<SEC-DOCUMENT>0000950123-11-078359.txt : 20110818
<SEC-HEADER>0000950123-11-078359.hdr.sgml : 20110818
<ACCEPTANCE-DATETIME>20110818094539
ACCESSION NUMBER:		0000950123-11-078359
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20110818
DATE AS OF CHANGE:		20110818
EFFECTIVENESS DATE:		20110818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIDDLEFIELD BANC CORP
		CENTRAL INDEX KEY:			0000836147
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				341585111
		STATE OF INCORPORATION:			OH

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32561
		FILM NUMBER:		111043904

	BUSINESS ADDRESS:	
		STREET 1:		15985 E HIGH ST
		STREET 2:		P O BOX 35
		CITY:			MIDDLEFILED
		STATE:			OH
		ZIP:			44062-9263
		BUSINESS PHONE:		4406321666

	MAIL ADDRESS:	
		STREET 1:		15985 EAST HIGH STREET
		STREET 2:		P O BOX 35
		CITY:			MIDDLEFIELD
		STATE:			OH
		ZIP:			44062-9263
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>c21636e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
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<DIV style="margin-left: 0.25in; width: 7.5in;font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): August 12, 2011</B></DIV>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Middlefield Banc Corp.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TD nowrap align="center" valign="top"><B>Ohio
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>000-32561
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>34-1585111</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TD align="center" valign="top"><B>15985 East High Street<BR>
Middlefield, Ohio
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>44062</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(440) 632-1666</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>not applicable</B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#254;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;1.01(a)</B></U>: <U><B>Entry into a Material Definitive Agreement</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Sale of shares to investment fund that will make the fund Middlefield&#146;s largest shareholder</B>.
On August&nbsp;15, 2011, Middlefield Banc Corp. (&#147;Middlefield&#148;) entered into a Stock Purchase Agreement
with Bank Opportunity Fund LLC (&#147;BOF&#148;). The Stock Purchase Agreement provides for the sale of
Middlefield Banc Corp. common stock to BOF for cash at $16 per share. In addition, the agreement
provides that Middlefield will at closing of the sale issue to BOF warrants to acquire a number of
shares equal to 15% of the number of shares sold to BOF. Subject to adjustment for changes in
capitalization occurring during the ten<B>-</B>year warrant exercise period, the warrant exercise price
will be the same as the per share price for shares issued to BOF at closing: $16 per share. The
closing price of Middlefield common stock on the over the counter market (trading symbol MBCN) was
$17.50 per share on the day before the Stock Purchase Agreement was entered into.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Including shares acquirable by exercise of warrants, if the proposed purchase is completed,
BOF will own and control up to 24.9% of the Middlefield common stock outstanding, after giving
effect to the closing of the purchase under the Stock Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The closing of the purchase is conditioned upon certain conditions, including the continued
accuracy of representations and warranties given by Middlefield and BOF, the receipt of required
stockholder approval of the transaction pursuant to Ohio Revised Code section 1701.831, receipt of
all necessary and appropriate regulatory approvals, the appointment of one director designated by
BOF to Middlefield and each of its subsidiary banks, adoption by Middlefield of a revised business
plan acceptable to the regulators, addressing a growth strategy for Middlefield, including plans
to engage in transactions involving the acquisition of one or more failed banks from the FDIC and
plans to supplement the existing management team, the performance of certain covenants contained in
the Stock Purchase Agreement, the absence of any material adverse effect between the date of the
Stock Purchase Agreement and the closing, receipt of certain supporting documentation, and certain
other customary closing conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Stock Purchase Agreement contains representations by each of Middlefield and BOF, as well
as covenants with respect to Middlefield&#146;s and BOF&#146;s conduct prior to the closing of the purchase.
The Stock Purchase Agreement also provides for registration rights pursuant to which Middlefield
will be obligated to register the shares purchased by BOF under the Securities Act of 1933 in order
to permit a resale by BOF following the closing of the purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Stock Purchase Agreement may be terminated by mutual written consent of the parties or if
the closing does not occur on or before March&nbsp;31, 2012. Each of BOF and Middlefield may terminate
the agreement on account of a material breach of the agreement by the other or on account of
failure by the other to satisfy the conditions to closing.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">As part of the Stock Purchase Agreement, the directors and executive officers of Middlefield
executed a separate Purchaser&#146;s Rights and Voting Agreement, also dated August&nbsp;15, 2011. Under
this Purchaser&#146;s Rights and Voting Agreement, the directors have agreed to approve the Stock
Purchase Agreement and the transactions contemplated by the Stock Purchase
Agreement, including to unanimously recommend a stockholder vote in favor of approval. The
directors may not thereafter withdraw that recommendation or otherwise take any action inconsistent
with that recommendation. The Stock Purchase Agreement between Middlefield and BOF grants to BOF
the right to designate one person to serve on the board of directors of Middlefield and on the
board of directors of each of Middlefield&#146;s two subsidiary banks. The Middlefield directors and
officers agreed that they will vote their shares of Middlefield common stock in favor of election
of BOF&#146;s designee at any meeting at which the term of BOF&#146;s director designee expires. For a
12<B>-</B>month period after closing of the sale of shares to BOF, the directors and officers also agreed
that they will not sell their shares of Middlefield common stock. The term of the Purchaser&#146;s
Rights and Voting Agreement and the obligation on the part of directors and officers to vote in
favor of BOF&#146;s designee lasts for as long as BOF and affiliates hold 5% or more of Middlefield&#146;s
common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The foregoing description of the Stock Purchase Agreement, the Warrant and the Purchaser&#146;s
Rights and Voting Agreement is qualified in its entirety by reference to the full text of the Stock
Purchase Agreement, which is attached to this Form 8-K as Exhibit&nbsp;10.26, to the text of the warrant
agreement, which is attached as Exhibit&nbsp;10.27, and to the text of the Purchaser&#146;s Rights and Voting
Agreement, which is attached as Exhibit&nbsp;10.28, each of which is incorporated herein by this
reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Information about BOF</B>. BOF, a Delaware limited liability company, was established by Bank
Acquisitions LLC, a Delaware limited liability company and the managing member of BOF (the
&#147;Managing Member&#148;) to invest primarily in U. S. banks, thrifts, and their holding companies. Bank
Opportunity Advisors LLC, a Delaware limited liability company, is the investment adviser for BOF
(the &#147;Investment Adviser&#148;). The Managing Member, together with the Investment Adviser, will manage
the day<B>-</B>to<B>-</B>day operations and investment activities (including oversight of BOF&#146;s investment in
Middlefield). The Managing Member controls BOF and the Managing Member and the Investment Manager
are under the common control of Eric D. Hovde (&#147;Mr.&nbsp;Hovde&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>No investor is permitted to acquire shares resulting in the investor having 20% or greater
voting power over Middlefield common stock unless shareholders first give approval under the Ohio
Control Share Acquisition Act</B>. Because of the Ohio Control Share Acquisition Act, shareholder
approval is necessary in order for any investor to acquire Middlefield shares if as a result of
that acquisition the investor would own shares possessing one fifth or more but less than one third
of the voting power of Middlefield common stock in the election of directors, although an investor
may own as much as 19.9% without first obtaining shareholder approval. The acquisition by an
investor of shares resulting in ownership within the range of one fifth to one third of the shares
is defined in the Ohio Control Share Acquisition Act as a so-called control share acquisition. The
Stock Purchase Agreement provides for the acquisition by BOF of 24.9% of Middlefield&#146;s common
stock, and for that reason Middlefield anticipates calling a special meeting of shareholders to be
held by the end of the third quarter of 2011 or early in the fourth quarter, giving shareholders
the opportunity to consider and vote upon approval of BOF&#146;s proposed control share acquisition.
Although BOF could choose under the Stock Purchase Agreement to purchase only 19.9% of Middlefield
common stock if shareholders
do not approve BOF&#146;s control share acquisition, BOF has advised Middlefield that BOF would not
purchase any shares if shareholders do not approve BOF&#146;s control share acquisition.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>BOF must obtain regulatory clearance under the Change in Bank Control Act to own and control
24.9% of Middlefield&#146;s voting stock</B>. BOF is required by the terms of the Stock Purchase Agreement
to file a Notice of Change in Control with the Federal Reserve Bank of Cleveland within 30&nbsp;days,
providing to the Federal Reserve Bank of Cleveland as required by the Change in Bank Control Act
advance notice that BOF intends to own and control 24.9% of Middlefield voting stock. BOF must
make a similar filing under Ohio bank law with the Ohio Division of Financial Institutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Assuming the written non-objection to the control share acquisition is issued by the Federal
Reserve Bank and the Ohio Division of Financial Institutions, the control share acquisition may
then be completed, assuming shareholders also approve the control share acquisition at the special
meeting of shareholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U><B>Item&nbsp;3.02(a)</B></U>: <U><B>Unregistered Sales of Equity Securities</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">From approximately August&nbsp;9, 2011, through August&nbsp;12, 2011, Middlefield Banc Corp. sold for
cash a total of 93,400 shares of its common stock in a private equity offering under the SEC&#146;s
Regulation&nbsp;D, Rule&nbsp;506, raising capital of $1,494,400, before taking into account commissions of
approximately $68,160. The shares were sold to purchasers qualifying as accredited investors under
Rule&nbsp;501(a), including directors and officers and an institutional purchaser. As transactions by
an issuer not involving a public offering, the private equity offering is exempt from registration
under the Securities Act of 1933 by section 4(2) of the Securities Act of 1933 and Rule&nbsp;506 of
Regulation&nbsp;D. The offer and sale of shares have not been registered with the SEC under the
Securities Act of 1933, and as a consequence subsequent offers and sales of those shares by the
purchasers in the private offering must be registered with the SEC under the Securities Act of 1933
unless an exemption from registration is available for those subsequent offers and resales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Cautionary statement</B>. The discussion in this Form 8-K Current Report of the private equity
offering and the Stock Purchase Agreement does not purport to be complete. The discussion is
qualified in its entirety by reference to the text of the Stock Purchase Agreement, which is
attached to this Form 8-K as Exhibit&nbsp;10.26, to the text of the warrant agreement, which is attached
as Exhibit&nbsp;10.27, and to the text of the Purchaser&#146;s Rights and Voting Agreement, which is attached
as Exhibit&nbsp;10.28, each of which is incorporated herein by this reference. The representations and
warranties contained in the Stock Purchase Agreement are made to and are made solely for the
benefit of the parties to that agreement. The assertions embodied in those representations and
warranties are qualified by information in confidential disclosure letters that the parties
exchanged in the process of entering into the agreement. Moreover, some of the representations and
warranties in the Stock Purchase Agreement are made for the purpose of allocating risk between the
parties, rather than for the purpose of establishing matters as facts. Accordingly, you should not
rely on the representations and warranties as characterizations of the actual state of facts.
Those representations and warranties were made solely as of the date of the Stock Purchase
Agreement and are modified in important respects by the confidential
disclosure letters exchanged by the parties to the agreement. The representations and warranties
contained in the Stock Purchase Agreement should be read in conjunction with the other information
that Middlefield makes publicly available in reports, statements, and other documents filed with
the SEC.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U><B><I>Press Release</I></B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On August&nbsp;18, 2011, Middlefield issued a press release regarding the Stock Purchase Agreement.
A copy of the press release is attached to this Form 8-K as Exhibit&nbsp;99.1 and is incorporated
herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Forward-looking statements</B>. This Form 8-K Current Report includes forward-looking statements,
as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements
include but are not limited to statements about anticipated operating and financial performance,
such as loan originations, operating efficiencies, loan sales, charge-offs and loan loss
provisions, growth opportunities, interest rates, and deposit growth. Words such as &#147;may,&#148;
&#147;could,&#148; &#147;should,&#148; &#147;would,&#148; &#147;believe,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;project,&#148;
&#147;plan,&#148; and similar expressions are intended to identify forward-looking statements. These
statements involve risks and uncertainties that could cause actual results to differ materially,
including without limitation delays in obtaining or failure to receive required regulatory
approvals, including approval by the Superintendent of the Ohio Division of Financial Institutions
and by the Board of Governors of the Federal Reserve System, the possibility that fewer than the
required number of the Middlefield&#146;s stockholders vote in accordance with the Ohio Control Share
Acquisition Act to approve the sale of shares to BOF, the occurrence of events that would have a
material adverse effect on Middlefield as described in the Stock Purchase Agreement, and other
uncertainties associated with the transactions described in this Form 8-K Current Report.
Additional factors that could cause actual results to differ materially are discussed in
Middlefield&#146;s filings with the SEC, including without limitation Middlefield&#146;s Form 10-K Annual
Report, its Form 10-Q Quarterly Reports, and its Form 8-K Current Reports. Forward-looking
statements are based on Middlefield&#146;s beliefs, plans, objectives, goals, assumptions, expectations,
estimates, and intentions as of the date the statements are made. You must exercise caution
because Middlefield cannot give any assurance that its beliefs, plans, objectives, goals,
assumptions, expectations, estimates, and intentions will be realized. Middlefield does not
undertake a duty to update any forward-looking statements in this Form 8-K.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Additional information and where to find it</B>. This communication may be deemed to be
solicitation material. Middlefield will file with the SEC a proxy statement and other documents
regarding the transaction described in this Form 8-K. MIDDLEFIELD STOCKHOLDERS ARE URGED TO READ
ALL RELEVANT DOCUMENTS TO BE FILED WITH THE SEC, INCLUDING MIDDLEFIELD&#146;S PROXY STATEMENT, BECAUSE
THE PROXY STATEMENT AND OTHER DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION
ABOUT THE TRANSACTION WITH BANK OPPORTUNITY FUND LLC. Members of the public will be able to obtain
the proxy statement and other relevant documents free of charge at the SEC&#146;s website,
http://www.sec.gov, and Middlefield&#146;s stockholders will receive information at an appropriate time
about how to
obtain the proxy statement and other transaction-related documents for free from Middlefield. The
proxy statement and other documents are not currently available. Middlefield and its directors,
executive officers, certain members of management, and employees may have interests in the
transaction or be deemed to be participants in the solicitation of proxies of Middlefield&#146;s
stockholders to approve the transaction with BOF. Information regarding the participants and their
interest in the solicitation is set forth in the proxy statement filed by Middlefield with the SEC
on April&nbsp;4, 2011 for the 2011 Annual Meeting. Stockholders may obtain additional information
regarding the interests of participants by reading the proxy statement relating to the transaction
when the proxy statement becomes available.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Item&nbsp;9.01</B></U> <U><B>Financial Statements and Exhibits</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(d)&nbsp;Exhibits
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Document</B></TD>
</TR>

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<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">Exhibit&nbsp;10.26
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stock Purchase Agreement dated August15, 2011, between Bank
Opportunity Fund LLC and Middlefield Banc Corp.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;10.27
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of warrant to be issued to Bank Opportunity Fund LLC</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;10.28
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Purchaser&#146;s Rights and Voting Agreement dated August&nbsp;15,
2011, among Bank Opportunity Fund LLC, Middlefield Banc
Corp., and directors and officers of Middlefield Banc Corp.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;99.1
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated August&nbsp;18, 2011</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Signatures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Middlefield Banc Corp</B>.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: August 18, 2011&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ James R. Heslop, II
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Executive Vice President and &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Chief Operating Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>NUMBER</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DESCRIPTION</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;10.26
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stock Purchase Agreement dated August15, 2011, between Bank
Opportunity Fund LLC and Middlefield Banc Corp.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;10.27
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of warrant to be issued to Bank Opportunity Fund LLC</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;10.28
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Purchaser&#146;s Rights and Voting Agreement dated August&nbsp;15,
2011, among Bank Opportunity Fund LLC, Middlefield Banc
Corp., and directors and officers of Middlefield Banc Corp.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">Exhibit&nbsp;99.1
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated August&nbsp;18, 2011</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.26
<SEQUENCE>2
<FILENAME>c21636exv10w26.htm
<DESCRIPTION>EXHIBIT 10.26
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.26</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 10.26</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>STOCK PURCHASE AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>between</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MIDDLEFIELD BANC CORP.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>and</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>BANK OPPORTUNITY FUND LLC</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Dated as of August&nbsp;15, 2011</B>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>TABLE OF CONTENTS</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE I THE PURCHASED SECURITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.01 Issuance, Sale and Delivery of the Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.02 Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE II REPRESENTATIONS AND WARRANTIES OF THE COMPANY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.01 Organization, Standing, and Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.02 Authority; No Breach by Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.03 Authorized Capital Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.04 Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.05 Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.06 Absence of Undisclosed Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.07 Loan and Investment Portfolios</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.08 Absence of Certain Changes or Events</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.09 Tax Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.10 Allowance for Possible Loan Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.11 Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.12 Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.13 Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.14 Labor Relations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.15 Employee Benefit Plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.16 Material Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.17 Legal Proceedings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.18 Reports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.19 Community Reinvestment Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.20 Privacy of Customer Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.21 Bank Secrecy Act Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.22 Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.23 Conflict of Interest Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.24 Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.25 Change in Business Relationships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.26 Brokers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.27 Private Placement; No integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.28 FDIC Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.29 Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE PURCHASER</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.01 Representations and Warranties of the Purchaser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.02 Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.03 Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.04 Organization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.05 Company Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE IV COVENANTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.01 Conduct of the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.02 Conduct of the Purchaser</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.03 Agreement as to Efforts to Consummate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.04 Stockholder Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.05 Regulatory Filings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.06 Investigation and Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.07 Most Favored Nation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.08 Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.09 Publicity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.10 Interim Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.11 Directors&#146; and Officers&#146; Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.12 Board of Directors&#146; Notice and Minutes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.13 Registration Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.14 Avoidance of Control</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.15 Legend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.16 Transfer Restrictions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE V ADDITIONAL AGREEMENTS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.01 Subsequent Capital Raises; Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.02 Appointment of Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.03 Approval of Additional Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VI CONDITIONS TO THE OBLIGATIONS OF THE PURCHASER AND THE COMPANY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.01 Conditions to the Purchaser&#146;s Obligations at the Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.02 Conditions to the Company&#146;s Obligations at the Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VII MISCELLANEOUS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.01 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.02 Survival of Representations and Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.03 Specific Performance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.04 Further Assurances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.05 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.06 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.07 Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.08 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.09 Amendments and Waivers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.10 Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.11 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.12 Titles and Subtitles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.13 Adjustments for Stock Splits, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.14 Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.15 Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.16 Incorporation of Exhibits and Schedules</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.17 Certain Defined Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>ARTICLE VIII TERMINATION</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.01 Termination of Agreement Prior to Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.02 Effect of Termination Prior to Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This STOCK PURCHASE AGREEMENT (this &#147;<B><I>Agreement</I></B>&#148;), dated as of August&nbsp;15, 2011, is entered into
by and between Middlefield Banc Corp., an Ohio corporation (the &#147;<B><I>Company</I></B>&#148;), and Bank Opportunity
Fund LLC, a Delaware limited liability company (the &#147;<B><I>Purchaser</I></B>&#148;). Certain capitalized terms used
herein are defined in Section&nbsp;7.17 of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RECITALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, the Company is engaged in a private offering of its common stock, without par value
(the &#147;<B><I>Common Stock</I></B>&#148;), at a per share offering price of $16.00 to raise up to $25&nbsp;million (the
&#147;<B><I>Offering</I></B>&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Company wishes to issue and sell to the Purchaser as part of the Offering that
number of shares of the Common Stock (the &#147;<B><I>Shares</I></B>&#148;) calculated pursuant to Section&nbsp;1.01, and
warrants to purchase up to the number of Shares calculated pursuant to Section&nbsp;1.01 at an exercise
price of $16.00 per share (the &#147;<B><I>Warrants,</I></B>&#148; and together with the Shares, the &#147;<B><I>Securities</I></B>&#148;) for an
aggregate purchase price to be calculated pursuant to Section&nbsp;1.01; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS, </B>the Purchaser agrees to purchase the Shares and Warrants from the Company upon the
terms and conditions described in this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW, THEREFORE</B>, in consideration of the premises, representations, warranties and the mutual
covenants contained in this Agreement, the Parties agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE I</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>THE PURCHASED SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;1.01 </B><B><I>Issuance, Sale and Delivery of the Securities</I></B>.
At the Closing (as defined in Section&nbsp;1.02), on the terms and subject to the conditions of
this Agreement, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase
from the Company, (a)&nbsp;a number of Shares of Common Stock equal to 24.9% of the Company&#146;s total
outstanding shares of Common Stock as of the Closing Date, rounded down to the nearest whole share
(which such amount shall include any shares issued to Purchaser pursuant to the Offering); and (b)
Warrants to purchase an aggregate number of shares equal to fifteen (15)&nbsp;percent of the Shares
purchased by the Purchaser pursuant to clause (a)&nbsp;of this Section&nbsp;1.01 at an exercise price of
$16.00 per share in accordance with the terms and substantially in the form set forth in
<U>Exhibit&nbsp;A</U>, which form shall include a restriction prohibiting any purchase if the purchase
would cause the Purchaser to control more than 24.9% of the Company&#146;s then total outstanding shares
of Common Stock. In consideration, the Purchaser shall pay to the Company a Purchase Price of
$16.00 multiplied by the number of shares purchased pursuant to clause (a)&nbsp;of this Section&nbsp;1.01
(the &#147;<B><I>Purchase Price</I></B>&#148;).
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;1.02 </B><B><I>Closing</I></B>.
The Closing shall take place on such date and time as may be agreed upon by the Company and
the Purchaser at the offices of Grady &#038; Associates in Rocky River, Ohio, or at such other location
as may be agreed upon between the Parties (such closing being called the &#147;<B><I>Closing</I></B>&#148; and such date
and at such time being called the &#147;<B><I>Closing Date</I></B>&#148;). At the Closing, the Company shall issue and
deliver to the Purchaser stock certificates, in definitive form, registered in the name of the
Purchaser, representing the Shares and the Warrants in the form attached hereto as <U>Exhibit
A</U>. As payment in full for the Securities being purchased by it under this Agreement, and
against delivery of the stock certificates and the Warrants on the Closing Date, the Purchaser
shall pay the Purchase Price to the Company by wire transfer or by such other method as may be
reasonably acceptable to the Company.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE II</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>REPRESENTATIONS AND WARRANTIES OF THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Company represents and warrants to the Purchaser that, except as set forth on the
Disclosure Schedules corresponding to the provisions of this Agreement, as of the date of this
Agreement and as of the Closing Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.01 </B><B><I>Organization, Standing, and Power.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;The Company is an Ohio corporation, duly organized, validly existing, and in good standing
under the Laws of the State of Ohio and is duly qualified or licensed to transact business as a
foreign corporation in good standing in the jurisdictions where the character of its Assets or the
nature or conduct of its business requires it to be so qualified or licensed except in such
jurisdictions where the failure to be so qualified or licensed is not reasonably likely to have a
Material Adverse Effect. The stock registers, minute books and other Organizational Documents of
the Company have been made available to Purchaser for its review and accurately reflect, in each
case in all material respects, all meetings, consents, and other actions of the organizers,
incorporators, shareholders, board of directors, and committees of the board of directors of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;The Middlefield Banking Company (&#147;<B><I>Bank 1</I></B>&#148; or &#147;<B><I>MB</I></B>&#148;) is an Ohio state-chartered commercial
bank headquartered in Middlefield, Ohio, is duly organized, validly existing, and in good standing
under the laws of the State of Ohio and is duly qualified or licensed to transact business as a
foreign corporation in good standing in the jurisdictions where the character of its Assets or the
nature or conduct of its business requires it to be so qualified or licensed except in such
jurisdictions where the failure to be so qualified or licensed is not reasonably likely to have a
Material Adverse Effect. The stock registers, minute books and other Organizational Documents of
Bank 1 have been made available to Purchaser for its review and accurately reflect, in each case in
all material respects, all meetings, consents, and other actions of the organizers,
incorporators, shareholders, board of directors, and committees of the board of directors of
Bank 1.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;Emerald Bank (&#147;<B><I>Bank 2</I></B>&#148; or &#147;<B><I>EB</I></B>&#148;, and, together with Bank 1, the &#147;<B><I>Banks</I></B>&#148; and individually, a
&#147;<B><I>Bank</I></B>&#148;) is an Ohio state-chartered commercial bank headquartered in Dublin, Ohio, is duly
organized, validly existing, and in good standing under the laws of the State of Ohio and is duly
qualified or licensed to transact business as a foreign corporation in good standing in the
jurisdictions where the character of its Assets or the nature or conduct of its business requires
it to be so qualified or licensed except in such jurisdictions where the failure to be so qualified
or licensed is not reasonably likely to have a Material Adverse Effect. The stock registers,
minute books and other Organizational Documents of Bank 2 have been made available to Purchaser for
its review and accurately reflect, in each case in all material respects, all meetings, consents,
and other actions of the organizers, incorporators, shareholders, board of directors, and
committees of the board of directors of Bank 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;EMORECO, Inc. (&#147;<B><I>EMORECO</I></B>&#148;), is an Ohio corporation headquartered in Middlefield, Ohio, is
duly organized, validly existing, and in good standing under the laws of the State of Ohio and is
duly qualified or licensed to transact business as a foreign corporation in good standing in the
jurisdictions where the character of its Assets or the nature or conduct of its business requires
it to be so qualified or licensed except in such jurisdictions where the failure to be so qualified
or licensed is not reasonably likely to have a Material Adverse Effect. One hundred percent of the
stock of EMORECO is owned by the Company. EMORECO is engaged in the business of asset resolution,
which is a permissible activity for a subsidiary of the Company pursuant to Section&nbsp;4(c)(8) of the
Bank Holding Company Act and Sections&nbsp;225.28(b)(1) and (b)(2) of the Federal Reserve&#146;s Regulation
Y.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.02 </B><B><I>Authority; No Breach by Agreement.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;The Company has the corporate power and authority necessary to execute, deliver, and
perform its obligations under the Transaction Documents. The Company has obtained all necessary
board approvals of the Transaction Documents and the transactions contemplated therein. Except for
the stockholder approvals contemplated by this Agreement, the execution, delivery, and performance
of the Transaction Documents and the consummation of the transactions contemplated therein have
been duly and validly authorized by all necessary corporate action in respect thereof on the part
of the Company and the Banks. The Transaction Documents represent legal, valid, and binding
obligations of the Company, enforceable against the Company in accordance with their respective
terms (except in all cases as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, receivership, conservatorship, moratorium, or similar Laws affecting
the enforcement of creditors&#146; rights generally and except that the availability of the equitable
remedy of specific performance or injunctive relief is subject to the discretion of the court
before which any proceeding may be brought).
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;Neither the execution and delivery of the Transaction Documents by the Company, nor the
consummation by the Company or the Banks of the transactions contemplated thereby, nor compliance
by the Company or the Banks with any of the provisions hereof, will (i)&nbsp;conflict with or result in
a breach of any provision of the Company&#146;s or Banks&#146; Articles of Incorporation or Regulations, any
amendment thereof or any resolution adopted by the board of directors or the shareholders of the
Company or the Banks that is currently in effect, (ii)&nbsp;constitute or result in a Default under, or
require any Consent pursuant to, or result in the creation of any Lien on any Asset of the Company
or the Banks under, any Contract or Permit of the Company or Banks, or (iii)&nbsp;except as contemplated
by Sections&nbsp;4.04 and 4.05 hereof, constitute or result in a Default under, or require any Consent
pursuant to, any Law or Order applicable to the Company or the Banks or any of their Assets; except
in the cases of clauses (ii)&nbsp;or (iii), where such Default or Lien, or any failure to obtain such
Consent, is not reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;Subject to the accuracy of the Purchaser&#146;s representations and warranties set forth in
Article&nbsp;III, except as contemplated by Sections&nbsp;4.04 and 4.05 hereof, and as necessary to fulfill
the Company&#146;s obligation to provide registration rights under Section&nbsp;4.13, and except for any
filing or other obligation of the Company under the Securities Act of 1933, rules and regulations
of the SEC, and state blue sky laws, no registration or filing with, or Consent or approval of or
other action by, any Regulatory Authority or any third party which, if not obtained or made, are
not reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, is or
will be necessary for the Company&#146;s valid execution, delivery and performance of the Transaction
Documents and the issuance, sale and delivery of the Securities, other than those which have
previously been obtained or made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.03 </B><B><I>Authorized Capital Stock.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;As of the date hereof, the Company is authorized to issue 10,000,000 shares of capital
stock consisting of Common Stock, without par value, of which 1,747,060 shares are issued and
outstanding as of the date hereof. All of the issued and outstanding shares of capital stock of
the Company are duly and validly issued and outstanding and are fully paid and nonassessable under
the Ohio General Corporation Law. As of the date hereof, 90,528 shares of Common Stock are subject
to outstanding options to acquire shares of Common Stock from the Company. None of the outstanding
shares of capital stock of the Company has been issued in violation of any preemptive or other
rights of the current or past shareholders of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;There is no commitment by the Company or either of the Banks to issue shares, Equity
Rights, or other such rights or to distribute to holders of any of its equity securities, any
evidence of indebtedness or any Asset, and no agreements, Contracts, or other proposals with
respect thereto are to the Knowledge of Company currently being contemplated by the Company or the
Banks, except as otherwise set forth herein. The Company and the Banks have no obligation
(contingent or other) to
purchase, repurchase, redeem, retire or otherwise acquire any of its equity securities or any
interest therein or to pay any dividend or make any other distribution in respect thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;When issued in accordance with this Agreement, the Shares will be duly authorized, validly
issued, fully paid and nonassessable and will be free and clear of all Liens other than Liens that
were created by the Purchaser and restrictions on transfer imposed by this Agreement.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.04 </B><B><I>Subsidiaries</I></B>. Other than the Banks and EMORECO, the Company has no Subsidiaries. All of the capital stock
of the Banks and EMORECO have been duly authorized and validly issued, and are fully paid and
nonassessable. The Company owns all of the capital stock of the Banks and EMORECO, free and clear
of any Liens, security interests, pledges, charges, encumbrances, agreements and restrictions of
any kind or nature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.05 </B><B><I>Financial Statements</I></B>. The Company has delivered to Purchaser copies of all Company Financial Statements and will
promptly deliver to Purchaser copies of all similar financial statements prepared subsequent to the
date hereof. To the Knowledge of the Company, the Company Financial Statements and any
supplemental financial statements (as of the date thereof and for the periods covered thereby) (a)
are, or if dated after the date of this Agreement will be, in accordance with the books and records
of the Company, which are and will be, as the case may be, complete and correct in all material
respects and which have been or will have been, as the case may be, maintained in accordance with
good business practices, (b)&nbsp;fairly present or will fairly present, as the case may be, the
financial position of the Company as of the dates indicated and the results of operation, changes
in shareholders&#146; equity, and cash flows of the Company for the periods indicated, in accordance
with GAAP (subject to any exceptions as to consistency specified therein or as may be indicated in
the notes thereof or, in the case of interim financial statements, to the normal recurring year-end
adjustments that are not material in any amount or effect), and (c)&nbsp;do not or will not, as the case
may be, contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading. The Company represents and warrants in respect of the
Company Financial Statements, that the Company has conducted a review of each Bank&#146;s financial
condition and records and to its Knowledge: (a)&nbsp;the books and records of each Bank, are and will
be, as the case may be, complete and correct in all material respects and have been or will be, as
the case may be, maintained in accordance with good business practices and (b)&nbsp;reflect all
transactions, arrangements and other relationships between the Company and each Bank as of the
dates indicated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.06 </B><B><I>Absence of Undisclosed Liabilities</I></B>. The Company, the Banks and EMORECO have no Liabilities of a nature required to be reflected on
a balance sheet prepared in accordance with GAAP, except for Liabilities that are accrued or
reserved against in the balance sheet of the Company as of March&nbsp;31, 2011, included in the Company
Financial Statements or reflected in the notes thereto. The Company, the Banks and EMORECO have
not incurred or paid any Liability since March&nbsp;31, 2011, except for such Liabilities incurred or
paid in the ordinary course of business consistent with past business practice and that are not
reasonably likely to have, individually or in the aggregate, a Material Adverse Effect.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.07 </B><B><I>Loan and Investment Portfolios</I></B>. As of the date of this Agreement and as of the Closing:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;all loans, discounts and financing leases reflected on the Company Financial Statements
were, and with respect to the Company Financial Statements delivered as of the dates subsequent to
the execution of this Agreement, will be as of the dates thereof, (i)&nbsp;at the time and under the
circumstances in which made, made for good, valuable and adequate consideration in the ordinary
course of business and (ii)&nbsp;evidenced by genuine notes, agreements or other evidences of
indebtedness;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;no obligor named in any loan has provided notice (whether written or, to the Knowledge of
the Company, oral) to the Company or the Banks that such obligor intends to attempt to avoid the
enforceability of any term of any loan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;to the Knowledge of the Company, no loan is subject to any valid defense, set-off, or
counterclaim that has been asserted with respect to such loan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;all loans that are secured are to the Knowledge of the Company secured by valid and
enforceable Liens;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;to the Knowledge of the Company, the servicing practices of the Banks and their respective
agents used with respect to loans have been in accordance with all applicable Laws and regulations
and customary industry practices in all material respects; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;the Company and the Banks have not entered into any loan repurchase agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.08 </B><B><I>Absence of Certain Changes or Events</I></B>. Except as disclosed in the Company&#146;s filings with the SEC or as contemplated in this
Agreement, (i)&nbsp;there have been no events, changes, or occurrences which have had, or are reasonably
likely to have, individually or in the aggregate, a Material Adverse Effect, (ii)&nbsp;neither the
Company nor either of the Banks has declared, set aside for payment or paid any dividend to holders
of, or declared or made any distribution on, any shares of the Company&#146;s Common Stock and (iii)
neither the Company nor either of the Banks has taken any action, or failed to take any action,
prior to the date of this Agreement, which action or failure, if taken after the date of this
Agreement, would
represent or result in a material breach or violation of any of the covenants and agreements
of the Company or the Banks provided for in the Transaction Documents. Except as may be disclosed
in the Company&#146;s SEC filings, the Company and the Banks have not, since the date of the Company
Financial Statements delivered prior to the date of this Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;borrowed any money other than deposits or overnight federal funds or entered into any
capital lease or leases; or, except in the ordinary course of business and consistent with past
practices: (i)&nbsp;lent any money or pledged any of its credit in connection with any aspect of its
business whether as a guarantor, surety, issuer of a letter of credit or otherwise, (ii)&nbsp;mortgaged
or otherwise subjected to any Lien any of its assets, sold, assigned or transferred any of its
assets in excess of $500,000 in the aggregate or (iii)&nbsp;incurred any other Liability or loss
representing, individually or in the aggregate, over $250,000;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;suffered over $50,000 in damage, destruction or loss to immovable or movable property,
whether or not covered by insurance;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;experienced any material adverse increase in Asset concentrations as to customers or
industries or in the nature and source of its Liabilities or in the mix or interest-bearing versus
noninterest-bearing deposits;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;failed to operate its business in the ordinary course consistent with past practices, or
failed to use reasonable efforts to preserve its business or to preserve the goodwill of its
customers and others with whom it has business relations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;forgiven any debt owed to it in excess of $100,000, or canceled any of its claims or paid
any of its noncurrent obligations or Liabilities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;made any capital expenditure or capital addition or betterment in excess of $250,000;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(g)&nbsp;entered into any agreement requiring the payment, conditionally or otherwise, of any
salary, bonus, extra compensation (including payments for unused vacation or sick time), pension or
severance payment to any of its present or former directors, officers or employees, except such
agreements as are terminable at will without any penalty or other payment by it or increased
(except for increases of not more than 5% consistent with past practices) the compensation
(including salaries, fees, bonuses, profit sharing, incentive, pension, retirement or other similar
payments) of any such Person whose annual compensation would, following such increase, exceed
$100,000;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(h)&nbsp;except as required in accordance with GAAP, changed any accounting practice followed or
employed in preparing the Company Financial Statements;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;authorized or issued any additional shares of Common Stock, preferred stock, or other
Equity Rights;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(j)&nbsp;made any loan or other extension or renewal of credit (i)&nbsp;other than in the ordinary
course of business and consistent with past practices, (ii)&nbsp;in excess of each respective Bank&#146;s
legal lending limit, (iii)&nbsp;to its Knowledge, in violation of any applicable Law;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(k)&nbsp;materially changed the characteristics of its loan portfolio;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(l)&nbsp;granted any change in control, severance, retention or termination compensation or
benefits, or increase therein, or established, adopted, entered into, amended or terminated any
employment or consulting agreement with, any participant in any Company benefit plan, except
pursuant to such benefit plan, (i)&nbsp;established, adopted, entered into, amended, waived or
terminated any benefit plan except as required by Law, (ii)&nbsp;accelerated the time of payment or
vesting of any rights or benefits, or make any material determinations, under any benefit plan,
(iii)&nbsp;granted any awards under any bonus, incentive, performance or other compensation plan or
arrangement or benefit plan or (iv)&nbsp;taken any action to fund or in any other way secure the payment
of compensation or benefits under any employee plan, agreement, contract or arrangement outside of
the ordinary course; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(m)&nbsp;entered into any agreement, Contract or commitment to do any of the foregoing set forth in
Sections&nbsp;2.08(a) through (l)&nbsp;above.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.09 </B><B><I>Tax Matters</I></B>. All Tax Returns required to be filed by or on behalf of the Company and the Banks have been
timely filed or requests for extensions have been timely filed, granted, and have not expired for
all periods ended on or before the date of the most recent fiscal year end immediately preceding
the Closing Date except to the extent that all such failures to file, taken together, are not
reasonably likely to have a Material Adverse Effect on the Company or either of the Banks, and all
returns filed are complete and accurate in all material respects to the Knowledge of the Company.
All Taxes shown on filed Tax Returns have been paid. There is no audit examination, deficiency, or
refund Litigation with respect to any Taxes that is reasonably likely to result in a determination
that would have, individually or in the aggregate, a Material Adverse Effect, except as reserved
against in the Company Financial Statements delivered prior to the date of this Agreement. All
Taxes and other Liabilities due with respect to completed and settled examinations or concluded
Litigation have been paid. There are no Liens with respect to Taxes upon any of the Assets of the
Company or either of the Banks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.10 </B><B><I>Allowance for Possible Loan Losses</I></B>. The Company and the Banks maintain an allowance for loan and credit losses in accordance with
regulatory requirements and the requirements of GAAP. As of December&nbsp;31, 2010, management of the
Company reasonably believed that the ALLL of the Company and the Banks was in compliance in all
material respects with their existing
methodology for determining the adequacy of their ALLL, as well as the standards established
by the Federal Reserve Board and the Financial Accounting Standards Board, and was adequate under
all such standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.11 </B><B><I>Assets</I></B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;Except as reserved against in the Company Financial Statements delivered prior to the date
of this Agreement, the Company and the Banks each has good and marketable title, free and clear of
all Liens, to its Assets, except for (i)&nbsp;mortgages and encumbrances that secure indebtedness that
is properly reflected in the Company Financial Statements or that secure deposits of public funds
as required by Law; (ii)&nbsp;Liens for Taxes accrued but not yet payable; (iii)&nbsp;Liens arising as a
matter of law in the ordinary course of business, <I>provided </I>that the obligations secured by such
Liens are not delinquent or are being contested in good faith; (iv)&nbsp;such imperfections of title and
encumbrances, if any, as do not materially detract from the value or materially interfere with the
present use of any of such properties or Assets or the potential sale of any of such owned
properties or Assets; and (v)&nbsp;capital leases and leases, if any, to third parties for fair and
adequate consideration. All material tangible properties used in the business of the Company and
the Banks are in good condition, reasonable wear and tear excepted, and are usable in the ordinary
course of business consistent with the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company&#146;s and each Bank&#146;s past practice except for
deficiencies that are not reasonably likely to have individually or in the aggregate a Material
Adverse Effect. All Assets which are material to the Company&#146;s and each of the Bank&#146;s business
held under leases or subleases by the Company or either of the Banks, respectively, are held under
valid Contracts enforceable by the Company or either Bank, respectively, in accordance with their
respective terms (except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or other Laws affecting the enforcement of creditors&#146; rights generally
and except that the availability of the equitable remedy of specific performance or injunctive
relief is subject to the discretion of the court before which any proceedings may be brought), and
each such Contract is in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;The Company and each of the Banks have paid all amounts due and payable under any
insurance policies and guarantees applicable to the Company and the respective Bank, and their
Assets and operations; all such insurance policies and guarantees are in full force and effect, and
all the Company&#146;s and each Bank&#146;s material properties are insured against fire, casualty, theft,
loss, and such other events against which it is customary to insure, all such insurance policies
being in amounts and with deductibles that are adequate and consistent with past practice and
experience. Neither the Company nor to its Knowledge, either of the Banks, has received notice
from any insurance carrier that (i)&nbsp;any policy of insurance will be canceled or that coverage
thereunder will be reduced or eliminated, or (ii)&nbsp;premium costs with respect to such policies of
insurance will be substantially increased. There are presently no claims for amounts exceeding in
any individual case $10,000 pending under such policies of
insurance and no notices of claims in excess of such amounts have been given by the Company or
to its Knowledge, either of the Banks, under such policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.12 </B><B><I>Environmental Matters.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;To the Knowledge of the Company, the Company and each of the Banks are in compliance with
all applicable federal, state and local environmental Laws and regulations, including those
applicable to emissions to the environment, waste management, and waste disposal (collectively, the
&#147;<B><I>Environmental Laws</I></B>&#148;), except where such noncompliance, individually or in the aggregate, would not
be reasonably likely to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;There is no claim under any Environmental Law, including common law, pending or, to the
Knowledge of the Company, threatened against the Company or either of the Banks (an &#147;<B><I>Environmental
Claim</I></B>&#148;), which would be reasonably likely to have a Material Adverse Effect, and, to the Knowledge
of the Company, under applicable law, there are no past or present actions, activities,
circumstances, events or incidents, including releases of any material into the environment, that
are reasonably likely to form the basis of any Environmental Claim against the Company or either of
the Banks which would be reasonably likely to have a Material Adverse Effect.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.13 </B><B><I>Compliance with Laws</I></B>. The Company and each of the Banks are not:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;in Default under any of the provision of their Articles of Incorporation or Regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;in Default under any Laws, Orders, or Permits applicable to their business or employees
conducting their businesses, except for Defaults which are not reasonably likely to have,
individually or in the aggregate, a Material Adverse Effect;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;in receipt of any notification or communication from any agency or department of federal,
state, or local government or any Regulatory Authority or the staff thereof (i)&nbsp;asserting that the
Company or either of the Banks or any of their respective employees (including officers and
directors) is not in compliance with any of the Laws or Orders which such governmental authority or
Regulatory Authority enforces, where such noncompliance is reasonably likely to have, individually
or in the aggregate, a Material Adverse Effect (ii)&nbsp;threatening to revoke any Permits the
revocation of which is reasonably likely to have, individually or in the aggregate, a Material
Adverse Effect or (iii)&nbsp;requiring the Company or either of the Banks to enter into or consent to
the issuance of a cease and desist order, formal agreement, directive, commitment, or memorandum of
understanding, or to adopt any board resolution or similar undertaking, which restricts materially
the conduct of its respective business or in any manner relates to capital adequacy, credit or
reserve policies or management; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;aware of any civil, criminal or administrative actions, suits, claims, hearings,
investigations or proceedings before any court or governmental agency or, otherwise pending or
threatened by any Person against any directors or officers of the Company or either of the Banks,
alleging any violation of any securities, banking, or other Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.14 </B><B><I>Labor Relations</I></B>. Neither the Company nor either of the Banks is a party to any Litigation asserting that it has
committed an unfair labor practice (within the meaning of the National Labor Relations Act or
comparable state law) or seeking to compel it to bargain with any labor organization or other
employee representative with respect to wages or conditions of employment, nor is the Company or
either of the Banks party to any collective bargaining agreement, nor is there any pending or
threatened strike, slowdown, picketing, work stoppage or other labor dispute involving the Company
or either of the Banks. To the Knowledge of the Company, there is no activity involving any of the
Company&#146;s or either of the Banks&#146; employees seeking to certify a collective bargaining unit or
engaging in any other organization activity.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.15 </B><B><I>Employee Benefit Plans</I></B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;Each employee benefit plan, within the meaning of Section&nbsp;3(3) of ERISA, that is
maintained, administered or contributed to by the Company or the Banks or any of their affiliates
for employees or former employees of the Company or the Banks and their affiliates has been
maintained in substantial compliance with its terms and the requirements of any applicable
statutes, orders, rules and regulations, including, but not limited to, ERISA and the Internal
Revenue Code; no prohibited transaction, within the meaning of Section&nbsp;406 of ERISA or Section&nbsp;4975
of the Internal Revenue Code, has occurred with respect to any such plan excluding transactions
effected pursuant to a statutory or administrative exemption; and for each such plan that is
subject to the funding rules of Section&nbsp;412 of the Internal Revenue Code or Section&nbsp;302 of ERISA,
no &#147;accumulated funding deficiency&#148; as defined in Section&nbsp;412 of the Internal Revenue Code has been
incurred, whether or not waived, and the fair market value of the assets of each such plan
(excluding for these purposes accrued but unpaid contributions) exceeds the present value of all
benefits accrued under such plan determined using reasonable actuarial assumptions. The Company has
delivered or otherwise made available to Purchaser copies of all employee benefit plans for it and
each of the Banks, including plan documents and all amendments thereto, plan agreements, trust
agreements, recordkeeping or service agreements, insurance Contracts, summary plan descriptions or
summaries thereof if no written plan document or summary plan description is available, for each of
the two (2)&nbsp;most recent plan years. No audits, inquiries, reviews, proceedings, claims or demands
are pending with the Internal Revenue Service or Department of Labor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;Each nonqualified deferred compensation plan, within the meaning of Section&nbsp;409A of the
Internal Revenue Code, maintained by the Company or either of the Banks has been operated in
compliance in all material respects with the requirements of Section&nbsp;409A (or an available
exemption therefrom) such that amounts of compensation deferred thereunder will not be includible
in gross income under Section&nbsp;409A prior to the distribution of benefits in accordance with the
terms of the plan and will not be subject to the additional Tax under Section&nbsp;409A(a)(1)(B)(ii).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;Neither the Company nor either of the Banks has entered into or maintained at any time any
benefit plan which would require the payment of retention, separation, severance, termination or
similar benefits as a result of any transaction contemplated by this Agreement or as a result of a
&#147;change in control&#148; (as such term is defined in Code Section&nbsp;280G) or which would cause an increase
or acceleration of benefits (including the acceleration of the exercisability or vesting of any
stock options or other stock rights) or benefit entitlements to employees or former employees of
the Company or the Banks or any other increase in the liabilities of the Company or the Banks under
any benefit plan as a result of the transactions contemplated by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;Other than routine claims for benefits submitted by participants and beneficiaries under
the benefit plans of the Company and the Banks, none of which are material in amount, there is no
Litigation, claim or assessment pending or, to the Knowledge of the Company, threatened by, on
behalf of, or against any of the benefit plans or against the administrators or trustees or other
fiduciaries of any of the benefit plans that alleges a violation of applicable state or federal
Law. To the Knowledge of the Company, there is no reasonable basis for any such Litigation, claim
or assessment.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;To the Knowledge of the Company, no benefit plan fiduciary or any other Person has, or has
had, any Liability to any benefit plan participant, beneficiary or any other Person under any
provisions of ERISA or any other applicable Law by reason of any action or failure to act in
connection with any benefit plan, including any Liability by any reason of any payment of, or
failure to pay, benefits or any other amounts (except to the extent such benefits or other amounts
are currently due in the normal course of business) or by reason of any credit or failure to give
credit for any benefits or rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;All accrued contributions and other payments to be made by the Company and the Banks to
any benefit plan through the date hereof have been made or reserves adequate for such purposes have
been set aside therefor and reflected in the Company Financial Statements. Neither the Company nor
either of the Banks is in Default in performing any of its contractual obligations under any of the
benefit plans or any related trust agreement or insurance Contract. There are no outstanding
liabilities with respect to any benefit plan other than liabilities for benefits to be paid to
participants in such benefit plan and their beneficiaries in accordance with the terms of such
benefit plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(g)&nbsp;Neither the Company nor either of the Banks is legally obligated to make a payment either
before, or as a result of the transactions contemplated by this Agreement, that would constitute an
&#147;excess parachute payment&#148; within the meaning of Code Section&nbsp;280G.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(h)&nbsp;The Company and each of the Banks have complied with in all material respects their
requirements under (i)&nbsp;the applicable health care continuation and notice provisions of COBRA and
any similar state Law and (ii)&nbsp;the Health Insurance Portability and Accountability Act of 1996, as
amended and the regulations promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;To the extent that any benefit plan constitutes a &#147;non-qualified deferred compensation
plan&#148; within the meaning of Code Section&nbsp;409A, such benefit plan has been amended to conform to the
requirements of, and operated in compliance with, Code Section&nbsp;409A, including the final
regulations promulgated thereunder. No award of equity, Equity Rights or an option to purchase any
equity interest has been made under any benefit plan with an exercise price less than fair market
value as of the grant date or which has been backdated, altered or granted with an effective date
which is other than the date on which the award was actually made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(j)&nbsp;There is no unfunded actual or potential Liability relating to any employment Contract,
benefit plan or deferred compensation plan that is not reflected in the Company Financial
Statements or, with respect to accruals properly made after the date of the balance sheet included
in the Company Financial Statements, in the books and records of the Company or the respective
Bank.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.16 </B><B><I>Material Contracts</I></B>. Neither the Company nor either of the Banks is a party to, nor is it or any of its Assets
bound or affected by, (i)&nbsp;any employment, severance, termination, consulting or retirement or other
Contract providing for aggregate payments to any Person in any calendar year in excess of $250,000
or (ii)&nbsp;any Contract relating to the borrowing of money by the Company or either of the Banks or
the guarantee by the Company or either of the Banks of any such obligation (other than Contracts
evidencing deposit liabilities, Federal Home Loan Bank advances, purchases of federal funds,
fully-secured repurchase agreements, trade payables, letters of credit and Contracts relating to
borrowings or guarantees made in the ordinary course of business) (collectively, the &#147;<B><I>Company
Contracts</I></B>&#148;). With respect to each Company or Bank Contract (i)&nbsp;the Contract is in full force and
effect, (ii)&nbsp;the Company or each Bank, as applicable, is not in Default thereunder, other than
Defaults which are not reasonably likely to have, individually or in the aggregate, a Material
Adverse Effect, (iii)&nbsp;the Company or each of the Banks, as applicable, has not repudiated or waived
any material provision of any such Contract, and (iv)&nbsp;no other party to any such Contract is, to
the Knowledge of the Company, in Default in any respect, other than Defaults which are not
reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, or has
repudiated or waived any material provision thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.17 </B><B><I>Legal Proceedings</I></B>. There is no Litigation instituted or pending, or to the Knowledge of the Company, threatened
or contemplated (or unasserted but considered probable of assertion and which if asserted would
have at least a reasonable probability of a material unfavorable outcome) against the Company or
either of the Banks or against any Asset, interest, or right of any of them that is reasonably
likely to have, individually or in the aggregate, a Material Adverse Effect, nor are there any
Orders of any Regulatory Authorities, other governmental authorities, or arbitrators outstanding
against the Company or either of the Banks that is reasonably likely to have, individually or in
the aggregate, a Material Adverse Effect. Neither the Company nor either of the Banks has received
from any Regulatory Authorities any notice or threat (whether written or, to the Knowledge of the
Company, oral) of enforcement actions, or any criticism or recommended action that would reasonably
be determined to be material to the Assets and operations, taken as a whole, of the Company or
either of the Banks, and neither the Company nor either of the Banks has any reasonable basis for
believing that any such notice, threat, criticism or recommended action not otherwise disclosed
herein is contemplated, concerning capital, compliance with applicable Laws, safety or soundness,
fiduciary duties or other banking or business practices that has not been resolved to the
reasonable satisfaction of such Regulatory Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.18 </B><B><I>Reports</I></B>. The Company and each of the Banks have timely filed all reports and statements, together with
any amendments required to be made with respect thereto, that they were required to file with
Regulatory Authorities, and have paid all fees and assessments due and payable in connection
therewith or have recorded an adequate reserve or accrual for the payment thereof, except failures
to file and pay which are not reasonably likely to have, individually or in the aggregate, a
Material Adverse Effect. As of their respective dates, each of such reports and documents,
including the financial statements, exhibits, and schedules thereto, complied in all material
respects with all applicable Laws. As of its respective date, each such report and document did
not, in all material respects, contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements made therein, in
light of the circumstances under which they were made, not misleading.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.19 </B><B><I>Community Reinvestment Act</I></B>. To the extent applicable, each of the Banks has complied in all material respects with the
provisions of the Community Reinvestment Act (&#147;<B><I>CRA</I></B>&#148;), and the rules and regulations thereunder, has
a CRA rating of not less than &#147;satisfactory,&#148; has received no material criticism from Regulatory
Authorities with respect to discriminatory lending practices, and the Company has no Knowledge of
any conditions or circumstances that are likely to result in a CRA rating of less than
&#147;satisfactory&#148; or material criticism from regulators with respect to discriminatory lending
practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.20 </B><B><I>Privacy of Customer Information.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;Each of the Banks is the sole owner or, in the case of participated loans, a co-owner with
the other participant(s), of all individually identifiable personal information (&#147;<B>IIPI</B>&#148;) relating
to customers, former customers and prospective customers. For purposes of this Section&nbsp;2.20,
&#147;IIPI&#148; shall include any information relating to an identified or identifiable natural person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;The collection and use of such IIPI by each of the Banks complies in all material respects
with all applicable privacy policies, the Fair Credit Reporting Act, the Gramm-Leach-Bliley Act and
all other applicable state, federal and foreign privacy Law, and any Contract or industry standard
relating to privacy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.21 </B><B><I>Bank Secrecy Act Compliance. </I></B>Each of the Banks is in compliance in all material respects with the provisions of the Bank
Secrecy Act of 1970, as amended (the &#147;<B><I>Bank Secrecy Act</I></B>&#148;), and all regulations promulgated
thereunder including, but not limited to, those provisions that address suspicious activity reports
and compliance programs, and all applicable requirements of the Office of Foreign Assets Control.
Without limiting the foregoing, each of the Banks has implemented a Bank Secrecy Act compliance
program that adequately covers in all material respects all of the required program elements as
required by 12 C.F.R. &#167; 326.8.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.22 </B><B><I>Insurance. </I></B>The Company and each of the Banks is presently insured, and since on or around January&nbsp;1,
2007, have been insured without interruption during their existence, for reasonable amounts with
financially sound and reputable insurance companies against such risks as companies engaged in a
similar business would, in accordance with good business practice, customarily be insured,
including but not limited to directors&#146; and officers&#146; liability insurance. The Company has
provided the Purchaser with a complete and correct list of all policies of insurance in which the
Company and either of the Banks is named as an insured party or which otherwise relate to or cover
any Assets, operations or personnel of the Company and either of the Banks, and which are owned or
carried by the Company and either of the Banks. As of the date hereof, to the Company&#146;s Knowledge,
all such insurance policies are in full force and effect and neither the Company nor either of the
Banks has received any notice (whether written or, to the Knowledge of the Company, oral) from any
party of interest in or to any such policies claiming any Default, or any breach or violation of
any provisions thereof, disclaiming or denying coverage thereof or canceling or threatening
cancellation of any such insurance Contracts.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.23 </B><B><I>Conflict of Interest Transactions</I></B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;To the Company&#146;s Knowledge, no principal officer or director of the Company or of either
of the Banks, or holder of 10% or more of the
Company&#146;s or either Bank&#146;s Common Stock or any member of the immediate family or a related
interest (as such terms are defined in 12 C.F.R. &#167; 215.2) or Affiliate of such Person: (i)&nbsp;has any
direct or indirect ownership interest in (A)&nbsp;any entity which does business with, or is a
competitor of, the Company or either of the Banks (other than the ownership of not more than 5% of
the outstanding capital stock of such entity if such stock is listed on a national securities
exchange or market or is regularly traded in the over-the-counter market by a member of a national
securities exchange or market) or (B)&nbsp;any Asset which is owned or used by the Company or either of
the Banks in the conduct of its business; or (ii)&nbsp;has any financial, business or contractual
relationship or arrangement with the Company or either of the Banks, excluding any agreements and
commitments entered into in respect of the Company&#146;s or either Bank&#146;s acceptance of deposits and
investments or the making of any loans, in each case in the ordinary course of business of the
Company and the Banks, that is reasonably likely to have, individually or in the aggregate, a
Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;To the Company&#146;s Knowledge, no loan participation (each, a &#147;<B><I>Participation</I></B>&#148;) has been
acquired or sold to or from any parties set forth in Section&nbsp;2.23(a) by either of the Banks. The
Company represents and warrants that each Participation, if any, was duly authorized and approved
in accordance with applicable Laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.24 </B><B><I>Deposits</I></B>. The deposit accounts, certificates of deposit, and any similar accounts maintained by any
Person with either of the Banks (the &#147;<B><I>Deposits</I></B>&#148;) are insured by the Federal Deposit Insurance
Corporation to the fullest extent permitted by Law, and all premiums and assessments required to be
paid in connection therewith, to the Company&#146;s Knowledge, have been paid upon each Bank&#146;s receipt
of an invoice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.25 </B><B><I>Change in Business Relationships</I></B>. Since March&nbsp;31, 2011, neither the Company nor either of the Banks has received any notice
(whether written or, to the Knowledge of the Company, oral), whether on account of the transactions
contemplated by this Agreement or otherwise, (a)&nbsp;that any customer, agent, representative,
supplier, vendor or business referral source of the Company or either of the Banks intends to
discontinue, diminish or change its relationship with the Company or such Bank, the effect of which
would be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, or
(b)&nbsp;that any executive officer of the Company or either of the Banks intends to terminate or
substantially alter the terms of his or her employment. Since March&nbsp;31, 2011, there have been no
complaints or disputes (in each case set forth in writing) with any customer, employee, agent,
representative, supplier, vendor, business referral source or other parties that have not been
resolved which are reasonably likely to have, individually or in the aggregate, a Material Adverse
Effect.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.26 </B><B><I>Brokers. </I></B>None of the<U> </U>Company, either of the Banks or any of the respective officers, directors,
employees or agents of any such entity have employed any broker or finder or incurred any liability
for any financial advisory fees, brokerage fees, commissions, or finder&#146;s fees, and no broker or
finder has acted directly or indirectly for it in connection with this Agreement or the
transactions contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.27 </B><B><I>Private Placement; No integration. </I></B>Other than in connection with the Offering, neither the Company nor any of the Banks has taken
any action (including any other offering of any securities of the Company under circumstances which
would require the integration of such other offering with the offering of any of the Shares to be
issued pursuant to this Agreement or any other agreement entered into with one or more other
investors in the Offering under the Securities Act and the rules and regulations of the SEC
promulgated thereunder) which would subject the Offering, to the registration requirements of the
Securities Act. Neither the Company nor any of the Banks has engaged or will engage in any form of
general solicitation or general advertising (within the meaning of Regulation&nbsp;D under the
Securities Act) in connection with any offer or sale of the Shares pursuant to the transactions
contemplated by the Transaction Documents. Assuming the accuracy of the Purchaser&#146;s
representations and warranties set forth in this Agreement, no registration under the Securities
Act is required for the offer and sale of the Shares by the Company to the Purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.28 </B><B><I>FDIC Approval. </I></B>The Banks have been invited by the FDIC to participate in transactions involving failed
financial institutions. As of the date hereof, to the Knowledge of the Company, neither the
Company nor either of the Banks has received any notice or other communication from the Regulatory
Authorities that it will not be eligible to participate in such transactions in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;2.29 </B><B><I>Disclosure</I></B>. No representation or warranty of the Company made hereunder contains any untrue statement of a
material fact or omits to state a material fact necessary in order to make the statements contained
herein or therein not misleading.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE III</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;3.01 </B><B><I>Representations and Warranties of the Purchaser</I></B>. The Purchaser represents and warrants to the Company that, as of the date hereof and as of the
Closing:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;it has sufficient knowledge and experience in investing in companies similar to the
Company so as to be able to evaluate the risks and merits of its investment in the Company and it
is able financially to bear the risks thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;it has received or has had full access to all the information it considers necessary or
appropriate to make an informed investment decision with respect to the Securities to be purchased
by the Purchaser under this Agreement. The Purchaser further has had an opportunity to ask
questions and receive answers from the Company regarding the terms and conditions of the offering
of the Securities and to obtain additional information necessary to verify any information
furnished to the Purchaser or to which the Purchaser had access. The foregoing, however, does not
in any way limit or modify the representations and warranties made by the Company in Article&nbsp;II;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;it acknowledges that the Securities have not been registered under the Securities Act or
under any state securities laws;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;it is acquiring the Securities pursuant to an exemption from registration under the
Securities Act solely for its own account for the purpose of investment and not with a view to, or
for resale in connection with, any distribution thereof within the meaning of the Securities Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;it will not sell or otherwise dispose of any of the Securities, except in compliance with
the registration requirements or exemption provisions of the Securities Act and any other
applicable securities laws;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;it is an &#147;accredited investor&#148; (as that term is defined in Rule&nbsp;501 of the Securities
Act);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(g)&nbsp;subject to the stockholder approval required by Section&nbsp;4.04, each Transaction Document to
which it is a party constitutes the Purchaser&#146;s valid and legally binding obligation, enforceable
in accordance with its terms except as may be limited by (i)&nbsp;applicable bankruptcy, insolvency,
reorganization or other Laws of general application relating to or affecting the enforcement of
creditors&#146; rights generally and (ii)&nbsp;the effect of rules of law governing the availability of
equitable remedies. The Purchaser represents that it has full power and authority to enter into
each Transaction Document to which it is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;3.02 </B><B><I>Compliance with Laws</I></B>. The Purchaser is not:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;in Default under any of the provisions of its Certificate of Formation or Operating
Agreement; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;in Default under any Laws, Orders, or Permits applicable to its business or employees
conducting its businesses, except for Defaults which are not reasonably likely to have,
individually or in the aggregate, a Material Adverse Effect; or
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;in receipt of any notification or communication from any agency or department of federal,
state, or local government or any Regulatory Authority or the staff thereof (i)&nbsp;asserting that the
Purchaser is not in compliance with any of the Laws or Orders which such governmental authority or
Regulatory Authority enforces, where such noncompliance is reasonably likely to have, individually
or in the aggregate, a Material Adverse Effect (ii)&nbsp;threatening to revoke any Permits of the
Purchaser the revocation of which is reasonably likely to have, individually or in the aggregate, a
Material Adverse Effect or (iii)&nbsp;requiring the Purchaser to enter into or consent to the issuance
of a cease and desist order, formal agreement, directive, commitment, or memorandum of
understanding, or to adopt any board resolution or similar undertaking, which restricts materially
the conduct of its respective business or in any manner relates to capital adequacy, credit or
reserve policies or management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;3.03 </B><B><I>Disclosure</I></B><I>. </I>No representation or warranty of the Purchaser made hereunder contains any untrue statement of
a material fact or omits to state a material fact necessary in order to make the statements
contained herein or therein not misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;3.04 Organization</B>. (a)&nbsp;The Purchaser is a Delaware limited liability company, duly organized, validly existing,
and in good standing under the Laws of the State of Delaware and is duly qualified or licensed to
transact business as a foreign corporation in good standing in the jurisdictions where the
character of its Assets or the nature or conduct of its business requires it to be so qualified or
licensed except in such jurisdictions where the failure to be so qualified or licensed is not
reasonably likely to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;3.05 Company Shares</B>. (a)&nbsp;As of the date of this Agreement, the Purchaser does not own any shares of the Company&#146;s
capital stock and has not entered into any agreement or understanding with any Person to purchase
or sell shares of the Company&#146;s capital stock or any agreement or understanding concerning the
voting or disposition of Company capital stock or rights to acquire Company capital stock.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE IV</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.01 </B><B><I>Conduct of the Company</I></B>. From the date hereof until the earlier of the Closing or the termination of this Agreement,
the Company shall preserve (and shall cause each of the Banks to preserve) its material Assets,
maintain its rights and franchises and conduct its businesses in the ordinary course consistent
with past practice and to use its reasonable best efforts to preserve intact its business
organizations and relationships with third parties and to keep available the services of its
present officers and employees. Without limiting the
generality of the foregoing, from the date hereof until the Closing Date, the Company shall
not (and shall cause each of the Banks not to), except as otherwise contemplated by the Transaction
Documents, without the consent of the Purchaser, which consent shall not be unreasonably withheld,
conditioned or delayed:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;adopt or propose any change in its Organizational Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;adopt a plan of complete or partial liquidation or resolutions providing for or
authorizing a liquidation, dissolution, merger, consolidation, restructuring, recapitalization, or
other reorganization of the Company or any Bank;
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;acquire a material amount of Assets from any other Person;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;sell, lease, license or otherwise dispose of a material amount of Assets, either
individually or in the aggregate, except (i)&nbsp;pursuant to the Company and Banks&#146; Contracts or (ii)
in the ordinary course consistent with past practice, and (iii)&nbsp;for dispositions of assets by
EMORECO;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;(i)&nbsp;split, combine, or reclassify any of the shares of Company&#146;s Common Stock; (ii)
declare, set aside, or pay any dividend or other distribution in respect of any of the Company&#146;s
securities; or (iii)&nbsp;repurchase, redeem, or otherwise acquire any of the Company&#146;s securities;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;other than the Offering, and any other agreements to issue shares to investors to which
the provisions of Section&nbsp;4.07 may apply, issue or commit to issue any additional shares of the
Company&#146;s Common Stock, capital stock or other securities of any kind (whether through the issuance
or granting of options, warrants, commitments, subscriptions, stock appreciation rights, rights to
purchase or any other Equity Rights); or amend in any respect any of the terms of any such Common
Stock outstanding as of the date of this Agreement; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(g)&nbsp;take any action that would (i)&nbsp;materially adversely affect the ability of either Party to
obtain any Consents required for the transactions contemplated by the Transaction Documents without
imposition of a material condition or restriction, or (ii)&nbsp;materially adversely affect the ability
of either Party to perform its covenants and agreements under the Transaction Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(h)&nbsp;solicit or initiate, or encourage others to solicit or initiate, inquiries or proposals or
enter into any Contract with respect to any (i)&nbsp;merger of the Company or sale of all or
substantially all of the Assets of the Company (including the Banks), or (ii)&nbsp;sale of the Company&#146;s
capital stock in an amount that exceeds 9.9% of the Company&#146;s total outstanding capital stock
(other than through the Offering); provided, however, that nothing contained herein shall prohibit
any officer or director of the Company from taking any action that the board of directors of the
Company shall determine in good faith, after consulting with legal counsel, is required by Law or
is required to discharge his or her fiduciary duties to the Company and its shareholders. The
Company shall promptly (and in no event later than three (3)&nbsp;business days after receipt
of any inquiry, proposal, or any indication of interest that could lead to an inquiry,
proposal or other request for nonpublic information) advise Purchaser orally and in writing of any
such inquiry, proposal or indication of interest that is made or submitted by any Person during the
period prior to the Closing Date. The Company shall keep Purchaser fully informed with respect to
the status of any such inquiry, proposal, or any indication of interest;
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;since the date of the Company Financial Statements, there has not been any material change
in the compensation practices of the Company or the Banks, nor any material increase in the
compensation payable or to become payable to any of the Company&#146;s or the Banks&#146; officers, directors
or key employees, except for any annual merit pay increases consistent with past practices;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(j)&nbsp;the Company and each of the Banks shall use commercially reasonable efforts to maintain
their present insurance coverage or insurance coverage substantially comparable thereto in respect
to their Assets;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(k)&nbsp;no material changes shall be made in the general nature of the business conducted by the
Company or the Banks taken as a whole;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(l)&nbsp;no employment, consulting or similar agreements with any executive shall be amended or
entered into by the Company or either of the Banks that are not terminable by the Company or the
respective Bank on 30 or fewer days&#146; notice without penalty or obligation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(m)&nbsp;neither the Company nor either of the Banks shall intentionally take or intentionally fail
to take any action that will cause a breach by the Company or the Bank of, or Default by the
Company or Bank under, any Contract, which would result in a Material Adverse Effect on the
financial condition or operations of the Company or the Bank;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(n)&nbsp;no changes of a material nature shall be made in the Company&#146;s or the Banks accounting
procedures, methods, policies or practices or the manner in which the Company or Bank maintains its
records; except changes required pursuant to GAAP or any Regulatory Authorities that are generally
applicable to banks or bank holding companies; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(o)&nbsp;agree or commit to do any of the foregoing, or encourage any other Persons to agree or
commit to do any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.02 </B><B><I>Conduct of the Purchaser</I></B>. From the date hereof until the earlier of the Closing or the termination of this Agreement,
the Purchaser shall preserve its material Assets, maintain its rights and franchises and conduct
its businesses in the ordinary course consistent with past practice and to use its best reasonable
efforts to preserve intact its business organizations and relationships with third parties. From
the date hereof until the Closing Date, the Purchaser shall not except as otherwise contemplated by
the Transaction Documents:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;take any action that would (i)&nbsp;materially adversely affect the ability of either Party to
obtain any Consents required for the transactions contemplated by the Transaction Documents without
imposition of a material condition or restriction, or (ii)&nbsp;materially adversely affect the ability
of either Party to perform its covenants and agreements under the Transaction Documents;
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;no material changes shall be made in the general nature of the business conducted by the
Purchaser taken as a whole as set forth in the Confidential Offering Memorandum of the Purchaser,
dated August, 2011 as amended and supplemented, and Operating Agreement of the Purchaser;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;the Purchaser shall not intentionally take or intentionally fail to take any action that
will cause a breach by the Purchaser of, or Default by the Purchaser under, any Contract, which
would result in a Material Adverse Effect on the Purchaser&#146;s ability to perform its obligations
under the Transaction Documents; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;agree or commit to do any of the foregoing, or encourage any other Persons to agree or
commit to do any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.03 </B><B><I>Agreement as to Efforts to Consummate</I></B>. Subject to the terms and conditions of this Agreement, each Party agrees to use its reasonable
efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things
necessary, proper, or advisable under applicable Laws to consummate and make effective, as soon as
reasonably practicable after the date of this Agreement, the transactions contemplated by the
Transaction Documents; <U><I>provided</I></U> that nothing herein shall preclude either Party from
exercising its rights under the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.04 </B><B><I>Stockholder Approval</I></B>. The Company shall call a meeting of its stockholders as promptly as practicable after the date
hereof to vote on the transactions contemplated by the Transaction Documents pursuant to Ohio
Revised Code section 1701.831. The Board of Directors of the Company shall unanimously recommend
to the Company&#146;s stockholders that such stockholders approve the transactions and shall not
withdraw, modify or qualify in any manner adverse to the Purchaser such recommendation or approve,
adopt or otherwise take any action inconsistent with such recommendation. The Company shall
promptly prepare (and the Purchaser shall reasonably cooperate with the Company to prepare) and
file with the SEC a preliminary Proxy Statement, shall use its reasonable best efforts to solicit
proxies for such stockholder approval, and shall use its reasonable best efforts to cause a
definitive Proxy Statement to be mailed to the Company&#146;s stockholders as promptly as practicable
after clearance thereof by the SEC. The recommendation of the Board of Directors of the Company
described in this Section&nbsp;4.04 shall be included in the Proxy Statement. The Company shall notify
the purchaser promptly of the receipt of any comments from the SEC with respect to the Proxy
Statement and of any request by the SEC for amendments or supplements to such Proxy Statement or
for additional
information, and shall supply the Purchaser with copies of all correspondence between the
Company and the SEC with respect to such Proxy Statement.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.05 </B><B><I>Regulatory Filings</I></B>. As soon as practicable following the date of this Agreement, but in no event later than 30
days thereafter, (a)&nbsp;the Purchaser shall prepare and file with the Federal Reserve and the ODFI a
notice pursuant to the Change in Bank Control Act of 1978, as amended (the &#147;<B>CBCA</B>&#148;) and Ohio
Rev.Code &#167; 1115.06, respectively, including entering into and submitting such appropriate passivity
and anti-association commitments as the Federal Reserve may require to obtain confirmation from the
Federal Reserve and the ODFI to the effect that the purchase of the Common Stock will not result in
the Purchaser being deemed in control of the Company for purposes of the Bank Holding Company Act
of 1956, as amended, and (b)&nbsp;Company shall request approval from the Federal Reserve, FDIC and the
ODFI of the Business Plan referenced in Section&nbsp;6.01(d). Each Party shall cooperate in the
preparation and, where appropriate, filing of their respective notices or applications with all
Regulatory Authorities having jurisdiction over the transactions contemplated by the Transaction
Documents, seeking the requisite Consents necessary to consummate the transactions contemplated by
the Transaction Documents. The Company or the Purchaser, as applicable, shall permit the other
Party to review those portions of such notices or applications containing information pertaining to
such Party for a reasonable time prior to filing the same. To the extent available, the Parties
shall request expedited treatment of such applications, and shall use each of their commercially
reasonable efforts to pursue approval of the notices or applications. Neither Party&#146;s obligations
under this Section&nbsp;4.05 shall be construed as including an obligation to accept any terms of or
conditions to a Consent, authorization, order, or approval of, or any exemption by, any Regulatory
Authority or other Party that are not acceptable to that respective Party, in its sole reasonable
discretion, or to change the business practices of that respective Party in a manner not acceptable
to that respective Party, in its sole reasonable discretion. In advance of filing any notices or
applications for such regulatory approvals, each Party shall provide the other Party and its
counsel with a copy of such applications (including the Revised Business Plan contemplated by
Section&nbsp;6.01(d) hereof), and provide the other Party a reasonable opportunity to comment thereon
with respect to any portion thereof containing information pertaining to such Party, and thereafter
shall promptly advise the other Party and its counsel of any material communication received by the
filing Party or its counsel from any Regulatory Authorities with respect to such notices or
applications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.06 </B><B><I>Investigation and Confidentiality</I></B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;Prior to the Closing, each Party shall keep the other Party advised of all material
developments relevant to its respective business and the consummation of the transactions
contemplated by the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;Prior to the Closing, each Party shall permit the other Party to make or cause to be made
such investigation of the business, properties, and records of the other Party and of their
respective financial and legal conditions as either Party reasonably requests; <U><I>provided</I></U>
that such investigation shall be reasonably related to the transactions contemplated by the
Transaction Documents and shall not interfere unnecessarily with either Party&#146;s normal operations.
No investigation by either Party shall affect the representations and warranties of the other
Party.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;Each Party shall, and shall cause its advisers and agents to, maintain the confidentiality
of all confidential information furnished to it by the other Party concerning its and its
subsidiaries&#146; businesses, operations, and financial positions and shall not use such information
for any purpose except in furtherance of the transactions contemplated by the Transaction
Documents. If this Agreement is terminated prior to the Closing, each Party shall promptly return
or certify the destruction of all documents and copies thereof and all work papers containing
confidential information received from the other Party. Notwithstanding the foregoing, each Party
may retain copies of any documents or other materials that it controls or possesses as may be
required by its record retention policies or applicable laws, regulations or rules; provided,
however, that any such documents or other materials which are so retained shall be subject to the
non-disclosure and use provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;Each Party agrees to give the other Party notice as soon as practicable after any
determination by it of any fact or occurrence relating to the other Party which it has discovered
through the course of its investigation and which represents, or is reasonably likely to represent,
either a material breach of any representation, warranty, covenant or agreement of the other Party
or, with respect to the Company, which has had or is reasonably likely to have a Material Adverse
Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.07 </B><B><I>Most Favored Nation</I></B>. During the period from the date of this Agreement through the end of the Closing, the Company
shall not, and shall cause the Banks not to, enter into any additional or modify any existing,
agreements with any existing or future investors in the Company or either Bank that have the effect
of establishing rights or otherwise benefiting such investor in a manner more favorable in any
material respect to such investor than the rights and benefits established in favor of the
Purchaser by the Transaction Documents, unless, in any such case, the Purchaser has been provided
with such same rights and benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.08 </B><B><I>Use of Proceeds</I></B>. The Company shall use the proceeds received from the Purchase Price for general corporate
purposes, including, without limitation, to support the growth of the Company and the Banks,
including through FDIC-assisted transactions or other acquisitions of all or parts of other
financial institutions as set forth in the Revised Business Plan contemplated by Section&nbsp;6.01(d).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.09 </B><B><I>Publicity</I></B>. The Purchaser and the Company shall coordinate all publicity relating to the transactions
contemplated by this Agreement and, except as otherwise required by applicable Laws, neither Party
shall issue any press release, publicity statement or other public notice or communication, whether
written or oral, relating to this Agreement or any of the transactions contemplated hereby without
obtaining the prior consent of the other, which consent shall not be unreasonably withheld,
conditioned or delayed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.10 </B><B><I>Interim Financial Statements</I></B>. Prior to the Closing Date, the Company shall deliver to Purchaser a monthly balance sheet,
income statement and statement of stockholders&#146; equity of the Company as of the end of each month
as promptly as practicable after they become available. Such monthly financial statements shall be
prepared consistent with past practice and in conformity in all material respects with GAAP
(excluding footnote disclosure) applied on a basis consistent with the Company Financial
Statements.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.11 </B><B><I>Directors&#146; and Officers&#146; Insurance</I></B>. The Company and each of the Banks have, and shall continue to maintain in full force and
effect, a policy of directors&#146; and officers&#146; liability insurance and shall ensure, that all rights
to indemnification now existing in favor of any individual who, at or prior to the Closing Date,
was a director, officer, employee or agent of either the Company or either of the Banks or who, at
the request of either the Company or either of the Banks, served as a director, officer, member,
trustee or fiduciary of another corporation, partnership, joint venture, trust, pension or other
employee benefit plan or enterprise (collectively, with such individual&#146;s heirs, executors or
administrators, the &#147;<B><I>Covered Representatives</I></B>&#148;) as provided in the respective governing documents or
Organizational Documents shall survive the Closing and shall continue in full force and effect for
a period of not less than three years from the Closing Date and the provisions with respect to
indemnification and limitations on Liability set forth in such governing documents or
Organizational Documents shall not be amended, repealed or otherwise modified; provided, that in
the event any claim or claims are asserted or made within such period, all rights to
indemnification in respect of any such claim or claims shall continue until final disposition of
any and all such claims.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.12 </B><B><I>Board of Directors&#146; Notice and Minutes</I></B>. To the extent permissible under applicable Law, the Company shall give reasonable notice to
the Purchaser of all meetings of the board of directors of the Company and any of its committees,
and if known, the agenda for or business to be discussed at such meetings. The Parties agree to
permit the Purchaser or its designee to attend, as observers, all Company&#146;s and each of the Banks&#146;
shareholder, Board of Directors and executive meetings through the Closing Date; provided, however
that any individuals designated by Purchaser to attend such meetings may be excluded from any
portions of any such meetings involving and will not be permitted access to (i)
discussions relating to the transactions contemplated by this Agreement, (ii)&nbsp;any examination
reports of the Company or the Banks provided by a regulatory agency without the prior written
consent of such regulatory agency, (iii)&nbsp;any personal or confidential information regarding any
customer of a Bank, (iv)&nbsp;with respect to Persons designated by the Purchaser, involving matters
with respect to which such Person may have a conflict of interest as determined in good faith by
the Chairman of the Board, and (v)&nbsp;discussions relating to any alternative transaction or other
matters which are otherwise deemed in good faith by the Board of Directors of the Company or a Bank
to be confidential.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.13 </B><B><I>Registration Rights.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;<U>Registration</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(i)&nbsp;Subject to the terms and conditions of this Agreement, the Company covenants and
agrees that as promptly as practicable after the Closing Date, and in any event by the
later of ninety (90)&nbsp;days after the Closing Date or April&nbsp;15, 2012 (the &#147;<B><I>Filing Deadline</I></B>&#148;),
the Company shall have prepared and filed with the SEC a Shelf Registration Statement
covering the resale of all of the Registrable Securities, and, to the extent the Shelf
Registration Statement is not automatically effective upon such filing, the Company shall
use reasonable best efforts to cause such Shelf Registration Statement to be declared or
become effective as soon as practicable, and to keep such Shelf Registration Statement
continuously effective and in compliance with the Securities Act for a period from the date
of its initial effectiveness until the time as there are no such Registrable Securities
remaining (including by refiling such Shelf Registration Statement if the initial Shelf
Registration Statement expires). In the event that Form S-3 is not available for the
registration of the resale of the Registrable Securities under this Section&nbsp;4.13(a)(i), the
Company shall (A)&nbsp;register the resale of the Registrable Securities on another appropriate
form, including, without limitation, Form S-1, and (B)&nbsp;undertake to register the
Registrable Securities on Form S-3 promptly after such form is available.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(ii)&nbsp;Demand Registration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(A)&nbsp;The Purchaser shall have the right, by written notice (the &#147;<B><I>Demand
Notice</I></B>&#148;) given to the Company, to request, at any time and from time to time during
such periods when a Shelf Registration Statement covering all of the Purchaser&#146;s
Registrable Securities is not existing and effective, that the Company register,
under and in accordance with the provisions of the Securities Act, all or any
portion of the Registrable Securities designated by the Purchaser. Upon receipt of
a Demand Notice from the Purchaser pursuant to this Section&nbsp;4.13(a)(ii), the
Company shall promptly file with the SEC, and the Company shall thereafter use its
reasonable best efforts to cause to be
declared effective as promptly as practicable, a registration statement on the
appropriate form as shall be selected by the Company and as shall be reasonably
acceptable to the Purchaser in accordance with the intended method or methods of
distribution (which may be by an underwritten offering) for the registration and
sale of the total number of Registrable Securities specified in the Demand Notice
(a &#147;<B><I>Demand Registration Statement</I></B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(B)&nbsp;The Company shall use reasonable best efforts to keep each Demand
Registration Statement filed pursuant to this Section&nbsp;4.13(a)(ii) continuously
effective and usable for the resale of the Registrable Securities covered thereby
for a period of one hundred eighty (180)&nbsp;days from the date on which the SEC
declares such Demand Registration Statement effective.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iii)&nbsp;Any registration (except for any registration made pursuant to Section
4.13(a)(ii)) pursuant to this Section&nbsp;4.13(a) shall be effected by means of a shelf
registration under the Securities Act (a &#147;<B><I>Shelf Registration Statement</I></B>&#148;) in accordance with
the methods and distribution set forth in the Shelf Registration Statement and Rule&nbsp;415.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iv)&nbsp;If the Company proposes to register any of its securities, whether or not for its
own account (including, without limitation, pursuant to the exercise of any demand
registration rights pursuant to Section&nbsp;4.13(a)(ii)), other than a registration pursuant to
Section&nbsp;4.13(a)(i), and the registration form to be filed may be used for the registration
or qualification for distribution of Registrable Securities, the Company shall give prompt
written notice to the Purchaser of its intention to effect such a registration (but in no
event less than ten (10)&nbsp;Business Days prior to the anticipated filing date) and shall
include in such registration all Registrable Securities with respect to which the Company
has received written requests for inclusion therein within five (5)&nbsp;Business Days after the
date of the Company&#146;s notice (a &#147;<B><I>Piggyback Registration</I></B>&#148;). If the Purchaser has made such
a request, the Purchaser may withdraw its Registrable Securities from such Piggyback
Registration by giving written notice to the Company and the managing underwriter, if any,
on or before the fifth Business Day prior to the planned effective date of such Piggyback
Registration. The Company may terminate or withdraw any registration under this Section
4.13(a)(iv) prior to the effectiveness of such registration, whether or not the Purchaser
has elected to include Registrable Securities in such registration.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(v)&nbsp;If the registration referred to in Section&nbsp;4.13(a)(iv) is proposed to be
underwritten, the Company shall so advise the Purchaser as a part of the written notice
given pursuant to Section&nbsp;4.13(a)(iv). In such event, the right of the Purchaser to
registration pursuant to this Section&nbsp;4.13(a) shall be conditioned upon the Purchaser&#146;s
participation in such underwriting and the inclusion of Purchaser&#146;s Registrable Securities
in the underwriting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(vi)&nbsp;In the event (x)&nbsp;that the Company grants Piggyback Registration rights to one or
more third parties to include their securities in an underwritten offering under the Shelf
Registration Statement pursuant to Section&nbsp;4.13(a)(i) or (y)&nbsp;that a Piggyback Registration
under Section&nbsp;4.13(a)(iv) relates to an underwritten offering, and in any such case the
managing underwriters advise the Company that in their reasonable opinion the number of
securities requested to be included in such offering exceeds the number which can be sold
without adversely affecting the marketability of such offering (including an adverse effect
on the per share offering price), the Company shall include in such registration or
prospectus only such number of securities that in the reasonable opinion of such
underwriters can be sold without adversely affecting the marketability of the offering
(including an adverse effect on the per share offering price), which securities shall be so
included in the following order of priority: (1)&nbsp;first, solely in the case of a Piggyback
Registration under Section&nbsp;4.13(a)(iv) relating to a primary offering on behalf of the
Company, any securities the Company proposes to sell for its own account, and (2)&nbsp;second,
Registrable Securities of the Purchaser and any other securities of the Company that have
been requested to be so included, on a pro rate basis, subject to the terms of the
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<U>Expenses of Registration</U>. All Registration Expenses incurred in connection with
any registration, qualification or compliance hereunder shall be borne by the Company. All Selling
Expenses incurred in connection with any registrations hereunder shall be borne by the Purchaser
<I>pro rata </I>on the basis of the aggregate number of securities or shares being sold.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;<U>Obligations of the Company</U>. The Company shall use its reasonable best efforts for
so long as there are Registrable Securities outstanding, to take such actions as are under its
control to not become an ineligible issuer (as defined in Rule&nbsp;405 under the Securities Act). In
addition, whenever required to effect the registration of any Registrable Securities or facilitate
the distribution of Registrable Securities pursuant to an effective Shelf Registration Statement,
the Company shall, as expeditiously as reasonably practicable:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(i)&nbsp;file a final prospectus with the SEC, as required by Rule 424(b) under the
Securities Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(ii)&nbsp;provide to the Purchaser a copy of any disclosure regarding the plan of
distribution with respect to the Purchaser, at least three (3)&nbsp;Business Days in advance of
any filing with the SEC of any registration statement or any amendment or supplement
thereto that includes such information;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iii)&nbsp;prepare and file with the SEC such amendments and supplements to the applicable
registration statement and the prospectus or prospectus supplement used in connection with
such registration statement as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iv)&nbsp;furnish to the Purchaser and any underwriters such number of correct and complete
copies of the applicable registration statement and each such amendment and supplement
thereto (including in each case all exhibits) and of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such other
documents as they may reasonably request in order to facilitate the disposition of
Registrable Securities owned or to be distributed by them;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(v)&nbsp;use its reasonable best efforts to register and qualify the securities covered by
such registration statement under such other securities or blue sky laws of such
jurisdictions as shall be reasonably requested by the Purchaser or any managing
underwriter(s), to keep such registration or qualification in effect for so long as such
registration statement remains in effect, and to take any other action which may be
reasonably necessary to enable such seller to consummate the disposition in such
jurisdictions of the securities owned by the Purchaser; provided, that the Company shall
not be required in connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such states or jurisdictions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(vi)&nbsp;notify the Purchaser at any time when a prospectus relating thereto is required
to be delivered under the Securities Act of the happening of any event as a result of which
the applicable prospectus, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances then existing (which
notice shall not contain any material non-public information);
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(vii)&nbsp;give prompt written notice to the Purchaser (which notice shall not contain any
material, non-public information):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(A)&nbsp;when any registration statement filed pursuant to Section&nbsp;4.13(a) or any
amendment thereto has been filed with the SEC (except for any amendment effected by
the filing of a document with the SEC pursuant to the Exchange Act) and when such
registration statement or any post-effective amendment thereto has become
effective;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(B)&nbsp;of any request by the SEC for amendments or supplements to any
registration statement or the prospectus included therein or for additional
information;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(C)&nbsp;of the issuance by the SEC of any stop order suspending the effectiveness
of any registration statement or the initiation of any proceedings for that
purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(D)&nbsp;of the receipt by the Company or its legal counsel of any notification
with respect to the suspension of the
qualification of the Common Stock for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(E)&nbsp;of the happening of any event that requires the Company to make changes in
any effective registration statement or the prospectus related to the registration
statement in order to make the statements therein not misleading (which notice
shall be accompanied by an instruction to suspend the use of the prospectus until
the requisite changes have been made); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(F)&nbsp;if at any time the representations and warranties of the Company contained
in any underwriting agreement contemplated by Section&nbsp;4.13(c)(xi) cease to be true
and correct.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(viii)&nbsp;use its reasonable best efforts to prevent the issuance or obtain the
withdrawal of any order suspending the effectiveness of any registration statement referred
to in Section&nbsp;4.13(c)(vii)(C) at the earliest practicable time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(ix)&nbsp;upon the occurrence of any event contemplated by Section&nbsp;4.13(c)(vi) or
4.13(c)(vii)(E) and subject to the Company&#146;s rights under Section&nbsp;4.13(d), the Company
shall promptly prepare a post-effective amendment to such registration statement or a
supplement to the related prospectus or file any other required document so that, as
thereafter delivered to the Purchaser and any underwriters, the prospectus shall not
contain an untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in light of the circumstances under which they were made,
not misleading;
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(x)&nbsp;use reasonable best efforts to procure the cooperation of the Company&#146;s transfer
agent in settling any offering or sale of Registrable Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(xi)&nbsp;in the event of an underwritten offering pursuant to Section&nbsp;4.13(a)(i) or
Section&nbsp;4.13(a)(iv), enter into an underwriting agreement in customary form, scope and
substance and take all such other actions reasonably requested by a majority of the
Registrable Securities being sold in connection therewith or by the managing
underwriter(s), if any, to expedite or facilitate the underwritten disposition of such
Registrable Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(xii)&nbsp;make available for inspection by a representative of the selling shareholders,
the managing underwriter(s), if any, and any attorneys or accountants retained by such
sellers or managing underwriter(s), at the offices where normally kept, during reasonable
business hours, financial and other records, pertinent corporate documents and properties
of the Company, and cause the officers, directors and employees of the Company to supply
all information, in each case, reasonably requested by any such representative, managing
underwriter(s), attorney or accountant in connection with such Shelf Registration
Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(xiii)&nbsp;cause all such Registrable Securities to be listed on each securities exchange,
if any, on which the same class of securities issued by the Company are then listed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(xiv)&nbsp;if requested by a majority of the Registrable Securities being registered and/or
sold in connection therewith, or the managing underwriter(s), if any, promptly include in a
prospectus supplement or amendment such information as the majority of the Registrable
Securities being registered and/or sold in connection therewith or managing underwriter(s),
if any, may reasonably request in order to permit the intended method of distribution of
such securities and make all required filings of such prospectus supplement or such
amendment as soon as practicable after the Company has received such request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(xv)&nbsp;timely provide to its security holders earnings statements satisfying the
provisions of Section 11(a) of the Securities Act and Rule&nbsp;158 thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;<U>Termination of Registration Rights</U>. Purchaser&#146;s registration rights as to any
securities held by it shall not be available unless such securities are Registrable Securities.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;<U>Furnishing Information</U>. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to Section&nbsp;4.13(c) that the Purchaser, and the
underwriters, if any, shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of such securities as
shall be required to effect the registered offering of their Registrable Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;<U>Indemnification</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(i)&nbsp;The Company agrees to indemnify Purchaser and its officers, directors, employees,
agents, representatives and Affiliates, (each, an &#147;<B><I>Indemnitee</I></B>&#148;), against any and all
losses, joint or several, arising out of or based upon any untrue statement or alleged
untrue statement of material fact contained in any registration statement, including any
preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto or any documents incorporated therein by reference or contained in any
free writing prospectus (as such term is defined in Rule&nbsp;405) prepared by the Company or
authorized by it in writing for use by the Purchaser (or any amendment or supplement
thereto), or any omission to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; provided that the Company shall not be liable to such Indemnitee
in any such case to the extent that
any such loss is based solely upon (i)&nbsp;an untrue statement or omission made in such
registration statement, including any such preliminary prospectus or final prospectus
contained therein or any such amendments or supplements thereto or contained in any free
writing prospectus (as such term is defined in Rule&nbsp;405) prepared by the Company or
authorized by it in writing for use by the Purchaser (or any amendment or supplement
thereto), in reliance upon and in conformity with information regarding such Indemnitee or
its plan of distribution or ownership interests which was furnished in writing to the
Company by such Indemnitee expressly for use in connection with such registration
statement, including any such preliminary prospectus or final prospectus contained therein
or any such amendments or supplements thereto. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of an Indemnitee and shall
survive the transfer of the Registrable Securities by the Purchaser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(ii)&nbsp;If any proceeding shall be brought or asserted against any Indemnitee, such
Indemnitee shall promptly notify the Company in writing, and the Company shall have the
right to assume the defense thereof, including the employment of counsel reasonably
satisfactory to the Indemnitee and the payment of all reasonable fees and expenses incurred
in connection with defense thereof; provided, that the failure of any Indemnitee to give
such notice shall not relieve the Company of its obligations or liabilities pursuant to
this Agreement, except to the extent that it shall be finally determined by a court of
competent jurisdiction that such failure shall have materially and adversely prejudiced the
Company. An Indemnitee shall have</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">the right to employ separate
counsel in any such
proceeding and to participate in the defense thereof, but the fees and expenses of such
counsel shall be at the expense of such Indemnitee or Indemnitees unless: (1)&nbsp;the Company
has agreed in writing to pay such fees and expenses; (2)&nbsp;the Company shall have failed
promptly to assume the defense of such proceeding and to employ counsel reasonably
satisfactory to such Indemnitee in any such proceeding; or (3)&nbsp;the named parties to any
such proceeding (including any impleaded parties) include both such Indemnitee and the
Company, and such Indemnitee shall have been advised by counsel that a conflict of interest
exists if the same counsel were to represent such Indemnitee and the Company; provided,
that the Company shall not be liable for the fees and expenses of more than one separate
firm of attorneys at any time
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iii)&nbsp;for all Indemnitees. The Company shall not be liable for any settlement of any
such proceeding effected without its written consent, which consent shall not be
unreasonably withheld or delayed. The Company shall not, without the prior written consent
of the Indemnitee, effect any settlement of any pending proceeding in respect of which any
Indemnitee is a party, unless such settlement includes an unconditional release of such
Indemnitee from all liability on claims that are the subject matter of such proceeding.
Subject to the terms of this Agreement, all fees and expenses of the Indemnitee (including
reasonable fees and expenses to the extent incurred in connection with investigating or
preparing to defend such proceeding in a manner not inconsistent
with this Section&nbsp;4.13(f)(ii)) shall be paid to the Indemnitee, as incurred, within
thirty (30)&nbsp;days of written notice thereof to the Company; provided, that the Indemnitee
shall promptly reimburse the Company for that portion of such fees and expenses applicable
to such actions for which such Indemnitee is finally judicially determined to not be
entitled to indemnification hereunder). The failure to deliver written notice to the
Company within a reasonable time of the commencement of any such action shall not relieve
the Company of any liability to the Indemnitee under this Section&nbsp;4.13(f), except to the
extent that the Company is materially and adversely prejudiced in its ability to defend
such action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iv)&nbsp;If the indemnification provided for in Section&nbsp;4.13(f)(i) is unavailable to an
Indemnitee with respect to any losses or is insufficient to hold the Indemnitee harmless as
contemplated therein, then the Company, in lieu of indemnifying such Indemnitee, shall
contribute to the amount paid or payable by such Indemnitee as a result of such losses in
such proportion as is appropriate to reflect the relative fault of the Indemnitee, on the
one hand, and the Company, on the other hand, in connection with the statements or
omissions which resulted in such losses as well as any other relevant equitable
considerations. The relative fault of the Company, on the one hand, and of the Indemnitee,
on the other hand, shall be determined by reference to, among other factors, whether the
untrue statement of a material fact or omission to state a material fact relates to
information supplied by the Company or by the Indemnitee and the parties&#146; relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or
omission; the Company and Purchaser agree that it would not be just and equitable if
contribution pursuant to this Section&nbsp;4.13(f)(iii) were determined by pro rata allocation
or by any other method of allocation that does not take account of the equitable
considerations referred to in Section&nbsp;4.13(f)(i). No Indemnitee guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from the Company if the Company was not guilty of such fraudulent
misrepresentation.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(v)&nbsp;The indemnity and contribution agreements contained in this Section&nbsp;4.13(f) are in
addition to any liability that the Company may have to the Indemnitees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(g)&nbsp;<U>Rule&nbsp;144; Rule&nbsp;144A Reporting</U>. With a view to making available to the Purchaser
the benefits of certain rules and regulations of the SEC which may permit the sale of the
Registrable Securities to the public without registration, the Company agrees to use its reasonable
best efforts to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(i)&nbsp;make and keep adequate current public information with respect to the Company
available, as those terms are understood and defined in Rule&nbsp;144(c)(1) or any similar or
analogous rule promulgated under the Securities Act, at all times after the effective date
of this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(ii)&nbsp;so long as the Purchaser owns any Registrable Securities, furnish to the
Purchaser forthwith upon request: (A)&nbsp;a written statement by the Company as to its
compliance with the reporting requirements of Rule&nbsp;144 under the Securities Act, and of the
Exchange Act; (B)&nbsp;a copy of the most recent annual or quarterly report of the Company; and
(C)&nbsp;such other reports and documents as the Purchaser may reasonably request in availing
itself of any rule or regulation of the SEC allowing it to sell any such securities without
registration; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iii)&nbsp;take such further action as Purchaser may reasonably request, all to the extent
required from time to time to enable Purchaser to sell Registrable Securities without
registration under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(h)&nbsp;As used in this Section&nbsp;4.13, the following terms shall have the following respective
meanings:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(i) &#147;<B><I>Effective Date</I></B>&#148; means the date that the Shelf Registration Statement filed
pursuant to Section&nbsp;4.13(a)(i) is first declared effective by the SEC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(ii) &#147;<B><I>Register</I></B>,&#148; &#147;<B><I>registered</I></B>&#148; and &#147;<B><I>registration</I></B>&#148; shall refer to a registration
effected by preparing and (A)&nbsp;filing a registration statement in compliance with the
Securities Act and applicable rules and regulations thereunder, and the declaration or
ordering of effectiveness of such registration statement or (B)&nbsp;filing a prospectus and/or
prospectus supplement in respect of an appropriate effective registration statement.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iii) &#147;<B><I>Registrable Securities</I></B>&#148; means (A)&nbsp;all Common Stock held by the Purchaser from
time to time and (B)&nbsp;any equity securities issued or issuable directly or indirectly with
respect to the securities referred to in clause (A)&nbsp;by way of conversion, exercise or
exchange thereof or stock dividend or stock split or in connection with a combination of
 shares, recapitalization, reclassification, merger, amalgamation, arrangement,
consolidation or other reorganization, provided that, once issued, such securities shall
not be Registrable Securities when (1)&nbsp;they are sold pursuant to an effective registration
statement under the Securities Act, (2)&nbsp;they may be sold pursuant to Rule&nbsp;144 without
limitation thereunder on volume or manner of sale and without the requirement for the
Company to be in compliance with the current public information required under Rule
144(e)(1) (or Rule&nbsp;144(i)(2), if applicable), (3)&nbsp;they shall have ceased to be outstanding
or (4)&nbsp;they have been sold in a private transaction in which the transferor&#146;s rights under
the Transaction Documents are not assigned to the transferee of the securities. No
Registrable Securities may be registered under more than one registration statement at one
time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iv) &#147;<B><I>Registration Expenses</I></B>&#148; means all expenses incurred by the Company in effecting
any registration pursuant to this Agreement
(whether or not any registration or prospectus becomes effective or final) or
otherwise complying with its obligations under this Section&nbsp;4.13, including, without
limitation, all registration, filing and listing fees, printing expenses, fees and
disbursements of counsel for the Company, blue sky fees and expenses, expenses incurred in
connection with any &#147;<I>road show</I>,&#148; the reasonable fees and disbursements of Counsel, and
expenses of the Company&#146;s independent accountants in connection with any regular or special
reviews or audits incident to or required by any such registration, but shall not include
Selling Expenses and the compensation of regular employees of the Company, which shall be
paid in any event by the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(v) &#147;<B><I>Rule&nbsp;158</I></B>,&#148; &#147;<B><I>Rule&nbsp;159A</I></B>,&#148; &#147;<B><I>Rule&nbsp;405</I></B>&#148; and &#147;<B><I>Rule&nbsp;415</I></B>&#148; mean, in each case, such rule
promulgated under the Securities Act (or any successor provision), as the same shall be
amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(vi) <I>&#147;</I><B><I>SEC Guidance</I></B><I>&#148; </I>means (i)&nbsp;any publicly-available written or oral guidance,
comments, requirements or requests of the SEC staff and (ii)&nbsp;the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(vii) &#147;<B><I>Selling Expenses</I></B>&#148; means all discounts, selling commissions and stock transfer
taxes applicable to the sale of Registrable Securities and fees and disbursements of
counsel for the Purchaser (other than the fees and disbursements of Counsel included in
Registration Expenses).
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.14 </B><B><I>Avoidance of Control.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;Notwithstanding anything to the contrary in this Agreement, the Company shall not take
any action (including any redemption, repurchase, or recapitalization of Common Stock, or
securities or rights, options or warrants to purchase Common Stock, or securities of any type
whatsoever that are, or may become, convertible into or exchangeable into or exercisable for Common
Stock in each case, where the Purchaser is not given the right to participate in such redemption,
repurchase or recapitalization to the extent of the Purchaser&#146;s pro rata proportion) that would
cause the Purchaser&#146;s ownership of voting securities (as defined in the BHC Act) to increase above
24.99%, without the prior written consent of the Purchaser, or to increase to an amount that would
constitute &#147;control&#148; under the BHC Act, or otherwise cause the Purchaser to &#147;control&#148; the Company
under and for purposes of the BHC Act. Notwithstanding anything to the contrary in this Agreement,
the Purchaser shall not have the ability to exercise any voting rights of any securities in excess
of 24.99% of the total outstanding voting securities (as defined in the BHC Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;In the event that the Company breaches its obligations under this Section&nbsp;4.14 or believes
that it is reasonably likely to breach such obligations, it shall notify the Purchaser as promptly
as practicable and shall cooperate in good faith
with the Purchaser to modify any ownership or other arrangements or take any other action, in
each case, as is necessary to cure or avoid such breach.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.15 </B><B><I>Legend.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;The Purchaser agrees that all certificates or other instruments representing the Shares
subject to this Agreement shall bear a legend substantially to the following effect, until such
time as they are not required under Section&nbsp;4.15(b):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;(i) THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY
NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION
STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR
SUCH LAWS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(ii)&nbsp;THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND
OTHER RESTRICTIONS SET FORTH IN A STOCK PURCHASER AGREEMENT, DATED AS OF AUGUST
15, 2011, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.&#148;
</DIV>
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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;Upon request of the Purchaser, upon receipt by the Company of an opinion of counsel to the
Purchaser reasonably satisfactory to the Company to the effect that such legend is no longer
required under the Securities Act or applicable state laws, as the case may be, the Company shall
promptly cause clause (i)&nbsp;of the legend to be removed from any certificate for any Shares to be so
transferred and clause (ii)&nbsp;of the legend shall be removed upon the expiration of such transfer and
other restrictions set forth in this Agreement. The Purchaser acknowledges that the Shares have
not been registered under the Securities Act or under any state securities laws and agrees that it
shall not sell or otherwise dispose of any of the Shares, except in compliance with the
registration requirements or exemption provisions of the Securities Act and any other applicable
securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;4.16 </B><B><I>Transfer Restrictions.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(i)&nbsp;The Purchaser may transfer, sell, assign or otherwise dispose of the Shares (1)
only in a privately negotiated transaction to any person or group of persons that would not
acquire pursuant to such Transfer beneficial ownership of Capital Stock of the Company in
violation of any commitments made to the Federal Reserve, (2)&nbsp;into the public market (in a
registered public offering, pursuant to Rule&nbsp;144 under the Securities Act or
otherwise, including through any broker, dealer or underwriter, acting in a capacity as
such, that purchases Shares for distribution), or (3)&nbsp;as part of a merger, tender offer or
exchange offer or other business combination, acquisition of assets or similar transaction
that has, without the participation of the Purchaser, resulted in a change in control, as
the term &#147;control&#148; is defined in the BHC Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE V</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>ADDITIONAL AGREEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;5.01 </B><B><I>Subsequent Capital Raises; Use of Proceeds</I></B>. In the event the Company raises additional capital in one or more offerings during the
twenty-four (24)&nbsp;months following the Closing (each a &#147;<B><I>Capital Raise</I></B>&#148;), the Purchaser shall have
preemptive rights to purchase any securities offered and sold by the Company (any such security, a
&#147;<B><I>New Security</I></B>&#148;) at the price and on the other terms of the Capital Rise so as to maintain its then
current ownership percentage in the Company. The preemptive rights granted by this Section&nbsp;5.01(a)
shall not apply to the sale or issuance by the Company of shares in a merger or similar transaction
or to the sale or issuance of shares upon exercise of stock options or under the Company&#146;s 2007
Omnibus Equity Plan. The Company shall promptly (but in any case no later than five business days
prior to each such Capital Raise) give written notice to the Purchaser that such Capital Raise will
take place, which such notice shall contain the terms of the Capital Raise. From the date of
Purchaser&#146;s receipt of written notice from the Company as described in the immediately preceding
sentence, the Purchaser shall have the lesser of fifteen (15)&nbsp;calendar days or such shorter period
of time provided to other investors within which to notify of the Company of its election whether
or not to participate in the applicable Capital Raise. The Purchaser&#146;s notice to the Company of its
election shall constitute a binding agreement of the Purchaser to purchase the amount of shares
specified in the notice at the price and on the other terms of the Capital Raise. The Company
agrees that the proceeds from the Capital Raises will be used to support additional growth of the
Company as set forth in the Revised Business Plan described in Section&nbsp;6.01(d), including through
the execution of FDIC-assisted acquisitions or other acquisitions that the Board of Directors of
the Company determines to be in the best interest of the Company.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;If the Purchaser exercises its rights provided in Section&nbsp;5.01(a), each of the Company and
the Purchaser agrees to use commercially reasonable efforts to secure any regulatory or shareholder
approvals or other consents, and to comply with any Law necessary in connection with the offer,
sale and purchase of such New Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;The Company and the Purchaser shall cooperate in good faith to facilitate the exercise of
the Purchaser&#146;s rights under this Section&nbsp;5.01, including securing any required approvals or
consents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;5.02 </B><B><I>Appointment of Director</I></B>. Subject to approval by the Regulatory Authorities, the Company agrees to appoint one director
to each of the boards of directors of the Company and each of the Banks, in each case designated by
the Purchaser and approved by the Company, which approval shall not be unreasonably withheld or
delayed, to fill a current vacancy in each such board of directors (the &#147;<B><I>Appointed Director</I></B>&#148;). The
Appointed Director is currently expected to be Eric D. Hovde, who shall also be appointed to the
Executive Committee, should one exist, of each such board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;5.03 </B><B><I>Approval of Additional Agreements</I></B>.
The Company shall, through the Company&#146;s board of directors, recommend to its shareholders,
except under circumstances in which the Company&#146;s board of directors determines that doing so is
reasonably likely to result in a breach of its fiduciary duties or impose a conflict of interest
under applicable Law, approval of the actions and agreements contemplated under this Article&nbsp;V to
the extent action by the Company&#146;s shareholders is required to take such action and/or to effect
the transactions contemplated by such agreements.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE VI</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONDITIONS TO THE OBLIGATIONS OF THE<BR>
PURCHASER AND THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;6.01 </B><B><I>Conditions to the Purchaser&#146;s Obligations at the Closing</I></B>. Purchaser&#146;s obligation to purchase and pay for the Securities being purchased by it on the
Closing Date is, at its option, subject to the satisfaction, on or before the Closing Date, of the
following conditions, any of which may be waived in whole or in part by the Purchaser:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;<I>Representations and Warranties to be True and Correct</I>. The representations and warranties
of the Company under this Agreement shall be true, complete and correct in all material respects at
and as of the Closing, with the same effect as though such representations and warranties had been
made on and as of such date; provided, however, to the extent that any representation or warranty
of the Company contains a materiality qualification, the representation or warranty as qualified
shall remain as stated and such qualification shall not be deemed to be lessened or otherwise
modified by the use of &#147;material respects&#148; in this Section&nbsp;6.01(a);
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<I>Number of Shares</I>. The Purchaser and the Company shall have mutually agreed upon the number
of Shares and Warrants to be issued to Purchaser in accordance with Section&nbsp;1.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;<I>Performance</I>. The Company shall have performed and complied in all material respects with
all agreements and covenants contained herein required to be performed or complied with by it prior
to or at the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;<I>Business Plan</I>. The Company&#146;s revised business plan (the &#147;<B><I>Revised Business Plan</I></B>&#148;), which
shall address, among other things, the growth strategy of the Company (including its plans to
engage in transactions involving the acquisition of one or more failed banks from the FDIC and its
plans to supplement the existing management team with additional staff).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;<I>Approvals. </I>The Parties shall have received all necessary approvals, Consents or
non-objections from the Regulatory Authorities on such terms and conditions reasonably satisfactory
to the Purchaser for the consummation of the transactions and activities contemplated by the
Transaction Documents, including the approval of the Revised Business Plan contemplated by Section
6.01(d).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;<I>Stockholder Approval. </I>The Company shall have obtained the required stockholder approval
of the transactions pursuant to Ohio Revised Code section 1701.831.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(g)&nbsp;<I>No Injunction</I>. No governmental body or any other Person shall have issued an order,
injunction, judgment, decree, ruling or assessment which shall then be in effect restraining or
prohibiting the completion of the transactions contemplated hereby or under any of the other
Transaction Documents, nor, shall any such order, injunction, judgment, decree, ruling or
assessment be pending or, to the Company&#146;s Knowledge, threatened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(h)&nbsp;<I>Appointment of Director</I>. Pursuant to Section&nbsp;5.02, but subject to any necessary
regulatory approval, the Appointed Director, shall have been appointed as a director of the Company
and of each of the Banks and shall hold such position effective as of the Closing Date, unless the
failure to hold such position is caused by the individual or the Purchaser, in which case, the
Purchaser shall select an alternate individual to hold such position, which such alternate
individual shall be subject to the approval of the Company, which such approval shall not be
unreasonably withheld or delayed.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Supporting Documents</I>. The Purchaser and its counsel shall have received copies of the
following documents:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(i) (A)&nbsp;the Articles of Incorporation, as amended, certified as of a recent date by
the Secretary of State of the State of Ohio and (B)&nbsp;a certificate of said Secretary dated
as of a recent date as to the Company&#146;s valid existence in good standing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(ii)&nbsp;a certificate of the Company&#146;s Secretary dated the Closing Date, certifying: (A)
that attached thereto is a true, correct and complete copy of the Regulations as in effect
on the date of such certification and that no amendments or modifications to such By-laws
have been authorized; (B)&nbsp;that attached thereto is a true, correct and complete copy of all
resolutions adopted by the Company&#146;s board of directors authorizing the execution, delivery
and performance of each of the Transaction Documents, the issuance, sale and
delivery of the Securities, and that all such resolutions are in full force and
effect, have not been amended, modified or rescinded and are the only resolutions adopted
in connection with the transactions contemplated by the Transaction Documents; and (C)&nbsp;that
the Articles of Incorporation have not been amended since the date of the last amendment
referred to in the certificate delivered pursuant to clause (i) (A)&nbsp;above;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iii)&nbsp;a certificate, executed by an officer of the Company, dated the Closing Date,
certifying to the fulfillment by the Company of the conditions set forth in this Article
VI; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 12%">(iv)&nbsp;such additional supporting documents and other information with respect to the
Company&#146;s operations and affairs as the Purchaser or its counsel reasonably may request.
All such documents shall be satisfactory in form and substance to the Purchaser and its
counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(j)&nbsp;<I>No Litigation</I>. No suit or other action shall have been instituted or threatened in
writing seeking to enjoin the transactions contemplated hereby or to obtain other relief in
connection with this Agreement or the transactions contemplated herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(k)&nbsp;<I>No Material Adverse Effect</I>. Between the date of this Agreement and the Closing Date,
there shall not have occurred, any change or any condition, event, circumstance, fact or occurrence
that would have a Material Adverse Effect on the Company or the Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(l)&nbsp;<I>Purchaser&#146;s Rights and Voting Agreement</I>. The Company shall have executed and delivered
the Purchaser&#146;s Rights and Voting Agreement in substantially the form attached hereto as Exhibit&nbsp;B.
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;6.02 </B><B><I>Conditions to the Company&#146;s Obligations at the Closing</I></B>. The Company&#146;s obligation to sell and issue the Securities being sold and issued by it on the
Closing Date is, at its option, subject to the satisfaction, on or before such Closing Date, of the
following conditions, any of which may be waived in whole or in part by the Company:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;<I>Representations and Warranties to be True and Correct</I>. The representations and warranties
of the Purchaser contained in Article&nbsp;III shall be true, complete and correct in all material
respects at and as of the Closing, with the same effect as though such representations and
warranties had been made on and as of such date provided, however, to the extent that any
representation or warranty of the Purchaser contains a materiality qualification, the
representation or warranty as qualified shall remain as stated and such qualification shall not be
deemed to be lessened or otherwise modified by the use of &#147;material respects&#148; in this Section
6.02(a).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<I>Performance</I>. The Purchaser shall have performed and complied in all material respects
with all agreements and covenants contained herein required to be performed or complied with by it
prior to or at the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;<I>Approvals</I>. The Parties shall have received all necessary approvals, Consents or
non-objections from the Regulatory Authorities on such terms and conditions reasonably satisfactory
to the Company for the consummation of the transactions and activities contemplated by the
Transaction Documents, including the approval of the Revised Business Plan contemplated by Section
6.01(d).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;<I>Stockholder Approval. </I>The Company shall have obtained the required stockholder approval
of the transactions pursuant to Ohio Revised Code section 1701.831.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(e)&nbsp;<I>No Injunction</I>. No governmental body or any other Person shall have issued an order,
injunction, judgment, decree, ruling or assessment which shall then be in effect restraining or
prohibiting the completion of the transactions contemplated hereby or under any of the other
Transaction Documents, nor, shall any such order, injunction, judgment, decree, ruling or
assessment be pending or, to the Purchaser&#146;s Knowledge, threatened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(f)&nbsp;<I>Number of Shares</I>. The Purchaser and the Company shall have mutually agreed upon the
number of Shares and Warrants to be issued to the Purchaser in accordance with Section&nbsp;1.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(g)&nbsp;<I>Purchase Price Paid</I>. The Purchaser shall have paid the Purchase Price for the Securities
to the Company as set forth in Section&nbsp;1.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(h)&nbsp;<I>No Material Adverse Effect</I>. Between the date of this Agreement and the Closing Date,
there shall not have occurred, any change or any condition, event, circumstance, fact or occurrence
that would have a Material Adverse Effect on the Purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(i)&nbsp;<I>Purchaser&#146;s Rights and Voting Agreement</I>. The Purchaser shall have executed and delivered
the Purchaser&#146;s Rights and Voting Agreement in substantially the form attached hereto as Exhibit&nbsp;B.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(j)&nbsp;<I>Supporting Documents</I>. The Company and its counsel shall have received copies of the
following documents:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(A)&nbsp;the Certificate of Formation, certified as of a recent date by the
Secretary of State of the State of Delaware and (B)&nbsp;a certificate of said Secretary
dated as of a recent date as to the Purchaser&#146;s valid existence in good standing;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 12%">(B)&nbsp;a certificate, executed by an officer of the Purchaser, dated the Closing
Date, certifying to the fulfillment by the Purchaser of the conditions set forth in
this Article&nbsp;VI; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(k)&nbsp;<I>No Litigation</I>. No suit or other action shall have been instituted or threatened in
writing seeking to enjoin the transactions contemplated hereby or to obtain other relief in
connection with this Agreement or the transactions contemplated herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE VII</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.01 </B><B><I>Expenses</I></B>. At the Closing, the Company shall reimburse the Purchaser up to $50,000 incurred by the
Purchaser in connection with due diligence expenses on the Company&#146;s loan portfolio (the &#147;<B><I>Due
Diligence Expenses</I></B>&#148;). The Company agrees that the Due Diligence Expenses may at the election of
the Purchaser be (a)&nbsp;paid to those parties directed by Purchaser to receive such payments, or (b)
deducted from the Purchase Price payable at the Closing. In the event that the Closing does not
occur due to the Company&#146;s material breach of this Agreement, the Company shall reimburse the
Purchaser up to $50,000 for the Due Diligence Expenses incurred by Purchaser. In the event that the
Closing does not occur due to the Purchaser&#146;s material breach of this Agreement, the Company will
not be obligated to reimburse the Purchaser for the Due Diligence Expenses. For all other
expenses, each of the Parties shall bear and pay all direct costs and expenses incurred by it or on
its behalf in connection with the transactions contemplated by the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.02 </B><B><I>Survival of Representations and Covenants</I></B>. Except as otherwise provided herein, the respective representations, warranties, covenants and
agreements of the Parties shall survive for twelve (12)&nbsp;months after the Closing, except for this
Section&nbsp;7.02 and Sections&nbsp;4.06(c), 7.01 and Article&nbsp;V, which shall survive indefinitely or until
satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.03 </B><B><I>Specific Performance</I></B>. Each Party hereto acknowledges and agrees that the other Parties hereto would be irreparably
damaged if any provision of this Agreement is not performed in accordance with its specific terms
or is otherwise breached. Accordingly, each Party hereto agrees that the other Parties hereto will
be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement
and to specifically enforce this Agreement and its terms and provisions in any action instituted in
any court of the United States or any state thereof having jurisdiction over the Parties in the
matter in addition to any other remedy to which they may be entitled, at law or in equity.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.04 </B><B><I>Further Assurances</I></B>. The Company and the Purchaser each agree to take such actions and execute and deliver such
other documents or agreements as may be necessary or desirable for the
implementation of the Transaction Documents and the consummation of the transactions
contemplated hereby and thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.05 </B><B><I>Notices</I></B>. Any notice, request, demand or other communication required or permitted to be given to a
Party pursuant to the provisions of this Agreement will be in writing and will be effective and
deemed given under this Agreement on the earliest of: (a)&nbsp;the date of personal delivery, (b)&nbsp;the
date of transmission by facsimile, with confirmed transmission and receipt, (c)&nbsp;two days after
deposit with a nationally-recognized courier or overnight service such as FedEx, or (d)&nbsp;five days
after mailing via certified mail, return receipt requested. All notices not delivered personally
or by facsimile will be sent with postage and other charges prepaid and properly addressed to the
Party to be notified at the address set forth for such Party:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">If to the Purchaser:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Bank Opportunity Fund LLC<BR>
1826 Jefferson Place, NW<BR>
Washington, DC 20036<BR>
Phone: 202-822-8117<BR>
Fax: 202-775-8365<BR>
Attn: Joseph J. Thomas
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">with a copy to (which does not constitute notice):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Perry &#038; Associates PLLC<BR>
1826 Jefferson Place, NW<BR>
Washington, DC 20036<BR>
Phone: 202-822-8117<BR>
Fax: 202-775-8365<BR>
Attn: Richard J. Perry, Jr.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">If to the Company:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Middlefield Banc Corp.<BR>
15985 East High Street<BR>
Middlefield, Ohio 44062<BR>
Phone: 440-632-1666<BR>
Fax: 440-632-1700<BR>
Attn: Thomas G. Caldwell
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">with a copy to (which does not constitute notice):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">Grady &#038; Associates<BR>
20950 Center Ridge Road<BR>
Suite&nbsp;100<BR>
Rocky River, Ohio 44116<BR>
Phone: (440)356-7255<BR>
Fax: (440)&nbsp;356-7254<BR>
Attn: Francis X. Grady
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Any Party hereto (and such Party&#146;s permitted assigns) may change such Party&#146;s address for
receipt of future notices hereunder by giving written notice to the other Parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.06 </B><B><I>Governing Law</I></B>. This Agreement and the performance of the transactions and the obligations of the Parties
hereunder will be governed by and construed and enforced in accordance with the Laws of the State
of Ohio, without giving effect to any choice of law principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.07 </B><B><I>Entire Agreement</I></B>. This Agreement, together with the Exhibits and Schedules hereto, the certificates, documents,
instruments and writings that are delivered pursuant hereto and each Transaction Document,
constitutes the entire agreement and understanding of the Parties hereto in respect of its subject
matters and supersedes all prior understandings, agreements, or representations by or among the
Parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof
or the transactions contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.08 </B><B><I>Counterparts</I></B>. This Agreement may be executed in any number of counterparts, each of which will be deemed an
original but all of which together will constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.09 </B><B><I>Amendments and Waivers</I></B>. This Agreement may not be amended or modified, and no provisions hereof may be waived, without
the written consent of the Company and the Purchaser. No action taken pursuant to this Agreement,
including any investigation by or on behalf of any Party, shall be deemed to constitute a waiver by
the Party taking such action of compliance with any representation, warranty, covenant or agreement
contained herein. The waiver by any Party hereto of a breach of any provision of this Agreement
shall not operate or be construed as a further or continuing waiver of such breach or as a waiver
of any other or subsequent breach. No failure on the part of any Party to exercise, and no delay
in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of such right, power or remedy by such Party preclude any other or
further exercise thereof or the exercise of any other right, power or remedy. All remedies
hereunder are cumulative and are not exclusive of any other remedies provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.10 </B><B><I>Successors and Assigns</I></B>. This Agreement and the rights and obligations of the Parties hereunder shall inure to the
benefit of, and be binding upon, their respective successors, assigns and legal representatives.
Without limiting the foregoing, Purchaser shall have the right to assign its rights and obligations
under this Agreement to an Affiliate of Purchaser as along as such assignment would not adversely
affect the consummation of the transactions contemplated by this Agreement, <I>provided</I>, that
Purchaser provides advanced written notice of such assignment to the Company and the Company
consents to such assignment, which shall not be unreasonably withheld or delayed.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.11 </B><B><I>Severability</I></B>. The provisions of this Agreement will be deemed severable and the invalidity or
unenforceability of any provision hereof will not affect the validity or enforceability of the
other provisions hereof; provided that if any provision of this Agreement, as applied to any Party
or to any circumstance, is adjudged by a court, governmental body or arbitrator not to be
enforceable in accordance with its terms, the Parties hereto agree that the court, governmental
body, or arbitrator making such determination will have the power to modify the provision in a
manner consistent with its objectives such that it is enforceable, and/or to delete specific words
or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.12 </B><B><I>Titles and Subtitles</I></B>. The article and section headings contained in this Agreement are inserted for convenience only
and will not affect in any way the meaning or interpretation of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.13 </B><B><I>Adjustments for Stock Splits, Etc</I></B>. Wherever in this Agreement there is a reference to a specific number of shares purchased,
then, upon the occurrence of any subdivision, combination, reorganization, or stock dividend of
such class or series of stock, the specific number of shares so referenced in this Agreement
(including the shares underlying the Warrants) will automatically be proportionally adjusted to
reflect the effect of such subdivision, combination or stock dividend on the outstanding shares of
such class or series of stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.14 </B><B><I>Construction</I></B>. The Parties hereto have jointly participated in the negotiation and drafting of this
Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be
construed as if drafted jointly by the Parties hereto and no presumption or burden of proof will
arise favoring or disfavoring any Party hereto because of the authorship of any provision of this
Agreement. Any reference to any federal, state, local or foreign Law will also be deemed to refer
to such Law as amended and all rules and regulations promulgated thereunder, unless the context
otherwise requires. The words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; will be deemed to be followed
by &#147;without limitation.&#148; Pronouns in masculine, feminine and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural
and
vice versa, unless the context otherwise requires. The words &#147;this Agreement,&#148; &#147;herein,&#148;
&#147;hereof,&#148; &#147;hereby,&#148; &#147;hereunder&#148; and words of similar import refer to this Agreement as a whole and
not to any particular subdivision unless expressly so limited. The Parties hereto intend that each
representation, warranty and covenant contained herein will have independent significance. If any
Party hereto has breached any representation, warranty or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same
subject matter (regardless of the relative levels of specificity) which such Party has breached,
will not detract from or mitigate the fact that such Party is in breach of the first
representation, warranty or covenant.
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.15 </B><B><I>Remedies</I></B>. The Parties hereto shall have all remedies for breach of this Agreement available to them as
provided by law or equity. In the event that any Party hereto institutes any suit or other action
to enforce the obligations of this Agreement, both Parties agree that the non-prevailing Party, its
successors or assigns shall pay to the prevailing Party, its successors or assigns, all reasonable
costs and any counsels&#146; or attorneys&#146; fees incurred as a result of the institution of such suit or
action; provided, however that neither Party shall be liable to the other Party or any other Person
under any circumstances or due to any event whatsoever, for punitive, treble, consequential or
indirect damages, including, without limitation, loss of profit, diminution of value, loss of use
or business stoppage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.16 </B><B><I>Incorporation of Exhibits and Schedules</I></B>. The exhibits and schedules identified in this Agreement are incorporated herein by reference
and made a part hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;7.17 </B><B><I>Certain Defined Terms</I></B>. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Affiliate</I></B>&#148; of a Person shall mean: (i)&nbsp;any other Person directly, or indirectly through one
or more intermediaries, controlling, controlled by or under common control with such Person; (ii)
any officer, director, partner, employer, or direct or indirect beneficial owner of any 10% or
greater equity or voting interest of such Person; or (iii)&nbsp;any other Person for which a Person
described in clause (ii)&nbsp;acts in any such capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Assets</I></B>&#148; of a Person shall mean all of the assets, properties, businesses and rights of such
Person of every kind, nature, character and description, whether real, personal or mixed, tangible
or intangible, accrued or contingent, or otherwise relating to or utilized in such Person&#146;s
business, directly or indirectly, in whole or in part, whether or not carried on the books and
records of such Person, and whether or not owned in the name of such Person or any Affiliate of
such Person and wherever located.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>BHC Act</I></B>&#148; shall mean the Bank Holding Company Act of 1956, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Business Day</I></B>&#148; 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 or in the State of Ohio
generally are authorized or required by Law or other governmental actions to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Company Financial Statements</I></B>&#148; shall mean (i)&nbsp;the audited balance sheets (including related
notes and schedules, if any) of the Company as of December&nbsp;31, 2010 and 2009, and the related
statements of income, changes in shareholders&#146; equity, and cash flows (including related notes and
schedules, if any), and (ii)&nbsp;the unaudited balance sheet (including related notes and schedules, if
any) of the Company as of March&nbsp;31, 2011, and the related statements of income, changes in
shareholders&#146; equity, and cash flows (including related notes and schedules, if any) for March&nbsp;31,
2011, as delivered by the Company to Purchaser prior to execution of this Agreement.
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Consent</I></B>&#148; shall mean any consent, approval, authorization, clearance, exemption, waiver, or
similar affirmation by any Person pursuant to any Contract, Law, Order, or Permit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Contract</I></B>&#148; shall mean any written or oral agreement, arrangement, authorization, commitment,
contract, indenture, instrument, lease, obligation, plan, practice, restriction, understanding, or
undertaking of any kind or character, or other document to which any Person is a party or that is
binding on any Person or its capital stock, Assets or business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Default</I></B>&#148; shall mean (i)&nbsp;any breach or violation of, default under, contravention of, or
conflict with, any Contract, Law, Order, or Permit, (ii)&nbsp;any occurrence of any event that with the
passage of time or the giving of notice or both would constitute a breach or violation of, default
under, contravention of, or conflict with, any Contract, Law, Order, or Permit, or (iii)&nbsp;any
occurrence of any event that with or without the passage of time or the giving of notice would give
rise to a right of any Person to exercise any remedy or obtain any relief under, terminate or
revoke, suspend, cancel, or modify or change the current terms of, or renegotiate, or to accelerate
the maturity or performance of, or to increase or impose any Liability under, any Contract, Law,
Order, or Permit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Disclosure Schedule</I></B>&#148; shall mean a schedule attached to this Agreement setting forth, among
other things, items the disclosure of which is necessary or appropriate as an exception to one or
more representations or warranties contained in the corresponding provision in Article&nbsp;II.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Equity Rights</I></B>&#148; shall mean all arrangements, calls, commitments, Contracts, options, rights to
subscribe to, script, understandings, warrants, or other binding obligations of any character
whatsoever relating to, or securities or rights convertible into or exchangeable for, shares of the
capital stock of a Person or by which a Person is or may be bound to issue additional shares of its
capital stock or other Equity Rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<B><I>ERISA</I></B>&#148; shall mean the Employee Retirement Income Security Act of 1974, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>FDIC</I></B>&#148; shall mean the Federal Deposit Insurance Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Federal Reserve</I></B>&#148; shall mean the Board of Governors of the Federal Reserve System and/or the
Federal Reserve Bank of Cleveland, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>GAAP</I></B>&#148; shall mean generally accepted accounting principles in the United States, consistently
applied during the periods involved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Internal Revenue Code</I></B>&#148; shall mean the Internal Revenue Code of 1986, as amended, and the
rules and regulations promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Knowledge</I></B>&#148; as used with respect to a Person (including references to such Person being aware
of a particular matter) shall mean the personal knowledge after due inquiry of the president, chief
executive officer, chief financial officer or chief credit officer of such Person.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Law</I></B>&#148; shall mean any code, law (including common law), ordinance, regulation, reporting or
licensing requirement, rule, or statute applicable to a Person or its Assets, Liabilities, or
business, including those promulgated, interpreted or enforced by any Regulatory Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Liability</I></B>&#148; shall mean any direct or indirect, primary or secondary, liability, indebtedness,
obligation, penalty, cost or expense (including costs of investigation, collection and defense),
claim, deficiency, guaranty or endorsement of or by any Person (other than endorsements of notes,
bills, checks, and drafts presented for collection or deposit in the ordinary course of business)
of any type, whether accrued, absolute or contingent, liquidated or unliquidated, matured or
unmatured, or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Lien</I></B>&#148; shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance,
lien (statutory or otherwise, including any lien for Taxes), security interest, preference,
participation interest, priority or security agreement or preferential arrangement of any kind or
nature whatsoever, including any conditional sale or other title retention agreement, any financing
lease having substantially the same economic effect as any of the foregoing and the filing of any
document under the Law of any applicable jurisdiction to evidence any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Litigation</I></B>&#148; shall mean any action, arbitration, cause of action, claim, charge, complaint,
criminal prosecution, governmental or other examination or investigation, hearing, administrative
or other proceeding relating to or affecting a Party, its business, its Assets (including Contracts
related to it), or the transactions contemplated by this Agreement, but shall not include regular,
periodic examinations of depository institutions and their Affiliates by Regulatory Authorities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Material Adverse Effect</I></B>&#148; shall mean an event, change, condition or occurrence which has a
material adverse impact on (i)&nbsp;the financial position, Assets, business or results of operations of
such Party and its Subsidiaries, taken as a whole, or (ii)&nbsp;the ability of such Party to perform its
obligations under this Agreement or to consummate the transactions or agreements contemplated by
this Agreement; provided that &#147;Material Adverse Effect&#148; shall not be deemed to include the impact
of (x)&nbsp;changes in banking and similar Laws of general applicability or interpretations thereof by
courts or governmental
authorities and (y)&nbsp;changes in GAAP or regulatory accounting principles generally applicable
to banks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<B><I>ODFI</I></B>&#148; shall mean the Ohio Division of Financial Institutions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Order</I></B>&#148; shall mean any administrative decision or award, decree, injunction, judgment, order,
quasi-judicial decision or award, ruling, or writ of any federal, state, local or foreign or other
court, arbitrator, mediator, tribunal, administrative agency, or Regulatory Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Organizational Documents</I></B>&#148; shall mean any charter, certificate of incorporation, articles of
association, limited liability company agreement, partnership agreement, membership agreement,
by-laws, operating agreement or similar formation or governing documents and instruments, and any
amendments thereto.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Party</I></B>&#148; shall mean either of the Company or Purchaser, and &#147;<B><I>Parties</I></B>&#148; shall mean both the
Company and Purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Permit</I></B>&#148; shall mean any federal, state, local, and foreign governmental approval,
authorization, certificate, easement, filing, franchise, license, notice, permit, or right to which
any Person is a party or that is or may be binding upon or inure to the benefit of any Person or
its securities, Assets, or business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Person</I></B>&#148; shall mean a natural person or any legal, commercial or governmental entity, such as,
but not limited to, a corporation, general partnership, joint venture, limited partnership, limited
liability company, trust, business association, group acting in concert, or any person acting in a
representative capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Regulatory Authorities</I></B>&#148; shall mean, collectively, the ODFI, the FDIC, the Federal Reserve,
and all other federal, state, county, local or other governmental or regulatory agencies,
authorities (including self-regulatory authorities), instrumentalities, commissions, boards or
bodies having jurisdiction over the Company and its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Securities Act</I></B>&#148; shall mean the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Subsidiary</I></B>&#148; shall mean, as to the Company, any Person of which more than fifty percent (50%)
of the outstanding voting power of such Person (irrespective of whether or not at the time stock of
any other class or classes of such Person shall have or might have voting power by reason of the
happening of any contingency) is at the time directly or indirectly controlled by the Company, or
by one or more of its subsidiaries, or by the Company and one or more of its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Tax Return</I></B>&#148; shall mean any report, return, information return, or other information required
to be supplied to a taxing authority in connection with Taxes, including any return of an
affiliated or combined or unitary group that includes a Party or its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Tax</I></B>&#148; or &#147;<B><I>Taxes</I></B>&#148; shall mean any federal, state, county, local, or foreign taxes, charges,
fees, levies, imposts, duties, or other assessments, including income, gross receipts, excise,
employment, sales, use, transfer, license, payroll, franchise, severance, stamp, occupation,
windfall profits, environmental, federal highway use, commercial rent, customs duties, capital
stock, paid-up capital, profits, withholding, Social Security, single business and unemployment,
disability, real property, personal property, registration, ad valorem, value added, alternative or
add-on minimum, estimated, or other tax or governmental fee of any kind whatsoever, imposes or
required to be withheld by the United States or any state, county, local or foreign government or
subdivision or agency thereof, including any interest, penalties, and additions imposed thereon or
with respect thereto.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Transaction Documents</I></B>&#148; shall mean this Agreement, the Warrant, and the Purchaser&#146;s Rights
Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE VIII</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TERMINATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;8.01 </B><B><I>Termination of Agreement Prior to Closing</I></B><I>.</I>
This Agreement and the transactions contemplated hereby may be terminated at any time prior to
the Closing, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(a)&nbsp;<I>Mutual Consent</I>. By mutual written consent of all of the Parties to this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(b)&nbsp;<I>Termination by Purchaser</I>. By the Purchaser upon written notice to the Company (i)&nbsp;in the
event of the breach by the Company in any material respect of any of its representations,
warranties, covenants or agreements made to Purchaser contained in this Agreement, and such breach
is not curable or, if curable, is not cured within the thirty (30)&nbsp;days after written notice
thereof is given by Purchaser to the Company; or (ii)&nbsp;in the event that the conditions precedent to
Purchaser&#146;s obligations contained in Section&nbsp;6.01 hereof have not been met in all respects at the
Closing through no fault of Purchaser, or (iii)&nbsp;the Purchaser shall have failed to obtain from
Regulatory Authorities the approvals necessary to consummate the transactions and agreements set
forth in this Agreement, or (iv)&nbsp;the Company shall have failed to obtain from the Regulatory
Authorities, the approvals necessary to consummate the transactions and agreements set forth in
this Agreement, including the approval of the Revised Business Plan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(c)&nbsp;<I>Termination by Company. </I>By the Company upon written notice to the Purchaser (i)&nbsp;in the
event of the breach by the Purchaser in any material respect of any of its representations,
warranties, covenants or agreements made to the Company contained in this Agreement, and such
breach is not curable or, if curable, is not cured within the thirty (30)&nbsp;days after written notice
thereof is given by Company to the Purchaser; or (ii)&nbsp;in the event that the conditions precedent to
the Company&#146;s
obligations contained in Section&nbsp;6.02 hereof have not been met in all respects at the Closing
through no fault of the Company, or (iii)&nbsp;the Company shall have failed to obtain from the
Regulatory Authorities, the approvals necessary to consummate the transactions and agreements set
forth in this Agreement, including the approval of the Revised Business Plan; or (iv)&nbsp;the
Purchaser shall have failed to obtain from Regulatory Authorities, the approvals necessary to
consummate the transactions and agreements set forth in this Agreement; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 12%">(d)&nbsp;by written notice by the Company or the Purchaser, as the case may be, in the event the
Closing has not occurred on or prior to March&nbsp;31, 2012 for any reason other than delay or
nonperformance of or breach by the Party seeking such termination.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 12%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%"><B>Section&nbsp;8.02 </B><B><I>Effect of Termination Prior to Closing</I></B>.
If this Agreement is terminated pursuant to Section&nbsp;8.01 above, all rights and obligations of
the Parties hereunder shall terminate without any Liability on the part of any Party, except for
(i)&nbsp;any liability of any Party then in breach of any representations, warranties, covenants or
obligations, or (ii)&nbsp;any liability for any expenses due under Section&nbsp;7.01.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;SIGNATURE PAGE FOLLOWS&#093;</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>IN WITNESS WHEREOF</B>, the Company and the Purchaser have executed this Agreement as of the day
and year first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>COMPANY</B>:<BR>
<BR>
<B>MIDDLEFIELD BANC CORP.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Thomas G. Caldwell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive
Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PURCHASER:<BR>
<BR>
BANK OPPORTUNITY FUND LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left"><B>Bank Acquisitions LLC, its managing member</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Eric D. Hovde&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Member&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.27
<SEQUENCE>3
<FILENAME>c21636exv10w27.htm
<DESCRIPTION>EXHIBIT 10.27
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 10.27</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 10.27</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>WARRANT TO PURCHASE COMMON STOCK</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE
A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE
SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. THIS
WARRANT IS ISSUED SUBJECT TO THE RESTRICTIONS ON TRANSFER CONTAINED HEREIN. THIS WARRANT MAY NOT
BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THIS INSTRUMENT. ANY SALE OR OTHER
TRANSFER NOT IN COMPLIANCE WITH THIS INSTRUMENT WILL BE VOID.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>WARRANT<BR>
to purchase</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Shares of Common Stock of</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MIDDLEFIELD BANC CORP.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">No.&nbsp;001
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Issue Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Name of Warrantholder: Bank Opportunity Fund LLC
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">1. <U>Definitions</U>. Unless the context otherwise requires, when used herein the
following terms shall have the meanings indicated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Affiliate</I>&#148; has the meaning ascribed to it in the Stock Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<I>Board of Directors</I>&#148; means the board of directors of the Company, including any duly
authorized committee thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<I>business day</I>&#148; means any day except Saturday, Sunday and any day on which banking institutions
in the State of Ohio generally are authorized or required by law or other governmental actions to
close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<I>Charter</I>&#148; means, with respect to any Person, its certificate or articles of incorporation,
articles of association, or similar organizational document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Common Stock</I>&#148; means the common stock, no par value , of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Company</I>&#148; means Middlefield Banc Corp., an Ohio corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<I>Exercise Price</I>&#148; means $16.00 per share of Common Stock.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Expiration Tim</I>e&#148; has the meaning set forth in Section&nbsp;3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Issue Date</I>&#148; means <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<I>Person</I>&#148; has the meaning given to it in Section&nbsp;3(a)(9) of the Exchange Act and as used in
Sections&nbsp;13(d)(3) and 14(d)(2) of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<I>Regulatory Approvals</I>&#148; with respect to the Warrantholder, means, to the extent applicable and
required to permit the Warrantholder to exercise this Warrant for shares of Common Stock and to own
such Common Stock without the Warrantholder being in violation of applicable law, rule or
regulation, the receipt of any necessary approvals and authorizations of, filings and registrations
with, notifications to the the Board of Governors of the Federal Reserve System, or any other
federal, state, county, local or other governmental or regulatory agencies, authorities (including
self-regulatory authorities), instrumentalities, commissions, boards or bodies having jurisdiction
over the Company, the Warrantholder or any Affiliate of the Company or the Warrantholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Shares</I>&#148; has the meaning set forth in Section&nbsp;2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>&#147;Stock Purchase Agreement&#148; </I>means the Stock Purchase Agreement dated as of August&nbsp;15, 2011
between the Company and Warrantholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Warrantholder</I>&#148; has the meaning set forth in Section&nbsp;2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;<I>Warrant</I>&#148; means this Warrant, issued pursuant to the Stock Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Number of Shares; Exercise Price</U>. This certifies that, for value received, Bank
Opportunity Fund LLC, or its permitted assigns (the &#147;<I>Warrantholder</I>&#148;) is entitled, upon the terms
and subject to the conditions hereinafter set forth, to acquire from the Company, in whole or in
part, after the receipt of all applicable Regulatory Approvals, if
any, up to ___________ fully paid and
nonassessable shares of Common Stock at a purchase price per share of Common Stock equal to the
Exercise Price, provided that the Warrantholder does not own or control more than 24.9% of Common
Stock upon such acquisition , taking into consideration the shares issued upon exercise in whole or
part of the Warrant. The number of shares of Common Stock (the &#147;<I>Shares</I>&#148;) and the Exercise Price
are subject to adjustment as provided herein, and all references to &#147;Common Stock,&#148; &#147;Shares&#148; and
&#147;Exercise Price&#148; herein shall be deemed to include any such adjustment or series of adjustments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Exercise of Warrant; Term</U>. Subject to Section&nbsp;2, to the extent permitted by
applicable laws and regulations, the right to purchase the Shares represented by this Warrant is
exercisable, in whole or in part by the Warrantholder, at any time or from time to time after the
execution and delivery of this Warrant by the Company on the date hereof, but in no event later
than 5:00 p.m., Eastern time on the tenth anniversary of the Issue Date (the &#147;Expiration Time&#148;), by
(A)&nbsp;the surrender of this Warrant and Notice of Exercise annexed hereto, duly completed and
executed on behalf of the Warrantholder, at the principal executive office of the Company located
at 15985 East High Street, Middlefield, Ohio 44062 (or such other office or agency of the Company
in the United States as it may designate by notice in writing to the Warrantholder at the address
of the Warrantholder appearing on the books of the Company), and (B)&nbsp;payment of the Exercise Price
for the Shares thereby purchased by tendering in cash, by certified or cashier&#146;s check payable to
the order of the Company, or by wire transfer of immediately available funds to an account
designated by the Company. If not exercised before the Expiration Time the Warrant shall become
void and all rights thereunder shall cease at the Expiration Time.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">If the Warrantholder exercises this Warrant in part, the Warrantholder will be entitled to
receive from the Company within a reasonable time, and in any event not exceeding three business
days, a new warrant in substantially identical form and expiring at the Expiration Time for the
purchase of that number of Shares equal to the difference between the number of Shares subject to
this Warrant and the number of Shares as to which this Warrant is so exercised. Notwithstanding
anything in this Warrant to the contrary, the Warrantholder hereby acknowledges and agrees that its
exercise of this Warrant for Shares is subject to the condition that the Warrantholder will have
first received any applicable Regulatory Approvals, if any, which are required to exercise this
Warrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<U>Issuance of Shares; Authorization</U>. Certificates for Shares issued upon exercise of
this Warrant will be issued in such name or names as the Warrantholder may designate and will be
delivered to such named Person or Persons within a reasonable time, not to exceed three business
days after the date on which this Warrant has been duly exercised in accordance with the terms of
this Warrant, together with cash, as provided below in Section&nbsp;5, in respect of any fractional
Shares otherwise issuable upon such exercise. The Company hereby represents and warrants that, upon
payment by the Warrantholder of the Warrant exercise price in full in accordance with Section&nbsp;3,
any Shares issued upon the exercise of this Warrant in accordance with the provisions of Section&nbsp;3
will be duly and validly authorized and issued, fully paid and nonassessable and free from all
taxes, liens and charges (other than liens or charges created by the Warrantholder, income and
franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any
transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued will
be deemed to have been issued to the Warrantholder as of the close of business on the date on which
this Warrant and payment of the Exercise Price are delivered to the Company in accordance with the
terms of this Warrant, notwithstanding that the stock transfer books of the Company may then be
closed or certificates representing such Shares may not be actually delivered on such date. The
Company will at all times reserve and keep available, out of its authorized but unissued Common
Stock, solely for the purpose of providing for the exercise of this Warrant, the aggregate number
of shares of Common Stock then issuable upon exercise of this Warrant at any time. The Company
will use reasonable best efforts to ensure that the Shares may be issued without violation of any
applicable law or regulation or of any requirement of any securities exchange on which the Shares
are listed or traded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<U>No Fractional Shares or Scrip</U>. No fractional Shares or scrip representing
fractional Shares shall be issued upon any exercise of this Warrant. If any fraction of a Share
would be issuable on the exercise of this Warrant in full or in part, the Company shall pay an
amount in cash equal to the then current market price per Share multiplied by such fraction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<U>No Rights as Stockholders; Transfer Books</U>. This Warrant does not entitle the
Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the
date of exercise hereof. The Company will at no time close its transfer books against transfer of
this Warrant in any manner which interferes with the timely exercise of this Warrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<U>Charges, Taxes and Expenses</U>. Issuance of certificates for Shares to the
Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder
for any issue or transfer tax or other incidental expense in respect of the issuance of such
certificates, all of which taxes and expenses shall be paid by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">8.&nbsp;<U>Restrictions on Transfer</U>. Warrantholder will not transfer, sell, assign or
otherwise dispose of this Warrant or any portion thereof, except as follows:(i) to any Affiliate of
Warrantholder under common control with Warrantholder&#146;s ultimate parent, general partner, managing
member, or investment advisor (any such transferee shall be included in the term &#147;Warrantholder&#148;),
(ii)&nbsp;to any limited partner or shareholder of Warrantholder, but in each case only if the
transferee agrees in writing for the benefit of the Company (with a copy thereof to be furnished to
the Company) to be bound by the terms of
this Warrant, or (iii)&nbsp;to any Person with the prior written consent of the Company, which
shall not be unreasonably withheld, conditioned or delayed.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">9.&nbsp;<U>Exchange and Registry of Warrant</U>. Until the Expiration Time this Warrant is
exchangeable, upon the surrender hereof by the Warrantholder to the Company, for a new warrant or
warrants of like tenor and representing the right to purchase the same aggregate number of Shares.
The Company shall maintain a registry showing the name and address of the Warrantholder as the
registered holder of this Warrant. This Warrant may be surrendered for exchange or exercise in
accordance with its terms, at the office of the Company, and the Company shall be entitled to rely
in all respects, prior to written notice to the contrary, upon such registry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">10.&nbsp;<U>Loss, Theft, Destruction or Mutilation of Warrant</U>. Upon receipt by the Company of
evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity
or security reasonably satisfactory to the Company, or, in the case of any such mutilation, upon
surrender and cancellation of this Warrant, until the Expiration Time the Company shall 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 aggregate number of Shares as provided for in such
lost, stolen, destroyed or mutilated Warrant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">11.&nbsp;<U>Saturdays, Sundays, Holidays, etc.</U> If the last or appointed day for the taking of
any action or the expiration of any right required or granted herein shall not be a business day,
then such action may be taken or such right may be exercised on the next succeeding day that is a
business day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">12.&nbsp;<U>Adjustments and Other Rights</U>. For so long as the Warrantholder holds this Warrant
or any portion thereof, if any event occurs that, in the good faith judgment of the Board of
Directors of the Company, would require adjustment of the Exercise Price or number of Shares into
which this Warrant is exercisable in order to fairly and adequately protect the purchase rights of
the Warrants in accordance with the essential intent and principles of the Stock Purchase Agreement
and this Warrant, then the Board of Directors shall make such adjustments in the application of
such provisions, in accordance with such essential intent and principles, as shall be reasonably
necessary, in the good faith opinion of the Board of Directors, to protect such purchase rights as
aforesaid. The good faith determination made by the Board of Directors about whether an adjustment
is necessary and about the terms of any adjustment shall be final and binding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Whenever the Exercise Price or the number of Shares into which this Warrant is exercisable
shall be adjusted as provided in this Section&nbsp;12, the Company shall forthwith file at the principal
office of the Company a statement showing in reasonable detail the facts requiring such adjustment
and the Exercise Price that shall be in effect and the number of Shares into which this Warrant
shall be exercisable after such adjustment, and the Company shall also cause a copy of such
statement to be sent by mail, first class postage prepaid, to each Warrantholder at the address
appearing in the Company&#146;s records.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">13.&nbsp;<U>No Impairment</U>. The Company will not, by amendment of its Charter or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed hereunder by the Company, but will at all times in good faith
assist in the carrying out of all the provisions of this Warrant and in taking of all such action
as may be necessary or appropriate in order to protect the rights of the Warrantholder.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">14.&nbsp;<U>Governing Law</U>. <B>This Warrant will be governed by and construed in accordance with
the federal law of the United States if and to the extent such law is applicable, and otherwise in
accordance with the laws of the State of Ohio applicable to contracts made and to be performed
entirely within such State. Each of the Company and the Warrantholder agrees (a)&nbsp;to submit to the
exclusive jurisdiction and venue of the United States District Court for the NorthernDistrict of
Ohio for any civil action, suit or proceeding arising out of or relating to this Warrant or the
transactions contemplated hereby, and (b)&nbsp;that notice may be served upon the Company at the address
in Section&nbsp;18 below and upon the Warrantholder at the address for the Warrantholder set forth in
the registry maintained by the Company pursuant to Section&nbsp;9 hereof. To the extent permitted by
applicable law, each of the Company and the Warrantholder hereby unconditionally waives trial by
jury in any civil legal action or proceeding relating to the Warrant or the transactions
contemplated hereby or thereby.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">15.&nbsp;<U>Binding Effect</U>. This Warrant shall be binding upon any successors or assigns of
the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">16.&nbsp;<U>Amendments</U>. This Warrant may be amended and the observance of any term of this
Warrant may be waived only with the written consent of the Company and the Warrantholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">17.&nbsp;<U>Prohibited Actions</U>. The Company agrees that it will not take any action which
would entitle the Warrantholder to an adjustment of the Exercise Price if the total number of
shares of Common Stock issuable after such action upon exercise of this Warrant, together with all
shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the
exercise of all outstanding options, warrants, conversion and other rights, would exceed the total
number of shares of Common Stock then authorized by its Charter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">18.&nbsp;<U>Notices</U>. Any notice, request, instruction or other document to be given hereunder
by any party to the other will be in writing and will be deemed to have been duly given (a)&nbsp;on the
date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, (b)&nbsp;on the
first business day following the date of dispatch if delivered by a recognized next day courier
service, or (c)&nbsp;on the third business day following the date of mailing if delivered by registered
or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be
delivered as set forth in Section&nbsp;7.05 of the Stock Purchase Agreement, or pursuant to such other
instructions as may be designated in writing by the party to receive such notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">19.&nbsp;<U>Entire Agreement</U>. This Warrant and the forms attached hereto contain the entire
agreement between the parties with respect to the subject matter hereof and supersede all prior and
contemporaneous arrangements or undertakings with respect thereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;<I>Remainder of page intentionally left blank</I>&#093;
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by a duly
authorized officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">COMPANY: MIDDLEFIELD BANC CORP.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Thomas G. Caldwell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Attest:<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;Form of Notice of Exercise&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TO:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MIDDLEFIELD BANC CORP<BR>
Attention: Thomas G. Caldwell<BR>
15985 East High Street<BR>
Middlefield, Ohio 44062</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Election to Purchase Common Stock</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees
to subscribe for and purchase the number of shares of the Common Stock set forth below covered by
such Warrant. The undersigned, in accordance with Section&nbsp;3 of the Warrant, hereby agrees to pay
the aggregate Exercise Price for such shares of Common Stock in the manner set forth below. A new
warrant evidencing the remaining shares of Common Stock covered by such Warrant, but not yet
subscribed for and purchased, if any, should be issued in the name set forth below.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">Number of Shares of Common Stock
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aggregate Exercise Price:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holder:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TYPE>EX-10.28
<SEQUENCE>4
<FILENAME>c21636exv10w28.htm
<DESCRIPTION>EXHIBIT 10.28
<TEXT>
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<TITLE>Exhibit 10.28</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 10.28</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PURCHASER&#146;S RIGHTS AND VOTING AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This <B>PURCHASER&#146;S RIGHTS AND VOTING AGREEMENT </B>(this &#147;<B><I>Agreement</I></B>&#148;) is made and entered into as of
August&nbsp;15, 2011, by and among Middlefield Banc Corp., an Ohio corporation (the &#147;<B><I>Company</I></B>&#148;), Bank
Opportunity Fund LLC, a Delaware limited liability company (including its permitted transferees or
assigns, the &#147;<B><I>Purchaser</I></B>&#148;), and each of the Persons listed on <U>Schedule&nbsp;I</U> attached hereto,
who currently serves as an officer or a director of the Company (each, an &#147;<B><I>Existing Shareholder</I></B>&#148;
and collectively, the &#147;<B><I>Existing Shareholders</I></B>&#148;). The Parties hereto other than the Company are
referred to individually as a &#147;<B><I>Shareholder</I></B>&#148; and collectively as &#147;<B><I>Shareholders</I></B>.&#148; The Purchaser, the
Existing Shareholders and the Company are referred to individually as a &#147;<B><I>Party</I></B>&#148; and collectively as
the &#147;<B><I>Parties</I></B>.&#148; This Agreement shall become effective as of the Closing (as defined therein) of
that certain Stock Purchase Agreement, dated as of August&nbsp;15, 2011, as amended (the &#147;<B><I>Stock Purchase
Agreement</I></B>&#148;), by and between the Company and the Purchaser.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RECITALS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A.&nbsp;The Company and the Purchaser are parties to the Stock Purchase Agreement pursuant to which
the Company has agreed to issue and sell, and the Purchaser has agreed to purchase, shares of the
Company&#146;s Common Stock, without par value (the &#147;<B><I>Common Stock</I></B>&#148;); and
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">B.&nbsp;The Company&#146;s and the Purchaser&#146;s respective obligations under the Stock Purchase Agreement
are conditioned upon the execution and delivery of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">C.&nbsp;The Company is the sole shareholder of The Middlefield Banking Company and Emerald Bank,
each of which is an Ohio chartered commercial bank (each, a &#147;Bank&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>AGREEMENT</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW, THEREFORE</B>, in consideration of the foregoing recitals and the mutual promises hereinafter
set forth, the parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE I</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>VOTING</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;1.01 </B><B><I>Agreement to Vote</I></B>. The Purchaser, as a holder of Common Stock, hereby agrees to
vote: (a)&nbsp;all of the shares of Common Stock registered in its name and (b)&nbsp;as of the date of any
given vote, any other voting securities (or voting rights associated with any other securities) of
the Company that the Purchaser holds (hereinafter collectively referred to as the &#147;<B><I>Purchaser
Shares</I></B>&#148;) at regular and special meetings of the Company&#146;s shareholders (or by written consent) in
accordance with the provisions of this Agreement. Each Existing Shareholder, as a holder of Common
Stock, hereby agrees on behalf of itself, its Affiliates and any permitted transferee or assignee
of any such shares of Common Stock, to vote, and to cause its Affiliates to vote: (x)&nbsp;all of the
shares of Common Stock registered in its name and (y)&nbsp;as of the date of any vote, any other voting
securities (or voting rights associated with any other securities) of the Company that such
Existing Shareholder holds (hereinafter collectively referred to as the &#147;<B><I>Shareholder Shares</I></B>&#148;) at
regular and special meetings of the Company&#146;s shareholders (or by written consent) in accordance
with the provisions of this Agreement. The Purchaser Shares and Shareholder Shares are
collectively referred to herein as the &#147;<B><I>Shares</I></B>.&#148;
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;1.02 </B><B><I>Manner of Voting</I></B>. The voting of the Shares pursuant to this Agreement may be
effected in person, by proxy, by written consent, or in any other manner permitted by the laws of
the State of Ohio.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;1.03 </B><B><I>Grant of Proxy</I></B>. Should the provisions of this Agreement be construed to
constitute the granting of proxies, such proxies shall be deemed coupled with an interest and are
irrevocable for the term of this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE II</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>BOARD OF DIRECTORS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;2.01 </B><B><I>Size of Board of Directors</I></B>. Subject to the Company&#146;s Code of Regulations and the
resolutions of the Company&#146;s Board of Directors (the &#147;<B><I>Board</I></B>&#148;), the Purchaser and the Existing
Shareholders shall vote in accordance with Section&nbsp;1.01 to ensure that the size of the Board be set
and remain at a sufficient number to accommodate Section&nbsp;2.02. Subject to each Bank&#146;s Code of
Regulations and the resolutions of each Bank&#146;s board of directors, the Company, as the sole
shareholder of each Bank, shall ensure that the size of the board of directors of each Bank be set
and remain at a sufficient number to accommodate Section&nbsp;2.02.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;2.02 </B><B><I>Election of Directors; Board Representation</I></B>. The Purchaser and the Existing
Shareholders agree that, at the first annual meeting after the closing of the transaction
contemplated by the Stock Purchase Agreement, and, for as long as the Company has a classified
board or otherwise, at each annual meeting of the Company&#146;s shareholders or at any other meeting of
the Company&#146;s shareholders at which members of the Board are to be elected, or whenever members of
the Board are to be elected by written consent, in each case where the director allocated to
Purchaser is up for election, so long as the Purchaser owns at least 5% of the outstanding voting
securities of the Company, the Purchaser and Existing Shareholders shall vote or act with respect
to all of their Shares so as to elect that one director designated by Purchaser to serve on the
Board. Such initial director shall be Eric D. Hovde (the &#147;<B><I>Purchaser Director</I></B>&#148;). The Company, as
the sole shareholder of each Bank, further agrees to elect the Purchaser Director to the board of
directors of each Bank. The Purchaser Director shall hold office until the next meeting or the
next consent of the Company&#146;s shareholders at which such director is up for election (or in the
case of each Bank, until the next consent of the Company as the sole shareholder of the applicable
Bank is needed for such election) and until such Purchaser Director&#146;s successor is duly elected and
qualified, or until such Purchaser Director&#146;s earlier resignation or removal, in accordance with
the Company&#146;s bylaws (or in the case of each Bank, in accordance with the bylaws of the applicable
Bank).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;2.03 </B><B><I>Board Committees</I></B>. The Company, the Purchaser and the Existing Shareholders
hereby agree to take any and all action necessary so as to cause the Purchaser Director to be
appointed to the executive committee of the Board, should one exist. The Company hereby agrees to
take any and all action necessary so as to cause the Purchaser Director to be appointed to the
executive committee of the board of directors of each Bank, should one exist.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;2.04 </B><B><I>Certain Resignations or Removals</I></B>. A Purchaser Director shall immediately resign
from the Board and the board of directors of each Bank if: (a)&nbsp;any party or parties having the
right to designate and elect a director pursuant to <U>Section&nbsp;2.02</U> hereof requests the
resignation or removal of the Purchaser Director so designated and elected, with or without cause
or (b)&nbsp;such Purchaser Director is no longer entitled to be a director pursuant to <U>Section
2.02</U> hereof. In either case, if such Purchaser Director fails to resign from the Board or the
board of directors of each Bank, the Purchaser or Existing Shareholders shall have the right to
cause the Company to call a special meeting of shareholders for the purpose of removing such
Purchaser Director from the Board, the Purchaser and each Existing
Shareholder shall vote all of their respective Shares entitled to vote at such meeting in
favor of the removal of such Purchaser Director, and the Company shall execute a consent to remove
such Purchaser Director from the board of directors of each Bank.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;2.05 </B><B><I>Filling Vacancies</I></B>. In the event of a Purchaser Director&#146;s resignation, death,
removal or disqualification, the party who had the right to designate such Purchaser Director
pursuant to <U>Section&nbsp;2.02</U> hereof shall promptly designate a new Purchaser Director and,
after written notice of the designation has been given by such party to each of the parties hereto,
the Purchaser and each Existing Shareholder shall vote their respective Shares to elect such
nominee to the Board, and the Company shall execute a consent to elect such nominee to the board of
directors of each Bank.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;2.06 </B><B><I>No Liability for Election of Purchaser Director</I></B>. Neither the Company, the
Purchaser, the Existing Shareholders, nor any officer, director, shareholder, partner, member,
employee or agent of such party, makes any representation or warranty as to the fitness or
competence of the nominee of any party hereunder to serve on the Board or the board of directors of
either bank by virtue of such party&#146;s execution of this Agreement or by the act of such party in
voting for such designee pursuant to this Agreement.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Section&nbsp;2.07 </B><B><I>Conflicts of Interest</I></B>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;The Existing Shareholders and the Company recognize that the Purchaser, its Affiliates and
the Purchaser Director elected or appointed to the Board or the board of directors of each Bank (or
any committee thereof) by the Purchaser: (i)&nbsp;have participated, directly or indirectly, and will
continue to participate in venture capital and other direct investments in corporations,
partnerships, joint ventures, limited liability companies and other Persons and other similar
transactions, (ii)&nbsp;may have interests in, participate with, aid and maintain seats on the board of
directors of other such entities and (iii)&nbsp;may develop opportunities for such entities. The
Existing Shareholders and the Company acknowledge that the Purchaser Director elected or appointed
by the Purchaser to the Board or the board of directors of each Bank (or any committee thereof) may
encounter business opportunities that the Company, its shareholders, or each Bank may desire to
pursue, and that such opportunities may include, but shall not be limited to, identifying, pursuing
and investing in entities, engaging broker-dealers and investment banking firms to perform certain
services including, but not limited to, acting as underwriters or placement agents in securities
offerings and obtaining investment funds from institutional and private shareholders or others.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Existing Shareholders and the Company agree that the Purchaser and the Purchaser
Director elected or appointed by the Purchaser to the Board or the board of directors of each Bank
(or any committee thereof) shall have no obligation to the Company or either Bank, the Existing
Shareholders, or to any other Person to present any such business opportunity to the Company or
either Bank before presenting and/or developing such opportunity with any other Persons, other
than such opportunities presented to any such director for the Company&#146;s or either Bank&#146;s benefit
in his or her capacity as a director of the Company or either Bank.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;2.08 </B><B><I>No Limitation on Other Voting Rights</I></B>. Notwithstanding any provision of this
Agreement to the contrary, nothing in this Agreement shall limit or restrict the Purchaser from
acting in its sole discretion on any matter other than those referred to in this Agreement.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE III</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>LOCK-UP; APPROVAL OF DIRECTORS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;3.01 </B><B><I>Restriction on Transfer; Term</I></B>. The Existing Shareholders who are currently
officers and directors of the Company and identified on <U>Schedule&nbsp;II</U> attached hereto hereby
agree with the Company that they will not offer, sell, contract to sell, assign, transfer,
hypothecate, pledge or grant a security interest in, or otherwise dispose of, or enter into any
transaction which is designed to, or might reasonably be expected to, result in the disposition of
(whether by actual disposition or effective economic disposition due to cash settlement or
otherwise by the Company or any Affiliate of the Company or any person in privity with the Company
or any Affiliate of the Company), directly or indirectly, any of their shares of Common Stock from
the period commencing on the Closing Date of the Stock Purchase Agreement and expiring on the date
that is twelve (12)&nbsp;months after such Closing Date (the &#147;<B><I>Restricted Period</I></B>&#148;).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;3.02 </B><B><I>Ownership</I></B>. During the Restricted Period, the Existing Shareholders who are
currently officers and directors of the Company and identified on <U>Schedule&nbsp;II</U> shall retain
all rights of ownership in the Common Stock, including, without limitation, voting rights and the
right to receive any dividends, if any, that may be declared in respect thereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;3.03 </B><B><I>Approval of Directors</I></B>. Each of the Existing Shareholders who are directors of
the Company hereby agrees to vote in favor of approving the Stock Purchase Agreement and the
transactions set forth therein. The directors of the Company agree that they shall be bound by
Section&nbsp;4.04 of the Stock Purchase Agreement when acting in their capacity as directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE IV</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS; CONDITIONS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;4.01 </B><B><I>Ownership, Authority, Etc</I></B>. Each Existing Shareholder represents and warrants
that: (a)&nbsp;such Existing Shareholder now owns its Shareholder Shares, free and clear of all liens
and encumbrances, and has not, prior to the date of this Agreement, executed or delivered any proxy
or entered into any other voting agreement or similar arrangement relating to its Shareholder
Shares and (b)&nbsp;such Existing Shareholder has full power and capacity to execute, deliver and
perform this Agreement, which has been duly executed and delivered by, and evidences the valid and
binding obligation of, such Existing Shareholder.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;4.02 </B><B><I>No Voting or Conflicting Agreements</I></B>. No Existing Shareholder, nor any of its
respective Affiliates, shall: (a)&nbsp;except as contemplated by <U>Section&nbsp;4.03</U> hereof, grant any
proxy, (b)&nbsp;enter into or agree to be bound by any voting trust, (c)&nbsp;enter into any shareholder
agreements or arrangements of any kind with any Person that is not a Party to this Agreement
(whether or not such agreements or arrangements are with other shareholders of the Company that are
not a Party to this Agreement) or (d)&nbsp;act, for any reason, as a member of a group or in concert
with any other Persons in any manner which is inconsistent with the provisions of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;4.03 </B><B><I>Covenant to Vote</I></B>. The Purchaser and each Existing Shareholder shall appear in
person or by proxy at any annual or special meeting of the Company&#146;s shareholders for the purpose
of obtaining a quorum, and shall vote their Shares upon any matter submitted to the Company&#146;s
shareholders in a manner not inconsistent or in conflict with, and to implement, the terms of this
Agreement and the
Stock Purchase Agreement. In the event of an annual or special meeting of the Company&#146;s
shareholders called for the purpose of voting on the election of directors, the Purchaser and each
Existing Shareholder shall vote their Shares, either in person or by proxy, in favor of the
election of directors nominated in accordance with <U>Section&nbsp;2.02</U> hereof.
</DIV>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><B>Section&nbsp;4.04 </B><B><I>Covenants of the Company</I></B>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;The Company agrees to use its best efforts to ensure that the rights granted hereunder are
effective and that the Parties hereto enjoy the benefits thereof. Such actions include, without
limitation, the use of the Company&#146;s best efforts to cause the designation and election of the
directors as provided under <U>Section&nbsp;2.02</U> hereof. The Company will not, by any voluntary
action, avoid or seek to avoid the observance or performance of any of the terms to be performed
hereunder by the Company, but will at all times in good faith assist in the carrying out of all of
the provisions of this Agreement and in the taking of all such actions as may be necessary,
appropriate or reasonably requested by either: (i)&nbsp;the holders of a majority of the Purchaser
Shares then outstanding in order to protect the rights of the Purchasers hereunder against
impairment or (ii)&nbsp;the holders of a majority of the Shareholder Shares then outstanding in order to
protect the rights of the Existing Shareholders against impairment.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The Company, by its execution hereof, agrees that it will cause the certificates
evidencing the shares of the Company&#146;s capital stock subject to this Agreement to bear the legend
required by <U>Section&nbsp;4.05</U> hereof, and that it shall supply, free of charge, a copy of this
Agreement to any holder of a certificate evidencing shares of the Company&#146;s capital stock subject
to this Agreement upon such holder&#146;s written request to the Company. The parties hereto agree,
however, that the Company&#146;s failure to cause the certificates evidencing the shares of the
Company&#146;s capital stock subject to this Agreement to bear the legend required by <U>Section
4.05</U> hereof and/or to supply, free of charge, a copy of this Agreement as provided under this
<U>Section&nbsp;4.04</U>, shall not affect the validity or enforcement of this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;4.05 </B><B><I>Legend on Share Certificates</I></B>. Each certificate representing any shares of the
Company&#146;s capital stock subject to this Agreement, and any certificates representing shares of the
Company&#146;s capital stock which may be issued in the future to Existing Shareholders or to the
Purchaser, shall be endorsed by the Company with a legend reading substantially as follows:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">&#147;THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT (A COPY OF WHICH MAY
BE OBTAINED UPON WRITTEN REQUEST FROM THE ISSUER), AND BY ACCEPTING ANY INTEREST IN
SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL
BECOME BOUND BY ALL THE PROVISIONS OF SAID VOTING AGREEMENT.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;4.06 </B><B><I>Regulatory Approvals</I></B>. This Agreement is subject to the parties receiving all
necessary approvals, consents or non-objections from the regulatory authorities on such terms and
conditions reasonably satisfactory to the parties and the Closing of the Stock Purchase Agreement.
</DIV>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B><I>ARTICLE V</I></B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>MISCELLANEOUS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.01 </B><B><I>Term</I></B>. This Agreement shall terminate and be of no further force or effect upon
the earliest to occur of (a)&nbsp;a Qualified Public Offering (as defined in <U>Section&nbsp;5.12</U>
hereof), (b)&nbsp;the date as of which the Parties hereto terminate this Agreement by the written
consent of (i)&nbsp;the Purchaser and (ii)
the holders of a majority of the Shareholder Shares then outstanding, and (c)&nbsp;the twenty-fifth
anniversary from the effective date hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.02 </B><B><I>Entire Agreement</I></B>. This Agreement, together with the Schedules hereto, the Stock
Purchase Agreement and any certificates, documents, instruments and writings that are delivered
pursuant thereto, constitute the entire agreement and understanding of the Parties in respect of
the subject matter hereof and supersedes all prior understandings, agreements or representations by
or among the parties, written or oral, to the extent they relate in any way to the subject matter
hereof. There are no third party beneficiaries having rights under or with respect to this
Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.03 </B><B><I>Binding Effect; New Shareholders; Assignment</I></B>. This Agreement shall be binding
upon and inure to the benefit of the Parties, their respective heirs, successors and assigns. The
Existing Shareholders and the Company shall use their best efforts to ensure that any Persons that
become shareholders of the Company become a party to this Agreement by executing and delivering an
Adoption Agreement substantially in the form attached hereto as <U>Exhibit&nbsp;A</U>. This Agreement,
and the rights and obligations of the Purchaser hereunder, may (but are not required to) be
assigned by the Purchaser to any Person to which Purchaser Shares are transferred in accordance
with this Agreement by the Purchaser, and following any such transfer, &#147;Purchaser&#148; (as used in this
Agreement) shall be deemed to include such transferee (and any rights or obligations that the
Purchaser may have under this agreement shall be exercised by a majority of such Persons that
constitute the &#147;Purchaser&#148;). If Purchaser does not elect to transfer its rights and obligations
hereunder in connection with any transfer of Purchaser Shares, such transferee shall be deemed to
be an &#147;Existing Shareholder&#148; for the purposes of this Agreement. This Agreement, and the rights
and obligations of the Existing Shareholders hereunder, shall be transferred to any Person to which
Shareholder Shares are transferred in accordance with this Agreement by an Existing Shareholder
and, notwithstanding anything to the contrary in this Agreement, no transfer of Shareholder Shares
(other than any acquisition of such shares by the Purchaser) by any Existing Shareholder shall be
effective unless the transferee shall have executed and delivered an Adoption Agreement
substantially in the form attached hereto as <U>Exhibit&nbsp;A</U>.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.04 </B><B><I>Notices</I></B>. All notices, requests and other communications provided for or
permitted to be given under this Agreement must be in writing and shall be given by personal
delivery, by certified or registered United States mail (postage prepaid, return receipt
requested), by a nationally recognized overnight delivery service for next day delivery, or by
facsimile transmission, as follows (or to such other address as any party may give in a notice
given in accordance with the provisions hereof):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to the Purchaser:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Bank Opportunity Fund I LLC<BR>
1826 Jefferson Place, NW<BR>
Washington, DC 20036<BR>
Phone: 202-822-8117<BR>
Fax: 202-775-8365<BR>
Attn: Joseph Thomas
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">with a copy to (which does not constitute notice):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Perry &#038; Associates PLLC<BR>
1826 Jefferson Place, NW<BR>
Washington, DC 20036<BR>
Phone: (202)&nbsp;822-8117<BR>
Fax: (202)&nbsp;775-8365<BR>
Attn: Richard J. Perry, Jr.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">If to the Company:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Middlefield Banc Corp.<BR>
15985 East High Street<BR>
Middlefield, Ohio 44062<BR>
Phone: 440-632-1666<BR>
Fax: 440-632-1700<BR>
Attn: Thomas G. Caldwell
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">with a copy to (which does not constitute notice):
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 12%">Grady &#038; Associates<BR>
20950 Center Ridge Road<BR>
Suite&nbsp;100<BR>
Rocky River, Ohio 44116<BR>
Phone: (440)&nbsp;356-7255<BR>
Fax: (440)&nbsp;356-7254<BR>
Attn: Francis X. Grady
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">All notices, requests or other communications will be effective and deemed given only as follows:
(i)&nbsp;if given by personal delivery, upon such personal delivery, (ii)&nbsp;if sent by certified or
registered mail, on the fifth business day after being deposited in the United States mail, (iii)
if sent for next day delivery by overnight delivery service, on the date of delivery as confirmed
by written confirmation of delivery, (iv)&nbsp;if sent by facsimile, upon the transmitter&#146;s confirmation
of receipt of such facsimile transmission, except that if such confirmation is received after 5:00
p.m. (in the recipient&#146;s time zone) on a business day, or is received on a day that is not a
business day, then such notice, request or communication will not be deemed effective or given
until the next succeeding business day. Notices, requests and other communications sent in any
other manner, including by electronic mail, will not be effective.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.05 </B><B><I>Specific Performance; Remedies</I></B>. Each party acknowledges and agrees that the
other parties would be damaged irreparably if any provision of this Agreement were not performed in
accordance with its specific terms or were otherwise breached. Accordingly, the parties will be
entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement
and to enforce specifically this Agreement and its provisions in any action or proceeding
instituted in any court of the United States or any state thereof having jurisdiction over the
parties and the matter, in addition to any other remedy to which they may be entitled, at law or in
equity. Except as expressly provided herein, the rights, obligations and remedies created by this
Agreement are cumulative and in addition to any other rights, obligations or remedies otherwise
available at law or in equity. Except as expressly provided herein, nothing herein will be
considered an election of remedies.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.06 </B><B><I>Governing Law</I></B>. This Agreement will be governed by and construed in accordance
with the laws of the State of Ohio, without giving effect to any choice of law principles.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.07 </B><B><I>Amendments</I></B>. Other than with respect to amendments to <U>Schedule&nbsp;I</U> hereto,
which may be amended by the Company to reflect Existing Shareholders or permitted transfers, this
Agreement may not be amended or modified without the written consent of the Company, the holders of
at least a majority of the Purchaser Shares then outstanding and by the holders of at least a
majority of the Shareholder Shares then outstanding.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.08 </B><B><I>Severability</I></B>. The provisions of this Agreement will be deemed severable and the
invalidity or unenforceability of any provision will not affect the validity or enforceability of
the other provisions hereof; provided that if any provision of this Agreement, as applied to any
party or to any circumstance, is judicially determined not to be enforceable in accordance with its
terms, the parties agree that the court judicially making such determination may modify the
provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its modified form, such provision will then be enforceable and
will be enforced.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.09 </B><B><I>Counterparts; Effectiveness</I></B>. This Agreement may be executed in two or more
counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument. For purposes of determining whether a party has signed this Agreement
or any document contemplated hereby or any amendment or waiver hereof, only a handwritten original
signature on a paper document or a facsimile copy of such a handwritten original signature shall
constitute a signature, notwithstanding any law relating to or enabling the creation, execution or
delivery of any contract or signature by electronic means.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.10 </B><B><I>Aggregation of Stock</I></B>. All shares of Common Stock owned or acquired by the
Purchaser or its Affiliated entities or persons (assuming full conversion, exchange and exercise of
all convertible, exchangeable and exercisable securities into Common Stock) shall be aggregated
together for the purpose of determining the availability of any right under this Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.11 </B><B><I>Incorporation of Exhibits and Schedules</I></B>. The exhibits and schedules identified
in this Agreement are incorporated by reference herein and made a part hereof.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>Section&nbsp;5.12 </B><B><I>Certain Defined Terms</I></B>. As used in this Agreement, the following terms shall have
the following meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined):
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Affiliate</I></B>&#148; of a Person means any Person that directly or indirectly, through one or more
intermediaries, controls or is controlled by, or is under common control with, such other Person.
For purposes of this definition, the term &#147;control&#148; (including &#147;controlling,&#148; &#147;controlled by&#148; and
&#147;under common control with&#148;) means the possession, direct or indirect, of the power to cause the
direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Person</I></B>&#148; means any individual, firm, corporation, company, partnership, trust, incorporated or
unincorporated association, limited liability company, joint venture, joint stock company,
government (or an agency or political subdivision thereof) or other entity of any kind, and shall
include any heir, successor (by merger or otherwise), or assign of any such individual or entity.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">&#147;<B><I>Qualified Public Offering</I></B>&#148; shall mean a firm commitment underwritten public offering pursuant
to a registration statement filed with the Securities and Exchange Commission and declared
effective under the Securities Act of 1933, as amended, that results in net cash proceeds to the
Company (after deducting applicable underwriting discounts and commissions) of not less than $25
million in the aggregate.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>&#091;SIGNATURE PAGE FOLLOWS&#093;</B>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>COMPANY:<BR>
<BR>
MIDDLEFIELD BANC CORP.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Thomas G. Caldwell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PURCHASER:<BR>
<BR>
BANK OPPORTUNITY FUND I LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><B>Bank Acquisitions LLC, its managing member</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Eric D. Hovde&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Member&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>EXISTING SHAREHOLDERS:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>EXISTING SHAREHOLDERS</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>SHAREHOLDER NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>SHARES OF COMMON STOCK</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Officers</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SCHEDULE II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>EXISTING SHAREHOLDERS </B></U>SUBJECT TO ARTICLE III
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>SHAREHOLDER NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>SHARES OF COMMON STOCK</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Directors</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Officers</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U><B>ADOPTION AGREEMENT</B></U>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 8%">This Adoption Agreement (&#147;<B><I>Adoption Agreement</I></B>&#148;) is executed by the undersigned (the
&#147;<B><I>Transferee</I></B>&#148;) pursuant to the terms of that certain Purchaser&#146;s Rights and Voting Agreement dated
as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2011 (the &#147;<B><I>Agreement</I></B>&#148;) by and among the Company and certain of its shareholders.
Capitalized terms used but not defined herein shall have the respective meanings ascribed to such
terms in the Agreement. By the execution of this Adoption Agreement, the Transferee agrees as
follows:
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(a)&nbsp;<U>Acknowledgment</U>. The Transferee acknowledges that the Transferee is acquiring
certain shares of the capital stock of the Company (the &#147;<B><I>Stock</I></B>&#148;), subject to the terms and
conditions of the Agreement.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;<U>Agreement</U>. The Transferee: (i)&nbsp;agrees that the Stock acquired by the Transferee,
and any Stock acquired by the Transferee in the future, shall be bound by and subject to the terms
of the Agreement, and (ii)&nbsp;hereby adopts the Agreement with the same force and effect as if the
Transferee were originally a party thereto.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;<U>Notice</U>. Any notice required or permitted by the Agreement shall be given to the
Transferee at the address listed beside the Transferee&#146;s signature below.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%">EXECUTED AND DATED this <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TRANSFEREE:</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Accepted and Agreed:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>MIDDLEFIELD BANC CORP.</B></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>c21636exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT 99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c21636c2163601.gif" alt="(MIDDLEFIELD BANC CORP. LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">15985 East High Street<BR>
P. O. Box 35<BR>
Middlefield, Ohio 44062<BR>
Phone: 440/632-1666 FAX: 440/632-1700<BR>
www.middlefieldbank.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">PRESS RELEASE
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%"></TD>
    <TD width="1%"></TD>
    <TD width="94%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Contact:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James R. Heslop, 2nd<BR>
Executive Vice President/Chief Operating Officer<BR>
(440)&nbsp;632-1666 Ext. 3219<BR>
<U>jheslop@middlefieldbank.com</U></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Middlefield Banc Corp. to Raise $11.4 Million in Capital</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Company Release &#151; 08/18/2011
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">MIDDLEFIELD, Ohio, Aug.18, 2011 /PRNewswire/ &#151; Middlefield Banc Corp. (OTCQB: MBCN) today
announced that it has entered into a Stock Purchase Agreement with Bank Opportunity Fund, an
affiliate of Hovde Private Equity Advisors LLC. Pursuant to the Stock Purchase Agreement, Bank
Opportunity Fund intends to invest approximately $9.45&nbsp;million in the common stock of Middlefield
Banc Corp. (&#147;Middlefield&#148; or the &#147;Company&#148;). The Stock Purchase Agreement provides for the sale of
Middlefield Banc Corp. common stock to Bank Opportunity Fund for cash at $16.00 per share. Bank
Opportunity Fund will own and control up to 24.9% of the <I>pro forma </I>Middlefield common stock
outstanding after closing of the sale of shares under the Stock Purchase Agreement. Bank
Opportunity Fund is the lead investor in a private placement to accredited investors that was
completed on August&nbsp;12, 2011, raising a total of approximately $11.4&nbsp;million, including the shares
being sold to Bank Opportunity Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company plans to use the proceeds from the sale of common stock to make capital contributions
to and strengthen the balance sheets of its subsidiary banks and for other general corporate
purposes. Thomas Caldwell, President and Chief Executive Officer of Middlefield Banc Corp.
commented, &#147;We are pleased to announce this agreement with Bank Opportunity Fund. The Bank
Opportunity Fund agreement with Middlefield Banc Corp. is a testament to the strength of our
franchise and our potential in the markets we serve as well as evidence of the confidence of
investors of this caliber in the Ohio community banking industry. The sale of common stock will
strengthen the Company&#146;s balance sheet and capital ratios and will allow us to continue executing
our business strategies and seize opportunities as they arise.&#148;
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Eric D. Hovde, Chief Investment Officer of Bank Opportunity Fund&#146;s investment adviser, said: &#147;We
are very excited to partner with Middlefield Banc Corp.&#146;s board of directors and management and to
invest in such a strong community banking organization. We believe that the Ohio market offers
very compelling growth opportunities in the owner-managed business and professional segment. This
investment in Middlefield Banc Corp. was undertaken with the intent not only to grow the franchise
organically, but also with an eye toward participating in Middlefield Banc Corp.&#146;s future bank
acquisitions and FDIC-assisted transactions in Ohio.&#148;
James R. Heslop, II, Chief Operating Officer of the Company, said: &#147;Our Board has been very
impressed by the substantial banking experience and history of investing in community banks that
the principals of Bank Opportunity Fund have. The addition of Eric D. Hovde to the boards of
Middlefield and its subsidiary banks will add substantial expertise to our boards as we consider
acquisition opportunities going forward.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Hovde Acquisition, the merchant banking/private equity business founded in 1994 and based in
Washington, DC, and its affiliated private equity companies have a history and proven track record
of investing in and successfully managing community banks across the United States. Since its
founding in 1994, Hovde Acquisition and its principals have made controlling equity investments in
12 community banks and thrifts as well as four specialty finance companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Stock Purchase Agreement was unanimously approved by the Company&#146;s Board of Directors and is
subject to regulatory and shareholder approval and other conditions. Donnelly Penman &#038; Partners
served as sole placement agent for the transaction. Grady &#038; Associates acted as the legal advisor
to Middlefield Banc Corp.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Additional Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Certain investments discussed above involve the sale of securities in private transactions that
will not be registered under the Securities Act of 1933, as amended, and will be subject to the
resale restrictions under that Act. The Company has agreed to file a registration statement with
the Securities and Exchange Commission to cover resale of the securities to Bank Opportunity Fund.
Such securities may not be offered or sold absent registration or an applicable exemption from
registration. This news release does not constitute an offer to sell or a solicitation of an offer
to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company plans to file with the Securities and Exchange Commission and mail to the Company&#146;s
shareholders a proxy statement in connection with the transactions contemplated herein. The
Company and its respective directors and executive officers may be deemed to be participants in the
solicitation of proxies. Information regarding the Company&#146;s directors and executive officers is
contained in the Company&#146;s proxy statement filed with the Securities and Exchange Commission on
April&nbsp;4, 2011. The proxy statement will contain important additional information about the Company
and related matters, including the current common stock holdings of the Company&#146;s officers and
directors. Shareholders are urged to read the proxy statement carefully when it becomes available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The written materials described above and other documents filed by the Company with the Securities
and Exchange Commission will be available free of charge from the Securities and Exchange
Commission&#146;s website at <U>www.sec.gov. </U>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>About Middlefield Banc Corp.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Middlefield Banc Corp. headquartered in Middlefield, Ohio is a multi-bank holding company with
total assets of $639.6&nbsp;million as of June&nbsp;30, 2011. The company&#146;s lead bank, The Middlefield
Banking Company, operates full service banking centers and a UVEST Financial Services<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> brokerage
office serving Chardon, Cortland, Garrettsville, Mantua, Middlefield, Newbury, and Orwell. The
company also serves the central Ohio market through its Emerald Bank subsidiary,
with offices in Dublin and Westerville, Ohio. Additional information is available at
<U>www.middlefieldbank.com</U> and <U>www.emeraldbank.com</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the
Securities and Exchange Commission often contain &#147;forward-looking statements&#148; relating to present
or future trends or factors affecting the banking industry and, specifically, the financial
operations, markets and products of Middlefield Banc Corp. These forward-looking statements
involve certain risks and uncertainties. There are a number of important factors that could cause
Middlefield Banc Corp.&#146;s future results to differ materially from historical performance or
projected performance. These factors include, but are not limited to: (1)&nbsp;a significant increase
in competitive pressures among financial institutions; (2)&nbsp;changes in the interest rate environment
that may reduce interest margins; (3)&nbsp;changes in prepayment speeds, charge-offs and loan loss
provisions; (4)&nbsp;less favorable than expected general economic conditions; (5)&nbsp;legislative or
regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged;
(6)&nbsp;technological issues which may adversely affect Middlefield Banc Corp.&#146;s financial operations
or customers; (7)&nbsp;changes in the securities markets; or (8)&nbsp;risk factors mentioned in the reports
and registration statements Middlefield Banc Corp. files with the Securities and Exchange
Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these
forward-looking statements or to reflect events or circumstances after the date of this press
release.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
