Document:

exv10w32xcy

EXHIBIT
10.32(c)

GUARANTY

     THIS GUARANTY (this “Guaranty”) is executed and delivered effective as of July 3, 2008, by
RICHARD M. OSBORNE, TRUSTEE UNDER RESTATED TRUST AGREEMENT OF JANUARY 13, 1995, individually as a
natural person, who is a resident of the State of Ohio, with an address at 8500 Station Street,
Mentor, Ohio 44060 (“Guarantor”), in favor of CITIZENS BANK, having an address at 328 S. Saginaw
Street, Flint, Michigan 48502 (“Bank”).

W I T N E S S E T H:

     WHEREAS, Bank has agreed to lend to Great Plains Land Development Company, Ltd., an Ohio
limited liability company (“Borrower”), a term loan in the principal amount of Eight Hundred
Ninety-Two Thousand Three Hundred and no/100 Dollars ($892,300.00) (the “Loan”), pursuant to and in
accordance with the Credit Agreement dated of even date herewith by and between Borrower and Bank
(the “Credit Agreement”); and

     WHEREAS, Borrower has executed and delivered to Bank, among other things, a Term Note dated of
even date herewith, in the principal amount of Eight Hundred Ninety-Two Thousand Three Hundred and
no/100 Dollars ($892,300.00), to evidence its obligation to repay the Loan to be made to it by Bank
and to perform all of its obligations under the Loan Documents (the Term Note, as the same may from
time to time be increased, decreased, amended, modified, revised, supplemented, renewed, extended
or restated, is hereinafter referred to as the “Note”); and

     WHEREAS, the Loan is secured by, among other things, a Security Agreement dated of even date
herewith, by and between Borrower and Bank (the “Security Agreement”) and such other documents
executed in connection with the Credit Agreement, the Note or the Security Agreement (the Credit
Agreement, the Note and the Security Agreement, together with such other documents executed in
connection with any of the foregoing, as the same may from time to time be amended, modified,
revised, supplemented, substituted, renewed, extended or restated, are hereinafter collectively
referred to as the “Loan Documents”); and

     WHEREAS, Guarantor has a direct economic interest in Borrower, and the Loan to Borrower is
given in consideration of this Guaranty and such Loan will inure directly or indirectly to the
benefit of Guarantor, and such benefit is sufficient consideration for the execution and delivery
of this Guaranty in favor of Bank; and

     WHEREAS, Guarantor has agreed to execute and deliver this Guaranty to Bank at the request of
Borrower in order to induce Bank to make and close the Loan and to satisfy a condition precedent to
closing and funding the Loan.

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and to induce Bank to make the Loan
to Borrower, Guarantor does hereby agree with Bank as follows:

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     1. Guarantor hereby irrevocably, absolutely and unconditionally, and jointly and severally
with all other guarantors of the Loan, guarantees to Bank, its successors and assigns, and all
subsequent holders of the Note, the full and prompt payment and performance of the following
(hereinafter collectively referred to as the “Obligations”): all loans, advances, debts,
liabilities, indebtedness, obligations, covenants, undertakings, promises, agreements, and duties
now or hereafter owing to Bank or any affiliate of Citizens Republic Bancorp from Borrower of any
kind or nature whatsoever, present or future, whether arising by reason of an extension of credit,
opening of a letter of credit, loan, promissory note, guarantee, endorsement, indemnification,
agreement, undertaking, contract, rate management agreement, or in any manner whatsoever, whether
direct or indirect (including those acquired by assignment, participation, purchase, negotiation,
discount or otherwise), matured or unmatured, liquidated or unliquidated, primary or secondary,
absolute or contingent, joint or several, due or to become due, now existing or hereafter arising
and whether or not contemplated by Borrower or Bank on the date hereof, including, but not limited
to, the Note or the other Loan Documents, and all amendments, modifications, revisions,
supplements, substitutions, renewals, extensions or restatements thereof, and all principal,
interest, charges, expenses, costs, fees (including reasonable attorneys’ fees), indemnification
obligations and other sums of any kind thereunder or relating thereto whatsoever. Upon failure of
Borrower to pay or perform any of the Obligations when and as the same becomes due and payable and
the same is not made by Borrower within any applicable grace period, if any, Bank may, at its sole
option, accelerate the payment of the Obligations, all accrued interest and other charges payable
thereunder, in which event Guarantor shall pay to Bank, on demand, the entire amount of the
Obligations. Bank shall not be obligated to proceed against, or exhaust any other remedies it may
have under the Loan Documents or any other documents, or resort to any other security held by Bank,
or proceeding against any other guarantor, and Bank may, at its option, proceed directly and at
once, without notice, against Guarantor, to collect and recover the full amount of the liability
hereunder or any portion thereof. Any and all payments due hereunder shall be made in lawful money
of the United States of America at 328 S. Saginaw Street, Flint, Michigan 48502, or such other
address as Bank may from time to time designate.

     2. Guarantor agrees to promptly notify Bank of any pending or threatened litigation, the
outcome of which could have a material adverse effect on the assets, properties, finances or
prospects of Guarantor. Failure to comply with the requirements of this paragraph shall constitute
a default hereunder and under the Loan Documents.

     3. Guarantor acknowledges that: Guarantor has a direct economic investment or interest in
Borrower, as a partner, shareholder, member, trust beneficiary, or otherwise; that Guarantor is
making this Guaranty in Guarantor’s trust capacity; that Guarantor shall remain liable hereunder
whether or not Guarantor retains any financial interest in Borrower; and that Guarantor has
received sufficient consideration for the execution and delivery of this Guaranty in favor of Bank.

     4. The obligations of Guarantor under this Guaranty shall be irrevocable, absolute and
unconditional, and joint and several with all other guarantors of the Loan and shall remain in full
force and effect until the principal balance of the Note, all accrued but unpaid interest on the
Note, and all other Obligations referred to above in Section 1, shall have been irrevocably and
indefeasibly paid in full and Bank has no further obligation to make advances under the Note.

Page 2 of 7 

 

     5. The obligations of Guarantor under this Guaranty shall not be affected, modified or
impaired upon the happening of any event, including, without limitation, any of the following,
whether or not with notice to or the consent of Guarantor:

     (a) The amendment, modification, revision, supplement, substitution, renewal, extension or
restatement of any security given by Borrower to Bank to secure repayment of the indebtedness
hereby being guaranteed;

     (b) The waiver, release or termination of any of the covenants, agreements or obligations of
Borrower under the Note or Borrower and/or any other guarantor or under any of the other Loan
Documents or the Obligations;

     (c) The amendment, modification, revision, supplement, substitution, renewal, extension or
restatement (whether material or otherwise) of the Note, any other Loan Documents, the Obligations
or any obligation, covenant or agreement as set forth in the Note, in any of the other Loan
Documents or the Obligations;

     (d) Any failure, omission, delay or lack on the part of Bank to enforce, assert or exercise
any right, power or remedy conferred upon it in this Guaranty, in the Note, in any of the other
Loan Documents or the Obligations, or any other acts or omissions on the part of Bank;

     (e) The voluntary or involuntary liquidation, dissolution, sale or other disposition of all or
substantially all of the assets of Borrower or Guarantor, however effected, or receivership,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganizations, arrangement,
composition with creditors or readjustment or other similar proceedings affecting Borrower,
Guarantor, any other guarantor, or any of the assets of Guarantor, or any allegation or contest of
the validity of this Guaranty, the Note, any of the other Loan Documents or the Obligations, or the
disaffirmance of the Note, any of the other Loan Documents or the Obligations in any such
proceeding;

     (f) The invalidity, illegality or unenforceability of the Note, any of the other Loan
Documents or the Obligations; or of any provision of the Note, any of the other Loan Documents or
the Obligations;

     (g) The existence, value or condition of any other security or guaranty, or failure by Bank to
perfect any lien against, or obtain any security for the Obligations or obtain any other guaranty
of the Obligations, or any action or the absence of any action by Bank in respect of such security
or guaranty (including, without limitation, the release of any such security or guaranty); or

     (h) Any other event or action that would, in the absence of this clause, result in the release
or discharge by operation of law of Guarantor from the performance or observance of any obligation,
covenant or agreement contained in this Guaranty.

     6. If after receipt of any payment of all or any part of the Obligations, Bank is for any
reason compelled to surrender such payment to any person or entity, because such payment is
determined to be void or voidable as a preference, impermissible setoff, diversion of trust funds
or for any other reason (including, without limitation, insolvency,
bankruptcy, liquidation or reorganization of Borrower or any other guarantor) then to the extent of that payment, the
Obligations shall be revived and the obligations of Guarantor under this Guaranty shall be
continued

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in effect without reduction or discharge for that payment, and this Guaranty shall
continue in full force notwithstanding any contrary action which may have been taken by Bank in
reliance upon such payment, and any such contrary action so taken shall be without prejudice to any
Bank’s rights under this Guaranty and shall be deemed to have been conditioned upon such payment
having become final, irrevocable and indefeasible.

     7. No setoff, counterclaim or reduction, no diminution of an obligation, and no defense of any
kind or nature that Guarantor has or may have against Borrower, Bank or any other guarantor shall
affect, modify or impair the obligations hereunder of Guarantor.

     8. For so long as this Guaranty remains in effect, Guarantor shall not have, and Guarantor
hereby expressly waives, releases and discharges during such time, any and every right of
exoneration, subrogation, contribution, reimbursement and indemnity whatsoever, and any and every
right of recourse to security for the debts and Obligations guaranteed hereby, whether against
Borrower, any other guarantor or otherwise, until the Obligations have been irrevocably and
indefeasibly paid in full. Guarantor hereby indemnifies Bank and agrees to defend and hold
harmless Bank from and against the loss, mitigation, subordination or other consequences adverse to
Bank by reason of this Guaranty being challenged as a preference or suffering any other subjugation
under any bankruptcy or other law, whether state or federal, affecting debtors, creditors and/or
the relationship between and among them. Without limiting the generality of the foregoing, for so
long as this Guaranty remains in effect, any and all debts and obligations of Borrower to Guarantor
(or any other guarantor) whether past, present or future are hereby waived, satisfied and
discharged until the Obligations have been irrevocably and indefeasibly paid in full and Bank has
no further obligations to make advances under the Note.

     9. Guarantor hereby expressly waives notice in writing or otherwise from Bank of Bank’s
acceptance of and reliance on this Guaranty. Guarantor agrees to pay and shall be liable for all
costs, expenses and fees, including all reasonable attorneys’ fees, which may be incurred by Bank
in enforcing or attempting to enforce this Guaranty against Guarantor, whether the same shall be
enforced by suit or otherwise and except as may be limited by law or judicial order or decision
entered in an action to seek recovery of such costs, expenses and fees. Guarantor hereby waives
presentment, demand, protest, notice of non-payment, notice of dishonor and all suretyship
defenses.

     10. This Guaranty shall bind Guarantor and Guarantor’s successors and assigns, and shall inure
to the benefit of Bank and its successors and assigns.

     11. If any clause or provision of this Guaranty is held illegal, invalid or unenforceable by
any court, this Guaranty shall be construed and enforced as if such illegal, invalid or
unenforceable clause or provision had not been contained herein.

     12. No remedy herein conferred upon or reserved to the Bank is intended to be exclusive of
any other available remedy or remedies, but each and every such remedy shall be cumulative and
shall be in addition to every other remedy given under this Guaranty or now or hereafter existing
at law or in equity or by statute. No delay or omission to exercise any right or power accruing
upon any default, omission or failure of performance hereunder shall impair any such right or power
or shall be construed to be a waiver thereof, but any such right and
power may be exercised from time to time and as often as may be deemed expedient by the Bank. In order to
entitle the Bank to exercise any remedy reserved to it in this Guaranty, it shall not be necessary
to give any notice, other than such notice as may be herein expressly required. If any provision
contained in this

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Guaranty should be breached by any party and thereafter duly waived by the other
party, such waiver shall be limited to the particular breach so waived and shall not be deemed to
waive any other breach hereunder. No waiver, amendment, release or modification of this Guaranty
shall be established by conduct, custom or course of dealing, but solely by an instrument in
writing duly executed by the parties hereto. This Guaranty may be amended only by a written
agreement signed by the parties hereto and accepted by the Bank.

     13. Guarantor hereby authorizes any attorney at law to appear in any court of record in the
State of Ohio, or in any other state or territory of the United States after the obligations of
Guarantor become due, whether by lapse of time, acceleration of maturity or otherwise, waive the
issuance and service of process, admit the maturity of the obligations of Guarantor, confess
judgment against Guarantor in favor of any holder of this Guaranty for the amount then appearing
due, together with interest thereon and costs of suit, and thereupon to release all errors and
waive all rights of appeal and stay of execution. Guarantor expressly (a) waives a conflict of
interest as to any attorney retained by Bank to confess judgment against Guarantor upon this
Guaranty, and (b) consents to the attorney retained by Bank receiving a legal fee from Bank for
legal services rendered for confessing judgment against Guarantor, upon this Guaranty. A copy of
this Guaranty, certified by Bank, may be filed in each such proceeding in place of filing the
original as a warrant of attorney. The authority and power to appear for and enter judgment
against Guarantor, additional exercises thereof or any imperfect exercise thereof, shall not be
extinguished by any judgment entered pursuant thereto.

     14. This Guaranty is a continuing and unconditional guaranty of payment and performance and
not of collection and Guarantor’s obligations hereunder shall be primary and absolute. This
Guaranty shall be deemed to be a contract made under the laws of the State of Ohio and for all
purposes shall be governed by and construed in accordance with the laws of said State. Guarantor
represents and warrants that this Guaranty is being executed and delivered in the State of Ohio.

     15. Guarantor hereby represents and warrants to Bank that:

     (a) Guarantor is an Ohio trust duly organized, validly existing and in good standing under
the laws of the State of Ohio; that Guarantor has the right, power and authority to execute,
deliver and perform this Guaranty; and that Guarantor has been authorized to enter into this
Guaranty by all necessary and proper action;

     (b) this Guaranty constitutes the legal, valid and binding obligation of Guarantor
enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by the availability of equitable remedies;

     (c) the execution, delivery and performance of this Guaranty will not violate any provision
of any applicable law or material contractual obligation of Guarantor and will not result in the
creation or imposition of any lien upon or with respect to any property or revenues of Guarantor;
and that the execution, delivery and performance of this Guaranty will not violate any provision of
Guarantor’s Trust Agreement or any other organization or governing documents of Guarantor;

     (d) no consent or authorization of, filing with, or other act by or in respect of, any
arbitrator or governmental authority and no consent of any other person (including, without

Page 5 of 7 

 

limitation, any beneficiary of Guarantor), is required in connection with the execution, delivery,
performance, validity or enforceability of this Guaranty;

     (e) no actions, suits or proceedings before any court, tribunal, arbitrator or governmental
authority are pending or, to the knowledge of Guarantor, threatened by or against Guarantor or
against any of its properties or with respect to this Guaranty or any of the transactions
contemplated hereby;

     (f) Guarantor shall preserve and maintain its existence, rights, franchises and privileges in
the jurisdiction of the State of Ohio or in any other jurisdiction required by law; and

     (g) It shall not permit any legal or beneficial interest in Guarantor to be sold, assigned,
transferred, pledged or otherwise encumbered.

     16. GUARANTOR HEREBY, AND BANK BY ITS ACCEPTANCE HEREOF, EACH WAIVES THE RIGHT OF A JURY TRIAL
IN EACH AND EVERY ACTION ON THIS GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS, IT BEING ACKNOWLEDGED
AND AGREED THAT ANY ISSUES OF FACT IN ANY SUCH ACTION ARE MORE APPROPRIATELY DETERMINED BY THE
COURTS. FURTHER, GUARANTOR HEREBY CONSENTS AND SUBJECTS GUARANTOR TO THE JURISDICTION OF COURTS OF
THE STATE OF OHIO AND, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, TO THE VENUE OF SUCH
COURTS IN ANY COUNTY IN WHICH BANK IS LOCATED.

     17. Except for a notice required under applicable law to be given in another manner, any
notice or other communication required or permitted to be given by this Guaranty or the other Loan
Documents or by applicable law shall be in writing and shall be deemed received (a) on the date
delivered, if sent by hand delivery to the address set forth on the first page of this Guaranty,
(b) three (3) business days following the date deposited in U.S. mail, certified or registered,
with return receipt requested, or (c) one (1) business day following the date deposited with
Federal Express or other nationally recognized overnight carrier, and in each case delivered to the
address set forth on the first page of this Guaranty. Either party may change its address to
another single address by notice given as herein provided, except any change of address notice must
be actually received in order to be effective. Notwithstanding the foregoing, routine
communications such as statements, invoices, copies of documents, and the like, may be sent by
First Class U.S. Mail.

[Remainder of Page Intentionally Left Blank]

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     18. If the Loan is guaranteed by more than one guarantor, whether in this instrument or by
other instruments, the obligations of Guarantor under this Guaranty shall be joint and several with
all other guarantors.

     IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed and delivered to Bank in
the State of Ohio as of the date first above written.

WARNING — BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU
DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE
AGREEMENT, OR ANY OTHER CAUSE.

	 	 	 
	 

	 	/s/ Richard M. Osborne
	 

	 	 
	 

	 	RICHARD M. OSBORNE, TRUSTEE
	 

	 	UNDER RESTATED TRUST
	 

	 	AGREEMENT OF JANUARY 13, 1995

Page 7 of 7exv10w33

EXHIBIT 10.33

LOAN MODIFICATION AGREEMENT 

     THIS LOAN MODIFICATION AGREEMENT (this “Modification”) is made and entered into effective as
of December 1, 2009 (the “Effective Date”), by and among NORTHEAST OHIO NATURAL GAS CORP., an Ohio
corporation (“Borrower”), RICHARD M. OSBORNE, individually as a natural person (“RMO”), RICHARD M.
OSBORNE, TRUSTEE UNDER RESTATED TRUST AGREEMENT OF JANUARY 13, 1995 (“Trust”), and GREAT PLAINS
NATURAL GAS COMPANY, an Ohio corporation (“GPNG”) (RMO, Trust and GPNG are each a “Guarantor” and
collectively “Guarantors”), and CITIZENS BANK (“Bank”).

RECITALS

     A. To evidence certain financing arrangements (collectively, the “Loans”), Borrower executed
and delivered to Bank, among other things, (i) a Credit Agreement dated July 3, 2008, by and
between Borrower and Bank (the “Credit Agreement”), (ii) a Revolving Note dated July 3, 2008, in
the original principal amount of Two Million One Hundred Thousand and no/100 Dollars
($2,100,000.00), executed by Borrower in favor of Bank (the “Revolving Note”), and (iii) a Term
Note dated July 3, 2008, in the original principal amount of Seven Million Seven Hundred Eighty
Thousand Twelve and no/100 Dollars ($7,780,012.00), executed by Borrower in favor of Bank (the
“Term Note”) (the Revolving Note and the Term Note are hereinafter collectively referred to as the
“Notes”).

     B. The payment and performance of the indebtedness and obligations under the Loans are secured
by, among other things (i) that certain Security Agreement dated July 3, 2008 executed by Borrower
in favor of Bank (the “Security Agreement”), (ii) that certain Assignment of Contracts, Licenses,
Permits and Approvals dated July 3, 2008 executed by Borrower in favor of Bank (the “Assignment of
Contracts”), and (iii) a Guaranty dated July 3, 2008 executed by each Guarantor in favor of Bank
(each a “Guaranty” and collectively, the “Guaranties”).

     C. The Security Agreement, Assignment of Contracts and the Guaranties, together with all other
agreements, documents and instruments executed by Borrower and Guarantors, or any one of them, for
the benefit of Bank in connection therewith and the transactions contemplated thereby, are
collectively referred to herein as the “Security Documents.”

     D. The Credit Agreement, the Notes and Security Documents, as modified herein, and as the same
may from time to time heretofore or hereafter be amended, modified, revised, supplemented,
substituted, renewed, extended or restated, are hereinafter collectively referred to as the “Loan
Documents”.

 

 

     E. Pursuant to that certain Note Modification Agreement dated as of July 2, 2009 by and among
Borrower, Guarantors and Bank, Bank agreed to modify the Revolving Note to extend the maturity
thereof from July 2, 2009 to October 2, 2009.

     F. Pursuant to that certain Note Modification Agreement dated as of September 25, 2009 by and
among Borrower, Guarantors and Bank, Bank agreed to modify the Revolving Note to extend the
maturity thereof from October 2, 2009 to December 1, 2009.

     G. At the request of Borrower and Guarantors, Bank has agreed to modify the Loans to, among
other things, extend the maturity of the Revolving Note from December 1, 2009 to November 29, 2010,
adjust the interest rate on the Term Note, add Energy, Inc., a Montana corporation (“Energy”), as a
guarantor of the Loans, and adjust certain financial reporting and financial covenants.

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. The aforesaid Recitals are hereby incorporated into this Modification as if fully set forth
in this Paragraph 1.

     2. The Credit Agreement is hereby amended as follows:

          (a) The terms “Revolving Loan Maturity” and “Revolving Note Maturity Date” as defined in the
Credit Agreement are hereby changed from December 1, 2009 to November 29, 2010.

          (b) The definition of “Guarantors” in Section 1.21 is hereby amended and restated as follows:

     “1.21 ‘Guarantors’ mean collectively Richard M. Osborne, individually as a
natural person (“RMO”), Richard M. Osborne, Trustee under Restated Trust Agreement
of January 13, 1995 (the “Trust”), Great Plains Natural Gas Corp., an Ohio
corporation, and Energy, Inc., a Montana corporation (“Energy”), jointly and
severally.”

          (c) The definition of “Interest Rate” in Section 1.25 is hereby amended and restated as
follows:

     “1.25 ‘Interest Rate’ shall mean (a) with respect to the Revolving Note, the
Applicable LIBOR Rate (as adjusted from time to time) PLUS four hundred (400) basis
points, as adjusted from time to time as provided herein; provided, however, that in
no event shall the Interest Rate with respect to the Revolving Note be less than
Five Percent (5%) per annum; and (b) with respect to the Term Note, the Applicable
LIBOR Rate (as adjusted from time to time) PLUS two hundred twenty-five (225) basis
points, as adjusted from time to time as provided herein; provided, however, that commencing on December 1, 2009 and

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continuing at all time
thereafter, said Interest Rate with respect to the Term Note shall be increased to
the Applicable LIBOR Rate (as adjusted from time to time) PLUS four hundred (400)
basis points, as adjusted from time to time as provided herein; provided, however,
that in no event shall the Interest Rate with respect to the Term Note be less than
Five Percent (5%) per annum at any time on and after December 1, 2009.”

          (d) The definition of “Tangible Net Worth” in Section 1.43 is hereby amended and restated as
follows:

     “1.43 ‘Net Worth’ means a total of the capital stock (less treasury stock),
paid-in capital surplus, general contingency reserves, retained earnings (deficit)
of Borrower and any Subsidiary of Borrower as determined on a consolidated basis in
accordance with generally accepted accounting principles consistently applied, after
eliminating all inter-company items and all amounts properly attributable to
minority interests, if any, in the stock and surplus of any Subsidiary,
minus the following items (without duplication of deductions) if any,
appearing on the consolidated balance sheet of Borrower”

          (e) Section 4.3(c) is hereby amended and restated in its entirety to read as follows:

     “(c) Annually as set forth in RMO’s Guaranty, a copy of RMO’s personal
financial statement, certified by such Guarantor, in such form and substance as Bank
may reasonably require, and a copy of RMO’s federal income tax return
together with all schedules and corresponding K-1’s and any applicable extensions
thereof. ”

          (f) Section 4.3 is hereby amended by adding a new subsection (l) thereto which shall read as
follows:

     “(l) Annually as set forth in Energy’s Guaranty, a copy of Energy’s Form 10-K,
certified by such Guarantor; and quarterly as set forth in Energy’s Guaranty, a copy
of Energy’s Form 10-Q, certified by such Guarantor.”

     (g) Section 5.16 is hereby amended and restated in its entirety to read as follows:

     “5.16 Minimum Net Worth. Borrower shall not permit its Net Worth, on a
consolidated basis, to be less than One Million Eight Hundred Fifteen Thousand and
no/100 Dollars ($1,815,000.00) plus 100% of Net Income less the pro-rata share of
the Energy dividend (the “Initial Net Worth Amount”), as of December 31, 2009, as
calculated by Bank in its reasonable discretion. Thereafter, Borrower shall not
permit its Net Worth, on a consolidated basis, to be less than the Initial Net Worth
Amount as positively increased by the “Increase Amount” as of the end
of each fiscal quarter and fiscal year, with the first Increase Amount

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determined as of March 31, 2010 and as of the end of each fiscal quarter and fiscal
year thereafter. The minimum Net Worth covenant as required herein shall be tested
as of the end of each fiscal quarter and fiscal year beginning as of December 31,
2009 and continuing as of the end of each fiscal quarter and fiscal year thereafter,
all as calculated by Bank in its reasonable discretion. As used herein, “Increase
Amount” shall mean an amount equal to one hundred percent (100%) of net earnings
before distributions less the pro-rata share of the Energy dividend, as calculated
by Bank in its reasonable discretion. There will be no deduction for losses.”

          (h) Notwithstanding any provision to the contrary contained in Section 5 of the Credit
Agreement, the change in the ownership of the capital stock of Borrower whereby Energy acquires all
of the capital stock of GPNG and therefore of Borrower from GPNG shareholders is hereby approved by
Bank on a one-time basis only and the same shall not constitute an Event of Default thereunder.

          (i) Notwithstanding the Events of Default set forth in Section 6.1 of the Credit Agreement, it
shall not constitute an Event of Default if any of the conditions set forth in Section 6.1 of the
Credit Agreement shall exist with respect to RMO and/or the Trust; provided, however,
nothing herein contained shall in any way limit or modify the Guaranty dated July 3, 2008 executed
by each of RMO and the Trust in favor of Bank.

          (j) The Credit Agreement referred to in the Loan Documents shall be the Credit Agreement as
amended hereby. All references in this Modification to the Credit Agreement shall be deemed to
include the Credit Agreement as amended herein.

     3. The Revolving Note is hereby amended to reflect the changes made in the Credit Agreement
provided herein. The Revolving Note referred to in the Loan Documents shall be the Revolving Note
as amended hereby. All references in this Modification to the Revolving Note shall be deemed to
include the Revolving Note as amended herein.

     4. The Term Note is hereby amended to reflect the changes made in the Credit Agreement
provided herein. The Term Note referred to in the Loan Documents shall be the Term Note as amended
hereby. All references in this Modification to the Term Note shall be deemed to include the Term
Note as amended herein.

     5. The other Loan Documents not hereinabove amended are hereby amended to reflect the changes
reflected in this Modification, the amended Credit Agreement, the amended Revolving Note and the
amended Term Note. All references in this Modification to the other Loan Documents shall be deemed
to be to the other Loan Documents as amended hereby.

     6. Borrower reaffirms and agrees that all covenants, agreements, stipulations,
representations, warranties and conditions in the Loan Documents shall be and remain in full force
and effect, except as amended by this Modification. Borrower reaffirms and agrees that
none of the obligations or liabilities of Borrower under the Loan Documents as amended by this
Modification shall be diminished or released by any provisions by this Modification, nor shall

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this
Modification in any way impair, diminish or affect any of the Bank’s rights under the Loan
Documents, whether such rights or remedies arise thereunder or by operation of law.

     7. Each Guarantor reaffirms and agrees that all covenants, agreements, stipulations,
representations, warranties and conditions in the Loan Documents shall be and remain in full force
and effect, except as amended by this Modification. Each Guarantor reaffirms and agrees that none
of the obligations or liabilities of such Guarantor under the Loan Documents as amended by this
Modification shall be diminished or released by any provisions by this Modification, nor shall this
Modification in any way impair, diminish or affect any of the Bank’s rights under the Loan
Documents, whether such rights or remedies arise thereunder or by operation of law.

     8. Nothing contained herein shall vitiate or discharge Borrower’s or any Guarantor’s liability
under any of the Loan Documents. Borrower covenants and agrees that it shall pay the Revolving
Note, as amended hereby, together with all interest thereon, and perform all obligations of
Borrower under the Loan Documents. Borrower hereby reaffirms and agrees that the Revolving Note
and the other Loan Documents, as amended hereby, are valid, binding and in full force and effect.
Each Guarantor covenants and agrees to perform such Guarantor’s obligations under the Guaranty and
any other Loan Documents to which such Guarantor is a party. Each Guarantor hereby reaffirms and
agrees that such Guarantor’s Guaranty and the other Loan Documents, as amended hereby, are valid,
binding and in full force and effect.

     9. Borrower and Guarantors hereby each acknowledges and agrees that: (i) as of the date of
this Modification, there are no offsets, defenses or counterclaims against Bank arising out of or
in any way relating to any of the Loan Documents, (ii) each releases and forever discharges Bank,
its agents, servants, employees, directors, officers, attorneys, branches, affiliates,
subsidiaries, successors and assigns and all persons, firms, corporations and organizations acting
or who have acted in its behalf of and from all damage, loss, claims, demands, liabilities,
obligations, actions and causes of action whatsoever which each may now have or claim to have
against Bank or any of the other persons or entities described in this clause (ii) whether
presently known or unknown, and of every nature and extent whatsoever on account of or in any way
touching, concerning, arising out of or founded upon any of the Loan Documents, and (iii) Bank is
not in default under any of the Loan Documents.

     10. Borrower and Guarantors hereby each acknowledges and agrees that: (i) there are no other
agreements or representations, either oral or written, express or implied, relating to the
modification to the Loan Documents except as set forth herein; (ii) this Modification represents a
complete integration of all prior and contemporaneous agreements and understandings of Bank,
Borrower and Guarantors relating to the matters set forth herein, and (iii) all such agreements,
understandings, and documents relating to the modification of the Revolving Note as set forth
herein are hereby superseded by this Modification.

     11. Borrower hereby reaffirms the confession of judgment provisions in the Revolving Note as
follows:

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Borrower hereby irrevocably authorizes any attorney-at-law to appear in any court of
record in the State of Ohio, or in any other state or territory of the United States
after the Note becomes due, whether by lapse of time, acceleration of Maturity or
otherwise, waive the issuance and service of process, admit the Maturity of the Note
and confess judgment against the Borrower in favor of any holder of the Note for the
amount then appearing due, together with interest thereon and costs of suit, and
thereupon to release all errors and waive all rights of appeal and stay of
execution. Borrower expressly (a) waives a conflict of interest as to any attorney
retained by Bank to confess judgment against the Borrower upon the Note, and (b)
consents to the attorney retained by Bank receiving a legal fee from Bank for legal
services rendered for confessing judgment against the Borrower, upon the Note. A
copy of the Note, certified by Bank, may be filed in each such proceeding in place
of filing the original as a warrant of attorney. The authority and power to appear
for and enter judgment against the Borrower, additional exercises thereof or any
imperfect exercise thereof, shall not be extinguished by any judgment entered
pursuant thereto. This warrant of attorney to confess judgment shall remain in full
force and effect so long as any portion of the indebtedness evidenced hereby remains
unpaid, and any confession of judgment and subsequent vacation thereof shall not
constitute termination of this warrant of attorney to confess judgment.

     12. Each Guarantor hereby reaffirms the confession of judgment provisions in such Guarantor’s
Guaranty as follows:

Guarantor hereby authorizes any attorney at law to appear in any court of record in
the State of Ohio, or in any other state or territory of the United States after the
obligations of Guarantor become due, whether by lapse of time, acceleration of
maturity or otherwise, waive the issuance and service of process, admit the maturity
of the obligations of Guarantor, confess judgment against Guarantor in favor of any
holder of the Guaranty for the amount then appearing due, together with interest
thereon and costs of suit, and thereupon to release all errors and waive all rights
of appeal and stay of execution. Guarantor expressly (a) waives a conflict of
interest as to any attorney retained by Bank to confess judgment against Guarantor
upon the Guaranty, and (b) consents to the attorney retained by Bank receiving a
legal fee from Bank for legal services rendered for confessing judgment against
Guarantor, upon the Guaranty. A copy of the Guaranty, certified by Bank, may be
filed in each such proceeding in place of filing the original as a warrant of
attorney. The authority and power to appear for and enter judgment against
Guarantor, additional exercises thereof or any imperfect exercise thereof, shall not
be extinguished by any judgment entered pursuant thereto.

     13. Borrower acknowledges and agrees that Bank’s liens on the collateral for the Loans
pursuant to the Security Documents or otherwise continue to be valid, binding and
enforceable first liens and security interests which secure the obligations under the Loan
Documents.

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     14. Concurrently with the execution of this Modification, Borrower hereby covenants and agrees
to pay to Bank a note fee in the amount of Zero and no/100 Dollars ($0.00) in connection with this
Modification (the “Loan Fee”), which fee shall be deemed earned as of the date hereof and
nonrefundable, plus all out-of-pocket expenses with respect to this Modification and the
transactions contemplated hereby including, but not limited to, attorney’s fees.

     15. Borrower and Guarantors each hereby further covenants and agrees to execute any and all
other documents required by Bank to reflect the modification of the Credit Agreement, the Notes and
the other Loan Documents as provided herein.

     16. This Modification shall be governed by, and construed in accordance with, the laws of the
State of Ohio. This Modification may be executed in counterparts, all of which, when taken
together, shall constitute a single instrument. The words “hereof”, “herein”, and “hereunder”, and
other words of a similar import refer to this Modification as a whole and not to the individual
paragraphs in which such terms are used. References to paragraphs and other subdivisions of this
Modification are to the designated paragraphs and other subparagraphs of this Modification as
originally executed. The headings of this Modification are for convenience only and shall not
define or limit the provisions hereof. Where the context so requires, words used in the singular
shall include the plural and vice versa, and words of one gender shall include all other genders.
This Modification shall be binding upon and inure to the sole benefit of Borrower, Guarantors and
Bank, and their respective heirs, executors, administrators, successors and assigns. Nothing
contained herein shall create, or be construed to create, any right in any person not a party to
this Modification.

     17. As conditions precedent to Bank’s acceptance of this Modification, the following items
shall be required (all of which shall be in such form and substance as Bank shall require) and
shall be executed, where applicable, and delivered to Bank, or otherwise satisfied, as applicable:

	 	(a)	 	Payment of the Loan Fee and Bank’s out-of-pocket costs with respect to this
Modification including, but not limited to, attorney’s fees;
	 
	 	(b)	 	Receipt, review and approval of all financial information that Bank may deem
necessary regarding Borrower and/or Guarantors;
	 
	 	(c)	 	There shall exist no condition or event constituting an Event of Default as
defined in the Loan Documents or which after notice or lapse of time or both would
constitute such an Event of Default thereunder;
	 
	 	(d)	 	Subject to Paragraph 20 hereof, a Guaranty executed and delivered by Energy in
favor of Bank in such form and substance as Bank shall require (the “Energy Guaranty”)
and a copy of Energy’s authorizing resolutions and incumbency certificate, in such form
and substance as Bank shall require (the “Related Energy Documents”); and
	 
	 	(e)	 	Any and all documentation and information that Bank may deem necessary in order
to effectuate this Modification and the transactions contemplated hereby, including,
but not limited to, authorizing resolutions of Borrower, and all Guarantors who are not
natural persons, and all documentation relating to or

-7-

 

	 	 	 	executed in connection with the
acquisition of the capital stock of Borrower by Energy.

     18. BORROWER AND GUARANTORS HEREBY, AND BANK BY ITS ACCEPTANCE HEREOF, EACH WAIVES THE RIGHT
OF A JURY TRIAL IN EACH AND EVERY ACTION ON THIS MODIFICATION OR ANY OF THE OTHER LOAN DOCUMENTS,
IT BEING ACKNOWLEDGED AND AGREED THAT ANY ISSUES OF FACT IN ANY SUCH ACTION ARE MORE APPROPRIATELY
DETERMINED BY THE COURTS. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY BORROWER
AND GUARANTORS AND BORROWER AND GUARANTORS EACH ACKNOWLEDGES THAT NO ONE HAS MADE ANY
REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY
ITS EFFECT. THIS WAIVER SHALL NOT IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY BANK’S ABILITY
TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION CONTAINED IN THE
REVOLVING NOTE OR ANY OF THE OTHER LOAN DOCUMENTS. FURTHER, BORROWER AND GUARANTORS EACH HEREBY
CONSENTS AND SUBJECTS BORROWER AND GUARANTORS, AS APPLICABLE, TO THE JURISDICTION OF COURTS OF THE
STATE OF OHIO AND, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, TO THE VENUE OF SUCH COURTS IN
ANY COUNTY IN WHICH BANK IS LOCATED.

     19. Bank hereby waives on a one-time basis only, utilizing its sole and absolute discretion in
the matter, the Event of Default (as said term is defined in the Credit Agreement) arising under
Section 6.1 of the Credit Agreement resulting from judgments rendered against RMO and the Trust by
RBS Citizens, National Association (dba Charter One) and Fifth Third Bank.

     20. Notwithstanding any provision to the contrary contained in this Modification, Bank’s
acceptance of this Modification and the effectiveness hereof is expressly subject to the
satisfaction of the following condition subsequent, time being of the essence: The original,
fully-executed Energy Guaranty is delivered to Bank on or before January 5, 2010. In the event that
said condition subsequent is not satisfied as aforesaid, except for the next sentence of this
Paragraph 20, this Modification and all of its terms, covenants and conditions shall become null
and void ab initio and shall be of no force or effect. In such event, Borrower and
Guarantors acknowledge, covenant and agree that the Loans will be in default and that Bank reserves
the right to exercise all rights and remedies available to it pursuant to the Loan Documents and in
accordance with all applicable laws in connection with such default.

[Remainder of this page intentionally left blank]

-8-

 

     21. Except as expressly amended hereby, the terms and conditions of the Loan Documents are
hereby confirmed, remain unchanged and are in full force and effect. In the event of an
inconsistency between this Modification and the Notes or the other Loan Documents, the terms herein
shall control.

     IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be
executed and delivered in the State of Ohio as of the 31st day of December, 2009, but the parties
agree that this Loan Modification Agreement shall be effective as of the Effective Date.

WARNING—BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU
DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT
OR ANY OTHER CAUSE.

	 	 	 	 	 
	 	
NORTHEAST OHIO NATURAL GAS

CORP., 
an Ohio corporation

 	 
	 	By:  	/s/ Thomas J. Smith
 	 
	 	 	Thomas J. Smith, President and 	 
	 	 	Chief Operating Officer 	 
	 

BORROWER

[Signatures Continued on Next Page]

-9-

 

WARNING—BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU
DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT
OR ANY OTHER CAUSE.

	 	 	 	 	 
	 	 	 
	 	

/s/ Richard M. Osborne
 	 
	 	RICHARD M. OSBORNE, Individually 	 
	 	 	 
	 

GUARANTOR

WARNING—BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU
DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT
OR ANY OTHER CAUSE.

	 	 	 	 	 
	 	 	 
	 	

/s/ Richard M. Osborne
 	 
	 	RICHARD M. OSBORNE, TRUSTEE 	 
	 	UNDER RESTATED TRUST
AGREEMENT OF JANUARY 13, 1995 	 
	 

GUARANTOR

[Signatures Continued on Next Page]

-10-

 

WARNING—BY SIGNING THIS PAPER, YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU
DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE
POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE
CREDITOR WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT
OR ANY OTHER CAUSE.

	 	 	 	 	 
	 	GREAT PLAINS NATURAL GAS 

COMPANY, an Ohio corporation

 	 
	 	By:  	/s/ Thomas J. Smith
 	 
	 	 	Thomas J. Smith, 	 
	 	 	Vice President 	 
	 

GUARANTOR

	 	 	 	 	 
	 	
Accepted:

CITIZENS BANK

 	 
	 	By:  	/s/ David Tholt
 	 
	 	 	Name:  	David Tholt 	 
	 	 	Title:  	Vice-President 	 
	 

BANK

-11-

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