Document:

THIS WARRANT AND THE SHARES OF COMMON
STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR COLOMBIA CLEAN POWER & FUELS, INC. SHALL HAVE RECEIVED AN OPINION
OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES
LAWS IS NOT REQUIRED.

  

WARRANT TO PURCHASE

 

SHARES OF COMMON STOCK

 

OF

 

COLOMBIA CLEAN POWER & FUELS, INC.

 

Expires May 31, 2016

 

	No.: W-A -		 	Number of Shares: 	
	Date of Issuance:  June __, 2011	 

 

FOR VALUE RECEIVED,
subject to the provisions hereinafter set forth, the undersigned, Colombia Clean Power & Fuels, Inc., a Nevada corporation
(together with its successors and assigns, the “Issuer”), hereby certifies that __________________________ or
its registered assigns is entitled to subscribe for and purchase, during the period specified in this Warrant, up to _______________
(________) shares (subject to adjustment as hereinafter provided) of the duly authorized, validly issued, fully paid and non-assessable
Common Stock of the Issuer, at an exercise price per share equal to the Warrant Price subject, however, to the provisions and upon
the terms and conditions hereinafter set forth. Capitalized terms used in this Warrant and not otherwise defined herein shall have
the respective meanings specified in Section 9 hereof.

 

1.          Term.
The right to subscribe for and purchase shares of Warrant Stock represented hereby shall commence on the Date of Issuance set forth
above and shall expire at 5:00 p.m., eastern time, on May 31, 2016 (such period being the “Term”).

 

2.          Method
of Exercise Payment; Issuance of New Warrant; Transfer and Exchange.

 

(a)       Time
of Exercise. The purchase rights represented by this Warrant may be exercised in whole or in part at any time and from time
to time during the Term commencing on the Date of Issuance set forth above.

 

    	 

    	 

    

 

(b)         Method
of Exercise. The Holder hereof may exercise this Warrant, in whole or in part, by the surrender of this Warrant (with the exercise
form attached hereto duly executed) at the principal office of the Issuer, and by the payment to the Issuer of an amount of consideration
therefor equal to the Warrant Price in effect on the date of such exercise multiplied by the number of shares of Warrant Stock
with respect to which this Warrant is then being exercised, payable at such Holder’s election (i) by certified or official
bank check or by wire transfer to an account designated by the Issuer, (ii) by “cashless exercise” in accordance with
the provisions of subsection (c) of this Section 2, or (iii) by a combination of the foregoing methods of payment selected by the
Holder of this Warrant.

 

(c)           Cashless
Exercise. Notwithstanding any provisions herein to the contrary and commencing six (6) months following the Original Issue
Date, if the Per Share Market Value of one share of Common Stock is greater than the Warrant Price (at the date of calculation
as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless
exercise and shall receive the number of shares of Common Stock equal to an amount (as determined below) by surrender of this Warrant
at the principal office of the Issuer together with the properly endorsed Notice of Exercise in which event the Issuer shall issue
to the Holder a number of shares of Common Stock computed using the following formula:

 

	 	X = Y - (A)(Y)

   B

	 	 
	Where	X =	the number of shares of Common Stock to be issued to the Holder.
	 	 	 
	 	Y =	the number of shares of Common Stock purchasable upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised.
	 	 	 
	 	A =	the Warrant Price.
	 	 	 
	 	B =	the Per Share Market Value of one share of Common Stock.

 

(d)           Issuance
of Stock Certificates. In the event of any exercise by the Holder of the rights represented by this Warrant in accordance with
and subject to the terms and conditions hereof, (i) certificates for the shares of Warrant Stock so purchased shall be dated the
date of such exercise and delivered to the Holder hereof within a reasonable time, not exceeding three (3) Trading Days after such
exercise or, at the request of the Holder, issued and delivered to the Depository Trust Company (“DTC”) account
on the Holder’s behalf via the Deposit Withdrawal Agent Commission System (“DWAC”) within a reasonable
time, not exceeding three (3) Trading Days after such exercise, and the Holder hereof shall be deemed for all purposes to be the
Holder of the shares of Warrant Stock so purchased as of the date of such exercise and (ii) unless this Warrant has expired, a
new Warrant representing the number of shares of Warrant Stock, if any, with respect to which this Warrant shall not then have
been exercised (less any amount thereof which shall have been canceled in payment or partial payment of the Warrant Price as hereinabove
provided) shall also be issued to the Holder hereof at the Issuer’s expense within such time.

 

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(e)          Transferability
of Warrant. Subject to Section 2(g), this Warrant may be transferred by a Holder without the consent of the Issuer. If transferred
pursuant to this paragraph, this Warrant may be transferred on the books of the Issuer by the Holder hereof in person or by the
Holder’s duly authorized attorney, upon surrender of this Warrant at the principal office of the Issuer, properly endorsed
(by the Holder executing an assignment in the form attached hereto) and upon payment of any necessary transfer tax or other governmental
charge imposed upon such transfer. This Warrant is exchangeable at the principal office of the Issuer for Warrants for the purchase
of the same aggregate number of shares of Warrant Stock, each new Warrant to represent the right to purchase such number of shares
of Warrant Stock as the Holder hereof shall designate at the time of such exchange. All Warrants issued on transfers or exchanges
shall be dated the Original Issue Date and shall be identical with this Warrant except as to the number of shares of Warrant Stock
issuable pursuant hereto.

 

(f)          Continuing
Rights of Holder. The Issuer will, at the time of or at any time after each exercise of this Warrant, upon the request of the
Holder hereof, acknowledge in writing the extent, if any, of its continuing obligation to afford to such Holder all rights to which
such Holder shall continue to be entitled after such exercise in accordance with the terms of this Warrant, provided that
if any such Holder shall fail to make any such request, the failure shall not affect the continuing obligation of the Issuer to
afford such rights to such Holder.

 

(g)          Compliance
with Securities Laws.

 

(i)          The
Holder of this Warrant, by acceptance hereof, acknowledges that this Warrant and the shares of Warrant Stock to be issued upon
exercise hereof are being acquired solely for the Holder’s own account and not as a nominee for any other party, and for
investment, and that the Holder will not offer, sell or otherwise dispose of this Warrant or any shares of Warrant Stock to be
issued upon exercise hereof except pursuant to an effective registration statement, or an exemption from registration, under the
Securities Act and any applicable state securities laws.

 

(ii)         Except
as provided in paragraph (iii) below, this Warrant and all certificates representing shares of Warrant Stock issued upon exercise
hereof shall be stamped or imprinted with a legend in substantially the following form:

 

THIS WARRANT AND THE SHARES
OF COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE
SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR COLOMBIA CLEAN POWER & FUELS, INC. SHALL HAVE RECEIVED AN OPINION
OF COUNSEL THAT REGISTRATION OF SUCH SECURITIES UNDER THE SECURITIES ACT AND UNDER THE PROVISIONS OF APPLICABLE STATE SECURITIES
LAWS IS NOT REQUIRED.

 

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(iii)        The
restrictions imposed by this subsection (g) upon the transfer of this Warrant or the shares of Warrant Stock to be purchased upon
exercise hereof shall terminate (A) when such securities shall have been resold pursuant to an effective registration statement
under the Securities Act, (B) upon the Issuer’s receipt of an opinion of counsel, in form and substance reasonably satisfactory
to the Issuer, addressed to the Issuer to the effect that such restrictions are no longer required to ensure compliance with the
Securities Act and state securities laws or (C) upon the Issuer’s receipt of other evidence reasonably satisfactory to the
Issuer that such registration and qualification under the Securities Act and state securities laws are not required. Whenever such
restrictions shall cease and terminate as to any such securities, the Holder thereof shall be entitled to receive from the Issuer
(or its transfer agent and registrar), without expense (other than applicable transfer taxes, if any), new Warrants (or, in the
case of shares of Warrant Stock, new stock certificates) of like tenor not bearing the applicable legend required by paragraph
(ii) above relating to the Securities Act and state securities laws.

 

3.          Stock
Fully Paid; Reservation and Listing of Shares; Covenants.

 

(a)          Stock
Fully Paid. The Issuer represents, warrants, covenants and agrees that all shares of Warrant Stock which may be issued upon
the exercise of this Warrant or otherwise hereunder will, upon issuance, be duly authorized, validly issued, fully paid and non-assessable
and free from all taxes, liens and charges created by or through Issuer. The Issuer further covenants and agrees that during the
period within which this Warrant may be exercised, the Issuer will at all times have authorized and reserved for the purpose of
the issue upon exercise of this Warrant a number of shares of Common Stock equal to the aggregate number of shares of Common Stock
exercisable hereunder to provide for the exercise of this Warrant.

 

(b)          Reservation.
If any shares of Common Stock required to be reserved for issuance upon exercise of this Warrant or as otherwise provided hereunder
require registration or qualification with any Governmental Authority under any federal or state law before such shares may be
so issued, the Issuer will in good faith use its best efforts as expeditiously as possible at its expense to cause such shares
to be duly registered or qualified. If the Issuer shall list any shares of Common Stock on any securities exchange or market it
will, at its expense, list thereon, maintain and increase when necessary such listing, of, all shares of Warrant Stock from time
to time issued upon exercise of this Warrant or as otherwise provided hereunder, and, to the extent permissible under the applicable
securities exchange’s rules, all unissued shares of Warrant Stock which are at any time issuable hereunder, so long as any
shares of Common Stock shall be so listed. The Issuer will also so list on each securities exchange or market, and will maintain
such listing of, any other securities which the Holder of this Warrant shall be entitled to receive upon the exercise of this Warrant
if at the time any securities of the same class shall be listed on such securities exchange or market by the Issuer.

 

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(c)          Covenants.
The Issuer shall not by any action including, without limitation, amending the Articles of Incorporation or the by-laws of the
Issuer, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of the Holder hereof against dilution (to the extent specifically provided herein) or impairment. Without
limiting the generality of the foregoing, the Issuer will (i) not permit the par value, if any, of its Common Stock to exceed the
then effective Warrant Price, (ii) not amend or modify any provision of the Articles of Incorporation or by-laws of the Issuer
in any manner that would adversely affect the rights of the Holders of the Warrants, (iii) take all such action as may be reasonably
necessary in order that the Issuer may validly and legally issue fully paid and nonassessable shares of Common Stock, free and
clear of any liens, claims, encumbrances and restrictions (other than as provided herein) upon the exercise of this Warrant, and
(iv) use its best efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof as may be reasonably necessary to enable the Issuer to perform its obligations under this Warrant.

 

(d)          Loss,
Theft, Destruction of Warrants. Upon receipt of evidence satisfactory to the Issuer of the ownership of and the loss, theft,
destruction or mutilation of any Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity or
security satisfactory to the Issuer or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the
Issuer will make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing
the right to purchase the same number of shares of Common Stock.

 

4.          Adjustment
of Warrant Price and Warrant Share Number. The number of shares of Common Stock for which this Warrant is exercisable, and
the price at which such shares may be purchased upon exercise of this Warrant, shall be subject to adjustment from time to time
as set forth in this Section 4. The Issuer shall give the Holder notice of any event described below which requires an adjustment
pursuant to this Section 4 in accordance with Section 5.

 

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(a)          Recapitalization,
Reclassification, Exchange, Substitution, Consolidation, Merger or Sale.

 

In case the Issuer after
the Original Issue Date shall do any of the following (each, a “Triggering Event”): (a) consolidate with or
merge into any other Person and the Issuer shall not be the continuing or surviving corporation of such consolidation or merger,
or (b) permit any other Person to consolidate with or merge into the Issuer and the Issuer shall be the continuing or surviving
Person but, in connection with such consolidation or merger, any Capital Stock of the Issuer shall be changed into or exchanged
for Securities of any other Person or cash or any other property, or (c) transfer all or substantially all of its properties or
assets to any other Person, or (d) effect a capital reorganization, reclassification, exchange or substitution of its Capital Stock,
then, and in the case of each such Triggering Event, proper provision shall be made so that, upon the basis and the terms and in
the manner provided in this Warrant, the Holder of this Warrant shall be entitled upon the exercise hereof at any time after the
consummation of such Triggering Event, to the extent this Warrant is not exercised prior to such Triggering Event, to receive at
the Warrant Price in effect at the time immediately prior to the consummation of such Triggering Event in lieu of the Common Stock
issuable upon such exercise of this Warrant prior to such Triggering Event, the Securities, cash and property to which such Holder
would have been entitled upon the consummation of such Triggering Event if such Holder had exercised the rights represented by
this Warrant immediately prior thereto (including the right to elect the type of consideration, if applicable), subject to adjustments
(subsequent to such corporate action) as nearly equivalent as possible to the adjustments provided for elsewhere in this Section
4.

 

(b)          Stock
Dividends, Stock Splits and Combinations. If at any time the Issuer shall:

 

(i)          set
a record date or take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend payable
in, or other distribution of, Additional Shares of Common Stock,

 

(ii)         effect
a stock split of its outstanding shares of Common Stock into a larger number of shares of Common Stock, or

 

(iii)        combine
its outstanding shares of Common Stock into a smaller number of shares of Common Stock,

 

then (1) the number of shares of Common
Stock for which this Warrant is exercisable immediately after the occurrence of any such event shall be adjusted to equal the number
of shares of Common Stock which a record holder of the same number of shares of Common Stock for which this Warrant is exercisable
immediately prior to the occurrence of such event would own or be entitled to receive after the happening of such event, and (2)
the Warrant Price then in effect shall be adjusted to equal (A) the Warrant Price then in effect multiplied by the number of shares
of Common Stock for which this Warrant is exercisable immediately prior to the adjustment divided by (B) the number of shares of
Common Stock for which this Warrant is exercisable immediately after such adjustment.

 

(c)          Form
of Warrant after Adjustments. The form of this Warrant need not be changed because of any adjustments in the Warrant Price
or the number and kind of securities purchasable upon exercise of this Warrant.

 

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(d)          Escrow
of Property. If after any property becomes distributable pursuant to this Section 4 by reason of the taking of any record of
the holders of Common Stock, but prior to the occurrence of the event for which such record is taken, and the Holder exercises
this Warrant, such property shall be held in escrow for the Holder by the Issuer to be distributed to the Holder upon and to the
extent that the event actually takes place, upon payment of the then current Warrant Price. Notwithstanding any other provision
to the contrary herein, if the event for which such record was taken fails to occur or is rescinded, then such escrowed property
shall be returned to the Issuer.

 

5.           Notice
of Adjustments. Whenever the Warrant Price or Warrant Share Number shall be adjusted pursuant to Section 4 hereof (for purposes
of this Section 5, each an “adjustment”), the Issuer shall cause its Chief Financial Officer to prepare and execute
a certificate setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method
by which such adjustment was calculated (including a description of the basis on which the Board made any determination hereunder),
and the Warrant Price and Warrant Share Number after giving effect to such adjustment, and shall cause copies of such certificate
to be delivered to the Holder of this Warrant promptly after each adjustment, and in any event within ten (10) days. Any dispute
between the Issuer and the Holder of this Warrant with respect to the matters set forth in such certificate may at the option of
the Holder of this Warrant be submitted to a nationally-recognized accounting firm selected by the Holder, provided that
the Issuer shall have ten (10) days after receipt of notice from such Holder of its selection of such firm to object thereto, in
which case such Holder shall select another such firm and the Issuer shall have no such right of objection. The firm selected by
the Holder of this Warrant as provided in the preceding sentence shall be instructed to deliver a written opinion as to such matters
to the Issuer and such Holder within thirty (30) days after submission to it of such dispute. Such opinion shall be final and binding
on the parties hereto.

 

6.           Fractional
Shares. No fractional shares of Warrant Stock will be issued in connection with and exercise hereof, but in lieu of such fractional
shares, the Issuer shall at its option either (a) make a cash payment therefor equal in amount to the product of the applicable
fraction multiplied by the Per Share Market Value then in effect or (b) issue one whole share in lieu of such fractional share.

 

7.           Mandatory
Exercise.

 

(a)          On
the earlier of (i) the Mandatory Trigger Date or (ii) the date on which 60% or more of the Warrants shall have been exercised by
the registered holders thereof, the purchase rights represented by this Warrant shall, automatically and without any action on
the part of the holder thereof, be exercised in full pursuant to Section 2(c) hereof to purchase the maximum number of fully paid
and non-assessable shares of Common Stock that may then be purchased hereunder. The date this Warrant is automatically exercised
pursuant to this Section 7(a) is referred to as the “Mandatory Exercise Date.”

 

(b)          As
used herein, “Mandatory Trigger Date” shall mean, the date that the Closing Bid Price (as defined below) of
the Common Stock equals or exceeds 2.5 times the then-applicable Conversion Price (as defined below) (as may be adjusted pursuant
to Section 5 of the Certificate of Designation) for a period of sixty (60) consecutive trading days; provided, that, on the Mandatory
Trigger Date, (A) a registration statement under the Securities Act providing for the resale of the shares of Common Stock issuable
upon exercise of this Warrant is effective or the shares of Common Stock issuable upon exercise of this Warrant may be offered
for sale to the public without any volume restrictions, pursuant to Rule 144 under the Securities Act, and (B) trading in the Common
Stock shall not have been suspended by the Securities and Exchange Commission or the OTC Bulletin Board (or other exchange or market
on which the Common Stock is then trading).

 

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(c)          The
term “Closing Bid Price” shall mean, for any security as of any date, the last closing bid price of such security
on the OTC Bulletin Board or other principal exchange on which such security is traded as reported by Bloomberg, or, if no closing
bid price is reported for such security by Bloomberg, the last closing trade price of such security as reported by Bloomberg, or,
if no last closing trade price is reported for such security by Bloomberg, the average of the bid prices of any market makers for
such security as reported in the “pink sheets” by the National Quotation Bureau, Inc. If the Closing Bid Price cannot
be calculated for such security on such date on any of the foregoing bases, the Closing Bid Price of such security on such date
shall be the fair market value as mutually determined by the Issuer and the holders of Warrants that are the beneficial owners
of a majority of the shares of Common Stock issuable upon exercise of the outstanding Warrants.

 

(d)          On
the Mandatory Exercise Date, this Warrant shall be exercised automatically without any further action by the holder hereof and
whether or not this Warrant is surrendered to the Issuer or its Transfer Agent; provided, however, that the Issuer shall not be
obligated to issue the shares of Common Stock issuable upon exercise of this Warrant unless this Warrant is either delivered to
the Issuer or the holder notifies the Issuer that this Warrant has been lost, stolen or destroyed, and executes an agreement reasonably
satisfactory to the Issuer to indemnify the Issuer from any loss incurred by it in connection therewith. Upon the exercise of this
Warrant pursuant to this Section 7, the holder of this Warrant shall surrender this Warrant to the Issuer and the Issuer shall
cause its Transfer Agent to deliver the shares of Common Stock issuable upon such exercise (in the same manner set forth in Section
2(d)) to the holder within three (3) business days of the holder’s delivery of this Warrant to the Issuer.

 

(e)          The
Issuer shall issue a press release for publication on the Dow Jones News Service or Bloomberg Business News (or if either such
service is not available, another broadly disseminated news or press release service selected by the Issuer) prior to the opening
of business on the first Trading Day following the Mandatory Conversion Date, announcing such mandatory exercise of the Warrants.
The Company shall also give notice of the mandatory exercise by mail or by publication (with subsequent prompt notice by mail)
to the holders of the Warrants not more than four Business Days after the date of the press release announcing the automatic exercise
of the Warrants.

 

8.          Intentionally
Omitted.

 

9.          Definitions.
For the purposes of this Warrant, the following terms have the following meanings:

 

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“Additional
Shares of Common Stock” means all shares of Common Stock issued by the Issuer after the Original Issue Date, and all
shares of Other Common, if any, issued by the Issuer after the Original Issue Date, except for Permitted Issuances.

 

“Articles
of Incorporation” means the Articles of Incorporation of the Issuer as in effect on the Original Issue Date, and as hereafter
from time to time amended, modified, supplemented or restated in accordance with the terms hereof and thereof and pursuant to applicable
law.

 

“Board”
shall mean the Board of Directors of the Issuer.

 

“Capital
Stock” means and includes (i) any and all shares, interests, participations or other equivalents of or interests in (however
designated) corporate stock, including, without limitation, shares of preferred or preference stock, (ii) all partnership interests
(whether general or limited) in any Person which is a partnership, (iii) all membership interests or limited liability company
interests in any limited liability company, and (iv) all equity or ownership interests in any Person of any other type.

 

“Certificate
of Designation” means the Certificate of Designation of the Relative Rights and Preferences of the Series A Convertible
Preferred Stock of the Company.

 

“Common
Stock” means the Common Stock, par value $.001 per share, of the Issuer and any other Capital Stock into which such stock
may hereafter be changed.

 

“Conversion
Price” means Conversion Price as defined in the Certificate of Designation.

 

“Governmental
Authority” means any governmental, regulatory or self-regulatory entity, department, body, official, authority, commission,
board, agency or instrumentality, whether federal, state or local, and whether domestic or foreign.

 

“Holders”
mean the Persons who shall from time to time own any Warrant. The term “Holder” means one of the Holders.

 

“Independent
Appraiser” means a nationally recognized or major regional investment banking firm or firm of independent certified public
accountants of recognized standing (which may be the firm that regularly examines the financial statements of the Issuer) that
is regularly engaged in the business of appraising the Capital Stock or assets of corporations or other entities as going concerns,
and which is not affiliated with either the Issuer or the Holder of any Warrant.

 

“Issuer”
means Colombia Clean Power & Fuels, Inc., a Nevada corporation, and its successors.

 

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“Majority
Holders” means at any time the Holders of Warrants exercisable for a majority of the shares of Warrant Stock issuable
under the Warrants at the time outstanding.

 

“Original
Issue Date” means the Date of Issuance set forth on the first page hereof.

 

“OTC Bulletin
Board” means the over-the-counter electronic bulletin board.

 

“Other
Common” means any other Capital Stock of the Issuer of any class which shall be authorized at any time after the date
of this Warrant (other than Common Stock) and which shall have the right to participate in the distribution of earnings and assets
of the Issuer without limitation as to amount.

 

“Permitted
Issuances” means (i) the issuance of the Warrant Stock; (ii) issuance of Series A Preferred Stock pursuant to the
Purchase Agreement, or Common Stock issued upon conversion thereof; (iii)  warrants to purchase up to 720,000 shares of Common
Stock at an exercise price of $2.00 per share issued to any placement agent or its designee for the transactions contemplated by
the Purchase Agreement and the shares of Common Stock issued upon exercise thereof.

 

“Person”
means an individual, corporation, limited liability company, partnership, joint stock company, trust, unincorporated organization,
joint venture, Governmental Authority or other entity of whatever nature.

 

“Per
Share Market Value” means on any particular date (a) the closing bid price for a share of Common Stock in the over-the-counter
market, as reported by the OTC Bulletin Board or in the National Quotation Bureau Incorporated or similar organization or agency
succeeding to its functions of reporting prices) at the close of business on such date, or (b) if the Common Stock is not then
reported by the OTC Bulletin Board or the National Quotation Bureau Incorporated (or similar organization or agency succeeding
to its functions of reporting prices), then the average of the “Pink Sheet” quotes for the Common Stock on such date,
or (c) if the Common Stock is not then publicly traded the fair market value of a share of Common Stock on such date as determined
by the Board in good faith; provided, however, that the Majority Holders, after receipt of the determination by the
Board, shall have the right to select, jointly with the Issuer, an Independent Appraiser, in which case, the fair market value
shall be the determination by such Independent Appraiser; and provided, further that all determinations of the Per
Share Market Value shall be appropriately adjusted for any stock dividends, stock splits or other similar transactions during the
period between the date as of which such market value was required to be determined and the date it is finally determined. The
determination of fair market value shall be based upon the fair market value of the Issuer determined on a going concern basis
as between a willing buyer and a willing seller and taking into account all relevant factors determinative of value, and shall
be final and binding on all parties. In determining the fair market value of any shares of Common Stock, no consideration shall
be given to any restrictions on transfer of the Common Stock imposed by agreement or by federal or state securities laws, or to
the existence or absence of, or any limitations on, voting rights.

 

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“Purchase
Agreement” means the Securities Purchase Agreement dated as of June 1, 2011 among the Issuer and the investors a
party thereto.

 

“Securities”
means any debt or equity securities of the Issuer, whether now or hereafter authorized, any instrument convertible into or exchangeable
for Securities or a Security, and any option, warrant or other right to purchase or acquire any Security. “Security”
means one of the Securities.

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal statute then in effect.

 

“Subsidiary”
means any corporation at least 50% of whose outstanding Voting Stock, and a limited liability company at least 50% of whose membership
interests, shall at the time be owned directly or indirectly by the Issuer or by one or more of its Subsidiaries.

 

“Term”
has the meaning specified in Section 1 hereof.

 

“Trading
Day” means (a) a day on which the Common Stock is traded on the OTC Bulletin Board, or (b) if the Common Stock is not
traded on the OTC Bulletin Board, a day on which the Common Stock is quoted in the over-the-counter market as reported by the National
Quotation Bureau Incorporated (or any similar organization or agency succeeding its functions of reporting prices); provided,
however, that in the event that the Common Stock is not listed or quoted as set forth in (a) or (b) hereof, then Trading
Day shall mean any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions
in the State of New York are authorized or required by law or other government action to close.

 

“Triggering
Event” has the meaning specified in Section 4(a) hereof.

 

“Voting
Stock” means, as applied to the Capital Stock of any corporation, Capital Stock of any class or classes (however designated)
having ordinary voting power for the election of a majority of the members of the Board of Directors (or other governing body)
of such corporation, other than Capital Stock having such power only by reason of the happening of a contingency.

 

“Warrants”
means the Warrants issued and sold pursuant to the Purchase Agreement, including, without limitation, this Warrant, and any other
warrants of like tenor issued in substitution or exchange for any thereof pursuant to the provisions of Section 2(c), 2(d) or 2(e)
hereof or of any of such other Warrants.

 

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“Warrant
Price” initially means U.S. $0.01, as such price may be adjusted from time to time as shall result from the adjustments
specified in this Warrant, including Section 4 hereto.

 

“Warrant
Share Number” means at any time the aggregate number of shares of Warrant Stock which may at such time be purchased upon
exercise of this Warrant, after giving effect to all prior adjustments and increases to such number made or required to be made
under the terms hereof.

 

“Warrant
Stock” means Common Stock issuable upon exercise of any Warrant or Warrants or otherwise issuable pursuant to any Warrant
or Warrants.

 

10.         Other
Notices. In case at any time:

 

(A)         the
Issuer shall make any distributions to the holders of Common Stock; or

 

(B)         the
Issuer shall authorize the granting to all holders of its Common Stock of rights to subscribe for or purchase any shares of Capital
Stock of any class or other rights; or

 

(C)         there
shall be any reclassification of the Capital Stock of the Issuer; or

 

(D)         there
shall be any capital reorganization by the Issuer; or

 

(E)         there
shall be any (i) consolidation or merger involving the Issuer or (ii) sale, transfer or other disposition of all or substantially
all of the Issuer’s property, assets or business (except a merger or other reorganization in which the Issuer shall be the
surviving corporation and its shares of Capital Stock shall continue to be outstanding and unchanged and except a consolidation,
merger, sale, transfer or other disposition involving a wholly-owned Subsidiary); or

 

(F)         there
shall be a voluntary or involuntary dissolution, liquidation or winding-up of the Issuer or any partial liquidation of the Issuer
or distribution to holders of Common Stock;

 

then, in each of such cases, the Issuer
shall give written notice to the Holder of the date on which (i) the books of the Issuer shall close or a record shall be taken
for such dividend, distribution or subscription rights or (ii) such reorganization, reclassification, consolidation, merger, disposition,
dissolution, liquidation or winding-up, as the case may be, shall take place. Such notice also shall specify the date as of which
the holders of Common Stock of record shall participate in such dividend, distribution or subscription rights, or shall be entitled
to exchange their certificates for Common Stock for securities or other property deliverable upon such reorganization, reclassification,
consolidation, merger, disposition, dissolution, liquidation or winding-up, as the case may be. Such notice shall be given at least
twenty (20) days prior to the action in question and not less than twenty (20) days prior to the record date or the date on which
the Issuer’s transfer books are closed in respect thereto. The Holder shall have the right to send two (2) representatives
selected by it to each meeting, who shall be permitted to attend, but not vote at, such meeting and any adjournments thereof. This
Warrant entitles the Holder to receive copies of all financial and other information distributed or required to be distributed
to the holders of the Common Stock.

 

    	12

    	 

    

 

11.         Amendment
and Waiver. Any term, covenant, agreement or condition in this Warrant may be amended, or compliance therewith may be waived
(either generally or in a particular instance and either retroactively or prospectively), by a written instrument or written instruments
executed by the Issuer and the Majority Holders; provided, however, that no such amendment or waiver shall reduce
the Warrant Share Number, increase the Warrant Price, shorten the period during which this Warrant may be exercised or modify any
provision of this Section 11 without the consent of the Holder of this Warrant.

 

12.         Governing
Law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

 

13.         Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earlier of (i) the date of transmission, if such notice or communication is delivered
via facsimile at the facsimile telephone number specified for notice prior to 5:00 p.m., eastern time, on a Trading Day, (ii) the
Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone
number specified for notice later than 5:00 p.m., eastern time, on any date and earlier than 11:59 p.m., eastern time, on such
date, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) actual
receipt by the party to whom such notice is required to be given. The addresses for such communications shall be with respect to
the Holder of this Warrant or of Warrant Stock issued pursuant hereto, addressed to such Holder at its last known address or facsimile
number appearing on the books of the Issuer maintained for such purposes, or with respect to the Issuer, addressed to:

 

Colombia Clean Power & Fuels,
Inc.

245 Sir Francis Drake Boulevard

San Anselmo, CA 94960

Attention: Chief Financial Officer

Tel. No.: (415) 460-1165

Fax No.: (415) 532-1357

 

    	13

    	 

    

 

with a copy to:

 

Pryor Cashman LLP

7 Times Square

New York, New York 10036-6569

Attention: Eric M. Hellige, Esq.

Tel. No.: (212) 326-0846

Fax No.: (212) 798-6830

 

[Copies of notices to the Holder shall
be sent to Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036, Attention: John Bessonette,
Tel No.: (212) 715-9100, Fax No.: (212) 715-8000.] Any party hereto may from time to time change its address for notices by giving
at least ten (10) days written notice of such changed address to the other party hereto.

 

14.         Warrant
Agent. The Issuer may, by written notice to each Holder of this Warrant, appoint an agent having an office in New York, New
York for the purpose of issuing shares of Warrant Stock on the exercise of this Warrant pursuant to subsection (b) of Section 2
hereof or Section 7 hereof, exchanging this Warrant pursuant to subsection (d) of Section 2 hereof or replacing this Warrant pursuant
to subsection (d) of Section 3 hereof, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the
case may be, shall be made at such office by such agent.

 

15.         Remedies.
The Issuer stipulates that the remedies at law of the Holder of this Warrant in the event of any default or threatened default
by the Issuer in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate and that,
to the fullest extent permitted by law, such terms may be specifically enforced by a decree for the specific performance of any
agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

 

16.         Successors
and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors
and assigns of the Issuer, the Holder hereof and (to the extent provided herein) the Holders of Warrant Stock issued pursuant hereto,
and shall be enforceable by any such Holder or Holder of Warrant Stock.

 

17.         Modification
and Severability. If, in any action before any court or agency legally empowered to enforce any provision contained herein,
any provision hereof is found to be unenforceable, then such provision shall be deemed modified to the extent necessary to make
it enforceable by such court or agency. If any such provision is not enforceable as set forth in the preceding sentence, the unenforceability
of such provision shall not affect the other provisions of this Warrant, but this Warrant shall be construed as if such unenforceable
provision had never been contained herein.

 

18.         Headings.
The headings of the Sections of this Warrant are for convenience of reference only and shall not, for any purpose, be deemed a
part of this Warrant.

 

    	14

    	 

    

 

IN WITNESS WHEREOF,
the Issuer has executed this Warrant as of the day and year first above written.

 

	 	COLOMBIA CLEAN POWER & FUELS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURE PAGE TO COMMON STOCK PURCHASE
WARRANT]

 

    	15

    	 

    

 

COMMON STOCK PURCHASE WARRANT

EXERCISE FORM

______________

 

The undersigned _______________,
pursuant to the provisions of the within Warrant, hereby elects to purchase _____ shares of Common Stock of Colombia Clean Power
& Fuels, Inc. covered by the within Warrant.

  

	Dated:	 	 	Signature	 

 

	 	Address	 	 
	 	 	 	 

 

Number of shares of Common Stock beneficially
owned or deemed beneficially owned by the Holder on the date of Exercise: _________________________

 

The undersigned is an “accredited investor” as defined
in Regulation D under the Securities Act of 1933, as amended.

 

The undersigned intends that
payment of the Warrant Price shall be made as (check one):

 

Cash Exercise_______

 

Cashless Exercise_______

 

If the Holder has elected a Cash Exercise,
the Holder shall pay the sum of $________ by certified or official bank check (or via wire transfer) to the Issuer in accordance
with the terms of the Warrant.

 

If the Holder has elected a Cashless Exercise,
a certificate shall be issued to the Holder for the number of shares equal to the whole number portion of the product of the calculation
set forth below, which is ___________.

 

X = Y - (A)(Y)

   B

 

Where:

 

The number of
shares of Common Stock to be issued to the Holder __________________(“X”).

 

The number of shares of Common Stock purchasable
upon exercise of all of the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised
___________________________ (“Y”).

 

The Warrant
Price ______________ (“A”).

 

The Per Share Market Value of one share
of Common Stock _______________________ (“B”).

 

    	 

    	 

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED,
_________________ hereby sells, assigns and transfers unto __________________ the within Warrant and all rights evidenced thereby
and does irrevocably constitute and appoint _____________, attorney, to transfer the said Warrant on the books of the within named
corporation.

 

	Dated:	 	 	Signature	 

 

	 	Address	 	 
	 	 	 	 

 

PARTIAL ASSIGNMENT

 

FOR VALUE RECEIVED,
_________________ hereby sells, assigns and transfers unto __________________ the right to purchase _________ shares of Warrant
Stock evidenced by the within Warrant together with all rights therein, and does irrevocably constitute and appoint ___________________,
attorney, to transfer that part of the said Warrant on the books of the within named corporation.

 

	Dated:	 	 	Signature	 

 

	 	Address	 	 
	 	 	 	 

 

FOR USE BY THE ISSUER ONLY:

 

This Warrant No. W-___ canceled (or transferred
or exchanged) this _____ day of ___________, _____, shares of Common Stock issued therefor in the name of _______________, Warrant
No. W-_____ issued for ____ shares of Common Stock in the name of _______________.

 

    	 

    	 

    

 

SCHEDULE OF WARRANTS

Issued with Series A Preferred Stock

 

	Date of Warrant	 	Name of Warrant Holder	 	Amount of Shares 
 represented by 
 Warrant	 
	 	5/13/2011	 	LIFE Power & Fuels, LLC	 	 	2,800	 
	 	6/1/2011	 	Steelhead Navigator Master	 	 	630,000	 
	 	6/1/2011	 	Odyssey Reinsurance  Company	 	 	210,000<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT 10.8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.5in">FEDERAL DEPOSIT
INSURANCE CORPORATION<BR>
WASHINGTON, D.C.<BR>
AND<BR>
COMMONWEALTH OF KENTUCKY<BR>
DEPARTMENT OF FINANCIAL INSTITUTIONS<BR>
FRANKFORT, KENTUCKY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0in; text-indent: 0in; text-align: justify">______________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In the Matter of</FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-top: 12pt; padding-right: 0; padding-left: 0">FIRST FEDERAL SAVINGS BANK OF</TD>
    <TD STYLE="width: 46%; padding-top: 12pt; padding-right: 0; padding-left: 0">CONSENT ORDER</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">ELIZABETHTOWN</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">ELIZABETHTOWN, KENTUCKY</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">FDIC-11-738b</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(KENTUCKY CHARTERED&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">INSURED NONMEMBER BANK)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.35in">______________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-indent: -0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">First Federal Savings Bank of Elizabethtown,
Elizabethtown, Kentucky <B>(&quot;Bank&quot;), </B>having been advised of its right to a NOTICE OF CHARGES AND OF HEARING detailing
the unsafe or unsound banking practices and violations of law, rule or regulation alleged to have been committed by the Bank, and
of its right to a hearing on the charges under section 8(b) of the Federal Deposit Insurance Act <B>(&quot;Act&quot;), </B>12 U.S.C.
&sect; 1818(b), and under section 286.3-690 of the Kentucky Revised Statutes, Ky. Rev. Stat. Ann. &sect; 286.3-690 (Michie 2006),
regarding hearings before the Department of Financial Institutions for the Commonwealth of Kentucky <B>(&quot;DFI&quot;), </B>and
having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER <B>(&quot;STIPULATION&quot;)
</B>with representatives of the Federal Deposit Insurance Corporation (&quot;FDIC&quot;) and the DFI, dated March 07, 2012, whereby,
solely for the purpose of this proceeding and without admitting or denying any charges of unsafe or unsound banking practices relating
to weaknesses in asset quality, earnings, liquidity, management, and capital, the Bank has consented to the issuance of this CONSENT
ORDER <B>(&quot;ORDER&quot;) </B>by the FDIC and the DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">The FDIC and the DFI considered
the matter and determined to accept the STIPULATION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Having also determined
that the requirements for issuance of an order under 12 U.S.C. &sect; 1818(b) and section 286.3-690 of the Kentucky Revised Statutes,
Ky. Rev. Stat. Ann. &sect; 286.3-690 (Michie 2006), have been satisfied, the FDIC and DFI HEREBY ORDER that the Bank, its institution-affiliated
parties, as that term is defined in section 3(u) of the Act, 12 U.S.C. &sect; 1813(u), and its successors and assigns take affirmative
action as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>MANAGEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&#9;(a) During the life of this ORDER,
the Bank shall have and retain qualified management. Management shall be provided the necessary written authority to implement
the provisions of this ORDER. The qualifications of management shall be assessed on its ability to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(i)</TD><TD STYLE="padding-right: 0; padding-left: 0">Comply with the requirements of this ORDER;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(ii)</TD><TD STYLE="padding-right: 0; padding-left: 0">Operate the Bank in a safe and sound manner;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(iii)</TD><TD STYLE="padding-right: 0; padding-left: 0">Comply with applicable statutes, rules, and regulations; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(iv)</TD><TD STYLE="padding-right: 0; padding-left: 0">Restore all aspects of the Bank to a safe and sound condition, including capital adequacy, asset quality, management effectiveness,
liquidity, earnings, and sensitivity to interest rate risk.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.05in">(b) During the life of this ORDER, prior
to the addition of any individual to the board of directors <B>(&quot;Board&quot;) </B>or the employment of any individual as a
senior executive officer, the Bank shall request and obtain the FDIC's and DFI's written approval. For purposes of this ORDER,
&quot;senior executive officer&quot; is defined as in section 32 of the Act (&quot;section 32&quot;), 12 U.S.C. &sect; 1831(i),
and section 303.101(b) of the FDIC Rules and Regulations, 12 C.F.R. &sect; 303.101(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.05in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.05in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CAPITAL </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&#9;(a) By June 30, 2012, the Bank shall
have and maintain its level of Tier 1 capital as a percentage of its total assets (&quot;capital ratio&quot;) at a minimum of nine
(9%) percent and its level of qualifying total capital as a percentage of risk-weighted assets (&quot;total risk based capital
ratio&quot;) at a minimum of twelve (12%) percent. For purposes of this ORDER, Tier 1 capital, qualifying total capital, total
assets, and risk-weighted assets shall be calculated in accordance with Part 325 of the FDIC Rules and Regulations (&quot;Part
325&quot;), 12 C.F.R. Part 325.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.05in">(b) If, while this ORDER is in effect,
the Bank increases capital by the sale of new securities, the Board shall adopt and implement a plan for the sale of such additional
securities, including the voting of any shares owned or proxies held by or controlled by them in favor of said plan. Should the
implementation of the plan involve public distribution of Bank securities, including a distribution limited only to the Bank's
existing shareholders, the Bank shall prepare detailed offering materials fully describing the securities being offered, including
an accurate description of the financial condition of the Bank and the circumstances giving rise to the offering, and other material
disclosures necessary to comply with Federal securities laws. Prior to the implementation of the plan and, in any event, not less
than twenty (20) days prior to the dissemination of such materials, the materials used in the sale of the securities shall be submitted
to the FDIC Accounting and Securities Disclosure Section, 550 17<SUP>th</SUP> Street, N.W., Washington, D.C. 20429 and to the Kentucky
Department of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, Kentucky 40601, for their review. Any changes
requested to be made in the materials by the FDIC or the DFI shall be made prior to their dissemination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) In complying with the provisions of this
paragraph, the Bank shall provide to any subscriber and/or purchaser of Bank securities written notice of any planned or existing
development or other changes which are materially different from the information reflected in any offering materials used in connection
with the sale of Bank securities. The written notice required by this paragraph shall be furnished within ten (10) calendar days
of the date any material development or change was planned or occurred, whichever is earlier, and shall be furnished to every purchaser
and/or subscriber of the Bank's original offering materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) Should the Bank be unable to reach the
required capital levels within the time frames specified in subparagraph (a) above, then within thirty (30) days of receipt of
written direction from the Regional Director of the FDIC's Chicago Regional Office (&quot;Regional Director&quot;) and the DFI,
the Bank shall develop, adopt, and implement a written plan to sell or merge itself into another federally insured financial institution.
A copy of the written plan required by this subparagraph shall be submitted to, and determined to be acceptable by, the Regional
Director and the DFI.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>DIVIDEND RESTRICTION </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. As of the effective date of this ORDER,
the Bank shall not declare or pay any dividend without the prior written consent of the FDIC Regional Director and the DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LOSS CHARGE-OFF</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. As of the effective date of this Order
the Bank shall eliminate from its books, by charge-off or collection, all assets or portions of assets classified as &quot;Loss&quot;
in the Report of Examination dated August 15, 2011 (&quot;ROE&quot;) and, within ten (10) days of receipt of any subsequent Report
of Examination or Visitation, shall charge-off any additional assets or portions thereof classified &quot;Loss&quot; therein which
have not been previously collected or charged off.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><U>PROHIBITION OF ADDITIONAL
LOANS TO CLASSIFIED BORROWERS </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5.&#9;(a) As of the effective date of this
ORDER, the Bank shall not extend, directly or indirectly, any additional credit to, or for the benefit of, any borrower who is
already obligated in any manner to the Bank on any extensions of credit (including any portion thereof) that has been charged
off the books of the Bank or classified &quot;Loss&quot; in the ROE or any subsequent Report of Examination or Visitation, so
long as such credit remains uncollected.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify; text-indent: 1.05in">(b) As of
the effective date of this ORDER, the Bank shall not extend, directly or indirectly, any additional credit (including any extension
of credit for the payment of interest) to, or for the benefit of, any borrower whose loan or other credit has been classified &quot;Substandard&quot;
or &quot;Doubtful&quot; or is listed for &quot;Special Mention&quot; in the ROE, or any subsequent Report of Examination or Visitation,
and remains uncollected unless the Bank's Board has adopted, prior to such extension of credit, a detailed written statement giving
the reasons why such extension of credit is in the best interest of the Bank. A copy of the statement shall be signed by each Director
participating in the decision, and incorporated in the minutes of the applicable Board meeting. A copy of the statement shall be
placed in the appropriate loan file.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1in 0pt 0; text-align: justify; text-indent: 1.05in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>REDUCTION OF DELINQUENCIES AND CLASSIFIED
LOANS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">6.&#9;(a) As of the effective date of this
ORDER, the Bank shall continue to adhere to its written plan to reduce the Bank's risk position in each loan in excess of $800,000
which is delinquent in excess of ninety (90) days or classified &quot;Substandard&quot; or &quot;Doubtful&quot; in the ROE, or
in any subsequent Report of Examination or Visitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) As used in this paragraph, &quot;reduce&quot;
means to: (1) collect; (2) charge off; (3) sell; or (4) improve the quality of such assets so as to warrant removal of any adverse
classification by the FDIC and the DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ALLOWANCE FOR LOAN AND LEASE LOSSES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">7. Prior to submission or publication of
all Reports of Condition and Income required by the FDIC after the effective date of this ORDER, the Bank's Board shall review
the adequacy of the Bank's ALLL, provide for an adequate ALLL, and accurately report the same. The minutes of the Board meeting
at which such review is undertaken shall indicate the findings of the review, the amount of increase in the ALLL recommended, if
any, and the basis for determination of the amount of ALLL provided. In making these determinations, the Board shall consider the
FFIEC Instructions for the Reports of Condition and Income and any analysis of the Bank's ALLL provided by the FDIC or DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LOAN REVIEW AND GRADING</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8. As of the effective date of this ORDER,
the Bank shall continue to maintain its revised and comprehensive loan grading and review procedures in order to effectively manage
and control risks in the loan portfolio. The procedures shall continue to require that such loan grading and review will be performed
by a qualified individual who is not a member of the Bank's lending staff. The loan review procedures shall, at a minimum:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a) Require periodic confirmation of the accuracy
and completeness of the watch list and all risk grades assigned by the Bank's loan officers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) Identify loans or relationships that warrant
special attention of management, including but not limited to, loans requiring loss recognition, adjustments to ALLL allocations,
or nonaccrual status;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) Identify credit and collateral documentation
exceptions and track corrective measures;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) Identify violations of law, rules, or
regulations and track corrective measures; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) Identify loans not in conformance with
the Bank's loan policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><U>CONCENTRATIONS OF
CREDIT </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">9.&#9;(a) As of the effective date of this
ORDER, the Bank shall continue to implement and follow its written plan to reduce the commercial real estate concentrations identified
in the ROE. The Bank's plan shall continue to prohibit any additional advances that would increase the concentrations or create
new concentrations unless the Bank's board of directors has adopted, prior to such extension of credit, a detailed written statement
giving the reasons why such extension of credit is in the best interests of the Bank. A copy of the statement shall be signed by
each Director, incorporated in the minutes of the applicable board of directors' meeting, and placed in the appropriate loan file.
The Bank's plan shall continue to include, but not be limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(i)</TD><TD STYLE="padding-right: 0; padding-left: 0">Target dollar level and target percentage of of capital to which the Bank plans to reduce each concentration; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(ii)</TD><TD STYLE="padding-right: 0; padding-left: 0">Provision for the submission of monthly written progress reports to the Bank's board of directors for review and notation in
the minutes of the board of directors' meetings.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CORRECTION OF VIOLATIONS </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">10.&#9;(a) Within sixty (60) days from the
effective date of this ORDER, the Bank shall eliminate and/or correct all violations of law, rule, and regulation and shall comply
with the interest rate risk policy statement listed in the ROE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) Within sixty (60) days from the effective
date of this ORDER, the Bank shall implement procedures to ensure future compliance with all applicable laws, rules, regulations,
and policy statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROFIT PLAN AND BUDGET </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">11.&#9;(a) Within sixty (60) days from the
effective date of this ORDER, the Bank shall revise and implement revisions to its written profit plan and adopt a realistic, comprehensive
budget for all categories of income and expense for calendar year 2012. The plan required by this paragraph shall contain formal
goals and strategies, consistent with sound banking practices, to reduce discretionary expenses and to improve the Bank's overall
earnings, and shall contain a description of the operating assumptions that form the basis for major projected income and expense
components.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) The revised written profit plan shall
address, at a minimum:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(i)</TD><TD STYLE="padding-right: 0; padding-left: 0">Realistic and comprehensive budgets;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(ii)</TD><TD STYLE="padding-right: 0; padding-left: 0">A budget review process to monitor the income and expenses of the Bank to compare actual figures with budgetary projections;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(iii)</TD><TD STYLE="padding-right: 0; padding-left: 0">Identification of major areas in, and means by which, earnings will be improved;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in; padding-right: 0; padding-left: 0"></TD><TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0">(iv)</TD><TD STYLE="padding-right: 0; padding-left: 0">A description of the operating assumptions that form the basis for and adequately support major projected income and expense
components.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c) Within thirty (30) days from the end of
each calendar quarter following completion of the revised profit plan and budget required by this paragraph, the Bank's Board shall
evaluate the Bank's actual performance in relation to the plan and budget, record the results of the evaluation, and note any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">actions taken by the Bank in the minutes of the Board meeting
at which such evaluation is undertaken.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d) A revised written profit plan and budget
shall be prepared for each subsequent calendar year for which this ORDER is in effect and shall be completed at least thirty (30)
days prior to the beginning of the applicable calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e) Copies of all plans and budgets required
by this paragraph shall be submitted to, and approved by, the Regional Director and the DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LIQUIDITY PLAN </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">12.&#9;(a) As of the effective date of this
ORDER, the Bank shall continue to implement, follow, and revise as necessary its written contingency funding plan (&quot;Liquidity
Plan&quot;). At a minimum, the Liquidity Plan, and any revisions thereto, shall be prepared in conformance with the Liquidity Risk
Management Guidance found at FIL-84-2008 and include provisions which address the issues identified in the ROE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b) On each Friday that the Bank is open for
business, the Bank shall submit to the Regional Director and the DFI a liquidity analysis report in a format that is acceptable
to the Regional Director and the DFI. Said liquidity reporting shall continue until the Board is notified by the Regional Director
and the DFI that submission of such reports is no longer warranted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 1.05in">(c) A copy of any Liquidity Plan
revisions required by this paragraph shall be submitted to and approved by the Regional Director and the DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 1.05in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NOTIFICATION TO SHAREHOLDER </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">13. Following the effective date of this
ORDER, the Bank shall send to its shareholder a copy of this ORDER: (1) in conjunction with the Bank's next shareholder communication;
or (2) in conjunction with its notice or proxy statement preceding the Bank's next shareholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>PROGRESS REPORTS </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">14. Within thirty (30) days from the end
of each calendar quarter following the effective date of this ORDER, the Bank shall furnish to the Regional Director and the DFI
written progress reports signed by each member of the Bank's Board detailing the actions taken to secure compliance with the ORDER
and the results thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">The effective date of this ORDER
shall be the date of its issuance by the FDIC and the DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of this ORDER shall be binding
upon the Bank, its institution-affiliated parties, and any successors and assigns thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-indent: 0.5in">The provisions of this ORDER
shall remain effective and enforceable except to the extent that, and until such time as, any provision has been modified, terminated,
suspended, or set aside by the FDIC and the DFI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">Issued Pursuant to Delegated Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.25in 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: <U>March 9, 2012</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-top: 6pt; padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid">/s/ M. Anthony Lowe</TD>
    <TD STYLE="width: 10%; padding-top: 6pt; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-top: 6pt; padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid">/s/ Charles A. Vice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp; M. Anthony Lowe</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles A. Vice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp; Regional Director</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commissioner</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp; Chicago Regional Office</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Department of Financial Institutions</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp; Federal Deposit Insurance Corporation</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonwealth of Kentucky</TD></TR>
</TABLE>

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