Document:

INSTRUCTIONS
FOR USE OF

GLYECO,
INC. SUBSCRIPTION RIGHTS CERTIFICATES

  

CONSULT
THE INFORMATION AGENT, YOUR BANK,

 OR
YOUR BROKER AS TO ANY QUESTIONS

 

The
following instructions relate to a rights offering (the “Rights Offering”) by GlyEco, Inc., a Nevada corporation
(the “Company”), to the holders of record (the “Record Holders”) of its common stock, par
value $0.0001 per share (the “Common Stock”), as described in the Company’s Prospectus, dated June [__],
2017 (the “Prospectus”). Record Holders of Common Stock at the close of business on June 16, 2017 (the “Record
Date”) are receiving non-transferable subscription rights (the “Rights”) to subscribe for and purchase
shares of Common Stock (the “Underlying Shares”). An aggregate of 40,000,000 Underlying Shares are being offered
by the Prospectus. Each Record Holder will receive one (1) Right for every one (1) share of Common Stock owned of record as of
the Record Date, subject to adjustments to eliminate fractional Rights.

  

The
Rights will expire, if not exercised, by 5:00 p.m., New York City time, on [___], 20171, unless extended in the sole
discretion of the Company (as so extended, the “Expiration Date”). After the Expiration Date, unexercised Rights
will be null and void. The Company will not be obligated to honor any purported exercise of Rights received by Olde Monmouth Stock
Transfer Co., Inc. (the “Rights Agent”) after 5:00 p.m., New York City time, on the Expiration Date, regardless
of when the documents relating to such exercise were sent. The Company may extend the Expiration Date by giving oral or written
notice to the Rights Agent on or before the Expiration Date, followed by a press release no later than 9:00 a.m., New York City
time, on the next business day after the previously scheduled Expiration Date. The Rights are evidenced by Rights certificates
(the “Subscription Rights Certificates”).

  

Each
whole Right allows the holder thereof to subscribe for 0.3067 of a share of Common Stock (the “Basic Subscription Privilege”)
at the cash price of $0.08 per share (the “Subscription Price”). Fractional Rights or cash in lieu of fractional
Rights will not be issued in the Rights Offering. Fractional Rights will be rounded down to the nearest whole number. As an example,
if you owned 100 shares of Common Stock as of the Record Date, you would receive 100 Rights pursuant to your Basic Subscription
Privilege, and you would have the right to purchase 30 shares of Common Stock in the Rights Offering pursuant to your Basic Subscription
Privilege.

  

In
addition, each holder of Rights who exercises his Basic Subscription Privilege in full will be eligible to subscribe (the “Over-Subscription
Privilege”) at the same Subscription Price of $0.08 per share, for additional shares of Common Stock up to the number
of shares for which such holder subscribed under his Basic Subscription Privilege on a pro rata basis if any shares are
not purchased by other holders of Rights under their Basic Subscription Privileges as of 5:00 p.m., New York City time, on the
Expiration Date (the “Excess Shares”). “Pro rata” means in proportion to the number of shares
of Common Stock that all holders of Rights who have fully exercised their Basic Subscription Privileges on their Common Stock
holdings have requested to purchase pursuant to the Over-Subscription Privilege. Each holder of Rights may exercise his Over-Subscription
Privilege only if he exercised his Rights under the Basic Subscription Privilege in full and other holders of Rights do not exercise
their Rights under the Basic Subscription Privilege in full. If there is not a sufficient number of Excess Shares to satisfy all
requests for subscriptions made under the Over-Subscription Privilege, the Company will allocate the remaining Excess Shares pro
rata, after eliminating all fractional shares, among those Rights holders who exercised their Over-Subscription Privileges.
For the purposes of determining their eligibility for the Over-Subscription Privilege, holders will be deemed to have exercised
their Basic Subscription Privilege in full if they subscribe for the maximum number of Underlying Shares available under their
Basic Subscription Privilege. See “The Rights Offering—Oversubscription Rights” in the Prospectus.

  

The
number of Rights to which you are entitled is printed on the face of your Subscription Rights Certificate. You should indicate
your wishes with regard to the exercise of your Rights by completing the appropriate portions of your Subscription Rights Certificate
and returning the certificate to the Rights Agent in the envelope provided pursuant to the procedures described in the Prospectus.

 

 

1
 A date that is four weeks from the date of effectiveness of the registration statement.  

 

    1 

     

    

 

YOUR
SUBSCRIPTION RIGHTS CERTIFICATE AND SUBSCRIPTION PRICE PAYMENT, BY CERTIFIED OR CASHIER’S CHECK DRAWN UPON A UNITED STATES
BANK OR BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS, MUST BE ACTUALLY RECEIVED BY THE RIGHTS AGENT ON OR BEFORE 5:00 P.M.,
NEW YORK CITY TIME, ON THE EXPIRATION DATE. ONCE A HOLDER OF RIGHTS HAS EXERCISED THE BASIC SUBSCRIPTION PRIVILEGE AND THE OVER-SUBSCRIPTION
PRIVILEGE, SUCH EXERCISE MAY NOT BE REVOKED. RIGHTS NOT EXERCISED ON OR PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION
DATE OF THE RIGHTS OFFERING WILL EXPIRE WITHOUT VALUE.

  

	1.	   Method
    of Subscription—Exercise of Rights.

  

To
exercise Rights, complete your Subscription Rights Certificate and send the properly completed and executed Subscription Rights
Certificate evidencing such Rights, with any signatures required to be guaranteed so guaranteed, together with payment in full
of the Subscription Price for each Underlying Share subscribed for pursuant to the Basic Subscription Privilege and the Over-Subscription
Privilege, to the Rights Agent so that it will be actually received by the Rights Agent on or prior to 5:00 p.m., New York City
time, on the Expiration Date. Payment of the Subscription Price for the Over-Subscription Privilege will be held in a segregated
account to be maintained by the Rights Agent until shares of Common Stock are issued upon the expiration of the Rights Offering
and after all pro rata allocations and adjustments have been completed. All payments must be made in U.S. dollars for
the full number of Underlying Shares being subscribed for by cashier’s or certified check drawn upon a United States bank
payable to Olde Monmouth Stock Transfer Co., Inc., as Rights Agent, or by wire transfer of immediately available funds, to the
subscription account maintained by the Rights Agent at [Two River Community Bank, ABA # 021213465, Acct. # 0411103838, Olde Monmouth
Stock Transfer Co., Inc. For Further Credit to GlyEco, Inc. Sub-Account #1022A (Basic Subscriptions) or GlyEco, Inc. Sub-Account
#1022B] (Over Subscriptions). Please reference your Subscription Rights Certificate number on your check. Payments will be
deemed to have been received by the Rights Agent only upon receipt by the Rights Agent of a cashier’s or certified check
drawn upon a United States bank or a wire transfer of immediately available funds.

 

The
Subscription Rights Certificate and payment of the Subscription Price must be delivered to the Rights Agent by hand, mail or overnight
at the following addresses:

  

	 Olde
                           Monmouth Stock Transfer Co., Inc.

         200
        Memorial Parkway

        

        Atlantic
        Highlands, NJ 07716

         

        Phone:
        (732) 872-2727
	 

  

Delivery
to any address or by a method other than those set forth above will not constitute valid delivery.

 

If
you have any questions, require assistance regarding the method of exercising rights or require additional copies of relevant
documents, please contact Olde Monmouth Stock Transfer Co., Inc. (the “Rights Agent”) at (732) 872-2727.

 

When
making arrangements with your bank or broker for the delivery of funds on your behalf, you may also request such bank or broker
to exercise the Subscription Rights Certificate on your behalf.

 

    2 

     

    

 

Banks,
brokers, and other nominee holders of Rights who exercise the Basic Subscription Privilege and the Over-Subscription Privilege
on behalf of beneficial owners of Rights will be required to certify to the Rights Agent and the Company, in connection with the
exercise of the Over-Subscription Privilege, as to the aggregate number of Rights that have been exercised and the number of Underlying
Shares that are being subscribed for pursuant to the Over-Subscription Privilege, by each beneficial owner of Rights (including
such nominee itself) on whose behalf such nominee holder is acting. If more Excess Shares are subscribed for pursuant to the Over-Subscription
Privilege than are available for sale, the Excess Shares will be allocated, as described above, among beneficial owners exercising
the Over-Subscription Privilege in proportion to such owners’ request of Rights pursuant to the Over-Subscription Privilege.

  

If
the aggregate Subscription Price paid by you is insufficient to purchase the number of Underlying Shares subscribed for, or if
no number of Underlying Shares to be purchased is specified, then you will be deemed to have exercised your subscription rights
under the Basic Subscription Privilege to purchase Underlying Shares to the full extent of the payment tendered.

  

If
the aggregate Subscription Price paid by you exceeds the amount necessary to purchase the number of Underlying Shares for which
you have indicated an intention to subscribe, then the remaining amount will be returned to you by mail, without interest or deduction,
promptly after the Expiration Date and after all pro rata allocations and adjustments contemplated by the terms of the
Rights Offering have been effected.

  

	2.	   Issuance
    of Common Stock.

 

Following
the receipt of a properly completed and executed Subscription Rights Certificate, together with the payment of the Subscription
Price for each Underlying Share subscribed for, and promptly after all pro rata allocations and adjustments contemplated
by the terms of the Rights Offering have been effected, the following deliveries and payments will be made to the address shown
on the face of your Subscription Rights Certificate, or, if you hold your shares in book-entry form, such deliveries and payments
will be in the form of a credit to your account:

 

	 	  a.	Basic
    Subscription Privilege: The Rights Agent will deliver to each exercising Rights holder the number of shares of Common
    Stock purchased pursuant to the Basic Subscription Privilege. See “The Rights Offering—Basic Subscription Rights”
    in the Prospectus.

  

	 	  b.	Over-Subscription
    Privilege: The Rights Agent will deliver to each Rights holder who validly exercises the Over-Subscription Privilege the
    number of shares of Common Stock, if any, allocated to such Rights holder pursuant to the Over-Subscription Privilege. See
    “The Rights Offering—Over-Subscription Privilege” in the Prospectus.

 

	 	  c.	Excess
    Cash Payments: The Rights Agent will mail to each Rights holder who exercises the Over-Subscription Privilege any excess
    amount, without interest or deduction, received in payment of the Subscription Price for Excess Shares that are subscribed
    for by such Rights holder but not allocated to such Rights holder pursuant to the Over-Subscription Privilege.  See
    “The Rights Offering—Over-Subscription Privilege” in the Prospectus.

 

	3.	   Sale,
    Transfer, or Assignment of Rights.	 

 

Rights
may not be sold, transferred, or assigned; provided, however, that Rights are transferable by operation of law (for
example, the transfer of Rights to the estate of a recipient upon the recipient’s death).

 

	4.	   Commissions,
    Fees, and Expenses.

  

The
Company will pay all fees and expenses of the Rights Agent related to their acting in such roles in connection with the Rights
Offering. The Company has also agreed to indemnify the Rights Agent from certain liabilities that they may incur in connection
with the Rights Offering. However, all commissions, fees, and other expenses (including brokerage commissions and fees and transfer
taxes) incurred in connection with the exercise of Rights will be for the account of the transferor of the Rights, and none of
such commissions, fees, or expenses will be paid by the Company or the Rights Agent.

 

    3 

     

    

 

	5.	   Execution.

  

	 	   a.	Execution
    by Registered Holder. The signature on the Subscription Rights Certificate must correspond with the name of the registered
    holder exactly as it appears on the face of the Subscription Rights Certificate without any alteration, enlargement or change
    whatsoever. Persons who sign the Subscription Rights Certificate in a representative or other fiduciary capacity on behalf
    of a registered holder must indicate their capacity when signing and, unless waived by the Rights Agent in its sole and absolute
    discretion, must present to the Rights Agent satisfactory evidence of their authority so to act.

 

	 	   b.	Signature
    Guarantees. If you are neither a registered holder (or signing in a representative or other fiduciary capacity on behalf
    of a registered holder) nor an eligible institution, such as a member firm of a registered national securities exchange or
    a member of the Financial Industry Regulatory Authority or a commercial bank or trust company having an office or correspondent
    in the United States, your signature must be guaranteed by such an eligible institution.

  

	6.	   Method
    of Delivery to Rights Agent.

  

The
method of delivery of Subscription Rights Certificates and payment of the Subscription Price to the Rights Agent will be at the
election and risk of the Rights holder, but, if sent by mail, it is recommended that such certificates and payments be sent by
registered mail, properly insured, with return receipt requested and that a sufficient number of days be allowed to ensure delivery
to the Rights Agent and the clearance of payment prior to 5:00 p.m., New York City time, on the Expiration Date.

 

	7.	   Special
    Provisions Relating to the Delivery of Rights through the Depository Trust Company.

  

In
the case of Rights that are held of record through the Depository Trust Company (the “Book-Entry Transfer Facility”),
exercises of Rights under the Basic Subscription Privilege and the Over-Subscription Privilege may be effected by instructing
the Book-Entry Transfer Facility to transfer Rights from the Book-Entry Transfer Facility account of such holder to the Book-Entry
Transfer Facility account of the Rights Agent, together with certification as to the aggregate number of Rights exercised and
the number of Underlying Shares thereby subscribed for pursuant to the Basic Subscription Privilege and the Over-Subscription
Privilege by each beneficial owner of Rights on whose behalf such nominee is acting, and payment of the Subscription Price for
each share of Common Stock subscribed for pursuant to the Basic Subscription Privilege and the Over-Subscription Privilege. See
the Company’s “Letter to Stockholders Who Are Record Holders” and the “Nominee Holder Certification.”

 

    4Exhibit 4.1

 

FIRST SUPPLEMENTAL INDENTURE

 

FLOATING RATE JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES DUE 2034

 

THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of June 9, 2017, is by and among Centrue Financial Corporation, a Delaware corporation (the “Company”), Midland States Bancorp, Inc., an Illinois corporation (the “Successor Company”), and U. S. Bank National Association, a national banking association (the “Trustee”).

 

PRELIMINARY STATEMENTS

 

The Company and the Trustee are parties to that certain Indenture dated as of April 22, 2004 (the “Indenture”), pursuant to which the Company issued $10,310,000 of its Floating Rate Junior Subordinated Deferrable Interest Debentures due 2034 (the “Debentures”).

 

As permitted by the terms of the Indenture, pursuant to an Agreement and Plan of Merger, dated as of January 26, 2017, by and among the Successor Company, Sentinel Acquisition, LLC, a wholly owned subsidiary of the Successor Company, and the Company, simultaneously with the effectiveness of this First Supplemental Indenture: (a) the Successor Company shall acquire the Company (the “Acquisition”); and (b) concurrently with the Acquisition, the Successor Company will assume those obligations of the Company set forth in Section 3 herein.  The parties hereto are entering into this First Supplemental Indenture pursuant to, and in accordance with, Section 9.1(a) and Article XI of the Indenture.

 

AGREEMENTS

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the Trustee, the Company, and the Successor Company hereby agree as follows:

 

Section 1.  Definitions.  All capitalized terms used herein which are defined in the Indenture, either directly or by reference therein, shall have the respective meanings assigned them in the Indenture except as otherwise provided herein or unless the context otherwise requires.

 

Section 2.  Interpretation.

 

(a)                                 In this First Supplemental Indenture, unless a clear contrary intention appears:

 

(i)                                     the singular number includes the plural number and vice versa;

 

(ii)                                  reference to any gender includes the other gender;

 

 

(iii)                               the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole and not to any particular Section or other subdivision;

 

(iv)                              reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this First Supplemental Indenture or the Indenture, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually, provided that nothing in this clause (iv) is intended to authorize any assignment not otherwise permitted by this First Supplemental Indenture or the Indenture;

 

(v)                                 reference to any agreement, document or instrument means such agreement, document or instrument as amended, supplemented or modified and in effect from time to time in accordance with the terms thereof and, if applicable, the terms hereof, as well as any substitution or replacement therefor and reference to any note includes modifications thereof and any note issued in extension or renewal thereof or in substitution or replacement therefor; and

 

(vi)                              the word “including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term.

 

(b)                                 No provision in this First Supplemental Indenture shall be interpreted or construed against any Person because that Person or its legal representative drafted such provision.

 

Section 3.  Assumption of Obligations.

 

(a)                                 Pursuant to, and in compliance and accordance with, Sections 11.1 and 11.2 of the Indenture, the Successor Company hereby expressly and unconditionally assumes the due and punctual payment of the principal of (and premium, if any) and interest on all of the Debentures in accordance with their terms, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of the Indenture to be kept or performed by the Company.

 

(b)                                 Pursuant to, and in compliance and accordance with, Section 11.2 of the Indenture, the Successor Company succeeds to and is substituted for, and may exercise every right and power of, the Company under the Indenture with the same effect as if the Successor Company had originally been named in the Indenture as the Company.

 

(c)                                  The Successor Company also succeeds to, is substituted for, and may exercise every right and power of, the Company under the Amended and Restated Declaration of Trust of Centrue Statutory Trust II, dated as of

 

 

April 22, 2004 (the “Trust Agreement”), as Sponsor (as defined in the Trust Agreement), with the same effect as if the Successor Company had originally been named in the Trust Agreement.

 

(d)                                 The Successor Company also succeeds to, and is substituted for, and may exercise every right and power of, the Company under the Guarantee Agreement, dated as of April 22, 2004 (the “Guarantee Agreement”), as Guarantor (as defined in the Guarantee Agreement), with the same effect as if the Successor Company had originally been named in the Guarantee Agreement.

 

Section 4.  Representations and Warranties.  The Successor Company represents and warrants that: (a) it has all necessary power and authority to execute and deliver this First Supplemental Indenture and to perform the covenants and obligations of the Indenture; (b) it is the entity that has acquired the Company; (c) it is a corporation organized and existing under the laws of Illinois; (d) both immediately before and after giving effect to the Acquisition and this First Supplemental Indenture, no Default or Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, has occurred and is continuing; and (e) this First Supplemental Indenture is executed and delivered pursuant to Section 9.1 of the Indenture and does not require the consent of the Securityholders.

 

Section 5.  Conditions of Effectiveness.  This First Supplemental Indenture shall become effective simultaneously with the effectiveness of the Acquisition, provided, however, that:

 

(a)                                 the Trustee shall have executed a counterpart of this First Supplemental Indenture and shall have received one or more counterparts of this First Supplemental Indenture executed by the Company and the Successor Company;

 

(b)                                 the Trustee shall have received an Officers’ Certificate substantially in the form attached hereto as Exhibit A; and

 

(c)                                  the Trustee shall have received an Opinion of Counsel substantially in the form attached hereto as Exhibit B.

 

Section 6.  Reference to the Indenture.

 

(a)                                 Upon the effectiveness of this First Supplemental Indenture, each reference in the Indenture to “this Indenture,” “hereunder,” “herein” or words of like import shall mean and be a reference to the Indenture, as affected, amended and supplemented hereby.

 

(b)                                 Upon the effectiveness of this First Supplemental Indenture, each reference in the Debentures to the Indenture including each term defined by reference to the Indenture shall mean and be a reference to the

 

 

Indenture or such term, as the case may be, as affected, amended and supplemented hereby.

 

(c)                                  The Indenture, as amended and supplemented hereby, shall remain in full force and effect and is hereby ratified and confirmed.

 

Section 7.  Addresses for Notices.  All notices or other communications to be addressed to the Company as contemplated by Section 14.4 of the Indenture shall be addressed to the Successor Company as follows:

 

Midland States Bancorp, Inc.
  1201 Network Centre Drive
  Effingham, Illinois 62401
 Attention:                       Douglas J. Tucker
                                                                                Senior Vice President and General Counsel

 

Section 8.  Execution in Counterparts.  This First Supplemental Indenture may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.

 

Section 9.  Governing Law; Binding Effect.  This First Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York and shall be binding upon the parties hereto and their respective successors and assigns.

 

Section 10.  The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or the due execution thereof by the Company or the Successor Company.  The recitals of fact contained herein shall be taken as the statements solely of the Company or the Successor Company, and the Trustee assumes no responsibility for the correctness thereof.

 

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed and effective as of the day and year first written above, by their respective officers thereunto duly authorized.

 

	
 
    	
CENTRUE   FINANCIAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kurt R. Stevenson
    
	
 
    	
Name:
    	
Kurt   R. Stevenson
    
	
 
    	
Title:
    	
President   and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MIDLAND   STATES BANCORP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Leon J. Holschbach
    
	
 
    	
Name:
    	
Leon   J. Holschbach
    
	
 
    	
Title:
    	
President   and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
U. S.   BANK NATIONAL ASSOCIATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David W. Doucette
    
	
 
    	
Name:
    	
David   W. Doucette
    
	
 
    	
Title:
    	
Vice President
    

 

 

EXHIBIT A

 

OFFICERS’ CERTIFICATE

 

See attached.

 

 

 

EXHIBIT B

 

OPINION OF COUNSEL

 

See attached.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]