Document:

Exhibit 10.1

            

            ADMA BIOLOGICS, INC.

            

             

            

            2022 EQUITY COMPENSATION PLAN

            

             

            

            Effective June 21, 2022

          

        

      

      
      
        
          

      

      
        
          
            The purpose of the ADMA Biologics, Inc. 2022 Equity Compensation Plan (the “Plan”)

              is to provide employees of ADMA Biologics, Inc. (the “Company”) and its Subsidiaries (as defined below), certain consultants and advisors who perform services for the Company or its Subsidiaries,
              and non-employee members of the Board of Directors of the Company with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units and other stock-based
              awards. 

            The Company believes that the Plan will encourage the participants to contribute
              materially to the growth of the Company, thereby benefitting the Company’s stockholders, and will align the economic interests of the participants with those of the stockholders. 

            The Plan is a successor to the ADMA Biologics, Inc. 2014 Omnibus Incentive
              Compensation Plan, as amended and restated (the “Prior Plan”). No additional grants shall be made under the Prior Plan after the Effective Date. Outstanding grants under the Prior Plan shall continue in effect according to their terms,
              consistent with the applicable terms of the Prior Plan. 

            Section 1. Definitions

            The following terms shall have the meanings set forth below for purposes of the
              Plan:

            (a) “Award” shall mean an Option, SAR, Stock Award, Stock Unit or Other
              Stock-Based Award granted under the Plan.

            (b) “Award Agreement” shall mean the written agreement or statement that sets
              forth the terms and conditions of an Award, including all amendments thereto. The Committee may provide for the use of electronic, internet or other non-paper Award Agreements and the use of electronic, internet or other non-paper means for
              the acceptance thereof and actions thereunder by the Participant.

            (c) “Board” shall mean the Board of Directors of the Company.

            (d) “Cause” shall have the meaning given to that term in any written
              employment agreement, offer letter, consulting agreement or severance agreement between the Employer and the Participant, or if no such agreement exists or if such term is not defined therein, and unless otherwise defined in the Award
              Agreement, “Cause” shall mean a finding by the Committee of conduct involving one or more of the following: (i) the substantial and continuing failure of the Participant, after notice thereof, to render services to the Company or its
              Subsidiaries in accordance with the terms or requirements of his or her employment, engagement as a Non-Employee Director or a Key Advisor; (ii) disloyalty, gross negligence, willful misconduct, dishonesty or breach of fiduciary duty to the
              Company or a Subsidiary; (iii) the commission of an act of embezzlement or fraud; (iv) deliberate disregard of the rules or policies of the Company or a Subsidiary which results in direct or indirect loss, damage or injury to the Company or a
              Subsidiary; (v) the unauthorized disclosure of any trade secret or confidential information of the Company or a Subsidiary; or (vi) the Participant’s breach of any written non-competition, non-solicitation, invention assignment or
              confidentiality agreement between the Participant and the Company or any of its Subsidiaries. 

            (e) “CEO” shall mean the Chief Executive Officer of the Company.

            (f) A “Change in Control” shall be deemed to have occurred if:

            (i) the acquisition, directly or indirectly, by a “person” (within the meaning of
              Section 13(d)(3) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the combined voting power of the voting securities of the Company
              entitled to vote generally in the election of directors (the “Voting Securities”); provided, however, that the following acquisitions of Voting Securities shall not constitute a Change in Control: (A) any acquisition by or from
              the Company or any of its Subsidiaries, or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Subsidiaries, (B) any acquisition by any underwriter in any firm commitment underwriting of
              securities to be issued by the Company, or (C) any acquisition by any corporation (or other entity) if, immediately following such acquisition, 50% or more of the then outstanding shares of common stock (or other equity unit) of such
              corporation (or other entity) and the combined voting power of the then outstanding voting securities of such corporation (or other entity), are beneficially owned, directly or indirectly, by all or substantially all of the individuals or
              entities who, immediately prior to such 

          

        

        
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            acquisition, were the beneficial owners of the then outstanding shares of Common Stock and the
              Voting Securities in substantially the same proportions, respectively, as their ownership immediately prior to the acquisition of the shares of Common Stock and Voting Securities; or

            (ii) the consummation of the sale or other disposition of all or substantially all
              of the assets of the Company, other than to a Subsidiary of the Company or to a holding company of which the Company is a direct or indirect wholly owned subsidiary prior to such transaction; or

            (iii) the consummation of a reorganization, merger or consolidation of the Company,
              other than a reorganization, merger or consolidation, which would result in the Voting Securities outstanding immediately prior to the transaction continuing to represent (whether by remaining outstanding or by being converted to voting
              securities of the surviving entity) 50% or more of the Voting Securities or the voting power of the voting securities of such surviving entity outstanding immediately after such transaction; or

            (iv) the consummation of a plan of complete liquidation of the Company.

            Notwithstanding the foregoing, if an Award constitutes deferred compensation subject
              to section 409A of the Code and the Award provides for payment upon a Change in Control, then, for purposes of such payment provisions, no Change in Control shall be deemed to have occurred upon an event described in items (i) – (iv) above
              unless the event would also constitute a change in ownership or effective control of, or a change in the ownership of a substantial portion of the assets of, the Company under section 409A of the Code. 

            (g) “Code” shall mean the Internal Revenue Code of 1986, as amended, and the
              regulations promulgated thereunder.

            (h) “Committee” shall mean the Compensation Committee of the Board or another
              committee appointed by the Board to administer the Plan. The Committee shall also consist of directors who are “non-employee directors” as defined under Rule 16b-3 promulgated under the Exchange Act and “independent directors,” as determined
              in accordance with the independence standards established by the stock exchange on which the Common Stock is at the time primarily traded. 

            (i) “Common Stock” shall mean common stock, without par value, of the
              Company.

            (j) “Company” shall mean ADMA Biologics, Inc. and shall include its
              successors. 

            (k) “Disability” or “Disabled” shall mean, with respect to a
              Participant, unless otherwise set forth in the Award Agreement or other agreement between the Employer and the Participant that otherwise defines “disability”, that the Participant has been determined to be (1) disabled and entitled to
              receive benefits under the applicable Employer’s long-term disability plan and (2) disabled under Treasury Regulation Section 1.409A 3(i)(4) or its successor. The date on which a Participant shall be deemed to have incurred a Disability shall
              be the first date both requirements are satisfied as determined by the Committee or its designee.

            (l) “Dividend Equivalent” shall mean an amount determined by multiplying the
              number of shares of Common Stock subject to a Stock Unit or Other Stock-Based Award by the per-share cash dividend paid by the Company on its outstanding Common Stock, or the per-share Fair Market Value of any dividend paid on its outstanding
              Common Stock in consideration other than cash. If interest is credited on accumulated divided equivalents, the term “Dividend Equivalent” shall include the accrued interest.

            (m) “Effective Date” shall mean June 21, 2022, subject
              to approval by the Company’s stockholders. 

            (n) “Employee” shall mean an employee of the Employer (including an officer
              or director who is also an employee), but excluding any person who is classified by the Employer as a “contractor” or “consultant,” no matter how characterized by the Internal Revenue Service, other governmental agency or a court. Any change
              of characterization of an individual by the Internal Revenue Service or any court or government agency shall have no effect upon the classification of an individual as an Employee for purposes of this Plan, unless the Committee determines
              otherwise.

            (o) “Employed by, or providing service to, the Employer” shall mean
              employment or service as an Employee, Key Advisor or member of the Board (so that, for purposes of exercising Options and SARs and 

          

        

        
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            satisfying conditions with respect to Stock Awards, Stock Units and Other Stock-Based Awards, a
              Participant shall not be considered to have terminated employment or service until the Participant ceases to be an Employee, Key Advisor or member of the Board), unless the Committee determines otherwise. If a Participant’s relationship is
              with a Subsidiary of the Company and that entity ceases to be a Subsidiary of the Company, the Participant will be deemed to cease employment or service when the entity ceases to be a Subsidiary of the Company, unless the Participant
              transfers employment or service to an Employer. 

            (p) “Employer” shall mean the Company and its Subsidiaries.

            (q) “Exchange Act” shall mean the Securities Exchange Act of 1934, as
              amended.

            (r) “Exercise Price” shall mean the per share price at which shares of Common
              Stock may be purchased under an Option, as designated by the Committee.

            (s) “Fair Market Value” shall mean: 

            (i) If the Common Stock is publicly traded, the Fair Market Value per share shall be
              determined as follows: (A) if the principal trading market for the Common Stock is a national securities exchange, the closing sales price during regular trading hours on the relevant date or, if there were no trades on that date, the latest
              preceding date upon which a sale was reported, or (B) if the Common Stock is not principally traded on any such exchange, the last reported sale price of a share of Common Stock during regular trading hours on the relevant date, as reported
              by the OTC Bulletin Board;

            (ii) If the Common Stock is not publicly traded or, if publicly traded, is not
              subject to reported transactions as set forth above, the Fair Market Value per share shall be determined by the Committee through any reasonable valuation method authorized under the Code.

            (t) “Incentive Stock Option” shall mean an Option that is intended to meet
              the requirements of an incentive stock option under section 422 of the Code. 

            (u) “Key Advisor” shall mean a consultant or advisor of the Employer. 

            (v) “Non-Employee Director” shall mean a member of the Board who is not an
              Employee.

            (w) “Nonqualified Stock Option” shall mean an Option that is not intended to
              be taxed as an incentive stock option under section 422 of the Code.

            (x) “Option” shall mean an option to purchase shares of Common Stock, as
              described in Section 6.

            (y) “Other Stock-Based Award” shall mean any Award based on, measured by or
              payable in Common Stock (other than an Option, Stock Unit, Stock Award, or SAR), as described in Section 10.

            (z) “Participant” shall mean an Employee, Key Advisor or Non-Employee
              Director designated by the Committee to participate in the Plan. 

            (aa) “Performance Objectives” shall mean the performance objectives
              established in the sole discretion of the Committee for Participants who are eligible to receive Awards under the Plan. Performance Objectives may be described in terms of Company-wide objectives or objectives that are related to the
              performance of the individual Participant or the Subsidiary, division, department or function within the Company or one of its Subsidiaries in which the Participant is employed. Performance Objectives may be measured on an absolute or
              relative basis. Relative performance may be measured by a group of peer companies or by a financial market index. Any Performance Objectives may include, but is not limited to: cash flow; cash flow from operations; earnings (including, but
              not limited to, gross earnings, operating earnings, earnings before interest and taxes. earnings before interest, taxes, depreciation and amortization, adjusted earnings before interest, taxes, depreciation and amortization); earnings per
              share, diluted or basic; earnings per share from continuing operations; net asset turnover; inventory turnover; bookings; backlog; capital expenditures; debt; debt reduction; working capital; return on investment; return on sales; net or
              gross sales; market share; economic value added; cost of capital; change in assets; expense reduction levels; productivity; delivery performance; safety record; stock price; return on equity; total stockholder return; 

          

        

        
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            return on capital; return on assets or net assets; revenue; income or net income; gross income,
              operating income or net operating income; operating profit or net operating profit; gross margin, operating margin or profit margin; completion of acquisitions, business expansion, product diversification, new or expanded market penetration,
              and market share.

            (bb) “Plan” shall mean this ADMA Biologics, Inc. 2022 Equity Compensation
              Plan, as in effect from time to time.

            (cc) “Restriction Period” shall have the meaning given that term in Section
              7(a).

            (dd) “SAR” shall mean a stock appreciation right, as described in Section
              9.

            (ee) “Stock Award” shall mean an award of Common Stock, as described in
              Section 7.

            (ff) “Stock Unit” shall mean an award of a phantom unit representing a share
              of Common Stock, as described in Section 8.

            (gg) “Subsidiary” or “Subsidiaries” shall mean a corporation or other
              entity of which 50% or more of the Voting Securities or 50% or more of the equity interests is owned, directly or indirectly, by the Company.

            (hh) “Substitute Awards” shall have the meaning given that term in Section
              4(c).

            Section 2. Administration

            (a) Committee. The Plan shall be administered and interpreted by the
              Committee; provided. The Committee may delegate authority to one or more subcommittees, as it deems appropriate. Subject to compliance with applicable law and the applicable stock exchange rules, the Board, in its discretion, may perform any
              action of the Committee hereunder. To the extent that the Board, the Committee, a subcommittee or the CEO, as described below, administers the Plan, references in the Plan to the “Committee” shall be deemed to refer to the Board, the
              Committee or such subcommittee or the CEO. 

            (b) Delegation to CEO. Subject to
              compliance with applicable law and applicable stock exchange requirements, the Committee may delegate all or part of its authority and power to the CEO, as it deems appropriate, with respect to Awards to Employees or Key Advisors who are not
              executive officers or directors under section 16 of the Exchange Act.

            (c) Committee Authority. The Committee shall have the sole authority to
              (i) determine the individuals to whom Awards shall be made under the Plan, (ii) determine the type, size, terms and conditions of the Awards to be made to each such individual, (iii) determine the time when the Awards will be made and the
              duration of any applicable exercise or restriction period, including the criteria for exercisability and the acceleration of exercisability, (iv) amend the terms of any previously issued Award, subject to the provisions of Section 17 below,
              and (v) deal with any other matters arising under the Plan.

            (d) Committee Determinations. The Committee shall have full power and express
              discretionary authority to administer and interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct of its business as it deems
              necessary or advisable, in its sole discretion. The Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any
              interest in the Plan or in any awards granted hereunder. All powers of the Committee shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need
              not be uniform as to similarly situated individuals.

            (e) Indemnification. No member of the Committee or the Board, and no Employee
              of the Company shall be liable for any act or failure to act with respect to the Plan, except in circumstances involving his or her bad faith or willful misconduct, or for any act or failure to act hereunder by any other member of the
              Committee or Employee or by any agent to whom duties in connection with the administration of this Plan have been delegated. The Company shall indemnify members of the Committee and the Board and any 

          

        

        
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            agent of the Committee or the Board who is an Employee of the Company or a Subsidiary against any
              and all liabilities or expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s bad faith or willful misconduct.

            Section 3. Awards. 

            (a) General. Awards under the Plan may consist of Options as described in
              Section 6, Stock Awards as described in Section 7, Stock Units as described in Section 8, SARs as described in Section 9 and Other Stock-Based Awards as described in Section 10. All Awards shall be subject to the terms and conditions set
              forth herein and to such other terms and conditions consistent with this Plan as the Committee deems appropriate and as are specified in writing by the Committee to the individual in the Award Agreement. All Awards shall be made conditional
              upon the Participant’s acknowledgement, in writing or by acceptance of the Award, that all decisions and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and any other person having or
              claiming an interest under such Award. Awards under a particular Section of the Plan need not be uniform as among the Participants. Notwithstanding anything to the contrary herein, any dividends or Dividend Equivalents granted in connection
              with Awards under the Plan shall vest and be paid only if and to the extent the underlying Awards vest and are paid.

            (b) Minimum Vesting. Notwithstanding any other provision of the Plan to the
              contrary, Awards granted under the Plan shall not vest over a period of less than one year from the date on which the Award is granted; provided that the following Awards shall not be subject to the foregoing minimum vesting requirement: any
              (i) Substitute Awards, (ii) Awards to Non-Employee Directors that vest on the earlier of the one-year anniversary of the date of grant and the next annual meeting of stockholders that is at least 50 weeks after the immediately preceding
              year’s annual meeting, and (iii) any additional Awards that the Committee may grant, up to a maximum of five percent (5%) of the available share reserve authorized for issuance under the Plan, subject to adjustments made in accordance with
              Section 4(e) below; provided, further, that the Committee may authorize acceleration of vesting of such Awards in the event of the Participant’s death or Disability, or the occurrence of a Change in Control as provided in Section 12.

            Section 4. Shares Subject to the Plan

            (a) Shares Authorized. Subject to adjustment as described in Section 4(e)
              below, the maximum aggregate number of shares of Common Stock that may be issued or transferred under the Plan with respect to Awards shall be (i) 18,000,000 shares of Common Stock, plus (ii) up to 5,749,620 shares of Common Stock, which is
              the number of Shares that remained available for grants under the Prior Plan as of April 25, 2022 (which shall be reduced to reflect any awards granted under the Prior Plan between April 25, 2022 and the Effective Date). In addition, any
              shares of Common Stock subject to outstanding grants under the Prior Plan that terminate, expire or are canceled, forfeited, exchanged or surrendered without having been exercised, vested or paid under the Prior Plan after the Effective Date,
              shall be available for issuance under this Plan. The aggregate number of shares of Common Stock that may be issued or transferred under the Plan pursuant to Incentive Stock Options on and after the Effective Date shall not exceed 18,000,000.
            

            (b) Source of Shares; Share Counting. Shares issued or transferred under the
              Plan may be authorized but unissued shares of Common Stock or reacquired shares of Common Stock, including shares purchased by the Company on the open market for purposes of the Plan. If (i) Options or SARs granted under the Plan, expire or
              are canceled, forfeited, exchanged or surrendered without having been exercised, or if any Stock Awards, Stock Units or Other Stock-Based Awards are forfeited, terminated or otherwise not paid in full, the shares subject to such Awards shall
              again be available for purposes of the Plan and (ii) after the Effective Date, options or stock appreciation rights granted under the Prior Plan, expire or are canceled, forfeited, exchanged or surrendered without having been exercised, or if
              any stock awards, stock units or other stock-based awards are forfeited, terminated or otherwise not paid in full, the shares subject to such Awards shall again be available for purposes of the Plan. If shares of Common Stock otherwise
              issuable under the Plan are surrendered in payment of the Exercise Price of an Option granted under the Plan or an option granted under the Prior Plan, then the number of shares of Common Stock available for issuance under the Plan shall be
              reduced only by the net number of shares actually issued by the Company upon such exercise and not by the gross number of shares as to which such option is exercised. Upon the exercise 

          

        

        
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            of any SAR under the Plan or stock appreciation rights under the Prior Plan, the number of shares of
              Common Stock available for issuance under the Plan shall be reduced by only by the net number of shares actually issued by the Company upon such exercise. If shares of Common Stock otherwise issuable under the Plan are withheld by the Company
              in satisfaction of the withholding taxes incurred in connection with the issuance, vesting or exercise of any Award made under the Plan or award made under the Prior Plan or the issuance of Common Stock thereunder, then the number of shares
              of Common Stock available for issuance under the Plan shall be reduced by the net number of shares issued, vested or exercised under such award, calculated in each instance after payment of such share withholding. To the extent any Awards
              made under the Plan or awards made under the Prior Plan are paid in cash, and not in shares of Common Stock, any shares previously subject to such awards shall again be available for issuance or transfer under the Plan. For the avoidance of
              doubt, if shares are repurchased by the Company on the open market with the proceeds of the Exercise Price of Options granted under the Plan or the proceeds of the exercise price of options granted under the Prior Plan, such shares may not
              again be made available for issuance under the Plan.

            (c) Substitute Awards. Shares issued or transferred under Awards made
              pursuant to an assumption, substitution or exchange for previously granted awards of a company acquired by the Company in a transaction (“Substitute Awards”) shall not reduce the number of shares of Common Stock available under the
              Plan and available shares under a stockholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan and shall not reduce the Plan’s share reserve (subject to
              applicable stock exchange listing and Code requirements). 

            (d) Limitations. Subject to adjustment as described in Section 4(e) below,
              the following Award limitations shall apply:

            (i) For Options, SARs, Stock Awards, Stock Units and Other Stock-Based Awards
              (whether payable in Common Stock, cash or a combination of the two), the maximum number of shares of Common Stock for which such Awards may be made to any Employee or Key Advisor in any calendar year shall not exceed 5,000,000 shares of
              Common Stock in the aggregate.

            (ii) the maximum aggregate grant date value of shares of Common Stock subject to
              Awards granted to any Non-Employee Director during any calendar year for services rendered as a Non-Employee Director, taken together with any cash fees earned by such Non-Employee Director for services rendered as a Non-Employee Director
              during the calendar year, shall not exceed $500,000 in total value. For purposes of this limit, the value of such Awards shall be calculated based on the grant date fair value of such Awards for financial reporting purposes. 

            (e) Adjustments. If there is any change in the number or kind of shares of
              Common Stock outstanding by reason of (i) a stock dividend, spinoff, recapitalization, stock split, reverse stock split or combination or exchange of shares, (ii) a merger, reorganization or consolidation, (iii) a reclassification or change
              in par value, or (iv) any other extraordinary or unusual event affecting the outstanding Common Stock as a class without the Company’s receipt of consideration, or if the value of outstanding shares of Common Stock is substantially reduced as
              a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number and kind of shares of Common Stock available for issuance under the Plan, the maximum number and kind of shares of Common Stock
              for which any individual may receive Awards in any year, the kind and number of shares covered by outstanding Awards, the kind and number of shares issued and to be issued under the Plan, and the price per share or the applicable market value
              of such Awards shall be equitably adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Common Stock to preclude, to the extent practicable, the enlargement or
              dilution of rights and benefits under the Plan and such outstanding Awards; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. In addition, in the event of a Change in Control, the provisions of
              Section 12 of the Plan shall apply. Any adjustments to outstanding Awards shall be consistent with section 409A or 424 of the Code, to the extent applicable. The adjustments of Awards under this Section 4(e) shall include adjustment of
              shares, Exercise Price of Options, base amount of SARs, Performance Objectives or other terms and conditions, as the Committee deems appropriate. The Committee shall have the sole discretion and authority to determine what appropriate
              adjustments shall be made and any adjustments determined by the Committee shall be final, binding and conclusive.

          

        

        
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            Section 5. Eligibility for Participation

            (a) Eligible Persons. All Employees and Non-Employee Directors shall be
              eligible to participate in the Plan. Key Advisors shall be eligible to participate in the Plan if the Key Advisors render bona fide services to the Employer, the services are not in connection with the offer and sale of securities in a
              capital-raising transaction and the Key Advisors do not directly or indirectly promote or maintain a market for the Company’s securities. 

            (b) Selection of Participants. The Committee shall select the Employees,
              Non-Employee Directors and Key Advisors to receive Awards and shall determine the number of shares of Common Stock subject to a particular Award in such manner as the Committee determines. 

            Section 6. Options

            The Committee may grant Options to an Employee, Non-Employee Director or Key Advisor
              upon such terms as the Committee deems appropriate. The following provisions are applicable to Options:

            (a) Number of Shares. The Committee shall determine the number of shares of
              Common Stock that will be subject to each Award of Options to Employees, Non-Employee Directors and Key Advisors.

            (b) Grant of Options and Exercise Price.

            (i) The Committee may grant Options in accordance with the terms and conditions set
              forth herein. Incentive Stock Options may be granted only to employees of the Company or its parent or subsidiary corporation, as defined in section 424 of the Code. Nonqualified Stock Options may be granted to Employees, Non-Employee
              Directors and Key Advisors.

            (ii) The Exercise Price of Common Stock subject to an Option shall be determined by
              the Committee and shall be equal to or greater than the Fair Market Value of a share of Common Stock on the date the Option is granted. However, an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock
              possessing more than 10% of the total combined voting power of all classes of stock of the Company, or any parent or subsidiary corporation of the Company, as defined in section 424 of the Code, unless the Exercise Price per share is not less
              than 110% of the Fair Market Value of a share of Common Stock on the date of grant. 

            (c) Option Term. The Committee shall determine the term of each Option. The
              term of any Option shall not exceed ten years from the date of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the total combined voting power of all
              classes of stock of the Company, or any parent or subsidiary corporation of the Company, as defined in section 424 of the Code, may not have a term that exceeds five years from the date of grant. Notwithstanding the foregoing, in the event
              that on the last business day of the term of an Option (other than an Incentive Stock Option), the exercise of the Option is prohibited by applicable law, including a prohibition on purchases or sales of Common Stock under the Company’s
              insider trading policy, the term of the Option shall be extended for a period of 30 days following the end of the legal prohibition, unless the Committee determines otherwise and consistent with Section 409A of the Code.

            (d) Exercisability of Options. Options shall become exercisable in accordance
              with such terms and conditions, consistent with the Plan, as may be determined by the Committee and specified in the Award Agreement. Subject to the limitations set forth in Section 12, the Committee may accelerate the exercisability of any
              or all outstanding Options at any time for any reason.

            (e) Awards to Non-Exempt Employees. Unless the Committee determines
              otherwise, Options granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months after the date of grant (except that such Options may become
              exercisable, as determined by the Committee, upon the Participant’s death, Disability or retirement, or other circumstances permitted by applicable regulations).

            (f) Termination of Employment or Service. Except as provided in the Award
              Agreement, an Option may only be exercised while the Participant is employed by, or providing services to, the Employer. The Committee shall determine in the Award Agreement under what circumstances and during what time periods a Participant
              may exercise an Option after termination of employment or service.

          

        

        
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            (g) Exercise of Options. A Participant may exercise an Option that has
              become exercisable, in whole or in part, by delivering a notice of exercise to the Company. The Participant shall pay the Exercise Price for an Option as specified by the Committee (i) in cash, by check or by wire transfer, (ii) unless the
              Committee determines otherwise, by delivering shares of Common Stock owned by the Participant and having a Fair Market Value on the date of exercise at least equal to the Exercise Price or by attestation (on a form prescribed by the
              Committee) to ownership of shares of Common Stock having a Fair Market Value on the date of exercise at least equal to the Exercise Price, (iii) by payment through a broker in accordance with procedures permitted by Regulation T of the
              Federal Reserve Board, (iv) if permitted by the Committee, by withholding shares of Common Stock subject to the exercisable Option, which have a Fair Market Value on the date of exercise equal to the Exercise Price, or (v) by such other
              method as the Committee may approve. Shares of Common Stock used to exercise an Option shall have been held by the Participant for the requisite period of time necessary to avoid adverse accounting consequences to the Company with respect to
              the Option, unless the Committee determines otherwise. Payment for the shares to be issued or transferred pursuant to the Option, and any required withholding taxes, must be received by the Company by the time specified by the Committee
              depending on the type of payment being made, but in all cases prior to the issuance or transfer of such shares.

            (h) Limits on Incentive Stock Options. Each Incentive Stock Option shall
              provide that, if the aggregate Fair Market Value of the Common Stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year, under the Plan or any
              other stock option plan of the Company or a parent or Subsidiary, exceeds $100,000, then the Option, as to the excess, shall be treated as a Nonqualified Stock Option. 

            Section 7. Stock Awards

            The Committee may issue or transfer shares of Common Stock to an Employee,
              Non-Employee Director or Key Advisor under a Stock Award, upon such terms as the Committee deems appropriate. The following provisions are applicable to Stock Awards:

            (a) General Requirements. Shares of Common Stock issued pursuant to Stock
              Awards may be issued for consideration or for no consideration, and subject to restrictions or no restrictions, as determined by the Committee. The Committee may, but shall not be required to, establish conditions under which restrictions on
              Stock Awards shall lapse over a period of time or according to such other criteria as the Committee deems appropriate, including, without limitation, restrictions based upon the achievement of specific Performance Objectives. The period of
              time during which the Stock Awards will remain subject to restrictions will be designated in the Award Agreement as the “Restriction Period.”

            (b) Number of Shares. The Committee shall determine the number of shares of
              Common Stock to be issued or transferred pursuant to a Stock Award and the restrictions applicable to such shares.

            (c) Requirement of Employment or Service. If the Participant ceases to be
              employed by, or provide service to, the Employer during a period designated in the Award Agreement as the Restriction Period, or if other specified conditions are not met, the Stock Award shall terminate as to all shares covered by the Award
              as to which the restrictions have not lapsed, and those shares of Common Stock must be immediately returned to the Company. The Committee may, however, provide for complete or partial exceptions to this requirement as it deems appropriate.

            (d) Restrictions on Transfer and Legend on Stock Certificate. During the
              Restriction Period, a Participant may not sell, assign, transfer, pledge or otherwise dispose of the shares of a Stock Award except under Section 15 below. Unless otherwise determined by the Committee, the Company will retain possession of
              certificates for shares of Stock Awards until all restrictions on such shares have lapsed. Each certificate for a Stock Award, unless held by the Company, shall contain a legend giving appropriate notice of the restrictions in the Award. The
              Participant shall be entitled to have the legend removed from the stock certificate covering the shares subject to restrictions when all restrictions on such shares have lapsed. The Committee may determine that the Company will not issue
              certificates for Stock Awards until all restrictions on such shares have lapsed, or the Company may issue non-certificated shares. 

            (e) Right to Vote and to Receive Dividends. Unless the Committee determines
              otherwise, during the Restriction Period, the Participant shall have the right to vote shares of Stock Awards and to receive any 

          

        

        
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            dividends or other distributions paid on such shares, subject to any vesting and other restrictions
              deemed appropriate by the Committee, including, without limitation, the achievement of specific Performance Objectives; provided, however, that dividends shall vest and be paid only if and to the extent that the underlying Stock Award vests,
              as determined by the Committee, and is paid. 

            (f) Lapse of Restrictions. All restrictions imposed on Stock Awards shall
              lapse upon the expiration of the applicable Restriction Period and the satisfaction of all conditions, if any, imposed by the Committee. The Committee may determine, as to any or all Stock Awards, that the restrictions shall lapse without
              regard to any Restriction Period.

            Section 8. Stock Units

            The Committee may grant Stock Units, each of which shall represent one hypothetical
              share of Common Stock, to an Employee, Non-Employee Director or Key Advisor upon such terms and conditions as the Committee deems appropriate. The following provisions are applicable to Stock Units:

            (a) Crediting of Units. Each Stock Unit shall represent the right of the
              Participant to receive a share of Common Stock or an amount of cash based on the value of a share of Common Stock, if and when specified conditions are met. All Stock Units shall be credited to bookkeeping accounts established on the
              Company’s records for purposes of the Plan. 

            (b) Terms of Stock Units. The Committee may grant Stock Units that vest and
              are payable if specified Performance Objectives or other conditions are met, or under other circumstances. Stock Units may be paid at the end of a specified performance period or other period, or payment may be deferred to a date authorized
              by the Committee. The Committee may accelerate vesting or payment, as to any or all Stock Units at any time for any reason. The Committee shall determine the number of Stock Units to be granted and the requirements applicable to such Stock
              Units. 

            (c) Requirement of Employment or Service. If the Participant ceases to be
              employed by, or provide service to, the Employer prior to the vesting of Stock Units, or if other conditions established by the Committee are not met, the Participant’s Stock Units shall be forfeited. The Committee may, however, provide for
              complete or partial exceptions to this requirement as it deems appropriate.

            (d) Payment With Respect to Stock Units. Payments with respect to Stock Units
              shall be made in cash, Common Stock or any combination of the foregoing, as the Committee shall determine.

            Section 9. Stock Appreciation Rights

            The Committee may grant SARs to an Employee, Non-Employee Director or Key Advisor
              separately or in tandem with any Option. The following provisions are applicable to SARs:

            (a) General Requirements. The Committee may grant SARs to an Employee,
              Non-Employee Director or Key Advisor separately or in tandem with any Option (for all or a portion of the applicable Option). Tandem SARs may be granted either at the time the Option is granted or at any time thereafter while the Option
              remains outstanding. The Committee shall establish the base amount of the SAR at the time the SAR is granted. The base amount of each SAR shall be equal to or greater than the Fair Market Value of a share of Common Stock as of the date of
              grant of the SAR. The term of any SAR shall not exceed ten years from the date of grant. Notwithstanding the foregoing, in the event that on the last business day of the term of a SAR, the exercise of the SAR is prohibited by applicable law,
              including a prohibition on purchases or sales of Common Stock under the Company’s insider trading policy, the term shall be extended for a period of 30 days following the end of the legal prohibition, unless the Committee determines
              otherwise.

            (b) Tandem SARs. In the case of tandem SARs, the number of SARs granted to a
              Participant that shall be exercisable during a specified period shall not exceed the number of shares of Common Stock that the Participant may purchase upon the exercise of the related Option during such period. Upon the exercise of an
              Option, the SARs relating to the Common Stock covered by such Option shall terminate. Upon the exercise of SARs, the related Option shall terminate to the extent of an equal number of shares of Common Stock.

            (c) Exercisability. An SAR shall be exercisable during the period specified
              by the Committee in the Award Agreement and shall be subject to such vesting and other restrictions as may be specified in the 

          

        

        
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            Award Agreement. The Committee may accelerate the exercisability of any or all outstanding SARs at
              any time for any reason. SARs may only be exercised while the Participant is employed by, or providing service to, the Employer or during the applicable period after termination of employment or service as specified by the Committee. A tandem
              SAR shall be exercisable only during the period when the Option to which it is related is also exercisable.

            (d) Grants to Non-Exempt Employees. Unless the Committee determines
              otherwise, SARs granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months after the date of grant (except that such SARs may become exercisable, as
              determined by the Committee, upon the Participant’s death, Disability or retirement, or other circumstances permitted by applicable regulations).

            (e) Value of SARs. When a Participant exercises SARs, the Participant shall
              receive in settlement of such SARs an amount equal to the value of the stock appreciation for the number of SARs exercised. The stock appreciation for an SAR is the amount by which the Fair Market Value of the underlying Common Stock on the
              date of exercise of the SAR exceeds the base amount of the SAR as described in subsection (a).

            (f) Form of Payment. The appreciation in an SAR shall be paid in shares of
              Common Stock, cash or any combination of the foregoing, as the Committee shall determine. For purposes of calculating the number of shares of Common Stock to be received, shares of Common Stock shall be valued at their Fair Market Value on
              the date of exercise of the SAR.

            Section 10. Other Stock-Based Awards

            The Committee may grant Other Stock-Based Awards, which are awards (other than those
              described in Sections 6, 7, 8 and 9 of the Plan) that are based on or measured by Common Stock, to any Employee, Non-Employee Director or Key Advisor, on such terms and conditions as the Committee shall determine. Other Stock-Based Awards may
              be awarded subject to the achievement of Performance Objectives or other criteria or other conditions and may be payable in cash, Common Stock or any combination of the foregoing, as the Committee shall determine.

            Section 11. Dividend Equivalents

            The Committee may grant Dividend Equivalents in connection with Stock Units or Other
              Stock-Based Awards. Dividend Equivalents may be paid currently or accrued as contingent cash obligations and may be payable in cash or shares of Common Stock, and upon such terms and conditions as the Committee shall determine; provided that
              Dividend Equivalents shall vest and be paid only if and to the extent the underlying Stock Units or Other Stock-Based Awards vest and are paid, as determined by the Committee. For the avoidance of doubt, no dividends or Dividend Equivalents
              will be granted in connection with Options or SARs. 

            Section 12. Consequences of a Change in Control

            (a) Assumption of Outstanding Awards. Upon a Change in Control where the
              Company is not the surviving corporation (or survives only as a subsidiary of another corporation), all outstanding Awards that are not exercised or paid at the time of the Change in Control shall be assumed by, or replaced with grants that
              have comparable terms by, the surviving corporation (or a parent or subsidiary of the surviving corporation). After a Change in Control, references to the “Company” as they relate to employment matters shall include the successor employer in
              the transaction, subject to applicable law.

            (b) Vesting Upon Certain Terminations of Employment. Unless otherwise set
              forth in an Award Agreement, if a Change in Control occurs and Awards remain outstanding after the Change in Control (or are assumed by, or converted to similar awards with equivalent value as of the date of the Change in Control of, the
              surviving corporation (or a parent or Subsidiary of the surviving corporation)), and the Company or its successor terminates a Participant’s employment without Cause upon or within one year after, the Change in Control, the Participant’s
              outstanding Options and SARs shall vest and become exercisable, any restrictions on Stock Awards shall lapse and other Awards shall become payable. Awards that are based on Performance Objectives will vest and be payable in accordance with
              the terms set forth in the applicable Award Agreement.

          

        

        
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            (c) Other Alternatives. If Awards are not assumed by, or replaced with
              grants that have comparable terms by, the surviving corporation, then in the event of a Change in Control, outstanding Options and SARs shall be fully exercisable, restrictions on outstanding Stock Awards shall lapse, and other Awards shall
              become payable upon the Change in Control. Notwithstanding the foregoing, after providing for the acceleration of such Options or SARs, the Committee may require that Participants surrender their outstanding Options and SARs for cancellation
              and the Participants shall receive one or more payments by the Company, in cash, Common Stock, or other property (including the property, if any, payable in the transaction), as determined by the Committee, in an amount equal to the amount,
              if any, by which the then Fair Market Value of the shares of Common Stock subject to the Participant’s unexercised Options and SARs exceeds the Exercise Price. Without limiting the foregoing, if the per share Fair Market Value of the Common
              Stock does not exceed the per share Exercise Price of an Option or SAR, the Company shall not be required to make any payment to the Participant upon surrender of the Option or SAR. Any acceleration, surrender, termination, settlement, or
              conversion shall take place as of the date of the Change in Control or such other date as the Committee may specify.

            Section 13. Deferrals

            The Committee may permit or require a Participant to defer receipt of the payment of
              cash or the delivery of shares that would otherwise be due to such Participant in connection with any Award. If any such deferral election is permitted or required, the Committee shall establish rules and procedures for such deferrals and may
              provide for interest or other earnings to be paid on such deferrals. The rules and procedures for any such deferrals shall be consistent with applicable requirements of section 409A of the Code.

            Section 14. Withholding of Taxes

            (a) Required Withholding. All Awards under the Plan shall be subject to
              applicable federal (including FICA), state and local, foreign, or other tax withholding requirements. The Employer may require that the Participant or other person receiving Awards or exercising Awards pay to the Employer an amount sufficient
              to satisfy such tax withholding requirements with respect to such Awards, or the Employer may deduct from other wages and compensation paid by the Employer the amount of any withholding taxes due with respect to such Awards. 

            (b) Share Withholding. The Committee may permit or require the Employer’s tax
              withholding obligation with respect to Awards paid in Common Stock to be satisfied by having shares withheld up to an amount that does not exceed the Participant’s applicable withholding tax rate for federal (including FICA), state and local,
              foreign, or other tax liabilities. The Committee may, in its discretion, and subject to such rules as the Committee may adopt, allow Participants to elect to have such share withholding applied to all or a portion of the tax withholding
              obligation arising in connection with any particular Award. Unless the Committee determines otherwise, share withholding for taxes shall not exceed the Participant’s minimum applicable tax withholding amount.

            Section 15. Transferability of Awards

            (a) Nontransferability of Awards. Except as described in subsection (b)
              below, only the Participant may exercise rights under an Award during the Participant’s lifetime. A Participant may not transfer those rights except (i) by will or by the laws of descent and distribution or (ii) pursuant to a “qualified
              domestic relations order” as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder.. When a Participant dies, the personal representative or other person entitled to succeed
              to the rights of the Participant may exercise such rights. Any such successor must furnish proof satisfactory to the Company of his or her right to receive the Award under the Participant’s will or under the applicable laws of descent and
              distribution. 

            (b) Transfer of Nonqualified Options. Notwithstanding the foregoing, the
              Committee may provide, in an Award Agreement, that a Participant may transfer Nonqualified Options to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with the applicable
              securities laws, according to such terms as the Committee may determine; provided that the Participant receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject to the same terms and
              conditions as were applicable to the Option immediately before the transfer.

          

        

        
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            Section 16. Requirements for Issuance or Transfer of Shares

            No Common Stock shall be issued or transferred in connection with any Award hereunder
              unless and until all legal requirements applicable to the issuance or transfer of such Common Stock have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any Award on the Participant’s
              undertaking in writing to comply with such restrictions on his or her subsequent disposition of the shares of Common Stock as the Committee shall deem necessary or advisable, and certificates representing such shares may be legended to
              reflect any such restrictions. Certificates representing shares of Common Stock issued or transferred under the Plan may be subject to such stop-transfer orders and other restrictions as the Committee deems appropriate to comply with
              applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon.

            Section 17. Amendment and Termination of the Plan

            (a) Amendment. The Board may amend or terminate the Plan at any time;
              provided, however, that the Board shall not amend the Plan without stockholder approval if such approval is required in order to comply with the Code or other applicable law, or to comply with applicable stock exchange requirements.

            (b) No Repricing of Options or SARs. Except in connection with a corporate
              transaction involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash, Common Stock, other securities or property), stock split, extraordinary cash dividend, recapitalization, change
              in control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities, or similar transactions), the Company may not, without obtaining stockholder approval,
              (i) amend the terms of outstanding Options or SARs to reduce the Exercise Price of such outstanding Options or base price of such SARs, (ii) cancel outstanding Options or SARs in exchange for Options or SARs with an Exercise Price or base
              price, as applicable, that is less than the Exercise Price or base price of the original Options or SARs or (iii) cancel outstanding Options or SARs with an Exercise Price or base price, as applicable, above the current stock price in
              exchange for cash or other securities. 

            (c) Termination of Plan. The Plan shall terminate on the day immediately
              preceding the tenth anniversary of its Effective Date, unless the Plan is terminated earlier by the Board or is extended by the Board.

            (d) Termination and Amendment of Outstanding Awards. A termination or
              amendment of the Plan that occurs after an Award is made shall not materially impair the rights of a Participant unless the Participant consents or unless the Committee acts under Section 18(f) below. The termination of the Plan shall not
              impair the power and authority of the Committee with respect to an outstanding Award. Whether or not the Plan has terminated, an outstanding Award may be terminated or amended under Section 18(f) below or may be amended by agreement of the
              Company and the Participant consistent with the Plan, provided that the Participant’s consent is not required if any termination or amendment to the Participant’s outstanding Award does not materially impair the rights or materially increase
              the obligations of the Participant.

            Section 18. Miscellaneous

            (a) Awards in Connection with Corporate Transactions and Otherwise. Nothing
              contained in the Plan shall be construed to (i) limit the right of the Committee to make Awards under the Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any
              corporation, firm or association, including Awards to employees thereof who become Employees, or (ii) limit the right of the Company to grant Options or make other awards outside of the Plan. The Committee may make an Award to an employee of
              another corporation who becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company, in substitution for an Option or stock award granted by such
              corporation. Notwithstanding anything in the Plan to the contrary, the Committee may establish such terms and conditions of the new Awards as it deems appropriate, including setting the Exercise Price of Options or the base price of SARs at a
              price necessary to retain for the Participant the same economic value as the prior options or rights.

          

        

        
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            (b) Governing Document. The Plan shall be the controlling document. No
              other statements, representations, explanatory materials or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company and its successors and assigns.

            (c) Funding of the Plan. The Plan shall be unfunded. The Company shall not be
              required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Awards under the Plan.

            (d) Rights of Participants. Nothing in the Plan shall entitle any Employee,
              Non-Employee Director, Key Advisor or other person to any claim or right to receive an Award under the Plan. Neither the Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the
              employ of the Employer or any other employment rights. 

            (e) No Fractional Shares. No fractional shares of Common Stock shall be
              issued or delivered pursuant to the Plan or any Award. Except as otherwise provided under the Plan, the Committee shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional shares or
              whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 

            (f) Compliance with Law. 

            (i) The Plan, the exercise of Options and SARs and the obligations of the Company to
              issue or transfer shares of Common Stock under Awards shall be subject to all applicable laws and regulations, and to approvals by any governmental or regulatory agency as may be required. With respect to persons subject to section 16 of the
              Exchange Act, it is the intent of the Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. In addition, it is the intent of the Company that,
              to the extent applicable, Awards comply with the requirements of section 409A of the Code. To the extent that any legal requirement of section 16 of the Exchange Act or section 409A of the Code as set forth in the Plan ceases to be required
              under section 16 of the Exchange Act or section 409A of the Code, that Plan provision shall cease to apply. The Committee may revoke any Award if it is contrary to law or modify an Award to bring it into compliance with any valid and
              mandatory government regulation. The Committee may also adopt rules regarding the withholding of taxes on payments to Participants. The Committee may, in its sole discretion, agree to limit its authority under this Section.

            (ii) The Plan is intended to comply with the requirements of section 409A of the
              Code, to the extent applicable. Each Award shall be construed and administered such that the Award either (A) qualifies for an exemption from the requirements of section 409A of the Code or (B) satisfies the requirements of section 409A of
              the Code. If an Award is subject to section 409A of the Code, (I) distributions shall only be made in a manner and upon an event permitted under section 409A of the Code, (II) payments to be made upon a termination of employment or service
              shall only be made upon a “separation from service” under section 409A of the Code, (III) unless the Award specifies otherwise, each installment payment shall be treated as a separate payment for purposes of section 409A of the Code, and (IV)
              in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with section 409A of the Code.

            (iii) Any Award that is subject to section 409A of the Code and that is to be
              distributed to a Key Employee upon separation from service shall be administered so that any distribution with respect to such Award shall be postponed for six months following the date of the Participant’s separation from service, if
              required by section 409A of the Code. If a distribution is delayed pursuant to section 409A of the Code, the distribution shall be paid within 15 days after the end of the six-month period. If the Participant dies during such six-month
              period, any postponed amounts shall be paid within 90 days of the Participant’s death. The determination of Key Employees, including the number and identity of persons considered Key Employees and the identification date, shall be made by the
              Committee or its delegate each year in accordance with section 416(i) of the Code and the “specified employee” requirements of section 409A of the Code.

            (iv) Notwithstanding anything in the Plan or any Award agreement to the contrary,
              each Participant shall be solely responsible for the tax consequences of Awards under the Plan, and in no event shall the Company or any Subsidiary or affiliate of the Company have any responsibility or 

          

        

        
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            liability if an Award does not meet any applicable requirements of section 409A of the Code.
              Although the Company intends to administer the Plan to prevent taxation under section 409A of the Code, the Company does not represent or warrant that the Plan or any Award complies with any provision of federal, state, local or other tax
              law.

            (g) Beneficiary Designations. Subject to approval of the Committee from time
              to time, each Participant may name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such
              benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during the
              Participant’s lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. Any payment made to a beneficiary under this Plan in good faith shall fully
              discharge the Company from all further obligations with respect to that payment.

            (h) Nature of Payments. Unless otherwise specified in the Award Agreement,
              Awards shall be special incentive payments to the Participant and shall not be taken into account in computing the amount of salary or compensation of the Participant for purposes of determining any pension, retirement, death or other benefit
              under (a) any pension, retirement, profit sharing, bonus, insurance, or other employee benefit plan of the Employer, except as such plan shall otherwise expressly provide, or (b) any agreement between (i) the Employer and (ii) the
              Participant, except as such agreement shall otherwise expressly provide.

            (i) Military Service. Awards shall be administered in accordance with Section
              414(u) of the Code and the Uniformed Services Employment and Reemployment Rights Act of 1994. 

            (j) Establishment of Subplans. The Board may from time to time establish one
              or more sub-plans under the Plan for purposes of satisfying applicable blue sky, securities or tax laws of various jurisdictions. The Board shall establish such sub-plans by adopting supplements to the Plan setting forth (i) such limitations
              on the Committee’s discretion under the Plan as the Board deems necessary or desirable and (ii) such additional terms and conditions not otherwise inconsistent with the Plan as the Board shall deem necessary or desirable. All supplements
              adopted by the Board shall be deemed to be part of the Plan, but each supplement shall apply only to Participants within the affected jurisdiction and the Employer shall not be required to provide copies of any supplement to Participants in
              any jurisdiction that is not affected.

            (k) Cancellation and Rescission of Awards. Unless the Award Agreement
              specifies otherwise, the Committee may cancel, rescind, suspend, withhold, or otherwise limit or restrict any unexercised Award at any time if the Participant is not in compliance with all applicable provisions of the Award Agreement and the
              Plan or if the Participant ceases to be employed by, or provide service to, the Employer. 

            (l) Clawback Rights. Subject to the requirements of applicable law, the
              Committee may provide in any Award Agreement that if a Participant breaches any restrictive covenant agreement between the Participant and the Employer or otherwise engages in activities that constitute Cause either while employed by, or
              providing service to, the Employer or within the applicable period of time thereafter, all Awards held by the Participant shall terminate, and the Company may rescind any exercise of an Option or SAR and the vesting of any other Award and
              delivery of shares upon such exercise or vesting (including pursuant to dividends and Dividend Equivalents), as applicable, on such terms as the Committee shall determine. In the event of any such rescission, the Company shall have the right
              to require that (i) the Participant shall return to the Company the shares received upon the exercise of any Option or SAR and/or the vesting and payment of any other Award (including pursuant to dividends and Dividend Equivalents) or,
              (ii) if the Participant no longer owns the shares, the Participant shall pay to the Company the amount of any gain realized or payment received as a result of any sale or other disposition of the shares (or, in the event the Participant
              transfers the shares by gift or otherwise without consideration, the Fair Market Value of the shares on the date of the breach of the restrictive covenant agreement or activity constituting Cause), net of the price originally paid by the
              Participant for the shares. Payment by the Participant shall be made in such manner and on such terms and conditions as may be required by the Committee. The Employer shall be 

          

        

        
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            entitled to set off against the amount of any such payment any amounts otherwise owed to the
              Participant by the Employer. In addition, all Awards under the Plan shall be subject to any applicable clawback or recoupment policies, share trading policies and other policies that may be implemented by the Board from time to time.

            (m) Governing Law. The validity, construction, interpretation and effect of
              the Plan and Award Agreements issued under the Plan shall be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof.

          

        

        
          16Document

BUSINESS LOAN AGREEMENT

																								
	Principal
$5,000,000.00
	Loan Date
06-15-2022
	Maturity
06-15-2023
	Loan No 
RLOC	Call / Coll 
OTPU / D0	Account	Officer PRW
	Initials
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing “****” has been omitted due to text length limitations.

Borrower:    LCNB Corp.    Lender:    Bankers' Bank
2 North Broadway    7700 Mineral Point Road
Lebanon, OH 45036    Madison, WI 53717
___________________________________________________________________________________________________________________
THIS BUSINESS LOAN AGREEMENT dated June 15, 2022, is made and executed between LCNB Corp. ("Borrower") and Bankers' Bank ("Lender") on the following terms and conditions. Borrower has received prior commercial loans from Lender or has applied to Lender for a commercial loan or loans or other financial accommodations, including those which may be described on any exhibit or schedule attached to this Agreement. Borrower understands and agrees that: (A) in granting, renewing, or extending any Loan, Lender is relying upon Borrower's representations, warranties, and agreements as set forth in this Agreement; (B) the granting, renewing, or extending of any Loan by Lender at all times shall be subject to Lender's sole judgment and discretion; and (C) all such Loans shall be and remain subject to the terms and conditions of this Agreement. This Agreement shall apply to any and all present and future loans, loan advances, extension of credit, financial accommodations and other agreements and undertakings of every nature and kind that may be entered into by and between Borrower and Lender now and in the future.
TERM. This Agreement shall be effective as of June 15, 2022, and shall continue in full force and effect until such time as all of Borrower's Loans in favor of Lender have been paid in full, including principal, interest, costs, expenses, attorneys' fees, and other fees and charges, or until June 15, 2023.
LINE OF CREDIT. The Indebtedness includes a revolving line of credit. Advances under the Indebtedness, as well as directions for payment from Borrower's accounts, may be requested either orally or in writing by Borrower. All non-written requests shall be confirmed in writing on the day of the request. Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person as described in the "Advance Authority" section below or (B) credited to any of Borrower's accounts with Lender.
ADVANCE AUTHORITY. The following person or persons are authorized to request advances and authorize payments under the line of credit until Lender receives from Borrower, at Lender's address shown above, written notice of revocation of such authority: Eric Meilstrup, Chief Executive Officer & President of LCNB National Bank, Robert Haines, Chief Financial Officer of LCNB National Bank, Matthew Layer, Chief Lending Officer of LCNB National Bank, Bradley Ruppert, Chief Investment Officer of LCNB National Bank, or Lawrence Mulligan, Chief Operations Officer of LCNB National Bank.
CONDITIONS PRECEDENT TO EACH ADVANCE. Lender's obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender's satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.
Loan Documents. Borrower shall provide to Lender the following documents for the Loan: (1) the Note; (2) Security Agreements granting to Lender security interests in the Collateral; (3) financing statements and all other documents perfecting Lender's Security Interests; (4) evidence of insurance as required below; (5) together with all such Related Documents as Lender may require for the Loan; all in form and substance satisfactory to Lender and Lender's counsel.
Required Collateral. Negative Pledge Agreement on 100% of the issued and outstanding Capital Stock of the LCNB National Bank.
Borrower's Authorization. Borrower shall have provided in form and substance satisfactory to Lender properly certified resolutions, duly authorizing the execution and delivery of this Agreement, the Note and the Related Documents. In addition, Borrower shall have provided such other resolutions, authorizations, documents and instruments as Lender or its counsel, may require.
Payment of Fees and Expenses. Borrower shall have paid to Lender all fees, charges, and other expenses which are then due and payable as specified in this Agreement or any Related Document.
Representations and Warranties. The representations and warranties set forth in this Agreement, in the Related Documents, and in any document or certificate delivered to Lender under this Agreement are true and correct.
No Event of Default. There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement or under any Related Document.
REPRESENTATIONS AND WARRANTIES. Borrower represents and warrants to Lender, as of the date of this Agreement, as of the date of each disbursement of loan proceeds, as of the date of any renewal, extension or modification of any Loan, and at all times any Indebtedness exists:
Organization. Borrower is a corporation for profit which is, and at all times shall be, duly organized, validly existing, and in good standing under and by virtue of the laws of the State of Ohio. Borrower is duly authorized to transact business in all other states in which Borrower is doing business, having obtained all necessary filings, governmental licenses and approvals for each state in which Borrower is doing business. Specifically, Borrower is, and at all times shall be, duly qualified as a foreign corporation in all states in which the failure to so qualify would have a material adverse effect on its business or financial condition. Borrower has the full power and authority to own its properties and to transact the business in which  is presently engaged or presently proposes to engage. Borrower maintains an office at 2 North Broadway, Lebanon, OH 45036. Unless Borrower has designated otherwise in writing, the principal office is the office at which Borrower keeps its books and records including its records concerning the Collateral. Borrower will notify Lender prior to any change in the location of Borrower's state of organization or any change in Borrower's name. Borrower shall do all things necessary to preserve and to keep in full force and effect its existence, rights and privileges, and shall comply with all regulations, rules, ordinances, statutes, orders and decrees of any governmental or quasi-governmental authority or court applicable to Borrower and Borrower's business activities.
Assumed Business Names. Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business:
Borrower    Assumed Business Name    Filing Location    Date 
LCNB Corp.    LCNB National Bank    Lebanon, OH    01-01-1877
LCNB Risk Management, Inc.    Las Vegas, NV    05-31-2017
Authorization. Borrower's execution, delivery, and performance of this Agreement and all the Related Documents have been duly authorized by all necessary action by Borrower, do not require the consent or approval of any other person, regulatory authority, or governmental body, and do not conflict with, result in a violation of, or constitute a default under (1) any provision of (a) Borrower's

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articles of incorporation or organization, or bylaws, code of regulations, or (b) any agreement or other instrument binding upon Borrower or (2) any law, governmental regulation, court decree, or order applicable to Borrower or to Borrower's properties. Borrower has the power and authority to enter into the Note and the Related Documents and to grant collateral as security for the Loan. Borrower has the further power and authority to own and to hold all of Borrower's assets and properties, and to carry on Borrower's business as presently conducted.
Financial Information. Each of Borrower's financial statements supplied to Lender truly and completely disclosed Borrower's financial condition as of the date of the statement, and there has been no material adverse change in Borrower's financial condition subsequent to the date of the most recent financial statement supplied to Lender. Borrower has no material contingent obligations except as disclosed in such financial statements.
Legal Effect. This Agreement constitutes, and any instrument or agreement Borrower is required to give under this Agreement when delivered will constitute legal, valid, and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms.
Properties. Except as contemplated by this Agreement or as previously disclosed in Borrower's financial statements or in writing to Lender and as accepted by Lender, and except for property tax liens for taxes not presently due and payable, Borrower owns and has good title to all of Borrower's properties free and clear of all Security Interests, and has not executed any security documents or financing statements relating to such properties. All of Borrower's properties are titled in Borrower's legal name, and Borrower has not used or filed a financing statement under any other name for at least the last five (5) years.
Hazardous Substances. Except as disclosed to and acknowledged by Lender in writing, Borrower represents and warrants that: (1) During the period of Borrower's ownership of the Collateral, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from any of the Collateral. (2) Borrower has no knowledge of, or reason to believe that there has been (a) any breach or violation of any Environmental Laws; (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Collateral by any prior owners or occupants of any of the Collateral; or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters. (3) Neither Borrower nor any tenant, contractor, agent or other authorized user of any of the Collateral shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from any of the Collateral; and any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations, and ordinances, including without limitation all Environmental Laws. Borrower authorizes Lender and its agents to enter upon the Collateral to make such inspections and tests as Lender may deem appropriate to determine compliance of the Collateral with this section of the Agreement. Any inspections or tests made by Lender shall be at Borrower's expense and for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Borrower or to any other person. The representations and warranties contained herein are based on Borrower's due diligence in investigating the Collateral for hazardous waste and Hazardous Substances. Borrower hereby (1) releases and waives any future claims against Lender for indemnity or contribution in the event Borrower becomes liable for cleanup or other costs under any such laws, and (2) agrees to indemnify, defend, and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Agreement or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release of a hazardous waste or substance on the Collateral. The provisions of this section of the Agreement, including the obligation to indemnify and defend, shall survive the payment of the Indebtedness and the termination, expiration or satisfaction of this Agreement and shall not be affected by Lender's acquisition of any interest in any of the Collateral, whether by foreclosure or otherwise.
Litigation and Claims. No litigation, claim, investigation, administrative proceeding or similar action (including those for unpaid taxes) against Borrower is pending or threatened, and no other event has occurred which may materially adversely affect Borrower's financial condition or properties, other than litigation, claims, or other events,  any, that have been disclosed to and acknowledged by Lender in writing.
Taxes. To the best of Borrower's knowledge, all of Borrower's tax returns and reports that are or were required to be filed, have been filed, and all taxes, assessments and other governmental charges have been paid in full, except those presently being or to be contested by Borrower in good faith in the ordinary course of business and for which adequate reserves have been provided.
Lien Priority. Unless otherwise previously disclosed to Lender in writing, Borrower has not entered into or granted any Security Agreements, or permitted the filing or attachment of any Security Interests on or affecting any of the Collateral directly or indirectly securing repayment of Borrower's Loan and Note, that would be prior or that may in any way be superior to Lender's Security Interests and rights in and to such Collateral.
Binding Effect. This Agreement, the Note, all Security Agreements (if any), and all Related Documents are binding upon the signers thereof, as well as upon their successors, representatives and assigns, and are legally enforceable in accordance with their respective terms.
Commercial Purposes. Borrower intends to use the Loan proceeds solely for business or commercially related purposes.
Employee Benefit Plans. Each employee benefit plan as to which Borrower may have any liability complies in all material respects with all applicable requirements of law and regulations, and (1) no Reportable Event nor Prohibited Transaction (as defined in ERISA) has occurred with respect to any such plan, (2) Borrower has not withdrawn from any such plan or initiated steps to do so, (3) no steps have been taken to terminate any such plan or to appoint a trustee to administer such a plan, and (4) there are no unfunded liabilities other than those previously disclosed to Lender in writing.
Investment Company Act. Borrower is not an "investment company" or a company "controlled" by an "investment company", within the meaning of the Investment Company Act of 1940, as amended.
Public Utility Holding Company Act. Borrower is not a "holding company", or a "subsidiary company" of a "holding company", or an "affiliate" of a "holding company" or of a "subsidiary company" of a "holding company", within the meaning of the Public Utility Holding Company Act of 1935, as amended.
Regulations T and U. Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System).
Information. All information previously furnished or which is now being furnished by Borrower to Lender for the purposes of or in connection with this Agreement or any transaction contemplated by this Agreement is, and all information furnished by or on behalf of Borrower to Lender in the future will be, true and accurate in every material respect on the date as of which such information is dated or certified; and no such information is or will be incomplete by omitting to state any material fact the omission of which would cause the

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information to be misleading.
Claims and Defenses. There are no defenses or counterclaims, offsets or other adverse claims, demands or actions of any kind, personal or otherwise, that Borrower, any Grantor, or any Guarantor could assert with respect to the Note, Loan, this Agreement, or the Related Documents.
AFFIRMATIVE COVENANTS. Borrower covenants and agrees with Lender that, so long as this Agreement remains in effect, Borrower will: 
Repayment. Repay the Loan in accordance with its terms and the terms of this Agreement.
Notices of Claims and Litigation. Promptly inform Lender in writing of (1) all material adverse changes in Borrower's financial condition, and (2) all existing and all threatened litigation, claims, investigations, administrative proceedings or similar actions affecting Borrower or any Guarantor which could materially affect the financial condition of Borrower or the financial condition of any Guarantor.
Financial Records. Maintain its books and records in accordance with GAAP, applied on a consistent basis, and permit Lender to examine and audit Borrower's books and records at all reasonable times.
Financial Statements. Furnish Lender with such financial statements and other related information at such frequencies and in such detail as Lender may reasonably request.
Additional Information. Furnish such additional information and statements, as Lender may request from time to time.
Insurance. Maintain fire and other risk insurance, public liability insurance, and such other insurance as Lender may require with respect to Borrower's properties and operations, in form, amounts, coverages and with insurance companies acceptable to Lender. Borrower, upon request of Lender, will deliver to Lender from time to time the policies or certificates of insurance in form satisfactory to Lender, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. Each insurance policy also shall include an endorsement providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Borrower or any other person. In connection with all policies covering assets in which Lender holds or is offered a security interest for the Loans, Borrower will provide Lender with such lender's loss payable or other endorsements as Lender may require.
Insurance Reports. Furnish to Lender, upon request of Lender, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation the following: (1) the name of the insurer; (2) the risks insured; (3) the amount of the policy; (4) the properties insured; (5) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (6) the expiration date of the policy. In addition, upon request of Lender (however not more often than annually), Borrower will have an independent appraiser satisfactory to Lender determine, as applicable, the actual cash value or replacement cost of any Collateral. The cost of such appraisal shall be paid by Borrower.
Other Agreements. Comply with all terms and conditions of all other agreements, whether now or hereafter existing, between Borrower and any other party and notify Lender immediately in writing of any default in connection with any other such agreements.
Loan Proceeds. Use all Loan proceeds solely for Borrower's business operations, unless specifically consented to the contrary by Lender in writing.
Taxes, Charges and Liens. Pay and discharge when due all of its indebtedness and obligations, including without limitation all assessments, taxes, governmental charges, levies and liens, of every kind and nature, imposed upon Borrower or its properties, income, or profits, prior to the date on which penalties would attach, and all lawful claims that,  unpaid, might become a lien or charge upon any of Borrower's properties, income, or profits. Provided however, Borrower will not be required to pay and discharge any such assessment, tax, charge, levy, lien or claim so long as (1) the legality of the same shall be contested in good faith by appropriate proceedings, and (2) Borrower shall have established on Borrower's books adequate reserves with respect to such contested assessment, tax, charge, levy, lien, or claim in accordance with GAAP.
Performance. Perform and comply, in a timely manner, with all terms, conditions, and provisions set forth in this Agreement, in the Related Documents, and in all other instruments and agreements between Borrower and Lender, and in all other loan agreements now or in the future existing between Borrower and any other party. Borrower shall notify Lender immediately in writing of any default in connection with any agreement.
Operations. Maintain executive and management personnel with substantially the same qualifications and experience as the present executive and management personnel; provide written notice to Lender of any change in executive and management personnel; conduct its business affairs in a reasonable and prudent manner.
Environmental Studies. Promptly conduct and complete, at Borrower's expense, all such investigations, studies, samplings and testings as may be requested by Lender or any governmental authority relative to any substance, or any waste or by-product of any substance defined as toxic or a hazardous substance under applicable federal, state, or local law, rule, regulation, order or directive, at or affecting any property or any facility owned, leased or used by Borrower.
Compliance with Governmental Requirements. Comply with all laws, ordinances, and regulations, now or hereafter in effect, of all governmental authorities applicable to the conduct of Borrower's properties, businesses and operations, and to the use or occupancy of the Collateral, including without limitation, the Americans With Disabilities Act. Borrower may contest in good faith any such law, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Borrower has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Collateral are not jeopardized. Lender may require Borrower to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest.
Inspection. Permit employees or agents of Lender at any reasonable time to inspect any and all Collateral for the Loan or Loans and Borrower's other properties and to examine or audit Borrower's books, accounts, and records and to make copies and memoranda of Borrower's books, accounts, and records. If Borrower now or at any time hereafter maintains any records (including without limitation computer generated records and computer software programs for the generation of such records) in the possession of a third party, Borrower, upon request of Lender, shall notify such party to permit Lender free access to such records at all reasonable times and to provide Lender with copies of any records  may request, all at Borrower's expense.

Change of Location. Immediately notify Lender in writing of any additions to or changes in the location of Borrower's businesses.
 
Title to Assets and Property. Maintain good and marketable title to all of Borrower's assets and properties.
Notice of Default, Litigation and ERISA Matters. Forthwith upon learning of the occurrence of any of the following, Borrower shall provide Lender with written notice thereof, describing the same and the steps being taken by Borrower with respect thereto: (1) the occurrence of any Event of Default, or (2) the institution of, or any adverse determination in, any litigation, arbitration proceeding or governmental proceeding, or (3) the occurrence of a Reportable Event under, or the institution of steps by Borrower to withdraw from, or the institution of any steps to terminate, any employee benefit plan as to which Borrower may have any liability.

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Other Information. From time to time Borrower will provide Lender with such other information as Lender may reasonably request.
Employee Benefit Plans. So long as this Agreement remains in effect, Borrower will maintain each employee benefit plan as to which Borrower may have any liability, in compliance with all applicable requirements of law and regulations.
Environmental Compliance and Reports. Borrower shall comply in all respects with any and all Environmental Laws; not cause or permit to exist, as a result of an intentional or unintentional action or omission on Borrower's part or on the part of any third party, on property owned and/or occupied by Borrower, any environmental activity where damage may result to the environment, unless such environmental activity is pursuant to and in compliance with the conditions of a permit issued by the appropriate federal, state or local governmental authorities; shall furnish to Lender promptly and in any event within thirty (30) days after receipt thereof a copy of any notice, summons, lien, citation, directive, letter or other communication from any governmental agency or instrumentality concerning any intentional or unintentional action or omission on Borrower's part in connection with any environmental activity whether or not there is damage to the environment and/or other natural resources.
Additional Assurances. Make, execute and deliver to Lender such promissory notes, mortgages, deeds of trust, security agreements, assignments, financing statements, instruments, documents and other agreements as Lender or its attorneys may reasonably request to evidence and secure the Loans and to perfect all Security Interests.
LENDER'S EXPENDITURES. If any action or proceeding is commenced that would materially affect Lender's interest in the Collateral or Borrower fails to comply with any provision of this Agreement or any Related Documents, including but not limited to Borrower's failure to discharge or pay when due any amounts Borrower is required to discharge or pay under this Agreement or any Related Documents, Lender on Borrower's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, including but not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at any time levied or placed on any Collateral and paying all costs for insuring, maintaining and preserving any Collateral. All such expenditures incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Borrower. All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either (1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity.
CESSATION OF ADVANCES. If Lender has made any commitment to make any Loan to Borrower, whether under this Agreement or under any
other agreement, Lender shall have no obligation to make Loan Advances or to disburse Loan proceeds     (A) Borrower or any Guarantor is in default under the terms of this Agreement or any of the Related Documents or any other agreement that Borrower or any Guarantor has with Lender; (B) Borrower or any Guarantor dies, becomes incompetent or becomes insolvent, files a petition in bankruptcy or similar proceedings, or is adjudged a bankrupt; (C) there occurs a material adverse change in Borrower's financial condition, in the financial condition of any Guarantor, or in the value of any Collateral securing any Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit, modify or revoke such Guarantor's guaranty of the Loan or any other loan with Lender.
RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower's accounts with Lender (whether checking, savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff would be prohibited by law. Borrower authorizes Lender, to the extent permitted by applicable law, to charge or setoff all sums owing on the debt against any and all such accounts.

DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: 
Payment Default. Borrower fails to make any payment when due under the Loan.
Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Agreement or in any of the Related Documents or to comply with or to perform any term, obligation, covenant or condition contained in any other agreement between Lender and Borrower.
Default in Favor of Third Parties. Borrower or any Grantor defaults under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any other creditor or person that may materially affect any of Borrower's or any Grantor's property or Borrower's or any Grantor's ability to repay the Loans or perform their respective obligations under this Agreement or any of the Related Documents.
False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower's behalf, or made by Guarantor, under this Agreement or the Related Documents in connection with the obtaining of the Loan evidenced by the Note or any security document directly or indirectly securing repayment of the Note is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter.
Insolvency. The dissolution or termination of Borrower's existence as a going business, the insolvency of Borrower, the appointment of a receiver for any part of Borrower's property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Borrower.
Defective Collateralization. This Agreement or any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason.
Creditor or Forfeiture Proceedings. Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the Loan. This includes a garnishment of any of Borrower's accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by Lender, in its sole discretion, as being an adequate reserve or bond for the dispute.
Execution; Attachment. Any execution or attachment is levied against the Collateral, and such execution or attachment is not set aside, discharged or stayed within thirty (30) days after the same is levied.
Change in Zoning or Public Restriction. Any change in any zoning ordinance or regulation or any other public restriction is enacted, adopted or implemented, that limits or defines the uses which may be made of the Collateral such that the present or intended use of the Collateral,
as specified in the Related Documents, would be in violation of such zoning ordinance or regulation or public restriction, as changed.
Default Under Other Lien Documents. A default occurs under any other mortgage, deed of trust or security agreement covering all or any portion of the Collateral.
Judgment. Unless adequately covered by insurance in the opinion of Lender, the entry of a final judgment for the payment of money

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involving more than ten thousand dollars ($10,000.00) against Borrower and the failure by Borrower to discharge the same, or cause  to be discharged, or bonded off to Lender's satisfaction, within thirty (30) days from the date of the order, decree or process under which or pursuant to which such judgment was entered.
Events Affecting Guarantor. Any of the preceding events occurs with respect to any Guarantor of any of the Indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guaranty of the Indebtedness.
Change in Ownership. Any change in ownership of twenty-five percent (25%) or more of the common stock of Borrower.
Adverse Change. A material adverse change occurs in Borrower's financial condition, or Lender believes the prospect of payment or performance of the Loan is impaired.
EFFECT OF AN EVENT OF DEFAULT. If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the "Insolvency" subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's right to declare a default and to exercise its rights and remedies.
ADDITIONAL DOCUMENTS. Borrower shall provide Lender with the following additional documents:
Corporate Resolution. Borrower has provided or will provide Lender with a certified copy of resolutions properly adopted by Borrower's Board of Directors, and certified by Borrower's corporate secretary, assistant secretary, or other authorized officer, under which Borrower's Board of Directors authorized one or more designated officers or employees to execute this Agreement, the Note, and to consummate the borrowings and other transactions as contemplated under this Agreement, and to consent to the remedies following any default by Borrower as provided in this Agreement.
Opinion of Counsel. When required by Lender, Borrower has provided or will provide Lender with an opinion of Borrower's counsel certifying to and that: (1) Borrower's Note, and this Agreement constitute valid and binding obligations on Borrower's part that are enforceable in accordance with their respective terms; (2) Borrower is validly existing and in good standing; (3) Borrower has authority to enter into this Agreement and to consummate the transactions contemplated under this Agreement; and (4) such other matters as may have been requested by Lender or by Lender's counsel.
PAYMENT OF DIVIDENDS. Notwithstanding the language set forth under Negative Covenants  Continuity of Operations in the Business Loan Agreement, so long as no event of default is continuing or would result from payment of dividends, Borrower may pay dividends in any amount and at any time without the additional consent or approval of Lender.
MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of this Agreement:
Amendments. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.
Attorneys' Fees; Expenses. Borrower agrees to pay upon demand all of Lender's costs and expenses, including Lender's attorneys' fees and Lender's legal expenses, incurred in connection with the enforcement of this Agreement. Lender may hire or pay someone else to help enforce this Agreement, and Borrower shall pay the costs and expenses of such enforcement. Costs and expenses include Lender's attorneys' fees and legal expenses whether or not there is a lawsuit, including attorneys' fees and legal expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services. Borrower also shall pay all court costs and such additional fees as may be directed by the court.
Borrower Information. Borrower consents to the release of information on or about Borrower by Lender in accordance with any court order, law or regulation and in response to credit inquiries concerning Borrower.
Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.
Consent to Loan Participation. Borrower agrees and consents to Lender's sale or transfer, whether now or later, of one or more participation interests in the Loan to one or more purchasers, whether related or unrelated to Lender. Lender may provide, without any limitation whatsoever, to any one or more purchasers, or potential purchasers, any information or knowledge Lender may have about Borrower or about any other matter relating to the Loan, and Borrower hereby waives any rights to privacy Borrower may have with respect to such matters. Borrower additionally waives any and all notices of sale of participation interests, as well as all notices of any repurchase of such participation interests. Borrower also agrees that the purchasers of any such participation interests will be considered as the absolute owners of such interests in the Loan and will have all the rights granted under the participation agreement or agreements governing the sale of such participation interests. Borrower further waives all rights of offset or counterclaim that  may have now or later against Lender or against any purchaser of such a participation interest and unconditionally agrees that either Lender or such purchaser may enforce Borrower's obligation under the Loan irrespective of the failure or insolvency of any holder of any interest in the Loan. Borrower further agrees that the purchaser of any such participation interests may enforce its interests irrespective of any personal claims or defenses that Borrower may have against Lender.
Governing Law. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Wisconsin without regard to its conflicts of law provisions. This Agreement has been accepted by Lender in the State of Wisconsin.
Choice of Venue. If there is a lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of the courts of Dane County, State of Wisconsin.
Non-Liability of Lender. The relationship between Borrower and Lender created by this Agreement is strictly a debtor and creditor relationship and not fiduciary in nature, nor is the relationship to be construed as creating any partnership or joint venture between Lender and Borrower. Borrower is exercising Borrower's own judgment with respect to Borrower's business. All information supplied to Lender is for Lender's protection only and no other party is entitled to rely on such information. There is no duty for Lender to review, inspect, supervise or inform Borrower of any matter with respect to Borrower's business. Lender and Borrower intend that Lender may reasonably rely on all information supplied by Borrower to Lender, together with all representations and warranties given by Borrower to Lender, without investigation or confirmation by Lender and that any investigation or failure to investigate will not diminish Lender's right to so rely.

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___________________________________________________________________________________________________________________
Notice of Lender's Breach. Borrower must notify Lender in writing of any breach of this Agreement or the Related Documents by Lender and any other claim, cause of action or offset against Lender within thirty (30) days after the occurrence of such breach or after the accrual of such claim, cause of action or offset. Borrower waives any claim, cause of action or offset for which notice is not given in accordance with this paragraph. Lender is entitled to rely on any failure to give such notice.
Indemnification of Lender. Borrower agrees to indemnify, to defend and to save and hold Lender harmless from any and all claims, suits, obligations, damages, losses, costs and expenses (including, without limitation, Lender's attorneys' fees), demands, liabilities, penalties, fines and forfeitures of any nature whatsoever that may be asserted against or incurred by Lender, its officers, directors, employees, and agents arising out of, relating to, or in any manner occasioned by this Agreement and the exercise of the rights and remedies granted Lender under this, as well as by: (1) the ownership, use, operation, construction, renovation, demolition, preservation, management, repair, condition, or maintenance of any part of the Collateral; (2) the exercise of any of Borrower's rights collaterally assigned and pledged to Lender hereunder; (3) any failure of Borrower to perform any of its obligations hereunder; and/or (4) any failure of Borrower to comply with the environmental and ERISA obligations, representations and warranties set forth herein. The foregoing indemnity provisions shall survive the cancellation of this Agreement as to all matters arising or accruing prior to such cancellation and the foregoing indemnity shall survive in the event that Lender elects to exercise any of the remedies as provided under this Agreement following default hereunder. Borrower's indemnity obligations under this section shall not in any way be affected by the presence or absence of covering insurance, or by the amount of such insurance or by the failure or refusal of any insurance carrier to perform any obligation on its part under any insurance policy or policies affecting the Collateral and/or Borrower's business activities. Should any claim, action or proceeding be made or brought against Lender by reason of any event as to which Borrower's indemnification obligations apply, then, upon Lender's demand, Borrower, at its sole cost and expense, shall defend such claim, action or proceeding in Borrower's name,  necessary, by the attorneys for Borrower's insurance carrier (if such claim, action or proceeding is covered by insurance), or otherwise by such attorneys as Lender shall approve. Lender may also engage its own attorneys at its reasonable discretion to defend Borrower and to assist in its defense and Borrower agrees to pay the fees and disbursements of such attorneys.
Counterparts. This Agreement may be executed in multiple counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts, taken together, shall constitute one and the same Agreement.
No Waiver by Lender. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Borrower, or between Lender and any Grantor, shall constitute a waiver of any of Lender's rights or of any of Borrower's or any Grantor's obligations as to any future transactions. Whenever the consent of Lender is required under this Agreement, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender.
Notices. Any notice required to be given under this Agreement shall be given in writing, and shall be effective when actually delivered, when actually received by telefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, when deposited in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addresses shown near the beginning of this Agreement. Any party may change its address for notices under this Agreement by giving formal written notice to the other parties, specifying that the purpose of the notice is to change the party's address. For notice purposes, Borrower agrees to keep Lender informed at all times of Borrower's current address. Unless otherwise provided or required by law,  there is more than one Borrower, any notice given by Lender to any Borrower is deemed to be notice given to all Borrowers.
Severability. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenforceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that  becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless otherwise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality, validity or enforceability of any other provision of this Agreement.
Sole Discretion of Lender. Whenever Lender's consent or approval is required under this Agreement, the decision as to whether or not to consent or approve shall be in the sole and exclusive discretion of Lender and Lender's decision shall be final and conclusive.
Subsidiaries and Affiliates of Borrower. To the extent the context of any provisions of this Agreement makes  appropriate, including without limitation any representation, warranty or covenant, the word "Borrower" as used in this Agreement shall include all of Borrower's subsidiaries and affiliates. Notwithstanding the foregoing however, under no circumstances shall this Agreement be construed to require Lender to make any Loan or other financial accommodation to any of Borrower's subsidiaries or affiliates.
Successors and Assigns. All covenants and agreements by or on behalf of Borrower contained in this Agreement or any Related Documents shall bind Borrower's successors and assigns and shall inure to the benefit of Lender and its successors and assigns. Borrower shall not, however, have the right to assign Borrower's rights under this Agreement or any interest therein, without the prior written consent of Lender.
Survival of Representations and Warranties. Borrower understands and agrees that in extending Loan Advances, Lender is relying on all representations, warranties, and covenants made by Borrower in this Agreement or in any certificate or other instrument delivered by Borrower to Lender under this Agreement or the Related Documents. Borrower further agrees that regardless of any investigation made by Lender, all such representations, warranties and covenants will survive the extension of Loan Advances and delivery to Lender of the Related Documents, shall be continuing in nature, shall be deemed made and redated by Borrower at the time each Loan Advance is made, and shall remain in full force and effect until such time as Borrower's Indebtedness shall be paid in full, or until this Agreement shall be terminated in the manner provided above, whichever is the last to occur.
Time is of the Essence. Time is of the essence in the performance of this Agreement.
Waive Jury. All parties to this Agreement hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by any party against any other party.
DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts in lawful money of the United States of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Uniform Commercial Code. Accounting words and terms not otherwise defined in this Agreement shall have the meanings assigned to them in accordance with generally accepted accounting principles as in effect on the date of this Agreement:
Advance. The word "Advance" means a disbursement of Loan funds made, or to be made, to Borrower or on Borrower's behalf on a line of credit or multiple advance basis under the terms and conditions of this Agreement.

BUSINESS LOAN AGREEMENT
Loan No: RLOC    (Continued)    Page 7
___________________________________________________________________________________________________________________
Agreement. The word "Agreement" means this Business Loan Agreement, as this Business Loan Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Business Loan Agreement from time to time.
Borrower. The word "Borrower" means LCNB Corp. and includes all co-signers and co-makers signing the Note and all their successors and assigns.
Collateral. The word "Collateral" means all property and assets granted as collateral security for a Loan, whether real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a security interest, mortgage, collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever, whether created by law, contract, or otherwise. The word "Collateral" includes without limitation all collateral described in the Required Collateral section of this Agreement.
Environmental Laws. The words "Environmental Laws" mean any and all state, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Section 9601, et seq. ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 ("SARA"), the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq., the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., or other applicable state or federal laws, rules, or regulations adopted pursuant thereto.
ERISA. The word "ERISA" means the Employee Retirement Income Security Act of 1974, as amended from time to time, and including all regulations and published interpretations of the act.
Event of Default. The words "Event of Default" mean individually, collectively, and interchangeably any of the events of default set forth in this Agreement in the default section of this Agreement.
GAAP. The word "GAAP" means generally accepted accounting principles.
Grantor. The word "Grantor" means each and all of the persons or entities granting a Security Interest in any Collateral for the Loan, including without limitation all Borrowers granting such a Security Interest.
Guarantor. The word "Guarantor" means any guarantor, surety, or accommodation party of any or all of the Loan, and, in each case, Borrower's successors, assigns, heirs, personal representatives, executors and administrators of any guarantor, surety, or accommodation party.
Guaranty. The word "Guaranty" means the guaranty from Guarantor to Lender, including without limitation a guaranty of all or part of the Note.
Hazardous Substances. The words "Hazardous Substances" mean materials that, because of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or potential hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled. The words "Hazardous Substances" are used in their very broadest sense and include without limitation any and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws. The term "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof and asbestos.
Indebtedness. The word "Indebtedness" means the indebtedness evidenced by the Note or Related Documents, including all principal and interest together with all other indebtedness and costs and expenses for which Borrower is responsible under this Agreement or under any of the Related Documents.
Lender. The word "Lender" means Bankers' Bank, its successors and assigns.
Loan. The word "Loan" means any and all loans and financial accommodations from Lender to Borrower whether now or hereafter existing, and however evidenced, including without limitation those loans and financial accommodations described herein or described on any exhibit or schedule attached to this Agreement from time to time, and further including any and all subsequent amendments, additions, substitutions, renewals and refinancings of any of Borrower's Loans.
Note. The word "Note" means the Note dated June 15, 2022 and executed by LCNB Corp. in the principal amount of $5,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement.
Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, security deeds, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan.
Security Agreement. The words "Security Agreement" mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest.
Security Interest. The words "Security Interest" mean, individually, collectively, and interchangeably, without limitation, any and all types of collateral security, present and future, whether in the form of a lien, charge, encumbrance, mortgage, deed of trust, security deed, assignment, pledge, crop pledge, chattel mortgage, collateral chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust receipt, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoever whether created by law, contract, or otherwise.

BUSINESS LOAN AGREEMENT
Loan No: RLOC    (Continued)    Page 8
___________________________________________________________________________________________________________________

BORROWER ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND BORROWER AGREES TO ITS TERMS. THIS BUSINESS LOAN AGREEMENT IS DATED JUNE 15, 2022.
BORROWER:
LCNB CORP.

By:_______________________________________________     
Eric Meilstrup, Chief Executive Officer & President 
       of LCNB Corp.
LENDER:
BANKERS' BANK

By:_______________________________________________     
Paul R. Watson, Vice President - Commercial Banker 

By:__________________________________________________     
Robert Haines, Chief Financial Officer of LCNB Corp.

___________________________________________________________________________________________________________________
LaserPro, Ver. 19.4.10.036 Copr. Finastra USA Corporation 1997, 2022. All Rights Reserved. - WI C:\CFI\LPL\C40.FC TR-397 PR-3

ADDENDUM A TO BUSINESS LOAN AGREEMENT
																								
	Principal
$5,000,000.00
	Loan Date
06-15-2022
	Maturity
06-15-2023
	Loan No 
RLOC	Call / Coll 
OTPU / D0	Account	Officer PRW
	Initials
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing “***” has been omitted due to text length limitations.

Borrower:    LCNB Corp.    Lender:    Bankers' Bank
2 North Broadway    7700 Mineral Point Road
Lebanon, OH 45036    Madison, WI 53717
___________________________________________________________________________________________________________________
This ADDENDUM A TO BUSINESS LOAN AGREEMENT is attached to and by this reference is made a part of the Business Loan Agreement, dated June 15, 2022, and executed in connection with a loan or other financial accommodations between BANKERS' BANK and LCNB Corp.
Borrower and Lender agree that the following provisions are and shall constitute a part of the Agreement, any breach of which constitutes an additional Event of Default under the Agreement. All capitalized words not otherwise defined in this Addendum have the meanings given to them in the preprinted terms of the Agreement.
1. Additional Provisions. Borrower owns all of the issued and outstanding stock of LCNB National Bank (“Bank”, whether one or more). As such, certain representations, warranties and covenants are applicable to Bank, as set forth in the paragraph entitled “Subsidiaries and Affiliates of Borrower” found on page 6 of the Agreement. Without limiting the terms of such paragraph, Borrower and Lender agree that the following paragraphs in the Agreement apply to Bank as well as Borrower, except that Bank is a national banking association, which is and at all times will be, duly organized, validly existing, and in good standing under and by virtue of the laws of the United States. Therefore, all references in the paragraphs listed below to “Borrower” shall mean ‘Borrower and Bank”. The paragraphs specifically applicable to Bank as well as Borrower are:
a. Representations and Warranties:
i.Organization;
ii.Financial Information;
iii.Properties;
iv.Hazardous Substances;
v.Litigation and Claims;
vi.Taxes;
vii.Lien Priority;
viii.Employee Benefit Plans;
ix.Information.
b. Affirmative Covenants:
i.Notice of Claims and Litigation;
ii.Financial Records;
iii.Financial Statements;
iv.Insurance;
v.Insurance Reports;
vi.Other Agreements;
vii.Taxes, Charges and Liens;
viii.Operations;
ix.Environmental Studies;
x.Compliance with Governmental Regulations;
xi.Inspection;
xii.Title to Assets and Property;
xiii.Notice of Default, Litigation and ERISA Matters;
xiv.Employee Benefit Matters;
xv.Environmental Compliance and Reports.
c. All Negative Covenants.
d. If Cessation of Advances is applicable then, all provisions relating to Borrower also include Bank.
e. Default: all defaults listed in the Agreement other than the Payment Default.
f. Miscellaneous Provisions:
i.Borrower Information;
ii.Consent to Loan Participation.
2. Default. A breach of any of the foregoing provisions by Bank shall constitute an Event of Default under the Agreement. ACKNOWLEDGED AND AGREED TO AS OF THE DATE SET FORTH ABOVE.
THIS ADDENDUM A TO BUSINESS LOAN AGREEMENT IS EXECUTED ON JUNE 15, 2022. 
BORROWER:
LCNB CORP. 
By:_______________________________________________
       Eric Meilstrup, Chief Executive Officer & President of LCNB Corp.
By:_______________________________________________
Robert Haines, Chief Financial Officer of LCNB Corp.

ADDENDUM A TO BUSINESS LOAN AGREEMENT
Loan No: RLOC    (Continued)    Page 2
___________________________________________________________________________________________________________________
BANKERS' BANK
By:    _______________________________________________
Paul R. Watson, Vice President - Commercial Banker
___________________________________________________________________________________________________________________
LaserPro, Ver. 19.4.10.036 Copr. Finastra USA Corporation 1997, 2022. All Rights Reserved. - WI C:\CFI\LPL\C40.FC TR-397 PR-3

ADDENDUM B TO BUSINESS LOAN AGREEMENT

																								
	Principal
$5,000,000.00
	Loan Date
06-15-2022
	Maturity
06-15-2023
	Loan No 
RLOC	Call / Coll 
OTPU / D0	Account	Officer PRW
	Initials
	References in the boxes above are for Lender's use only and do not limit the applicability of this document to any particular loan or item.
Any item above containing    has been omitted due to text length limitations.

Borrower:    LCNB Corp.    Lender:    Bankers' Bank
2 North Broadway    7700 Mineral Point Road
Lebanon, OH 45036    Madison, WI 53717
___________________________________________________________________________________________________________________
This ADDENDUM B TO BUSINESS LOAN AGREEMENT is attached to and by this reference is made a part of the Business Loan Agreement, dated June 15, 2022, and executed in connection with a loan or other financial accommodations between BANKERS' BANK and LCNB Corp.
Borrower and Lender agree that the following provisions are and shall constitute a part of the Agreement, any breach of which constitutes an additional Event of Default under the Agreement. All capitalized words not otherwise defined in this Addendum have the meanings given to them in the preprinted terms of the Agreement. “Bank” means: LCNB National Bank.
1. Additional Representations and Warranties. In addition to and not in lieu of the representations and warranties set forth in the Agreement, Borrower represents and warrants to Lender as of the date of the Agreement and at all times any Indebtedness exists, that:
a.Borrower is a Bank Holding Company in good standing with the Federal Reserve, and as such Borrower has filed all necessary reports with and received all necessary approvals from the Federal Reserve and is not subject to a cease and desist order, memorandum of understanding, supervising agreement or any similar type of regulatory agreement with the Federal Reserve.
b.The charges, accruals and reserves on the books of Borrower or the Bank in respect of any taxes or other governmental charges are, in the opinion of Borrower, adequate.
c.Each of Borrower and the Bank possesses all necessary licenses, trademarks, trademark rights, trade names, trade name rights and copyrights to conduct its business without conflict with any license, trademark, trade name or copyright of any other Person. Lender acknowledges that neither Borrower nor the Bank has a federally registered trademark.
d.As of the date of this Agreement, Borrower has no material Indebtedness of any nature other than disclosed in writing to Lender, including, but without limitation, liabilities for taxes and any interest or penalties relating thereto, except to the extent reflected (in a footnote or otherwise) and reserved against in the Borrower’s financial statements which have been delivered to Lender or as disclosed in or permitted by this Agreement; Borrower does not know and has no reasonable ground to know of any basis for the assertion against it as of the date hereof, of any material Indebtedness of any nature not fully reflected and reserved against in such financial statements.
2. Additional Affirmative Covenants. In addition to and not in lieu of the affirmative covenants set forth in the Agreement, Borrower covenants and agrees, that so long as any Indebtedness exists, it will:
a. On three (3) business days’ verbal notice, permit, and cause the Bank to permit, any person(s) designated by Lender to visit, inspect and audit any of the Bank’s properties, corporate books, loan documentation, loan portfolios, loan files, investment portfolios and financial records of Borrower and the Bank and to discuss the affairs, finances and accounts of Borrower and the Bank with the principal officers of each, all at such reasonable times during normal business hours and as often as Lender may reasonably request; provided, that no such audit or inspection shall occur during an examination.
b. Deliver to Lender:
i.Within thirty (30) days after Lender’s request, a copy of the Bank’s call reports (FFIEC 051) prepared and signed by a duly authorized officer, as prepared for the regulators;
ii.Within thirty (30) days after Lender’s request, a copy of the Borrower’s FR Y-9SP prepared and signed by a duly authorized officer, as prepared for the regulators;
iii.Within ten (10) days after their completion, notification of, and  requested by Lender, copies of all public filings, applications or reports by Borrower, or the Bank to any banking agency or any other official, bureau or agency which asserts authority over their operations, unless the furnishing of such reports to the Lender would constitute a violation of the rules and regulations of such official, bureau, or agency;
iv.Within one hundred twenty (120) days after the close of each fiscal year of Borrower, at Lender’s request, a copy of the Borrower’s, and the Bank’s accountant prepared compiled financial statements prepared in accordance with accounting methods historically used by the Borrower and the Bank, including but not limited to, a balance sheet, statement of income, statement of changes in financial position, and a reconciliation of net worth as prepared by an independent certified public accountant;
v.Promptly after the sending or making available or filing of the same, notification of, and  requested by Lender, copies of all reports, proxy statements and financial statements that Borrower and/or the Bank sends or makes available to its stockholders and all regular, periodic, or special report, registration statement, and/or prospectus that Borrower and/or the Bank file with the Securities and Exchange Commission or any successor Person;
vi.To the extent permitted by law, deliver to Lender at Lender’s request, as soon as available, and in any event within twenty-five (25) days after the end of each calendar quarter, (1) a report as a result of an examination of the assets of Borrower and the Bank, which indicates those assets (if any) classified as “Loss,” “Doubtful,” “Substandard,” or “Other Assets Especially Mentioned,” and (2) a report as a result of an examination of the loans and assets of Borrower or the Bank, which indicates the ratio Non-performing Loans to Total Loans and other real estate of Borrower and the Bank; and
vii.All other financial information or records of Borrower or the Bank upon request by Lender. The books and records of the Borrower and the Bank are now and will continue to be located at the main office of the Bank.
c. Notify Lender immediately of (a) the issuance of any notice of charges, cease-and-desist order (temporary or otherwise) or order to take a permanent action by any governmental or regulatory authority against Borrower or the Bank or any director, officer, employee, agent, or other person participating in the conduct of the affairs of Borrower or the Bank, (b) the service of any notice of intention to remove from office or notice of intention to suspend from office by any governmental or regulatory authority upon any director or officer of Borrower or the Bank, (c) the issuance of a notice of termination of the status of the Bank as an insured depository institution, or (d) enter into any agreement of memorandum of understanding between any governmental or regulatory authority and Borrower or the Bank or any director, officer, employee, agent, or other person participating in the conduct of the affairs of Borrower or the Bank, regardless of whether the same is voluntary or involuntary, and promptly inform Lender of the terms thereof (unless such action would violate applicable law).
d. Cause the Bank to: (1)  the Bank is reporting Standard Leverage Ratios, then the following five covenants apply: (a) maintain a minimum Tier 1 Leverage Ratio of not less than 6%, (b) maintain a minimum Tier 1 Risk Based Capital Ratio of not less than 8%, (c) maintain a minimum Total Risk Based Capital Ratio of not less than 10%, (d) maintain a maximum Non-Performing Assets plus Other Real Estate Owned to Equity Capital plus Allowance for Loan Loss Reserve Ratio of not more than 20%, (e) maintain a minimum Allowance for Loan Loss Reserve to Non-Performing Assets Ratio of not less than 70%, or (2)  the Bank has entered into the Community Bank Leverage Ratio (CBLR) framework, then the following three covenants apply: (a) maintain a minimum Tier 1 Leverage Ratio of not less than 9.0% for all 2022 test periods and through Maturity, (b) maintain a maximum Non-Performing Assets plus Other Real Estate Owned to Equity Capital plus Allowance for Loan Loss Reserve Ratio of not more than 20%, (c) maintain a minimum Allowance for Loan Loss Reserve to Non-Performing Assets Ratio of not less than

ADDENDUM B TO BUSINESS LOAN AGREEMENT
Loan No: RLOC    (Continued)    Page 2
___________________________________________________________________________________________________________________
70%. Capitalized terms used in this section will be those as used in the Bank’s Regulatory Call Reports.
3. Additional Negative Covenants. In addition to and not in lieu of the negative covenants set forth in the Agreement, Borrower covenants and agrees, that so long as any Indebtedness exists,  will not:
Issue or permit the Bank to issue any additional capital stock or securities convertible into capital stock, issue or permit the Bank to issue any warrants or rights to purchase capital stock, or change Borrower or the Bank’s stock structure by stock dividend or stock split.
Sell, lease, transfer or otherwise dispose or permit the Bank to sell, lease, transfer or otherwise dispose of any material portion of the real property or assets of Borrower or the Bank, as the case may be, except in the ordinary course of business. The sale by the Bank of OREO and foreclosed personal property shall be considered sales in the ordinary course of business.
Allow or cause the Bank to make any investments in excess of $100,000 directly or indirectly in the Borrower or any person, firm or corporation which is an affiliate or an associate of Borrower other than the loans allowed to executive officers and directors of the Bank under Regulation O of the Board of Governors of the Federal Reserve System. As used in this paragraph “investments” shall include any investment in cash or other property whether for acquisition of stock or indebtedness, or by loan, letter of credit, advance, capital contribution or otherwise, or the guaranty of any of the foregoing.
Sell, contract to sell, or otherwise dispose of any of the Bank’s capital stock owned by  or any other interest therein, other than to the present or future directors of the Bank as qualifying shares  director’s qualifying shares are required to be owned by directors under applicable statute or regulation.
4. Default. A breach of any of the foregoing provisions by Bank shall constitute an Event of Default under the Agreement. In addition, each following event constitutes an Event of Default under the Agreement:
             a. The sale or transfer of ownership or voting power of any of the outstanding stock of the Bank; 
             b. The Bank shall fail to maintain the minimum amounts of equity and risk based capital required by any regulation, rule or policy statement issued by any bank regulatory agency having jurisdiction; provided, however, that  Borrower or the Bank, whichever the case may be, timely submits a remedial plan which is acceptable to the issuing regulatory agency, this subparagraph shall not be deemed to be an Event of Default so long as the remedial plan is implemented  to the satisfaction of the issuing regulatory agency.
c. The Federal Reserve, State of Ohio, FDIC or any other bank regulatory agency with jurisdiction, imposes on Borrower or the Bank a cease and desist order or enters into a memorandum of understanding, supervisory agreement or any other similar type of regulatory agreement with the board of directors of Borrower or the Bank; provided, however, that  such regulatory agreement does not include the equity capital or risk based capital of the Bank, and Borrower or the Bank, whichever the case may be, timely submits a remedial plan which is acceptable to the issuing regulatory agency, this subparagraph shall not be deemed to be an Event of Default so long as the remedial plan is implemented to the satisfaction of the issuing regulatory agency.
d.The Bank ceases to be an Insured Depository Institution as defined in 12 U.S.C. § 1813.
e.Any governmental or regulatory proceeding is instituted against Borrower, or the Bank which, in Lender’s opinion, will have a material adverse effect on the consolidated financial condition of Borrower or the Bank or on the continued operation of Borrower or the Bank, after taking into account insurance coverage and reserves therefore (if any);
                      f.  Borrower or the Bank shall be placed in receivership or conservatorship by any bank regulatory authority with jurisdiction;
                g. The State of Ohio, Federal Reserve or any other bank regulatory agency with jurisdiction prohibits or refuses to consent to the payment of dividends from the Bank to fund any payment of principal, interest or other charge due from Borrower under this Agreement or any of the Loan Documents.
5. Miscellaneous Provisions. Borrowers agrees to the following:
a. Lender shall be entitled to act on any notices and instructions (telephonic or written) reasonably believed by Lender to have been delivered by any person authorized to act on behalf of Borrower pursuant hereto, regardless of whether such notice or instruction was in fact delivered by a person authorized to act on behalf of Borrower, and Borrower hereby agrees to indemnify Lender and hold Lender harmless from and against any and all losses and expenses,  any, ensuing from any such action.
ACKNOWLEDGED AND AGREED TO AS OF THE DATE SET FORTH ABOVE.
THIS ADDENDUM B TO BUSINESS LOAN AGREEMENT IS EXECUTED ON JUNE 15, 2022. 
BORROWER:
LCNB CORP.
By:_______________________________________________         
Eric Meilstrup, Chief Executive Officer & President 
of LCNB Corp.
By:_______________________________________________
Robert Haines, Chief Financial Officer of LCNB Corp. LENDER:
BANKERS' BANK
By:________________________________________________         
Paul R. Watson, Vice President - Commercial Banker
_______________________________________________________________________________________________________________
LaserPro, Ver. 19.4.10.036 Copr. Finastra USA Corporation 1997, 2022. All Rights Reserved. - WI C:\CFI\LPL\C40.FC TR-397 PR-3

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