Document:

Exhibit 10.1 

NULIFE SCIENCES, INC.

2017 EQUITY INCENTIVE
PLAN

 

 

1.                  
Purpose. The purposes of this 2017 Equity Incentive Plan (the "Plan") are to encourage selected employees,
officers, directors and consultants of, and other individuals providing services to, NuLife Sciences, Inc. and its subsidiaries
(collectively, the “Company”), to acquire a proprietary interest in the growth and performance of the Company, to generate
an increased incentive to contribute to the Company's future success and prosperity thus enhancing the value of the Company for
the benefit of its stockholders, and to enhance the ability of the Company to attract and retain exceptionally qualified individuals
upon whom, in large measure, the sustained progress, growth and profitability of the Company depend.

 

2.                  
Definitions. As used in the Plan, the following terms shall have the meanings set forth below:

 

"Affiliate" shall mean, with
respect to any Person, (i) any entity that, directly or through one or more intermediaries, is controlled by the Company and (ii)
any entity in which the Company has a significant equity interest, as determined by the Board.

 

"Award" shall mean any Option
or Restricted Security granted under the Plan.

 

"Award Agreement" shall mean
any written agreement, contract or other instrument or document evidencing any Award granted under the Plan.

 

"Award Date" shall mean the
date upon which an Award is granted by the Board hereunder as set forth in the Award Agreement.

 

"Board" shall mean the Board
of Directors of the Company.

 

"Cause", as used in connection
with the termination of a Participant's employment or a Participant's consulting relationship, as the case may be, shall mean (i)
the Employee’s conviction of a felony or any crime involving moral turpitude; (ii) the Employee willfully failing or refusing
to follow the strategic and/or operational directives of the Board of Directors of the Company; (iii) the Employee’s misappropriation
of funds or property of the Company, or (iii) the Employee’s engaging in any act which constitutes (a) a felony under the
laws of the United States or any state or territory thereof, or (b) gross, willful or wanton negligence or misconduct.

 

"Code" shall mean the Internal
Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder.

 

"Common Shares" shall mean
any or all, as applicable, of the Common Stock of the Company and such other securities or property as may become the subject of
Awards, or become subject to Awards, pursuant to an adjustment made under Section 4(b) of the Plan and any other securities of
the Company or any Affiliate or any successor that may be so designated by the Board.

 

    	 	1	 

    	 

    

 

"Common Stock" shall mean
the common stock of the Company, par value $0.001 per share.

 

"Employee" shall mean any
Statutory Employee, member of the Board, consultant or representative of the Company or of any Affiliate.

 

"Exchange Act" shall mean
the Securities Exchange Act of 1934, as amended.

 

"Exercise Price" shall mean
the Fair Market Value of the purchase price of any Option or Award which requires the Participant to tender cash or property to
the Company in connection with the receipt of Common Shares.

 

"Expiration Date" shall mean
the date on which the Option expires as specified in the instrument granting such Option.

 

"Fair Market Value" shall
mean (A) with respect to any property other than the Common Shares, the fair market value of such property determined by such methods
or procedures as shall be established from time to time by the Board; and (B) with respect to the Common Shares, the last sale
price regular way on the date of reference, or, in case no sale takes place on such date, the average of the high bid and low asked
prices, in either case on the principal national securities exchange on which the Common Shares are listed or admitted to trading,
or if the Common Shares are not listed or admitted to trading on any national securities exchange, the last sale price reported
on the over-the-counter market reported on the OTC Bulletin Board on such date, whichever is applicable, or if there are no such
prices reported on the OTC Bulletin Board on such date, as furnished to the Board by any exchange or quotation medium selected
from time to time by the Board for such purpose. If there is no bid or asked price reported on any such date, the Fair Market Value
shall be determined by the Board in accordance with the regulations promulgated under Section 2031 of the Code, or by any other
appropriate method selected by the Board.

 

"Good Reason", as used in
connection with the termination of a Participant's employment or consulting relationship, as the case may be, shall mean (i) with
respect to any Participant employed under a written employment agreement or otherwise providing services to the Company pursuant
to a written agreement with the Company or an Affiliate of the Company, "good reason" as defined in such written agreement
or, if such agreement contains no such definition, a material breach by the Company of such agreement, or (ii) with respect to
any other Participant, a failure by the Company to pay such Participant any amount otherwise vested and due and a continuation
of such failure for 30 business days following notice to the Company thereof.

 

"Incentive Stock Option" means
an Option which satisfies the requirements of Code Section 422.

 

"Non-Statutory Option" means
an Option not intended to satisfy the requirements of Code Section 422.

"Option" shall mean an Incentive Stock Option or a Non-Statutory Option.

 

"Participant" shall mean any
individual granted an Award under the Plan.

 

    	 	2	 

    	 

    

 

"Person" shall mean any individual,
corporation, partnership, association, joint-stock company, trust, unincorporated organization, or government or political subdivision
thereof.

 

"Released Securities" shall
mean securities that were Restricted Securities but with respect to which all applicable restrictions have expired, lapsed or been
waived in accordance with the terms of the Plan or the applicable Award Agreement.

 

"Restricted Securities" shall
mean any Award granted under the Plan that is denominated in Common Shares or any other Award under which issued and outstanding
Common Shares are held subject to certain restrictions.

 

"Securities Act" shall mean
the Securities Act of 1933, as amended.

 

"Service" shall mean shall
mean the performance of services to the Company or any Affiliate by a Person in the capacity of an Employee.

 

"Statutory Employee" shall
mean any Person from whom the Company is required to withhold compensation pursuant to the Federal Insurance Contribution Act.

 

3.      
Administration. The Plan shall be administered by the Board. Subject to the terms of the Plan and applicable law,
and in addition to other express powers and authorizations conferred on the Board by the Plan, the Board shall have full power
and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to an eligible Employee
or other individual under the Plan; (iii) determine the number of Common Shares to be covered by Awards; (iv) determine the terms
and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised,
or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or
suspended; (vi) determine requirements for the vesting of Awards or performance criteria to be achieved in order for Awards to
vest; (vii) determine whether, to what extent and under what circumstances Common Shares payable with respect to an Award under
the Plan shall be deferred either automatically or at the election of the holder thereof or of the Board; (viii) interpret and
administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (ix) establish, amend, suspend
or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan;
and (x) make any other determination and take any other action that the Board deems necessary or desirable for the administration
of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions
under or with respect to the Plan or any Award shall be within the sole discretion of the Board, may be made at any time and shall
be final, conclusive and binding upon all Persons, including the Company, any Affiliate, any Participant, any holder or beneficiary
of any Award, any stockholder and any Employee. No Awards under this Plan shall be granted after June 6, 2022

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4.      
Common Shares Available for Awards.

 

(a)   
Common Shares Available. Subject to adjustment as provided in Section 4(b):

 

(i)           
Calculation of Number of Common Shares Available. The number of Common Shares available for granting Awards under
the Plan shall be SEVEN MILLION (7,000,000), any or all of which may be or may be based on Common Stock, any other security which
becomes the subject of Awards, or any combination thereof. Further, if, after the date of the Plan, any Common Shares covered by
an Award granted under the Plan or to which such an Award, are forfeited, or if an Award otherwise terminates or is canceled without
the delivery of Common Shares, then the Common Shares covered by such Award or to which such Award relates, or the number of Common
Shares otherwise counted against the aggregate number of Common Shares available under the Plan with respect to such Award, to
the extent of any such forfeiture, termination or cancellation, shall again be, or shall become, available for granting Awards
under the Plan.

 

(ii)           
Sources of Common Shares Deliverable Under Awards. Any Common Shares delivered pursuant to an Award may consist,
in whole or in part, of authorized and unissued Common Shares or of treasury Common Shares.

 

(b)  
Adjustments. In the event that the Board shall determine that any dividend or other distribution (whether in the
form of cash, Common Shares, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Common Shares or other securities of the Company,
or other similar corporate transaction or event affects the Common Shares such that an adjustment is determined by the Board to
be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under the Plan, then the Board shall, in such manner as it may deem equitable, adjust any or all of (i) the number and kind of
Common Shares (or other securities or property) which thereafter may be made the subject of Awards, (ii) the number and kind of
Common Shares (or other securities or property) subject to outstanding Awards, and (iii) the grant or exercise price with respect
to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, however,
that the number of Common Shares subject to any Award denominated in Common Shares shall always be a whole number.

 

5.                  
Eligibility. Any Employee, including any officer or employee-director of the Company or of any Affiliate, and any
consultant of, or other individual providing services to, the Company or any Affiliate shall be eligible to be designated a Participant.

    	 	4	 

    	 

    

 

6.                  
Awards of Stock Options. Each Award that constitutes an Option shall be evidenced by an Award Agreement that shall
comply with the terms specified below. Each Award Agreement evidencing an Incentive Stock Option shall, in addition, be subject
to the provisions of Section 6(c) of the Plan, below.

 

(a)   
Exercise Price.

 

(i)           
Determination. The Exercise Price for each Option granted under the Plan shall be fixed by the Board.

 

(ii)           
Payment. The Exercise Price shall become immediately due upon exercise of the Option and shall be payable in one
or more of the forms specified below:

 

(A)  
in cash or by check made payable to the Company,

 

(B)  
shares of Common Stock held for the requisite period necessary to avoid a charge to the Company earnings for financial reporting
purposes and valued at Fair Market Value on the date of exercise, or

 

(C)  
to the extent an effective registration statement exists in respect to the Option (or an exemption from such registration
has been determined by the Board) and the Option is exercised for vested Common Shares, through a special sale and remittance procedure
pursuant to which the Participant shall concurrently provide irrevocable written instructions to (a) a Company-designated brokerage
firm to effect the immediate sale of the Common Shares received from the exercise of the Option and remit to the Company, out of
the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise Price payable for the Common
Shares so purchased, plus all applicable federal, state and local income and employment taxes required to be withheld by the Company
by reason of such exercise and (b) the Company to deliver the certificates for such Common Shares directly to such brokerage firm
in order to complete the sale.

 

(D)  
Except to the extent the sale and remittance procedure is utilized, payment of the Exercise Price for the Common Shares
acquired pursuant to the exercise of the Option must be made on the Exercise Date.

 

(iii)           
Exercise and Term of Options. Each Option shall be exercisable at such time or times, during such period and for
such number of Common Shares as shall be determined by the Board and set forth in the Award Agreement. However, no Option shall
have a term in excess of ten (10) years measured from the Award Date.

    	 	5	 

    	 

    

 

 

(b)  
Effect of Termination of Service.

 

(i)           
Governing Terms. The following provisions shall govern the exercise of any Options held by a Participant at the time
of such Participant’s cessation of Service:

 

(A)  
Any option Outstanding at the time of the Participant's cessation of Service for any reason except death, permanent disability
or Cause shall remain exercisable for a six (6) month period thereafter, provided no Option shall be exercisable after the Expiration
Date.

 

(B)  
Any Option outstanding at the time of the Participant's cessation of Service due to death or permanent disability shall
remain exercisable for a twelve (12) month period thereafter, provided no Option shall be exercisable after the Expiration Date.
Subject to the foregoing, any Option exercisable in whole or in part by the Participant at the time of death may be exercised subsequently
by the personal representative of the Participant’s estate or by the Person or Persons to whom the Option is transferred
pursuant to the Participant's will or in accordance with the laws of descent and distribution.

 

(C)  
Should the Participant's Service be terminated for Cause, then all outstanding Options held by the Participant shall terminate
immediately and cease to be outstanding.

 

(D)  
During the applicable post-Service exercise period, the Option may not be exercised in the aggregate for more than the number
of Common Shares for which the Option is exercisable on the date of the Participant's cessation of Service; the Option shall, immediately
upon the Participant's cessation of Service, terminate and cease to be outstanding to the extent the Option is not otherwise at
that time exercisable. Upon the expiration of the applicable exercise period or (if earlier) upon the Expiration Date, the Option
shall terminate and cease to be outstanding for any Common Shares for which the Option has not been exercised.

 

(ii)           
Modification. The Board shall have the discretion, exercisable either at the time an Option is granted or at any
time while the Option remains outstanding, to:

 

(A)  
extend the period of time for which the Option is to remain exercisable following the Participant's cessation of Service
from the period otherwise in effect for that Option to such greater period of time as the Board shall deem appropriate, but in
no event beyond the Expiration Date, and/or

 

(B)  
permit the Option to be exercised, during the applicable post-Service exercise period, not only with respect to the number
of Common Shares for which such Option is exercisable at the time of the Participant's cessation of Service but also with respect
to one or more additional Common Shares that would have vested under the Option had the Participant continued in Service.

    	 	6	 

    	 

    

 

 

(c)   
Incentive Stock Options. The terms specified below shall apply to all Incentive Stock Options. Except as modified
by the provisions of this Section 6(c), all the provisions of this Plan shall apply to Incentive Stock Options. Options specifically
designated as Non-Statutory Options when issued under the Plan shall not be subject to the terms of this Section 6(c).

 

(i)           
Eligibility. Incentive Stock Options may only be granted to Statutory Employees.

 

(ii)           
Exercise Price. The Exercise Price shall not be less than one hundred percent (100%) of the Fair Market Value per
share of Common Stock on the Grant Date.

 

(iii)           
Dollar Limitation. The aggregate Fair Market Value of the Common Shares (determined as of the respective date or
dates of grant) for which one or more Incentive Stock Options granted to any Statutory Employee under the Plan may for the first
time become exercisable as Incentive Options during any one (1) calendar year shall not exceed the sum of One Hundred Thousand
Dollars ($100,000). To the extent the Statutory Employee holds two (2) or more such Options which become exercisable for the first
time in the same calendar year, the foregoing limitation on the exercisability of such Options, as Incentive Stock Options, shall
be applied in the order in which such Options are granted.

 

(iv)           
10% Stockholder. If a Statutory Employee to whom an Incentive Stock Option is a holder of more than 10% of the total
combined voting power of all classes of stock of the Company (as determined under Code Section 424(d)), then the Exercise Price
shall not be less than one hundred ten percent (110%) of the Fair Market Value per share of Common Stock on the Award Date, and
the option term shall not exceed five (5) years measured from the Award Date.

 

(d)  
Holding Period. Shares purchased pursuant to an option shall cease to qualify for favorable tax treatment as an Incentive
Stock Option if and to the extent Participant disposes of such Common Shares within two (2) years of the Grant Date or within one
(1) year of Participant's purchase of said Common Shares.

 

7.                  
Awards of Restricted Securities.

 

(a)   
Issuance. The Board is hereby authorized to grant to eligible Employees "Restricted Securities"
which shall consist of the right to receive, by purchase or otherwise, Common Shares which may be subject to such restrictions
as the Board may impose (including, without limitation, any limitation on the right to vote such Common Shares or the right to
receive any dividend or other right or property), which restrictions may lapse separately or in combination at such time or times,
in such installments or otherwise, as the Board may deem appropriate. Notwithstanding the foregoing, if the Company registers this
Plan or the Restricted Securities which may be issued hereunder, the Securities shall have no transfer restrictions thereon.

    	 	7	 

    	 

    

 

 

(b)  
Registration. Restricted Securities granted under the Plan may be evidenced in such manner as the Board may
deem appropriate, including, without limitation, book-entry registration or issuance of a stock certificates or certificates. In
the event any stock certificate is issued in respect of Restricted Securities granted under the Plan, such certificate shall be
registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions and restrictions
applicable to such Restricted Securities.

 

(c)   
Forfeiture. Except as otherwise determined by the Board, upon termination of a Participant's employment or
a Participant's consulting relationship, as the case may be, for any reason during the applicable restriction period, all of such
Participant's Restricted Securities which had not become Released Securities by the date of termination of employment or consulting
relationship shall be forfeited and reacquired by the Company; provided, however, that the Board may, when it finds that a waiver
would be in the best interests of the Company, waive in whole or in part any or all remaining restrictions with respect to such
Participant's Restricted Securities. Unrestricted Common Shares, evidenced in such manner as the Board shall deem appropriate,
shall be issued to the holder of Restricted Securities promptly after such Restricted Securities become Released Securities.

 

8.                  
General.

 

(a)   
Limitations.

 

(i)           
Limitations on Transfer. No Award (other than Released Securities), and no right under any such Award, may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant otherwise than by will or by the laws
of descent and distribution (or, in the case of Restricted Securities, to the Company) and any such purported assignment, alienation,
pledge, attachment, sale or other transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate.

 

(ii)           
Limitations on Exercise. Each Award, and each right under any Award, shall be exercisable, during the Participant's
lifetime only by the Participant or if permissible under applicable law, by the Participant's guardian or legal representative.

 

(b)  
Terms of Awards. The term of each Award shall be for such period as may be determined by the Board.

 

(c)   
Common Share Certificates. All certificates for Common Shares delivered under the Plan pursuant to any Award or the
exercise thereof shall be subject to such stop transfer orders and other restrictions as the Board may deem advisable under the
Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which
such Common Shares are then listed, and any applicable Federal or state securities laws, and the Board may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions.

    	 	8	 

    	 

    

 

 

(d)  
Delivery of Common Shares or Other Securities and Payment by Participant of Consideration. No Common Shares or other
securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan
or the applicable Award Agreement is received by the Company. Such payment may be made by such method or methods and in such form
or forms as the Board shall determine, including, without limitation, cash, Common Shares, other securities, other Awards or other
property, or any combination thereof; provided that the combined value, as determined by the Board, of all cash and cash equivalents
and the Fair Market Value of any such Common Shares or other property so tendered to the Company, as of the date of such tender,
is at least equal to the full amount required to be paid pursuant to the Plan or the applicable Award Agreement to the Company.

 

9.                  
Amendments. Except to the extent prohibited by applicable law:

 

(a)   
Amendments to the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan without the consent
of any stockholder, Participant, other holder or beneficiary of an Award, or other Person; provided, however, that any amendment,
alteration, suspension, discontinuation, or termination that would impair the rights of any Participant, or any other holder or
beneficiary of any Award theretofore granted, shall not to that extent be effective without the consent of such Participant, other
holder or beneficiary of an Award, as the case may be.

 

(b)  
Amendments to Awards. The Board may amend any terms of, or alter, suspend, discontinue, cancel or terminate, any
Award theretofore granted, prospectively or retroactively; provided, however, that any amendment, alteration, suspension, discontinuation,
cancellation or termination that would impair the rights of any Participant or holder or beneficiary of any Award theretofore granted,
shall not to that extent be effective without the consent of such Participant or holder or beneficiary of an Award, as the case
may be.

 

10.              
General Provisions.

 

(a)   
No Right to Awards. No Employee or other Person shall have any claim to be granted any Award under the Plan, and
there is no obligation for uniformity of treatment of Employees, or holders or beneficiaries of Awards under the Plan. The terms
and conditions of Awards need not be the same with respect to each recipient.

 

(b)  
Correction of Defects, Omissions, and Inconsistencies. The Board may correct any defect, supply any omission, or
reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan
into effect.

 

(c)   
Withholding. The Company or any Affiliate shall be authorized to withhold from any Award granted, from any payment
due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount
(in cash, Common Shares, other securities, other Awards, or other property) of withholding taxes due in respect of an Award, its
exercise, or any payment or transfer under such Award or under the Plan and to take such other action as may be necessary in the
opinion of the Company or Affiliate to satisfy all obligations for the payment of such taxes.

    	 	9	 

    	 

    

 

 

(d)  
No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained
in the employ of the Company or any Affiliate. Further, the Company or an Affiliate may at any time dismiss a Participant from
employment, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award
Agreement.

 

(e)  
Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan
shall be determined in accordance with the laws of the State of Nevada and applicable Federal law.

 

(f)    
Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable
in any jurisdiction or as to any Person or Award under any law deemed applicable by the Board, such provision shall be construed
or deemed amended to conform to applicable laws, or if it cannot be construed or deemed amended without, in the determination of
the Board, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person
or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

 

(g)   
No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate
fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other Person. To the
extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right
shall be no greater than the right of any unsecured general creditor of the Company or any Affiliate.

 

(h)  
No Fractional Common Shares. No fractional Common Shares shall be issued or delivered pursuant to the Plan or any
Award, and the Board shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of
any fractional Common Shares or whether such fractional Common Shares or any rights thereto shall be canceled, terminated, or otherwise
eliminated.

 

(i)     
Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.
Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision
thereof.

 

11.              
Adoption, Approval and Effective Date of the Plan. The Plan was adopted by the Board effective August 11, 2017.

 

    	 	10Exhibit 4.1(a)

  

CERTIFICATE OF AMENDMENT

TO ARTICLES OF INCORPORATION

OF

RURBAN FINANCIAL CORP.

  

Each of the undersigned, President and Secretary,
respectively, of Rurban Financial Corp. (the “Corporation”), does hereby certify that pursuant to a motion made and
duly seconded at the Annual Meeting of Shareholders of the Corporation on April 28, 1986 (the “Annual Meeting”), that
the changes in the Articles of Incorporation and the Code of Regulations of the Corporation be adopted as presented at the Annual
Meeting and in the Proxy Statement distributed in connection with the solicitation of proxies for the Annual Meeting, the Amended
Articles of the Corporation attached hereto as “Appendix A” were duly adopted by the affirmative vote of the holders
of shares entitling them to exercise 80.7% of the voting power of the Corporation at the Annual Meeting.

 

IN WITNESS WHEREOF, the undersigned President
and Secretary of Rurban Financial Corp. acting for and on behalf of said Corporation, have hereunto subscribed their names this
20th day of May, 1986.

  

	 	/s/ Richard C. Bullows
	 	Richard C. Bullows, President
	 	 
	 	/s/ William P. Weaver
	 	William P. Weaver, Secretary

    

     

     

    

 

APPENDIX A

 

AMENDED ARTICLES

OF RURBAN FINANCIAL CORP.

  

FIRST: The name of the corporation shall be
Rurban Financial Corp.

 

SECOND: The place in Ohio where the principal
office of the corporation is to be located is the city of Defiance, Defiance County.

 

THIRD: The purpose for which the corporation
is formed is to engage in any lawful act or activity for which corporations may be formed under Sections 1701.01 to 1701.98, inclusive,
of the Ohio Revised Code.

 

FOURTH: The total authorized number of shares
of the corporation shall be 500,000, all of which shall be common shares, each without par value.

 

FIFTH: The number of directors of the corporation
shall be fixed from time to time by its Regulations and may be increased or decreased as therein provided, but the number of directors
shall in no event be fixed at less than nine (9). The Board of Directors shall be divided into three classes, designated Class
I, Class II and Class III, as nearly equal in number as the then fixed number of directors permits, with the term of office of
one class expiring each year. The election of each class of directors shall be a separate election. At the first election of directors
following the adoption of these articles at a meeting of shareholders, directors of Class I shall be elected to hold office for
a term expiring at the next annual meeting, directors of Class II shall be elected to hold office for a term expiring at the annual
meeting one year after the next annual meeting and directors of Class III shall be elected to hold office for a term expiring at
the annual meeting two years after the next annual meeting. At the next annual meeting of shareholders and at each annual meeting
of shareholders thereafter, the successors to that class of directors whose term then expires shall be elected to hold office for
a three-year term. In the event of any increase in the number of directors of the corporation, the additional directors shall be
similarly classified in such a manner that each class of directors shall be as equal in number as possible. In the event of any
decrease in the number of directors of the corporation, such decrease shall be effected in such a manner that each class of directors
shall be equal in number as possible.

 

SIXTH: Notwithstanding any provision of the
Ohio Revised Code now or hereafter in force requiring for any purpose the vote, consent, waiver or release of the holders of shares
of the corporation entitling them to exercise two-thirds (2/3) or any other proportion of the voting power of the corporation or
of any class or classes thereof, such action, unless expressly otherwise provided by statute, may be taken by the vote, consent,
waiver or release of the holders of the shares entitling them to exercise not less than a majority of the voting power of the corporation
or of such class or classes; provided, however, that unless two-thirds (2/3) of the whole authorized number of directors of the
corporation shall recommend the approval of any of the following matters, the affirmative vote of the holders of shares entitling
them to exercise not less than eighty percent (80%) of the voting power of the corporation entitled to vote thereon shall be required
to adopt:

 

(1)       a
proposed amendment to the articles of the corporation;

  

    	 	2	 

     

    

 

(2)       proposed
new regulations, or an alteration, amendment or repeal of the regulations of the corporation;

 

(3)       an
agreement of merger or consolidation providing for the merger or consolidation of the corporation with or into one or more other
corporations;

 

(4)       a
proposed combination or majority share acquisition involving the issuance of shares of shares of the corporation and requiring
shareholder approval;

 

(5)       a
proposal to sell, lease, or exchange all or substantially all of the property and assets of the corporation;

 

(6)       a
proposed dissolution of the corporation; or

 

(7)       a
proposal to fix or create the number of directors by action of the shareholders of the corporation.

 

The written objection of a director to any
such matter submitted to the president or secretary of the corporation not less than three days before the meeting of shareholders
at which any such matter is to be considered shall be deemed to be an affirmative vote by such director against such matter.

 

SEVENTH: No holder of shares of any class
of the corporation shall have, as a matter of right, the preemptive right to purchase or subscribe for shares of any class of the
corporation now or hereafter authorized, or to purchase or subscribe for securities or other obligations convertible into or exchangeable
for such shares or which by warrants or otherwise entitle the holders thereof to subscribe for or purchase any such shares.

 

EIGHTH: The directors of the corporation shall
have the power to cause the corporation from time to time and at any time to purchase, hold, sell, transfer, or otherwise deal
with (a) shares of any class or series issued by it; (b) any security or other obligation of the corporation which may confer upon
the holder thereof the right to convert the same into shares of any class or series authorized by the articles of the corporation;
and (c) any security or other obligation which may confer upon the holder thereof the right to purchase shares of any class or
series authorized by the articles of the corporation. The corporation shall have the right to repurchase, if and when any shareholder
desires to sell, or on the happening of any event is required to sell, shares of any class or series issued by the corporation.
The authority granted in this Article EIGHTH of these articles shall not limit the plenary authority of the directors to purchase,
hold, sell, transfer, or otherwise deal with shares of any class or series, securities, or other obligations issued by the corporation
or authorized by its articles.

 

    	 	3	 

     

    

 

NINTH: A director or officer of the corporation
shall not be disqualified by his office from dealing or contracting with the corporation as vendor, purchaser, employee, agent
or otherwise. No contract or transaction shall be void or voidable with respect to the corporation for the reason that it is between
the corporation and one or more of its directors or officers, or between the corporation and any other person in which one or more
of its directors or officers are directors, trustees, or officers, or have a financial or personal interest, or for the reason
that one or more interested directors or officers participated in or voted at the meeting of the directors or a committee thereof
which authorized such contract or transaction if in any such case (a) the material facts as to the relationship or interest of
such director, officer, or other person and as to the contract or transaction are disclosed or are known to the directors or the
committee or such members thereof as shall be present at any meeting at which action upon any such contract or transaction shall
be taken and the directors or committee, in good faith reasonably justified by such facts, authorized the contract or transaction
by the affirmative vote of a majority of the disinterested directors, even though the disinterested directors constitute less than
a quorum; or (b) the material facts as to the relationship or interest of such director, officer, or other person and as to the
contract or transaction are disclosed or known to the shareholders entitled to vote thereon and the contract or transaction is
specifically approved at a meeting of the shareholders held for such purpose by the affirmative vote of the holders of shares entitling
them to exercise a majority of the voting power of the corporation held by person not interested in the contract or transaction;
or (c) the contract or transaction is fair as to the corporation as of the time it is authorized or approved by the directors,
a committee thereof, or the shareholders. Common or interested directors may be counted in determining the presence of a quorum
at any meeting of the directors, or of a committee thereof, which authorizes the contract or transaction.

 

TENTH: (A) In addition to any affirmative
vote required by any provision of the Ohio Revised Code or by any other provision hereof, the affirmative vote or consent of the
holders of the greater of (a) four-fifths (4/5) of the outstanding common shares or the corporation entitled to vote thereon or
(b) that fraction of such outstanding common shares having as the numerator a number equal to the sum (i) the number of outstanding
common shares Beneficially Owned by Controlling persons (as hereinafter defined) plus (ii) two-thirds (2/3) of the remaining number
of outstanding common shares, and as the denominator a number equal to the total number of outstanding common shares entitled to
vote, shall be required for the adoption or authorization of a Business Combination (as hereinafter defined) unless:

 

(1)       The
Business Combination will result in an involuntary sale, redemption, cancellation or other termination of ownership of all common
shares of the corporation owned by shareholders who do not vote in favor of, or consent in writing to, the Business Combination
and the cash or fair value of other readily marketable consideration to be received by such shareholders for such shares shall
at least be equal to the Minimum Price Per Share (as hereinafter defined); and

 

(2)       A
proxy statement responsive to the requirements of the Securities Exchange Act of 1934 shall be mailed to the shareholders of the
corporation for the purpose of soliciting shareholder approval of the proposed Business Combination.

 

(B)          For
purposes of this Article TENTH, the following definitions shall apply:

 

(1)       “Affiliate” shall
mean a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common
control with, another Person.

 

(2)       “Associate” shall
mean (i) any corporation or organization of which a Person is an officer or partner or is, directly or indirectly, the Beneficial
Owner of ten percent (10%) or more of any class of equity securities, (ii) any trust or other estate in which a Person has a ten
percent (10%) or greater individual interest of any nature or as to which a Person serves as trustee or in a similar fiduciary
capacity, (iii) any spouse of a Person, and (iv) any relative of a Person, or any relative of a spouse of a Person, who has the
same residence of such Person or spouse.

 

    	 	4	 

     

    

 

(3)       “Beneficial Ownership”
shall include without limitation (i) all shares directly or indirectly owned by a Person, by an Affiliate or such Person or by
an Associate of such Person or such Affiliate, (ii) all shares which such Person, Affiliate or Associate has the right to acquire
through the exercise of any option, warrant or right (whether or not currently exercisable), through the conversion of a security,
pursuant to the power to revoke a trust, discretionary account or similar arrangement, or pursuant to the automatic termination
of a trust, discretionary account or similar arrangement; and (iii) all shares as to which such Person, Affiliate or Associate
directly or indirectly through any contract, arrangement, understanding, relationship or otherwise (including without limitation
any written or unwritten agreement to act in concert) has or shares voting power (which includes the power to vote or to direct
the voting of such shares) or investment power (which includes the power to dispose or direct the disposition of such shares) or
both.

 

(4)       “Business Combination”
shall mean (i) any merger or consolidation of the corporation with or into a Controlling Person or an Affiliate of a Controlling
Person or an Associate of such Controlling Person or Affiliate, (ii) any sale, lease, exchange, transfer or other disposition,
including without limitation a mortgage or any other security device of all or any Substantial Part of the assets of the corporation,
including without limitation any voting securities of a Subsidiary, or of the assets of a Subsidiary, to a Controlling Person or
Affiliate of a Controlling Person or Associate of such Controlling Person of Affiliate, (iii) any merger into the corporation,
or into a Subsidiary, of a Controlling Person or an Affiliate of a Controlling Person or an Associate of such Controlling Person
or Affiliate, (iv) any sale, lease, exchange, transfer or other disposition to the corporation or a Subsidiary of all or any part
of the assets of a Controlling Person or Affiliate of a Controlling Person or Associate of such Controlling Person or Affiliate
but not including any disposition of assets which, if included with all other dispositions consummated during the same fiscal year
of the corporation by the same Controlling Person, Affiliates thereof and Associates of such Controlling Person or Affiliates,
would not result in dispositions during such year by all such Persons of assets having an aggregate fair value (determined at the
time of disposition of the respective assets) in excess of one percent (1%) of the total consolidated assets of the corporation
(as shown on its certified balance sheet as of the end of the fiscal year preceding the proposed disposition); provided, however,
that in no event shall any disposition of assets be excepted from shareholder approval by reason of the preceding exclusion if
such disposition when included with all other dispositions consummated during the same and immediately preceding four (4) fiscal
years of the corporation by the same Controlling Person, Affiliate thereof and Associates of such Controlling Person or Affiliates,
would result in disposition by all such Persons of assets having an aggregate fair value (determined at the time of disposition
of the respective assets) in excess of two percent (2%) of the total consolidated assets of the corporation (as shown on its certified
balance sheet as of the end of the fiscal year preceding the proposed disposition), (v) any reclassification of the common shares
of the corporation, or any recapitalization involving common shares of the corporation, consummated within five (5) years after
a Controlling Person becomes a Controlling Person, and (vi) any agreement, contract or other arrangement providing for any of the
transactions described in the definition of Business combination.

  

    	 	5	 

     

    

 

(5)        “Control” shall
mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise.

 

(6)       “Controlling Person”
shall mean any Person who Beneficially Owns shares of the corporation entitling that Person to exercise twenty percent (20%) or
more of the voting power of the corporation entitled to vote in the election of directors.

 

(7)       “Minimum Price Per Share”
shall mean the sum of (a) the higher of (i) the highest gross per share price paid or agreed to be paid to acquire any common shares
of the corporation Beneficially Owned by a Controlling Person, provided such payment or agreement to make payment was made within
five (5) years immediately prior to the record date set to determine the shareholders entitled to vote or consent to the Business
Combination in question, or (ii) the highest per share closing public market price for such common shares during such five (5)
year period, plus (b) the aggregate amount, if any, by which five percent (5%) for each year, beginning on the date on which such
Controlling Person became a Controlling Person, of such higher per share price exceeds the aggregate amount of all common share
dividends per share paid in cash since the date on which such Person became a Controlling Person. The calculation of the Minimum
Price Per Share shall require appropriate adjustments for capital changes, including without limitation stock splits, stock dividends
and reverse stock splits.

 

(8)       “Person” shall mean
an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, a
government or political subdivision thereof, and any other entity.

 

(9)       “Securities Exchange Act
of 1934” shall mean the Securities Exchange Act of 1934, as amended from time to time as well as any successor or replacement
statute.

 

(10)       “Subsidiary” shall
mean any corporation more than twenty-five (25%) of whose outstanding securities entitled to vote for the election of directors
are Beneficially Owned by the corporation and/or one or more Subsidiaries.

 

(11) “Substantial Part”
shall mean more than ten percent (10%) of the total assets of the corporation in question, as shown on its certified balance sheet
as of the end of the most recent fiscal year ending prior to the time the determination is being made.

 

(C)          During
any period in which there are one or more Controlling Persons, this Article TENTH shall not be altered, changed or repealed unless
the amendment effecting such alteration, change or repeal shall have received, in addition to any affirmative vote required by
any provision of the Ohio Revised Code or by any other provision hereof, the affirmative vote or consent of the holders of the
greater of (a) four-fifths (4/5) of the outstanding common shares of the corporation entitled to vote thereon or (b) that fraction
of such outstanding common shares having as the numerator a number equal to the sum of (i) the number of outstanding common shares
Beneficially Owned by Controlling Persons plus (ii) two-thirds (2/3) of the remaining number of outstanding common shares, and
as the denominator a number equal to the total number of outstanding common shares entitled to vote.

 

ELEVENTH: These Amended Articles take the
place of and supersede the existing Articles of Incorporation of Rurban Financial Corp.

 

 

6

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