<SEC-DOCUMENT>0001019687-13-003609.txt : 20130917
<SEC-HEADER>0001019687-13-003609.hdr.sgml : 20130917
<ACCEPTANCE-DATETIME>20130917162632
ACCESSION NUMBER:		0001019687-13-003609
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130913
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130917
DATE AS OF CHANGE:		20130917

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		131101555

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>paceth_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Date of Report (Date of earliest event reported)</FONT></TD>
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>September 13, 2013</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>PACIFIC ETHANOL, INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>000-21467</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>41-2170618</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of
        incorporation)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(IRS Employer Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>400 Capitol Mall, Suite 2060, Sacramento, CA</B></FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>95814</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>(916) 403-2123</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(Former name or former address, if changed since last report)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in; text-align: justify">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
(<I>see </I>General Instruction A.2. below):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 1.01</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 0.5in"><FONT STYLE="color: black">On September
13, 2013, Pacific Ethanol, Inc. (the &ldquo;Company&rdquo;) entered into a letter agreement (the &ldquo;Letter Agreement&rdquo;)
with the holders of the Company&rsquo;s Series B Cumulative Convertible Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;),
pursuant to which the Company agreed to pay to the holders of the Company&rsquo;s Series B Preferred Stock an aggregate of $731,492<B>
</B>of the accrued and unpaid dividends owed to the holders through the issuance of an aggregate of 196,784 shares (the &ldquo;Shares&rdquo;)
of the Company&rsquo;s common stock. In connection with the issuance of the Shares, each of the holders agreed to forbear from
exercising such holder&rsquo;s rights, if any, held by such holder with respect to the remaining accrued and unpaid dividends through
March 31, 2015. Under the terms of the Letter Agreement, the Company agreed to issue to each of the holders the number of shares
of the Company&rsquo;s common stock </FONT>equal to the quotient obtained by dividing (a) the payment amount of the accrued and
unpaid dividends owed to such holder set forth in the letter agreement, by (b) $3.77. As of September 12, 2013, an aggregate of
approximately $4.4 million<B> </B>of accrued and unpaid dividends were owed to the holders of the Company&rsquo;s Series B Preferred
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 0.5in">The Shares were issued and sold pursuant
to an effective registration statement on Form S-3 (Registration No.&nbsp;333-180731, as supplemented to date, the &ldquo;Registration
Statement&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 0.5in"><FONT STYLE="color: black">The forgoing
description is intended to provide a summary of the material terms of the </FONT>Letter Agreement. This summary is qualified in
its entirety by reference to the Letter Agreement which is filed as Exhibit 10.1 to this Current Report on Form 8-K.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 8.01</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Other Events.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-indent: 0.5in">In connection with the offering discussed
in Item 1.01, the legal opinion letter of Troutman Sanders LLP, counsel to the Company, regarding the validity of the Shares is
filed as Exhibit&nbsp;5.1 to this Current Report on Form&nbsp;8-K.&nbsp; The legal opinion letter is also filed with reference
to, and is hereby incorporated by reference into, the Registration Statement.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 96px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><U>Financial statements of businesses acquired</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><U>Pro forma financial information</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><U>Shell company transactions</U>.</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Not applicable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Exhibits</U>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Number</U></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Opinion of Troutman Sanders LLP (*)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Letter Agreement, dated September 13, 2013, by and among the Company and the holders of the Company&rsquo;s<FONT STYLE="color: black"> Series B Cumulative Convertible Preferred Stock</FONT> (*)(**)</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63pt; text-indent: -27pt"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">(*)</TD>
    <TD STYLE="font-size: 10pt">Filed herewith.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 0.5in; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(**)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The agreement filed as an exhibit to this report contains representations and warranties made by the parties thereto. The assertions embodied in such representations and warranties are not necessarily assertions of fact, but a mechanism for the parties to allocate risk.&nbsp;&nbsp;Accordingly, investors should not rely on the representations and warranties as characterizations of the actual state of facts or for any other purpose at the time they were made or otherwise.</FONT></TD></TR>
</TABLE>


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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">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.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;September 17, 2013</FONT></TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-size: 10pt">PACIFIC ETHANOL, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By: <U>/S/ CHRISTOPHER W. WRIGHT</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Christopher W. Wright</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President, General Counsel &amp; Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBITS FILED WITH THIS REPORT</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Number</U></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">5.1</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Opinion of Troutman Sanders LLP</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>Letter Agreement, dated September 13, 2013, by and among the Company
        and the holders of the Company&rsquo;s<FONT STYLE="color: black"> Series B Cumulative Convertible Preferred Stock</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>paceth_8k-ex0501.htm
<DESCRIPTION>OPINION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt 0">Exhibit 5.1</P>

<P STYLE="margin: 0pt 0">&nbsp;&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">&nbsp;<IMG SRC="image_001.jpg" ALT=""></TD>
    <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">TROUTMAN SANDERS LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Attorneys at Law</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">5 Park Plaza, Suite 1400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Irvine, CA 92614-2545</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">949.622.2700 telephone</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">troutmansanders.com</P>


</TD></TR>
</TABLE>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">September 17, 2013</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capital Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, California 95814</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement on Form S-3</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have acted as counsel to Pacific Ethanol,
Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the proposed offer and sale by the Company of 196,784
shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;),
pursuant to a letter agreement dated September 13, 2013 among the Company and the holders of the Company&rsquo;s Series B Cumulative
Convertible Preferred Stock (the &ldquo;Letter Agreement&rdquo;) as described in the Company&rsquo;s Registration Statement on
Form S-3 (File No. 333-180731) filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) (as amended and supplemented through and including the date hereof,
including by the prospectus supplement (the &ldquo;Prospectus&rdquo;) dated September 13, 2013 (the &ldquo;Registration Statement&rdquo;)).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is being furnished
in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein
as to any matter pertaining to the contents of the Registration Statement, other than as expressly stated herein with respect to
the issuance of the Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such counsel and for purposes of our
opinions set forth herein, we have examined and relied upon the original or copies, certified or otherwise identified to our satisfaction,
of such documents, resolutions, certificates and instruments of the Company, and have reviewed certificates of public officials,
statutes, records and such other instruments and documents and have made such investigations of law as we have considered necessary
or appropriate as a basis for the opinions set forth in this opinion letter. In such examination, we have assumed (i) the genuineness
of all signatures on all agreements, instruments and other documents submitted to us; (ii) the legal capacity and authority of
all persons or entities executing all agreements, instruments and other documents submitted to us; (iii) the authenticity and completeness
of all agreements, instruments, corporate records, certificates and other documents submitted to us as originals; (iv) that all
agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile,
conformed, photostatic or other copies conform to authentic originals thereof, and that such originals are authentic and complete;
(v) the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto; (vi)
that no documents submitted to us have been amended or terminated orally or in writing except as has been disclosed to us; (vii)
that the statements contained in the certificates and comparable documents of public officials, officers and representatives of
the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct; and (viii)
that each of the officers and directors of the Company has properly exercised his or her fiduciary duties. As to all questions
of fact material to this opinion letter and as to the materiality of any fact or other matter referred to herein, we have relied
(without independent investigation) upon certificates or comparable documents of officers and representatives of the Company. In
addition, with your consent, we have assumed that all choice of law provisions are legally enforceable.</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">Atlanta&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newark&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange County&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland<BR>
Raleigh&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richmond&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San Diego&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shanghai&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tysons Corner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virginia Beach&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington, DC</P>



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

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><IMG SRC="image_002.jpg" ALT="">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">September 17, 2013</P>

<P STYLE="margin: 0">Page <FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing and the other
matters set forth herein, it is our opinion that, as of the date hereof, the Shares have been duly authorized by the Company and,
when and to the extent issued and sold in accordance with the terms of, and in the manner contemplated by, the Letter Agreement,
including payment in full to the Company of all consideration required therefor, and as described in the Registration Statement,
the Shares will be validly issued, fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our opinions are subject to (i) the effect
of any bankruptcy, insolvency, reorganization, moratorium or similar laws and principles affecting creditors&rsquo; rights generally
(including, without limitation, fraudulent transfer or fraudulent conveyance laws); and (ii) the effect of general principles of
equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing) and the availability
of equitable remedies (including, without limitation, specific performance and equitable relief), regardless of whether considered
in a proceeding in equity or at law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We express no opinion with regard to
the applicability or effect of the law of any jurisdiction other than the General Corporation Law of the State of Delaware as in
effect on the date hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is prepared for your
use in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant
to the applicable provisions of the Securities Act solely for such purpose. We hereby consent to the filing of this opinion as
an exhibit to the Company&rsquo;s Current Report on Form 8-K dated September 17, 2013, the incorporation of this opinion by reference
in the Registration Statement and to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the Prospectus and Registration
Statement.&nbsp; In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required
under Section&nbsp;7 of the Securities Act, or the rules or regulations of the Commission promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">/S/ TROUTMAN SANDERS LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>



<P STYLE="margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>paceth_8k-ex1001.htm
<DESCRIPTION>LETTER AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt 0">Exhibit 10.1</P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pacific Ethanol, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>400 Capitol Mall, Suite 2060</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sacramento, CA 95814</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 13, 2013</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders of the Company&rsquo;s<BR>
Series B Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Identified on <U>Schedule 1</U> hereto</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: justify"><U>Accrued Dividends</U></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This letter agreement
(the <B>&ldquo;Letter Agreement&rdquo;</B>) is provided with respect to certain rights <FONT STYLE="color: black">of the undersigned
holders (collectively, the <B>&ldquo;Holders&rdquo;</B>) of </FONT>shares of <FONT STYLE="color: black">Series B Cumulative Convertible
Preferred Stock, $0.001 par value per share (the <B>&ldquo;Series B Preferred Stock&rdquo;</B>), of Pacific Ethanol, Inc. (the
&ldquo;<B>Company&rdquo;</B>) under the Company&rsquo;s Certificate of Designations, Powers, Preferences, and Rights of the Series
B Cumulative Convertible Preferred Stock (the <B>&ldquo;Series B Certificate of Designations&rdquo;</B>).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Series B Certificate of Designations provides
for the payment of quarterly cumulative dividends (&ldquo;<B>Cumulative Dividends</B>&rdquo;) with respect to the Series B Preferred
Stock. From January 1, 2009, through December 31, 2011, the Company did not pay Cumulative Dividends to the Holders. <B><U>Exhibit
A</U></B> attached sets forth the sum of accrued and unpaid dividends with respect to each Holder as of August 31, 2013 (collectively,
the &ldquo;<B>Unpaid Dividends</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Notwithstanding any
previous agreement between the undersigned and the Company and subject to the terms and conditions set forth herein, each of the
undersigned Holders desires to forbear from exercising rights, if any, held by such Holder with respect to the Unpaid Dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In consideration of
each Holder&rsquo;s agreement to forbear from exercising its rights, the Company agrees to pay $731,492 of the Unpaid Dividends
as provided below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">In consideration of
the mutual covenants herein contained, and for other valuable consideration the receipt and sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Forbearance</U></B>.
Subject to the delivery of the Shares in accordance with Paragraph&nbsp;3, each Holder agrees that until the earlier to occur
of (i) March 31, 2015, or (ii) the occurrence of any Forbearance Default (as hereinafter defined) (the &ldquo;<B>Forbearance Period</B>&rdquo;),
each Holder will forbear from exercising any and all of its respective rights and remedies against the Company with respect to
any remaining Unpaid Dividends, including, but not limited to, demanding payment of any Unpaid Dividends and bringing any action
or claim with respect to any Unpaid Dividends.</P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Holders of the Company&rsquo;s Series B Preferred
Stock<BR>
Page 2</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Tolling</U></B>. The parties hereto stipulate, covenant, and agree that the running of any and all affirmative defenses
of the Company based on (a) any statutes of limitation, (b) the doctrine of laches, or (c) any failure of the Holders to institute
or commence litigation or other legal proceedings within some specified period, before a specified date, or before the happening
of a specified event, applicable to all claims or causes of action that any Holder may be entitled to take or bring in order to
enforce or otherwise arising out of or relating to their respective rights and remedies against the Company with respect to the
Unpaid Dividends is, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Payment of Dividend; Delivery of Shares</U></B>. The Company shall pay to each Holder the sum set opposite the Holder&rsquo;s
name on the signature page hereto (the &ldquo;Payment&rdquo;) by issuing and delivering to each such Holder the number of shares
(collectively, the &ldquo;<B>Shares</B>&rdquo;) of the Company&rsquo;s common stock (the &ldquo;<B>Common Stock</B>&rdquo;) equal
to the quotient obtained by dividing (a) the Payment, by (b) $3.72. The offering and issuance of the Shares (the &ldquo;<B>Offering</B>&rdquo;)
are being made pursuant to (a) an effective Registration Statement on Form S-3 (File No. 333-180731) (including the prospectus
contained therein), filed by the Company with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;), and
(b) a prospectus supplement containing certain supplemental information regarding the terms of the Offering of the Shares, that
will be filed with the Commission on the date hereof and delivered to each Holder (or may available to each Holder by the filing
by the Company of an electronic version thereof with the Commission). On the day that is the third Trading Day after the date hereof,
the Company shall deliver to each Holder that number of Shares set forth opposite such Holder&rsquo;s name on the signature page
hereto through the facilities of the Depository Trust Company&rsquo;s DWAC system. For purposes hereof, the term &ldquo;<B>Trading
Day</B>&rdquo; shall mean any day on which the Common Stock is traded on the principal securities exchange or securities market
on which the Common Stock is then traded.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Acknowledgment
of Non-Payment; Non-Waiver</U></B>. By executing this Letter Agreement, the Company acknowledges and agrees that, except as expressly
provided herein, (a) the Holders&rsquo; rights under the Series B Certificate of Designations have not been waived by the Holders,
and (b) no Holder has made and is not making any commitment, and there is no understanding, explicit or implicit, relating to,
or affecting, any forbearance or any other matter beyond that set forth in this Letter Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Full Force and Effect</U></B>. Except as otherwise provided herein, the Series B Certificate of Designations shall
remain unchanged and in full force and effect. Except as expressly set forth above, nothing in this Letter Agreement shall be construed
as a waiver of any rights of any of the parties to this Letter Agreement under the Series B Certificate of Designations.</P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Holders of the
Company&rsquo;s Series B Preferred Stock<BR>
Page 3</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Forbearance Default</U></B>.
As used herein, &ldquo;<B>Forbearance Default</B>&rdquo; means any of the following:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company
fails to timely perform or observe any requirement of this Letter Agreement or the documents, instruments and agreements executed
in connection herewith;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">b.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company fails to pay future Cumulative Dividends on a timely basis in accordance with the Series B Certificate of Designation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">c.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company dissolves, liquidates, winds up, or otherwise ceases its on-going business operations; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0.5in">d.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Company (or any subsidiary): (i) makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors;
(ii) has a receiver, trustee or custodian appointed for, or take possession of, all or substantially all of the assets of the Company,
either in a proceeding brought by such party or in a proceeding brought against such party and such appointment is not discharged
or such possession is not terminated within sixty (60) calendar days after the effective date thereof or such party consents to
or acquiesces in such appointment or possession; (iii) files a petition for relief under any Insolvency Law or an involuntary petition
for relief is filed against such party under any Insolvency Law and such involuntary petition is not dismissed within sixty (60)
calendar days after the filing thereof, or an order for relief naming such party is entered under any Insolvency Law, or any composition,
rearrangement, extension, reorganization or other relief of debtors now or hereafter existing is requested or consented to by such
party; (iv) fails to have discharged within a period of thirty (30) calendar days any attachment, sequestration or similar writ
levied upon any property of such party in an amount exceeding $1,000,000; or (v) fails to pay within thirty (30) calendar days
any final money judgment against such party in an amount exceeding $1,000,000. (For purposes hereof, &ldquo;<B>Insolvency Law</B>&rdquo;
means Title 11 of the United States Code (or any successor law) or any similar applicable law providing for bankruptcy, insolvency,
conservatorship, receivership or other similar debtor&rsquo;s relief.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Entire Agreement</U></B>.
This Letter Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes
any prior understandings, agreements or representations by or between the parties, written or oral, to the extent they relate
in any way to the subject matter hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendments and
Waivers; Severability</U></B>. This Letter Agreement may not be amended or modified, and no provisions hereof may be waived, without
the written consent of the Company and each of the Holders. No action taken pursuant to this Letter Agreement 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 Letter 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.</P>

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

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Holders of the
Company&rsquo;s Series B Preferred Stock<BR>
Page 4</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing Law</U></B>.
This Letter Agreement shall be governed by, and construed, interpreted and enforced in accordance with, the laws of the State
of Delaware, without giving effect to the principles of conflicts of laws thereunder which would specify the application of the
law of another jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Counterparts</U></B>.
This Letter Agreement may be executed, including by facsimile signature, in one or more counterparts, each of which shall be deemed
an original but all of which together will constitute one and the same instrument.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><I>[Signatures Follow.]</I></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Holders of the
Company&rsquo;s Series B Preferred Stock<BR>
Page 5</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In witness whereof,
the parties have executed this Letter Agreement as of the first date set forth above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">By: <U>/s/ Neil M. Koehler</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neil
M. Koehler, Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>HOLDERS:</B></TD>
    <TD><B>PAYMENT AMOUNT:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyles United, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By: __________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:</P></TD>
    <TD STYLE="width: 46%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$367,068</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> __________________________<BR>
Frank P. Greinke, as Trustee under<BR>
the Greinke Personal Living Trust</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$189,656</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> __________________________<BR>
Robert W. Bollar, as Trustee of the<BR>
Bollar Living Trust</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$27,009</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> __________________________<BR>
Mimi S. Taylor</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$27,009</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> __________________________<BR>
Neil M. Koehler</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$105,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> __________________________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bill Jones</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$5,250</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> __________________________<BR>
Paul P. Koehler</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$5,250</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> __________________________<BR>
Thomas D. Koehler</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$5,250</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Schedule
1</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Holders of Series B Preferred Stock</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William M. Lyles IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lyles United, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1210 West Olive Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fresno, CA 93728</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frank P. Greinke, Trustee, Greinke Personal Living Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O. Box 4159</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1800 W. Katella, Ste. 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Orange, CA 92863</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert W. Bollar, Trustee, Bollar Living Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O. Box 4159</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1800 W. Katella, Ste. 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Orange, CA 92863</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mimi S. Taylor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O. Box 4159</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1800 W. Katella, Ste. 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Orange, CA 92863</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Neil M. Koehler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, CA 95814</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">William L. Jones</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, CA 95814</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paul P. Koehler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, CA 95814</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thomas D. Koehler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, CA 95814</P>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Exhibit
A</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Unpaid Dividends at August 31, 2013</U></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 33%"><FONT STYLE="color: black">Lyles United</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right"><FONT STYLE="color: black">$2,202,411</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="color: black">Greinke Trust</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">1,137,939</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="color: black">Neil Koehler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">629,999</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="color: black">Bill Jones</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">31,498</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="color: black">Paul Koehler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">31,498</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="color: black">Tom Koehler</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">31,498</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="color: black">Bollar Trust</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">162,055</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: black">Mimi S. Taylor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid">162,055</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="color: black">TOTAL</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: black">$4,388,953</FONT></TD></TR>
</TABLE>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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



<P STYLE="margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X``02D9)1@`!`0$`>`!X``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"`!3`/,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#TSQK\3-%\
M!W5K;ZK!>2-<H70VZ*P`!QSEA6,GQQ\-/")3INO*I&<FQR,?4-BKOB/P1<>(
M/BGH.M7$%O+H^GVS>8LC98RY8K\O<`E3^%=?KO'AW4L<?Z)+_P"@&@#S^#X]
M^$+IREO;ZQ,P&2L=IN./P:H[OX^^%;)PLVGZVF1D;[14S^;"O-OV<O\`D>M0
M_P"P>W_H:5[M\0/#"^+?!>HZ6D,4ET\>ZU:3C9*.5.>WI]#0!T5K<)=VD-S'
MGRYHUD7/H1D5+7E'C4^,/!W@0:U8^)!"UE!;I)8&TB>,'"HP5R,]<GFJ/@35
M/B-XZ\-_VS#XIT^T7SGB\I]-5SE<<YR/6@#V6BO%]:^(?C?X;ZI;1>+K.PU3
M2[DX2\LE,;<=1@\9'7!'/K7KMAJ5IJ>E6^I6LRO:7$0FCDZ`J1G)]*`+=%>/
M3_$O7_&_BJ7P]\/X[>*W@R;C5KE-RJH.-RKTQGIG)/M6Z_@CQO%#YUM\1[M[
MT#.V>RC,+'TV]A0!Z)17E/A+XI7\?BI_!WC>TBLM85_+BN8N(IR?NCVW#H>A
MZ<&F?%G6?%O@G3EUW3/$>ZWFNQ$+*6RB(0%21AL9.-O?UH`]9HKS[X9S^)M>
MT'3_`!'K'B,W$=TCM]A2SC1%Y*CY@-W;-=AK5CJ&H6(BTW5GTRX#AO/2%)<C
M!X*MQCD?E0!HT5Y?\/M4\4ZOHNH:[K/B$3QVDMQ;BU2TCC1C&,;RP&>O.*S?
M!\7Q4\4^'+76)/%MG8Q7*[X8VT^.1BN<`G@8SU[T`>Q45\]1^-_B'+\2CX'_
M`.$CM!,)C#]M^P)C(3=G;^&*Z'QB/BEX2\/S:S_PEEG?VUN5,Z)81QNJ$@9'
M!SU%`'LE%>6?%#5_%OAO3;?6M#UT>7=SQVZ6#VD;!2R'E7(R3E>A]:;\%/B%
MJ/C.PU*UUJX2;4;6175@BINB88Z``<$'\Q0!ZK117@'Q1^*WB?1/%EQ!X?NX
MX=-M'6U<M"C[YPNY^2">`P'X4`>_T5S7@N'6FT6WO]9ULZE)>01S*GV9(5AW
M+N(&WD]1U]*Z6@`HKP*\^+FM:;\86TJ34$F\.C4#;$&!!@'Y3\P&3M8]<]J]
M]H`**X[XES>(K#PE<:KX;U!;6YL5,TL;Q(ZRQ@?,/F!P1U'XBN5^#WQ5D\7I
M)HVN2I_;,>7BD"A1<)WX'&Y?0=1SV-`'K=%0W44LUI-%!.;>9T*I,JAC&Q'#
M8/!QUP:\QG/C>'XB6OA<>,MUM/8M>FX.G0^8H5MNS&,=<'-`'JE%0VD4L%G!
M%/<&XF2-5DF90ID8#!8@<#)YP**`)JS]>_Y%[4_^O27_`-`-:%9^O?\`(O:G
M_P!>DO\`Z`:`/G+]G+_D>M0_[![?^AI7T[7S%^SE_P`CUJ'_`&#V_P#0TKZ=
MH`\_^-?_`"2C6/\`ME_Z,6LCX`RQQ?##=)(B#[;+RS`=EK7^-?\`R2C6/^V7
M_HQ:\P^'7PNT;QM\*[BY</!K#7$B0W8E?:NW&`4SM(YP>,\T`:/QU\36'B4:
M7X4T%AJ>H"Z\V06O[S:=I4(".I.XD^F.:Z#Q>M[X&_9ZCTUGQ>?9H[.1E/W2
MY^<`_0L*X_X4^*(_A_XFN?"'BFPM[*8RE([TQJK(QZ*SXR4;@@]L^AX]*^-V
MG3:C\+=1,`+-;/'<$#NJM\WY`D_A0!A?LZ:;';^![W4`H\V[O64MC^%%``_,
MM^=>PUY%^SO?)<?#^YM`V9+6^?*^@95(_K7KM`'SO^TA8BUUG0-8@RD\D<D3
M2+P<H593]?F-:?Q=U5M<^!WA[5)#^\NI;>1_]XQ-N_7-9_[2M\CWOA_3D.9$
M269E'7#%57_T%JN_%32I=(^`GAVPD0B2V>V648^ZWEMG]30!Z#\(/^24Z!_U
MQ?\`]&-7;UQ'P?(/PIT#!S^Y?_T8U=OTH`\^^$D:3>";R*5%>-]2O%96&009
M#D&N[M;6WL;6*UM88X;>)0D<4:[511T``Z"N(^#Y5_`GG*,":_NGZ]<RM7>T
M`?-5K_R=2W_7^_\`Z)-?1UY9VVH6DMI>01SV\J[9(I5#*P]"#UKYQM?^3J6_
MZ_W_`/1)KZ5H`\]^)H19?!EJL>4;7[8!`.,*&[5Y/I9/PR_:#DM&)CTZ\F,0
MST\F8Y3_`+Y;`_X":]8^(>9?%W@&`9YU8R<'^ZF:XW]HSPZ9-/TSQ+;J1);/
M]FG9>NUN4/X-D?\``J`/8?$.LP^'O#NH:O<8\NT@:7']X@<#\3@?C7S9\1=&
METWX6^%KN]S_`&CJ-W/?W3'J7E`;GZ#:*[_5-?;XA>%_`VA1-N?6Y%EU'':*
M#_6Y^K#CZ5%^TA`!X2T5U50L=Z4&.P*'C]*`/3O!$HF\":!("2&T^`Y/7[@I
M?&6OIX8\(:GJ[8WP0GR@?XI#P@_[Z(JE\-9?.^&GAURV[_08US]!C^E<G\4K
MV_U7Q/X?\,:1IW]IS0R#5;NT\\1!XXSA%9CP`3G\A0!PGQ,\"2:/\)O#=^R$
MWUFQ-\_\1:?YV)/L_'XU[1\.O$(\3^`M)U(ONF,(BG]?,3Y6_,C/XUR?B>[\
M>^)_#6H:+<_#V)([N(IO&L1,4/56QCG!`/X5RW[.>NR0SZQX7N25=#]JB1NH
M((20?^@_K0!ZW\0/^2>>(O\`L'S?^@&O!O&7@*ZT'P[X?\>^&0\#I:6\MVL/
M6*38O[T>Q/WO?GN:]Y^('_)//$7_`&#YO_0#4GA.&*Y\`:+!/&LD4FFPHZ,,
MA@8P""/2@#+^&WCVU\>>'%N04CU&#"7D`_A;^\/]D]1^([54O?\`DO&E_P#8
M!F_]&BO(?$VCZI\$OB!!KNC!Y-%NG(5"3M*GEH7/J.JGV![&O2]+UZP\3?%O
M0=7TV426UQX?E(]5/FC*GT(/!H`]1HHHH`*XOQ;XIOK>'4])L?"FN:A,T!C2
M>&`>0Q9?[Q/;//%=I10!\S_"O1_%?@/Q/-J-_P"#]8GMYK8P$01`LI+*0<$C
M/3UKZ'T756UG35O&T^]L"S,OD7L?ER#!QDC)X-:-<7X_^)&F^`[6))8FO-3N
M?^/>RB.&;MN8]AGCU/:@#%^+-YJ.L^&=3\-:7X;UF[N9&C`N$MQY&`5<D-GG
MICIUK,^$5SJWA+PU'H.K^%M<CFDO"PF2V#1@/@98YR`,<\=*T;9_C#K$(O!_
MPC^C(XW):S([N!Z-C./\\5DZC\4O&/@.^@@\;^'K::TE.$O=.<A6]<;N"?8[
M:`.B^*GPSM_'6E?:;0)%K=LA\B4\"5>OEL?3T/8^V:YWX>Z[XRTW2%\.^+_"
M6K7=GCR([I8A(1&>-L@)Y49Z^E>O6%[#J6G6U];DF&YB66,D8.U@",_G5B@#
MQ*V\$^)OA5XJN=6\*6;:SH-WQ/IX?$R+G(QG[Q&3@C)P<$=ZZE_BL7AV6G@O
MQ3+?'@6[V!0;O0OD@#WKT2B@#QKP]\-]<\4>-O\`A-/':10NKJUKIB,'"!?N
M!CT`'7'<]<=*]%\:^%H/&7A2]T6>3RC,H,4N,^7(#E3CZ]?8FM\$'H12T`>(
M>!]7\4_#&Q?P[XB\+ZE>Z?%*S6UYIL?GA0QR1@=1GGL1D\5TNH^,?$7BRTDT
MKPIX:U2R>X!CDU/58?L\=NIX+*"<LV.F*]*SSBC-`&5X:T&V\,>'+'1K0EHK
M2()O/5SU9C]22?QI^M:Q_8UK',--U"_+OL\NQA\QQP3DC(P..M:0((R**`/F
MV#2_$\?QH/C-O"&L_P!GFZ:7RA$/,VE"O3.,]\9KZ"T?5?[8LC<_8+ZQPY3R
MKV'RY..^,GCWK0I"0.I`H`\E\5ZMJVI^.O#.HVG@_7I;'1YYWG9K<*SEAM!0
M;N0,9YQGBNSUFR3QWX"U"RDL;NT-W"Z)%>1>7(CJ?E)&3_$`?I74=>E(2!U.
M*`/"O@5X3UG1=;OI]?TJ^M7CM?+LVGCPBJSY<#T).W]:T/C5'K'BO2XM#T?P
MSJUQ+:WGF/<FW`B("D?(<Y.=WIVKV4$'H:4'(R*`/-_A[K-_HW@BSTG4O#.N
MQ7>G6C%L6H*RX;A4.[EB".#CH:SO`EQK,WQ&UW6-=\,ZM:2:H4BM)GB!C@A0
M'Y7.>"<+[9KUFB@"GJE__9FG2WGV2ZN_+Q^YM(_,D;)`X7(SUS]*^=X=)\3Z
M3\89/%NC^$=9737NFD:!X0KLCC$@QG'4L0,^E?2E,EFB@3?-*D:]-SL`/UH`
MX'QIXBN]2\(W^FV'A;7Y[G4+%E3_`$0*L9<$8<EN".I'-7_`>LW4FC:9HU[X
M?U?3[BULDCDDNH`(B4`4@,#WZCBNMAN(+@$P31R@=2C!L?E4M`&5XC\/6'BG
M0KG2-2BWV\ZXSW1NS+Z$'FO!_A]X/\3_``]^*6;K1KR\TL![4WL$99`CX*R`
M?4+D=N?2OHVB@`HHHH`****`"OEKXK:A<:'\=4U6]@,\-L]M/#&W1XU`.!^(
M;\:^I:Y3QS\/M&\>:>D&HHT5S#GR+N+&^//;W7V/Z4`6O#'C;P_XOM5FTC4(
MI7QE[=CME3ZJ>?QZ5-XM\+V/C'P[<:-J!98I2K"1,;HV!R&7/?M^)KYK\0_!
M/QGX8G-WI:G488SN2>Q8K*OOLZY^F:L>%/CAXH\,W:V6O"34[1#MD2X&VXC^
MC'DGV;/X4`?3.C:8FC:)8Z9'*\J6D"0+))]Y@H`!/OQ7%?&29Y?!D>C6D9EU
M/5;N*WLT5BK!P=Q;(]`#^==EH6N6'B/1K;5M,F$MI<+N1NA'J".Q!X(KC(?^
M*G^,\TOWK'PQ:^6OH;J8<_D@Q]:`.5_9W\1RW6F:KX?NY':XM9?M$>\Y.UN&
M'X,!_P!]5[=7S5N_X5S^T8W_`"RT^_GY[+Y4_P#17_\`0:^E:`/F+XO6-SX,
M^)4&I^'I[F%GB&H%$)*0OO*L<=-I/4=/F(KW+X?>.+/QWX;CU"#;'=QXCN[?
M/,<F/_03U!_P-8&L6L%]\=+"TNHEFMYO#\T<D;C(93(00:\JU6QU7X%_$6+4
M+`23Z%=DA5)XEBSS&Q_OKU!^A]10![QXQ\*Z+KNFW5WJ-D);F"UD$4RR,C)@
M$C!4COS7,?"+PMHQ\%Z)K[V?F:K+$[-<R2.S9+,IQDX'''`KL?[8L=?\%3ZI
MITPFM+FSD=&'^Z<@CL0>"*QOA%_R2K0/^N#?^AM0!Y#\=O#VF^$Y]&DT&*2P
M%R)1*D,SA6VE<'!/!Y/2O2M.^$7A>YTBTN%;5(+B6!',L6H2A@2H)(R2/TKB
M?VE^OAW_`+;_`/LE>Y:)_P`@'3O^O6+_`-!%`'B7B/5/&GP;U:UF.JSZ]X:N
M&V*MZ=SH?[A;J&QR#T.#QQ7?ZI8^%?B1X+'B%[1;H?8I&@E+%9(2`25X/!##
M]*7XR6,-[\*]:\U03"B3(<?=97'],C\:X#X%7TTWPW\463L3%;EWC![;XCD?
M^._K0!SGP.\-:9XPN-9BUQ;FY2U2(PJMU+'MW%L_=8>@KUR\^"_@R[MGB6TO
M(7(^65;^9F0^H#,1^8KQSX&^))O#UUK30Z#JNK&9(@1I\(D,>"WWLD8SGCZ&
MO0?'7Q6U:U\*7JVWA#Q!ILDT9B6]NXO*6`MQNRI/([=.:`.A^%'AF_\`"^B:
MSHNI)(R1ZC((9I`0)XBBX8>Q_P`:\E^.FAZ?X3U;2$T&*2PCN89&E2*9]I(8
M8.">.IZ5]&:!(\WAS3)979Y'M(F9V.2Q*#))]:\$_:6_Y#'A_P#Z]Y?_`$):
M`/0;;X/>%[G3+::.35;>=X5;S8M0DW`D#GDD5PUAXL\1_#/XHQ>%-5U>;5M&
MGDC2-[EMSHDAPK`GD$$X(Z'!KM4^-O@;3M'MU_M*>XFCA5?)BM9-Q(4<?,`/
MUKD=,\'>(_B)\3XO&&NZ6^DZ3!)')#!/Q)(J<HN.O)Y).!SQ0![#XOU\>%O"
M6I:T8O--I"76,GAF)`4'VR17EGPW\*VWQ)TJ7Q9XSN)=7N)KATBMFE988`O8
M(I&#[>F*];\1:';>)/#U]HUV66&[B,99>JGL1]"`?PKYEET[XB?!G49I;,R'
M3F;+2QIYMM,!T+#^$X]<'WH`]7\6_"#3K?2Y]2\%_:=&UFV0R1"TG<+-MYVD
M9X)[$=^M=EX!N]5OO`VE7&MI.FIM$1.)X]C[@Q&2N!C(`->;^%/VA]+OY([;
MQ)9'3Y6./M,!+Q9]Q]Y?UKV>VN8+RVCN;:5)H)5#I)&P96!Z$$=:`):***`"
MBBB@`HHHH`*\S\#?$>YUKQYXA\+ZN;=)[.XD6R,:E/,1'8$')Y;&#],UZ97F
M'B[X,Z?K>LMK^BZC<:-K1D\XS1Y9&D_O8R"I]P?PH`]/KRKXY^%]&OO`]YK<
M\44.I66PQ7`&&?+!=A]0<\>E310_&33D%N)_#FIJHP)Y=Z.?J``*S[[X;>,O
M'5U`WCC7[6'3HFWC3],4X)]R1U]SN]J`*/P1U)_#_P`(M9UB_P!PLK>XEGB#
M'[P5%R!]6&/K5KP/X*\7S^'EUF'QG-I4VL.U_/;KI\<N&?D'<W/W<?2MOQIX
M!UK6O#T/A;P_=:9I?A^-$!1D<RN5.=IQQMS@^I/6NVT&'4[?1X(-7^Q&[C&S
M-DK"/:.%P&Y'%`'S]\:?`^O:;IMEXAU/Q')K+Q2"V+-:)"8E.64_+U&<_G7M
M_@'Q`/%'@?2M5+9EDA"S<])%^5OU!/XUF>/O#GB3Q;IEWHEG-H\.EW*(&DN%
MD:8,"#P!\HY`YK(^'W@CQAX#L+G38]2TB]L9-\L:R+(K1RE<#I_"2!GOUQ0!
M:OO^3@-*_P"P%+_Z--=5XK\,:?XO\/7&CZBF8I1E)`/FB<='7W'^(KCIO"GC
MR?QI;^*3?^'ENH+5K1;813&,H3DY.<YSW_2O0M/^W?8(?[2%N+S;^]^S%C'G
M_9W<X^M`'S+X;\0ZI\)M>U?PAX@WG3;F-U#`$JK,I"RI_LMP#_B*]M^$7_)*
MM`_ZX-_Z&U,^)GPYM?'^CHB/';ZI;'-M<L.,'JC8YVG]#^-2_#GPUK_A#P\=
M%U2^L[V"#FT>$,&0')*MD<C/0^YH`\S_`&E^OAW_`+;_`/LE>Y:)_P`@'3O^
MO6+_`-!%>5^.OAGXR^(4UI)J>IZ):):!A%';)*V=V,DEOH*WH="^)T-I%:Q^
M)]#ACC01JZ6#,P`&!U.#0!7^.FNP:5\-[JR:11<ZBZP1)GD@,&8X]`!C\167
M\)/#-QH'PDU*ZO(VCGU*.6X",,$1^7A,_7D_B*VM/^$EI/K4>M>+-6NO$>HQ
MXV"X4)"GTC'&/;I[5TGBBT\37MLUGH,FDPP30M'+)>"0NN>/E"\'CUH`\;_9
MH_X_O$7_`%S@_F]>]:MI=KK6DW>F7R%[6ZB:*50<$J1C@]C7D/@[X4^-?`TE
MV^C>(-'#7842>=;._P!W.,?F:ZLZ9\4B/^1B\/C_`+<7_P`:`.F?5-,T&[T7
M0"S^==J8;6,#<=L:9)8]@`!SZFO#?VEO^0QX?_Z]Y?\`T):[[PU\/_$]IX\;
MQ5XCU^WU.X6V>&%$C*",MC&!T"XST]:Q_'7PN\7_`!!O+2YU/4]$M#:HR1QV
MR2D8)R22WTH`Z'QO\.K/QYX,LT18X=5M[=6M+C&.=H^1O]D_H>?KQ/PG^)-W
MHVH_\(-XP+P3P/Y%K-.<%&'_`"R<GM_=/X>E>K^&K?Q59B.UUR31YK6&`(DM
MF)%D9A@`L&X`QGIWKF_B;\*+3QX(;VTFCL=7BPOV@J2LJ?W6QW'8_A]`#H?'
M7C&+P/X?75Y[*2[B^T)"R(X4J&S\W3VZ>]=!;SP7]G%<0NLMO/&'1AR'5AD'
MZ$&O.K3P%XBU3PZ?#'C+4[+5-)"#R[B'>ETCK]TY/RL!SUY^M5](\'?$#P1;
M_8?#NN:9JFEH28K;5(W1H@>P9<_X>PH`7XC_``C\.:UHM]J5C:Q:=J<$+S++
M`-B2%1G#J..<=>M97[..H7MSX3U.TG9GM;6Z`MRQSMW+EE'MT/\`P*M;5?#W
MQ*\963:9K&HZ-HNFRC;<#3P\DLB]URW0'Z_X5W'A;PQIOA#08=(TN,K!'EF=
MSEI'/5F/J:`-FBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
G"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X``02D9)1@`!`0$`>`!X``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_
MVP!#`0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P``1"``O`(\#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T:\M?&>J^
M-M1BLM>DTC1+:*)8L6,4IFD*@L59UZ#.#R>17):%J_C36/B7KOA1_%\L4.F1
M[TN%T^W+2<KP1MP/O?I7LIZUXUX)_P"3B/&G_7O_`%CH`Z2UUSQ%X1CU^7Q.
M][K=C9-'+#>6]K%%B$H2WRY4-@CG&35E/B?8'1X]9ET+7HM)D02?;3:JZ*G]
MXA6+`>^*T/B/_P`DV\1_]>$O_H->;:3X\%I\-M!\*V^DW0U34[#[+:RW@6&V
M?<"I;>3R.>F,G@=Z`/7AXATD^'_[>_M"#^RO*\[[5N^3;Z_TQUSQ6#!X\GO;
M$:E8^%-<N=+(W+<JD:M(O]Y(F<.P].,FO,/'?A^X\)?#;P;X1GN?-CGU("\9
M,A6)8MM'L"Y_+->^HB1(L<:A40!54#@`=!0!S;>.]+D\)OXETY)]1TZ)6:?[
M,%#PA1EMRL001W'6KGACQ+%XJTF/5+6QN[>SE&Z%[D(#*,D9`5B1T[XKQN!V
ML?$?Q>TFW^6R:PFN=@^ZLA4YQZ??/Y5Z9\*/^26>'O\`KV_]F:@":X\>PV<>
MLO<Z+JD2Z0JFX)6,[BV"JIASN)#`_P#UZI7WQ/MM,N+"WO\`PUX@MI]0D\JU
MC>"+,K\?*,2<'D=?6M#2K6"[\3^+(KB%)8FN;;*.,@E84(X^N#7*?%?_`)'7
MX=_]A4_^A1T`=1#X\$MU>VDGA[6;>ZM;7[689XXE:2/=@E#OP<?6I_!GCK2O
M'-C=76E+<1BVE\J2.X0*X.,@X!/!Y_(U>\2101:'JM^8D^T1:?.HEQ\P7:21
MGTR`?PKRKPHA\%?%73[4_)8>)M)A=1V%PB#/XY#?]]B@#T+QC\0=(\$R6,6H
MQ7<TMX2(TMD#$8P,G)&`20!72VL\EQ:QRR6\EN[C)BE*ED]CM)'Y&O"?BHQU
M/1=2\1GF*/68+"T/_3.'?O(^LK/_`-\BO:=;UB'0_#U[J\^/+M;=IL$XW$#@
M?B<#\:`,_2/&VEZUXJU7PY;B9;_3/]<'`VL,X)4@G.,C.<=:?XN\6VO@S2!J
ME_:7D]IY@CD>V16\K/0L"1QGC/KBO)[E;?P3XW\%:Z+ZVFDO4:RU=HI5;,LC
M%BQP>FYSSZ(*],^(UO#=>$3;7$:R037UG'(C=&4W$8(/X4`=#9ZE;ZCI<6HV
M$@NK>:+S86C(_>`C(QGO]:I:-KTFKW5U"=(OK,6S&.1[@QXW@*=HVN2>&!ST
MKS30;J?X2^,AX7U*1V\+:I(7TNZD/%O(3S&Q[#GG\#W->EZ%_P`?6M_]A!O_
M`$5'0!HWD[VUK)-';2W+H,B&+;N?V&X@?F:\F\.:1XFTGXK:]XHN?#%X;'4H
MRD:I<0&1.4P2-_\`LGH:]@/6HYI#%!)(%+E%+;1U.!TH`YSQ];W^H>#-2TS3
MM/FO+J^MW@0(R*$)'5BS#CZ9KF],\$_\)#\+[/PIXBTN>QNK*!5CN"R-LE&<
M/&58_B#C(.*P/AU+I/Q/6_U'Q/?27FJBX81Z9]J>*.VBXV[(U(SWRW/2NTT+
MPIJGAGQBYL-1N9O#$UJW^B7-P93;S[AC86R=I&>_]*`.6E\)^*_%7A%O"OBF
MT,=]82^9IVN1RHZ.4R%+KG<,CC..X)Y'/5VOB;Q1;:<EM?\`@Z^GU9$VE[:>
M'[-*P_BWE@5!ZX*Y'O3/B-X^/@.ST^Y6S6[%Q/ME0L04B&-SC`/0E1SW85V4
M<JW%LLUNRLLB!XV[$$9!^E`'`^&?AW-;Z1XCEUVXCDUCQ&)/MCP\I"K`@(N>
MN-QY^GI4/@V?Q)X-\.P>'-3\,7M\]D6CM[O3WB:*9"203N=2AYQR*M>#/B0-
M?\2:IX:U:TAL-9LI65(XY=Z3JIPQ4D#D$9QZ?0UL^(M7US2]2TV&PMM.F@O[
MD6RM/(ZLC;&8D@`@C"'\Z`)_#&G7]LFH:AJJ1QW^I7/VB2"-]RP*%5$3=_$0
MJC)]2:Y#X@Z5KNN>*_#%UIN@W4UMHU]Y\\AEB02+E#\@+Y/W3UQ5_P`6^,O$
M'AC6=$T]-/TRY_M><6T+F>1/+?Y02WRGC+=NPJ75O&^K^$5BN/%.A1IICN$?
M4--N#,L)/`WHRJP'N,T`:WBI]0O_``5?P6.DW4MY?6LD"6Y:-6C9E(!<EL`?
M0FN4\=>&M9\0^#]%O-&TZ:UU_1KB*2WAF>,-@`!AD,5QD*>O\-7?%OCS5=`U
M'0UL+33+^QUN=(;28SNI&[;AFP""/FSQ5[6M8\;Z-I[7W]CZ/>11,/-CMKF4
MR!,X+`%!G'7%`'.>._"6K7OPNTWPOHNDSW%U'Y,KNTD:JK#)?<2WWBQ)XSUZ
MUM^(%U?7+;0M.?PY>-8?:8IM35Y(?N1\A,;_`)@7"D^P]\4OQ`\::MX,;3Y;
M>PLKNVOKE+6,22NCJ[`\G`(QQ3-:\<:UX.%O<^*-$M1I<THA:]TZ[:3R6/3<
MC(IQUY!H`J?$KP+9:IX2GL-"\-0?VD[*\$UI###Y;*P/S,2IP1D<9JQJ3^)-
M3\$Z;97'AV\;54EM9+D":';F*5'<AM_.0IQ]:W/%?BV/P[#IT5M;?;=1U2<6
M]C;^9L5V/\3-V49&3@]:S-4\0^+O#4$5_JVDZ9?:>9$CG.FRR"6`,0`VUQ\X
M!(SC%`&MXD\.67CGPI+INIVLMN)UW)Y@7S+>0?=88)&1]>0<5E_#+3O$&CZ'
M=:;XCA<W<-R=EV95=;E,!588.1@*!SST]Z[6E'6@`/6H;FYAL[66YN)5B@A0
MR22,<!5`R2?;%3$56U"QBU+3;JPGSY-S"\,FTX.U@0<?G0!Y?XF^"^A>)9QK
MWAS47TJ]N/WZ2VYW0R%N0P`(*YSG*G'/2L_PAXG\9>$?'5GX*\92"_AO019W
MH;<W`.#NZL#C!!Y!QVKJM#\-^-/!]@FDZ5J&DZOID/%N-2,D$T*_W=R!@P'T
M']*1?!>OZAXB3Q3K5YITNKV<+1:;9PJ_V6W)ZNS'YG/)[#_``P_$FHZ)XAU+
MQ;:ZC<2KMM?[*L]EK+(`P^=WRJD?ZS8/^V=;?P9UYM<^'5E%,Q^U:<QLI@W4
M;/NY_P"`E?RKHO">C7_A_P`+0Z=<R6TUY%O8RQE@LKLQ8LV1D$L237-^%_!G
MB+PSXDUW4X;C2FMM7D,[6@,@$4G)!!QW).>/Y4`8&K>"I_$6CW^LZ*YM_$FE
M:S>2V<R<&0"4DQD^_;/?CH36CI/C6#QK9>%K@IY&I6VL+#?6IX,4@AF[=<'!
MQ^([5UWA;2=9TG[;'J3V$D=Q=370:V+@JTC;MN&'0<\_I7.ZU\-)'^(=AXPT
M&YM[6=)-][;3*WESG&-PV]&P3SZX/KD`H_%7_D<OAY_V%OZQUUOQ#2"3X=^(
MEN0IC^P2GGU"DK^N*R/&G@_7_$OB#1+^TN=,@AT>Y^TPK,)&:4_*<-C&!\O:
MIM7\)^(?%MJ-/\0ZQ:6^E,P:>UTR!E:<`YVM([$A<^@H`\BD-^_@+X4_,BW/
M]IL(&F!*@>:-F0.2.GX5Z]=0>.?[<T-KBZTV335O,W:V$,D;[=CX+%F(*9QD
M>N*H^+O`>K:W>:`-*DTNQL="G2:UB<.2VW;A2!T'RXXS6S<Q>/Y;=XX+CP[!
M(PPLOES.5]P"<$_6@#D?CN7&D^&C&JM(-9BVJQP"=IP">U4-?O-0\=>,8O`O
MBL6^@6J.MTD43&4ZCC.%24A0HZ]L]?2MKQ'\.M>UKP]X?TB/4;'_`(E,D=P]
MS/YC//,H.[([`DD]<UN^+O!'_";>'HH=1>&SUFV8RVEY:ECY#@\8)P<'`R/R
MZ4`)X\\#V7C32[6Q6^;3]0LF\ZQGB/S1D8'3(..G3H0*X=O%GQ#^&K1_\)?:
M1:WH0<(VHVQ_>("<`D\?^/#GUKJ6\'^+;F;2=5N-=L%UW2D>*.9(&,5W&^-R
MRKD$'Y1RIZ\XJ?7?#_BSQ=I3Z+JTVD:?ILY7[5)9/)-+(H(.U=ZJ$SCK\U`'
M:6MS%>6D-U;N'AFC62-A_$I&0?R-3#K4-K:Q65G!:VZA(8(UCC7T51@#\A4P
$%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
