Document:

Exhibit 10.1

 

Executive
Employment Contract

 

This Contract
is made as of June 30, 2015 (“Effective Date”), between Commercial Bancshares, Inc. (“CBS”), an
Ohio corporation having an address of 118 S. Sandusky Avenue, Upper Sandusky, Ohio 43351, and Scott A. Oboy (“Mr. Oboy”),
having an address of 1365 Woodridge Road, Marion, Ohio 43302, for Mr. Oboy’s employment by CBS as Executive Vice
President and Chief Financial Officer of CBS.

 

BACKGROUND

 

A.CBS desires to continue to employ
Mr. Oboy under the terms and conditions set forth in this Contract.

 

B.Mr. Oboy desires to continue
to be employed by CBS under the terms set forth in this Contract.

 

In consideration of
the promises contained in this Contract and for other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties agree as follows:

 

1.Employment. Upon the terms
and subject to the conditions of this Contract, CBS hereby agrees to employ Mr. Oboy. Upon the terms and subject to the conditions
of this Contract, Mr. Oboy agrees to serve as a full time employee of CBS.

 

2.Services rendered.

 

(a)General. Mr. Oboy
shall render services and perform the duties of the positions of Executive Vice President and Chief Financial Officer of CBS and
The Commercial Savings Bank, the wholly-owned commercial banking subsidiary of CBS (the “Bank”). Subject to Sections 2(b)
and 2(d), Mr. Oboy shall hold such other offices in CBS affiliates and perform such other duties and have such other responsibilities
for CBS and its affiliates as are of the same character and nature as those typically performed by an executive vice president
and chief financial officer of a bank holding company of comparable size and with a comparable market to that of CBS that may be
assigned by the board of directors of CBS or any of its affiliates.

 

    	 

    	 

    

 

(b)Reporting and authority.
Mr. Oboy shall report to and be subject to the supervision and direction of the Board of Directors of CBS (“Board”)
and the President and Chief Executive Officer of CBS and the Bank. Mr. Oboy shall have the authority set by the CBS Code of
Regulations, as may be amended from time to time, and the authority delegated to him by the President and Chief Executive Officer
or the Board.

 

(c)Full-time employee. Mr. Oboy
shall devote his full-time employment during the term of this Contract to the faithful and diligent performance of his duties for
CBS and its affiliates. Mr. Oboy shall not engage in other employment or business activities, whether or not the employment
or activities are pursued for gain, profit, or other pecuniary advantage, without the prior written consent of CBS. Business activities
do not include passive investments.

 

(d)Adherence to standards.
Mr. Oboy shall perform all duties in a competent and professional manner. Mr. Oboy shall abide by the Articles of Incorporation
and Code of Regulations of CBS and the Bank; the rules, regulations, policies, and performance objectives of CBS and the Bank as
they exist from time to time; applicable ethical and business standards; and the law.

 

3.Compensation. “Compensation”
includes base salary, performance based compensation, if any, and employee benefits.

 

(a)Base salary and initial bonus.
During the initial term of this Contract, CBS shall pay Mr. Oboy a base salary of $162,761 subject to all applicable withholdings,
in accordance with the then current policies of CBS for executive compensation. The base salary provided by this §3(a) as
adjusted under §3(e) shall be referred to herein as “base salary”.

 

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(b)Employee benefits. In
addition to the base salary, CBS shall provide to, or for the benefit of, Mr. Oboy, the following employee benefits:

 

		[i]	Vacation and sick leave. Participation in the vacation and sick leave plan maintained for
executives of CBS, which includes five weeks of vacation each year.

 

		[ii]	Business expense reimbursement. Reimbursement for, or payment of, the reasonable business
and entertainment expenses incurred by Mr. Oboy on behalf of CBS pursuant to the written policies of CBS or as otherwise approved
by the Board.

 

		[iii]	Conventions/seminars. Reimbursement for reasonable expenses incurred by Mr. Oboy to
participate in industry conventions and seminars in accordance with the policies for such established by the Board from time to
time. Such reimbursement also shall include reasonable expenses incurred by Mr. Oboy to maintain his standing as a certified public
accountant in the State of Ohio.

 

		[iv]	Benefit plans. Participation in the health, retirement and welfare benefit plans made available
to the employees of CBS and in any such other similar plans maintained by CBS on the same basis as the other executive employees
of CBS who participate in such plans.

 

		[v]	Deferred compensation program. Participation in CBS’s existing deferred compensation
program. Nothing herein shall require the Board to maintain such plan which may be terminated by the Board at any time.

 

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		[vi]	Life insurance plans. A term life insurance policy upon the life of Mr. Oboy, payable
to his designated beneficiaries, in an amount equal to one and one-half times his annual base salary.

 

		[vii]	Memberships. Reimbursement for, or payment of, the membership dues required to maintain
a membership at a health or country Club of Mr. Oboy’s choosing, provided that the monthly reimbursement for the cost of
such club shall not exceed $500.

 

		[viii]	Automobile allowance. A $700 per month automobile expense allowance to reimburse Mr. Oboy
for some or all of the cost of maintaining and operating an automobile for use in the performance of Mr. Oboy’s duties
under this Contract. Mr. Oboy also shall receive reimbursement for mileage related to his use of the automobile to perform
his duties under this Contract at a rate equal to one-half (1/2) of the standard mileage rate established annually by the Internal
Revenue Service. Mr. Oboy shall maintain the automobile in first-class condition and insure that the automobile is available
for Mr. Oboy’s use in the business of CBS.

 

		[ix]	Stock Incentive Plan. In the discretion of the Board, Mr. Oboy may be granted stock options
or other awards under the Company’s 2009 Stock Incentive Plan (“2009 Plan”) or any successor or similar plan
as adopted by the Company from time to time.

 

		[x]	Long-term disability. Participation in CBS’s long term disability program.

 

The benefits provided
under this §3(b) shall be referred to herein as “employee benefits”.

 

(c)Performance based compensation.
CBS may pay Mr. Oboy additional incentive or performance based compensation consisting of cash payments, stock options or
stock awards, in the sole and absolute discretion of the Board. Any such incentive or performance based compensation may be based
on asset growth, return on assets, stock price, or other factors selected by the Board from time to time. Mr. Oboy acknowledges
that the Board may reach a decision not to award any incentive or performance based compensation. The incentive or performance
based compensation provided for under this §3(c) shall be referred to herein as “performance based compensation”.

 

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(d)Reports of use of employee
benefits. Mr. Oboy shall submit regular reports of personal use of the employee benefits that the Internal Revenue Code
requires to be treated as taxable income to Mr. Oboy in order to allow CBS to determine the amount that must be reported to
the Internal Revenue Service as compensation to Mr. Oboy.

 

(e)Annual review. Mr. Oboy’s
base salary, employee benefits, and any performance based compensation will be reviewed annually in accordance with the normal
compensation review practices of the Board. In connection with each such review, Mr. Oboy’s base salary may remain the
same or be increased, but not decreased, Mr. Oboy may or may not be awarded any performance based compensation, and Mr. Oboy’s
employee benefits may be increased or decreased. Any adjustments to Mr. Oboy’s base salary and employee benefits (including
any decision not to adjust base salary or employee benefits) shall be made in the sole discretion of the Board or a committee of
the Board.

 

(f)Endorsement Split Dollar
Life Insurance Agreement. In addition to the other benefits provided for herein, the Bank and Mr. Oboy agree that Mr. Oboy
shall be entitled to the benefits and be subject to the provisions and restrictions provided for in the Endorsement Split Dollar
Life Insurance Agreement attached hereto as Exhibit A (the “Split Dollar Agreement”), which is to be executed
on the same date as this Contract.

 

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4.Term and termination. 

 

(a)Term; renewal; and non-renewal.
This Contract is effective as of the Effective Date and shall remain in full force and effect for a period of two years from Effective
Date (the “Original Term”), unless earlier terminated as provided herein. Thereafter, this Agreement shall be automatically
extended (an “Extension Term”) from year to year for additional one-year periods ending on each anniversary of the
expiration of the Original Term (the “Expiration Date), unless either the Bank or Mr. Oboy notifies the other in writing,
at least 60 days prior to the Expiration Date, of its or his intention not to renew the Agreement.

 

(b)Termination other than expiration
of term.

 

(1)Termination by CBS without
cause. CBS may terminate Mr. Oboy’s employment without cause by giving Mr. Oboy a notice of termination. The
notice of termination without cause shall be effective upon the earlier of actual receipt by Mr. Oboy or two days after mailing
by first class mail. If CBS terminates the employment of Mr. Oboy without cause, CBS shall provide Mr. Oboy with “Continuing
Compensation” (as defined in Section 4(b)(6) below) commencing upon termination for a period (“Termination Period”)
equal to the greater of twelve (12) consecutive months or the number of months remaining, if any, on the Original Term and any
Extension Term that has become effective on or before the date of termination. During the Termination Period, CBS shall pay the
base salary component of the Continuing Compensation in arrears on the last day of each month commencing on the last day of the
first month after the month in which termination has occurred. A termination of Mr. Oboy’s employment voluntarily by
Mr. Oboy, a termination of Mr. Oboy’s employment arising out of illness or disability, and a termination of Mr. Oboy’s
employment after a change in control will not be a termination without cause under this subsection. Continuing Compensation
shall be reduced by compensation that Mr. Oboy receives from any other employment or self-employment.

 

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(2)Termination by Mr. Oboy.
Mr. Oboy may terminate his employment by giving CBS sixty (60) days’ notice of his intention to resign. If Mr. Oboy
voluntarily terminates his employment, CBS will not be obligated to pay Continuing Compensation after the date of termination,
except as required by law.

 

(3)Termination by CBS for cause.
CBS may terminate Mr. Oboy’s employment for cause by giving Mr. Oboy notice of termination for cause. The notice
of termination for cause is not required to describe the cause or causes, but must state that Mr. Oboy’s employment has been
“terminated for cause”. The notice of termination for cause shall be effective upon the earlier of actual receipt by
Mr. Oboy or two business days after mailing by first class mail. If CBS terminates Mr. Oboy’s employment for cause,
CBS will not be obligated to pay or provide any compensation of any type after the date of termination, except as required by law.
“Cause” means conduct by Mr. Oboy concerning any one or more of the following: [i] failure to adhere to ethical
standards or the law; [ii] moral and ethical misdeeds conducted on the job; [iii] failure to carry out duties of employment
or to carry out directions of the President and Chief Executive Officer of CBS or the Bank or the Board or properly designated
committee of the Board of CBS or any affiliate of CBS, including specifically the Bank; [iv] willful misconduct; [v] conviction
of a felony; [vi] removal from any office held by Mr. Oboy with CBS, the Bank or any other affiliate of CBS by
order of a regulatory agency having jurisdiction over CBS or any of its affiliates or threat of such
an order; or [vii] conduct that otherwise interferes with the performance of Mr. Oboy’s duties or
CBS’s business, including any conduct that adversely reflects upon CBS or its business and any conduct committed during or
outside of the employment relationship that, reasonably considered, harms the reputation of CBS. As used in this subsection, “conduct”
includes one or more acts, one or more failures to act, or any combination of an act, multiple acts, a failure to act, or multiple
failures to act. In the case of any conduct described item [iii] that is not a repeat instance of such conduct, Mr. Oboy shall
have thirty (30) days after written notice of such conduct to cure the conduct, unless the conduct also has a material adverse
impact on CBS or its reputation. If Mr. Oboy requests in writing, CBS shall provide Mr. Oboy a written description with
the cause or causes for termination.

 

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(4)Termination upon permanent
disability. Mr. Oboy’s employment shall terminate upon the permanent disability of Mr. Oboy. “Permanent
disability” means Mr. Oboy’s physical or mental inability to perform the services required under this Contract
caused by a physical or mental condition or impairment for a period exceeding 180 days. In the event either the Company or Mr.
Oboy, after receipt of notice of Mr. Oboy’s permanent disability from the other, dispute that Mr. Oboy’s permanent
disability shall have occurred, Mr. Oboy shall promptly submit to physical examinations by three physicians, one of whom shall
be a physician who regularly has treated Mr. Oboy, assuming that he has such a regular physician, and, unless two of such physicians
shall issue their written statement to the effect that in their opinion, based on their diagnosis, Mr. Oboy is capable of resuming
his employment and devoting his full time and energy to discharging his duties within sixty (60) days after the date of such statement,
such permanent disability shall be deemed to have occurred.

 

(5)Termination after a change
in control.

 

(i)When a termination after
a change in control occurs.

 

A termination after a change in
control occurs [i] when, within one year after a change in control, Mr. Oboy’s employment is terminated without
cause; [ii] when, within one year after a change in control, Mr. Oboy resigns because he has [a] been demoted, [b] had
his base salary reduced, [c] had his principal place of employment transferred away from Wyandot County, Ohio or a county
contiguous thereto, or [d] had his job title, status or responsibility materially reduced; or [iii] when, [a] Mr. Oboy’s
employment is terminated by CBS without cause, [b] there is a change in control within one (1) year following the termination,
and [c] Mr. Oboy’s termination of employment [1] was at the request of a third party who has taken steps reasonably
calculated to effect a change in control or [2] was otherwise in anticipation of a change in control. A termination of employment
[i] upon expiration of the term of this Contract, [ii] for cause, or [iii] upon the permanent disability of Mr. Oboy
is not a termination after a change in control.

 

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(ii)Compensation after termination
after a change in control.

 

If Mr. Oboy’s employment
is terminated after a change in control, within 30 days of termination of employment, CBS, or its successor, shall commencing paying
to Mr. Oboy, a monthly payment (the “Monthly CIC Payment”), in an amount equal to the difference of [a] the
product of 2.0 times his then current annual base salary less [b] the total amount of Continuing Compensation paid and payable
to Mr. Oboy by CBS, including Continuing Compensation paid and continuing compensation owed but not yet paid, with the difference
between [a] and [b] divided by twenty-four (24). Such Monthly CIC Payment shall continue for twenty-three (23) additional months
after the initial payment. In addition to the Monthly CIC Payments, and if Mr. Oboy elects COBRA continuation coverage and pays
the applicable premiums, CBS shall reimbursement Mr. Oboy for the premiums paid by him for such COBRA continuation coverage for
medical benefits (or such other comparable medical insurance if past the 18 months for which COBRA coverage is available), for
a period equal to the shorter of 24 months or the time that Mr. Oboy is provided comparable coverage by a subsequent employer or
through his spouse’s employer. Such COBRA payments shall begin within not more than thirty (30) days following Mr. Oboy’s
termination in connection with a change in control.

 

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(iii)No excess parachute payments.

 

Notwithstanding any other provision
of this Contract or of any other agreement, contract or understanding between Mr. Oboy and CBS or any affiliate of CBS now
existing or later arising, Mr. Oboy shall not have any right to receive any compensation or benefit to the extent that the
sum of all payments to or benefits received by or on behalf of Mr. Oboy from CBS or any of its affiliates would cause any
payment or benefit to be considered an “excess parachute payment” under 26 U.S.C. §280G(b)(1), as amended, result
in the imposition of excise tax under 26 U.S.C. § 4999, as amended, or cause any loss of any deduction to CBS under 26
U.S.C. §§162(m) or 280G(a), as amended (“Excess Parachute Payment”). If the receipt by or on behalf of Mr. Oboy
of any payment or benefit from CBS or an affiliate would cause Mr. Oboy to be considered to have received an Excess Parachute
Payment, then each of the Monthly CIC Payments shall be automatically reduced by the minimum amount necessary to cause the total
amount of such payments that would otherwise be considered “parachute payments” as defined in 26 U.S.C. §280G(b)(2),
to equal 2.99 times Mr. Oboy’s base amount, as defined in 26 U.S.C. §280G(b)(3), so that an Excess Parachute Payment
shall not result. If the Monthly CIC Payments are reduced to zero, and the payments and benefits due to Mr. Oboy from CBS
still would cause Mr. Oboy to be considered to have received an Excess Parachute Payment, then CBS, in its sole discretion,
may reduce other payments and benefits so that an Excess Parachute Payment does not result. Any determination in writing by CBS’s
independent public accountants (“Accountants”) of the value of payments and benefits includable in the calculation
of an Excess Parachute Payment shall be conclusive and binding upon Mr. Oboy and CBS for all purposes. For purposes of making
the calculations required by this subsection, the Accountants may make reasonable assumptions and approximations concerning applicable
taxes and may rely on reasonable, good faith interpretations concerning the application of 28 U.S.C. §§280G and 4999,
as amended. CBS and Mr. Oboy shall furnish to the Accountants such information and documents as the Accountants may reasonably
request in order to make a determination under this subsection. CBS shall pay the costs for a determination by the Accountants
under this subsection.

 

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(iv)Change in control.

 

A “change in control”
occurs on the date of a transaction pursuant to which:

 

		[i]	any person or group (within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(v)(B)) in
one or more transactions during a 12-month period is or becomes the “beneficial owner” (as defined in Rule 13d-3 and
13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of CBS representing more than
50% of the combined voting power of CBS’s then outstanding securities;

 

		[ii]	during any period of twelve (12) consecutive months, a majority of members of the Board of Directors
is replaced by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date
of the appointment or election; or

 

		[iii]	a merger, consolidation or reorganization is consummated with any other corporation or entity pursuant
to which the shareholders of CBS immediately prior to the merger, consolidation or reorganization do not immediately thereafter
directly or indirectly own more than fifty percent (50%) of the combined voting power of the voting securities entitled to vote
in the election of directors of the merged, consolidated or reorganized entity; or

 

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		[iv]	the purchase by any individual, entity or group of persons acting as a group not controlled by
or affiliated with CBS of a substantial portion of the assets. (For this purpose, assets that have a total gross fair market value
equal to or more than 40% of the total gross fair market value of all assets of CBS immediately prior to such acquisition).

 

No Change in Control
will be considered to have occurred when there is a transfer of assets to an entity that, immediately after the transfer, is controlled
by the shareholders of CBS immediately before the transfer where the transfer is to:

 

		[i]	a shareholder of CBS in exchange for or with respect to the shareholder’s shares of stock
in CBS;

 

		[ii]	an entity, 50 percent or more of the total value or voting power of which is owned, directly or
indirectly, by CBS;

 

		[iii]	a person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent
or more of the total value or voting power of all the outstanding stock of CBS immediately prior to the transfer; or

 

		[iv]	an entity, at least 50 percent of the total value or voting power of which is owned, directly or
indirectly, by a person described in paragraph (iii).

 

(v)Golden Parachute Provision.
All payments to Mr. Oboy under this Contract are subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and
Federal Deposit Insurance Corporation (“FDIC”) regulation 12 C.F.R. Part 359, Golden Parachute and Indemnification
Payments.

 

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(vi)Mandatory Delay of Payments
to Specified Employee. If Mr. Oboy is a “Specified Employee,” as defined for purposes of 26 U.S.C. §409A
(see §416(i) (without regard to paragraph (5) thereof)) at any time during the 12 months preceding December 31st
of the prior calendar year, no payment following the date of Mr. Oboy’s separation of service required by this Contract
shall be made earlier than six (6) months after the date of Mr. Oboy’s separation from service with CBS, and shall instead
be paid as promptly after the six-month period has expired as may be practical.

 

If Mr. Oboy is a
Specified Employee, he shall be treated as a “Specified Employee” for the entire 12-month period beginning on the April
1 following such identification date, except during any period in which the stock of CBS is not publicly traded on an established
securities market.

 

(6)Continuing compensation calculations.
“Continuing Compensation” means [i] an amount equal to 1/12 of Mr. Oboy’s annual base salary in effect
on the effective date of the notice of termination determined under the then current policies of CBS for executive compensation,
plus [ii] one month of Mr. Oboy’s annual employee benefits under §3(b) of this Contract, except for reimbursement
of [a] business expenses incurred after termination, [b] continuing education and seminar programs occurring after termination,
[c] membership expenses in clubs and organizations (except for minimum costs necessary to maintain membership for six months
after termination), and [d] mileage relating to use of the automobile after termination. Employee benefits shall be reduced by
any similar benefits received by or accruing to Mr. Oboy from third parties during the period during which Mr. Oboy receives
Continuing Compensation. Federal, state, and local taxes, social security contributions, and other normal deductions will be withheld
from continuation compensation. Payment of Continuing Compensation, including the timing and amount of each payment, shall be subject
to the Treasury Regulations concerning severance pay issued under 28 U.S.C. §409A. If Mr. Oboy dies before receiving
all Continuing Compensation due, the balance of all Continuing Compensation then due shall be provided to the personal representative
or other designee of Mr. Oboy, except for payments for life insurance premiums and retirement plan contributions.

 

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(7)Termination
for special regulatory events. Notwithstanding any other provision of this Contract, the obligations of the parties will be
as follows in the event of any of the following circumstances:

 

		[i]	If Mr. Oboy is temporarily suspended or temporarily prohibited from participating in the conduct
of the affairs of CBS or any of its affiliates, including the Bank, by a notice served under Section 8 of the Federal Deposit Insurance
Act, 12 U.S.C. §1818, the obligations of CBS and its affiliates under this Contract will be suspended as of the date of service
of such notice. If the charges in the notice are dismissed, CBS or any of its affiliates shall pay Mr. Oboy all of the compensation
withheld while the obligations of this Contract were suspended and reinstate in whole or in part any of the obligations which were
suspended.

 

		[ii]	If Mr. Oboy is removed from office and/or permanently prohibited from participating in the
conduct of the affairs of CBS or any of its affiliates, including the Bank, by an order issued under Section 8 of the Federal Deposit
Insurance Act, 12 U.S.C. §1818(e) or Ohio Revised Code §§1121.33 and 1121.34, all obligations of CBS or its
affiliates under this Contract will terminate as of the effective date of the order.

 

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		[iii]	If CBS or any of its affiliates is in default, as defined in Section 3(x)(1) of the Federal Deposit
Insurance Act, 12 U.S.C. §1813(x)(1), or declared insolvent by the Ohio Superintendent of Banks pursuant to Ohio Revised Code
§1125.09, all obligations under this Contract will terminate as of the date of default or insolvency, but this provision will
not affect any vested rights of the parties.

 

		[iv]	All obligations under this Contract may be terminated by the FDIC at the time the FDIC enters into
an agreement to provide assistance to or on behalf of CBS or any of its affiliates, including specifically the Bank, under the
authority contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c).

 

(c)Consequences of termination
of employment. Except for post-employment obligations under this subsection and post-employment obligations concerning Continuing
Compensation, non-competition, and confidentiality, upon termination of Mr. Oboy’s employment for any reason, [i] this
Contract shall terminate; [ii] Mr. Oboy’s employment shall terminate for all affiliates of CBS; [iii] Mr. Oboy
shall cease all activity on behalf of CBS and its affiliates; [iv] Mr. Oboy shall automatically, without further action
by either party, be discharged or shall resign from all directorships and offices of CBS and the Bank and all directorships and
offices of affiliates of CBS held by Mr. Oboy; and [v] Mr. Oboy shall promptly deliver to CBS all property and all
copies of property (regardless of form, and including (but not limited to) all documents, memoranda, records, specifications, electronic
and digital media and other writings and materials) of CBS and all affiliates of CBS under his possession, custody or control,
including (but not limited to) keys, plans, designs, computer programs, computer lists, prospect lists, records, letters, notes,
reports, financial information, and all other materials relating to CBS, its subsidiaries and its affiliates, their businesses,
or their clients and customers. Mr. Oboy agrees that provisions of this subsection related to resignation are reasonable and
that remedies at law would be inadequate for a breach of the provisions of this subsection. For these reasons, CBS may enforce
the obligations of Mr. Oboy under this subsection by injunctive relief, including a temporary restraining order, a preliminary
injunction, and a permanent injunction and by an award for fees, costs, and expenses incurred by CBS to enforce this subsection,
including (but not limited to) attorneys’ fees, costs and expenses, and other expenses incurred to enforce this subsection.

 

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(d)Employment after termination.
So long as the non-competition restrictions of Section 5 are in effect, Mr. Oboy shall notify CBS in writing within five (5)
business days after accepting full or part-time employment with a third party.

 

(e)Suspension and removal.
If Mr. Oboy is suspended or temporarily prohibited from performing his duties for CBS or its affiliates as a result of any
regulatory action, CBS’s obligations under this Contract shall be suspended as of the date of service of notice of the regulatory
action (unless the suspension or prohibition is stayed by appropriate proceedings). If the charges in the notice are dismissed,
CBS or any of its affiliates shall [i] pay Mr. Oboy all of the compensation withheld while its obligations under this Contract
were suspended, and [ii] reinstate all of its other obligations under this Contract that were suspended. If Mr. Oboy is removed
or permanently suspended from performing his duties for CBS or its affiliates as a result of any regulatory action, all obligations
of CBS under this Contract will terminate as of the effective date of the action, and CBS will not be obligated to pay or provide
any compensation of any type to Mr. Oboy, except as required by law.

 

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5.Non-competition. During the
Original Term of this Contract and any Extension Term, and for a period of one year following termination of this Contract for
any reason, Mr. Oboy shall not be employed by or otherwise provide services, in any capacity, within a fifty (50) mile radius
of Upper Sandusky, Ohio, to any bank, financial institution or bank holding company, or any affiliate of a bank, financial institution
or bank holding company, unless such employment or providing of services is preapproved in writing by CSB.

 

During the term of
this Contract (Original Term and any Extension Term) and for a period of one year thereafter, Mr. Oboy (for himself or on
behalf of a third party) shall not solicit any banking business from any then current customers of CBS or the Bank, and shall not
employ, offer to employ, or solicit employment of any employee of CBS or any of its affiliates, subsidiaries or any professional
under contract with CBS or any of its subsidiaries.

 

Mr. Oboy agrees
that he has received consideration to which he was not otherwise entitled in return for his obligations under this §5, and
that the provisions of this §5 are reasonable and necessary to protect the legitimate business interests of CBS, and are reasonable
with respect to time, territory, and business. Mr. Oboy shall pay any and all legal fees, costs, and other expenses incurred
by CBS in the course of legal action to enforce the provisions of this §5. Mr. Oboy agrees that the remedies at law for
a breach of this §5 would be inadequate to protect CBS because money damages would be difficult, if not impossible, to ascertain
and would be estimable only by conjecture, and therefore, Mr. Oboy agrees that CBS will be entitled to injunctive relief,
including a temporary restraining order, a preliminary injunction and a permanent injunction for any such breach as well as all
reasonable attorneys’ fees, costs and other expenses incurred to enforce this §5. The duty to arbitrate disputes under
this Contract shall not apply to any claim for violation of this §5.

 

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The obligations of
Mr. Oboy under this § 5 shall survive the termination of the Contract for any reason.

 

6.Confidentiality. Mr. Oboy
hereby acknowledges that he may be required to handle Confidential Business Information (as defined below) in the performance of
his responsibilities. Mr. Oboy is aware that Confidential Business Information is proprietary information to CBS or the party
supplying it and the exclusive property of CBS or its clients and customers, and Mr. Oboy shall not disclose Confidential
Business Information in any manner at any time, to others inside or outside CBS or to unauthorized employees and officers of CBS.
Unauthorized disclosure or other mishandling of Confidential Business Information may result in termination of Mr. Oboy’s
employment for cause and in other appropriate actions. Mr. Oboy agrees that his obligation not to reveal Confidential Business
Information will remain in force permanently, including in the event that [i] Mr. Oboy’s authorization to handle Confidential
Business Information is revoked while still under contract with CBS, and [ii] this Contract or Mr. Oboy’s employment
with CBS is terminated.

 

Except as CBS may require
or otherwise consent to in writing, Mr. Oboy shall not, at any time during or subsequent to the termination of this Contract
disclose or use in any way any information or knowledge or data received or developed while providing services to CBS, including
but not limited to, plans, designs, formulas, business processes, methods, test data, inventions, discoveries, computer programs,
customer/client lists, prospect lists, financial information, and trade secrets of CBS or its customers (collectively, “Confidential
Business Information”).

 

In addition to any
other remedies CBS may have at law or in equity, Mr. Oboy agrees that CBS will be entitled to a restraining order, injunction,
or similar remedy to enforce the terms of this section, as well as all reasonable attorneys’ fees, costs, and other expenses
incurred to enforce this section. The duty to arbitrate disputes under this Contract shall not apply to any claim for a violation
of this section or Mr. Oboy’s obligation to return property of CBS upon termination of employment. The obligations of
Mr. Oboy under this section shall survive the termination of this Contract for any reason.

 

    	18

    	 

    

 

7.Indemnification. Subject to
any other applicable statutory or regulatory standard or restriction, CBS shall indemnify Mr. Oboy for any and all acts or
omissions of Mr. Oboy related in any way to his employment with CBS, provided Mr. Oboy acted in good faith, in a manner
reasonably believed to be in, or not opposed to, the best interests of CBS, and with the care that an ordinary prudent person in
a like position would use under similar circumstances. Notwithstanding the preceding sentence, CBS shall not be obligated to indemnify
Mr. Oboy when such indemnification would be contrary to law or public policy or appropriate ethical standards.

 

8.Validity. The invalidity
or unenforceability of any particular provision of this Contract shall not affect the validity or enforceability of any other provision
contained in the Contract.

 

9.Choice of Law. This
Contract and the interpretation of each of its provisions shall be governed by the laws of the State of Ohio and the venue of any
dispute or litigation shall be Wyandot County, Ohio. The rights of the parties under this Contract will likewise be governed by
the laws of the State of Ohio.

 

10.Entire Contract. This
Contract, including the Split Dollar Agreement, contains the complete agreement between the parties concerning the subjects covered
by this Contract. This Contract supersedes any and all prior contracts and understandings between CBS and Mr. Oboy. The provisions
of this Contract are solely for the benefit of the parties to this Contract and not for the benefit of any other persons or legal
entities.

 

    	19

    	 

    

 

11.Assignment. This Contract
is binding on and inures to the benefit of successors and assigns of CBS. Neither this Contract nor any rights hereunder shall
be assignable or otherwise subject to hypothecation by Mr. Oboy.

 

12.Amendments. No change,
waiver, or amendment to this Contract, in any form, shall be binding on the parties unless signed in writing by an authorized officer
of CBS and Mr. Oboy. No representations have been made by CBS or Mr. Oboy concerning the terms, conditions, and agreements
of the contractual relationship covered by this Contract other than those representations contained in this Contract and no representations
made during the course of performance of services under this Contract can alter any of the provisions of this Contract (unless
such representation is in a signed writing as provided in the preceding sentence).

 

13.Arbitration. CBS and
Mr. Oboy agree to work together in good faith to resolve any disputes arising under this Contract. Except as otherwise provided
in this Contract, any controversy or claim arising out of or relating to the interpretation or application of this Contract, or
any breach hereof, shall be settled by arbitration in Wyandot County in accordance with the Employment Dispute Resolution Rules
of the American Arbitration Association then in effect, and judgment upon the award rendered by the arbitrator(s) shall be final
and binding on the parties hereto and may be entered in any court having jurisdiction thereof.

 

    	20

    	 

    

 

In Witness Whereof,
the parties hereto have executed this Contract effective as of the day and year first above written.

 

Commercial Bancshares,
Inc.

 

	 	 	Commercial Bancshares, Inc.
	 	 	 	 
	 	 	By  	 
	Scott A. Oboy	 	Its	 

 

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EXHIBIT A

 

Endorsement Split Dollar Life Insurance
Agreement

 

    	22

    	 

    

 

COMMERCIAL SAVINGS BANK

ENDORSEMENT SPLIT DOLLAR LIFE INSURANCE
AGREEMENT

 

 

THIS ENDORSEMENT SPLIT
DOLLAR LIFE INSURANCE AGREEMENT (“Agreement”) is made and entered into this 30th day of June, 2015, by and between
Commercial Savings Bank (“Bank”), a bank located in Upper Sandusky, OH, and Scott Oboy (“Executive”).

 

The purpose of this
Agreement is to retain and reward the Executive, by dividing the death proceeds of certain life insurance policies which are owned
by the Bank on the life of the Executive with the designated beneficiary of the Executive. The Bank will pay the life insurance
premiums from its general assets.

 

Article 1 

Definitions

 

Whenever used in this
Agreement, the following terms shall have the meanings specified:

 

		1.1	“Bank’s Interest” means the benefit set forth in Section 2.1.

 

		1.2	“Beneficiary” means each designated person, or the estate of the deceased Executive,
entitled to benefits, if any, upon the death of the Executive.

 

		1.3	“Beneficiary Designation Form” means the form established from time to time
by the Plan Administrator that the Executive completes, signs and returns to the Plan Administrator to designate one or more Beneficiaries.

 

		1.4	“Board” means the Board of Directors of the Bank as from time to time constituted.

 

		1.5	“Change in Control” means a change in ownership or control of the Bank as defined
in the Employment Agreement, to the extent such definition is consistent with Treasury Regulation §1.409A-3(i)(5) or any subsequently
applicable published authority or guidance.

 

		1.6	“Effective Date” means _________________.

 

		1.7	“Employment Agreement” means the Employment Agreement between the Executive
and the Bank, as it may be amended from time to time.

 

		1.8	“Executive’s Interest” means the benefit set forth in Section 2.2.

 

		1.9	“Insured” means the individual Executive whose life is insured.

 

		1.10	“Insurer” means the insurance company issuing the Policy on the life of the
Executive.

 

		1.11	“Net Death Proceeds” means the total death proceeds of the Policy minus the
greater of (i) the cash surrender value or (ii) the aggregate premiums paid by the Bank.

 

		1.12	“Policy” or “Policies” means the individual insurance policy
or policies adopted by the Bank for purposes of insuring the Executive’s life under this Agreement.

 

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		1.13	“Termination for Cause” means the termination of the Executive’s employment
with the Bank for “cause” as defined in Section 6.1 below.

 

		1.14	“Termination of Employment” means the termination of the Executive’s service
with the Bank for reasons other than (i) death or (ii) leave of absence approved by the Bank.

 

Article 2

Policy Ownership and Interests

 

		2.1	Bank’s Interest. The Bank shall own the Policy and shall have the right to exercise
all incidents of ownership, except as limited herein. The Bank shall be the beneficiary of the remaining death proceeds of the
Policy after the Executive’s Interest is determined according to Section 2.2 below.

 

		2.2	Executive’s Interest. The Executive shall be one hundred percent (100%) vested in
their interest pursuant to this executed Agreement following issuance of the Executive’s Policy. Upon the Executive’s
death while employed by the Bank or following a Change in Control, the Executive’s Beneficiary shall be entitled to an amount
of death proceeds equal to three times (3x) the Executive’s annualized base salary at the time of death, as provided for
by the Bank’s payroll department, of the Net Death Proceeds if employed by the Bank at the time of Executive’s death.

 

			Notwithstanding anything to the contrary contained herein, in the event of Executive’s death
following the Executive’s Termination of Employment the Executive’s Beneficiary shall be entitled to an amount of
death proceeds equal to three times (3x) the Executive’s annualized base salary at the time of the Termination of Employment,
as provided for by the Bank’s payroll department, of the Net Death Proceeds. In no event shall the death benefit exceed
the Net Death Proceeds of the Policy.

 

			The Executive, or the Executive’s assignee, shall have the right to designate the Beneficiary
pursuant to the terms of this Agreement. The Executive shall also have the right to elect and change settlement options with respect
to the Executive’s Interest by providing written notice to the Bank and the Insurer.

 

		2.3	Bank has no Obligation to Pay. Death proceeds payable under this Agreement shall be paid
solely by the Insurer from the proceeds of any Policy on the life of the Insured. In no event shall the Bank be obligated to pay
a death benefit under this Agreement from its general funds. Notwithstanding anything to the contrary contained herein, should
an Insurer refuse or be unable to pay death proceeds endorsed to Insured under the express terms of this Agreement, or should the
Policy be cancelled for any reason, including but not limited to Policy cancellation by the Bank, as determined in their sole and
absolute discretion, the Executive’s Beneficiary shall not be entitled to a death benefit.

 

Article 3

Forfeiture of Benefit

 

		3.1	Forfeiture of Benefit. Notwithstanding anything to the contrary herein, the Executive will
forfeit the benefit described in Section 2.2 if:

 

		(a)	Any provision of Article 6 applies; or

		(b)	The Executive provides written notice to the Bank declining further participation in the Agreement.;
or

		(c)	As provided in Section 2.3 above.

 

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Article 4

Comparable Coverage

 

		4.1	Offer to Purchase. If the Bank discontinues a Policy, the Bank shall give the Executive
at least thirty (30) days to purchase such Policy. The purchase price shall be the fair market value of the Policy, as determined
under Treasury Reg. §1.61-22(g)(2) or any subsequent applicable authority. The Bank shall give written notice to the Executive
in the event the Bank discontinues the Policy.

 

Article 5

Premiums and Imputed Income

 

		5.1	Premium Payment. The Bank shall pay all premiums due on all Policies.

 

		5.2	Economic Benefit. The Bank shall determine the economic benefit attributable to the Executive
based on the life insurance premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the
Beneficiary. The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant
to Treasury Reg. § 1.61-22(d)(3)(ii) or any subsequent authority.

 

		5.3	Imputed Income. The Bank shall impute the economic benefit to the Executive on an annual
basis, by adding the economic benefit to the Executive’s W-2.

 

Article 6

General Limitations

 

		6.1	Termination for Cause. Notwithstanding any provision of this Agreement to the contrary,
the Executive shall forfeit any right to a benefit under this Agreement if the Bank terminates the Executive’s employment
for cause. For this purpose, during any period in which the terms of the Executive’s employment with the Bank are governed
by the Employment Agreement, the term “cause” shall be defined in the manner provided in the terms of such Employment
Agreement. If the Employment Agreement is no longer in effect at the time of the Executive’s Termination of Employment, “Cause”
shall instead mean termination because of personal dishonesty, willful misconduct, breach of fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations
or similar offenses) or final cease-and-desist order or material breach of any provision of the Agreement. For purposes of this
paragraph, no act or failure to act on the Executive’s part shall be considered “willful” unless done, or omitted
to be done, by the Executive not in good faith and without reasonable belief that the Executive’s action or omission was
in the best interest of the Bank.

 

		6.2	Removal. Notwithstanding any provision of this Agreement to the contrary, the Executive’s
rights in the Agreement shall terminate if the Executive is subject to a final removal or prohibition order issued by an appropriate
federal banking agency pursuant to Section 8(e) of the Federal Deposit Insurance Act (“FDIA”).

 

		6.3	Suicide or Misstatement. No benefits shall be payable if the Executive commits suicide during
the Policy exclusion period, or if the insurance company denies coverage (i) for material misstatements of fact made by the Executive
on any application for life insurance purchased by the Bank, or (ii) for any other reason; provided, however that the Bank shall
evaluate the reason for the denial, and upon advice of legal counsel and in its sole discretion, consider judicially challenging
any denial.

 

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Article 7

Beneficiaries

 

		7.1	Beneficiary. The Executive shall have the right, at any time, to designate a Beneficiary
(ies) to receive any benefits payable under the Agreement upon the death of the Executive. The Beneficiary designated under this
Agreement may be the same as or different from the beneficiary designation under any other Agreement of the Bank in which the Executive
participates.

 

		7.2	Beneficiary Designation; Change. The Executive shall designate a Beneficiary by completing
and signing the Beneficiary Designation Form, and delivering it to the Bank or its designated agent. The Executive’s beneficiary
designation shall be deemed automatically revoked if the Executive names a spouse as Beneficiary and the marriage is subsequently
dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms
of the Beneficiary Designation Form and the Bank’s rules and procedures, as in effect from time to time. Upon the acceptance
by the Bank of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Bank shall
be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Bank prior to the Executive’s
death.

 

		7.3	Acknowledgment. No designation or change in designation of a Beneficiary shall be effective
until received, accepted and acknowledged in writing by the Bank or its designated agent.

 

		7.4	No Beneficiary Designation. If the Executive dies without a valid designation of beneficiary,
or if all designated Beneficiaries predecease the Executive, then the Executive’s surviving spouse shall be the designated
Beneficiary. If the Executive has no surviving spouse, the benefits shall be made payable to the personal representative of the
Executive’s estate.

 

		7.5	Facility of Payment. If the Bank determines in its discretion that a benefit is to be paid
to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of that person’s property,
the Bank may direct payment of such benefit to the guardian, legal representative or person having the care or custody of such
minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority or guardianship as it may deem
appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Executive
and the Executive’s Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Agreement
for such payment amount.

 

    	26

    	 

    

 

Article 8

Assignment

 

The Executive may irrevocably
assign without consideration all of the Executive’s Interest in this Agreement to any person, entity, or trust. In the event
the Executive shall transfer all of the Executive’s Interest, then all of the Executive’s Interest in this Agreement
shall be vested in the Executive’s transferee, who shall be substituted as a party hereunder, and the Executive shall have
no further interest in this Agreement. Notwithstanding any assignment made by the Executive under this Article 8, for the purpose
of determining benefits payable under this Agreement, Executive’s employment status shall continue to control the terms of
any vesting and/or forfeiture of benefits.

 

Article 9

Insurer

 

The Insurer shall be
bound only by the terms of its given Policy. The Insurer shall not be bound by or deemed to have notice of the provisions of this
Agreement. The Insurer shall have the right to rely on the Bank’s representations with regard to any definitions, interpretations
or Policy interests as specified under this Agreement.

 

Article 10

Claims and Review Procedure

 

		10.1	Claims Procedure. The Executive or Beneficiary (“Claimant”) who has not received
benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

 

		10.1.1	Initiation — Written Claim. The Claimant initiates a claim by submitting to the Bank
a written claim for the benefits. If such a claim relates to the contents of a notice received by the Claimant, the claim must
be made within sixty (60) days after such notice was received by the Claimant. All other claims must be made within one hundred
eighty (180) days of the date on which the event that caused the claim to arise occurred. The claim must state with particularity
the determination desired by the Claimant.

 

		10.1.2	Timing of Bank Response. The Bank shall respond to such Claimant within ninety (90) days
after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim,
the Bank can extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end
of the initial ninety (90) day period that an additional period is required. The notice of extension must set forth the special
circumstances and the date by which the Bank expects to render its decision.

 

		10.1.3	Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the
Claimant in writing of such denial. The Bank shall write the notification in a manner calculated to be understood by the Claimant.
The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the denial is based;

		(c)	A description of any additional information or material necessary for the Claimant to perfect the
claim and an explanation of why it is needed; and

		(d)	An explanation of the Agreement’s review procedures and the time limits applicable to such
procedures;

 

    	27

    	 

    

 

		10.2	Review Procedure. If the Bank denies part or all of the claim, the Claimant shall have the
opportunity for a full and fair review by the Bank of the denial, as follows:

 

		10.2.1	Initiation — Written Request. To initiate the review, the Claimant, within sixty (60)
days after receiving the Bank’s notice of denial, must file with the Bank a written request for review.

 

		10.2.2	Additional Submissions — Information Access. The Claimant shall then have the opportunity
to submit written comments, documents, records and other information relating to the claim. The Bank shall also provide the Claimant,
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to
the Claimant’s claim for benefits.

 

		10.2.3	Considerations on Review. In considering the review, the Bank shall take into account all
materials and information the Claimant submits relating to the claim, without regard to whether such information was submitted
or considered in the initial benefit determination.

 

		10.2.4	Timing of Bank’s Response. The Bank shall respond in writing to such Claimant within
sixty (60) days after receiving the request for review. If the Bank determines that special circumstances require additional time
for processing the claim, the Bank can extend the response period by an additional sixty (60) days by notifying the Claimant in
writing, prior to the end of the initial sixty (60) day period that an additional period is required. The notice of extension must
set forth the special circumstances and the date by which the Bank expects to render its decision.

 

		10.2.5	Notice of Decision. The Bank shall notify the Claimant in writing of its decision on review.
The Bank shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth:

 

		(a)	The specific reasons for the denial;

		(b)	A reference to the specific provisions of the Agreement on which the denial is based; and

		(c)	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to the Claimant’s claim for benefits.

 

Article 11

Amendments and Termination

 

Notwithstanding anything
to the contrary herein, the Bank may amend or terminate this Agreement only if: (i) continuation of the Agreement would cause significant
financial harm to the Bank, (ii) the Executive agrees to such action, or (iii) the Bank’s banking regulator(s) issues a written
directive to amend or terminate the Agreement.

 

    	28

    	 

    

 

Article 12

Administration

 

		12.1	Plan Administrator. This Agreement shall be administered by a Plan Administrator which shall
consist of the Board, or such committee or persons as the Board may choose. The Plan Administrator shall also have the discretion
and authority to (i) make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Agreement
and (ii) decide or resolve any and all questions including interpretations of this Agreement, as may arise in connection with this
Agreement.

 

		12.2	Agents. In the administration of this Agreement, the Plan Administrator may employ agents
and delegate to them such administrative duties as it sees fit, (including acting through a duly appointed representative), and
may from time to time consult with counsel who may be counsel to the Bank.

 

		12.3	Binding Effect of Decisions. The decision or action of the Plan Administrator with respect
to any question arising out of or in connection with the administration, interpretation and application of this Agreement and the
rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in this
Agreement.

 

		12.4	Indemnity of Plan Administrator. The Bank shall indemnify and hold harmless any party contracted
for the purposes of assisting the Plan Administrator in performing its duties under this Agreement against any and all claims,
losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Agreement, except in the
case of willful misconduct by such contracted party.

 

		12.5	Information. To enable any party contracted for the purposes of assisting the Plan Administrator
in performing its duties under this Agreement to perform its functions, the Bank shall supply full and timely information to such
contracted party on all matters relating to the Base Salary of the Executive, the date and circumstances of the retirement, Disability,
death or termination of the Executive, and such other pertinent information as such contracted party may reasonably require.

 

Article 13 

Miscellaneous

 

		13.1	Binding Effect. This Agreement shall bind the Executive and the Bank, their beneficiaries,
survivors, executors, administrators and transferees and any Beneficiary.

 

		13.2	No Guarantee of Employment. This Agreement is not an employment policy or contract. It does
not give the Executive the right to remain an Executive of the Bank, nor does it interfere with the Bank’s right to discharge
the Executive. It also does not require the Executive to remain an Executive nor interfere with the Executive’s right to
terminate employment at any time.

 

		13.3	Applicable Law. The Agreement and all rights hereunder shall be governed by and construed
according to the laws of the state where the principal offices of the Bank reside, except to the extent preempted by the laws of
the United States of America.

 

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		13.4	Reorganization. The Bank shall not merge or consolidate into or with another company, or
reorganize, or sell substantially all of its assets to another company, firm or person unless such succeeding or continuing company,
firm or person agrees to assume and discharge the obligations of the Bank under this Agreement. Upon the occurrence of such event,
the term “Bank” as used in this Agreement shall be deemed to refer to the successor or survivor company.

 

		13.5	Notice. Any notice or filing required or permitted to be given to the Bank under this Agreement
shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below:

 

Commercial Savings Bank

118 South Sandusky Avenue

Upper Sandusky, Ohio 43351

 

			Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as
of the date shown on the postmark or the receipt for registration or certification. Any notice or filing required or permitted
to be given to the Executive under this Agreement shall be sufficient if in writing and hand-delivered, or sent by mail, to the
last known address of the Executive.

 

		13.6	Entire Agreement. This Agreement, along with the Executive’s Beneficiary Designation
Form, constitutes the entire agreement between the Bank and the Executive as to the subject matter hereof. No rights are granted
to the Executive under this Agreement other than those specifically set forth herein.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the date indicated above.

 

	EXECUTIVE:	 	BANK:
	 	 	 	 
	 	 	Commercial Savings Bank
	 	 	 	 
	 	 	By:	 
	Scott Oboy	 	Title:   	President & CEO

 

    	30Exhibit 10.1

 

AMENDMENT NO. 3

TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

This
AMENDMENT NO. 3 TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Amendment”) is entered into as of July 1, 2015,
by and among WELLS FARGO CAPITAL FINANCE, LLC, in its capacity as agent (in such capacity, “Agent”) for the
Lenders (as defined in the Loan Agreement referred to below), KINERGY MARKETING LLC (“Kinergy”), and PACIFIC
AG. PRODUCTS, LLC (“Pacific Ag” and together with Kinergy, each individually, a “Borrower”
and collectively, the “Borrowers”). 

WHEREAS, Borrowers,
Agent and Lenders have entered into certain financing arrangements as set forth in (a) the Amended and Restated Loan and Security
Agreement, dated as of May 4, 2012, by and among Agent, Lenders and Borrowers (as amended, restated, renewed, extended, supplemented,
substituted and otherwise modified from time to time, the “Loan Agreement”) and (b) the Financing Agreements
(as defined in the Loan Agreement); and

WHEREAS, Parent
desires to acquire Aventine Renewable Energy Holdings, Inc. as a Subsidiary (as defined in the Loan Agreement) of Parent pursuant
to that certain Agreement and Plan of Merger, dated December 30, 2014, among Parent, AVR Merger Sub, Inc. and Aventine Renewable
Energy Holdings, Inc. (the “Acquisition”);

WHEREAS, Borrowers,
Agent and Lenders have agreed to amend and modify certain provisions of Loan Agreement, subject to the terms and conditions of
this Amendment.

NOW, THEREFORE,
upon the mutual agreements and covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

1.          Definitions. 

(a)               
Additional Definitions. The Loan Agreement is hereby amended to add the following new
definition thereto:

““Amendment
No. 3” shall mean Amendment No. 3 to Amended and Restated Loan and Security Agreement, dated as of July 1, 2015.”

““Applicable
Inventory Advance Rate” shall mean:

		(i)	with respect to Inventory consisting of commodities for which mark to market pricing is published
or reported by the Los Angeles Oil Price Information Service (commonly known as OPIS) and/or the Chicago Board of Trade (commonly
known as CBOT), seventy percent (70%); provided that, upon the receipt by Agent of an acceptable Borrower
Requested Appraisal (or Agent initiated appraisal) of such Inventory in accordance with Section 7.3(d) herein, such rate shall
be seventy-five percent (75%).

		(ii)	with respect to all other Inventory, seventy percent (70%).”

    	1

    	 

    

““Aventine
Acquired Inventory” means Inventory purchased or acquired by Borrowers from an Aventine Affiliate.

““Aventine
Affiliates” mean, collectively, (a) Pacific Ethanol Central, LLC (f/k/a Aventine Renewal Energy Holdings, Inc.), (b) Aventine
Renewable Energy – Aurora West, LLC, (c) Aventine Renewable Energy, Inc., (d) Aventine Renewable Energy – Mt Vernon,
LLC, (e) Aventine Renewable Energy - Canton, LLC, (f) Nebraska Energy, L.L.C., and (g) Aventine Power, LLC, in each instance, together
with its successors and assigns.”

““Aventine
Revolving Agent” shall mean, collectively, the “Administrative Agent” (or agent with a similar title acting in
the capacity of an “administrative agent” under the Aventine Revolving Loan Agreement) and “Collateral Agent”
(or agent with a similar title acting in the capacity of an “collateral agent” under the Aventine Revolving Loan Agreement).”

 

““Aventine
Term Agent” shall mean the “Administrative Agent” (or agent with a similar title acting in the capacity of an
“administrative agent” under the Aventine Term Loan Agreement; provided, that, if the then effective
Aventine Term Loan Agreement shall not include or provide for an agent, then the Aventine Term Agent shall mean the lenders from
time to time party thereto.”

 

““Aventine
Lenders” shall mean each of (a) the financial institutions from time to time party to any Aventine Revolving Loan Agreement
as lenders or the agent acting on behalf of such financial institutions pursuant to such Aventine Revolving Loan Agreement and
(b) the financial institutions from time to time party to any Aventine Term Loan Agreement as lenders or the agent acting on behalf
of such financial institutions pursuant to such Aventine Term Loan Agreement”

 

““Aventine
Revolving Loan Agreement” shall mean, collectively, (a) the Loan and Security Agreement, dated as of September 17, 2014,
by and among the financial institutions from time to time party thereto as lenders, Alostar Bank of Commerce in its capacity as
agent for such financial institutions, and certain Aventine Affiliates and (b) any successor agreement executed by the Aventine
Affiliates to refinance or replace such Loan and Security Agreement or any successor agreement, in each case, as the same now exists
or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.”

““Aventine
Term Loan Agreement” shall mean, collectively, (a) the Amended and Restated Senior Secured Term Loan Credit Agreement, dated
as of September 24, 2012, by and among the financial institutions from time to time party thereto as lenders, Citibank, N.A., in
its capacity as agent for such financial institutions, and ARE Holdings and (b) any successor agreement executed by any Aventine
Affiliate to refinance or replace such Term Loan Credit Agreement or any successor agreement, in each case, as the same now exists
or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.”

    	2

    	 

    

““Increased
Reporting Period” means (a) the period beginning on the first date on which the Excess Availability for the immediately preceding
ninety (90) calendar days shall have been less than twenty-five percent (25%) of the Maximum Credit and ending on the date on which
the Excess Availability for the immediately preceding ninety (90) calendar days shall have been greater than or equal to twenty-five
percent (25%) of the Maximum Credit or (b) the period during which a Default or Event of Default shall have occurred and be continuing.”

““Marketing
Agreements” shall mean each of the Ethanol Marketing Agreements, dated on or about the date of Amendment No. 3, by and among
one or more Borrowers and one or more Aventine Affiliates, as amended, and such other marketing agreements that may be approved
by Agent from time to time in its reasonable discretion.”

““Special
Eligibility Conditions” means, as of any date of determination, that Agent has received one or more agreements or consents,
in form and substance reasonably satisfactory to Agent, (i) executed by the Aventine Term Agent as of such date of determination
and, if an Aventine Revolving Loan Agreement shall then be in effect, the Aventine Revolving Agent as of such date of determination,
and providing for the consent of such Aventine Lenders whose consent is required to (A) the sale by any Aventine Affiliates to
any Borrower of Aventine Acquired Inventory pursuant to a Marketing Agreement, and (B) the transactions set forth in the Marketing
Agreements, (ii) executed by the Aventine Term Agent as of such date of determination and, if an Aventine Revolving Loan Agreement
shall then be in effect, the Aventine Revolving Agent as of such date of determination, and providing for the release of all liens
and security interests of the Aventine Lenders on the Aventine Acquired Inventory, and (iii) with respect to any Aventine Term
Loan Agreement described in clause (b) of the definition thereof, the grant by the Aventine Term Agent as of such date of determination
to Agent of the same right of access and license as is granted pursuant to Section 3.07 of the Term Loan Intercreditor Agreement
as in effect immediately prior the effective date of Amendment No. 3.”

““Term
Loan Intercreditor Agreement” shall mean the Third Amended and Restated Intercreditor Agreement, dated September 17, 2014,
by and among the Aventine Lenders, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced.”

(b)              
Interpretation. Capitalized terms used and not defined in this Amendment shall have
the respective meanings given them in the Loan Agreement.

    	3

    	 

    

2.          Consent. To the extent their consent may be necessary or required under the Loan Agreement
or the other Financing Agreement, Agent and Lenders hereby consent to the Acquisition.

3.          Amendments. 

(a)          Liquidity Period. The definition of Liquidity Period set forth in the Loan Agreement
is hereby deleted in its entirety and the following substituted therefor:

“ “Liquidity
Period” means (a) the period beginning on the first date on which the Excess Availability for the immediately preceding ninety
(90) calendar days shall have been less than thirty percent (30%) of the Maximum Credit and ending on the date on which the Excess
Availability for the immediately preceding ninety (90) calendar days shall have been greater than or equal to thirty percent (30%)
of the Maximum Credit or (b) the period during which a Default or Event of Default shall have occurred and be continuing.”

(b)          Applicable Margin. Section 1.6 of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“Applicable Margin”
shall mean:

(a)
Subject to clause (b) below, at any time, as to the Interest Rate for all Loans, the applicable percentage (on a per annum
basis) set forth below if the Quarterly Average Excess Availability is at or within the amounts indicated for such
percentage:

	Tier	
        Quarterly Average

        Excess Availability
	Applicable Margin 
	1	Greater than an amount equal to 25% of the Maximum Credit	1.75%
	2	
        Less than or equal to an amount equal to 25% of the
Maximum Credit and greater than an amount equal to 10% of the Maximum Credit
	2.25%
	3	
        Less than or equal to an amount equal to 10% of the
Maximum Credit
	2.75%

 

    	4

    	 

    

 

(b) Notwithstanding
anything to the contrary set forth above, (i) the Applicable Margin shall be calculated and established (A) on the date hereof
with respect to the current calendar quarter, based on the Quarterly Average Excess Availability for the immediately preceding
calendar quarter, and (B) once each calendar quarter subsequent to the current calendar quarter based upon the Quarterly Average
Excess Availability for such calendar quarter and shall remain in effect until adjusted thereafter after the end of such calendar
quarter, and (ii) each adjustment of the Applicable Margin shall be effective as of the first day of a calendar quarter based on
the Quarterly Average Excess Availability for the immediately preceding calendar quarter. In the event that at any time after the
end of a calendar quarter the Quarterly Average Excess Availability for such calendar quarter used for the determination of the
Applicable Margin was less than the actual amount of the Quarterly Average Excess Availability for such calendar quarter, the Applicable
Margin for such prior calendar quarter shall be adjusted to the applicable percentage based on such actual Quarterly Average Excess
Availability and any additional interest for the applicable period as a result of such recalculation shall be promptly paid to
Agent. In the event that the Quarterly Average Excess Availability for such calendar quarter used for the determination of the
Applicable Margin was greater than the actual amount of the Quarterly Average Excess Availability, the Applicable Margin for such
prior calendar quarter shall be adjusted to the applicable percentage based on such actual Quarterly Average Excess Availability
and any reduction in interest for the applicable period as a result of such recalculation shall be promptly credited to the loan
account of Borrowers; provided, that, the basis for the Quarterly Average Excess Availability for purposes of the
determination of the Applicable Margin having been less than the actual Quarterly Average Excess Availability is not as a result
of information provided by Borrowers to Agent. The foregoing shall not be construed to limit the rights of Agent or Lenders with
respect to the amount of interest payable after a Default or Event of Default whether based on such recalculated percentage or
otherwise.”

(c)          Borrowing Base. Section 1.13 of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“1.13
“Borrowing Base” means, at any time, the amount equal to:

(a) the
sum of:

(i)
eighty-five percent (85%) of the Eligible Accounts of Borrowers; plus

(ii)
the lesser of (A) the Inventory Loan Limit, (B) the Applicable Inventory Advance Rate multiplied by the Value of the Eligible
Inventory and Eligible-In-Transit Inventory of Borrowers, or (C) eighty-five percent (85%) of the Net Recovery Percentage
multiplied by the Value of Eligible Inventory and Eligible In-Transit Inventory of Borrowers; minus

    	5

    	 

    

(b)
Reserves.

For purposes only
of applying the Inventory Loan Limit, Agent may treat the then undrawn amounts of outstanding Letters of Credit for the purpose
of purchasing Eligible Inventory as Revolving Loans to the extent Agent is in effect basing the issuance of the Letter of Credit
on the Value of the Eligible Inventory being purchased with such Letter of Credit. In determining the actual amounts of such Letter
of Credit to be so treated for purposes of the sublimit, the outstanding Revolving Loans
and Reserves shall be attributed first to any components of the lending formulas set forth above that are not subject to such sublimit,
before being attributed to the components of the lending formulas subject to such sublimit. The amounts of Eligible Inventory of
any Borrower shall, at Agent’s option, be determined based on the lesser of the amount of Inventory set forth in the general
ledger of such Borrower or the perpetual inventory record maintained by such Borrower.”

(d)          Concentration Limits.Subsections (i) and (ii) of Section 1.33(m) of the Loan Agreement
are hereby deleted in their entirety and the following substituted therefor: 

“(i)
the aggregate amount of such Accounts owing by a single account debtor (other than Royal Dutch Shell plc, Idemitsu Apollo Corporation,
Maverik, Inc., Valero Energy Corporation, Tesoro Corporation, ConocoPhillips Company, Chevron Corporation and Vitol, Inc.) do not
constitute more than twenty (20%) percent of the aggregate amount of all otherwise Eligible Accounts, (ii) the aggregate amount
of such Accounts owing by any of Sinclair, Idemitsu Apollo Corporation, Maverik, Inc. or Vitol, Inc. do not, in each case, constitute
more than twenty-five (25%) percent of the aggregate amount of all otherwise Eligible Accounts,”

(e)          Eligible Accounts. Section 1.33 of the Loan Agreement is hereby amended to (i) delete
the period appearing at the end of clause (q) thereof and substitute “; and” therefor and (ii) add the following new
clauses (r) and (s) at the end thereof:

“(r)
such Accounts are not owed by an account debtor who has fifty percent (50%) or more of its aggregate Accounts ineligible under
clauses (b) or (n) of this definition; and

(s) such Accounts
do not arise from the sale of Aventine Acquired Inventory unless the Special Eligibility Conditions have been satisfied as reasonably
determined by Agent in good faith.”

    	6

    	 

    

(f)           Eligible Inventory. Section 1.34 of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor

“1.34
“Eligible Inventory” shall mean, as to each Borrower, Inventory of such Borrower consisting of (i)
finished goods held for resale in the ordinary course of the business of such Borrower, (ii) raw materials consisting of corn
and feed stock and (iii) certain other raw materials of the such Borrower deemed eligible by Agent in good faith and in the
exercise of its reasonable credit judgment, that in each case satisfy the criteria set forth below as determined by Agent in
good faith and in the exercise of its reasonable credit judgment. In general, Eligible Inventory shall not include: (a) (i)
raw materials described in clause (iii) above, except to the extent deemed eligible by Agent in good faith and in the
exercise of its reasonable credit judgment, and work in process, (ii) components which are not part of finished goods, (iii)
spare parts for equipment, (iv) packaging and shipping materials, or (v) supplies used or consumed in such Borrower’s
business; (b) Inventory at premises other than those owned or leased and controlled by a Borrower unless Agent has received a
Collateral Access Agreement or Aventine Acquired Inventory commingled with assets of the Aventine Affiliates; (c) Inventory
subject to a security interest or lien in favor of any Person other than Agent except those permitted in this Agreement and,
if such security interest secures Indebtedness for borrowed money or could have priority over the security interest in favor
of Agent, that are subject to an intercreditor agreement in form and substance satisfactory to Agent between the holder of
such security interest or lien and Agent; (d) bill and hold goods; (e) unserviceable, obsolete or slow moving Inventory; (f)
Inventory that is not subject to the first priority, valid and perfected security interest of Agent; (g) damaged and/or
defective Inventory or returned Inventory to the extent that such returned Inventory remains subject to an Account deemed to
be an Eligible Account hereunder; (h) Inventory purchased or sold on consignment; (i) in-transit inventory other
than Eligible In-Transit Inventory and (j) Inventory located outside the United States of America (except, if approved in
writing by Agent in its sole discretion, Canada). The criteria for Eligible Inventory set forth above may only be changed and
any new criteria for Eligible Inventory may only be established by Agent in good faith and in the exercise of its reasonable
credit judgment based on either: (i) an event, condition or other circumstance arising after the date hereof, or (ii) an
event, condition or other circumstance existing on the date hereof to the extent Agent has no written notice thereof from any
Borrower (or Administrative Borrower on behalf of any Borrower) prior to the date hereof, in either case under clause (i) or
(ii) which adversely affects or could reasonably be expected to adversely affect the Inventory in the good faith
determination of Agent based upon the exercise of its reasonable credit judgment. Aventine Acquired Inventory shall not
constitute Eligible Inventory unless the Special Eligibility Conditions have been satisfied as reasonably determined by Agent
in good faith and such Aventine Acquired Inventory is otherwise deemed Eligible Inventory hereunder. Any Inventory that is
not Eligible Inventory shall nevertheless be part of the Collateral.”

    	7

    	 

    

(g)          Eligible In-Transit Inventory. Section 1.35 of the Loan Agreement is hereby deleted
in its entirety and the following substituted therefor:

“1.35
“Eligible In-Transit Inventory” shall mean, as to each Borrower, all finished goods Inventory of such
Borrower (including ethanol, corn, co-products, dry and wet distillers grain, corn oil, germ, and yeast) which is in transit
to one of the Borrowers’ facilities or in transit to a customer of such Borrower and which Inventory (a) (i) has been
paid for and is owned by such Borrower, or (ii) is subject to a Letter of Credit, (b) is fully insured, (c) is subject to a
first priority security interest in and lien upon such goods in favor of Agent (except for any possessory lien upon such
goods in the possession of a freight carrier or shipping company securing only the freight charges for the transportation of
such goods to Borrowers), (d) is evidenced or deliverable pursuant to documents that, if requested by Agent, have been
delivered to Agent or an agent acting on its behalf or designating Agent as consignee; provided, that, if Agent elects not to
have the documents delivered to Agent or an agent acting on its behalf or designate Agent as consignee, then Agent shall have
received a Collateral Access Agreement from the freight carrier or shipping company in possession of the goods, duly
authorized, executed and delivered by such freight carrier or shipping company in favor of Agent, (e) is not Aventine
Acquired Inventory unless the Special Eligibility Conditions have been satisfied as reasonably determined by Agent in good
faith and (f) is otherwise deemed to be “Eligible Inventory” hereunder.”

(h)          Fixed Charge Coverage Ratio. Section 1.53 of the Loan Agreement is hereby deleted in
its entirety and the following substituted therefor:

“1.53
“Fixed Charge Coverage Ratio” shall mean, as to any Person, with respect to any period, the ratio of (a) the
amount for such period equal to the sum of, without duplication, (i) EBITDA of such Person and its Subsidiaries, on a
consolidated basis, for such period, less (ii) taxes paid during such period in cash, less (iii) unfinanced Capital
Expenditures made or incurred during such period, less (iv) distributions (including tax distributions) and dividends made
during such period, to (b) the Fixed Charges of such Person and its Subsidiaries, in each case on a consolidated basis, for
such period.”

(i)           Fixed Charges. Section 1.54 of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“1.54
“Fixed Charges” shall mean, as to any Person and its Subsidiaries, on a consolidated basis, with respect to any
period, the sum of, without duplication, (a) all cash Interest Expense during such period, plus (b) all regularly scheduled
(as determined at the beginning of the respective period) principal payments of Indebtedness incurred, paid or assumed for
borrowed money and Indebtedness with respect to Capital Leases (and without duplicating items in (a) and (b) of this
definition, the interest component with respect to Indebtedness under Capital Leases) during such period.”

(j)           Intercompany Operating Agreement. Section 1.66 of the Loan Agreement is hereby deleted
in its entirety and the following substituted therefor:

“1.66
“Intercompany Operating Agreement” shall mean that certain Amended and Restated Intercompany Operating Agreement,
dated as of the date hereof, by and among the Borrowers party thereto, and Parent pursuant to which Parent will provide
certain services to Borrowers as more particularly set forth therein.”

    	8

    	 

    

(k)          Inventory Loan Limit. Section 1.70 of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“1.70
“Inventory Loan Limit” shall mean the amount equal to $40,000,000.”

(l)           Letter of Credit Limit. Section 1.76 of the Loan Agreement is hereby deleted in its
entirety and the following substituted therefor:

“1.76
“Letter of Credit Limit” shall mean $20,000,000.”

(m)         Maximum Credit. Section 1.86 of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“1.86
“Maximum Credit” shall mean the amount of $75,000,000.”

(n)          Receivables. Subsection (e) of Section 1.106 of the Loan Agreement is hereby amended
to delete “including, without limitation, all of Kinergy’s and Pacific Ag’s right, title and interest in and
to the Intercompany Operating Agreement” and substitute “including, without limitation, all of each Borrowers’
right, title and interest in and to the Intercompany Operating Agreement” therefor.

(o)          Value. Section 1.122 of the Loan Agreement is hereby amended to add the following at
the end thereof:

“For
purposes of this Section 1.122, the “market value” of Inventory shall be determined based on published or reported
mark to market commodity pricing created or distributed by the Los Angeles Oil Price Information Service (commonly known as OPIS)
and/or the Chicago Board of Trade (commonly known as CBOT); provided, that, in the event that any change in market
conditions shall, in the reasonable opinion of Agent, make it impractical for Agent to determine the market value of an item of
Inventory based on such publications, or the mark to market commodity pricing of an item of Inventory is not reported or published
by such publications, the Value of such Inventory shall be determined under clause (a) of this Section 1.122.”

(p)          Loan Limits. Section 2.1(b) of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“(b)
Except in Agent’s discretion, with the consent of all Lenders, or as otherwise provided herein, (i) the aggregate
amount of the Loans and the Letter of Credit Obligations outstanding at any time shall not exceed the Maximum Credit, (ii)
the aggregate principal amount of the Revolving Loans and Letter of Credit Obligations outstanding at any time to all
Borrowers collectively shall not exceed the Borrowing Base of all Borrowers, (iii) the aggregate principal amount of
Revolving Loans and Letter of Credit Obligations outstanding at any time based on Eligible Inventory shall not exceed the
Inventory Loan Limit and (iv) the aggregate principal amount of the Revolving Loans and Letter of Credit Obligations
outstanding at any time based on (A) domestic Eligible In-Transit Inventory shall not exceed $30,000,000, (B) Eligible
Inventory consisting of Eligible Swap Inventory shall not exceed $0, (C) Eligible Inventory consisting of corn shall not
exceed $15,000,000, and (D) Eligible Inventory consisting of corn co-products (including wet-milling byproducts and
dry-milling byproducts) shall not exceed $15,000,000.”

    	9

    	 

    

(q)          Accordion. Section 2.3 of the Loan Agreement is hereby deleted in its entirety and
the following substituted therefor: 

“2.3 Increase
in Maximum Credit.

(a)
Administrative Borrower may (on behalf of Borrowers), at any time, deliver a written request to Agent to increase the Maximum
Credit. Any such written request shall specify the amount of the increase in the Maximum Credit that Borrowers are
requesting; provided, that, (i) in no event shall the aggregate amount of any such increase in the Maximum
Credit cause the Maximum Credit to exceed $100,000,000, (ii) such request shall be for an increase of not less than
$5,000,000, (iii) any such request shall be irrevocable, (iv) in no event shall more than one such written request be
delivered to Agent in any calendar quarter and (v) any request shall be subject to the approval of Agent and Lenders in their
sole discretion.

(b)
Upon the receipt by Agent of any such written request, Agent shall notify each of the Lenders of such request and each Lender
shall have the option (but not the obligation) to increase the amount of its Commitment by an amount up to its Pro Rata Share
of the amount of the increase in the Maximum Credit requested by Borrowers as set forth in the notice from Agent to such
Lender. Each Lender shall notify Agent within ten (10) days after the receipt of such notice from Agent whether it is willing
to so increase its Commitment, and if so, the amount of such increase; provided, that, (i) the minimum increase
in the Commitments of each such Lender providing the additional Commitments shall equal or exceed $5,000,000 and (ii) no
Lender shall be obligated to provide such increase in its Commitment and the determination to increase the Commitment of a
Lender shall be within the sole and absolute discretion of such Lender. If the aggregate amount of the increases in the
Commitments received from the Lenders does not equal or exceed the amount of the increase in the Maximum Credit requested by
Administrative Borrower on behalf of Borrowers, Agent may, but shall not be obligated to, seek additional increases from
Lenders or Commitments from such Eligible Transferees as it may determine, after consultation with Administrative Borrower.
In the event Lenders (or Lenders and any such Eligible Transferees, as the case may be) have committed in writing to provide
increases in their Commitments or new Commitments in an aggregate amount in excess of the increase in the Maximum Credit
requested by Administrative Borrower on behalf of Borrowers or permitted hereunder, Agent shall then have the right to
allocate such commitments, first to Lenders and then to Eligible Transferees, in such amounts and manner as Agent may
determine, after consultation with Administrative Borrower.

    	10

    	 

    

(c) The
Maximum Credit shall be increased by the amount of the increase in Commitments from Lenders or new Commitments from Eligible Transferees,
in each case selected in accordance with this Section 2.3, for which Agent has received Assignment and Acceptances sixty (60) days
after the date of the request by Administrative Borrower on behalf of Borrowers for the increase or such earlier date as Agent
and Administrative Borrower may agree (but subject to the satisfaction of the conditions set forth below), whether or not the aggregate
amount of the increase in Commitments and new Commitments, as the case may be, equal or exceed the amount of the increase in the
Maximum Credit requested by Administrative Borrower on behalf of Borrowers in accordance with the terms hereof, effective on the
date that Agent shall have notified Administrative Borrower that each of the following conditions have been satisfied (such date
being the “Maximum Credit Increase Effective Date”):

(i)
Agent shall have received from each Lender or Eligible Transferee that is providing an additional Commitment as part of the
increase in the Maximum Credit, an Assignment and Acceptance duly executed by such Lender or Eligible Transferee and
Administrative Borrower; provided, that, the aggregate Commitments set forth in such Assignment and
Acceptance(s) shall be not less than $5,000,000;

(ii)
the conditions precedent to the making of Revolving Loans set forth in Section 4.2 shall be satisfied as of the Maximum
Credit Increase Effective Date, both before and after giving effect to such increase;

(iii)
Agent shall have received an opinion of counsel to Borrowers in form and substance and from counsel reasonably satisfactory
to Agent and Lenders addressing such matters as Agent may reasonably request (including an opinion as to no conflicts with
other material Indebtedness);

(iv)
such increase in the Maximum Credit shall not violate any applicable law, regulation or order or decree of any court or other
Governmental Authority and shall not be enjoined, temporarily, preliminarily or permanently;

(v)
there shall have been paid to each Lender and Eligible Transferee providing an additional Commitment in connection with such
increase in the Maximum Credit all fees and expenses due and payable to such Person on or before the effectiveness of such
increase; and

(vi)
there shall have been paid to Agent, for the account of the Agent and Lenders (in accordance with any agreement among them)
all fees and expenses (including reasonable fees and expenses of counsel) due and payable pursuant to any of the Financing
Agreements on or before the effectiveness of such increase.

    	11

    	 

    

(d) As
of the Maximum Credit Increase Effective Date, each reference to the term Maximum Credit herein, and in any of the other Financing
Agreements shall be deemed amended to mean the amount of the Maximum Credit specified in the most recent written notice from Agent
to Administrative Borrower of the increase in the Maximum Credit.”

(r)           Unused Line Fee. Section 3.2(a) of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“(a)
Borrowers shall pay to Agent, for the account of Lenders, monthly an unused line fee at a rate equal to (i) 0.375% per annum,
if the average daily principal balance of the outstanding Revolving Loans and Letters of Credit was less than 50% of the ULF
Amount during the immediately preceding month (or part thereof), or (ii) 0.25% per annum, if the average daily principal
balance of the outstanding Revolving Loans and Letters of Credit was greater than or equal to 50% of the ULF Amount during
the immediately preceding month (or part thereof), in each case calculated upon the amount by which the ULF Amount exceeds
the average daily principal balance of the outstanding Revolving Loans and Letters of Credit during the immediately preceding
month (or part thereof) while this Agreement is in effect and for so long thereafter as any of the Obligations are
outstanding, which fee shall be payable on the first day of each month in arrears.”

(s)          Servicing Fee. Section 3.2(e) of the Loan Agreement is hereby deleted in its entirety
and the following substituted therefor:

“(e)
Borrowers shall pay to Agent, for its own account, a monthly servicing fee in an amount equal to $5,000 per month in respect
of the services of Agent for each month (or part thereof) while the Loan Agreement remains in effect and for so long
thereafter as any of the Obligations are outstanding. Such fee shall be fully earned as of and payable in advance on the
first day of the first month following the date hereof and on the first day of each month thereafter for so long as any of
the Obligations are outstanding.”

(t)           Collateral Reporting. Section 7.1(a)(i) of the Loan Agreement is hereby amended to
delete “Liquidity Period” and substitute “Increased Reporting Period” therefor. 

(u)          Inventory Appraisal. Section 7.3(d) of the Loan Agreement is hereby deleted in its
entirety and the following substituted therefor:

“(d)
Agent may, at its election and at Borrower’ expense, no more than one (1) time in any twelve (12) month period (or two (2)
times during any 12 month period (x) with respect to any Inventory subject to a Borrower Requested Appraisal or (y) if Excess Availability
is at any time during such 12 month period less than 50% of the Maximum Credit), conduct appraisals as to the Inventory in form,
scope and methodology reasonably acceptable to Agent and by an appraiser selected by Agent, addressed to Agent and Lenders and
upon which Agent and Lenders are expressly permitted to rely (each, an “Appraisal”), provided, that,
(i) if an Event of Default has occurred and is continuing, Agent may conduct, at Borrowers’ expense, such additional Appraisals
as to the Inventory without limitation, as determined by Agent and (ii) at the request of Borrower made no more than one (1) time
in any 12 month period, Agent shall conduct, at the expense of Borrower, an Appraisal of Inventory selected by Borrower for appraisal
(any such Appraisal under this clause (ii) referred to herein as a “Borrower Requested Appraisal”).”

    	12

    	 

    

(v)          Permitted Indebtedness. Section 9.9(b) of the Loan Agreement is hereby amended to delete
to delete the reference to “$2,000,000” appearing therein and substitute “$4,000,000” therefor. 

(w)         Transactions With Affiliates.

(i)          Distributions to Parent. Section 9.12(b)(ii) of the Loan Agreement is hereby amended
to delete the references to “$2,000,000” appearing therein and substitute “$7,500,000” therefor.

(ii)         Management Fees. Section 9.12(b)(iii) of the Loan Agreement is hereby deleted in its
entirety and the following substituted therefor:

“(iii)
quarterly payments (collectively, “Management Fees”) (A) by Kinergy to Parent for those services provided by Parent
to Kinergy pursuant to the Intercompany Operating Agreement as in effect on the date hereof in an amount not to exceed $1,500,000
per fiscal quarter and (B) by Pacific Ag to Parent for those services provided by Parent to Pacific Ag pursuant to the Intercompany
Operating Agreement as in effect on the date hereof in an amount not to exceed $500,000 per fiscal quarter; provided,
that, with respect to any reimbursement payment by any Borrower to Parent, whether under any subsection of this clause (b)
or otherwise, on account of any margin call due in connection with any hedging position created by Parent for or on behalf of such
Borrower pursuant to the Intercompany Operating Agreement, Borrowers shall have Excess Availability of not less than $1,000,000
after giving effect to such payment.”

(x)          Financial Covenants.

(i)          EBITDA. Section 9.17(a) of the Loan Agreement is hereby deleted in its entirety and
the following substituted therefor:

“(a)
Intentionally omitted.”

(ii)         Fixed Charge Coverage Ratio. The proviso appearing at the end of Section 9.17(b) of
the Loan Agreement is hereby deleted in its entirety and the following substituted therefor:

“; provided,
that, this Section 9.17(b) shall not apply to any fiscal month for which the Excess Availability was at all times during
such month, and at all times during each of the two (2) prior months, greater than twenty percent (20%) of the Maximum Credit.”

    	13

    	 

    

(y)         Access Rights from Existing Aventine Lenders. The Loan Agreement is hereby amended
to add the following new Section 9.22:

“9.22 Aventine
Lenders. Borrowers shall use commercially reasonable efforts to obtain, from the Aventine Term Agent under the Aventine
Term Loan Agreement as of the date of Amendment No. 3, an agreement, in form and substance reasonably satisfactory to Agent,
granting to Agent right of access and license as is granted under Section 3.07 of the Term Loan Intercreditor Agreement as in
effect immediately prior to the effective date of Amendment No. 3.”

(z)          Marketing Agreements. The Loan Agreement is hereby amended to add the following new
Section 9.23:

“9.23 Marketing
Agreements. Without the prior written consent of Agent, no Borrower shall amend or modify any of the Marketing Agreements
if such amendment will change or modify the procedures for the delivery of inventory or the passage of title with respect
thereto, or would reasonably be expected to have a material adverse consequence to Agent or the Collateral.”

(aa)        Term. Section 13.1(a) of the Loan Agreement is hereby amended to delete “December
31, 2016” and substitute “December 31, 2020” therefor.

4.          Additional Representation. In addition to the continuing representations, warranties
and covenants at any time made by Borrowers to Agent and Lenders pursuant to the Loan Agreement and the other Financing Agreements,
Borrowers hereby jointly and severally represent, warrant and covenant with and to Agent and Lenders that (a) as of the date of
this Amendment and after giving effect hereto, no Default or Event of Default exists or has occurred and is continuing and (b)
Borrowers have provided to Agent true and complete copies of the Aventine Term Loan Agreement and Term Loan Intercreditor Agreement,
in each case, as in effect as of the date hereof.

5.          Release. In consideration of the agreements of Agent and Lenders contained herein and
the making of loans by or on behalf of Agent and Lenders to Borrowers pursuant to the Loan Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, each Borrower and Parent on behalf of itself and its
successors, assigns, and other legal representatives, hereby, jointly and severally, absolutely, unconditionally and irrevocably
releases, remises and forever discharges Agent and each Lender, and their present and former shareholders, affiliates, subsidiaries,
divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives and their respective successors
and assigns (Agent, each Lender and all such other parties being hereinafter referred to collectively as the “Releasees”
and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims,
defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”)
of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, whether liquidated or unliquidated,
matured or unmatured, asserted or unasserted, fixed or contingent, foreseen or unforeseen and anticipated or unanticipated, which
any Borrower or Parent, or any of its successors, assigns, or other legal representatives and its successors and assigns may now
or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any nature, cause
or thing whatsoever which arises at any time on or prior to the day and date of this Agreement, in relation to, or in any way in
connection with the Loan Agreement, as amended and supplemented through the date hereof, this Agreement and the other Financing
Agreements. Each Borrower and Parent understands, acknowledges and agrees that the release set forth above may be pleaded as a
full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be
instituted, prosecuted or attempted in breach of the provisions of such release.

    	14

    	 

    

6.          Amendment Fee. In addition to all other fees, costs and expenses payable by Borrowers
to Agent and Lenders under the Financing Agreements, Borrowers shall pay to Agent, for the ratable benefit of Lenders, an amendment
fee in the amount of $256,250 (the “Amendment Fee”). The Amendment Fee shall be fully earned, due and payable
on the date hereof, and shall not be subject to refund or rebate for any reason.

7.          Conditions to Effectiveness. The effectiveness of this Amendment shall be subject
to the receipt by Agent of an original (or electronic copy) of this Amendment duly authorized, executed and delivered by Borrowers
and Lenders.

8.          Effect of this Amendment. Except as modified pursuant hereto, no other changes
or modifications to the Loan Agreement or the other Financing Agreements are intended or implied and in all other respects the
Loan Agreement and other Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as
of the date hereof. To the extent of conflict between the terms of this Amendment, on the one hand, and Loan Agreement or the other
Financing Agreements, on the other hand, the terms of this Amendment shall control. 

9.          Further Assurances. Borrowers shall execute and deliver such additional documents and
take such additional action as may be reasonably requested by Agent to effectuate the provisions and purposes of this Amendment.

10.        Binding Effect. This Amendment shall be binding upon and inure to the benefit of each
of the parties hereto and their respective successors and assigns.

11.        Governing Law. The rights and obligations hereunder of each of the parties hereto shall
be governed by and interpreted and determined in accordance with the internal laws of the State of California (without giving effect
to principles of conflict of laws).

12.        Counterparts. This Amendment may be signed in counterparts, each of which shall
be an original and all of which taken together constitute one agreement. In making proof of this Amendment, it shall not be necessary
to produce or account for more than one counterpart signed by the party to be charged. Delivery of an executed counterpart of this
Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

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    	15

    	 

    

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered by their authorized officers as of the day and year
first above written.

 

BORROWERS:

 

Kinergy Marketing LLC,

as a Borrower  

 

By: /s/ Bryon T. McGregor             

Name: Bryon T. McGregor

Title: Chief Financial Officer

 

 

PACIFIC AG. PRODUCTS, LLC,

as a Borrower  

 

By: /s/ Bryon T. McGregor             

Name: Bryon T. McGregor

Title: Chief Financial Officer

 

 

 

ACKNOWLEDGED AND AGREED:

Pacific Ethanol, inc,

as Parent 

	By: /s/ Bryon T. McGregor             

        Name: Bryon T. McGregor

        Title: Chief Financial Officer

 

 

 

AGENT AND LENDER:

 

wells fargo capital finance,
llc, 

as Agent and sole Lender

 

By: /s/ Carlos Valles                      

Name: Carlos Valles

Title: Vice President

 

    	16

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