| 1.  | Summary      of Your Restricted Option |
|----------|----------------------------------------|

|   | (a)  | Grant      Date: _______________,      2010 |
|--------|-----------|--------------------------------------------------|

|   | (b) | Number of Shares of Stock      Subject to Your Option:  ___________ shares of      Stock. |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | (c) | Exercise      Price:  $______________ per share of    Stock. |
|--------|-----|------------------------------------------------------------------------|

| 2.  | When      Your Option Will Vest |
|----------|---------------------------------|

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| 3.  | When      You May Exercise Your Option and When It Will  Expire |
|----------|-----------------------------------------------------------------|

|   | (a) | In      General:  In general, you may exercise all or any part of      the vested portion of your Option at any time prior to the tenth      anniversary of the Grant Date (the “Expiration Date”), except to the      extent the Committee determines otherwise upon the occurrence of an      Applicable Event or as otherwise providedbelow. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Effect of      Termination:  If your employment terminates prior to the      Expiration Date, your Option will remain exercisable for the period      specified below: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Retirement.  If      you Retire, the vested portion of your Option may be exercised at any time      before the earlier of the Expiration Date or one year following your      Retirement; provided, however, that if you do not exercise your Option      within three months after the date of your Retirement, it will be treated      as a Nonqualified Stock Option. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Death or      Disability.  If your employment terminates due to your      death or Disability, the vested portion of your Option may be exercised at      any time before the earlier of the Expiration Date or the first      anniversary of your terminationdate. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | For Any Reason Other Than      Retirement, Death or Disability.  If your employment is      terminated for any reason other than your Retirement, death or Disability:      (i) the unvested portion of your Option will be forfeited on your      termination date; and (ii) the vested portion      of your Option may be exercised at any time before the earlier of the      Expiration Date or 30 days after your termination  date. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Applicable      Event:  If there is an Applicable Event, Section 11.5 of      the Plan will apply to the outstanding and unexercised portion of your      Option. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.  | Exercising Your Option |
|----------|------------------------|

|   | (a) | Exercise.  Your      Option may be exercised with respect to whole shares of Stock      only. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (b) | Procedure. To exercise      all or any part of the vested portion of your Option, you must (i)      complete and return a copy of the Incentive Stock Option Exercise Form      (attached to this Award Agreement as Exhibit A); and      (ii) pay the applicable exercise price for each share of Stock being      purchased as described in Section4(c). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (c) | Payment of Exercise      Price.  You may pay the exercise price for each share of      Stock being purchased upon the exercise of the Option: (i) in cash equal      to the aggregate exercise price of the number of shares      of  Stock being purchased; (ii) in the form of a personal check      or money order made payable to “Rurban Financial Corp.” in the amount of      the aggregate exercise price of the shares of Stock being purchased; (iii)      by tendering whole shares of Stock owned by you for at least six months      before the Option is exercised (or such other period established by      generally accepted accounting principles) with a Fair Market Value equal      to the aggregate exercise price of the shares of Stock being purchased; or      (iv) any combination of theforegoing. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Issuance of Shares of      Stock.  As soon as administratively practicable after the      Company determines that the Option has been validly exercised as to any of      the shares of Stock, the Company will issue or transfer the relevant      number of shares of Stock to you.  Any fractional shares of      Stock resulting from the exercise of your Option will be settled in      cash. |
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| 5. | Mandatory Notice of      Disqualifying Disposition. |
|----|-----------------------------------------------------|

| 6.  | Other Rules Affecting Your      Option |
|----------|----------------------------------------|

|   | (a) | Rights Before Your Option Is      Exercised:  You may not vote or receive any dividends      associated with the Stock underlying the unexercised portion of your      Option. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Beneficiary      Designation:  You may name a beneficiary or beneficiaries      to receive any shares of Stock or exercise any vested portion of your      Option that is unpaid or unexercised at your death by completing and      filing with the Committee a Beneficiary Designation Form.  If      you have not completed a Beneficiary Designation Form or if you wish to      change your beneficiary, you may complete the Beneficiary Designation Form      (attached to this Award Agreement as Exhibit      B).  You do not need to designate a beneficiary now, and      no designation is required to be completed as a condition of exercising      your Option.  However, if you die without completing a      Beneficiary Designation Form or if you do not complete the form correctly,      your beneficiary will be the executor or administrator of your estate, or      if no such executor or administrator has been appointed to the knowledge      of the Company, your beneficiary shall be your spouse or any one or more      of your dependents as the Company maydesignate. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (c) | Tax      Withholding:  The Company will have the right and is      hereby authorized to deduct or withhold an amount sufficient to satisfy      federal, state and local taxes required by law to be withheld with respect      to your Option.  At the sole discretion of the Committee, you      may be permitted to satisfy the foregoing withholding liability by: (i)      paying to the Company the withholding amount in cash, through the delivery      or attestation of whole shares of Stock you have owned for at least the      previous six months (or such other period acceptable under generally      accepted accounting principles) with a Fair Market Value equal to the      statutory minimum withholding liability; or (ii) by having the Company      withhold shares of Stock that would otherwise be issued to you when your      Option is settled with a Fair Market Value equal to the statutory minimum      withholding liability. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Transferring Your      Option:  In general, your Option may not be sold,      transferred, pledged, assigned or otherwise alienated or hypothecated,      except by will or the laws of descent and      distribution.  However, as described in Section 5(b), you may      complete a Beneficiary Designation Form to name the person who may      exercise your Option if you die before the Option  expires. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Adjustments to Your      Options:  If there is a Stock dividend, Stock split,      recapitalization (including payment of an extraordinary dividend), merger,      consolidation, combination, spin-off, distribution of assets to      shareholders, exchange of shares or other similar corporate change      affecting the Stock, the Committee will appropriately adjust the number of      shares of Stock underlying your Option and any other factors, limits or      terms affecting your Option. Notwithstanding the foregoing, any adjustment      will comply with Section 409A of the Code to the extent      applicable. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | Restrictions on Transfer of      Stock:  Shares of Stock tendered upon exercise of your      Option under this Award Agreement may be subject to any stock transfer      orders and other restrictions that the Committee believes to be advisable      under the rules, regulations and other requirements of the Securities and      Exchange Commission, any exchange, market or other quotation system on or      through which the Company’s securities are then traded, or any applicable      federal or state securities laws.  The Committee may cause a      legend or legends to be placed on any certificates issued under this Award      Agreement to make appropriate reference to any    restrictions. |
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|   | (g) | Tenure:  Nothing      in the Plan or this Award Agreement shall confer upon you the right to      continue as an Employee or Director, as applicable, of the Company or any      Subsidiary. |
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|   | (h) | Governing      Law:  This Award Agreement will be construed in      accordance with and governed by the laws (other than laws governing      conflicts of laws) of the State ofOhio. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Amendment of Award      Agreement:  This Award Agreement may be amended by a      written agreement signed by both parties to this Award Agreement;      provided, however, that the Company may amend this Award Agreement to the      extent necessary to comply with applicable law without your consent or any      additional consideration, even if those amendments eliminate, restrict or      reduce your rights under this AwardAgreement. |
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|   | (j) | Other Terms and      Conditions:  Your Option is subject to the terms and      conditions described in this Award Agreement and the Plan, which is      incorporated by reference into and made a part of this Award      Agreement.  You should read the Plan carefully to ensure you      fully understand all the terms and conditions of your      Option.  In the event of a conflict between the terms of the      Plan and the terms of this Award Agreement, the terms of the Plan will      govern.  The Committee has the sole responsibility of      interpreting the Plan and this Award Agreement, and its determination of      the meaning of any provision in the Plan or this Award Agreement shall be      binding on you. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Signature in      Counterparts:  This Award Agreement may be signed in      counterparts, each of which will be deemed an original, but all of which      will constitute one and the sameinstrument. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A      copy of the Plan has been made available to you;  and |
|--------|--------|--------------------------------------------------------------|

|   | · | You      understand and accept the terms and conditions placed on your      Option. |
|--------|--------|-------------------------------------------------------------------------------------|

| PARTICIPANT      |               | RURBAN      FINANCIAL CORP. |             |
|------------------|--------------------|-----------------------------|------------------|
|             |               |                        |             |
|             |               |                        |             |
| Print Name: |               |                        | Print Name: |   |   |
|             |               |                        | Title:           |   |   |
|             |               |                        |             |   |   |
| Date:            |     |                        | Date:            |          |   |

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| 1. | Affected Option      Shares:  This Exercise Notice relates to the following      Option and shares of Stock (fill in the      blanks): |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Grant      Date of      Option:  __________________________________________________________________ |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (b) | Number      of Shares of Stock Being Purchase with This Exercise      Notice:  _________________________ |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | (c) | Exercise      Price:  The exercise price per share of Stock is      $_______________________________________ |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Total      Exercise Price:  The total exercise (multiply 1(b) by      1(c)) is:  $______________________________ |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

| 2. | Payment of Exercise      Price:  The total exercise price will be paid by (check    one): |
|----|-----------------------------------------------------------------------------------------------------|

|   |  ̈ | Personal      check, bank draft or money order payable to “Rurban Financial      Corp.” |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   |  ̈ | Through      the tender of whole shares of Stock that the Optionee has held for at      least six months (or      such other period established by generally accepted accounting principles)      and which have a Fair Market Value equal to the total exercise      price. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  ̈ | A      combination of these two methods (the aggregate amount of cash and value      of shares delivered or attested must be equal to the total exercise      price). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | Notes:  | If:      (a) the cash, bank      or money order method of exercise is selected, full payment must be      included with this Exercise Notice; and (b) you elect the tender form of      paying the exercise price, you may contact the Company at the address      given below for further information as to how the choice of payment will      affect the number of shares of Stock you will  receive. |
|--|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Payment of      Taxes:  Subject to Section 5(c) of the Award Agreement      under which the Option was issued, the withholding taxes associated with      this exercise of the Option will be paid (check    one): |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  ̈ | From      my payroll checking account. |
|--------|--------|----------------------------------------|

|   |  ̈ | By      having the Company withhold shares of Stock that would otherwise be issued      with respect to this exercise. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|

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|   | (a) | I      fully understand the effect (including the investment effect) of      exercising the Option and buying the shares of stock and understand that      there is no guarantee that the value of these shares of Stock will      appreciate or will not depreciate; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | This      Exercise Notice will have no effect if it is not returned to the Company      at the address given below before the Expiration Date or such other date      as may be specified in the Award Agreement or, to the extent applicable,      if full payment of the exercise price is not included;  and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      shares of Stock I am buying by completing and returning this Exercise      Notice will be issued to me as soon as administratively      practicable.  I will not have any rights as a shareholder of the      Company until the shares of Stock areissued. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                 |
|--------------------------------------|
| (Optionee’s      printed name) |
|                                 |
|                                 |
| (Optionee’s      signature)    |
|                                 |
| Date signed:                    |   |

| By:    |   |   |
|--------|--------|--------|
|   |   |   |
| Date:  |   |   |

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|              |   |   |   |
|-------------------|--------|--------|--------|
| (Signature)       |   | (Date) |   |
|              |   |   |   |
|              |   |   |   |
| (Print      Name) |   |   |   |

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