Document:

Exhibit 10.5

 

PACIFIC
ETHANOL, INC. 

RESTRICTED
STOCK AGREEMENT

 

THIS
RESTRICTED STOCK AGREEMENT (this “Agreement”) dated and effective as of __________ (the “Grant Date”)
by and between Pacific Ethanol, Inc., a Delaware corporation (the “Company”), and «First_Name» «Last_Name»
(“Employee”) is entered into as follows:

 

WHEREAS,
the Company has established the Pacific Ethanol, Inc. 2016 Stock Incentive Plan (the “Plan”), a copy of which has
previously been provided to Employee or is provided with this Agreement; and

 

WHEREAS,
the Compensation Committee of the Board of Directors of the Company (the “Committee”) has determined that Employee
be granted shares of the Company’s $.001 par value per share Common Stock (the “Restricted Stock”) subject to
the restrictions stated below.

 

Capitalized
terms used but not otherwise defined herein shall have the respective meanings ascribed to them in the Plan. References herein
to the Company shall also include, where and as applicable, any Parent or Subsidiary of the Company in the same manner used in
the Plan.

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

1.            Grant
of Restricted Stock. Subject to the terms and conditions of this Agreement and of the Plan, the Company hereby grants
to Employee «First_Name» «Last_Name», «Total_of_Shares_in_Words» («Total_of_Shares»)
shares of Restricted Stock. As soon as practicable, the Company shall cause the shares of Restricted Stock to be issued in Employee’s
name. During the Restriction Period (as defined below), the Restricted Stock shall be held in the custody of the Company or its
designee for Employee’s account. The Restricted Stock shall be subject to, and shall bear appropriate legends with respect
to, the restrictions described herein.

 

2.            Vesting
Schedule.

 

(a)       The
interest of Employee in the Restricted Stock shall vest as follows: 33% of the shares of Restricted Stock shall vest on ______,
20__, 33% of the shares of Restricted Stock shall vest on ______, 20__ and 34% of the shares of Restricted Stock shall vest on
______, 20__; provided, that Employee remains continuously employed by the Company on a full-time basis from the Grant Date through
the applicable vesting date. If a vesting date falls on a weekend or any other day on which the NASDAQ Stock Market (“NASDAQ”)
is not open, vesting of the corresponding Restricted Stock shall occur on the next following NASDAQ trading day. Notwithstanding
the foregoing, the interest of Employee in the Restricted Stock may vest as to one hundred percent (100%) of the then unvested
shares of Restricted Stock upon a Change in Control but only in accordance with the Plan.

 

    1 

     

    

 

(b)       Upon
termination of the Restriction Period, the Company shall, as soon as practicable thereafter, deliver instructions to American
Stock Transfer (“AST”) to deposit and make available the number of shares of Restricted Stock with respect to which
such restrictions have lapsed into the Employee’s Managed Shares account at AST or a brokerage company selected from time
to time by the Company. Employee may instruct AST to deliver vested shares of Restricted Stock to Employee, or Employee’s
broker or other designee; provided, that Employee communicates such instruction through the AST site not less than five (5) business
days prior to the applicable vesting date. Employee may thereafter request delivery of the vested shares of Restricted Stock to
Employee, or Employee’s broker or other designee in accordance with the terms and conditions applicable to Employee’s
Managed Shares account.

 

3.            Restrictions.

 

(a)       No
portion of the Restricted Stock or rights granted hereunder may be sold, transferred, assigned, pledged or otherwise encumbered
or disposed of by Employee until such portion of the Restricted Stock becomes vested in accordance with Section 2 of this
Agreement. The period of time between the date hereof and the date shares of Restricted Stock vest is referred to herein as the
“Restriction Period” as to those shares of Restricted Stock. In addition, none of the Restricted Stock, even if vested,
may be sold or transferred in contravention of (i) any market blackout periods the Company may impose from time to time, or (ii)
the Company’s insider trading policies to the extent applicable to Employee from time to time.

 

(b)       The
vesting schedule requires Employee’s continued service as a full-time employee of the Company during the applicable vesting
periods as a condition to the vesting of the Restricted Stock and the rights and benefits under this Agreement. If Employee’s
employment with the Company is terminated for any reason, whether voluntarily or involuntarily, the balance of the Restricted
Stock subject to the provisions of this Agreement which has not vested at the time of Employee’s termination of employment
shall be forfeited by Employee without payment of any consideration by the Company and neither Employee nor any successor, heir,
assign or personal representative of Employee shall have any right, title or interest in or to the forfeited shares of Restricted
Stock or the certificates evidencing them, and the Company shall direct its transfer agent of the Common Stock to make the appropriate
entries in its records showing the cancellation of the certificate or certificates for such Restricted Stock. Service as an employee
for only a portion of a vesting period, even if a substantial portion, will not entitle Employee to any proportionate vesting
of the Restricted Stock allocated to that period or avoid or mitigate the forfeiture of Employee’s Restricted Stock that
will occur upon the cessation of Employee’s service as an employee of the Company. Notwithstanding the foregoing, the Company
may, by written agreement with the Employee, expressly agree to provisions different from those set forth above with respect to
severance benefits as to the Restricted Stock.

 

4.            Shareholder
Rights. During the Restriction Period, Employee shall have all the rights of a shareholder with respect to the Restricted
Stock except for the right to transfer the Restricted Stock, as set forth in Section 3 of this Agreement. Accordingly,
Employee shall have the right to vote the Restricted Stock and to receive any cash dividends paid to or made with respect to the
Restricted Stock; provided, however, that dividends paid, if any, with respect to that Restricted Stock which has not vested at
the time of the dividend payment shall be held in the custody of the Company and shall be subject to the same restrictions that
apply to the corresponding Restricted Stock.

 

    2 

     

    

 

5.            Changes
in Common Stock. If any change is made to the Common Stock by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the outstanding Common Stock as a class without the Company’s
receipt of consideration, appropriate adjustments shall be made by the Plan Administrator to (i) the maximum number and/or class
of securities issuable under the Plan, (ii) the maximum number and/or class of securities for which any one person may be granted
Awards under the Plan per calendar year, (iii) the number and/or class of securities and the exercise or base price per share
(or any other cash consideration payable per share) in effect under each outstanding Award under the Discretionary Grant Program,
and (iv) the number and/or class of securities subject to each outstanding Award under the Stock Issuance Program and the cash
consideration (if any) payable per share thereunder. To the extent such adjustments are to be made to outstanding Awards, those
adjustments shall be effected in a manner that shall preclude the enlargement or dilution of rights and benefits under those Awards.
The adjustments determined by the Plan Administrator shall be final, binding and conclusive.

 

6.            Taxes.

 

(a)       Employee
will recognize ordinary income for federal income tax purposes on each date the Restricted Stock subject to Employee’s award
vests, whether pursuant to the normal vesting schedule above, the acceleration provisions of this Agreement that may apply or
otherwise. The amount of Employee’s taxable income on each such vesting date will equal the fair market value per share
of Common Stock on the date of vesting times the number of shares of Restricted Stock which vest on that date.

 

(b)       Employee
shall be liable for any and all taxes, including any withholding taxes, arising out of this grant or the vesting of Restricted
Stock hereunder. Employee may elect to satisfy such withholding tax obligation by (i) having the Company retain Restricted Stock
having a fair market value equal to the Company’s minimum withholding obligation, or (ii) making a cash payment to the Company
in an amount equal to the Company’s minimum withholding obligation; provided, that Employee make and communicate such election
through the AST site as to the applicable vesting amount not less than five (5) business days prior to the applicable vesting
date. If Employee elects to pay the applicable minimum withholding amount in cash, then Employee shall make such payment within
two (2) business days following the applicable vesting date. If Employee (A) fails to make and communicate such election through
the AST site within the applicable time period, or (B) elects to make a cash payment of the minimum withholding amount and Employee
fails to make such payment within two (2) business days following the applicable vesting date, then the Company’s minimum
withholding tax obligations shall be satisfied by the Company withholding a number of shares of Restricted Stock that would otherwise
vest and be delivered to Employee under this Agreement that the Company determines has a fair market value sufficient to meet
such obligations. The Company shall not be required to deliver any Restricted Stock or to recognize any purported transfer of
shares of the Restricted Stock until such withholding obligations are satisfied. Employee is ultimately liable and responsible
for all taxes owed by Employee in connection with Employee’s Restricted Stock, regardless of any action the Company takes
with respect to any tax withholding obligations that arise in connection with the Restricted Stock. The Company makes no representation
or undertaking regarding the treatment of any tax withholding in connection with the grant, issuance, vesting or settlement of
the Restricted Stock or the subsequent sale of any of the shares of Restricted Stock. The Company does not commit and is under
no obligation to structure the Restricted Stock award or program to reduce or eliminate Employee’s tax liability. The Company
shall not be required to issue or deliver to Employee fractional shares of Restricted Stock upon withholding of any shares of
Restricted Stock to cover the minimum withholding tax, or otherwise, and any fractional share amounts shall be paid to Employee
by the Company solely in cash based on the pro rata fair market value of such fractional share amounts on the date of vesting.

 

    3 

     

    

 

7.            Securities
Law Compliance. The Company will use its reasonable commercial efforts to assure that all Restricted Stock issued pursuant
to this Agreement is registered under the federal securities laws. However, no Restricted Stock will be issued pursuant to Employee’s
award if such issuance would otherwise constitute a violation of any applicable federal or state securities laws or regulations
or the requirements of The NASDAQ Capital Market and any stock exchange or other market on which the Common Stock is then quoted
or listed for trading. The inability of the Company to obtain approval from any regulatory body having authority deemed by the
Company to be necessary to the lawful issuance of any Restricted Stock hereunder shall defer the Company’s obligation with
respect to the issuance of such Restricted Stock until such approval has been obtained.

 

8.            Miscellaneous.

 

(a)       The
grant of Restricted Stock or another award to Employee in any one year, or at any time, does not obligate the Company to make
a grant in any future year or in any given amount and should not create an expectation that the Company might make a grant in
any future year or in any given amount.

 

(b)       The
Company shall not be required (i) to transfer on its books any shares of Restricted Stock which shall have been sold or transferred
in violation of any of the provisions set forth in this Agreement, or (ii) to treat as owner of such shares or to accord the right
to vote as such owner or to pay dividends to any transferee to whom such shares shall have been so transferred.

 

(c)       The
parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent
of this Agreement.

 

(d)       Any
notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon delivery to Employee
at Employee’s address then on file with the Company.

 

(e)       This
Agreement shall not be construed so as to grant Employee any right to remain in the employ of the Company.

 

    4 

     

    

 

(f)       The
parties agree that neither the Company nor any of its affiliates shall have any further obligation to Employee relating to the
grant of stock or other incentive compensation except as stated herein.

 

(g)       This
Agreement and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof. This Agreement
may not be amended except with the consent of the Committee and by a written instrument duly executed by the Company and Employee.

 

(h)       This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and to their heirs, personal representatives,
successors and assigns. The terms of this Agreement shall in all respects be subject to the terms of the Plan. Employee hereby
agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee upon any questions arising
under the Plan or this Agreement.

 

(i)       The
interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Delaware without resort
to that State’s conflicts-of-laws rules.

 

(j)       This
Agreement shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise make changes in
its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business
or assets.

 

9.            Mandatory
Arbitration. ANY AND ALL DISPUTES OR CONTROVERSIES BETWEEN EMPLOYEE AND THE COMPANY OR BETWEEN THE COMPANY AND EMPLOYEE
ARISING OUT OF, RELATING TO OR OTHERWISE CONNECTED WITH THIS AGREEMENT OR THE AWARD OF RESTRICTED STOCK EVIDENCED HEREBY OR THE
VALIDITY, CONSTRUCTION, PERFORMANCE OR TERMINATION OF THIS AGREEMENT SHALL BE SETTLED EXCLUSIVELY BY BINDING ARBITRATION TO BE
HELD IN SACRAMENTO COUNTY, CALIFORNIA. THE ARBITRATION PROCEEDINGS SHALL BE GOVERNED BY (I) THE NATIONAL RULES FOR THE RESOLUTION
OF EMPLOYMENT DISPUTES THEN IN EFFECT OF THE AMERICAN ARBITRATION ASSOCIATION, AND (II) THE FEDERAL ARBITRATION ACT. THE ARBITRATOR
SHALL HAVE THE SAME, BUT NO GREATER, REMEDIAL AUTHORITY AS WOULD A COURT HEARING THE SAME DISPUTE. THE DECISION OF THE ARBITRATOR
SHALL BE FINAL, CONCLUSIVE AND BINDING ON THE PARTIES TO THE ARBITRATION AND SHALL BE IN LIEU OF THE RIGHTS THOSE PARTIES MAY
OTHERWISE HAVE TO A JURY TRIAL; PROVIDED, HOWEVER, THAT SUCH DECISION SHALL BE SUBJECT TO CORRECTION, CONFIRMATION OR VACATION
IN ACCORDANCE WITH THE PROVISIONS AND STANDARDS OF APPLICABLE LAW GOVERNING THE JUDICIAL REVIEW OF ARBITRATION AWARDS. THE ARBITRATOR
SHALL ISSUE A WRITTEN DECISION THAT REVEALS THE ESSENTIAL FINDINGS AND CONCLUSIONS ON WHICH THE DECISION IS BASED, AND THE ARBITRATOR’S
DECISION SHALL BE SUBJECT TO SUCH JUDICIAL REVIEW AS IS PROVIDED BY LAW. THE COMPANY SHALL PAY ANY ARBITRATION FILING FEE, AND
WILL BEAR ALL OTHER COSTS OF ARBITRATION, INCLUDING FEES FOR THE SERVICES OF THE ARBITRATOR AND ANY COURT REPORTER ORDERED BY
THE ARBITRATOR. EACH PARTY SHALL BEAR ITS, HIS OR HER OWN COSTS OF LEGAL REPRESENTATION; PROVIDED, HOWEVER, IF ANY PARTY PREVAILS
ON A CLAIM ENTITLING THE PREVAILING PARTY TO ATTORNEYS’ FEES AND/OR COSTS PURSUANT TO ANY APPLICABLE EMPLOYMENT OR CIVIL
RIGHTS STATUTE, THE ARBITRATOR MAY AWARD REASONABLE FEES AND/OR COSTS TO THE PREVAILING PARTY IN ACCORDANCE WITH SUCH CLAIM. JUDGMENT
SHALL BE ENTERED ON THE ARBITRATOR’S DECISION IN ANY COURT HAVING JURISDICTION OVER THE SUBJECT MATTER OF SUCH DISPUTE OR
CONTROVERSY. NOTWITHSTANDING THE FOREGOING, EITHER PARTY MAY IN AN APPROPRIATE MATTER APPLY TO A COURT PURSUANT TO CALIFORNIA
CODE OF CIVIL PROCEDURE SECTION 1281.8, OR ANY COMPARABLE STATUTORY PROVISION OR COMMON LAW PRINCIPLE, FOR PROVISIONAL RELIEF,
INCLUDING A TEMPORARY RESTRAINING ORDER OR A PRELIMINARY INJUNCTION. TO THE EXTENT PERMITTED BY LAW, THE PROCEEDINGS AND RESULTS,
INCLUDING THE ARBITRATOR’S DECISION, SHALL BE KEPT CONFIDENTIAL TO THE EXTENT PERMITTED BY APPLICABLE LAW.

 

    5 

     

    

 

10.          Remaining
Terms. The remaining terms and conditions of Employee’s award are governed by the Plan, and Employee’s award
is also subject to all interpretations, amendments, rules, regulations and decisions that may from time to time exist, be adopted
or made under and pursuant to the Plan. The General Plan Description, which is the official prospectus summarizing the principal
features of the Plan, has previously been provided to Employee or is provided with this Agreement.

 

(Signature
Page Follows)

 

    6 

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement effective on the date first set above.

 

	COMPANY:	PACIFIC ETHANOL, INC.,
	 	a Delaware corporation
	 		 
	 	By:	 

 

I,
the undersigned Employee, hereby acknowledge receiving, reading and understanding the General Plan Description, which is the official
prospectus summarizing the principal features of the Plan, this Agreement and the Plan itself. I further acknowledge and accept
the foregoing terms and conditions of the Restricted Stock award evidenced hereby. I also acknowledge and agree that the foregoing
sets forth the entire understanding between the Company and me regarding my entitlement to receive the shares of the Company’s
Common Stock subject to such award and supersedes all prior oral and written agreements on that subject.

 

	EMPLOYEE:	 
	 	«First_Name»
    «Last_Name»

 

    7 

     

    

 

NOTICE
OF ELECTION

 

Chief
Financial Officer

Pacific
Ethanol, Inc.

 

Re:
Notice of Election as to Manner of Payment of Minimum Withholding Tax

 

1.           The
undersigned Employee has been granted shares of Restricted Stock of Pacific Ethanol, Inc., a Delaware corporation (the “Company”).

 

2.           The
undersigned Employee hereby elects to (check one):

 

_____
pay the minimum withholding tax in cash with respect to shares of Restricted Stock; or

 

_____
have shares of Restricted Stock withheld by the Company to cover the minimum withholding tax.

 

3.
          The foregoing election is with respect to the following
Grant Date or vesting date(check one):

 

_____
________, 20__

 

_____
________, 20__

 

_____
________, 20__

 

4.           If
the undersigned Employee has elected to pay to the Company the minimum withholding tax in cash with respect to shares of Restricted
Stock, the undersigned Employee shall make such payment to the Company within two (2) business days following the applicable vesting
date. If the undersigned Employee fails to make payment within such period, then the Company’s minimum withholding tax obligations
may be satisfied by the Company withholding a number of shares of Restricted Stock that would otherwise vest and be delivered
to Employee that the Company determines has a fair market value sufficient to meet such obligations.

 

5.           The
terms and conditions of Company’s grant of Restricted Stock are governed solely by the Restricted Stock Agreement and the
Plan.

 

	Dated:	 	 	EMPLOYEE
	 	 
	 	«First_Name» «Last_Name»

 

8Exhibit
10.31

 

AMENDMENT
NO. 1

 

TO

 

CREDIT
AGREEMENT

 

THIS
AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of March 1, 2017 (this “Agreement”), is entered into by and between
PACIFIC ETHANOL PEKIN, LLC, a limited liability company organized and existing under the laws of Delaware (“Company”),
1ST FARM CREDIT SERVICES, PCA, a federally-chartered instrumentality of the United States (“Lender”),
and COBANK, ACB, a federally-chartered instrumentality of the United States (“CoBank” or “Agent”).
Capitalized terms not defined herein shall have the meanings set forth in the Existing Credit Agreement.

 

BACKGROUND:

 

WHEREAS,
the Company, Lender and CoBank have entered into that certain Credit Agreement dated as of December 15, 2016 (as the same
may from time to time be amended, restated, modified or otherwise supplemented, collectively the “Existing Credit Agreement”),
and the other Loan Documents;

 

WHEREAS,
at the time the Credit Agreement was entered into, the Company was a corporation organized and existing under the laws of
Delaware and its legal name was “Pacific Ethanol Pekin, Inc.”;

 

WHEREAS,
on January 31, 2017, the Company converted to a limited liability company organized and existing under the laws of Delaware
and its legal name was changed to “Pacific Ethanol Pekin, LLC”;

 

WHEREAS,
the Company has requested that certain of the deadlines set forth under Section 6.12 of the Existing Credit Agreement be extended;

 

WHEREAS,
the Company has requested that, as of the Effective Date, the Existing Credit Agreement be amended as herein provided; and

 

WHEREAS,
CoBank is willing, subject to the terms and conditions hereinafter set forth, to make such amendments;

 

NOW,
THEREFORE, in consideration of the agreements herein contained, the parties hereby agree as follows:

 

ARTICLE
1         Definitions.

 

1.1           Certain
Definitions. The following terms when used in the Agreement shall have the following meanings:

 

“Agreement”
is defined in the preamble to this Agreement.

 

“CoBank”
is defined in the preamble to this Agreement.

 

     

    

    

 

“Company”
is defined in the preamble to this Agreement.

 

“Effective
Date” is defined in Article 4.

 

“Entity
Conversion” means, collectively, the Company’s (a) conversion from a Delaware corporation to a Delaware limited
liability company and (b) change in name from “Pacific Ethanol Pekin, Inc.” to “Pacific Ethanol Pekin, LLC”.

 

“Existing
Credit Agreement” is defined in the first recital to this Agreement.

 

1.2           Other
Definitions. Unless otherwise defined or the context otherwise requires, terms used herein (including in the preamble and
recitals hereto) have the meanings provided for in the Existing Credit Agreement.

 

ARTICLE
2         Amendments.

 

Effective
on (and subject to the occurrence of) the Effective Date, the Existing Credit Agreement is amended as follows:

 

2.1           Company
Conversion. The Credit Agreement is hereby amended to reflect that effective as of January 31, 2017, (a) the Company is a
limited liability company organized and existing under the laws of Delaware and (b) the Company’s legal name is “Pacific
Ethanol Pekin, LLC”.

 

2.2           Amendment
to Section 6.12 of the Existing Credit Agreement. Section 6.12 of the Existing Credit Agreement is hereby amended by deleting
Section 6.12 in its entirety and substituting the following Section 6.12 in its place:

 

“6.12       Additional
Items. The Company shall provide Agent with each of the following (which, in the case of instruments and documents, must (unless
otherwise stated below) be originals, duly executed, and in form and substance satisfactory to Agent), on or before the date indicated:

 

(a)          The
Title Policy, on or before March 1, 2017;

 

(b)          An
executed collateral assignment, subordination agreement or other similar agreement from the Persons party to any agreement with
the Company set forth on the attached Schedule 6.12(b), on or before April 1, 2017;

 

(c)          A
control agreement in respect of each Brokerage Account maintained by the Company, in each case properly executed on behalf of
each of the parties thereto, on or before March 1, 2017;

 

(d)          Survey
and subdivision of any portion of the Real Property Collateral requested by Agent or Lender for the purpose of Lender releasing
its Lien for any such portion of the Real Estate Collateral as Lender may desire, at any time at the request of Agent or Lender;
and

 

(e)          Payment
of all fees and expenses of Agent and the Lending Parties, if any, as required by this Agreement or any other Loan Document, on
or before April 1, 2017.”

 

     

    

    

 

ARTICLE
3         Representations and Warranties.

 

In
order to induce CoBank to make the amendments provided for in Article 2, the Company hereby (a) represents and warrants that (i)
each of the representations and warranties of the Company contained in the Existing Credit Agreement and in the other Loan Documents
are true and correct in all material respects on and as of the date hereof, except that such representations and warranties (A)
that relate solely to an earlier date shall be true and correct in all material respects as of such earlier date, (B) shall be
true and correct in all respects to the extent they are qualified by a materiality standard and (C) shall be true and correct
in all respects to the extent they are qualified by the amendments provided for in Section 2.1 hereof and (ii) no Default or Event
of Default has occurred and is continuing; and (b) agrees that the incorrectness in any respect of any representation and warranty
contained in the preceding clause (a) shall constitute an immediate Event of Default. Without limiting the foregoing, the Company
hereby (x) ratifies and confirms all of the terms, covenants and conditions set forth in the Loan Documents and hereby agrees
that it remains unconditionally liable to CoBank in accordance with the respective terms, covenants and conditions set forth in
the Loan Documents, and all Collateral in favor of CoBank continues unimpaired and in full force and effect, and (y) waives all
defense, claims, counterclaims, rights of recoupment or set-off against any of its obligations.

 

ARTICLE
4         Conditions to Effectiveness.

 

This
Agreement shall become effective on such date (the “Effective Date”) when the following conditions have been
satisfied:

 

4.1          Representations
and Warranties. The representations and warranties made by the Company pursuant to Article 3 as of the Effective Date shall
be true and correct.

 

4.2          Other
Requests. CoBank shall have received such other certificates, instruments, documents, agreements, information and reports
as may be requested by CoBank, in form and substance satisfactory to CoBank, including, but not limited to, the following on or
before the dates indicated:

 

(a)          Fully-executed
and filed (as applicable) copies of all documents relating to the Entity Conversion, on or before April 1, 2017;

 

(b)          All
amendments to the Loan Documents requested by Agent in connection with the Entity Conversion, on or before April 1, 2017;

 

(c)          A
Secretary’s Certificate with attached organizational documents, good standing certificates, resolutions and incumbency certificate,
on or before April 1, 2017;

 

(d)          Any
endorsements to the Title Policy requested by Agent as a result of the Entity Conversion, on or before April 1, 2017;

 

(e)          A
non-refundable consent fee equal to Three Thousand Five Hundred Dollars ($3,500) in connection with the Entity Conversion, on
or before April 1, 2017; and

 

     

    

    

 

(f)          All
fees and expenses incurred by Agent in connection with the Entity Conversion, including any amendments, modifications, UCC filings,
title policy endorsements and real estate recording costs, on or before April 1, 2017.

 

The
items set forth in this Section 4.2(a)-(f) supplement and replace the requirements set forth in that certain Written Consent dated
January 30, 2017 executed by Agent in favor of the Company.

 

ARTICLE
5         Miscellaneous.

 

5.1          Loan
Document Pursuant to Existing Credit Agreement. This Agreement is a Loan Document executed pursuant to the Existing Credit
Agreement. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions contained
in the Existing Credit Agreement and each other Loan Document shall remain unamended an otherwise unmodified and in full force
and effect.

 

5.2          Limitation
of Amendments. The amendments set forth in Article 2 shall be limited precisely as provide for herein and shall not be deemed
to be a waiver of, amendment of, consent to or modification of any other term or provision of the Existing Credit Agreement or
any term or provision of any other Loan Document or of any transaction or further or future action on the part of the Company
which would require the consent of CoBank under the Existing Credit Agreement or any other Loan Document.

 

5.3          Incorporation
of Existing Credit Agreement Provisions. The provisions of Article 11 of the Existing Credit Agreement shall apply to this
Agreement, mutatis mutandis.

 

[Signature
Pages Follow]

 

     

    

    

 

[SIGNATURE
PAGE TO CREDIT AGREEMENT AMENDMENT]

 

IN
WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth
above.

	 	 	 
	 	COMPANY:
	 	 
	 	PACIFIC
    ETHANOL PEKIN, LLC
	 	 
	 	By:	/s/
    Bryon T. McGregor
	 	Name:	Bryon T. McGregor
	 	Title:	Chief Financial Officer

 

     

    

    

 

[SIGNATURE
PAGE TO CREDIT AGREEMENT AMENDMENT]

 

IN
WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth
above.

	 	 	 
	 	lender:
	 	 
	 	1ST FARM CREDIT SERVICES, PCA
	 	 
	 	By:	/s/
    Dale A. Richardson 
	 	Name:	Dale A. Richardson
	 	Title:	Vice President,
Capital Markets Group

 

     

    

    

 

[SIGNATURE
PAGE TO CREDIT AGREEMENT AMENDMENT]

 

IN
WITNESS WHEREOF, the parties hereto, by their Authorized Officers, have executed this Agreement as of the date first set forth
above.

	 	 	 
	 	COBANK,
    ACB
	 	 	 
	 	By:	/s/ Tom
    D. Houser
	 	Name:	Tom D. Houser
	 	Title:	Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00280-of-00352.parquet"}]]