Document:

Exhibit 10.10

 

AMENDED AND RESTATED

UNITED BANCORP, INC. AND

UNITED BANCORP, INC. AFFILIATE BANKS
DIRECTORS AND OFFICERS

DEFERRED COMPENSATION PLAN

 

(As amended April 19, 2006)

 

Section 1 - The
Plan. United Bancorp, Inc. hereby establishes a deferred compensation plan to be known and described as the "United Bancorp,
Inc. and United Bancorp, Inc. Affiliate Banks Directors and Officers Deferred Compensation Plan." The Plan is an unfunded
deferred compensation plan, and it is the intention of the parties that the arrangements herein set forth be unfunded for tax purposes
and for purposes of Title I of ERISA. Amounts deferred pursuant to the Plan shall remain unrestricted assets, at all times, of
the Corporation. Participants in the Plan have the status of general unsecured creditors of the Corporation, and the Plan constitutes
a mere promise by the Corporation to make benefit payments in the future.

 

Section 2 - Definitions.
As used herein, the terms hereinafter set forth shall be construed as follows:

 

(a)        "Account"
shall mean a deferred compensation account established under and pursuant to the Plan.

 

(b)        "Bonus"
means an Employee's annual cash bonus.

 

(c)        "Beneficiary"
means the beneficiary designated in writing by the Participant to receive benefits from the Plan in the event of his or her death.
The Beneficiary shall be designated on a form provided by the Corporation, and the Participant may change the Beneficiary designation
at any time by signing and filing a new form with the Corporation. However, if the Participant is married at the time of his or
her death, the Beneficiary of any death benefits shall be the Participant's spouse, despite any designation to the contrary, unless
the spouse has consented to a different or additional Beneficiary. The spouse's consent shall be in writing and shall be witnessed
by a Plan representative or by a notary public.

 

If the Participant
designates a trust as Beneficiary, the Corporation shall determine the rights of the trustee without responsibility for determining
the validity, existence, or provisions of the trust. Further, the Corporation shall not have responsibility for the application
of sums paid to the trustee or for the discharge of the trust.

 

The rules of this
paragraph apply unless provided otherwise in the Participant's Beneficiary designation form. If the Participant designates one
primary Beneficiary and the Beneficiary dies after the Participant but before benefit payments are completed, any remaining benefits
shall be payable to the secondary Beneficiary. If the Participant fails to designate a secondary Beneficiary or if no secondary
Beneficiary survives the primary Beneficiary, any remaining benefits shall be payable to the deceased primary Beneficiary's heirs
in the manner described in the next paragraph. If the Participant designates more than one primary Beneficiary or more than one
secondary Beneficiary and a Beneficiary dies before benefit payments are completed, the share payable to the deceased Beneficiary
shall be paid to the deceased Beneficiary's heirs in the manner described in the next paragraph as if the Beneficiary was the Participant.

 

    	 

    	 

    

 

If the Participant
fails to designate a Beneficiary or if no designated Beneficiary survives the Participant, distribution shall be made in equal
shares to the members of the first of the classes listed below having a living member on the date the distribution is payable.
The classes, in order of priority, are as follows:

 

(1)         The
Participant's spouse;

 

(2)         The
Participant's children or their then-living issue, by right of representation; and

 

(3)         The
legal heirs of the Participant under the laws of the Participant's state of residence on the date of the Participant's death.

 

The facts as shown
by the records of the Plan Administrator at the time of death shall be conclusive as to the identity of the proper payee, and the
records of the Plan Administrator shall be conclusive as to the amount properly payable. The distribution made in accordance with
such state of facts shall constitute a complete discharge of all obligations under the provisions of the Plan.

 

(d)        "Board
of Directors" and "Board" shall mean the Board of Directors of the Corporation (exclusive of honorary directors
or director emeritus).

 

(e)        "Change
in Control" shall have the meaning set forth in Exhibit A, attached hereto.

 

(f)         "Code"
means the Internal Revenue Code of 1986, as amended.

 

(g)        “Common
Stock” shall mean United Bancorp, Inc. Common Stock.

 

(h)        “Compensation”
shall mean Fees and Bonus.

 

(i)         "Corporation"
shall mean United Bancorp, Inc. and each wholly-owned subsidiary of United Bancorp, Inc. which adopts the Plan and establishes
accounts for the benefit of Participants.

 

(j)         "Disability"
shall have the meaning set forth in Exhibit A, attached hereto.

 

(k)        “Employee”
shall mean an employee of the Corporation.

 

(l)          "Fees"
shall include all compensation as fixed and determined by the Board of Directors, which is payable to a member of the Board for
attendance at meetings, whether regular or special, of the Board of Directors, the Executive Committee, and all other Committees
which have been established or in the future may be established by the Board of Directors.

 

(m)        "Participant"
shall mean a duly elected member of the Board of Directors and any senior officer of the Corporation designated by the Board as
an eligible participant.

 

(n)         "Plan"
shall mean this United Bancorp, Inc. and United Bancorp, Inc. Affiliate Banks Directors and Officers Deferred Compensation Plan,
as the same may be amended from time to time.

 

    	 

    	 

    

 

(o)         "Plan
Administrator" shall mean United Bancorp, Inc. or such person as shall be appointed by United Bancorp, Inc. As of the date
of this amended and restated Plan, Wesbanco Bank Wheeling, Wheeling, West Virginia shall be the Plan Administrator.

 

(p)         "Plan
Year" means the calendar year which is the Corporation’s taxable year.

 

(q)         "Trust"
shall mean a trust established by United Bancorp, and titled the “United Bancorp, Inc. and United Bancorp, Inc. Affiliate
Banks Directors and Officers Deferred Compensation Plan Trust.” Such Trust, if established, shall hold assets to assist the
Corporation in meeting its obligations under the Plan and shall conform to the terms of the model trust as described in Revenue
Procedure 92-64, 1992-2 C.B. 422.

 

(r)          "Unforeseeable
Emergency" shall have the meaning set forth in section 409A of the Code and section 1.409A-3(g)(3) of the IRS Temporary Regulations,
as now in effect and hereinafter amended.

 

(s)         "United
Bancorp, Inc." shall mean United Bancorp, Inc., Martins Ferry, Ohio.

 

Section 3 - Eligibility
to Participate. The right to participate in the Plan shall be limited to members of the Board of Directors and senior officers
of the Corporation after designation by the Board as eligible participants.

 

Section 4 - Election
to Participate. Any eligible Participant who desires to participate in the Plan may elect for any Plan Year, on or before the
31st day of December of the preceding Plan Year, to defer all or a specified part of the Fees and so much of Bonus as the Board
may from time to time authorize, which thereafter shall be payable to him for services in the succeeding Plan Year. A Participant's
election to defer Compensation under the Plan shall be deemed irrevocable as of December 31 of a Plan Year with respect to amounts
payable with respect to services preformed in the immediately following Plan Year and shall continue in effect until changed by
the Participant, in accordance with the provisions and limitations of the Plan. Additionally, a Participant may make an election
to defer Compensation as follows:

 

(a) at any time within
thirty (30) days following the date on which a person is first eligible to participate in the Plan, provided that such election
shall apply only for Compensation earned for services performed subsequent to the election for such Plan Year. A Participant may
also make such an election within thirty (30) days following adoption of the Plan by such subsidiary of United Bancorp, Inc. which
had not previously participated in the Plan, provided that such election shall apply only for Compensation earned for services
performed subsequent to the election for such Plan Year. For purposes hereof, the amount of Bonuses that are earned after the date
of election is the sum that equals the product of the Participant’s total compensation for the performance period for which
the Bonuses are paid, times the quotient resulting from dividing the number of days remaining in the performance period after the
election over the total number of days in the performance period or

 

(b) subject to approval
by the Corporation, a Participant may make an election to defer “Performance Based Compensation” earned over a period
of at least twelve (12) months as late as six months prior to the end of the performance period, provided such election is in accordance
with all of the requirements of Section 1.409A-2(a)(7) of the IRS Temporary Regulations, as now in effect and hereinafter amended.

 

    	 

    	 

    

 

Section 5 - Manner
of Making Election. An election to participate in the Plan shall be made by written notice, on such form as may be prescribed
by the Corporation, which shall be signed by the electing Participant and filed with the Corporation.

 

Section 6 - Accounting
and Administration. The Corporation and each adopting subsidiary thereof shall establish and maintain on its books a deferred
compensation account for and in the name of each Participant who elects to participate in the Plan, each such account to be known
and designated as "The Deferred Compensation Account of (Participant’s Name)," and shall credit to each such account
all Compensation that is payable, and otherwise should be paid directly, to the Participant in whose name the account is established.
Each such credit shall be entered in the account as of the date on which the Compensation represented thereby is payable. The Plan
shall be administered by the trust department of the Plan Administrator, who shall have full power to administer the Plan in all
of its details, subject to the applicable requirements of law. The Corporation shall have the exclusive authority to remove and
appoint the Plan Administrator in its sole discretion and may do so without the approval of any Participant of the Plan or any
United Bancorp, Inc. affiliate bank. The Corporation may appoint itself or any affiliated company as Administrator under its authority
herein. The Corporation may establish a Trust to hold assets to assist the Corporation in meeting its obligations under the Plan
and such Trust shall conform to the terms of the model trust as described in Revenue Procedure 92-64, 1992-2 C.B. 422. The Trust
shall be a grantor trust under sections 671 through 678 of the Code. The Trust Agreement shall provide that the assets of the Trust
are subject to the claims of the Bank's general creditors if the Bank becomes insolvent. If any assets of the Trust are seized
by general creditors of the Bank, a Participant's right to receive benefits under the Plan shall not be changed.

 

Section 7 - Interest.
Interest shall be credited to each account at any time for which there is an account balance which has not yet been deemed invested
in United Bancorp, Inc. Common Stock in accordance with Section 8 hereof, during the period that the person in whose name such
account is carried is a member of the Board of Directors or Employee, at the rate from time to time determined by The Citizens
Savings Bank (or other adopting subsidiary) for and payable on funds on deposit in the Money Market Accounts maintained by the
bank. Interest computation shall be made and the amount of each computation entered in the account as a credit on the same dates
that interest is computed by the bank on the aforesaid Money Market Accounts.

 

Section 8 - United
Bancorp, Inc. Common Stock. Periodically, at such times and in such intervals as the Corporation shall determine is administratively
reasonable, but at least annually, a Participant's account balances or credits shall be deemed to be invested in United Bancorp,
Inc. Common Stock and the Participant's account shall be credited with such shares and the subsequent dividends thereon reinvested.

 

Section 9 - Termination
of Election to Participate. A Participant's election to defer a portion of his or her Compensation shall continue in effect
until changed by the Participant. An election to defer Compensation pursuant to the Plan may be terminated by written notice, signed
by the participating Participant and delivered to the Corporation; provided however, that as of December 31 of each Plan Year,
such election shall be deemed irrevocable with respect to Compensation payable with respect to services preformed in the immediately
following Plan Year. Notwithstanding the forgoing, in the event a Participant receives a distribution due to an Unforeseeable Emergency,
such Participant’s election to defer Compensation shall automatically immediately terminate and thereafter such Participant
may make a subsequent election to defer fees only with respect to Compensation payable for services preformed in the immediately
following Plan Year.

 

    	 

    	 

    

 

Section 10 - Payment
of Deferred Compensation. Distribution of a Participant’s account balance shall be made in accordance with the following.

 

(a) No distribution
payments shall be made from any account as long as the Participant in whose name such account has been established continues to
be an Employee or a member of the Board of Directors; provided, however, that in the event of an Unforeseeable Emergency, benefits
may be payable upon approval of the Corporation without termination of employment or Board membership, but only to the extent necessary
to meet the emergency and otherwise in compliance with all of the conditions and limitations imposed on distributions made pursuant
to and in compliance with section 409A(a)(2)(A)(vi) and (B)(ii) of the Code and any regulations promulgated thereunder.

 

(b) Subject to a distribution
election made by a Participant as provided in (c) below, when a participating Participant ceases to be an Employee or member of
the Board for any reason, the Corporation shall pay to him in one lump sum within sixty (60) days of termination of service as
a Participant or as soon thereafter as is reasonably practicable but not later than the end of the Plan Year, the aggregate number
of shares of Common Stock (including, without limitation, shares deemed to be acquired through reinvested dividends) standing to
his or her credit in the account maintained for his or her benefit as of the close of business on the date of the termination of
his or her membership on the Board, together with any cash account balance which has not yet been deemed invested in Common Stock
in accordance with Section 8 hereof and interest thereon at the rate payable on The Citizens Savings Bank (or other adopting subsidiary)
Money Market Accounts, until paid in full.

 

(c) In lieu of the
payment of a lump sum upon termination of service as a Participant as provided in (b) above, upon initial participation in the
Plan, a Participant may elect to receive his or her benefit distribution in annual installments upon termination of service as
a Participant over a period not to exceed ten (10) years. At the time of such election to receive his or her benefit distribution
in installments, the Participant may also elect to accelerate such distribution upon death, Change in Control, and Disability.
A Participant may change a prior election subject to the following:

 

(1)         The
election shall become valid only upon the expiration of 12 months from submission to the Corporation.

 

(2)         The
new election must apply to the Participant's entire Account.

 

(3) If the Participant elects
installment payments, the election must specify the time period (not to exceed ten years).

 

(4)         The
new election must delay the first payment (whether installment or lump sum) for a period of at least five years from the date the
first payment otherwise would have been made.

 

(5)         The
Corporation must consent to the new election.

 

    	 

    	 

    

 

(d) Cash payments will
be made in lieu of fractional shares in an amount determined by multiplying each fractional share to which a participant would
otherwise be entitled by the per share closing price of Common Stock on the trading day immediately preceding the date of distribution,
or if no trading in Common Stock occurred on that date, then the next preceding date on which the Common Stock was traded. In no
event will any amount of cash be paid to a participant from the participant's account under the Plan other than cash not yet invested
in Common Stock, together with interest thereon, and cash in lieu of fractional shares of Common Stock, as provided in this Section
10.

 

(e) Notwithstanding
the provisions of the Plan or any distribution election made by a Participant, the distribution of benefits may be delayed as follows:

 

(1) If at the time a benefit would
otherwise be payable, the Participant is a “specified employee” (as defined below), and the payment provided for would
be deferred compensation with the meaning of the section 409A of the Code, the distribution of the Participant’s benefit
may not be made until six months after the date of the Participant’s “separation from service” with the Corporation
(as such term may be defined in section 409A(a)(2)(A)(i) of the Code and regulations promulgated thereunder), or, if earlier,
the date of death of the Participant. This requirement shall remain in effect only for periods in which the stock of the Corporation
is publicly traded on an established securities market.

 

(2) For purposes of subparagraph
(1) a “specified employee” shall mean any Employee of the Corporation who is a “key employee” of the Corporation
within the meaning of section 416(i) of the Code. This shall include any Employee who is (i) a 5-percent owner of the
Corporation’s common stock, or (ii) an officer of the Corporation with annual compensation from the Corporation of $130,000.00
or more, or (iii) a 1-percent owner of Corporation’s common stock with annual compensation from the Corporation of $150,000.00
or more (or such higher annual limit as may be in effect for years subsequent to 2005 pursuant to indexing section 416(i)
of the Code). 

 

(3) The provisions of Section 10
(e)(1) have been adopted only in order to comply with the requirements added by section 409A of the Code. These provisions
shall be interpreted and administered in a manner consistent with the requirements of section 409A of the Code, together with
any regulations or other guidance which may be published by the Treasury Department or Internal Revenue Service interpreting such
section 409A of the Code.

 

(4) In the case of Common Stock,
the Corporation shall delay any Plan distribution to such Participant as may be necessary to comply with (i) any and all federal
and state securities registration requirements and (ii) the prohibitions on short swing profits as provided by the provisions of
section 16b of the Securities Exchange Act of 1934 or the rules promulgated by the Securities and Exchange Commission under section
16b.

 

(f) Directors who are
participants may make a new distribution election on or before December 31, 2006 with respect to their accrued account balance
without compliance with the limitations on changes in elections contained in the Plan in compliance with the transitional relief
provided by IRS Notice 2005-1 Q&A 19(c), provided that such election will not apply to amounts they would otherwise receive
during 2006 or cause an amount accrued under the plan to be paid in 2006.

 

    	 

    	 

    

 

Section 11 –Death
of Participant. In the event of the death of a participating Participant the aggregate amount of his or her account balance
shall be paid to the Participant’s Beneficiary in accordance with the terms of the Plan and his or her distribution election.

 

Section 12 - Funds
and Interest Nonassignable. Benefits payable to Plan participants and their beneficiaries under this Plan may not be anticipated,
assigned (either at law or in equity), alienated, pledged, encumbered, or subjected to attachment, garnishment, levy, execution
or other legal or equitable process.

 

Section 13 - Payment
to Minor Beneficiaries. In the event that any person designated as a Beneficiary by a participating Participant is a minor,
the Corporation may make payment of any funds or common stock to which such minor is entitled hereunder by making such payment
to such minor, or to the parent, guardian, or person having custody of such minor, and the receipt of such parent, guardian or
other person shall be a full and sufficient discharge to the Corporation for such payment.

 

Section 14 - Status
of Participants as Unsecured Creditors. The obligation of the Corporation to pay benefits under the Plan shall be unsecured.
Each Participant is an unsecured creditor of the Corporation. Although the Corporation may make corporate investments to fund its
potential liability under the Plan, the Plan constitutes a mere promise by the Corporation to make benefit payments in the future.
The establishment of an Account for a Participant and the Corporation's payment of contributions to a Trust are not intended to
create any security for payment of benefits under the Plan or change the status of the Plan as an unfunded plan for tax purposes
or Title I of ERISA (with respect to ERISA, as to Employees only).

 

Section 15 - Suspension
of Deferrals. The Board of Directors shall have the right to suspend contributions to the Plan at any time, which suspension
shall become effective as of the January 1 of the Plan Year following such suspension.

 

Section 16 –
Amendment and Modification of the Plan.  The Plan, as herein above set forth, may be amended, modified, or terminated at any
time by the Board of Directors of the Corporation; provided, however, that any such amendment, modification, or termination shall
be prospective only in its operation and effect, and shall not affect or prejudice the rights and interests of any participating
Participant, or other person, as fixed and determined prior to the adoption thereof.

 

Section 17 - Termination of the Plan.
The Board of Directors may terminate the Plan as provided by and subject to the limitations and requirements of IRC 409A and
section 1.409A-3(h)(2)(viii) of the IRS Temporary Regulations, as now in effect an hereinafter amended.

 

Section 18 - IRC
409A Savings Clause. The Plan is intended to comply with all of the provisions and requirements applicable to deferred compensation
arrangements under section 40A of the Code and any regulations issued thereunder. Any provision of the Plan determined to be inconsistent
with the requirements of section 409A of the Code shall be disregarded so as to cause the Plan to comply in all respects with the
applicable provisions thereof. The Plan Administrator shall cause the Plan to be interpreted and administered in a manner consistent
with the requirements of section 409A of the Code, together with any regulations or other guidance which may be published by the
Treasury Department or Internal Revenue Service interpreting such section 409A of the Code.

 

    	 

    	 

    

 

Section 19 - Effective Date. The
effective date of this Amended and Restated Plan is April 19, 2006.

 

	 	 	United Bancorp, Inc.
	 	 	 
	 	By:	/s/James W. Everson
	 	 	James W.  Everson
	 	Its: 	Chairman, President and Chief
	 	 	Executive Officer

 

Approved by the Board of Directors: April
19, 2006

 

    	 

    	 

    

 

Exhibit A

 

Disability Definition.

 

Disability shall mean that the
participant (a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
12 months, or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result
in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits
for a period of not less than 3 months under an accident and health plan covering employees of the participant’s employer.

 

Change in Control Definition 

 

A “Change in Control”
shall mean a “Change in Ownership” as defined in (a) hereof; a “Change in Effective Control” as defined
in (b), hereof; or a “Change in Ownership of a Substantial Portion of Assets” as defined in (c) hereof.

 

(a)          Change
in Ownership. A Change in Ownership of the Corporation occurs on the date that any one person, or more than one person acting
as a group (as defined in subsection (d) hereof), acquires ownership of stock of the Corporation that, together with stock held
by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock
of the Corporation. However, if any one person, or more than one person acting as a group, is considered to own more than 50 percent
of the total fair market value or total voting power of the stock of the Corporation, the acquisition of additional stock by the
same person or persons is not considered to cause a Change in Ownership of the Corporation (or to cause a Change in Effective Control
of the Corporation within the meaning of subsection (b) hereof). An increase in the percentage of stock owned by any one person,
or persons acting as a group, as a result of a transaction in which the Corporation acquires its stock in exchange for property
will be treated as an acquisition of stock for purposes of this section.

 

(b)          Change
in Effective Control. A Change in Effective Control of the Corporation occurs on the date that either:

 

(i)          Any
one person, or more than one person acting as a group (as determined under subsection (d) hereof), acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Corporation
possessing 35 percent or more of the total voting power of the stock of the Corporation; or

 

(ii)         a
majority of members of the Corporation’s Board of Directors is replaced during any 12-month period by directors whose appointment
or election is not endorsed by a majority of the members of the Corporation’s Board of Directors prior to the date of the
appointment or election.

 

In the absence of an event described
in Section (b)(i) or (ii) above, a change in the effective control of a Corporation will not have occurred.

 

(c)          Change
in Ownership of a Substantial Portion of the Corporation’s Assets. A Change in Ownership of a Substantial Portion of
the Corporation’s Assets occurs on the date that any one person, or more than one person acting as a group (as determined
in subsection(d) hereof), acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition
by such person or persons) assets from the Corporation that have a total gross fair market value equal to or more than 40 percent
of the total gross fair market value of all of the assets of the Corporation immediately prior to such acquisition or acquisitions.
For this purpose, gross fair market value means the value of the assets of the Corporation, or the value of the assets being disposed
of, determined without regard to any liabilities associated with such assets.

 

    	 

    	 

    

 

There is no
Change in Control Event under this subsection (c) when there is a transfer to an entity that is controlled by the shareholders
of the Corporation immediately after the transfer, as provided in this paragraph. A transfer of assets by the Corporation is not
treated as a change in the ownership of such assets if the assets are transferred to:

 

(i)          A
shareholder of the Corporation (immediately before the asset transfer) in exchange for or with respect to its stock;

 

(ii)         An
entity, 50 percent or more of the total value or voting power of which is owned, directly or indirectly, by the Corporation;

 

(iii)        A
person, or more than one person acting as a group, that owns, directly or indirectly, 50 percent or more of the total value
or voting power of all the outstanding stock of the Corporation; or

 

(iv)        An
entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described
in subsection (c)(iii) hereof.

 

For purposes
of this subsection (c) and except as otherwise provided, a person’s status is determined immediately after the transfer of
the assets. For example, a transfer to a corporation in which the transferor corporation has no ownership interest before the transaction,
but which is a majority-owned subsidiary of the transferor corporation after the transaction is not treated as a change in the
ownership of the assets of the transferor corporation.

 

(d)          Persons
Acting as a Group. Persons will not be considered to be acting as a group solely because they purchase assets or purchase or
own stock of the same corporation at the same time, or as a result of the same public offering. However, persons will be considered
to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of
stock, purchase or acquisition of assets, or similar business transaction with the Corporation. If a person, including an entity
shareholder, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar
transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent
of the ownership in that corporation prior to the transaction giving rise to the change and not with the ownership interest in
the other corporation.

 

Notwithstanding
the forgoing no Change in Control shall be deemed to have occurred if such Change in Control does not constitute a permitted distribution
event for deferred compensation arrangements, as defined by section 409A of the Internal Revenue Code of 1986, as amended and any
Treasury Regulations issued thereunder.

 

Unforeseeable Emergency Definition

 

Unforeseeable
Emergency shall mean a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident
of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant,
loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising
as a result of events beyond the control of the Participant.Exhibit 4.1

 

THIS SECURED LOAN NOTE DEED HAS NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY OTHER JURISDICTION AND, EXCEPT AS PROVIDED HEREIN, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED
UNLESS AND UNTIL REGISTERED UNDER THE SECURITIES ACT OR OTHER APPLICABLE SECURITIES LAWS, OR SUCH OFFER, SALE, TRANSFER, PLEDGE
OR HYPOTHECATION IS EXEMPT FROM SUCH REGISTRATION.

 

SECURED LOAN NOTE DEED

 

CARTESIAN LIMITED

 

	US$3,268,664	March 18, 2014

 

Cartesian
Limited, a company incorporated and registered in England and Wales with company number 03230513, whose registered office is
at Descartes House, 8 Gate Street, London WC2A 3HP, United Kingdom (“Company”), for value received, hereby
promises to pay to Elutions Capital Ventures S.à r.l, a company incorporated in Luxembourg, or its successors and
permitted assigns (“Holder”), the principal amount of Three Million Two Hundred Sixty-Eight Thousand Six
Hundred and Sixty-Four US Dollars (US$3,268,664), with interest on the unpaid principal balance hereof, all as hereinafter
further provided.

 

1.  
        INVESTMENT AGREEMENT

 

This Secured Loan Note
Deed (this “Note”) has been issued by Company pursuant to an Investment Agreement, dated as of February 25,
2014, between the parent company of the Company, The Management Network Group, Inc., a Delaware corporation (“TMNG”),
and the parent company of Holder, Elutions, Inc., a Delaware corporation (“Elutions – U.S.”) (as it may
be amended from time to time in accordance with its terms, the “Investment Agreement”). Initially capitalized
terms used but not defined herein shall have the respective meanings assigned to them in the Investment Agreement. This Note is
subject to the terms and conditions of the Investment Agreement.

 

2.     
     PAYMENTS

 

2.1           Maturity.
If this Note has not previously been redeemed in accordance with Section 2.4, then the entire outstanding principal of,
and any accrued and unpaid interest on, this Note shall be due and payable in full on the fifth (5th) anniversary of
the date hereof (the “Maturity Date”).

 

    	 

    	 

    

 

2.2          Interest.
Interest on this Note shall accrue from the date hereof on the outstanding principal balance of this Note, until this Note is paid
in full, at the rate of 7.825% per annum, compounded annually on each anniversary of the date hereof. Accrued interest on the unpaid
principal balance shall become due and payable, if this Note has not been redeemed in accordance with Section 2.4, monthly
in arrears on the first Business Day of each calendar month, and on the Maturity Date or any other date on which such unpaid principal
balance shall become due and payable in full (each such date being an “Interest Payment Date”). After the occurrence
of an Event of Default, the unpaid balance of the Principal shall bear interest from and including the date of such Event of Default
until paid in full or until such Event of Default has been waived or remedied at a rate per annum equal to 9.825%. Interest on
this Note shall be computed on the basis of a year of 360 days for the actual number of days elapsed. If any Interest Payment Date
would fall on a day that is not a Business Day, then the payment due on such Interest Payment Date will be made on the next succeeding
Business Day with the same force and effect as if made on the Interest Payment Date and such extension of time shall in such case
be included in the computation of payment of interest.

 

2.3          Secured
Obligations. All amounts due to Holder under this Note are secured by certain assets and properties of TMNG and, where applicable,
its specified Subsidiaries pursuant to the Security Agreement.

 

2.4          Redemption
Options.

 

(a)          Holder
may cause Company to redeem this Note in whole for an amount equal to the unpaid principal balance of the Note together with any
accrued and unpaid interest thereon upon providing Company written notice of such redemption election not less than thirty (30)
days prior to the redemption date together with surrender of this Note for cancellation. The redemption amount shall be payable
as provided in Section 2.5.

 

(b)          At
any time, and from time to time, on or after the date that is 30 months following issuance of this Note, the Company shall be entitled
to redeem this Note in whole for an amount equal to the unpaid principal balance of the Note together with any accrued and unpaid
interest thereon upon providing Holder written notice of such redemption election not less than thirty (30) days prior to the redemption
date, and Holder will surrender this Note for cancellation upon such redemption. The redemption amount for such redemption shall
be payable as provided in Section 2.5.

 

(c)          At
any time, and from time to time, on or after the date as of which the volume weighted average price of the Common Stock on each
Trading Day during any consecutive 90-day period after August 18, 2015 has exceeded $5.50 per share (subject to proportionate
adjustment for stock splits, subdivisions and combinations of shares and similar events affecting the Common Stock), the Company
shall be entitled to redeem this Note in whole for an amount equal to the unpaid principal balance of the Note together with any
accrued and unpaid interest thereon upon providing Holder written notice of such redemption election not less than thirty (30)
days prior to the redemption date, and Holder will surrender this Note for cancellation upon such redemption. The redemption amount
for such redemption shall be payable as provided in Section 2.5.

 

    	2

    	 

    

 

2.5          Manner
of Payment. Payments of principal and interest on this Note shall be made by wire transfer of immediately available funds to
a bank account designated by Holder for such purpose from time to time by written notice to Company, in Great Britain Pounds Sterling
currency or such other currency as may be mutually acceptable to the Company and Holder. In respect of any payment in Great Britain
Pounds Sterling under this Note, the spot rate of exchange prevailing at the date of payment as published on such date or as then
most recently published in The Wall Street Journal for US Dollar to UK Pound (GBP/USD) currency exchange rates shall be used for
the purposes of calculating the Great British Pounds Sterling amount of such payment. Notwithstanding the foregoing, any or all
of the principal and unpaid interest to be paid to Holder under this Note shall, if requested by TMNG or Elutions – U.S.,
be applied against amounts to be paid by Elutions – U.S. to TMNG under the terms and conditions specified in the Warrant
(Tracking) and if any such amount is so applied against payment obligations of Elutions – U.S. under the Warrant (Tracking),
the amount so applied thereunder shall satisfy and reduce the Company's payment obligations to Holder under this Note by the amount
so applied under the Warrant (Tracking) (for the avoidance of doubt, Holder hereby consents to, and no further consent of Holder
shall be required with respect to, any such application or related satisfaction and reduction in the Company's payment obligations
to Holder under this Note, and any such application or related satisfaction and reduction may occur even if Holder is not then
an Affiliate of Elutions – U.S.).

 

2.6          Withholdings.
 Save as specified in Section 2.5 above, all payments made by Company under this Note shall be made in full, without
set-off, counterclaim or condition, and free and clear of, and without any deduction or withholding, provided that, if Company
is required by law or regulation to make such deduction or withholding, it shall: (a) ensure that the deduction or withholding
does not exceed the minimum amount legally required; (b) pay to the relevant taxation or other authorities, as appropriate, the
full amount of the deduction or withholding; and (c) furnish to Holder, within the period for payment permitted by the relevant
law, either: (i) an official receipt of the relevant taxation authorities concerned on payments to them of amounts so deducted
or withheld; or (ii) if such receipts are not issued by the taxation authorities concerned on payment to them of amounts so deducted
or withheld, a certificate of deduction or equivalent evidence of the relevant deduction or withholding.

 

2.7          Waivers.
Company hereby expressly waives demand and presentment for payment, notice of nonpayment, notice of dishonor, protest, notice of
protest, bringing of suit and diligence in taking any action to collect any amount called for hereunder, and shall be directly
and primarily liable for the payment of all sums owing and to be owing hereon, regardless of and without any notice, diligence,
act or omission with respect to the collection of any amount called for hereunder.

 

3.     
     EVENTS OF DEFAULT

 

The occurrence of any
of the following events shall constitute an event of default (an “Event of Default”):

 

(a)          A
default in the payment of the principal of this Note, when and as the same shall become due and payable, and continuance of such
default or breach for a period of two (2) days after receipt by Company of written notice from Holder as to such default or breach;

 

(b)          A
default in the payment of any interest on this Note, when and as the same shall become due and payable, and continuance of such
default or breach for a period of two (2) days after receipt by Company of written notice from Holder as to such default or breach;

 

    	3

    	 

    

 

(c)          A
default in the performance, or a breach, in either case in any material respect, of any covenant or agreement of Company in this
Note (other than a default specified in any other subsection of this Section 3) and continuance of such default or breach, if capable
of being cured, for a period of ten (10) days after receipt by Company of written notice from Holder as to such default or breach;

 

(d)          A
default in the performance, or a breach, in either case in any material respect, of any covenant or agreement of TMNG or any of
its Subsidiaries in any of the other Transaction Documents (other than a default specified in this Section 3) and continuance of
such default or breach, if capable of being cured, for a period of ten (10) days after receipt by Company of written notice from
Holder as to such default or breach;

 

(e)          The
incurrence or assumption by TMNG or any of its Subsidiaries of any Indebtedness that has a maturity date prior to the Maturity
Date (other than as expressly permitted pursuant to a Transaction Document);

 

(f)          If
this Note or any other Transaction Document or any material term hereof or thereof shall cease to be, or be asserted by TMNG or
any of its Subsidiaries not to be, a legal, valid and binding obligation of TMNG or any of its Applicable Subsidiaries, as applicable,
enforceable in accordance with its terms;

 

(g)          If
any Lien created under the Security Agreement on any portion of the Collateral (as defined in the Security Agreement) shall cease
to be enforceable and of the same effect and priority purported to be created thereby;

 

(h)          Other
than in relation to a solvent reorganization of TMNG or any of its Applicable Subsidiaries on terms previously approved by Holder
in writing, the entry by a court of competent jurisdiction of (i) a decree or order for relief in respect of TMNG or any of its
Applicable Subsidiaries in a case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or
other similar Law or (ii) a decree or order adjudging TMNG or any of its Applicable Subsidiaries as bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of TMNG or any of
its Applicable Subsidiaries under any applicable federal or state Law or (iii) an order appointing a custodian, receiver, administrative
receiver, administrator, liquidator, assignee, trustee, sequestrator or other similar official of TMNG or any of its Applicable
Subsidiaries or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance
of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive
days; or

 

    	4

    	 

    

 

(i)          With
the exception of a solvent reorganization of TMNG or any of its Applicable Subsidiaries on terms previously approved by Holder
in writing, the commencement by TMNG or any of its Applicable Subsidiaries of a voluntary case or proceeding under any applicable
federal or state bankruptcy, insolvency, reorganization or other similar Law or of any other case or proceeding to be adjudicated
a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of TMNG or any of its Applicable
Subsidiaries in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar Law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it
of a petition or answer or consent seeking reorganization or relief under any applicable federal or state Law, or the consent by
it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, administrative receiver,
administrator, liquidator, assignee, trustee, sequestrator or other similar official of TMNG or any of its Applicable Subsidiaries
of any substantial part of its property, or the making by it of a general assignment for the benefit of creditors, or the admission
by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by TMNG or any
of its Applicable Subsidiaries in furtherance of any such action.

 

4.      
    REMEDIES UPON DEFAULT

 

If an Event of Default
occurs and is continuing, Holder may exercise any or all of the following rights and remedies:

 

(a)          Declare
the outstanding principal of, and any accrued and unpaid interest on, this Note to be immediately due and payable, and upon such
declaration, the outstanding principal of, and any accrued and unpaid interest on, this Note shall immediately be due and payable,
without presentment, demand, protest or any notice of any kind, all of which are expressly waived by the Company to the fullest
extent permitted by Law. In addition, Holder may exercise any and all other rights and remedies available to Holder and otherwise
available under Law and in equity.

 

(b)          If
an Event of Default specified in Section 3(h) or 3(i) occurs and is continuing, then the outstanding principal and accrued interest
on this Note and all other payments payable hereunder shall become and be immediately due and payable without any declaration or
other act on the part of the Holder, and the Holder may enforce any or all other rights and remedies available to Holder and otherwise
available under Law and in equity.

 

5.   
       TRANSFER

 

(a)          This
Note has not been registered under the Securities Act, under the securities Laws of any state of the United States, or under the
securities laws of England and Wales, and the Company is under no obligation to register the resale of this Note under any such
Laws. This Note shall not be capable of being dealt in or on any stock exchange in the United Kingdom or elsewhere and no application
has been or shall be made to any stock exchange for permission to deal in or for an official or other quotation for this Note.
This Note is not loan stock or debenture stock of Company and is not otherwise a debenture of Company. Holder represents and warrants
that, as of the date of this Note, it is a wholly-owned subsidiary (direct or indirect) of Elutions – U.S.

 

    	5

    	 

    

 

(b)          This
Note may not be assigned, pledged, sold, or otherwise transferred (i) if such action would constitute a violation of any such securities
Laws or a breach of the conditions to any exemption from registration thereunder (including a loss of applicable exemptions under
any such securities Laws) on which Company relied in connection with the issuance of this Note, and (ii) except with respect to
a pledge, assignment as collateral, charge or any other security in favor of any bank, financial institution or any other entity
which is regularly engaged in or established for the purposes of making, purchasing or investing in loans, securities or other
financial assets, but excluding any transfer upon default or transfer requiring removal of the restrictive legend thereon, unless
and until one of the following has occurred: (A) registration or qualification of the resale of this Note as required under any
such securities Laws has become effective, or (B) the Holder has delivered to Company an opinion of counsel reasonably satisfactory
to Company that such registration or qualification is not required and such action will not constitute a breach of the conditions
to any exemption from registration thereunder (including a loss of the exemptions under any such securities Laws on which Company
relied in issuing this Note. Any purported assignment prohibited by the Investment Agreement or this Note shall be void. For the
avoidance of doubt, interests in the Warrant (Tracking) may be assigned or transferred only as permitted under the terms of the
Warrant (Tracking).

 

6.       
   MISCELLANEOUS

 

6.1           Lost
or Destroyed Note. Upon receipt of evidence reasonably satisfactory to Company of the loss, theft, destruction or mutilation
of this Note and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement and bond reasonably
satisfactory in form and amount to Company, or, in the case of any such mutilation, upon surrender and cancellation of this Note,
Company, at its expense, shall execute and deliver, in lieu thereof, a new Note of like date and tenor.

 

6.2           Notices.
 All notices, demands, requests, consents or other communications to be given or delivered under or by reason of the provisions
of this Note shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (a) personal delivery
to the party to be notified, or (b) one (1) Business Day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next business day delivery, with written verification of delivery. If any time period for giving notice or
taking action hereunder expires on a day that is not a Business Day, the time period shall automatically be extended to the Business
Day immediately following such day. Such notices, demands, requests, consents and other communications shall be sent to the following
parties at the following addresses:

 

if to Company, to:

 

c/o The Management Network Group,
Inc.

7300 College Boulevard, Suite 302

Overland Park, Kansas 66210

Attention: CEO/President and General
Counsel

 

    	6

    	 

    

 

if to Holder, to:

 

c/o Elutions, Inc.

601 East Twiggs Street

Tampa, Florida 33602

Attention: Chairman/CEO and General
Counsel

 

or to such other address or to the attention
of such other person as the recipient party has specified by prior written notice to the sending party.

 

6.3           Waivers.
The rights and remedies provided for herein are cumulative and not exclusive of any right or remedy that may be available to Holder
whether at law, in equity, or otherwise. No delay, forbearance, or neglect by Holder, whether in one or more instances, in the
exercise of any right, power, privilege, or remedy hereunder or in the enforcement of any term or condition of this Note shall
constitute or be construed as a waiver thereof. No waiver of any provision hereof, or consent required hereunder, or any consent
or departure from this Note, shall be valid or binding unless expressly and affirmatively made in writing and duly executed by
Holder. No waiver shall constitute or be construed as a continuing waiver or a waiver in respect of any subsequent breach, either
of similar or different nature, unless expressly so stated in such writing.

 

6.4           Governing
Law. This Note shall be governed by and construed in accordance with the laws of the England and Wales, without giving effect
to any choice or conflict of law provision or rule (whether of England and Wales or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than England and Wales.

 

6.5           Jurisdiction.
Each of the parties hereto irrevocably agrees, for the sole benefit of Holder that, subject as provided below, the courts of England
shall have exclusive jurisdiction over any dispute or claim arising out of or in connection with this Note or its subject matter
(including any dispute relating to the formation, existence, validity or termination of this Note) or any non-contractual disputes
or claims arising out of or in connection with this Note (“Dispute”). Nothing in this clause shall limit the
right of Holder to take proceedings against Company in any other court of competent jurisdiction, nor shall the taking of proceedings
in any one or more jurisdictions preclude the taking of proceedings in any other jurisdictions, whether concurrently or not, to
the extent permitted by the law of such other jurisdiction. Each of the parties hereto agrees that the courts of England are the
most appropriate and convenient courts to settle any Dispute and accordingly neither of the parties hereto will argue to the contrary.

 

6.6           Successors
and Assigns. Except as provided in Section 5: (i) this Note and the rights and obligations of Holder hereunder may be
assigned, pledged, charged, mortgaged, or otherwise given as security, or delegated, sold or otherwise transferred (whether by
operation of Law, by contract or otherwise) by Holder without the consent of Company, including (without limitation) assignment
or other transfer by Holder of all or any of its rights and/or obligations hereunder by way of a pledge, charge, mortgage or assignment
of a security interest in all or any portion of its rights under this Note; and (ii) Company shall not assign, delegate or otherwise
transfer this Note or all or any of Company's rights and obligations under this Note without the prior written consent of Holder.
Any attempted assignment, delegation, or transfer in violation of this Section 6.6 shall be void and of no force or effect.

 

    	7

    	 

    

 

6.7           Amendments.
This Note may be amended, modified, or supplemented only pursuant to a written instrument making specific reference to this Note
and signed by Company and Holder.

 

6.8           Severability.
Whenever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Note is held to be invalid or unenforceable in any respect, such invalidity or unenforceability
shall not render invalid or unenforceable any other provision of this Note.

 

6.9           Not
a negotiable instrument. This Note is not a negotiable instrument.

 

6.10         Descriptive
Headings; No Strict Construction. The descriptive headings of this Note are inserted for convenience only and do not constitute
a substantive part of this Note. The parties to this Note have participated jointly in the negotiation and drafting of this Note.
If an ambiguity or question of intent or interpretation arises, this Note shall be construed as if drafted jointly by the parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
of the provisions of this Note. The parties agree that prior drafts of this Note shall be deemed not to provide any evidence as
to the meaning of any provision hereof or the intention of the parties hereto with respect to this Note.

 

6.11         Entire
Agreement. This Note and the other Transaction Documents constitute the full and entire understanding and agreement between
the parties with regard to the subject matter hereof and thereof, and supersede all prior agreements or understandings between
the parties with regard to the subject matter hereof and thereof.

 

6.12         Counterparts.
This Note may be executed simultaneously in two or more counterparts, each of which when executed and delivered shall constitute
a duplicate original but all such counterparts taken together shall constitute one and the same Note. Counterparts may be delivered
via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to
have been duly and validly delivered and be valid and effective for all purposes.

 

6.13         Note
as Deed. This Note has been executed and delivered as a deed on the date stated at the beginning of it.

 

    	8

    	 

    

 

IN WITNESS WHEREOF,
this Note has been executed as a deed by or on behalf of the parties hereto and is delivered by each of the parties hereto as a
deed, and takes effect on the date stated at the beginning of this Note.

 

	Executed and Delivered as a Deed by	 	 
	CARTESIAN LIMITED acting by 	 	 
	Donald E. Klumb, Director,	 	/s/ Donald E. Klumb
	in the presence of:	 	 
	 	 	 
	Witness signature:	 	/s/ Thurston Cromwell
	 	 	 
	Witness name:	 	Thurston Cromwell
	 	 	 
	Witness address:	 	7300 College Blvd.,  Suite 302, Overland Park, KS, USA
	 	 	 
	Witness occupation:	 	General Counsel

 

	Executed and Delivered as a Deed by	 	 
	ELUTIONS CAPITAL VENTURES S.À R.L acting by	 	 
	William P. Doucas, Manager,	 	/s/ William P. Doucas
	in the presence of:	 	 
	 	 	 
	Witness signature:	 	/s/ Jessica Loche
	 	 	 
	Witness name:	 	Jessica Loche
	 	 	 
	Witness address:	 	11021 Wintercrest Dr., Riverview, FL 33569
	 	 	 
	Witness occupation:	 	Director of Internal Relations - Elutions

 

[Signature Page
to Secured Loan Note Deed]

 

    	9

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