Document:

WSTL EX10.1 EA dated 6.20.13

Exhibit 10.1

June 19, 2013  

Mr. Richard S. Cremona
5800 Innovation Drive
Dublin, OH 43016

Dear Rich,

I am pleased to submit for your consideration the position of Senior VP and Chief Operating Officer for Westell Technologies, Inc. (the “Company”),  Westell, Inc. ("Westell") and Kentrox, Inc. ("Kentrox" and together with Westell, the "Operating Subsidiary") reporting to me.

Position Description:

As SVP and COO, you will proceed to merge all Sales, Service, and Operations functions of Westell and Kentrox into an organization that you will directly manage as COO with advice and consent from the CEO, and oversight from the Board of Directors.

Compensation:

Your start date in this role is expected to be effective Monday, July 8, 2013.  Your base salary for this position will be $325,000 per year ($12,500.00 per pay period), less applicable withholdings.  You will also be eligible for an incentive bonus annual target of 60% of base salary (with such award being subject to and in accordance with the terms and conditions of the FY2014 Westell Technologies, Inc. and Subsidiaries Performance Bonus Plan, Consolidated Company Plan (“Bonus Plan”)).  Your participation in the Bonus Plan will be prorated based on your start date as COO, replacing and superseding the bonus terms of your previous interim position letter of March 11, 2013 and the bonus plan document sent to you dated May 3, 2013.   

In addition to the compensation noted above, and upon final approval by the Board of Directors (or the Compensation Committee), you will be awarded: 1) a grant of Restricted Stock Units for the equivalent of 200,000 shares of Class A Company common stock; and 2) you will be eligible to participate in the long-term, performance-based equity award program for Company Officers.  The Restricted Stock Units will be governed by the Westell Technologies, Inc. 2004 Stock Incentive Plan, and will vest at 25% each year upon the anniversary of their grant.  A condition of vesting of each award is that you remain employed at the Company on the applicable vesting date.

Benefits:

You will continue to be subject to the existing payroll practices and benefits until December 31, 2013.  As of January 1, 2014, you will move to the standard Westell benefit programs except for vacation accrual which will be set to four (4) weeks per year.  

Relocation:

This position is based in Chicago and will obviously require you and your family to move to within commuting distance of our headquarters at 750 N. Commons Drive, Aurora, IL.  You will be paid a one-time “Relocation Bonus” of $35,000 upon showing documentation of a lease (of at least 3 months) or purchase of a residence in the Chicago area.  In addition, reasonable and documented costs of your travel between St. Louis and Chicago will be reimbursed by the Company for a period of up to two months from your start date. The Relocation Bonus Plan payment is a gross amount.  All appropriate withholdings will apply.

Termination 

The Company may terminate your employment with or without Cause (as defined below) at any time.  If your employment is terminated by the Company for any reason other than Cause, death or disability the Company shall pay you a lump-sum payment equal to 50% of the sum of: (A) your base salary in effect immediately prior to the date of termination; and (B) your target cash bonus for the fiscal year in which the date of termination occurs.  Payment of this lump-sum amount is subject to the execution of a release of claims (in a form satisfactory to the Company) within 30 days of the date of termination.  Upon termination for Cause, you shall only be entitled to receive base salary and regular benefits through the effective date of such termination.

“Cause” shall mean: (i) theft, dishonesty, fraudulent misconduct, unauthorized disclosure of trade secrets, gross dereliction of duty or other grave misconduct on the part of you (the "Executive") that is substantially injurious to the Company or its subsidiaries; (ii) the Executive's willful act or omission that he knew would have the effect of materially injuring the reputation, business or prospects of the Company or its subsidiaries; (iii) the failure by Executive to comply with a particular directive or request from the Board of either the Company or the Operating Subsidiary regarding a matter material to either company, and the failure thereafter by Executive to reasonably address and remedy such noncompliance within thirty (30) days (or such shorter period as shall be reasonable or necessary under the circumstances) following Executive's receipt of written notice from such Board confirming Executive's noncompliance; (iv) the taking of an action by Executive regarding a matter material to either the Company or the Operating Subsidiary, which action Executive knew at the time the action was taken to be specifically contrary to a particular directive or request from the Board of the Company, (v) the failure by Executive to comply with the written policies of the Company or the Operating Subsidiary, including expenditure authority, and the failure thereafter by Executive to reasonably address and remedy such noncompliance within thirty (30) days (or such shorter period as shall be reasonable or necessary under the circumstances) following Executive's receipt of written notice from such Board confirming Executive's noncompliance, but such opportunity to cure shall not apply if the failure is not curable; (vi) Executive's engaging in willful, reckless or grossly negligent conduct or misconduct which, in the good faith determination of the Company's Board, is materially injurious to the Company or one or more of the Company's subsidiaries, monetarily or otherwise; (vii) the aiding or abetting a competitor or other breach by the Executive of his fiduciary duties to the Company or any or one or more of the Company's subsidiaries for which he serves as officer or director; (viii) a material breach by Executive of his obligations of confidentiality or nondisclosure or (if applicable) any breach of Executive's obligations of 

noncompetition or nonsolicitation under this offer; (ix) the use or knowing possession by Executive of illegal drugs on the premises of any of the Company or its subsidiaries; (x) Executive is convicted of, or pleads guilty or no contest to, a felony or a crime involving moral turpitude; or (xi) the Executive's consent to an order of the Securities and Exchange Commission for the Executive's violation of the federal securities laws.

Upon termination of your employment, you and your covered dependents will be eligible for medical coverage continuation as provided under the Consolidated Omnibus Budget Reconciliation Act (COBRA).  Unless otherwise prohibited by law, the Company will continue to pay its portion of the health benefits that you were receiving immediately prior to your termination for a six (6) month period, provided that, (i) the Company funded amount shall not be greater than that amount covered prior to your separation from employment, adjusted for applicable premium increases, and (ii) your continued receipt of Company funded health benefits pursuant to this paragraph shall terminate prior to the expiration of the six (6) month continuation period upon your becoming eligible for coverage by a health plan of any subsequent employer.  You agree you will notify Westell within one week of your becoming eligible for group insurance coverage through another employer.

Cancellation of Prior Agreements:

Your earned incentive bonus for Q1 of FY13 will be paid according to the terms of the Letter Agreement dated March 11, 2013 when the accounting for Q1 is completed (expected in late July 2013).  Beyond that one-time payment, this offer supersedes, substitutes for and replaces the terms of Letter Agreement dated March 11, 2013 between you and Westell, Inc.  Upon acceptance of this offer, the Letter Agreement dated March 11, 2013, and all prior agreements between you and Kentrox or between you and the Company and its subsidiaries, will be terminated, null and void and have no continuing force or effect.

Appointment Subject to Board Approval:

The appointment as an Executive Officer and the above arrangements are conditioned upon and subject to final approval of the Company Board of Directors and its Compensation Committee, and will not be effective until such approval has been granted and once approved will become effective as of July 8, 2013.  

Other Matters

By signing below, you also acknowledge that the information, observations and data obtained during the course of employment by the Company concerning the business and affairs of the Company and its subsidiaries or of third parties that the Company may be required to keep confidential (the “Westell Company Information”) are confidential and are the property of the Company or of such third parties.  You hereby agree that you shall not at any time, whether during employment with the Company or subsequent to termination of employment, disclose to any unauthorized person or use for your own account or for the account of any third party any Westell Company Information without the Company's prior written consent, unless and then only to the extent the Westell Company Information becomes generally known to and available for use by the public other than as a result of your acts or failure to act.  You shall use your best efforts to prevent the unauthorized misuse, espionage, loss or theft of the Westell Company Information.  You also further agree to deliver to the Company at the termination of employment, or at any other time the Company may request in writing, all memoranda, notes, plans, records, reports and other documents (and copies thereof) relating to the business of the Company that your may then possess or have under your control. 

Whether or not you are entitled to severance pay, you also agree that you will not, for twelve (12) months following termination: (i) induce or attempt to induce any person who is employed by Westell or its subsidaries in any capacity to leave such person's position, or in any way interfere with the relationship between the Company and its subsidiaries and such person, or (ii) hire directly or through another entity, in any capacity, any person who was employed by Westell or its subsidiaries within twelve (12) months prior to termination of  employment or during the twelve (12) months after termination, unless and until such person has been separated from employment with the Company or its subsidiaries for at least six (6) months. 

* * * * *

Sincerely,                        

/s/ Richard S. Gilbert

Richard S. Gilbert    
President and Chief Executive Officer    

Accepted:

/s/ Richard S. Cremona            06/20/2013    
(signed)            (date)Exhibit 10.3

 

AGREEMENT FOR PURCHASE AND SALE
OF LOANS AND UNITS

THIS AGREEMENT
FOR PURCHASE AND SALE OF LOANS AND UNITS (“Agreement”) dated as of June 21, 2013, is made by and between Nordkap
AG1 (“Nordkap”),
NKPacific, LLC, a Delaware Limited Liability Company (“NKPacific”)
and Pacific Ethanol, Inc., a
Delaware corporation (“Buyer”). Unless otherwise defined in this Agreement, capitalized terms used in this
Agreement are defined in Exhibit A.

RECITALS

WHEREAS, New PE
Holdco LLC, a Delaware limited liability company (the “Company”), issued certain limited liability company interests
denominated as “Units” pursuant to the LLC Agreement (as defined below) to certain creditors in connection with
the consummation of that certain Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, dated April 16,
2010 (“Plan”), filed with the United States Bankruptcy Court for the District of Delaware by the predecessors
in interest to the Company’s direct and indirect wholly-owned subsidiaries;

WHEREAS, pursuant
to the Plan, Nordkap was entitled to a distribution of Units, and Nordkap assigned its rights to the Units to NKPacific;

WHEREAS, Nordkap
is the sole member and owner of NKPacific;

WHEREAS, in
connection with the issuance of the Units, the Company, and various other parties, executed that certain Limited Liability Company
Agreement of New PE Holdco LLC dated June 29, 2010 (the “LLC Agreement”);

WHEREAS, Nordkap
is a Lender under the Second Amended and Restated Credit Agreement (as amended by the First Amendment to Second Amended and Restated
Credit Agreement dated January 4, 2013 and the Second Amendment to Second Amended and Restated Credit Agreement dated March 28,
2013) (the “Credit Amendment”), dated as of October 29, 2012, among Pacific Ethanol Holding Co. LLC (“Pacific
Holding”), Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, and Pacific Ethanol
Magic Valley, LLC, a Delaware limited liability company (collectively, the “Borrowers”), Pacific Holding, as
Borrowers’ Agent, New PE Holdco LLC, as Pledgor, each of the Lenders whose signatures appear on the signature pages thereto
(each a “Lender” and collectively, the “Lenders”), Wells Fargo Bank, N.A., as administrative
agent for the Lenders, Wells Fargo Bank, N.A., as collateral agent for the Senior Secured Parties and Amarillo National Bank, as
accounts bank;

WHEREAS, Nordkap
is the holder of a Revolver Loans, Tranche A-1 Term Loans and Tranche A-2 Term Loans (each as defined in the Credit Agreement)
under the Credit Agreement in the original principal amount of $1,122,394.40, $801,710.30 and $2,104,984.39, respectively (collectively,
the “Loans”); and

 

1 Nordkap AG was formerly
known as Nordkap Bank AG.

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WHEREAS, NKPacific
and Nordkap (collectively, “Sellers”) desire to sell to Buyer, and Buyer desires to purchase from Sellers, (i)
19.7 Units (the “Seller Units”) representing one hundred percent (100%) of the Units held by NKPacific, and
(ii) the Loans and all of Nordkap’s other rights, commitments and obligations under the Credit Agreement (the “Assigned
Interest”).

NOW, THEREFORE,
in consideration of the agreements and mutual covenants and based upon the representations and warranties set forth herein, the
parties agree as follows:

1.             Purchase
and Sale of Seller Units and Assigned Interest.

(a)              
Subject to the terms and conditions of this Agreement, Buyer agrees to purchase, and Sellers agree to sell, convey,
assign, transfer and deliver to Buyer on the Closing Date all of the following: (i) the Seller Units (WITHOUT REPRESENTATION, COVENANT
OR WARRANTY, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 3 OF THIS AGREEMENT) and (ii) the Assigned Interest (WITHOUT RECOURSE TO SELLERS,
AND WITHOUT REPRESENTATION, COVENANT OR WARRANTY, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 3 OF THIS AGREEMENT AND AS PROVIDED IN
THE LOAN ASSIGNMENT).

(b)              
As consideration for the sale of the Seller Units and the Assigned Interest to Buyer at the Closing, Buyer shall
pay to NKPacific, in cash, $197,000 for the Units and to Nordkap $3,000,000 in cash for the Assigned Interest (collectively, the
“Cash Consideration”) by wire transfer as hereinafter provided. With respect to the Assigned Interest, as more
particularly described in the Loan Assignment, Nordkap and Buyer will make all appropriate adjustments in payments by the Administrative
Agent for periods prior to the Trade Date set forth in the Loan Assignment.

(c)               
The closing of the sale of the Seller Units and the Assigned Interest to Buyer (the “Closing”)
shall take place at the offices of Buyer in Sacramento, California at 10:00 a.m. PST on such date as Buyer may designate in a written
notice (the “Closing Notice”) delivered to Seller at least one (1) business day prior to the Closing, but in
no event shall the Closing occur later than June 25, 2013 (the “Closing Date”).

2.             Condition Precedent to Buyer’s Obligation to Close. Buyer’s
obligation to purchase the Seller Units and the Assigned Interest is subject to the Buyer giving the Closing Notice. If Buyer has
not delivered the Closing Notice to Sellers by 5 p.m. EST on June 25, 2013, then this Agreement shall terminate and shall be of
no further force or effect and neither party shall have any further liability or obligation pursuant hereto.

3.             Sellers’ Representations. Sellers represent and warrant to Buyer as
follows:

(a)              
Organization. Nordkap is a corporation duly organized, validly existing and in good standing under the
laws of Switzerland. NKPacific is a limited liability company duly organized, validly existing and in good standing under the laws
of Delaware.

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(b)              
Due Authorization; Enforceability. The execution, delivery and performance of this Agreement have been
duly and validly authorized by Sellers. Assuming the due authorization, execution and delivery of the same by Buyer, this Agreement
and all other agreements and instruments entered into pursuant hereto (collectively, the “Transaction Documents”)
to which Sellers are a party constitute the legal, valid and binding obligation of Sellers, enforceable against Sellers in accordance
with their respective terms (except as may be limited by bankruptcy, insolvency, reorganization and other similar laws and equitable
principles relating to or limiting creditors’ rights generally).

(c)               
Non-Contravention; Consents. Sellers are not required to give any notice to, make any filing with, or
obtain any authorization, consent, or approval of, any government or governmental agency in order to consummate the purchase and
sale of (i) the Seller Units (the “Unit Sale Transaction”) and (ii) the Assigned Interest (the “Loan
Sale Transaction” and together with the Unit Sale Transaction, collectively the “Transaction”).

(d)              
Loan Balance; Prior Assignment; Authority. (i) As of the date of this Agreement, the outstanding principal
balances of the Revolving Loans, Tranche A-1 Term Loans and Tranche A-2 Term Loans $1,122,394.40, $801,710.30 and $2,104,984.39,
respectively, (ii) Nordkap has not previously assigned or sold any of the Assigned Interest or any rights, title or interest under
the Credit Agreement, (iii) Sellers have not previously assigned or sold any of the Seller Units or any rights, title or interest
under the LLC Agreement, and (iv) Sellers have the full power and authority to transfer and assign the Assigned Interest and the
Seller Units.

(e)               
No Prior Assignment; Authority. (i) Sellers have not previously assigned or sold any of the Seller Units
or any rights, title or interest under the LLC Agreement, and (ii) Sellers have full power and authority to transfer and assign
the Seller Units.

(f)               
Ownership. Sellers are the legal and beneficial owners of the Seller Units and the Assigned Interest free
and clear of any Encumbrances. Sellers are not a party to any option, warrant, purchase right, or other contract or commitment
(other than this Agreement) that could require Sellers to sell, transfer, or otherwise dispose of any Seller Units or Assigned
Interest, or any voting or economic right therein, other than to the Company. Sellers are not a party to any voting trust, proxy,
or other agreement or understanding with respect to the voting of any Seller Units.

(g)              
Brokers. Sellers have not agreed or become obligated to pay, or have taken any action that might result
in any person, entity or governmental body claiming to be entitled to receive, any brokerage commission, finder’s fee or
similar commission or fee in connection with the Transaction.

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4.             Buyer Representations. Buyer represents and warrants to Sellers as follows:

(a)              
Organization. Buyer is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. Buyer is in good standing and qualified to do business as a foreign corporation in any state in which
it is doing business.

(b)              
Due Authorization; Enforceability. The execution, delivery and performance of this Agreement have been
duly and validly authorized by Buyer. Assuming the due authorization, execution and delivery of the same by Sellers, this Agreement
and the other Transaction Documents to which Buyer is a party hereto constitute the legal, valid and binding obligation of Buyer,
enforceable against Buyer in accordance with their respective terms (except as may be limited by bankruptcy, insolvency, reorganization
and other similar laws and equitable principles relating to or limiting creditors’ rights generally).

(c)               
Non-Contravention; Consents. Buyer is not required to give any notice to, make any filing with, or obtain
any authorization, consent, or approval of any government or governmental agency in order to consummate the Transaction.

(d)              
Investment Intent. Buyer is acquiring the Seller Units for its own account for investment purposes
only and not with a view to the distribution or resale thereof, in whole or in part.

(e)               
Permitted Transfer. Buyer is (i) a Permitted Transferee as such term is defined in the LLC Agreement and
(ii) an Affiliated Lender as defined in the Credit Agreement.

(f)               
Brokers. Buyer has not agreed or become obligated to pay, or has taken any action that might result in
any person, entity or governmental body claiming to be entitled to receive, any brokerage commission, finder’s fee or similar
commission or fee in connection with the Transaction.

(g)              
As-Is Sale. The Buyer hereby acknowledges and agrees that the Seller Units and the Assigned Interest are
being sold “as-is.” The Buyer hereby acknowledges and agrees that the Sellers make no representations, covenants or
warranties other than as expressly set forth in Section 2, Section 3 and the Loan Assignment and specifically acknowledges that
Sellers have made no representations, covenants or warranties with regard to any collateral for the Loans.

5.             Closing Deliverables by Sellers. At the Closing and subject to the Sellers’
receipt of the Cash Consideration, Sellers shall deliver the following to Buyer:

(a)              
a duly executed and completed copy of the Loan Assignment; and

(b)              
a duly executed copy of the New PE Holdco LLC Unit Assignment in the form attached hereto as Exhibit B.

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6.             Closing Deliverables by Buyer. At the Closing, Buyer shall deliver the Cash
Consideration to the Sellers by wire transfer in accordance with the following instructions: 

Wire funds to: JP Morgan Chase Bank, New York

SWIFT Address: CHASUS33

For the Account of: Svenska Handelsbanken, Stockholm
(SWIFT:HANDSESS)

For Further Credit To: Nordkap AG, Zurich

Account Number: 49 755 889

Reference: Pacific Ethanol

Attention: C. Waldmeier

7.             Survival of Representations and Covenants. The covenants and agreements
of each Party shall survive the Closing for the periods specified in such covenants and agreements, or if no period is specified,
until the first anniversary of the Closing. The representations and warranties of each Party shall survive until the first anniversary
of the Closing.

8.             Additional Agreements.

(a)              
Further Assurances. Each Party agrees to execute and deliver such further documents and instruments and
to take such further actions after the Closing as may be necessary or desirable and reasonably requested by the other Party to
give effect to the Transaction.

(b)              
Expenses; Attorneys’ Fees. Each Party shall bear and pay all fees, costs and expenses that have
been incurred or that are in the future incurred by, on behalf of, such Party in connection with the negotiation, preparation and
review of this Agreement, the other Transaction Documents and all certificates and other instruments and documents delivered or
to be delivered in connection with the Transaction, and the consummation and performance of the Transaction. If a Party shall bring
any action, suit, counterclaim, appeal, arbitration, or mediation for any relief against the other Party, declaratory or otherwise,
to enforce the terms hereof or to declare rights hereunder (referred to herein as an “Action”), the non-prevailing
party in such Action shall pay to the prevailing party in such Action a reasonable sum for the prevailing party’s attorneys’
fees and expenses.

(c)               
Sellers’ Rights under the Credit Agreement and LLC Agreement. Until the consummation of the Transaction,
Nordkap reserves all of its rights to exercise and enforce its rights and remedies as a Lender under the Credit Agreement and the
other Loan Documents (as defined in the Credit Agreement), in each case, without any obligation to notify, or seek the consent
of, the Buyer of such exercise or enforcement and the Buyer shall have no right to direct Nordkap in the exercise or enforcement
of such rights or remedies. Until the consummation of the Transaction, NKPacific reserves all of its rights and remedies under
the LLC Agreement without any obligation to notify, or seek the consent of, Buyer of the exercise of any such rights or remedies
and the Buyer shall have no right to direct NKPacific in the exercise of any such rights or remedies.

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9.             Miscellaneous.

(a)              
Notices. All notices, demands and other communications to be given or delivered under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to have been given when personally delivered, when mailed
by certified mail, return receipt requested, when sent by facsimile with confirmation of receipt received, or when delivered by
overnight courier with executed receipt. Notices, demands and communications to Sellers or Buyer shall, unless another address
is specified in writing in accordance herewith, be sent to the address indicated below:

Notices to Sellers:

Nordkap AG

Thurgauerstrasse 54

8050 Zurich, Switzerland-CH

Attn: Christa Waldmeier

Tel: 011-41-44-306-4922

Fax: 011-41-44-306-4911

Notices to Buyer:

Pacific Ethanol, Inc.

400 Capitol Mall

Suite 2060

Sacramento, CA 95814

Attn: General Counsel

Tel: (916) 403-2123

Fax: (916) 403-2785

(b)              
Amendment. No change in or modification of this Agreement shall be valid unless the same shall be in writing
and signed by Sellers and Buyer.

(c)               
Waiver. No failure or delay on the part of the parties or any of them in exercising any right, power or
privilege hereunder, nor any course of dealing between the parties or any of them shall operate as a waiver of any such right,
power or privilege nor shall any single or partial exercise of any such right, power or privilege preclude the simultaneous or
later exercise of any other right, power or privilege. The rights and remedies herein expressly provided are cumulative and are
not exclusive of any rights or remedies which the parties or any of them would otherwise have.

(d)              
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if
all of the parties hereto had signed the same document. All counterparts shall be construed together and shall constitute one agreement.
This Agreement and any amendments hereto, to the extent signed and delivered by means of a facsimile machine or electronic transmission
(including a PDF file), shall be treated in all manner and respects as an original Agreement and shall be considered to have the
same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto shall raise the
use of a facsimile machine or electronic transmission to deliver a signature or the fact that any signature was transmitted or
communicated through the use of a facsimile machine or electronic transmission as a defense to the formation of a contract and
each such party forever waives any such defense.

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(e)               
GOVERNING LAW. THE LAWS OF THE STATE OF DELAWARE SHALL GOVERN THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION
OF ITS TERMS, AND THE INTERPRETATION OF THE RIGHTS AND DUTIES ARISING HEREUNDER, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PROVISIONS.

(f)               
Submission to Jurisdiction; Waiver of Jury Trial and Venue.

(1)              
SUBMISSION TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY,
TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW
YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

(2)              
WAIVER OF JURY TRIAL AND VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, (i) ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR AND (ii) ANY OBJECTION THAT SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO ABOVE. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

(3)              
Service of Process. Each party hereto agrees that service of process may be effectuated by mailing a copy of the
summons and complaint, or other pleading, by certified mail, return receipt requested, in accordance with Section 9(a).

(g)              
Benefit and Binding Effect. Except as otherwise provided in this Agreement, no right under this Agreement
shall be assignable and any attempted assignment in violation of this provision shall be void. Every covenant, term, and provision
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective executors, administrators,
heirs, successors, transferees, and assigns. It is understood and agreed among the parties that this Agreement and the covenants
made herein are made expressly and solely for the benefit of the parties hereto, and that no other Person, other than
as expressly set forth in this, shall be entitled or be deemed to be entitled to any benefits or rights hereunder, nor be
authorized or entitled to enforce any rights, claims or remedies hereunder or by reason hereof.

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(h)              
Severability. Any provision of this Agreement which is prohibited, unenforceable or not authorized in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or nonauthorization
without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in
any other jurisdiction. The parties hereto agree to negotiate in good faith to replace any illegal, invalid or unenforceable provision
of this Agreement with a legal, valid and enforceable provision that, to the extent possible, will preserve the economic bargain
of this Agreement. If any time period set forth herein is held by a court of competent jurisdiction to be unenforceable, a different
time period that is determined by the court to be more reasonable shall replace the unenforceable time period.

(i)                
Headings; Construction. Section and other headings contained in this Agreement are for reference purposes
only and are not intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision
hereof. Every covenant, term, and provision of this Agreement shall be construed simply according to its fair meaning and not strictly
for or against any party. Every schedule and other addendum attached to this Agreement and referred to herein is incorporated in
this Agreement by reference unless this Agreement expressly otherwise provides. All terms and any variations thereof shall be deemed
to refer to masculine, feminine, or neuter, singular or plural, as the identity of the Person or Persons may require.

(j)                
Entire Agreement. This Agreement contains the entire understanding and agreement among the parties hereto
with respect to the subject matter hereof, and supersedes all prior agreements and all contemporaneous oral agreements.

[Signatures contained
on following page.]

 

 

 

 

 

 

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement for Purchase and Sale of Loans and Units as of the day and year first above written.

Buyer:

Pacific Ethanol,
Inc.

By: /s/ Bryon T. McGregor              

Name: Bryon T McGregor                

Title: CFO                                            

Sellers

Nordkap AG

By: /s/ Klaus Merz                             

Name: Klaus Merz                              

Title: CEO                                            

By: /s/ Christa Waldmeier                 

Name: Christa Waldmeier                  

Title: CFO                                             

NKPacific,
LLC

By: /s/ Klaus Merz                             

Name: Klaus Merz                              

Title: CEO                                            

 

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Exhibit
A

Definitions

 

“Action” is defined in Section 8(b).

 

“Agreement” is defined
in the preamble hereof.

 

“Assigned Interest”
is defined in the recitals hereto.

 

“Borrowers” is defined
in the recitals hereto.

 

“Buyer” is defined
in the preamble hereof.

 

“Cash Consideration”
is defined in Section 1(b).

 

“Closing” is defined
in Section 1(c).

 

“Closing Date” is
defined in Section 1(c).

 

“Closing Notice” is
defined in Section 1(c).

 

“Company” is defined
in the recitals hereto.

 

“Credit Agreement”
is defined in the recitals hereto.

 

“Encumbrance” means
any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, equity, trust, equitable interest, claim, preference,
right of possession, lease, tenancy, license, encroachment, covenant, infringement, interference, order, proxy, option, right of
first refusal, preemptive right, community property interest, legend, defect, impediment, exception, reservation, limitation, impairment,
imperfection of title, condition or restriction of any nature (including any restriction on the transfer of an asset, any restriction
on the receipt of any income derived from an asset, any restriction on the use of any asset and any restriction on the possession,
exercise or transfer of any other attribute of ownership of an asset).

 

“LLC Agreement”
is defined in the recitals hereto.

 

“Loan(s)” is defined
in the recitals hereto.

 

“Loan Assignment”
means an assignment of the Loans in the form attached as Exhibit 11.03 to the Credit Agreement.

 

“Loan Sale Transaction”
is defined in Section 3(c).

 

“Loss” shall include
any loss, damage, injury, decline in value, liability, claim, demand, settlement, judgment, award, fine, penalty, tax, fee (including
any legal fee, expert fee, accounting fee or advisory fee), charge, cost (including court costs and any cost of investigation)
or expense of any nature.

    	1

    	 

    

 

“Member” has the meaning
ascribed to such term in the LLC Agreement.

 

“NKPacific” is defined
in the preamble hereof.

 

“Nordkap” is defined
in the preamble hereof.

 

“Pacific Holding”
is defined in the recitals hereto.

 

“Party” or “Parties”
means any of Seller and Buyer.

 

“Person” means any
individual, person, limited liability company, partnership, trust, unincorporated organization, corporation, association, joint
stock company, business, group, government, government agency or authority or other entity.

 

“Plan” is defined
in the recitals hereto.

 

“Sellers” is defined
in the recitals hereto.

 

“Seller
Units” is defined in the preamble hereof.

 

“Transaction” is defined
in 3(c).

 

“Transaction Documents”
is defined in Section 3(b).

 

“Unit” is defined
in the recitals hereto.

 

“Unit Sale Transaction”
is defined in Section 3(c).

 

 

 

 

 

 

 

    	2

    	 

    

 

Exhibit
B

NEW PE HOLDCO LLC UNIT ASSIGNMENT

[See Attached]

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