	Joseph Allen Berryman
	 	Title:	CFO, Secretary & Treasurer
	 	 	 
	 	Date:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	COMPANY	 
	 	 	 
	 	Stewart Information Services Corporation
	 	 	 
	 	 	 
	 	 	 
	 	By: 	 
	 	Name:	Matthew W. Morris
	 	Title:	Chief Executive Officer
	 	 	 
	 	Date: 	 

 

 

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
Page 3
	JAB _____
MWM _____

     

    

 

EXHIBIT A

ANNUAL SHORT TERM INCENTIVE PLAN

(“STI PLAN”)

 

Executive shall be
eligible to participate in the Company’s 2017 Annual Bonus Payment Program, also known as the Short Term Incentive Plan (“STI
Plan”). The STI Plan shall be determined by the Compensation Committee (“Committee) of the Board of Directors (“Board”),
in its sole discretion. Payout amount will be determined by the attainment towards metrics in the STI Plan Summary Table which
are reflective of corporate performance, and if applicable, specific to Executive’s position as set forth below. Notwithstanding
performance levels for these metrics, the Compensation Committee has absolute discretion to determine the ultimate payout amount
to Executive.

 

The Committee will
consider the following in determining the amount of the Short Term Incentive (“STI”) payment to Executive:

 

	Annual Salary:	$375,000	 
	Target STI Percent of Annual Salary:	50%	 
	Target STI Amount:	$187,500	 

 

STI Plan Summary Table

 

	Metric	Org Unit	Weight	Details	Threshold	Target	Maximum
	Modified EBITDA 	Corporate	33.33%	Performance to Achieve*	See definition for Target Modified EBITDA (Corporate Metric)
	Performance to Achieve as Percent of Target 	70%	100%	130%
	Payout Percent of Target	25%	100%	225%
	Payout Amount	$15,625 	$62,500 	$140,625 
	 	 	 	 	 	 	 
	Modified Pretax Margin	Corporate	33.33%	Performance to Achieve	4.49%	6.41%	8.33%
	Performance to Achieve as Percent of Target 	70%	100%	130%
	Payout Percent of Target	25%	100%	225%
	Payout Amount	$15,625 	$62,500 	$140,625 
	 	 	 	 	 	 	 
	Modified Return on Equity	Corporate	33.33%	Performance to Achieve	7.36%	10.51%	13.66%
	Performance to Achieve as Percent of Target 	70%	100%	130%
	Payout Percent of Target	25%	100%	225%
	Payout Amount	$15,625 	$62,500 	$140,625 
	 	 	 	 	 	 	 
	 	 	 	Total Payout Amount	$46,875 	$187,500 	$421,875 

 

*To determine the level of performance
for this metric, the payout calculation uses Modified EBITDA actuals compared to target (budgeted) EBITDA, as approved by the Committee
for the respective Performance Period.

 

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
Page A-1
	JAB _____
MWM _____

     

    

 

The performance period
is January 1, 2017 to December 31, 2017 (the “Performance Period”).

 

If employment terminates
due to Voluntary Retirement prior to end of the 2017 Performance Period and in exchange for Executive executing and delivering
a Release as described in Section 6.7 of the Employment Agreement, Executive shall be entitled to receive an amount equal
to STI payout at target, prorated based on the number of full completed calendar months worked by Executive during the applicable
incentive period. The STI payment shall be payable within 30 days after the date all applicable revocation periods under the Release
have expired. This STI payout shall be in addition to any payments payable under Section 6.3 of the Employment Agreement.

 

If Executive is employed
for the full Performance Period, STI will be calculated based on actual performance as defined in the STI Plan Summary Table above,
and delivered as a cash bonus payable between January 1 and March 31 of the calendar year following the calendar year
to which the bonus relates.

 

In order to receive
more than 100% of target on non-Corporate goals, the actual Corporate Modified EBITDA results must at least reach the Corporate
Modified EBITDA threshold level.

 

Payout percentages
will be interpolated for performance achievement between threshold, target, and maximum.

 

Each metric is independent
and Executive may achieve different levels of performance and payouts under each.

 

The Committee, in its
discretion, may change this plan as it deems necessary, throughout the year, including, but not limited to: Annual Salary, target
STI, performance metrics and weightings, payout percentages, etc. The Committee also has full and absolute discretion with respect
to the interpretation of this STI Plan, including the power to construe terms and conditions set out herein, to establish rules
and regulations for the orderly and efficient administration of this STI Plan, to correct any defect or supply any omission or
reconcile any inconsistency or ambiguity in this STI Plan, and to ensure that this STI Plan operates in a manner consistent with
its underlying intent. The determinations of the Committee regarding this STI Plan shall be conclusive and binding on Executive.

 

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
Page A-2
	JAB _____
MWM _____

     

    

 

Specific terms and calculations related
to the Short Term Incentive Plan

 

The following sets
forth the definition of specific terms and calculations related to the STI Plan. The following definitions may not be applicable
to each individual agreement.

 

	Term of Calculation	Definition
	Annual Salary	This is the annual salary as defined herein.
	Budget Attainment	Budget Attainment measures the variance between actual expenses and budget expenses.  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.
	Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) (Business Unit Metric)	EBITDA (Business Unit Metric) is calculated by removing the effect of the fixed Home Office allocation from pretax profits for the business unit(s) and adding back interest, depreciation, and amortization expenses.
	Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) (Corporate Metric)	EBITDA (Corporate Metric) is calculated by adding interest, depreciation, and amortization expenses to pretax profits for the Company.
	Investment and Other (Losses) Gains – Net	Investment and Other (Losses) Gains – Net is a line item on the Company’s 10K that includes, but is 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-bases investments; impairment of equity and cost-basis investments; and other types of non-operating transactions.
	Maximum Performance Level	The level of performance that results in Maximum Payout for a metric. 
	Maximum Payout Amount	The Maximum Payout Amount is the maximum annual cash bonus that can be earned and paid under the STI Plan. It is calculated by multiplying the Target Payout by an agreed upon percentage as indicated in Executive’s STI Plan Summary Table.
	Modified Average Shareholders’ Equity	Modified Average Shareholders’ Equity is Calculated by subtracting cumulative other comprehensive income and non-controlling interest as well as effects of Non-Recurring Items 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.

  

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
Page A-3
	JAB _____
MWM _____

     

    

 

	Term of Calculation	Definition
	Modified Earnings Before Interest, Taxes, Depreciation and Amortization (“Modified EBITDA”) (Business Unit Metric)	The Modified EBITDA (Business Unit Metric) is calculated by adding/subtracting actual Investment and Other (Losses) Gains – Net as well as the effects of Non-Recurring Items from EBITDA (Business Unit Metric).  
	Modified Earnings Before Interest, Taxes, Depreciation and Amortization (“Modified EBITDA”) (Corporate Metric)	The Modified EBITDA (Corporate Metric) is calculated by adding/subtracting actual Investment and Other (Losses) Gains – Net as well as the effects of Non-Recurring Items from EBITDA (Corporate Metric).  
	Modified EBITDA Margin (Business Unit Metric)	The Modified EBITDA Margin (Business Unit Metric) is calculated by dividing Modified EBITDA (Business Unit Metric) by Modified Operating Revenues (Business Unit Metric).
	Modified Gross Revenues (Corporate Metric)	Modified Gross Revenues is calculated by subtracting Investment and Other (Losses) Gains – Net, as well as the effects of Non-Recurring Items from Total Gross Revenues (Corporate Metric).
	Modified Operating Revenues (Business Unit Metric)	Modified Operating Revenues is calculated by subtracting the effects of Non-Recurring Items from Operating Revenues (Business Unit Metric).
	Modified Pretax Profits (Corporate Metric)	Modified Pretax Profits (Corporate Metric) is calculated by subtracting Investment and Other (Losses) Gains – Net, as well as removing the effects of Non-Recurring Items from pretax profits.
	Modified Pretax Margin (Corporate Metric)	The Modified Pretax Margin (Corporate Metric) is calculated by dividing Modified Pretax Profits (Corporate Metric) by Modified Gross Revenues (Corporate Metric). 
	Modified Net Income Attributable to Company (Actual)	Modified Net Income Attributable to Company (Actual) is calculated by subtracting Investment and Other (Losses) Gains – Net, as well as the effects of Non-Recurring Items, (all on an after-tax basis) from Net Income Attributable to Company. The source of data is as reported in the Company’s 10K.
	Modified Net Income Attributable to Company (Budget)	Modified Net Income Attributable to Company (Budget) is calculated as pretax profit from the System of Record less estimated effective tax rate and non-controlling interest.
	Modified Return on Equity (“Modified ROE”) (Corporate Metric)	Modified Return on Equity (Corporate Metric) is calculated by dividing Modified Net Income Attributable to Company by Modified Average Shareholders’ Equity.
	Non-Recurring Items	Non-recurring, unusual and/or extraordinary items as determined at the discretion of the Committee.
	Operating Revenues (Business Unit Metric)	Operating Revenues is total operating income plus equity income as reported in the System of Record. Where applicable, shadow credit revenue is also included.

 

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
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	JAB _____
MWM _____

     

    

 

	Term of Calculation	Definition
	Operating Revenues Local Currency (Business Unit Metrics International Operations)	The source of data for local currency is from International Operations accounting and reporting systems as reported in Lawson (in USD) and converted at current foreign exchange rates used to generate such financial reporting.
	Pretax Profit (Corporate Metric)	Pretax Profit (Corporate Metric) is as reported in the System of Record.
	Project Attainment	Project Attainment metric is tied to specific goals established for 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.
	System of Record (Actual)	Unless otherwise stated, System of Record for actual financial performance is management instance of actual as loaded into Adaptive Insights as populated by Hyperion Financial Management.
	System of Record (Budget)	System of Record for budgeted financial performance is management instance of budget as loaded in Adaptive Insights.
	Target Modified Earnings Before Interest, Taxes, Depreciation and Amortization (“Target Modified EBITDA”) (Corporate Metric)	The Target Modified EBITDA (Corporate Metric) is as approved by the Committee for the respective Performance Period.
	Target Performance Level	The expected level of performance, which results in a payout of 100% of target. 
	Target Payout	Target Payout is the annual cash bonus that can be earned and paid under the STI. Target Payout is calculated by multiplying Annual Salary by an agreed upon percentage as indicated in Executive’s STI Plan Summary Table.
	Threshold Performance Level	The level of performance for a metric below which no payout is earned or paid.
	Total Gross Revenues (Corporate Metric)	Total Gross Revenues (Corporate Metric) is equivalent to total revenues as reported in the System of Record excluding the effect of agent retention.
	Weighting	Weighting is a calculation that applies a percentage to each metric, which is the fraction of the Target STI tied to that metric. The aggregation of the percentages is 100%.

 

    	Name: Joseph Allen Berryman
Employee ID: 798882497
	 
Page A-5
	JAB _____
MWM _____

     

    

 

EXHIBIT B

LONG TERM INCENTIVE PLAN

(“LTI”)

 

Executive shall be
eligible to participate in the Stewart Information Services Corporation 2014 Long Term Incentive Plan (“LTI Plan”),
as such plan shall be in effect and amended and/or superseded from time to time. Capitalized terms in this document shall have
the meanings ascribed to such terms in the LTI Plan, except to the extent defined herein or as clearly required by the context.
This document constitutes an Award Agreement for purposes of the LTI Plan. The Awards granted under the terms of this document
are subject in all respects to the terms and conditions of the LTI Plan.

 

The actual value of
Executive’s Awards under the LTI Plan shall be determined by the Compensation Committee (“Committee) of the Board of
Directors (“Board”), in its sole discretion. The Committee shall consider the overall performance of the Company in
awarding the any Long Term Incentive (“LTI”). The Committee will consider the following in determining the value of
the LTI granted to Executive:

 

LTI Plan Summary Table

 

	Grant date	June 1, 2017
	Annual Salary	$375,000
	Target estimated grant date value of total LTI grant as percent of base salary at grant	85%
	Target estimated grant date value of total LTI grant:	$318,671
	Closing stock price on May 31, 2017	$45.24

 

	 	Threshold	Target	Maximum
	Number of shares with time-based vesting*	2,348	2,348	2,348
	Number of shares tied to Relative Total Shareholder Return (TSR)	587	2,348	5,283
	Number of shares tied to Book Value (BV)	587	2,348	5,283
	Total number of shares	3,522	7,044	12,914

 

*The number of shares with time-based
vesting does not change with financial performance. Therefore, the threshold, target, and maximum are the same. 

 

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

 

Dividend Equivalent Rights (“DER”):

In the event a dividend
is paid to shareholders during the restriction period, the recipient will receive a cash payout or other form of settlement 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. The Committee reserves the right to determine, at its sole and absolute discretion, whether, on vesting,
the DER will be settled in cash or in additional shares. The Committee also reserves the right to determine whether to deem such
dividends to have been reinvested in shares at the time the dividends were paid.

 

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Time-Vested Restricted Shares

Award Value:

		·	One-third (1/3) of the grant date value of total LTI grant will be provided in time-based RSA’s.

 

		·	The target number of shares is calculated as: Target estimated grant date value of total LTI grant
÷ 3 ÷ the closing stock price on May 31, 2017, rounded down to the nearest full share.

 

Vesting:

		·	One-third (1/3) of RSA’s will vest on each of the first three anniversaries of the 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 (1/3) of the grant date value of total
LTI grant.

 

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

 

Performance Period:

		·	The three-year period from January 1, 2017 to December 31, 2019 (the “Performance Period”).

 

		·	The shares shall be released to Executive after the Board reviews and approves Company performance,
after the performance period has concluded.

 

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 comparator group approved by the Committee (“Comparative
Group”). At the end of the three-year performance period, any TSR-based performance shares determined not to have become
vested shall be forfeited and Executive shall have no further rights with respect to such forfeited shares.

 

Performance Metric:

		·	The performance metrics associated with the Performance Shares will function on a relative TSR-based
scale. Actual relative TSR performance will be measured as soon as practicable at the end of the three-year Performance Period
as compared to the Board-approved Custom Real Estate 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 Company TSR is at the 50th
percentile of the Comparative Group. Threshold performance is set at the 40th percentile. In the event performance is
below the 40th percentile, the associated payout is equal to zero. Maximum Payout is achieved when performance is at
the 80th percentile of the Comparative Group.

 

	 	TSR Percentile Ranking Performance Achieved	Payout as %  of Target Number of Shares
	Maximum	80th	225%
	Target	50th	100%
	Threshold	40th	25%
	Below Threshold	<40th	0%

 

		·	Payout percentages will be interpolated for performance achievement
between threshold, target, and maximum.

 

 

Performance Shares - CAGR
Book Value Per Share + Cumulative Dividends Per Share (“BV”)

Award Value:

		·	The BV-based performance shares will constitute one-third (1/3) of the grant date value of total
LTI grant.

 

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

 

Performance Period:

		·	The three-year period from January 1, 2017 to December 31, 2019.

 

		·	The shares shall be released to executive after the Board reviews and approves Company performance,
after the Performance Period has concluded.

 

Vesting:

		·	Vesting of performance shares occurs at the end of the three-year Performance Period based on the
achievement of pre-determined performance levels determined by the Committee. At the end of the three-year Performance Period,
any BV-based performance shares determined not to have become vested shall be forfeited and Executive shall have no further rights
with respect to such forfeited shares.

 

Performance Metric:

		·	BV performance shares will function on a Compound Annual Growth Rate (CAGR) Book Value Per Share
+ Cumulative Dividends Per Share 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 performance achievement detailed in the table below.

 

	 	
        CAGR (Book Value Per Share +
        Cumulative Dividends Per Share)

        Performance Achieved
	Payout as %  of Target Number of Shares
	Maximum	15%	225%
	Target	10%	100%
	Threshold	5%	25%
	Below Threshold	<5%	0%

 

		·	Payout percentages will be interpolated for performance achievement
between threshold, target, and maximum.

 

 

Forfeiture Provisions

Any shares
subject to Awards made pursuant to this document that have not previously been forfeited under the terms of this document shall
be forfeited at the time Executive’s employment terminates to the extent such shares have not become vested, unless otherwise
provided for under the terms of the Employment Agreement. Executive shall have no further rights with respect to any portion of
any Award that has been forfeited.

 

To the extent
permitted by or not inconsistent with the requirements of the LTI Plan, the Committee, in its discretion, may change this plan
as it deems necessary, throughout the year, including, but not limited to: Annual Salary, target LTI, performance metrics and weightings,
payout percentages, etc. The Committee also has full and absolute discretion with respect to the interpretation of this LTI Plan,
including the power to construe terms and conditions set out herein, to establish rules and regulations for the orderly and efficient
administration of this LTI Plan, to correct any defect or supply any omission or reconcile any inconsistency or ambiguity in this
LTI Plan, and to ensure that this LTI Plan operates in a manner consistent with its underlying intent. The determinations of the
Committee regarding this LTI Plan shall be conclusive and binding on Executive.

 

Specific terms and calculations
related to the Long Term Incentive Plan

 

The following
sets forth the definition of specific terms and calculations related to the LTI Plan.

 

	Term/Calculation	Definition
	Annual Salary	This is the annual salary as defined herein.
	Average Shares Outstanding	Average Shares Outstanding is the number of shares at the end of the Baseline Period, plus the shares at the end of the Performance Period, divided by two.

 

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	Term/Calculation	Definition
	Baseline Period	Baseline Period is the 12-month period ending immediately preceding the Performance Period.  For example, a Performance Period of January 1, 2017 through December 31, 2019 would have a baseline period of 12 months ending December 31, 2016.
	Book Value per Share	Book Value is calculated as assets less total liabilities as reported in the Company 10K, divided by Average Shares Outstanding.
	Compound Annual Growth Rate (CAGR)	
        CAGR is the annual growth rate,
        taking into account the Performance Period and effects of compounded growth. The formula used to determine CAGR is as follows:

         

        CAGR = (Value at end of Performance
        Period / Value at end of Baseline Period)^1/years in Performance Period – 1.

         

        For example, for a Performance
        Period of January 1, 2017 through December 31, 2019, the basis for the CAGR calculation would be as follows:

         

        CAGR = (Value at December 31,
        2016

        / Value at December 31, 2019)^1/3-1

	Company	The Company is Stewart Information Services Corporation and its subsidiaries.
	Cumulative Dividends Per Share	Cumulative Dividends Per Share is the aggregate cash dividend paid during the Performance Period as reported in the 10K.
	Maximum Performance Level	The level of performance that results in Maximum Payout for a metric. 
	Maximum Payout	The Maximum Payout is the maximum number of shares that can be earned under the LTI Plan for each performance metric. It is calculated by multiplying the Target number of shares by an agreed upon percentage as indicated in Executive’s LTI Plan Summary.
	Performance Period	Performance Period is a three-year period beginning on January 1 of the initial award year and ending December 31 three years later.  For example, the Performance Period for 2017-initiated awards is January 1, 2017 through December 31, 2019. 
	Performance Share Award (PSA)	Performance Share Award is share-based compensation that vests based on defined measures, which include Company performance and time-based measures.

  

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	Term/Calculation	Definition
	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	The expected level of performance, which results in a payout of 100% of Target number of shares. 
	Threshold Performance Level	The level of performance for a metric below which no shares will vest.
	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.
	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 Comparative Group.

 

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