Document:

Exhibit 10.5

CHEMUNG FINANCIAL CORPORATION

CHEMUNG CANAL TRUST COMPANY

 

Amended and Restated

Directors’ Deferred Fee Plan

 

This amended and restated
Deferred Directors Fee Plan (the "Plan") adopted by the Board of Directors of Chemung Financial Corporation and Chemung
Canal Trust Company, hereinafter together referred to as the “Corporation,” this 21st day of December, 2005.

 

WHEREAS on December 15,
2004 the Board adopted an amendment to its Plan which incorporated by reference the changes to deferred compensation enacted by
the American Jobs Creation Act of 2004 (P.L. 108-357) which added § 409A to the Internal Revenue Code (the "Code");
and

 

WHEREAS the Board has elected
to amend the Plan to comply with § 409A of the Code with respect to amounts deferred or vested after December 31, 2004 and
does not intend this amendment and restatement to constitute a material amendment to the Plan as such term is used in Code §
409A(d)(2)(B) but rather that it will not affect the treatment of fees deferred and vested under the Plan prior to January 1, 2005;

 

NOW, THEREFORE, effective
January 1, 2005, the Plan is being amended and restated in its entirety as follows:

 

Any Director may elect
from time to time that payment of all or any part of the annual retainer thereafter payable to him or her and that payment of all
or any part of the fees thereafter earned by him or her for attendance at subsequent meetings of the full Board of Directors and
at subsequent meetings of committees of the Board of Directors (such annual retainer and fees for attendance being hereinafter
collectively referred to as “fees”) be deferred on the following terms:

 

1) ELECTION – All
elections must be in writing in a Participation Agreement signed by the Director, which Participation Agreement shall designate
the time and manner of payment of all fees deferred pursuant thereto. Any election to defer compensation shall be effective only
with respect to compensation for services performed on or after January 1 of the year following the year in which the election
is made. An election to defer compensation shall become irrevocable with respect to compensation for services performed within
a given year on December 31 of the year preceding the year in which the services are to be performed.

 

An election as to the time
and manner of payment of deferred fees may be amended to further defer the commencement of payment or to extend the period of payment,
provided such amendment is made at least twelve (12) months before the first payment of deferred fees would have been made under
the Director’s existing election. Such an amended election shall not be effective for twelve (12) months and no payment under
such an amended election shall be made earlier than five (5) years after the date that the first payment would have otherwise been
made under the Director’s existing election, except as expressly allowed under Code § 409A of the Code and the regulations
and other guidance issued thereunder.

 

2) PERIOD OF ELECTIONS
– Each election shall continue in effect as to all fees thereafter earned as above provided by the electing Director until
revoked by written instrument signed by such Director. Any such revocation shall be effective only with respect to compensation
for services to be performed on or after January 1 of the year following the year in which the revocation occurs, and shall not
be effective with regard to any compensation with respect to which an election has become irrevocable under the terms of this Plan.

 

3) SUCCESSIVE ELECTIONS
– A Director who revokes an election may make a new election at any time thereafter as to fees to be earned on or after January
1 of the year following the year in which such new election is made, but the prior revoked election shall govern the time and manner
of payment of all fees deferred pursuant thereto, except as otherwise specifically allowed hereunder.

    	 

    	 

    

 

4) ACCOUNTING FOR DEFERRED
FEES – Deferred fees shall be a general unfunded liability of Chemung Canal Trust Company (“the Bank”). No separate
fund shall be set aside or earmarked for their payment. Neither shall any Director have a right nor shall security interest in
any asset of the Bank and no trust or security interest be implied as a result thereof. A Director may designate, in increments
of 10%, the compensation to be deferred, or compensation already deferred, to be allocated to a Memorandum Money Market or a Memorandum
Unit Value Account, or a combination of such accounts, provided, however, that effective October 1, 1997, amounts allocated to
the Memorandum Unit Value Account as of October 1, 1997 or thereafter and earnings thereon may not thereafter be transferred to
the Memorandum Money Market Account. Any change in such designation between the accounts may be made no later than the last day
of each March, June, September and December during the deferral period to be effective on the date next following such notification
that compensation would have been paid in accordance with the Bank’s normal practice but for the election to defer.

 

		a)	Memorandum Money Market Account – A memorandum account shall be kept of the deferred fees
by each Director with the balance in said memorandum account to be credited with interest compounded quarterly on the average balance
during each such calendar quarter at a rate during each calendar quarter equal to the Applicable Federal Rate for short-term debt
instruments as computed and published by the Internal Revenue Service for the month immediately preceding the calendar quarter
for which the interest computation is being made.

 

		b)	Memorandum Unit Value – The amount, if any, in or allocated to the Director’s deferred
compensation Unit Value Account on the dates compensation would have been paid in accordance with normal practice but for the election
to defer, shall be expressed in units on a quarterly basis, the number of which shall be calculated as of the last trading day
of each quarter and shall be equal to the sum of the quarterly retainer and other fees received by the Director in such quarter
divided by the closing bid price for shares of the Corporation’s Common Stock (hereinafter referred to as “Market Value”)
on such date. On each date that the Corporation pays a regular cash dividend on shares of its Common Stock outstanding, the Director’s
account shall be credited with a number of units equal to the amount of such dividend per share multiplied by the number of units
in the Director’s account on such date divided by the Market Value on such dividend date. The value of the units in the Director’s
Unit Value Account on any given date shall be determined by reference to the Market Value on such date. If a valuation date shall
not be a trading day, the Market Value on such valuation date shall be deemed to be the Market Value on the trading day next preceding
such date.

 

		c)	Recapitalization – The number of units in the Director’s Unit Value Account shall be
proportionally adjusted for any increase or decrease in the number of issued shares of Common Stock of the Corporation resulting
from a subdivision or consolidation of shares or other capital adjustment, or the payment of a stock dividend or other increase
or decrease in such shares, effected without receipt of consideration by the Bank, or any distribution or spin-off of assets (other
than cash to the stockholders of the Corporation).

 

5) TIME OF PAYMENT –
At the election of an electing Director, deferred fees shall be paid to him or her, or payment thereof to him or her, shall commence
either:

 

		a)	at a specified age indicated in the Director’s Participation Agreement, or

 

		b)	at a specified time permitted under the provisions of this Plan, as indicated in the Director’s
Participation Agreement,

 

    	2

    	 

    

		c)	at the termination of the Director’s service with Chemung Canal Trust Company; provided,
however, that if a Director attains the age of 72 years prior to his or her separation from service, payment shall commence in
such year and shall be made in the amounts and at the intervals specified in the Director’s Participation Agreement with
respect to payment upon a separation from service, or

 

		d)	upon the occurrence of a Change in Control Event, as provided in Section 9 of this Plan.

 

6) MANNER OF PAYMENT –
A Director may elect to receive the compensation deferred under the plan in either (a) a lump sum, or (b) a number of annual installments
as specified by the Director in his or her executed Participation Agreement. All amounts distributed to a Director, his or her
personal representatives or beneficiaries in the Director’s Money Market Account shall be paid in cash and, effective October
1, 1997, all amounts in the Director’s Unit Value Account shall be paid in the form of shares of the Corporation’s
Common stock.

 

7) DEATH – At the
death of an electing Director, the entire balance of his or her account shall be paid in a lump sum to his or her personal representatives
or, if the Director has named a beneficiary and such beneficiary survives the Director, in a lump sum or in installments of
not more than 10 years as elected in the Director’s Participation Agreement.

 

8) TOTAL AND PERMANENT
DISABILITY – Upon satisfactory proof of a Director’s becoming disabled, the Board of Directors shall direct the payment
of the entire balance of his or her account to the Director or the commencement of installment payments to him or her, in accordance
with such Director's election in his or her Participation Agreement. A Director shall be deemed disabled for the purposes of this
Plan if, due to a medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of at least twelve (12) months, the Director either (1) is unable to engage in any substantial
gainful activity, or (2) is receiving income replacement benefits for a period of at least 3 months under an accident or health
plan covering employees of the Bank.

 

9) CHANGE IN CONTROL OR
OWNERSHIP – Upon the occurrence of a Change in Control Event, the Board shall notify, by certified mail, each Director or
former Director who has at such time a Director’s Unit Value Account within thirty (30) days of such event. Each such
Director or former Director shall have thirty (30) days from the date of such notice to elect to receive all of his or her Director’s
Unit Value Account in one lump sum payment. Upon such an election, the amount elected to be paid shall be sent by the Corporation
to the address designated by such Director or former Director within fifteen (15) days of such election. A “Change in
Control Event” shall mean a Change in Control or Change in Ownership of the Bank or a Change in Asset Ownership with respect
to the Bank.

 

“Change in Control”
shall mean: either (1) the event in which one person or multiple persons acting as a group acquire (or have 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 thirty-five percent (35%) or more of the total voting power of the stock of the Corporation; or (2) the event in which
a majority of members of the Board is replaced during any twelve (12) month period by directors whose appointment or election is
not endorsed by a majority of the members of the Board prior to the date of the appointment or election.

 

“Change in Ownership”
shall mean the event in which one person or multiple persons acting as a group acquire ownership of stock of the Corporation that,
together with stock already held by the person or group, constitutes more than fifty percent (50%) of the fair market value or
total voting power of the stock of the Corporation, provided that the person or group does not own more than fifty percent (50%)
of the fair market value or total voting power of such stock prior to the acquisition.

 

    	3

    	 

    

“Change in Asset
Ownership” shall mean the event in which one person or multiple persons acting as a group acquire (or have acquired during
the twelve (12) month period ending on the date of the most recent acquisition by such person or person) assets from the Corporation
that have a total gross fair market value that equals or exceeds forty percent of the fair market value of all of the assets of
the Corporation immediately prior to such acquisition or acquisitions.

 

10) ACCELERATION OF PAYMENTS
– No Director shall be permitted to accelerate the timing or schedule of any payment made under this Plan, except in any
one of the following situations:

 

		a)	Domestic Relations Orders: The Plan shall permit a participating Director to accelerate
the time or schedule of a payment to an individual other than the Director as is necessary to fulfill any judgment, decree, or
order made pursuant to a state domestic relations law that relates to the provision of child support, alimony payments, or marital
property rights to a spouse, former spouse, child or other dependent of the Director

 

		b)	Employment Taxes: The Plan shall permit a participating Director to accelerate the time
or schedule of a payment to pay: (i) Federal Insurance Contributions Act (FICA) taxes imposed under Sections 3101 and 3121(v)(2)
of the Code on compensation deferred under the Plan (the “FICA amount”); (ii) income tax at source on wages imposed
under Section 3401 on the FICA amount; and (iii) additional income tax at source on wages attributable to pyramiding Section 3401
wages and taxes. The amount of any payment accelerated under this subsection (b) shall not exceed the aggregate of the FICA amount
and the income tax withholding related to such an amount.

 

		c)	De Minimis Cash-Out: The Plan shall permit a participating Director to accelerate the time
or schedule of a payment to the Director upon the Director’s termination of all of his or her interest in the Plan, provided
that the payment is made on or before the later of December 31 of the calendar year in which the Director separates from service
or the date two and one-half (2 1⁄2) months after the Director’s separation from service, and that the payment does
not exceed $10,000. Payment under the terms of this subsection (c) shall be made in one lump sum payment. No Director shall be
permitted any election with respect to the receipt of such lump sum payment.

 

		(d)	Failure of the Plan to Qualify Under Section 409A: The Plan shall permit a participating
Director to accelerate the time or schedule of payment to the Director at any time the Plan is determined to have failed to meet
the requirements of §409A of the Code and any regulations thereunder. Payment under this paragraph shall not exceed the amount
the Director is required to include in his or her gross income as a result of the Plan’s failure to comply with such requirements.

 

11) TRANSFER, PLEDGE OR
SEIZURE – Title to deferred fees shall not vest in a Director until actual payment thereof is made by the Corporation
in accordance with the provisions of this Plan. A Director may not transfer, assign, pledge, hypothecate or encumber in any way
any interest in such deferred fees prior to the actual receipt thereof. If a Director attempts to transfer, assign or encumber
any interest in his or her deferred fees, or any part thereof, prior to the payment or distribution thereof to him or her, or if
any transfer or seizure of such deferred fees is attempted to be made or brought about through the operation of any bankruptcy
or insolvency law or other legal procedure, the rights of the Director taking such action or concerned therein or affected thereby
or who would, but for this provision, be entitled to receive such deferred fees, shall forthwith and ipso facto terminate and the
Bank may thereafter, in its absolute discretion at such time or times and in such manner as it deems proper, cause the whole or
any part of the balance of the Director’s account to be paid to any person or persons, including any spouse or child of the
Director, as the Bank in its uncontrolled discretion shall deem advisable.

    	4

    	 

    

 

12) AMENDMENT OR REPEAL
– This Plan may be amended or repealed in whole or in part at any time by the Bank, but no such amendment or repeal shall
alter the time or manner of the payment of fees, the payment of which has theretofore been deferred pursuant hereto, except as
expressly allowed herein.

 

13) COORDINATION WITH §409A
– The provisions of this Plan are intended to grant participating Directors any and all rights with respect to deferral elections,
the change or amendment of deferral elections, the distribution of amounts of compensation deferred, the revocation of deferral
elections, and the acceleration of payments, to the fullest extent permitted by §409A of the Internal Revenue Code and any
guidance and regulations issued thereunder. In the event that §409A or any final regulation or guidance promulgated thereunder
would permit any right or privilege beneficial to participants in this Plan, including, but not limited to any right or privilege
with respect to deferral of compensation, distribution of deferred compensation, acceleration of any payment, or the change or
amendment of any deferral election, that exceeds any corresponding right or privilege afforded under the provisions of this Plan
or is a right or privilege not afforded under this Plan, the Plan shall be deemed amended to incorporate such new or greater right
or privilege to the greatest extent permitted without making any participating Director subject to the penalty or interest provisions
of §409A or of any regulation promulgated thereunder.

 

14) REMEDIAL AMENDMENT
– The provisions of this Plan are intended to qualify under §409A of the Code, as added by the American Jobs Creation
Act of 2004, and any regulations and guidance promulgated thereunder. The Board, the Bank, and any and all Directors participating
in this plan agree to take such action or to refrain from acting, as the case may be, to the extent required to comply with such
statute, regulations, and guidance. To the extent that any provision of this Plan should cause the Plan to fail to qualify under
§409A or any regulations or guidance promulgated thereunder, such provision, together will all elections thereunder, shall
be deemed to be amended to the extent required to comply with the requirements of such statute, regulations or guidance.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement this _____ day of ___________________________.

 

	 	CHEMUNG CANAL TRUST COMPANY
	 	 	 	 
	 	By 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	Its	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 [Insert name of participating director]

 

    	5

    	 

    

CHEMUNG FINANCIAL CORPORATION

CHEMUNG CANAL TRUST COMPANY

 

DIRECTORS’ DEFERRED FEE PLAN

PARTICIPATION AGREEMENT

 

 

In accordance with the terms of the Deferred Directors Fee Plan,
(the “Plan”), as amended, I hereby elect to defer compensation payable to me as a Director of Chemung Financial Corporation
and Chemung Canal Trust Company as indicated below:

 

		1)	AMOUNT TO BE DEFERRED (specify percentage):

 

	 	a)  Retainer Fee	   ________
	 	 	 
	 	b)  Board Meeting Fee	   ________
	 	 	 
	 	c)  Committee Meeting Fee	________

 

		2)	ACCOUNTS TO WHICH DEFERRED AMOUNTS ARE TO BE ALLOCATED:

 

	 	a)  Money Market Account	   ________
	 	 	 
	 	b)  Unit Value Account	   ________
	 	Note:  Entries must total 100%	 

 

 

		3)	PERIOD OF DEFERRAL:

 

Beginning _________________ and continuing until revoked
by me or until the termination of my services as a director, whichever shall first occur.

 

		4)	DISTRIBUTION ELECTION (complete and check one):

 

	 	a)	Specify date in future at which payments should be made or commence.	________
	 	 	 	 
	 	b)	Specify age in future at which payments should be made or commence.	________
	 	 	 	 
	 	c)	Upon termination of service as Director	________

 

		5)	FORMS OF PAYMENT OF DEFERRED COMPENSATION PLUS INTEREST AND DIVIDENDS CREDITED THEREON
(check one):

 

	 	a)	In one lump sum	________
	 	 	 	 

 

    	6

    	 

    

	 	b)	In annual installments (number of annual installments required)	________
	 	 	(Note: In the case of permanent disability, the Plan will pay in accordance with the above election).	 

 

 

		6)	BENEFICIARY:

In the event of my death prior to the receipt of all
amounts payable to me pursuant to the Plan, the balance in my deferred compensation account shall be paid (check one):

 

	 	a)	To my personal representative in one lump sum	________
	 	 	 	 
	 	b)	To ______________________________, if living, or if deceased, to_____________________________________	________
	 	 	 	 
	 	c)	Other (Please specify) ____________________________	________
	 	 	 	 

		7)	CHANGE IN BENEFICIARY:

The right to change any beneficiaries named in Paragraph
6 (check one):

 

	 	a)  is	      ________
	 	 	 
	 	b)  is not reserved	      ________

 

 

 

 

I understand that this election, once made, is
irrevocable as to compensation deferred pursuant hereto and that any change in the timing or form of payment thereof can only be
made in accordance with the Plan.

 

 

	 	 	 
	Date	 	Director

 

 

 

 

RECEIVED BY: _______________________________

 

 

    	7EXHIBIT 10.1

 

SECOND
AMENDMENT TO CREDIT AND SECURITY AGREEMENT

 

This
Second Amendment to Credit and Security Agreement (this “Amendment”) is made effective as of the 21 of January,
2015, by and among MB FINANCIAL BANK, N.A., successor in interest to Cole Taylor Bank (“Lender”), MENDOCINO
BREWING COMPANY, INC., a California corporation (“MBC”), and RELETA BREWING COMPANY LLC, a Delaware limited
liability company (“RBC”; RBC and MBC are collectively referred to as “Borrowers” and, individually,
as a “Borrower”).

 

PRELIMINARY
STATEMENTS

 

A.
Borrowers and Lender have entered into that certain Credit and Security Agreement dated as of June 23, 2011 (as amended, restated,
or otherwise modified from time to time, the “Credit Agreement”).

 

B.
As of the date hereof, Events of Default under Section 13.01(b) of the Credit Agreement have occurred and are continuing, including,
without limitation, the failure to comply with the Tangible Net Worth covenant contained in Section 12.01 of the Credit Agreement
and the failure to comply with the Fixed Charge Coverage covenant contained in Section 12.02 of the Credit Agreement, each as
of the dates set forth in certain reservation of rights letters dated September 17, 2013, April 15, 2014 and August 15, 2014,
respectively, delivered by Lender to Borrowers.

 

C.
Borrowers have requested that Lender agree to amend certain provisions of the Credit Agreement, and Lender has agreed to amend
the Credit Agreement on the terms and conditions set forth below.

 

NOW
THEREFORE, in consideration of the foregoing and such other consideration as the parties mutually agree, the parties hereto
agree as follows:

 

1.
Preliminary Statements. The preliminary statements set forth above are accurate, represent the intent of the parties hereto
and are incorporated herein by reference. Unless otherwise defined in this Amendment, capitalized terms used herein will have
the same meaning in this Amendment as set forth in the Credit Agreement.

 

2.
Amendments to Credit Agreement.

 

(a)
Definition of “Borrowing Base” in Section 1.01 of the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

 

‘“Borrowing
Base’ means, at any time, with respect to each Borrower:

 

Subject
to change from time to time in the Lender’s sole discretion, the sum of:

 

(i)
eighty-five percent (85%) of such Borrower’s Eligible Accounts; plus

 

(ii)
the lesser of (A) fifty percent (50%) of the lower of cost or market value of such Borrower’s Eligible Finished Goods And
Raw Material Inventory, or (B) Nine Hundred Fifty Thousand and No/100 Dollars ($950,000), which amount shall be reduced by two
percent (2%) beginning on February 20, 2015 and continuing on the 20th day of each month thereafter; plus

 

    	 

    	 

    

 

(iii)
the lesser of (A) thirty percent (30%) of Eligible Work-in-Progress Inventory, or (B) Two Hundred Fifty Thousand and No/100 Dollars
($250,000); minus

 

(iv)
the Hedging Obligation Reserve; less

 

(v)
the Availability Reserve.”

 

(b)
The definition of “Maximum Revolving Loan Limit” in Section 1.01 of the Credit Agreement is hereby deleted in its
entirety and replaced with the following:

 

“‘Maximum
Revolving Loan Limit’ means $2,500,000.”

 

3.
Reduction of Advance Rates. As a result of the Existing Defaults (as defined below) and without limiting any other default
rights or remedies, Lender advises Borrowers that the advance rate for Eligible Finished Goods And Raw Material Inventory and
Eligible Work-in Progress Inventory will each be reduced by two percent (2.0%) beginning February 20, 2015 and will continue to
be reduced by an additional two percent (2.0%) on the 20th day of each month thereafter.

 

4.
Default Rate. Each Borrower acknowledges and agrees that Lender may continue to charge interest at the Default Rate pursuant
to Sections 4.02 and 13.02(e) of the Credit Agreement.

 

5.
Reservation of Rights; No Waiver. Borrowers have informed Lender that the following Events of Default under the Credit
Agreement have occurred and are continuing on the date hereof (collectively, the “Existing Defaults”): failure
to comply with (a) the Tangible Net Worth covenant contained in Section 12.01 of the Credit Agreement for each measurement period
beginning June 1, 2013 through November 30, 2014 and (b) the Fixed Charge Coverage covenant contained in Section 12.02 of the
Credit Agreement for each measurement period beginning March 31, 2013 through November 30, 2014. As a result of the Existing Defaults,
Lender is permitted to exercise its default rights and remedies as provided in the Credit Agreement without further notice or
demand. Neither the entering into this Amendment nor the making of additional advances by Lender waives of any of the default
rights and remedies of Lender under Section 13.02 of the Credit Agreement. All default rights and remedies of Lender are therefore
reserved.

 

6.
Conditions Precedent to Effectiveness of this Amendment. The following are conditions precedent to the effectiveness of
this Amendment, notwithstanding anything contained herein to the contrary:

 

(a)
Lender shall have received a fully executed copy of this Amendment in form and substance satisfactory to Lender; and

 

(b)
Lender shall have received payment by Borrowers to Lender of all other amounts owed to Lender in connection with this Amendment.

 

7.
Expenses. Immediately upon request, Borrowers shall pay all reasonable expenses and costs of Lender (including, without
limitation, the reasonable attorney fees of counsel for Lender and reasonable expenses of counsel for Lender) in connection with
the preparation, negotiation, execution and approval of this Amendment and any and all other documents, instruments and things
contemplated hereby, whether or not such transactions are consummated, together with all other reasonable expenses and costs incurred
by Lender chargeable to Borrowers pursuant to the terms of the Credit Agreement which are unpaid at such time.

 

    	2

    	 

    

 

8.
Ratification; Estoppel; Reaffirmation.

 

(a)
Each Borrower reaffirms the Credit Agreement and other Loan Documents, and ratifies the Credit Agreement and the other Loan Documents,
as amended, modified, and supplemented.

 

(b)
Each Borrower reaffirms to Lender each of the representations, warranties, covenants and agreements set forth in Sections 9 through
12 of the Credit Agreement and the other Loan Documents with the same force and effect as if each were separately stated herein
and made as of the date hereof to Lender.

 

(c)
Each Borrower further represents and warrants that, as of the date hereof, there are no counterclaims, defenses or offsets of
any nature whatsoever to the Loans or any of the Loan Documents and that, as of the date hereof, no Event of Default has occurred
or exists under any of the Loan Documents.

 

(d)
Each Borrower ratifies, affirms and agrees that the Credit Agreement and other Loan Documents, as amended, modified, and supplemented
hereby by this Amendment, represent the valid, enforceable and collectible obligations of Borrower.

 

9.
Release. Each Borrower does hereby release, remise, acquit and forever discharge Lender and Lender’s employees, agents,
representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns,
subsidiary corporations, parent corporation, and related corporate divisions (all of the foregoing hereinafter called the “Released
Parties”), from any and all action and causes of action, judgments, executions, suits, debts, claims, demands, liabilities,
obligations, damages and expenses of any and every character, known or unknown, direct and/or indirect, at law or in equity, of
whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered
to be done by any of the Released Parties prior to and including the date of execution hereof, and in any way directly or indirectly
arising out of or in any way connected to this Amendment, the Credit Agreement and the other Loan Documents (all of the foregoing
hereinafter called the “Released Matters”). Each Borrower acknowledges that the agreements in this paragraph
are intended to be in full satisfaction of all or any alleged injuries or damages arising in connection with the Released Matters.
Each Borrower represents and warrants to Lender that it has not purported to transfer, assign or otherwise convey any right, title
or interest of such Borrower in any Released Matter to any other Person and that the foregoing constitutes a full and complete
release of all Released Matters.

 

EACH
BORROWER INTENDS THE ABOVE RELEASE TO COVER, ENCOMPASS, RELEASE, AND EXTINGUISH, INTER ALIA, ALL CLAIMS, DEMANDS, AND CAUSES
OF ACTION THAT MIGHT OTHERWISE BE RESERVED BY THE CALIFORNIA CIVIL CODE SECTION 1542, (OR ITS EQUIVALENT UNDER ILLINOIS LAW) WHICH
PROVIDES AS FOLLOWS:

 

“A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

    	3

    	 

    

 

EACH
BORROWER ACKNOWLEDGES THAT IT MAY HEREAFTER DISCOVER FACTS DIFFERENT FROM OR IN ADDITION TO THOSE NOW KNOWN OR BELIEVED TO BE
TRUE WITH RESPECT TO SUCH CLAIMS, DEMANDS, OR CAUSES OF ACTION, AND AGREES THAT THIS AMENDMENT AND THE ABOVE RELEASE ARE AND WILL
REMAIN EFFECTIVE IN ALL RESPECTS NOTWITHSTANDING ANY SUCH DIFFERENCES OR ADDITIONAL FACTS

 

10.
No Cancellation. This Amendment evidences the same indebtedness as evidenced by the Credit Agreement and other Loan Documents
(as modified hereby). This Amendment is secured by the Collateral as provided in the Credit Agreement including all amendments
and modifications thereto. This Amendment is an extension, modification and amendment of the prior documents and the execution
hereof does not evidence a cancellation of the indebtedness evidenced by the prior documents.

 

11.
Miscellaneous.

 

(a)
No inference in favor of, or against, any party will be drawn from the fact that such party has drafted any portion of this Amendment,
the Credit Agreement, or any other Loan Document, as each may be amended.

 

(b)
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which, when so executed and delivered, shall be deemed an original, but all of which counterparts together shall constitute but
one agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or in electronic (i.e.,
“pdf’ or “tiff’) format shall be effective as delivery of a manually executed counterpart of this Amendment.
Any party who chooses to deliver its signature in such manner agrees to provide promptly to the other parties a copy of this Amendment
with its inked signature, but the party’s failure to deliver a copy of this Amendment with its inked signature shall not
affect the validity, enforceability and binding effect of this Amendment.

 

(c)
This Amendment shall be governed and controlled by the internal laws of the State of Illinois as to interpretation, enforcement,
validity, construction, effect, and in all other respects.

 

(d)
This Amendment will be binding upon and will inure to the benefit of the parties hereto and to their respective successors and
assigns.

 

(e)
Sections 16.03 and 16.09 of the Credit Agreement are specifically incorporated herein as though set forth in full.

 

(f)
This Amendment is a Loan Document.

 

[signature
page to follow]

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

 

	LENDER	 
	MB
    FINANCIAL BANK, N.A.	 
	 	 	 
	By:
    	/s/
    Martha Gaskin	 
	Name:	Martha
    Gaskin	 
	Title:
    	Senior
    Vice President	 
	 	 	 
	BORROWERS	 
	MENDOCINO
    BREWING COMPANY, INC.,	 
	a
    California corporation	 
	 	 	 
	By:	/s/
    Mahadevan Narayanan	 
	Name:
    	Mahadevan
    Narayanan	 
	Title:
    	Chief
    Financial Officer	 
	 	 	 
	RELETA
    BREWING COMPANY LLC,	 
	a
    Delaware limited liability company	 
	 	 	 
	By:
    	MENDOCINO
    BREWING COMPANY,	 
	 	a
    California corporation,	 
	 	its
    sole member	 
	 	 	 
	By:	/s/
    Mahadevan Narayanan	 
	Name:	Mahadevan
    Narayanan	 
	Title:
    	Chief
    Financial Officer	 

 

Signature
Page to Second Amendment - Mendocino Brewing Company

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]