<SEC-DOCUMENT>0001683168-17-001711.txt : 20170705
<SEC-HEADER>0001683168-17-001711.hdr.sgml : 20170705
<ACCEPTANCE-DATETIME>20170705081309
ACCESSION NUMBER:		0001683168-17-001711
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20170630
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170705
DATE AS OF CHANGE:		20170705

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:		17946182

	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>FORM 8-K
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B><BR>
<B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</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: 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 the</B><BR>
<B>Securities Exchange Act of 1934</B></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"></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: 50%">Date of Report (Date of earliest event reported):</TD>
    <TD STYLE="width: 50%"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2017&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></TD></TR>
</TABLE>

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

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 12pt">PACIFIC
ETHANOL, INC.</FONT></P>

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

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">(Exact Name of Registrant as Specified in Charter)</FONT></P>

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

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</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: 32%; text-align: center; border-bottom: Black 1pt solid"><B>Delaware</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1pt solid"><B>000-21467</B></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD STYLE="width: 32%; text-align: center; border-bottom: Black 1pt solid"><B>41-2170618</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(State or Other Jurisdiction<BR>
 of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Commission File <BR>
Number)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer <BR>
Identification No.)</TD></TR>
</TABLE>

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

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></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: 48%; text-align: center"><B>400 Capitol Mall, Suite 2060</B></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Sacramento, California</B></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>95814</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Registrant&rsquo;s Telephone Number, Including Area Code: </TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><B>(916) 403-2123</B></TD></TR>
</TABLE>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Former Name or Former Address, if Changed Since Last Report)</P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 0; text-align: justify; text-indent: 9pt">&nbsp;</P>

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<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))</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">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &sect;230.405) or Rule 12b-2 of the
Securities Exchange Act of 1934 (17 CFR &sect;240.12b-2). Emerging growth company <FONT STYLE="font: 10pt Wingdings">o</FONT></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: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font: 10pt Wingdings">o</FONT></P>

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

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<TD STYLE="width: 1in"><B>Item 1.01.</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I>Note Purchase Agreement&mdash;Senior
Notes</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 26, 2017, Pacific
Ethanol, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;) entered into a Note Purchase Agreement (the &ldquo;<B>Note
Purchase Agreement</B>&rdquo;) with five accredited investors (the &ldquo;<B>Investors</B>&rdquo;) and a related Consent of Holders
and Amendment of Senior Secured Notes (&ldquo;<B>Consent</B>&rdquo;) with the Investors and the holders of the Company&rsquo;s
senior secured notes issued on December 15, 2016 (&ldquo;<B>Prior Senior Notes</B>&rdquo;). On June 30, 2017, under the terms of
the Note Purchase Agreement, the Company sold $13,948,078 in aggregate principal amount of its senior secured notes (the &ldquo;<B>Senior
Notes</B>&rdquo;) to the Investors in a private offering for aggregate gross proceeds of 97% of the principal amount of the Senior
Notes sold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Senior Notes will mature
on December 15, 2019 (the &ldquo;<B>Maturity Date</B>&rdquo;). Interest on the Senior Notes will accrue at a rate equal to (i)
the greater of 1% and the three-month London Interbank Offered Rate (&ldquo;<B>LIBOR</B>&rdquo;), plus 7.0% from the closing through
December 14, 2017, (ii) the greater of 1% and LIBOR, plus 9% between December 15, 2017 and December 14, 2018, and (iii) the greater
of 1% and LIBOR plus 11% between December 15, 2018 and the Maturity Date. The interest rate will increase by an additional 2% per
annum above the interest rate otherwise applicable upon the occurrence, and during the continuance, of an event of default until
such event of default has been cured. Interest is payable in cash in arrears on the 15th calendar day of each March, June, September
and December beginning on September 15, 2017. The Company is required to pay all outstanding principal and any accrued and unpaid
interest on the Senior Notes on the Maturity Date. The Company may, at its option, prepay the Senior Notes at any time without
premium or penalty. The Senior Notes contain a variety of events of default which are typical for transactions of this type. Payments
due under the Senior Notes will rank <I>pari passu</I> with the Prior Senior Notes and senior to all other indebtedness of the
Company, other than permitted senior indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Senior Notes contain
a variety of obligations on the part of the Company not to engage in certain activities, which are typical for transactions of
this type, including that (i) the Company and certain of its subsidiaries will not incur other indebtedness, except for certain
permitted indebtedness, (ii) the Company and certain of its subsidiaries will not redeem, repurchase or pay any dividend or distribution
on their respective capital stock without the prior consent of the holders of the Senior Notes and Prior Senior Notes holding 66-2/3%
of the aggregate principal amount of the Senior Notes and the Prior Senior Notes, collectively, other than certain permitted distributions,
(iii) the Company and certain of its subsidiaries will not sell, lease, assign, transfer or otherwise dispose of any assets of
the Company or any such subsidiary, except for certain permitted dispositions (including the sales of inventory or receivables
in the ordinary course of business), and (iv) the Company and certain of its subsidiaries will not issue any capital stock or membership
interests for any purpose other than to pay down a portion of all of the amounts owed under the Senior Notes and Prior Senior Notes
and in connection with the Company&rsquo;s stock incentive plans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Senior Notes are secured
by a first-priority security interest in the Company&rsquo;s ownership interest in its wholly-owned subsidiary, PE Op. Co., pursuant
to the terms of an amendment to an existing Security Agreement with respect to the Prior Senior Notes. The amendment was entered
into on June 30, 2017 by and among the Company, the Investors, the holders of the Prior Senior Notes and Cortland Capital Market
Services LLC, as collateral agent (the &ldquo;<B>First Amendment</B>&rdquo;). The First Amendment amends a Security Agreement dated
December 15, 2016 by and among the Company, the holders of the Prior Senior Notes and Cortland Capital Market Services LLC, as
collateral agent (&ldquo;<B>Security Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Note Purchase Agreement, Consent, Senior Notes, Security Agreement and the First Amendment and the transactions contemplated
thereby is only a summary, does not purport to be complete, and is qualified in its entirety by reference to the full text of the
Note Purchase Agreement, Consent, form of Senior Note, Security Agreement and First Amendment, copies of which are attached to
this Current Report on Form 8-K as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5, respectively. The Note Purchase Agreement, Consent,
form of Senior Note, Security Agreement and First Amendment have been attached as exhibits to provide investors with information
regarding their terms. They are not intended to provide any other factual information about the Company or the Investors (or any
of their respective subsidiaries or affiliates) or any other parties. The representations, warranties and covenants contained in
the Note Purchase Agreement, form of Senior Note, Security Agreement and the First Amendment were made solely for the purposes
of the Note Purchase Agreement and the benefit of the parties to those agreements and may be subject to limitations agreed upon
by the contracting parties. Certain of the representations and warranties have been made for the purposes of allocating contractual
risk between the parties to the agreement instead of establishing these matters as facts. The Company&rsquo;s investors are not
third-party beneficiaries under the Note Purchase Agreement. In addition, the representations and warranties contained in the Note
Purchase Agreement, Security Agreement and the First Amendment (i) were made only as of the dates specified in the Note Purchase
Agreement, Security Agreement and the First Amendment, respectively, and (ii) in some cases are subject to qualifications with
respect to materiality, knowledge and/or other matters, including standards of materiality applicable to the contracting parties
that differ from those applicable to investors. Moreover, information concerning the subject matter of the representations and
warranties may change after the dates of the Note Purchase Agreement, Senior Notes, Security Agreement and the First Amendment
which subsequent information may or may not be fully reflected in the Company&rsquo;s public disclosures. Accordingly, investors
should not rely on the representations and warranties as characterizations of the actual state of facts or condition of the Company
or the Investors (or any of their respective subsidiaries or affiliates) or any other parties.</P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I>Secured Promissory Notes &ndash; ICP
Acquisition</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On June 26, 2017, the Company,
through its wholly-owned direct subsidiary Pacific Ethanol Central, LLC, a Delaware limited liability company (&ldquo;<B>Central</B>&rdquo;)
and ICP Merger Sub, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of Central (&ldquo;<B>Merger
Sub</B>&rdquo;), entered into an Agreement and Plan of Merger (the &ldquo;<B>Merger Agreement</B>&rdquo;) with Illinois Corn Processing
LLC (&ldquo;<B>ICP</B>&rdquo;), Illinois Corn Processing Holdings Inc. (&ldquo;<B>ICPH</B>&rdquo;) and MGPI Processing, Inc. (&ldquo;<B>MGPI</B>&rdquo;,
and together with ICPH, the &ldquo;<B>Sellers</B>&rdquo;). On July 3, 2017, the transactions contemplated by the Merger Agreement
were consummated and Merger Sub was merged with and into ICP (the &ldquo;<B>Merger</B>&rdquo;), with ICP surviving the Merger (the
&ldquo;<B>Surviving Company</B>&rdquo;) as a wholly-owned direct subsidiary of Central and a wholly-owned indirect subsidiary of
the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">At the closing of the Merger,
on July 3, 2017, Merger Sub issued to the Sellers secured promissory notes in the aggregate principal amount of $46,694,652 (the
&ldquo;<B>Seller Notes</B>&rdquo;). Central and the Surviving Company are also a party to the Seller Notes. The principal amount
of the Seller Notes issued at closing included an upward estimated working capital adjustment of an aggregate of $694,652 and is
subject to further upward or downward adjustment based on the final determination of a customary working capital adjustment under
the terms of the Merger Agreement. The Seller Notes will mature on January 3, 2019 (the &ldquo;<B>Maturity Date</B>&rdquo;). Interest
on the outstanding principal amount of the Seller Notes will accrue at a rate equal to (i) the three-month LIBOR plus 5.0% from
July 3, 2017 through October 3, 2017, (ii) LIBOR plus 8% between October 4, 2017 and July 3, 2018, and (iii) LIBOR plus 10% between
July 4, 2018 and the Maturity Date. Upon the occurrence, and during the continuance, of an event of default, interest will accrue
on the outstanding principal and overdue interest on the Seller Notes at a rate equal to 2% per annum above the interest rate otherwise
applicable. All outstanding principal and accrued interest on the Seller Notes will be payable on the Maturity Date. All outstanding
principal and accrued interest shall be payable on demand upon the occurrence, and during the continuance, of an event of default.
The Seller Notes may be prepaid, at the option of the Surviving Company, without premium or penalty, at any time. The Surviving
Company is obligated to prepay the Seller Notes with any net cash proceeds received by the Surviving Company in excess of $1,000,000
over the term of the Seller Notes from the sale, assignment, lease or other transfer of any of the Surviving Company&rsquo;s assets.
The Surviving Company is also required to prepay the Seller Notes with of any net cash proceeds in excess of $30,000,000 from insurance,
condemnation awards or other compensation in respect of one or more casualty events involving any of the Surviving Company&rsquo;s
properties. The Seller Notes contain a variety of events of default which are typical for transactions of this type.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The payments due under
the Seller Notes will rank senior to all other indebtedness of the Surviving Company. The Seller Notes contain a variety of obligations
on the part of the Surviving Company not to engage in certain activities, which are typical for transactions of this type, including
that the Surviving Company will not incur other indebtedness, except for certain permitted indebtedness.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Seller Notes are secured
by a first priority lien on the assets of the Surviving Company and a pledge of the membership interests of the Surviving Company
by Central.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The description of the
Merger Agreement and Seller Notes included in this Report and the transactions contemplated thereby is only a summary, does not
purport to be complete, and is qualified in its entirety by reference to the full text of the Merger Agreement and the Seller Notes,
copies of which are attached to this Current Report on Form 8-K as Exhibits 2.1, 10.6 and 10.7, respectively. The Merger Agreement
and the Seller Notes have been attached as exhibits to provide investors with information regarding their terms. It is not intended
to provide any other factual information about the Company (or any of its subsidiaries or affiliates). The representations, warranties
and covenants contained in the Merger Agreement and the Seller Notes were made solely for the purposes of the transactions contemplated
thereby and for the benefit of the parties thereto and may be subject to limitations agreed upon by the contracting parties. Certain
of the representations and warranties have been made for the purposes of allocating contractual risk between the parties to the
agreement instead of establishing these matters as facts. The Company&rsquo;s investors are not third-party beneficiaries under
the Merger Agreement or the Seller Notes. In addition, the representations and warranties contained in the Merger Agreement and
the Seller Notes (i) were made only as of the dates specified in each such document, and (ii) in some cases are subject to qualifications
with respect to materiality, knowledge and/or other matters, including standards of materiality applicable to the contracting parties
that differ from those applicable to investors. Moreover, information concerning the subject matter of the representations and
warranties may change after the date of the Merger Agreement and the Seller Notes, which subsequent information may or may not
be fully reflected in the Company&rsquo;s public disclosures. Accordingly, investors should not rely on the representations and
warranties as characterizations of the actual state of facts or condition of the Company or any of its subsidiaries or affiliates.</P>

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

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

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 2.01</B></TD><TD STYLE="text-align: justify"><B>Completion of Acquisition or Disposition of Assets</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As described above under
Item 1.01, the Company acquired ICP pursuant to the terms of the Merger Agreement on July 3, 2017. At the effective time of the
Merger, Merger Sub was merged with and into ICP, with ICP surviving the Merger as a wholly-owned direct subsidiary of Central and
a wholly-owned indirect subsidiary of the Company. At the closing of the Merger, Merger Sub issued the Seller Notes and paid $30,000,000
in cash to the Sellers. The disclosures regarding the Merger and the Merger Agreement contained above under Item 1.01 are incorporated
herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">ICP is a 90 million gallon
per year fuel and industrial alcohol manufacturing, storage and distribution facility located on the Illinois River adjacent to
the Company&rsquo;s facilities in Pekin, Illinois. ICP produces fuel-grade ethanol, beverage and industrial-grade alcohol, dry
distillers grain (DDG) and corn oil. ICP&rsquo;s assets consist primarily of its facility and real property in Pekin, Illinois.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 2.03.</B></TD><TD STYLE="text-align: justify"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a Registrant.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">As described above under Item
1.01, on June 30, 2017, the Company issued $13,948,078 in aggregate principal amount of its Senior Notes. The disclosures regarding
the Senior Notes contained above under Item 1.01 are incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">As also described above under
Item 1.01, on July 3, 2017, Merger Sub issued $46,694,652 in aggregate principal of its Seller Notes. The disclosures regarding
the Seller Notes contained above under Item 1.01 are incorporated herein by reference.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01.</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: left"><I>Financial Statements of Businesses Acquired</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The financial information
required by this item with respect to the Merger will be filed as soon as practicable, and in any event not later than 71 days
after the date on which this Current Report on Form 8-K is required to be filed pursuant to Item 2.01.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: left"><I>Pro Forma Financial Information</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The pro forma financial information
required by this item with respect to the Merger will be filed as soon as practicable, and in any event not later than 71 days
after the date on which this Current Report on Form 8-K is required to be filed pursuant to Item 2.01.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: left"><I>Exhibits</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: left; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Number</U></FONT></TD>
    <TD STYLE="width: 80%; text-align: left; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817001662/paceth_8k-ex0201.htm">Agreement and Plan of Merger, dated June 26, 2017, by and among Pacific Ethanol Central, LLC, ICP Merger Sub, LLC, Illinois Corn Processing, LLC, Illinois Corn Processing Holdings Inc., and MGPI Processing, Inc.</A>&nbsp;&nbsp;(#)(*)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817001662/paceth_8k-ex1001.htm">Note Purchase Agreement, dated June 26, 2017, by and among Pacific Ethanol, Inc. and the Investors</A> (*)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817001662/paceth_8k-ex1002.htm">Consent of Holders and Amendment of Senior Secured Notes, dated June 26, 2017, by and among the Investors and the other holders identified therein</A> (*)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1003.htm">Form of Senior Note for an aggregate principal amount of $13,948,078 issued on June 30, 2017 pursuant to the Note Purchase Agreement, dated June 26, 2017, by and among Pacific Ethanol, Inc. and the investors party thereto</A> (***)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316816000999/paceth_8k-ex1004.htm">Security Agreement, dated December 15, 2016, by and among Pacific Ethanol, Inc., Cortland Capital Market Services LLC and the holders of Pacific Ethanol, Inc.&rsquo;s Prior Senior Note</A>s (**)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1005.htm">First Amendment to Security Agreement, dated June 30, 2017, by and among Pacific Ethanol, Inc., Cortland Capital Market Services LLC and the holders of Pacific Ethanol, Inc.&rsquo;s Senior Notes and Prior Senior Notes</A> (***)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1006.htm">Promissory Note issued to Illinois Corn Processing Holdings Inc. on July 3, 2017</A> (***)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1007.htm">Promissory Note issued to MGPI Processing, Inc. on July 3, 2017</A> (***)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">___________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">(#)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="background-color: white">&nbsp;&nbsp;&nbsp;The
Agreement and Plan of Merger filed as Exhibit 2.1 omits certain exhibits and the disclosure schedules to the Merger Agreement
pursuant to Item 601(b)(2) of Regulation S-K promulgated by the SEC. The Company agrees to furnish on a supplemental basis a copy
of the omitted exhibits and schedules to the SEC upon request.</FONT><BR>
(*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed as an exhibit to the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission
on June 27, 2017.<BR>
(**)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed as an exhibit to the Company&rsquo;s Current Report on Form 8-K filed with the Securities and Exchange Commission
on December 20, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">(***)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed
herewith.</P>

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">Date: July 5, 2017</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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<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; text-indent: -3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 18%; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>Number</U></FONT></TD>
    <TD STYLE="width: 82%; text-align: left; text-indent: 0in"><FONT STYLE="font-size: 10pt"><U>Description</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1003.htm">Form of Senior Note for an aggregate principal amount of $13,948,078 issued on June 30, 2017 pursuant to the Note Purchase Agreement, dated June 26, 2017, by and among Pacific Ethanol, Inc. and the investors party thereto</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1005.htm">First Amendment to Security Agreement, dated June 30, 2017, by and among Pacific Ethanol, Inc., Cortland Capital Market Services LLC and the holders of Pacific Ethanol, Inc.&rsquo;s Senior Notes and Prior Senior Notes</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1006.htm">Promissory Note issued to Illinois Corn Processing Holdings Inc. on July 3, 2017</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt"><A HREF="paceth_ex1007.htm">Promissory Note issued to MGPI Processing, Inc. on July 3, 2017</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: justify; text-indent: 0in">&nbsp;</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>paceth_ex1003.htm
<DESCRIPTION>FORM OF SENIOR NOTE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="color: Black">Exhibit 10.3</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>THE ISSUANCE
AND SALE OF THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)&nbsp;IN THE ABSENCE
OF (A)&nbsp;AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B)&nbsp;AN
OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION
IS NOT REQUIRED UNDER SAID ACT OR (II)&nbsp;UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO AN EXEMPTION. NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY
THE SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTION 8 HEREOF.</B></FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black">Senior
Secured Note</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Black">Note No.: J17-[_]</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 50%"><FONT STYLE="color: Black">Issuance Date: June 30, 2017</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="color: Black">$[__________]</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>FOR VALUE
RECEIVED, </B>Pacific Ethanol, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), hereby promises to pay to the
order of <B>[____________________]</B> or its registered assigns (&ldquo;<B>Holder</B>&rdquo;) the amount set out above (as reduced
pursuant to the terms hereof pursuant to redemption or otherwise, the &ldquo;<B>Principal</B>&rdquo;) when due, whether upon the
Maturity Date, acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest (&ldquo;<B>Interest</B>&rdquo;)
on any outstanding Principal (as defined above) at the applicable Interest Rate (as defined below) from the date set out above
as the Issuance Date (the &ldquo;<B>Issuance Date</B>&rdquo;) until the same becomes due and payable, whether upon the Maturity
Date, acceleration, redemption or otherwise (in each case in accordance with the terms hereof). This Senior Secured Note (including
all Senior Secured Notes issued in exchange, transfer or replacement hereof, this &ldquo;<B>Note</B>&rdquo;) is one of an issue
of Senior Secured Notes issued pursuant to the Additional Purchase Agreement (as defined below) on the Issuance Date (collectively,
the &ldquo;<B>Additional Notes</B>&rdquo;, and together with the Initial Notes (as defined below), the &ldquo;<B>Notes</B>&rdquo;,
and such other Senior Secured Notes issued pursuant to the Additional Purchase Agreement on the Issuance Date, together with the
Initial Notes, the &ldquo;<B>Other Notes</B>&rdquo;). Certain capitalized terms used herein are defined in Section&nbsp;19.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black"><B>THE OBLIGATIONS
DUE UNDER THIS SENIOR SECURED NOTE ARE SECURED BY A SECURITY AGREEMENT (AS AMENDED, THE &ldquo;SECURITY AGREEMENT&rdquo;) DATED
AS OF DECEMBER 15, 2016 AND EXECUTED BY THE COMPANY FOR THE BENEFIT OF THE HOLDER. ADDITIONAL RIGHTS OF THE HOLDER ARE SET FORTH
IN THE SECURITY AGREEMENT. </B></FONT></P>

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> PAYMENTS OF PRINCIPAL.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, all
accrued and unpaid Interest and accrued and all other unpaid amounts hereunder. Any such payment shall be applied pro&nbsp;rata
to the Note and the Other Notes in accordance with the respective Principal amounts thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, at its sole option, at any time prepay this Note, without premium or penalty, in whole or in part, on
one (1) Business Day&rsquo;s prior written notice to the Holder, at a prepayment price equal to the amount of outstanding Principal
so to be prepaid, together with accrued and unpaid Interest on such Principal, if any, through the date of such prepayment. Any
such payment shall be applied pro&nbsp;rata to the Note and the Other Notes in accordance with the respective Principal amounts
thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>INTEREST; INTEREST RATE. Interest on this Note shall accrue at the applicable Interest Rate and shall commence accruing
on the Issuance Date and Interest shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable
in cash to the record Holder in arrears on March 15, June 15, September 15 and December 15 of each calendar year, beginning with
September&nbsp;15, 2017 and ending on the repayment of the Note. From and after the occurrence and during the continuance of any
Event of Default, the applicable Interest Rate shall automatically be increased by two percent (2%) per annum above the Interest
Rate otherwise applicable in accordance with the terms hereof, and all such interest shall be payable on demand. In the event
that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective
as of the date of such cure, <U>provided</U> that the Interest as calculated and unpaid at such increased rate during the continuance
of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default
through and including the date of such cure of such Event of Default.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> RIGHTS UPON EVENT OF DEFAULT.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Event of Default</U>. Each of the following events shall constitute an &ldquo;<B>Event of Default</B>&rdquo;:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company&rsquo;s failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under
this Note, the Security Agreement or the Additional Purchase Agreement, except, in the case of a failure to pay Interest or other
non-Principal amounts when and as due, in which case only if such failure remains uncured for a period of at least five (5)&nbsp;days;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall
be instituted by or against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third
party, shall not be dismissed within sixty (60)&nbsp;days of their initiation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state
or foreign bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a
bankrupt or insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of
the Company or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy,
insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against
it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state
or foreign law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial
part of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of
debts, or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability
to pay its debts generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance
of any such action or the taking of any action by any Person to commence a UCC foreclosure sale or any other similar action under
federal, state or foreign law or of any substantial part of the Company&rsquo;s property or any substantial part of any Subsidiary&rsquo;s
property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the entry by a court of (i)&nbsp;a decree, order, judgment or other similar document in respect of the Company or any Subsidiary
of a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or (ii)&nbsp;a decree, order, judgment or other similar document adjudging the Company or any Subsidiary
as bankrupt or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment
or composition of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii)&nbsp;a
decree, order, judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator
or other similar official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such
other decree, order, judgment or other similar document unstayed and in effect for a period of thirty (30)&nbsp;consecutive days;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>a
final judgment, judgments, any arbitration or mediation award or any settlement of any litigation or any other satisfaction of
any claim made by any Person pursuant to any litigation, as applicable, (each a &ldquo;<B>Judgment</B>&rdquo;, and collectively,
the &ldquo;<B>Judgments</B>&rdquo;) with respect to the payment of cash, securities and/or other assets with an aggregate fair
market value in excess of $2,000,000 are rendered against, agreed to or otherwise accepted by, the Company and/or any of its Subsidiaries
and which Judgments are not, within thirty (30)&nbsp;days after the entry thereof, bonded, discharged or stayed pending appeal,
or are not discharged within thirty (30)&nbsp;days after the expiration of such stay; <U>provided</U>, <U>however</U>, that any
Judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $2,000,000
amount set forth above so long as the Company provides the Holder written evidence of such insurance coverage or indemnity (which
evidence shall be reasonably satisfactory to the Holder) to the effect that such Judgment is covered by insurance or an indemnity
and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity prior to the
later of (i)&nbsp;thirty (30)&nbsp;days after the issuance of such Judgment or (ii)&nbsp;any requirement to pay such Judgment;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company and/or any Subsidiary, individually or in the aggregate, fails to pay, when due, or within any applicable grace
period, any payment with respect to any Indebtedness in excess of $2,000,000 due to any third party or is otherwise in breach
or violation of any agreement for monies owed or owing in an amount in excess of $2,000,000, which breach or violation results
in the acceleration of amounts due thereunder or permits the other party thereto to accelerate amounts due thereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any breach or failure in any respect by the Company to comply with any provision of this Note or any other Transaction
Document for thirty (30)&nbsp;days after delivery to the Company of notice of such breach or failure by or on behalf of a Secured
Party (as defined in the Security Agreement) or the Agent (as defined in the Security Agreement) or thirty (30) days after an
officer of the Company has knowledge of such breach or failure, unless such default is capable of cure but cannot be cured within
such time frame and the Company is using best efforts to cure the same in a timely manner;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Material Adverse Change occurs (other than any Excluded Event) and is not otherwise cured within thirty (30)&nbsp;days
of written notice thereof by the Required Holders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any provision of any Transaction Document (shall at any time for any reason (other than pursuant to the express terms thereof)
cease to be valid and binding on or enforceable against the parties thereto, or the validity or enforceability thereof shall be
contested by any party thereto, or a proceeding shall be commenced by the Company or any Subsidiary or any governmental authority
having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company or any Subsidiary
shall deny in writing that it has any liability or obligation purported to be created under any Transaction Document to which
it is a party, or any Lien created by the Security Agreement ceases to be enforceable and of the same effect and priority purported
to be created thereby, other than as expressly permitted thereunder or thereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Fundamental Transaction occurs without the written consent of the Required Holders;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Event of Default (as defined in the Security Agreement) occurs with respect to the Security Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any representation, warranty, certification or other statement of fact made or deemed made by or on behalf of the Company
herein or in any other Transaction Document proves to have been false or misleading in any material respect on or as of the date
made or deemed made; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Subordinated Indebtedness cease for any reason to be validly subordinated to the Indebtedness evidenced by this Note,
or the Company, any Subsidiary or any holder thereof (or its trustee or agent) so asserts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Black">Upon the occurrence
of an Event of Default with respect to this Note or any Other Note, the Company shall promptly deliver written notice thereof
via facsimile and overnight courier (with next day delivery specified) (an &ldquo;<B>Event of Default Notice</B>&rdquo;) to the
Holder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">Notwithstanding
anything to the contrary set forth above or elsewhere herein, the following Indebtedness and obligations, and any defaults with
respect thereto, shall not constitute an Event of Default under Section&nbsp;3.1(f) above: (i)&nbsp;any payments contested by
the Company and/or such Subsidiary (as the case may be) in good faith by proper proceedings and with respect to which adequate
reserves have been set aside for the payment thereof in accordance with GAAP and, with respect to any subsidiary, such default
is otherwise resolved in a manner which does not result in a Material Adverse Change; and (ii)&nbsp;with respect to any Subsidiary,
any default with respect to a non-recourse obligation and such default does not otherwise result in a Material Adverse Change.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an Event of Default (other than an Event of Default specified in Section&nbsp;3.1(b), (c) or (d)&nbsp;above) occurs,
then the Holder may, by written notice to the Company, declare this Note to be forthwith due and payable, as to Principal, Interest
and any other amounts due hereunder, whereupon this Note shall become forthwith due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby expressly waived by the Company. If any Event of Default specified
in Section&nbsp;3.1(b), (c) or (d) above occurs, the Principal of and accrued Interest on this Note shall automatically forthwith
become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by
the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Event of Default occurs and is continuing, the Holder may pursue any available remedy to collect the payment of
Principal, Interest and any other amounts due under this Note or to enforce the performance of any provision of this Note. If
an Event of Default occurs and is continuing, the holder of this Note may proceed to protect and enforce its rights by an action
at law, suit in equity or other appropriate proceeding. No course of dealing and no delay on the part of the holder of this Note
in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&rsquo;s rights,
powers or remedies. No right, power or remedy conferred by this Note upon the holder hereof shall be exclusive of any other right,
power or remedy referred to herein or now or hereafter available at law, in equity, by statute or otherwise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of
incorporation, bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may
be required to protect the rights of the Holder of this Note.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> COVENANTS. Until all of the Notes have been redeemed or otherwise satisfied in accordance with their terms:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: Black">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rank</U>. All payments due under this Note (a)&nbsp;shall rank <I>pari&nbsp;passu </I>with all Other Notes and (b)&nbsp;shall
be senior to all other Indebtedness of the Company (excluding any other Permitted Indebtedness of the Company).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incurrence of Indebtedness</U>. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, incur or guarantee, assume or suffer to exist any Indebtedness (other than (i)&nbsp;the Indebtedness evidenced
by this Note and the Other Notes and (ii)&nbsp;Permitted Indebtedness).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Existence of Liens</U>. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, allow or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in
any property or assets owned by the Company or any of its Subsidiaries (collectively, &ldquo;<B>Liens</B>&rdquo;) other than Permitted
Liens.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Payments</U>. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly
or indirectly, redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents
(in whole or in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion
of any Indebtedness (other than Permitted Payments with respect to any Permitted Indebtedness), whether by way of payment in respect
of principal of (or premium, if any) or interest on, such Indebtedness if at the time such payment is due or is otherwise made
or, after giving effect to such payment, (i)&nbsp;an event constituting an Event of Default has occurred and is continuing or
(ii)&nbsp;an event that with the passage of time and without being cured would constitute an Event of Default has occurred and
is continuing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restriction on Redemption and Cash Dividends</U>. Except for any Permitted Distributions, the Company shall not, and
the Company shall cause each of its Subsidiaries to not, directly or indirectly, redeem, repurchase or pay any cash dividend or
distribution on any of its capital stock without the prior express written consent of the Required Holders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restriction on Transfer of Assets</U>. The Company shall not, and the Company shall cause each of its Subsidiaries to
not, directly or indirectly, sell, lease, license, assign, transfer, convey or otherwise dispose of any assets or rights of the
Company or any Subsidiary owned or hereafter acquired whether in a single transaction or a series of related transactions, other
than (i)&nbsp;sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets or rights by
the Company and its Subsidiaries that are in the ordinary course of their respective businesses and, after giving effect thereto,
would not result in a Material Adverse Change, (ii)&nbsp;sales of product, inventory or receivables in the ordinary course of
business, or (iii)&nbsp;Permitted Payments.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Change in Nature of Business</U>. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, engage in any material line of business substantially different from those lines of business conducted
by the Company and each of its Subsidiaries on the Issuance Date or any business substantially related or incidental thereto.
The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly, modify its or their
corporate structure or purpose in any material respect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preservation of Existence, Etc.</U> The Company shall maintain and preserve, and cause each of its Subsidiaries to maintain
and preserve, its existence, rights and privileges, and become or remain, and cause each of its Subsidiaries to become or remain,
duly qualified and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in
which the transaction of its business makes such qualification necessary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Properties, Etc.</U> The Company shall maintain and preserve in all material respects, and cause each
of its Subsidiaries to maintain and preserve in all material respects, all of its properties which are necessary or useful in
the proper conduct of its business in good working order and condition, ordinary wear and tear excepted, and comply, and cause
each of its Subsidiaries to comply, at all times with the provisions of all material leases to which it is a party as lessee or
under which it occupies property, so as to prevent any material loss or forfeiture thereof or thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Maintenance
of Insurance</U>. The Company shall maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable
insurance companies or associations (including, without limitation, comprehensive general liability, hazard, rent and business
interruption insurance) with respect to its properties (including all real properties leased or owned by it) and business, in
such amounts and covering such risks as is required by any governmental authority having jurisdiction with respect thereto or
as is carried generally in accordance with sound business practice by companies in similar businesses similarly situated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Equity
Issuances</U>. The Company shall not, and the Company shall cause each of its applicable Subsidiaries to not, issue additional
capital stock or membership interests, as the case may be, for any purpose other than (i) to pay down a portion or all of the
amounts owned under the Notes, and (ii) shares of the Company&rsquo;s Common Stock issued to directors, officers or employees
of the Company or its Subsidiaries (including the Excluded Subsidiaries) in their capacity as such pursuant to the Company&rsquo;s
stock incentive plans.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Investments
in Subsidiaries</U>. Except for any Permitted Investments, the Company shall not, and the Company shall cause each of its Subsidiaries
to not, directly or indirectly, lend money or credit (by way of guarantee or otherwise) or make advances to any Excluded Subsidiary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Delivery
of Financial Statements; Information</U>. If the Company is no longer required to file with the Securities and Exchange Commission
(the &ldquo;<B>SEC</B>&rdquo;) quarterly and annual reports, including financial information that would be required to be contained
in a filing with the SEC on Forms 10-Q and 10-K, so long as any Principal or Interest is outstanding under this Note, the Company
shall furnish to the Holder such reports within 15 days after it would be required to file them with the SEC in substantially
the form as would be required to file with the SEC if it were required to do so. The Company shall furnish such other information
respecting the business, condition (financial or otherwise), operations, performance, properties or prospects of the Company and
its subsidiaries as the Holder may reasonably request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">5.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transactions
with Affiliates</U>. The Company shall not, and the Company shall cause each of its Subsidiaries not to, directly or indirectly,
enter into or be a party to any transaction, including any purchase, sale, lease, exchange or transfer of property, the rendering
of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than the Holder or holders
of any Other Notes and their respective Affiliates) unless such transaction is on fair and reasonable terms and conditions no
less favorable to Company or the relevant Subsidiary, as the case may be, than those that would have been obtained in a comparable
transaction on an arm&rsquo;s length basis from an unrelated Person.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> AMENDING THE TERMS OF THIS NOTE. No provision of this Note may be modified or amended without the prior written consent
of the Required Holders and the Company and upon such due modification or amendment, such modification or amendment shall apply
to the Note and all of the Other Notes; <U>provided</U>, <U>however</U>, that (a)&nbsp;no such modification or amendment shall,
without the consent of the Holder hereunder, change the stated maturity date of this Note, or reduce the principal amount hereof,
or reduce the rate or extend the time of payment of any interest hereon, or reduce any amount payable on redemption or prepayment
hereof, impair or affect the right of the Holder to receive payment of principal of, and interest on, the Notes or to institute
suit for payment thereof, or impair or affect the right of the Holder to receive any other payment provided for under this Note,
or change the definition of Required Holders, or change the pro rata sharing provisions of this Note and (b)&nbsp;the Holder hereunder
may waive, reduce or excuse, or forbear from the exercise of any rights and remedies with respect to, any Event of Default under
this Note without notice to or the consent of any holder of any of the Other Notes.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> TRANSFER. This Note may be offered, sold, assigned or transferred by the Holder in whole or in part, subject only to the
provisions of the restrictive legend set forth at the top of the first page of this Note; <U>provided</U> that, so long as no
Event of Default has occurred and is continuing, any such sale, assignment or transfer shall be subject to the prior written consent
of the Company, which consent shall not be unreasonably withheld, delayed or conditioned; <U>provided</U>, <U>further</U>, that
any partial offer, sale, assignment or transfer of this Note shall be in a principal amount not less than $500,000.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> REISSUANCE OF THIS NOTE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Transfer</U>. If this Note is to be transferred as permitted under Section&nbsp;7 above, the Holder shall surrender
this Note to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Note (in accordance
with Section&nbsp;8.3), registered as the Holder may request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lost, Stolen or Mutilated Note</U>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Note, the Company shall execute and deliver to the Holder a new Note (in accordance with Section&nbsp;8.3) representing the outstanding
Principal.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of New Notes</U>. Whenever the Company is required to issue a new Note pursuant to the terms of this Note,
such new Note (i)&nbsp;shall be of like tenor with this Note, (ii)&nbsp;shall represent, as indicated on the face of such new
Note, the Principal remaining outstanding, (iii)&nbsp;shall have an issuance date, as indicated on the face of such new Note,
which is the same as the Issuance Date of this Note, (iv)&nbsp;shall have the same rights and conditions as this Note, and (v)&nbsp;shall
represent accrued and unpaid Interest on the Principal and Interest of this Note, from the Issuance Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note, under the Security Agreement, at law or in equity
(including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder&rsquo;s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note or any other
Transaction Document. The Company covenants to the Holder that there shall be no characterization concerning this instrument other
than as expressly provided herein. Amounts set forth or provided for herein with respect to payments, conversion and the like
(and the computation thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein,
be subject to any other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of
its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition
to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without
any bond or other security being required. The Company shall provide all information and documentation to the Holder that is requested
by the Holder to enable the Holder to confirm the Company&rsquo;s compliance with the terms and conditions of this Note (including,
without limitation, compliance with Section&nbsp;5).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a)&nbsp;this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b)&nbsp;there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors&rsquo; rights and involving a claim under this Note, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys&rsquo; fees and disbursements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and the Holder and shall not be
construed against any Person as the drafter hereof. The headings of this Note are for convenience of reference and shall not form
part of, or affect the interpretation of, this Note. Terms used in this Note but defined in the other Transaction Documents shall
have the meanings ascribed to such terms on the Issuance Date in such other Transaction Documents unless otherwise consented to
in writing by the Holder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is
in writing and signed by an authorized representative of the waiving party.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>NOTICES; CURRENCY; PAYMENTS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">13.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice
shall be given in accordance with Section&nbsp;6.5 of the Additional Purchase Agreement. The Company shall provide the Holder
with prompt written notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action
and the reason therefore.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">13.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Currency</U>. All principal, interest and other amounts owing under this Note that, in accordance with the terms hereof,
are paid in cash shall be paid in U.S. dollars. All amounts denominated in other currencies shall be converted to the U.S.&nbsp;dollar
equivalent amount in accordance with the Exchange Rate on the date of calculation. &ldquo;<B>Exchange Rate</B>&rdquo; means, in
relation to any amount of currency to be converted into U.S.&nbsp;dollars pursuant to this Note, the U.S.&nbsp;dollar exchange
rate as published in <I>The Wall Street Journal</I> on the relevant date of calculation (it being understood and agreed that where
an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the final date of such
period of time).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">13.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payments</U>. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless
otherwise expressly set forth herein, such payment shall be made in lawful money of the United States of America by wire transfer
of immediately available funds in accordance with the Holder&rsquo;s wire transfer instructions. Whenever any amount expressed
to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead be due on the next succeeding
day which is a Business Day, with interest accruing until paid.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DISCLOSURE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">14.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In connection with information that is either required or permitted to be disclosed to the Holder in such Holder&rsquo;s
capacity as the holder of this Note, on the date such information is to be disclosed, the Company may provide the Holder with
such information; <U>provided</U> either that (i) such information does not contain Non-Public Information, or (ii) if such information
does contain Non-Public Information, such information is Consented Information (as defined below).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">14.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any such information to be disclosed contains Non-Public Information, the Company shall provide to the Holder a written
notice (which notice shall, for the avoidance of doubt, not contain or constitute Non-Public Information), containing the following
information: (A)&nbsp;a statement as to whether the information is required to be disclosed under the terms of this Note, (B)
if the information is not so required to be disclosed, a statement that the Company or other applicable Person desires voluntarily
to disclose such information, (C)&nbsp;a general description of such information (which description shall not include, and shall
not constitute, Non-Public Information), (D)&nbsp;a statement as to whether the Holder is required or permitted to take some specific
action as a lender under this Note, (E)&nbsp;a statement that such information contains Non-Public Information, and (F)&nbsp;a
statement seeking the consent of the Holder to receive such Non-Public Information. Within two (2) Business Days of the date of
the notice contemplated in the preceding sentence, the Holder shall advise the Company in writing whether it consents to the receipt
of such Non-Public Information (any information for which such consent is provided, <B>&ldquo;Consented Information&rdquo;</B>).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">14.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event any Non-Public Information is provided to the Holder by the Company, the Company shall promptly and in compliance
with applicable law publicly disclose such Non-Public Information on a Current Report on Form 8-K or otherwise, within four (4)
Business Days of (or such other period of time as may be expressly agreed to in writing by the Investor and the Company in connection
with such disclosure) the disclosure thereof to the Holder (<U>provided</U> that the Company shall provide the Holder a draft
of each such Form 8-K at least two (2) Business Days prior to filing thereof). If the Company fails to disclose any Non-Public
Information in accordance with the immediately preceding sentence, the Holder may publicly disclose such information by issuing
a press release containing such information, or otherwise, within one Business Day of providing Notice to the Company of such
intended disclosure. The Holder shall have no liability to the Company, any of its Subsidiaries, or any of its or their respective
officers, directors, employees, stockholders or agents, for any such disclosure.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">14.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In no event shall the Company intentionally provide the Holder with any Non-Public Information without the prior written
consent of the Holder. In the absence of any written notice that information provided by the Company contains Non-Public Information,
the Holder may presume that such information (including the notice of such information) does not constitute Non-Public Information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CANCELLATION. After all Principal, accrued Interest and other amounts at any time owed on this Note have been paid in full
(a)&nbsp;this Note shall automatically be deemed canceled without any action by or notice to Holder or Company and (b)&nbsp;the
Holder shall promptly mark this Note as cancelled, shall promptly surrender this Note to the Company and this Note shall not be
reissued.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>WAIVER OF NOTICE. Except for the notices specifically required by this Note or any other Transaction Document, to the extent
permitted by applicable law, the Company hereby irrevocably waives demand, notice, presentment, protest and all other demands
and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Additional Purchase
Agreement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>GOVERNING LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of New York, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for
the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. In the event that any provision of this Note is invalid or unenforceable under
any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable
under any law shall not affect the validity or enforceability of any other provision of this Note. Nothing contained herein shall
be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction
to collect on the Company&rsquo;s obligations to the Holder, to realize on any collateral or any other security for such obligations,
or to enforce a judgment or other court ruling in favor of the Holder. <B>THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING
OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or
other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Company to the Holder and thus refunded to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Additional Purchase Agreement</B>&rdquo; means the Note Purchase Agreement, dated as of June 26, 2017, by and
among the Company, the Holder, and each other &ldquo;Investor&rdquo; (as defined therein) as amended, restated or otherwise modified
from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Business Day</B>&rdquo; means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to remain closed.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Common Stock</B>&rdquo; means (i)&nbsp;the Company&rsquo;s shares of common stock, $0.001 par value per share,
and (ii)&nbsp;any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Contingent Obligation</B>&rdquo; means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose
or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such
liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that
the holders of such liability will be protected (in whole or in part) against loss with respect thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Excluded Events</B>&rdquo; means (i)&nbsp;changes in the national or world economy or financial markets as a
whole, (ii)&nbsp;changes in general economic conditions taken as a whole that affect the industries in which the Company and its
Subsidiaries conduct their business, (iii)&nbsp;acts of terrorism or war, including the engagement by the United States of America
or any other country in hostilities, and whether or not pursuant to the declaration of a national emergency or war, or any earthquakes,
hurricanes or other natural disasters, and (iv)&nbsp;any financial statement impact of the transactions contemplated by the Transaction
Documents.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Excluded Subsidiaries</B>&rdquo; means Kinergy Marketing LLC, Pacific Ag. Products, LLC, Pacific Ethanol Development,
LLC, Pacific Ethanol Central, LLC, Pacific Ethanol Pekin, Inc., Pacific Ethanol Canton, LLC, Pacific Ethanol Aurora West, LLC,
Pacific Ethanol Aurora East, LLC and Pacific Aurora, LLC and each of their respective direct or indirect subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Fundamental Transaction</B>&rdquo; means that (A)&nbsp;the Company or any of its Subsidiaries shall, directly
or indirectly, in one or more related transactions, (i)&nbsp;consolidate or merge with or into (whether or not the Company or
any of its Subsidiaries is the surviving corporation) another Person or Persons, or (ii)&nbsp;sell, assign, transfer, convey or
otherwise dispose of all or substantially all of the properties or assets of the Company or any of its Subsidiaries to another
Person, or (iii)&nbsp;allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more
than 50% of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held
by the Person or Persons making or party to, or associated or affiliated with the Persons making or party to, such purchase, tender
or exchange offer), or (iv)&nbsp;consummate a securities purchase or business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50%
of the outstanding shares of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the
other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
securities purchase agreement or other business combination), or (v)&nbsp;reorganize, recapitalize or reclassify the Voting Stock
of the Company or (B)&nbsp;any &ldquo;person&rdquo; or &ldquo;group&rdquo; (as these terms are used for purposes of Sections&nbsp;13(d)
and 14(d) of the Exchange Act) is or shall become the &ldquo;beneficial owner&rdquo; (as defined in Rule&nbsp;13d-3 under the
Exchange Act), directly or indirectly, of 50% of the aggregate Voting Stock of the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>GAAP</B>&rdquo; means United States generally accepted accounting principles, consistently applied.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Indebtedness</B>&rdquo; of any Person means, without duplication (A)&nbsp;all indebtedness for borrowed money,
(B)&nbsp;all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without
limitation, &ldquo;capital leases&rdquo; in accordance with generally accepted accounting principles) (other than trade payables
entered into in the ordinary course of business), (C)&nbsp;all reimbursement or payment obligations with respect to letters of
credit, surety bonds and other similar instruments, (D)&nbsp;all obligations evidenced by notes, bonds, debentures or similar
instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses,
(E)&nbsp;all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing,
in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights
and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property),
(F)&nbsp;all monetary obligations under any leasing or similar arrangement which, in connection with generally accepted accounting
principles, consistently applied for the periods covered thereby, is classified as a capital lease, (G) all obligations of such
Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any equity interests in such Person or
any other Person or any warrants, rights or options to acquire such equity interests, valued, in the case of redeemable preferred
interests, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends, (H)&nbsp;all
indebtedness referred to in clauses&nbsp;(A) through (G) above secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any mortgage, claim, lien, tax, right of first refusal, encumbrance,
pledge, charge, security interest or other encumbrance upon or in any property or assets (including accounts and contract rights)
owned by any Person, even though the Person which owns such assets or property has not assumed or become liable for the payment
of such indebtedness, and (I)&nbsp;all Contingent Obligations in respect of indebtedness or obligations of others of the kinds
referred to in clauses&nbsp;(A) through (H)&nbsp;above.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Initial Notes</B>&rdquo; means those certain Senior Secured Notes in the aggregate principal amount of $55,000,000
issued pursuant to the Initial Purchase Agreement on December 15, 2016.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Initial Purchase Agreement</B>&rdquo; means the Note Purchase Agreement, dated as of December 12, 2016, by and
among the Company and each &ldquo;Investor&rdquo; (as defined therein) as amended, restated or otherwise modified from time to
time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Interest Rate</B>&rdquo; means a rate per annum equal to the 3-month London Interbank Offered Rate (&ldquo;<B>LIBOR</B>&rdquo;),
plus 7.0% (the &ldquo;<B>Interest Rate Spread</B>&rdquo;); <U>provided</U>, <U>however</U>, that on December 15, 2017 and December
15, 2018, the &ldquo;Interest Rate Spread&rdquo; shall be increased to 9.0% and 11.0%, respectively, and; <U>provided</U>, <U>further</U>,
that if at any time during the term of this Note LIBOR is less than 1.0% per annum, the &ldquo;Interest Rate&rdquo; shall equal
1.0% plus the amount of the then current &ldquo;Interest Rate Spread.&rdquo; The &ldquo;Interest Rate&rdquo; shall in all cases
be subject to adjustment as set forth in Section&nbsp;2.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Material Adverse Change</B>&rdquo; shall mean any set of circumstances or events which occur, arise or otherwise
take place from and after the Issuance Date which (a)&nbsp;has or could reasonably be expected to have any material adverse effect
whatsoever upon the validity or enforceability of this Note or any other Transaction Document, (b)&nbsp;is or could reasonably
be expected to be material and adverse to the business properties, assets, financial condition, results of operations or prospects
of the Company or the Company and any of Subsidiaries on a collective basis, (c)&nbsp;impairs materially or could reasonably be
expected to impair materially the ability of the Company to duly and punctually pay or perform any its obligations under this
Note or any other Transaction Document, or (d)&nbsp;materially impairs or could reasonably be expected to materially impair the
ability of Holder or, in the case of the Security Agreement, the Agent (as defined therein), to the extent permitted, to enforce
its legal rights and remedies pursuant to this Note or any other Transaction Document.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Maturity Date</B>&rdquo; shall mean December 15, 2019.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Non-Public Information</B>&rdquo; means material, non-public information relating to the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Permitted Distributions</B>&rdquo; means (a)&nbsp;dividends by Subsidiaries of the Company to the Company or
other Subsidiaries of the Company, and (b)&nbsp;current quarterly dividends required to be paid by the Company with respect to
the Company&rsquo;s Series&nbsp;B Cumulative Convertible Preferred Stock pursuant to the organizational documents of the Company
as in effect as of the Issuance Date on the Company. For the avoidance of doubt, to the extent that payment thereof is in the
form of Common Stock, payment of previously accrued and unpaid dividends with respect to the Company&rsquo;s Series&nbsp;B Cumulative
Convertible Preferred Stock outstanding as of the Issuance Date shall be deemed to be &ldquo;Permitted Distributions&rdquo;.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Permitted Indebtedness</B>&rdquo; means (i)&nbsp;Indebtedness evidenced by this Note and the Other Notes; (ii)&nbsp;Indebtedness
of any Excluded Subsidiary, (iii) any Indebtedness secured by a Permitted Lien (other than Indebtedness referred to in clause
(iv) of the definition of &ldquo;Permitted Lien&rdquo;), (iv) Indebtedness incurred by the Company that is made expressly subordinate
in right of payment to the Indebtedness evidenced by this Note, as reflected in a written agreement acceptable to the Holder and
approved by the Holder in writing, and which Indebtedness does not provide at any time for (1)&nbsp;the payment, prepayment, repayment,
repurchase or defeasance, directly or indirectly, of any principal or premium, if any, thereon until ninety-one (91)&nbsp;days
after the Maturity Date or later and (2)&nbsp;total interest and fees at a rate in excess of ten percent (10%)&nbsp;per annum
(collectively, the &ldquo;<B>Subordinated Indebtedness</B>&rdquo;); <U>provided</U>, that in the aggregate outstanding at any
time, such Subordinated Indebtedness does not exceed $30,000,000, (v)&nbsp;Indebtedness of the Company or any of its Subsidiaries
and Excluded Subsidiaries existing on the Issuance Date, (vi)&nbsp;such other trade and operating Indebtedness incurred in the
ordinary course of business by the Company (including any of the Company&rsquo;s Subsidiaries and Excluded Subsidiaries), including
without limitation, unsecured trade debt, financing with respect to the acquisition or lease of equipment and financing of insurance
premiums; <U>provided</U> that in the aggregate outstanding at any time, such Indebtedness does not exceed the greater of $2,000,000
or three-quarters of one percent (0.75%) of total assets as reported in the Company&rsquo;s most recent publicly filed Form&nbsp;10-K
or 10-Q reports, (vii) the Company&rsquo;s Series&nbsp;B Cumulative Convertible Preferred Stock outstanding on the date hereof,
and (viii) additional Indebtedness of the Company in an amount up to $15,000,000 that may arise from an increase in the credit
facility of Kinergy Marketing LLC by an equivalent amount and resulting from the Company&rsquo;s Contingent Obligations as a guarantor
of the obligations arising under that facility, with the foregoing to be accomplished through an amendment and restatement of
the facility. Notwithstanding anything to the contrary, Permitted Indebtedness of ICP Merger Sub, LLC, a Delaware limited liability
company (as the surviving entity in the merger contemplated under the ICP Agreement, which is to be renamed as &ldquo;Illinois
Corn Processing, LLC&rdquo; upon closing thereof, hereinafter &ldquo;ICP&rdquo;) and ICP&rsquo;s direct and indirect subsidiaries
(collectively, the &ldquo;ICP Entities&rdquo;) shall not include any Indebtedness secured by a second priority security interest
in any equity or assets of the ICP Entities; provided, however, that the foregoing shall not prohibit any such Indebtedness (a)
issued by ICP to the sellers under the ICP Agreement to the extent preexisting liens result in a second priority security interest
in certain assets of ICP in favor of the sellers, or (b) resulting from equipment leases. For the avoidance of doubt, any first
priority security interest in any equity or assets of the ICP Entities is expressly permitted.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Permitted Investments</B>&rdquo; means (i) investments existing on the date hereof (inclusive of (a) the investment
in the Excluded Subsidiaries in the amount of $25,000,000 made in part with the proceeds of the Initial Notes, and (b) the investment
in the Excluded Subsidiaries in the amount of $30,000,000 being made in part with the proceeds of the Additional Notes issued
pursuant to the Additional Purchase Agreement on the Issuance Date), and (ii) additional investments in the Excluded Subsidiaries
that in the aggregate outstanding at any time do not exceed $20,000,000.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Permitted Liens</B>&rdquo; means (i)&nbsp;any Lien for taxes not yet due or delinquent or being contested in
good faith by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii)&nbsp;any
statutory Lien arising in the ordinary course of business by operation of law with respect to a liability that is not yet due
or delinquent, (iii)&nbsp;any Lien created by operation of law, such as materialmen&rsquo;s liens, mechanics&rsquo; liens and
other similar liens, arising in the ordinary course of business with respect to a liability that is not yet due or delinquent
or that are being contested in good faith by appropriate proceedings, (iv)&nbsp;Liens securing financing obtained in the ordinary
course of the Company's operations, including financing with respect to the acquisition or lease of equipment and financing of
insurance premiums; <U>provided, that</U> (A) such Liens are solely upon and confined solely to the equipment, unearned insurance
premiums or other asset or assets being acquired by such financing and (B) in the aggregate, the Indebtedness secured by such
liens does not exceed the greater of $2,000,000 or three-quarters of one percent (0.75%) of total assets as reported in the Company's
most recent publicly filed Form 10-K or 10-Q reports, (v)&nbsp;Liens incurred in connection with the extension, renewal or refinancing
of the indebtedness secured by Liens of the type described in clause&nbsp;(iv) above, <U>provided</U> that any extension, renewal
or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness
being extended, renewed or refinanced does not increase, and (vi)&nbsp;any Lien on the assets or properties of the Excluded Subsidiaries.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Permitted Payments</B>&rdquo; means any payments, distributions or transfers with respect to (i)&nbsp;any Permitted
Indebtedness (in the case of Subordinated Indebtedness, to the extent permitted by the relevant subordination or intercreditor
agreement) and (ii)&nbsp;any Permitted Distributions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Person</B>&rdquo; means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity or a government or any department or agency thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Required Holders</B>&rdquo; means the holders of Notes representing at least 66 2/3% of the aggregate principal
amount of the Notes then outstanding (excluding any Notes held by the Company or any of its Subsidiaries).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Subsidiary</B>&rdquo; means any Person in which the Company, directly or indirectly, (I)&nbsp;owns any of the
outstanding capital stock or holds any equity or similar interest of such Person or (II)&nbsp;controls or operates all or any
part of the business, operations or administration of such Person; <U>provided</U> that, for purposes of this Note, the term &ldquo;Subsidiary&rdquo;
shall expressly exclude the Excluded Subsidiaries.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Transaction Documents</B>&rdquo; means this Note, the Other Notes, the Security Agreement, the Initial Purchase
Agreement and the Additional Purchase Agreement, together with any amendments, restatements, extensions or other modification
thereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black">19.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Voting Stock</B>&rdquo; means voting equity interests.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">FOR
PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE IS BEING ISSUED WITH ORIGINAL
ISSUE DISCOUNT ON THE ISSUANCE DATE OF THIS NOTE. THE COMPANY AGREES TO PROVIDE PROMPTLY TO EACH HOLDER OF THIS NOTE, UPON WRITTEN
REQUEST (1)&nbsp;THE ISSUE PRICE, (2)&nbsp;THE AMOUNT OF ORIGINAL ISSUE DISCOUNT AND (3)&nbsp;THE YIELD TO MATURITY OF THIS NOTE.
ANY SUCH WRITTEN REQUEST SHOULD BE SENT TO THE COMPANY AT THE FOLLOWING ADDRESS: 400 CAPITOL MALL, SUITE 2060, SACRAMENTO, CA
95814, ATTN: BRYON T. MCGREGOR, CFO.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Black"><I>[signature
page follows]</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: Black">IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed as of the first date set forth above.</FONT></P>

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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black"><B>PACIFIC ETHANOL, INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="color: Black">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 46%"><FONT STYLE="color: Black">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD><FONT STYLE="color: Black">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="color: Black">Name: Bryon T. McGregor<BR>Title:
    Chief Financial Officer</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black"><I>[Signature
Page to Senior Secured Note]</I></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in"><FONT STYLE="color: Black">Name:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in"><FONT STYLE="color: Black">Title:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="color: Black"><I>[Holder
Acknowledgment of Senior Secured Note]</I></FONT></P>

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

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

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

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<TYPE>EX-10.5
<SEQUENCE>3
<FILENAME>paceth_ex1005.htm
<DESCRIPTION>FIRST AMENDMENT TO SECURITY AGREEMENT
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.5</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FIRST AMENDMENT TO
SECURITY AGREEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS FIRST AMENDMENT
TO SECURITY AGREEMENT (this &ldquo;<B>Amendment</B>&rdquo;) is entered into effective as of June 30, 2017 by and among Pacific
Ethanol, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), each Holder and Cortland Capital Market Services LLC,
as collateral agent for itself and the Secured Parties (in such capacity, together with its successors and assigns in such capacity,
the &ldquo;<B>Agent</B>&rdquo;). All capitalized terms not otherwise defined herein shall have the meanings attributed to them
in that certain Security Agreement dated effective as of December 15, 2016 by and among the Company, each Holder and the Agent
(the &ldquo;<B>Security Agreement</B>&rdquo;).</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"><B>RECITALS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
issued certain Secured Promissory Notes in the aggregate principal amount of $55,000,000 on December 15, 2016 (the &ldquo;<B>Initial
Notes</B>&rdquo;) pursuant to a Note Purchase Agreement dated as of December 12, 2016 by and among the Company and the Investors
identified therein (the &ldquo;<B>Initial Purchase Agreement</B>&rdquo;), the obligations arising under which, among other obligations,
are secured pursuant to the Security Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company
and certain Holders (including certain Holders that hold Initial Notes and certain Holders that do not hold Initial Notes) are
parties to a Note Purchase Agreement dated as of June 26, 2017 (as amended, restated, supplemented or otherwise modified from time
to time, including amendments and restatements thereof in its entirety, the &ldquo;<B>Additional Purchase Agreement</B>&rdquo;),
pursuant to which the Company will issue or has issued, and such Holders will purchase or have purchased on a several basis, $13,948,078
in aggregate principal amount of senior secured notes due December 15, 2019 (as amended, restated, supplemented or otherwise modified
from time to time, the &ldquo;<B>Additional Notes</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, as a condition
to the closing under the Additional Purchase Agreement with the Company, the Holders of the Additional Notes have required, among
other things, that the Company shall enter into this Amendment by which the parties intend that this Amendment expand the obligations
secured pursuant to the Security Agreement to additionally cover the obligations under the Additional Notes and the Additional
Purchase Agreement, among other obligations, as set forth herein.</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"><B>AGREEMENT</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Definitions</U>. The following defined terms are added to Section 1 of the Security Agreement, or to the extent already defined
in the Security Agreement, are amended and restated to read in their entireties as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agent Fee
Letter</B>&rdquo; means that certain Amended and Restated Agent Fee Letter, dated as of June 30, 2017, made by and between the
Company and the Agent, as further amended, restated, supplemented or otherwise modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>First Amendment</B>&rdquo;
means the First Amendment to Security Agreement, dated as of June 30, 2017, among the Company, each Holder and the Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Holders</B>&rdquo;
means (x) each Person that is (i) a signatory to the Initial Purchase Agreement or the Additional Purchase Agreement and identified
as an &ldquo;Investor&rdquo; on Exhibit A to the Initial Purchase Agreement or Exhibit A to the Additional Purchase Agreement,
respectively, (ii) a holder of any of the Notes, and (iii) a signatory to the First Amendment and identified as a &ldquo;Secured
Party&rdquo; on the signature pages to the First Amendment, and (y) any other Person that becomes (i) a holder of any of the Notes
pursuant to any permitted assignment or transfer and (ii) a &ldquo;Secured Party&rdquo; under this Agreement pursuant to a Security
Agreement Joinder, other than any such Person that ceases to be a party hereto pursuant to an assignment of all of its Notes and
its rights and obligations under the Transaction Documents.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Obligations</B>&rdquo;
means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become
due, or that are now or may be hereafter contracted or acquired, or owing to, of the Company to the Agent or to the Secured Parties,
including, without limitation, all obligations under this Agreement, the Initial Purchase Agreement, the Additional Purchase Agreement,
the Notes, the Agent Fee Letter and any other instruments, agreements or other documents executed and/or delivered in connection
herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute
or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased
or extinguished and later increased, created or incurred, and all or any portion of such obligations or liabilities that are paid,
to the extent all or any part of such payment is avoided or recovered directly or indirectly from Agent or any of the Secured Parties
as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified
from time to time. Without limiting the generality of the foregoing, the term &ldquo;Obligations&rdquo; shall include, without
limitation: (i) the principal amount of, and interest on the Notes and the loans extended pursuant thereto; (ii) any and all other
fees, indemnities, costs, obligations and liabilities of the Company from time to time under or in connection with this Agreement,
the Initial Purchase Agreement, the Additional Purchase Agreement, the Notes, the Agent Fee Letter and any other instruments, agreements
or other documents executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited
to post-petition interest) in respect of the foregoing that would be payable but for the fact that the obligations to pay such
amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Notes</B>&rdquo;
referred to in Recital A of the Security Agreement, and the term &ldquo;<B>Notes</B>&rdquo; used throughout the body of the Security
Agreement, shall include the Initial Notes and the Additional Notes, collectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Purchase
Agreement</B>&rdquo; referred to in Recital A of the Security Agreement, and the term &ldquo;<B>Purchase Agreement</B>&rdquo; used
throughout the body of the Security Agreement, shall include the Initial Purchase Agreement and the Additional Purchase Agreement,
collectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<B>Required
Holders</B>&rdquo; means the holders of Notes representing at least 66 2/3% of the aggregate principal amount of the Notes then
outstanding (excluding Notes held by the Company or any of its Subsidiaries).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &ldquo;<B>Transaction
Document</B>&rdquo; means the Initial Notes, the Additional Notes, this Security Agreement, the Initial Purchase Agreement and
the Additional Purchase Agreement, together with any amendments, restatements, extensions or other modification thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
18(f) of the Security Agreement is hereby amended by adding the following sentence at the end thereof: &ldquo;Promptly following
a request made by the Agent to a Holder, such Holder shall notify the Agent of the outstanding principal amount of the Notes held
by such Holder at such time.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
1 to the Security Agreement is hereby amended by deleting the reference to &ldquo;Section 17(f)&rdquo; therein and substituting
&ldquo;Section 17(i) therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effectiveness</U>.
This Amendment will become effective upon the date on which the Agent has received (a) a counterpart hereof duly executed by each
of the Investors (as defined in each of the Initial Purchase Agreement and the Additional Purchase Agreement), (b) a copy of the
Agent Fee Letter duly executed by each of the parties thereto, (c) a copy of the Additional Purchase Agreement duly executed by
each of the parties thereto, and (d) payment from the Company of (i) all fees required to be paid on or prior to the effective
date of this Amendment pursuant to the Agent Fee Letter and (ii) all reasonable third-party fees and expenses incurred by the Agent
in connection with this Amendment and the transactions contemplated hereby, including, without limitation, attorneys&rsquo; fees
and expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties; Covenants</U>. In order to induce the Agent and the Holders to enter into this Amendment and for the applicable
Holders to purchase the Additional Notes under the Additional Purchase Agreement, the Company hereby remakes all of the representations
and warranties contained in Section 6 of the Security Agreement as of the date of this Amendment (except to the extent such representation
or warranty relates to an earlier date, in which case, it is true, correct and complete as of such earlier date). The Company&rsquo;s
representations and warranties in Sections 6(b) and (c) of the Security Agreement shall apply, <I>mutatis mutandis</I>, to this
Amendment.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Note
Holdings</U>. Each Secured Party signatory to this Amendment on the date hereof hereby represents and warrants to the Agent (solely
as to itself, and not as to any other Secured Party) that (x) as of the date hereof, the outstanding principal amount of the Notes
held by such Secured Party is set forth on Schedule A hereto, and (y) on or prior to the date of this Amendment, it has not assigned
all or any portion of its Notes to any Person, except any Person that is listed on Schedule A attached hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Joinder</U>.
Each of the undersigned Holders that will be receiving Additional Notes but does not hold any Initial Notes hereby (i) agrees to
be a &ldquo;Secured Party&rdquo; under the Security Agreement (as amended by this Amendment), (ii) unconditionally and irrevocably
expressly assumes, confirms and agrees to perform and observe as a Secured Party all terms, conditions, agreements, covenants,
obligations, duties and provisions applicable to a &ldquo;Secured Party&rdquo; under the Security Agreement, as so amended (including,
without limitation, those set forth in Section 17(i) of the Security Agreement) as if it were an original signatory thereto, and
(iii) agrees that its address for notices under the Security Agreement is as set forth on <U>Schedule&nbsp;B</U> hereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>.
Except as expressly modified by this Amendment, all terms and provisions of the Security Agreement shall remain unchanged and in
full force and effect and are ratified and affirmed on the date hereof. In the event of any inconsistency between the terms of
this Amendment and the terms of the Security Agreement prior to its amendment, the terms of this Amendment shall control.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts</U>.
This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument
and either of the parties hereto may execute this Amendment by signing any such counterpart.</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">[Signature Pages Follow]</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered as of the day and year first above written.<BR>
<BR></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>&nbsp;</TD>
    <TD COLSPAN="2">COMPANY:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>PACIFIC ETHANOL, INC.</B>,</FONT> <FONT STYLE="font-size: 10pt">a Delaware corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">/s/ Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD>Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">AGENT:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>cortland capital market services llc</B>, </FONT><BR>
as Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 9%">By:</TD>
    <TD STYLE="width: 41%; border-bottom: Black 1pt solid">/s/ Polina Arsentyeva</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Polina Arsentyeva</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Associate Counsel</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>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Cortland
Capital Market Services LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>225 W.
Washington Street, 21st Floor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chicago,
IL 60606</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention:
Ryan Morick and Legal Department</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Telecopy
no.: (312) 562-5072</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>E-mail:
ryan.morick@cortlandglobal.com;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>legal@cortlandglobal.com</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>&nbsp;</TD>
    <TD>with
a copy (which copy shall not constitute notice) to:</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>&nbsp;</TD>
    <TD>Kaye Scholer
LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>250 W.
55th Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>New York,
NY 10019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention:
Alan Glantz</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Telecopy
no.: (212) 836-6763</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>E-mail:
alan.glantz@kayescholer.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</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>

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<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; text-align: justify; text-indent: 0.5in"><BR></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>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CWD Summit, LLC,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">acting for and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Candlewood Renewable Energy Series I</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Person</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><BR></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>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Flagler Master Fund SPC Ltd,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">acting for and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">the class A segregated portfolio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Authorized Person</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Flagler Master Fund SPC Ltd,</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">acting for and on behalf of</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">the class B segregated portfolio</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Authorized Person</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Candlewood Special Situations Master Fund II, L.P.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: Janet Miller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Authorized Person</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CIF-Income Partners (A), LLC</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: BlackRock Financial Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>


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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Orange 2015 DisloCredit Fund, L.P.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: BlackRock Financial Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>


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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Orange 2015 DisloCredit Fund, L.P.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: BlackRock Financial Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><BR></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>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Sainsbury&rsquo;s Credit Opportunities Fund, Ltd. </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: BlackRock Financial Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><BR></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>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Co-Investment Income Fund, L.P. - US Tax-Exempt Series</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: BlackRock Financial Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><BR></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>&nbsp;</TD>
    <TD COLSPAN="2"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Co-Investment Income Fund, L.P. - US Taxable Series</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">By: BlackRock Financial Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its investment manager</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid">/s/ J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Name: J. David Matter</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>Title: Managing Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Signature Page to First
Amendment to Security Agreement</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 200.9pt; text-align: justify"></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&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 STYLE="width: 43%; border: #231F20 1pt solid; text-align: center; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231F20"><B>Holder</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: #231F20 1pt solid; border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; padding-bottom: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>&ldquo;Initial Notes&rdquo;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Principal Amount</B></P></TD>
    <TD STYLE="width: 19%; border-top: #231F20 1pt solid; border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; padding-bottom: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>&ldquo;Additional Notes&rdquo;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Principal Amount</B></P></TD>
    <TD STYLE="width: 16%; border-top: #231F20 1pt solid; border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; padding-bottom: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>Percentage</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231F20"><B>of Total Notes</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CWD Summit, LLC - acting for and on behalf of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Candlewood Renewable Energy Series I</P></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 22,438,545</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 4,669,728</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">39.3169%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Flagler Master Fund SPC Ltd - acting for and on</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">behalf of the class A segregated portfolio</P></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 7,001,507</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$&#9;&minus;</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">10.1548%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Flagler Master Fund SPC Ltd - acting for and on</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">behalf of the class B segregated portfolio</P></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 4,000,000</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$&#9;&minus;</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">5.8015%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt">Candlewood Special Situations Master Fund II, L.P.</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$&#9;&minus;</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 2,061,856</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">2.9904%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt">CIF Income Partners (A), LLC</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 9,962,010</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$&#9;&minus;</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">14.4486%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt">Orange 2015 DisloCredit Fund, L.P.</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 10,309,278</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 5,154,639</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">22.4284%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt">Sainsbury&rsquo;s Credit Opportunities Fund, Ltd.</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 1,288,660</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$&#9;&minus;</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">1.8690%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Co-Investment Income Fund, L.P. - US Tax-Exempt Series</FONT></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$&#9;&minus;</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 1,697,479</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">2.4620%</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Co-Investment Income Fund, L.P. - US Taxable Series</FONT></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$&#9;&minus;</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">$ 364,376</TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt">0.5285%</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; border-left: #231F20 1pt solid; padding-bottom: 6pt"><B>&nbsp;Total</B></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt"><B>$ 55,000,000</B></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt"><B>$ 13,948,078</B></TD>
    <TD STYLE="border-right: #231F20 1pt solid; border-bottom: #231F20 1pt solid; text-align: center; padding-bottom: 6pt"><B>100.0000%</B></TD></TR>
</TABLE>
<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: 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: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE B</B></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"><B>TO FIRST AMENDMENT TO SECURITY AGREEMENT</B></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">NOTICE INFORMATION FOR NEWLY SECURED PARTIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Candlewood Special Situations Master Fund II, L.P.</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">c/o Candlewood Investment Group, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">555 Theodore Fremd Avenue, Suite C-303</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rye, NY 10580</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: compliance@candlewoodgroup.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Co-Investment Income Fund, L.P. - US Tax-Exempt Series</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">BlackRock Alternative Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 East 52<SUP>nd</SUP> Street, 16<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: BAA-QBCo-InvestmentFundLP@blackrock.com</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">With a copy (which shall not constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BlackRock, Inc. &ndash; Office of the General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 East 52<SUP>nd</SUP> Street, 16<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ATTN: Michelle Galvez, David Maryles &amp;Larry Gail</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: legaltransactions@blackrock.com;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Larry.gail@blackrock.com</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Co-Investment Income Fund, L.P. - US Taxable Series</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">BlackRock Alternative Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 East 52<SUP>nd</SUP> Street, 16<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: BAA-QBCo-InvestmentFundLP@blackrock.com</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">With a copy (which shall not constitute notice):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BlackRock, Inc. &ndash; Office of the General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">40 East 52<SUP>nd</SUP> Street, 16<SUP>th</SUP> Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ATTN: Michelle Galvez, David Maryles &amp;Larry Gail</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: legaltransactions@blackrock.com;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Larry.gail@blackrock.com</P>



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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>4
<FILENAME>paceth_ex1006.htm
<DESCRIPTION>SECURED PROMISSORY NOTE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">Exhibit 10.6</P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>SECURED PROMISSORY NOTE</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"></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: 50%">$32,686,256.40</TD>
    <TD STYLE="width: 50%; text-align: right">July 3, 2017 (the &ldquo;<U>Effective Date</U>&rdquo;)</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">FOR VALUE RECEIVED, ICP
Merger Sub, LLC, a Delaware limited liability company (the &ldquo;<U>Merger Sub</U>&rdquo; and the &ldquo;<U>Initial Maker</U>&rdquo;),
to be merged with and into Illinois Corn Processing, LLC, a Delaware limited liability company (the &ldquo;<U>Target</U>&rdquo;),
following the consummation of the Merger (as defined in the Merger Agreement referenced below), as Maker, hereby promises to pay
to the order of Illinois Corn Processing Holdings Inc. (the &ldquo;<U>Payee</U>&rdquo;), the original principal sum of THIRTY-TWO
MILLION, SIX HUNDRED EIGHTY-SIX THOUSAND, TWO HUNDRED FIFTY-SIX DOLLARS AND FORTY CENTS ($32,686,256.40) (as may be adjusted from
time to time pursuant to the terms below, the &ldquo;<U>Loan</U>&rdquo;) together with interest and any other obligations payable
hereunder, in each case in the manner described herein. Certain terms used herein are as defined in Annex A. Further, Pacific Ethanol
Central, LLC, a Delaware limited liability company (&ldquo;<U>PEC</U>&rdquo;) is a party hereto. This Secured Promissory Note (this
&ldquo;<U>Note</U>&rdquo;) is a &ldquo;Promissory Note&rdquo; for purposes of that certain Agreement and Plan of Merger, dated
as of June 26, 2017 (as amended, restated, supplemented or otherwise modified from time to time ,the &ldquo;<U>Merger Agreement</U>&rdquo;),
by and among PEC, as Buyer, the Merger Sub, the Target, MGPI Processing, Inc. and the Payee as Sellers, pursuant to which Merger
Sub will merge with and into the Target, with the Target surviving as a wholly-owned subsidiary of PEC and as the Maker hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment to Principal Amount of Note</U>. Upon the completion of the determination of the &ldquo;Final Working Capital&rdquo;
(as defined in the Merger Agreement) pursuant to Section 1.7 of the Merger Agreement (the date of such determination, the &ldquo;<U>Final
Working Capital Date</U>&rdquo;), the face amount of this Note (without giving effect to any reduction on account of any payment
or prepayment prior to the Final Working Capital Date) shall automatically be deemed, immediately and without requirement for any
further action, adjusted such that the original principal amount of this Note shall be equal to the amount set forth below under
the heading &ldquo;Adjusted Principal Amount&rdquo;, which Adjusted Principal Amount shall be as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 51%; border: Black 1pt solid; padding: 3pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Working Capital Adjustment Amount </B></FONT></TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Adjusted ICPH Principal Amount, in dollars</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">In the event that an &ldquo;Adjusted Excess Amount&rdquo; exists pursuant to Section 1.7 of the Merger Agreement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">&nbsp;The sum of (a) $32,686,256.40 <U>plus</U> (b) the product of (i) such Adjusted Excess Amount <U>multiplied by</U> (ii) 70%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">In the event that an &ldquo;Adjusted Shortfall Amount&rdquo; exists pursuant to Section 1.7 of the Merger Agreement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">The sum of (a) $32,686,256.40 <U>minus</U> (b) the product of (i) such Adjusted Shortfall Amount <U>multiplied by</U> (ii) 70%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">; in each case, with
same effect as if such adjusted principal amount were set forth above as the original face amount of this Note on the date hereof.
Such determination of the Adjusted Principal Amount shall be made in accordance with the Merger Agreement and subject to the approval
of the Payee and the Maker pursuant thereto. Upon written request by the Maker to the Payee, from time to time, the Payee shall
confirm in writing the Adjusted Principal Amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.
Interest shall accrue on the unpaid principal amount of this Note and be calculated on the basis of a 360 day year at LIBOR plus
the Applicable Margin<FONT STYLE="background-color: white">. In the event of any adjustment of the principal amount of the Note
as set forth in Section 1, the applicable rate of interest shall accrue, and shall be deemed to have accrued on the unpaid principal
amount of the note as adjusted pursuant to Section 1 as of the Effective Date. Notwithstanding anything to the contrary set forth
elsewhere herein, </FONT>upon the occurrence and during the continuance of an Event of Default, the outstanding principal amount
of this Note, and all accrued and overdue interest, shall bear interest until paid at the rate then applicable to the principal
amount of this Note plus 2.00% per annum and shall be payable on demand.&nbsp; Interest shall accrue on a daily basis, based on
the actual number of days elapsed, and shall be payable on the earlier of (x) the date on which the entire amount of principal
outstanding under this Note is repaid in full or (y) on the Maturity Date.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term;
Maturity Date</U>. Subject only to the acceleration provisions of Section 10, all unpaid principal, fees and accrued and unpaid
interest shall be due and payable in full on January 3, 2019 (the &ldquo;<U>Maturity Date</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voluntary
Prepayments</U>. The Maker may at any time prepay any principal amount of this Note in whole, or in part, without premium or penalty,
<U>provided</U> that any prepayment under this Note shall be accompanied by a simultaneous pro rata prepayment under the MGP Note.
By way of example, if the Maker makes a principal prepayment under this Note in the amount of $70, the Maker shall make a simultaneous
prepayment under the MGP Note in the amount of $30.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Prepayments</U>. On the date of receipt of any net cash proceeds by the Maker in excess of $1,000,000 over the term of this Note
from the conveyance, assignment, sale, sale and leaseback, lease or sublease (as lessor or sublessor), license, exchange, transfer
or other disposition of any property constituting Collateral, whether now owned or hereinafter acquired, the Maker shall pay to
the Payee an amount equal to 70% of such excess net cash proceeds, which payment shall be applied by the Payee upon receipt thereof
to reduce the outstanding balance of the Note. On the date of receipt of any net cash proceeds in excess of $30,000,000 from insurance,
condemnation awards or other compensation in respect of one or more casualty events involving any one or more related properties
constituting Collateral, the Maker shall pay to the Payee an amount equal to 70% of any such net cash proceeds, which payment
shall be applied by the Payee upon receipt thereof to reduce the outstanding balance of the Note. &nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Payment Terms</U>. All payments of principal of, and interest upon, this Note shall be made by the Maker to the Payee in cash
in immediately available funds in lawful money of the United States of America, by wire transfer to the bank account designated
by the Payee in writing from time to time. All payments under this Note shall be made to the Payee without withholding, defense,
set-off, counterclaim or deduction. Payments and prepayments made to the Payee by the Maker hereunder shall be applied first to
expenses recoverable under Section 14, then accrued interest and then to principal (<U>provided</U> that the Maker acknowledges
that the application of such amounts as between the Payee and MGP shall be in accordance with the Master Terms Agreement). If
the due date of any payment under this Note would otherwise fall on a day that is not a Business Day, such due date shall be extended
to the next succeeding Business Day, and interest shall be payable on any principal so extended for the period of such extension.
From time to time, within five (5) days of written request by the Maker, the Payee shall provide the Maker with a reasonably detailed
statement of all amounts outstanding under the Note on a line item basis, provide all supporting invoices and other documentation
with respect to any expenses seeking to be recovered by the Payee pursuant to Section 14, and to provide to Borrower, as well
as any third party to the extent directed to do so by Borrower, with a payoff demand good for no less than ten (10) days of the
issuance thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pledge
of Interests in and to ICP</U>. As collateral security for the payment and performance as and when due of all Obligations (whether
at stated maturity, by acceleration or otherwise and whether arising under this Note, the Mortgage or any other Credit Document),
PEC hereby pledges and grants to the Payee a security interest in all of PEC&rsquo;s right, title and interest in the following
property, assets and revenues, whether now owned by PEC or hereafter acquired and whether now existing or hereafter coming into
existence (all of the property, assets and revenues described in this Section&nbsp;7 being collectively referred to herein as the
&ldquo;<U>PEC Collateral</U>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
limited liability company interests issued by the Maker, together with all certificates representing the same;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
limited liability company interests and other ownership or equity interests of any class issued by the Maker, securities, moneys
or other property representing a dividend on or a distribution or return of capital on or in respect of the limited liability company
interests issued by the Maker, or resulting from a split-up, revision, reclassification or other like change of such interests
or otherwise received in exchange therefor, and any warrants, rights or options issued to the holders of, or otherwise in respect
thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
shares of capital stock of a corporation, limited liability company interests, partnership interests and other ownership or equity
interests of any class in any Person of any successor entity of any merger or consolidation involving the Maker, but only to the
extent of the interests in and to the Maker; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
proceeds of and to any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The obligations of PEC under this Section
7 are primary, absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability
of the obligations of the Maker under this Note, or any substitution, release or exchange of any other guarantee of or security
for any of the Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever
that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor (other than the actual performance
of the Obligations), it being the intent of this Section 7 that the obligations of PEC hereunder shall be absolute and unconditional,
joint and several, under any and all circumstances and shall apply to any and all Obligations now existing or in the future arising,
as such Obligations are reduced from time to time in accordance with this Note, including any payments received on account thereof.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Notwithstanding anything
to the contrary set forth elsewhere herein or in any other Credit Document, (a) any obligations of PEC arising under this Note
and any other Credit Document are limited to its interests, rights and title in and to the PEC Collateral and do not constitute
personal obligations of or liability to PEC, except to the extent of any fraud or willful misconduct by PEC with respect to the
PEC Collateral, (b) the general credit of PEC is not obligated or available for the payment of the Obligations created or secured
by the Notes or any other Credit Document and, except to the extent of any fraud or willful misconduct by PEC with respect to the
PEC Collateral, the Payee will not look, and shall be prohibited from looking, to PEC or its directors, officers, employees representatives,
or its interest holders with respect to the Obligations or any covenant, stipulation, promise, indemnity, agreement or obligation
contained in the Note or any other Credit Document, (c) in enforcing its rights and remedies under the Credit Documents, the Payee
will look solely to any or all of the PEC Collateral, the ICP Collateral and the Maker for the payment of such Obligations pursuant
to the Credit Documents and for the performance of the provisions hereof and thereof and shall not look to PEC except to the extent
of any fraud or willful misconduct by PEC with respect to the PEC Collateral, and (d) the Payee will not seek a deficiency or other
money judgment against any PEC Party and will not institute any separate action against PEC by reason of any default that may occur
in the performance of any of the terms and conditions of the Credit Documents, except to the extent required to do to enforce its
rights against the PEC Collateral and except to the extent of any fraud or willful misconduct by PEC with respect to the PEC Collateral.
This provision shall not be construed as in any way adversely affecting or impairing the Payee&rsquo;s lien as against the PEC
Collateral or Payee&rsquo;s right and remedies with respect thereto pursuant to this Note or applicable law, including foreclosure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security
Grant from the Maker</U>. As collateral security for the payment and performance as and when due of all Obligations (whether at
stated maturity, by acceleration or otherwise and whether arising under this Note, the Mortgage or any other Credit Document),
the Maker hereby pledges and grants to the Payee a security interest in all of its right, title and interest in the following property,
assets and revenues, whether now owned by the Maker or hereafter acquired and whether now existing or hereafter coming into existence
(all of the property, assets and revenues described in this Section&nbsp;8 being collectively referred to herein as the &ldquo;<U>ICP
Collateral</U>&rdquo; and together with the collateral as described in the Mortgage and the PEC Collateral, the &ldquo;<U>Collateral</U>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
accounts, as-extracted collateral, chattel paper (whether tangible or electronic), commercial tort claims, deposit accounts, documents,
equipment, financial assets, fixtures, general intangibles, goods, instruments (including promissory notes), insurance, intellectual
property, inventory, investment property, letter-of-credit rights, payment intangibles, equity interests, receivables and receivables
records, securities, securities accounts, security entitlements and software (as and to the extent such terms are defined in the
UCC);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
other tangible and intangible property whatsoever; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
proceeds of and to any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events
of Default</U>. An &ldquo;<U>Event of Default</U>&rdquo; shall exist hereunder if any one or more of the following events shall
occur:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Maker shall fail to pay the Loan, including interest, and all other amounts, in full in cash on the Maturity Date, the Maker fails
to make any required payment to the Payee pursuant to Section 5 within five (5) Business Days of the Maker&rsquo;s receipt of the
funds required to be paid to Payee pursuant to Section 5, or fails to pay any other amount as and when required to be made hereunder
and such failure continues for more than ten (10) days after written demand therefor by the Payee to the Maker; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Maker (or PEC with respect to the PEC Collateral only) shall fail to perform or observe any term, covenant or agreement to be performed
or observed by it contained in paragraphs (a), (c), (d), (e), (f), (g), (h) or (j) of Annex B; <U>provided</U> that, except for
paragraph (c), if such default or failure is involuntary, inadvertant or by mistake and is capable of cure, such default or failure
shall not constitute an Event of Default if cured to the reasonable satisfaction of the Payee within ten (10) days of the occurrence
of such default; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
default or failure to perform any other obligations of the Maker or PEC set forth herein, in the Mortgage or in any other Credit
Document as and when required (after expiration of all applicable notice and cure periods); <U>provided</U> that, if such default
or failure is capable of cure, such default or failure shall not constitute an Event of Default if cured to the reasonable satisfaction
of the Payee within thirty (30) days after written demand for cure thereof to the Maker from the Payee or, if such cure by its
nature would take more than thirty (30) days to cure, then, so long as the Maker is diligently pursuing such cure, the Maker shall
have up to an additional thirty (30) days to cure such default or failure before such default shall constitute an Event of Default;
or</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
failure of any representation or warranty set forth herein, in the Mortgage or in any other Credit Document to be true, correct
and complete in any material respect; <U>provided</U> that, if such failure is subject to cure, such failure shall not constitute
an Event of Default if cured to the reasonable satisfaction of the Payee within thirty (30) days after written demand for cure
to the Maker from the Payee or, if such cure by its nature would take more than thirty (30) days to cure, then, so long as the
Maker is diligently pursuing such cure, the Maker shall have up to an additional thirty (30) days to cure such default before such
default shall constitute an Event of Default; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Maker or PEC institutes or consents to any liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar proceeding under any Debtor Relief Law with respect to it or
any of the Collateral; or any such proceeding is instituted against the Maker or PEC and is not dismissed within the earlier of
(i) prior to the entry for an order for relief or similar order adjudicating the Maker or PEC as subject to such proceeding or
(ii) ninety (90) days after the commencement thereof; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
judgment, writ, warrant of attachment or execution or similar process is issued or levied against the Maker or any of the Collateral
in an amount in excess of $3,000,000 and is not otherwise covered by insurance, released, vacated, stayed or fully bonded by the
earlier of (i) within sixty (60) calendar days after its issue or levy or (ii) at least thirty (30) days prior to any execution
or foreclosure sale with respect thereto; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Change of Control; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
failure to comply with paragraph (b) of Annex B or any Lien (other than a Permitted Lien) is created, incurred, assumed or permitted
to exist on any property or asset constituting PEC Collateral; provided that, in each case, if the creation of any such Lien is
involuntary, inadvertent or by mistake, and is capable of cure, it shall not constitute an Event of Default if such Lien is terminated,
removed or released to the reasonable satisfaction of the Payee within the earlier of, any enforcement of such Lien or thirty (30)
days written demand for cure thereof to the Maker from Payee or, if such cure by its nature would take more than thirty (30) days
to cure, then, so long as the Maker diligently pursuing such cure, the Maker shall have up to an additional thirty (30) days to
cure such default or failure before such default shall constitute an Event of Default; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall have occurred any &ldquo;Event of Default&rdquo; under and as defined in the MGP Note; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
or any material part of this Note, the Mortgage or any other Credit Document delivered by or on behalf of the Maker in order to
grant or perfect a Lien as security for any of the Obligations is or becomes void, illegal, invalid, unenforceable or of limited
force and effect, or the Payee does not have or ceases to have a valid and perfected first priority Lien (subject to any Permitted
Lien) in any Collateral for any reason other than the failure of the Payee to take any action within its control; <U>provided</U>
that, if such default or failure is capable of cure, such default or failure shall not constitute an Event of Default if cured
to the reasonable satisfaction of the Payee within thirty (30) days written demand for cure thereof to the Maker from Payee or,
if such cure by its nature would take more than thirty (30) days to cure, then, so long as the Maker diligently pursuing such cure,
the Maker shall have up to an additional thirty (30) days to cure such default or failure before such default shall constitute
an Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
Upon the occurrence of any Event of Default specified in Section 9(e), the principal amount of this Note together with any interest
thereon, all fees and all other Obligations shall become immediately and automatically due and payable, without presentment, demand,
notice, protest or other requirements of any kind (all of which are hereby expressly waived by the Maker). Upon the occurrence
and during the continuance of any other Event of Default, the Payee may, by written notice to the Maker, declare the principal
amount of this Note together with any interest thereon to be due and payable, and the principal amount of this Note together with
any such interest shall thereupon immediately become due and payable without presentment, further notice, protest or other requirements
of any kind (all of which are hereby expressly waived by the Maker). Following any such demand, the Maker shall immediately pay
to such holder all amounts due and payable with respect to this Note. If an Event of Default shall have occurred and is continuing,
the Payee shall have all of the rights and remedies with respect to the Collateral of a secured party under the UCC (whether or
not the UCC is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies
to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be
asserted, including the right, to the fullest extent permitted by law, to exercise all voting, consensual and other powers of ownership
pertaining to the Collateral as if the Payee were the sole and absolute owner thereof (and the Maker agrees to take all such action
as may be appropriate to give effect to such right).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. The Maker, and PEC to the extent applicable to it, each separately and severally represents and warrants to
the Payee as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Representations</U>. It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
and has full power and authority to execute, deliver and perform its obligations under this Note and the other Credit Documents
to which it is a party.&nbsp; It has duly authorized and taken all other appropriate action for the execution, delivery and performance
of this Note and any other document or instrument delivered pursuant hereto or in connection herewith and the consummation of the
transactions provided for in this Note.&nbsp; It has duly executed and delivered this Note and the other Credit Documents to which
is it&rsquo;s a party, this Note and such other Credit Documents constitute its legal, valid and binding obligation, enforceable
in accordance with its terms except as enforceability thereof may be limited by any Debtor Relief Laws and by equitable principles,
whether considered at law or in equity.&nbsp; Its execution and delivery of this Note and the other Credit Documents to which it
is a party, the performance of the obligations or transactions contemplated by this Note and such other Credit Documents and the
fulfillment of the terms of this Note and such other Credit Documents will not (i) conflict with or violate any of its organizational
documents or any contractual obligations applicable to it (ii) conflict with or violate any order, judgment or decree of governmental
authority binding on it, (iii) require any approval of its equityholders or any approval or consent of any Person under any contractual
obligation of such representing Person, except for such approvals or consents which will be obtained on or before the date hereof,
or (iv) conflict with or violate any applicable laws, or (v) result in or require the creation or imposition of any Lien upon any
of its properties or assets (other than any Liens created under this Note, the MGP Note and the Mortgage).&nbsp; It has duly obtained,
effected or given all authorizations, consents, licenses, orders or approvals of or registrations or declarations with any governmental
authority or any other Person required in connection with the execution and delivery of this Note and the performance of the transactions
contemplated by this Note, and such authorizations, consents, licenses, orders or approvals of or registrations or declarations
are in full force and effect. There are no actions, suits or proceedings by or before any arbitrator or governmental authority
pending against or, to its knowledge, threatened against or affecting it as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a material
adverse effect on (x) the ability of the Maker to fully and timely perform the Obligations, (y) the legality, validity, binding
effect or enforceability of this Note against the Maker or the Collateral, or (z) the rights, remedies and benefits available to,
or conferred upon, the Payee under this Note. It is not an &ldquo;investment company&rdquo; as defined in, or subject to regulation
under, the Investment Company Act of 1940.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collateral
Representations</U>. The full and correct legal name, type of organization, jurisdiction of organization and mailing address of
the Maker and PEC respectively are correctly set forth in Schedule 1. The Equity Interests are not certified. The Equity Interests
are duly authorized, validly existing, fully paid and non-assessable, and none of the Equity Interests are or will be while the
Obligations are outstanding, subject to any contractual restriction, or any restriction under the organizational documents of the
Maker except as contemplated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Article 8 Security</U>. The Maker and PEC represent and warrant to the Payee that none of the Maker&rsquo;s Equity Interests are
a &ldquo;security&rdquo;, as such term is defined in UCC Article 8, and that neither the Maker nor PEC will cause or permit the
Maker to &ldquo;opt-in&rdquo; to UCC Article 8 or to otherwise cause or permit any of the Maker&rsquo;s Equity Interests to be
a security for purposes of UCC Article 8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>.
The Maker and PEC each covenants and agrees as provided in Annex B.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc.</U> This Note shall be governed by, and construed in accordance with,
the law of the State of New York. The Maker, PEC and Payee hereby submit to the exclusive jurisdiction of the United States District
Court for the Southern District of New York and of any New York state court sitting in New York City, borough of Manhattan for
the purposes of all legal proceedings arising out of or relating to this Note or the transactions contemplated hereby. Notwithstanding
the foregoing, the Payee may commence any action to enforce any Lien in any court located in any state or other location that would
otherwise have proper jurisdiction with respect to such enforcement action. This Note may be executed in any number of counterparts,
each of which, when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the
same Note. Delivery of an executed counterpart of a signature page to this Note by electronic transmission shall be as effective
as delivery of an original executed counterpart of this Note. This Section 13 shall survive the termination of this Note. <B>EACH
PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES
HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.</B></P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses;
Amendments; Notices</U>. The Maker and the Payee shall each be solely responsible and bear their own respective fees, costs and
expenses, including any and all attorneys&rsquo; fees and costs, incurred in connection with the drafting, negotiation, execution
and delivery of this Note. The Maker shall pay within fifteen (15) days of written demand therefore by the Payee to the Maker,
<U>provided</U> that such demand includes a detailed listing of all such costs and expenses and supporting documentation relating
to same (except for any information of a confidential legal nature, including narrative descriptions of legal work involving strategy
or the identification or assessment of risks or liabilities, which information may be redacted or omitted), all reasonable costs
and expenses of the Payee, including reasonable attorney&rsquo;s fees and costs, in connection with (a) any amendment to the extent
requested by the Maker and any forbearance, waiver, consent, restructuring or reorganization of the Note or the Maker (including
with respect of the bankruptcy of the Maker), and (b) enforcement or attempted enforcement of the Note, and any matter related
thereto; <U>provided</U> that (i) any such fees and costs shall be limited to those incurred by ICPH or MGP, but not both and (ii)
in the event the Maker is the prevailing party in any such enforcement proceedings, the Maker, not the Payee, shall be entitled
to all of its reasonable fees and costs, including reasonable attorneys&rsquo; fees and costs. To the extent any of the foregoing
fees, costs and expenses of the Payee in this Section 14 are not reimbursed within a reasonable period following demand therefor,
the Payee and MGP shall ratably share such fees, costs and expenses in proportion to the respective amounts due under their respective
Promissory Notes. This Note may not be changed, modified or terminated orally, but only by an agreement in writing signed by the
Maker, PEC and the Payee, <U>provided</U> that Payee and MGP may periodically amend or otherwise modify the Master Terms Agreement
without providing notice to or obtaining the consent of the Maker or PEC. All notices and other communications in respect of this
Note shall be given or made in writing at the address as shall be designated by such party in a notice to the other party. Except
as otherwise provided in this Note, all such communications shall be deemed to have been duly given when transmitted by electronic
transmission (subject to receipt of confirmation thereof by recipient), the next day when delivered overnight mail by a national
carrier or upon personal delivery or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
of Setoff</U>. <FONT STYLE="font-family: Times New Roman, Times, Serif">If an Event of Default shall have occurred and be continuing,
the Payee and each of its affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by the Payee or any such affiliate to
or for the credit or the account of the Maker against any and all of the obligations of the Maker now or hereafter existing hereunder
to the Payee or, irrespective of whether or not the Payee shall have made any demand hereunder and although such obligations of
the Maker may be contingent or unmatured or are owed to a branch or office of the Payee different from the branch or office holding
such deposit or obligated on such indebtedness. The rights of the Payee and its affiliates hereunder are in addition to other rights
and remedies (including other rights of setoff) that the Payee or its affiliates may have.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignments</U>.
The Maker may not assign any of its rights or obligations under this Note without the consent of the Payee. The Payee may at any
time assign all or a portion of its rights and obligations under this Note without the prior written consent of the Maker, but
upon notice to the Maker, which notice shall set forth the name address and contact information of such assignee; <U>provided</U>
that, in the event of any partial assignment or assumption to any Person, the Maker shall have no obligation to communicate with
or otherwise report to such assignee and such assignee shall not have any rights of consent or approval, with all such rights remaining
with the Payee. Subject to the foregoing, from and after the effective date specified in each assignment and assumption, the assignee
thereunder shall be a party to this Note and, to the extent of the interest assigned by such assignment and assumption, have the
rights and obligations of the Payee under this Note, and the Payee shall, to the extent of the interest assigned by such assignment
and assumption, be released from its obligations under this Note (and, in the case of an assignment and assumption covering all
of the Payee&rsquo;s rights and obligations under this Note, the Payee shall cease to be a party hereto) but shall continue to
be entitled to the benefits of Section 14 with respect to facts and circumstances occurring prior to the effective date of such
assignment, subject to any corresponding obligations and liabilities of the Payee with respect thereto. In no event shall the Payee
make any assignment to, or allow any assumption by, any Person (other than an affiliate of the Payee) which would constitute a
competitor of the Maker or its affiliates with respect to procurement, manufacture, production, delivery and sale of ethanol and
related products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent</U>. The effectiveness of this Note, and any obligation of the Payee to extend any financing to the Maker on the date
hereof or the creation of any of the Obligations hereunder by the Maker, is expressly subject to the satisfaction of the following
conditions on or before the date hereof:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Closing Date under the Merger Agreement shall have occurred;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Payee shall have received this Note originally executed and delivered by each Person party hereto and the Payee shall have received
a copy of the fully executed Mortgage, with the original copy of the Mortgage being delivered to Commonwealth Land Title Insurance
Company (the &ldquo;<U>Title Company</U>&rdquo;) for recording at closing;</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICPH,
as agent for itself and MGP, shall have received an ALTA mortgagee title insurance policy or unconditional commitments therefor
issued by the Title Company, naming ICPH, in its capacity as such agent, as insured with respect to the real property which is
the subject of the Mortgage (the &ldquo;<U>Title Policy</U>&rdquo;), the insured amount to be equal to the face amount of this
Note and the MGP Note; <U>provided</U> that ICPH, in its capacity as such agent, shall have paid the Title Company all expenses
and premiums of the Title Company together with all other sums required in connection with the issuance of the Title Policy (with
such premiums and costs of ICPH, in its capacity as such agent, being allocated between ICPH and MGP pursuant to the Master Terms
Agreement); <U>provided</U> further that all recording and stamp taxes (including mortgage recording and intangible taxes) payable
in connection with recording the Mortgage in the appropriate real estate records shall be paid equally by ICPH, in its capacity
as such agent, and the Maker (with all costs of ICPH, in its capacity as such agent, being allocated pursuant to the Master Terms
Agreement);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICPH,
as agent for itself and MGP, shall have received a favorable written opinion from counsel admitted to the practice of law in the
State of Illinois with respect to the form of mortgage being in proper form for recording, upon recording the liens created by
such Mortgage shall attach to the real property described therein and, to the extent Illinois law is applicable to the Mortgage,
the enforceability of the Mortgage under Illinois law, all subject to and limited by customary and reasonable qualifications, limitations
and assumptions; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Payee shall have received each material organizational document of each of the Maker and PEC to the extent necessary to confirm
authority to execute, deliver and perform the Note and the other Credit Documents, together with such consents, resolutions, signature
and incumbency certificates as reasonably required with respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms
Generally</U>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &ldquo;include&rdquo;,
&ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation&rdquo;.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein
to any person shall be construed to include such person&rsquo;s permitted successors and assigns, (c) the words &ldquo;herein&rdquo;,
&ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo;, and words of similar import, shall be construed to refer to this Note in its
entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections
of this Note and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation
as amended, supplemented or otherwise modified from time to time.</P>

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">IN WITNESS WHEREOF, the
Maker and PEC have caused this Note to be executed and delivered by their duly authorized officers, as of the date and year and
at a place first above written.</P>

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>ICP MERGER SUB, LLC, as Initial Maker </B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>by its sole member</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>PACIFIC ETHANOL CENTRAL, LLC</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil M. Koehler<BR>Chief Executive Officer and President</TD></TR>
</TABLE>

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>ILLINOIS CORN PROCESSING, LLC, as Maker immediately following the Merger</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil M. Koehler<BR>Chief Executive Officer and President</TD></TR>
</TABLE>

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




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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B><B>PACIFIC ETHANOL CENTRAL, LLC</B></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil M. Koehler<BR>Chief Executive Officer and President</TD></TR>
</TABLE>

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




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

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

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<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; text-align: right; text-indent: 0.5in">ANNEX A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Definitions</U>.
The following capitalized terms, when used in this Note, shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable
Margin</U>&rdquo; means, for any day in any period, the corresponding rate per annum set forth below under the caption &ldquo;Margin&rdquo;:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 82%; border: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Period</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Margin</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Commencing on the date hereof and ending on the 3-month anniversary of the date hereof</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Commencing on the date immediately following the 3-month anniversary of the date hereof and ending on the first anniversary of the date hereof</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">8.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">At all times thereafter</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">10.00%</FONT></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">; <U>provided</U> that if any period above
would otherwise expire on a day that is not the last day of an Interest Period, such period shall end on the nearest Interest Period
end date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means (a) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of
New York and (b) with respect to any LIBOR Determination Date, the term &ldquo;<U>Business Day</U>&rdquo; means any day which is
a Business Day described in clause (a) and which is also a day for trading by and between banks in U.S. Dollar deposits in the
London interbank market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Cash</U>&rdquo;
means money, currency or a credit balance in any demand or deposit account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Expenditures</U>&rdquo;
means, <FONT STYLE="color: #212121">with respect to any Person, the aggregate of all expenditures by such Person for the acquisition
or leasing (pursuant to a capital lease) of fixed or capital assets, software or additions to equipment (including replacements,
capitalized repairs and improvements) which should be capitalized under GAAP on the balance sheet of such Person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change of
Control</U>&rdquo; means (a) the failure of Maker to at all times be a wholly owned subsidiary of PEC, with the Maker being Controlled
by PEC subject only to the rights and remedies of Payee pursuant to the Credit Documents or (b) the failure of PEC to continue
to be Majority Owned and Controlled by Pacific Ethanol, Inc., a Delaware corporation. For purposes of this definition the term
&ldquo;<U>Majority Owned</U>&rdquo; means, with respect to any Person, an equity ownership interest in such Person, whether held
directly or indirectly or some combination thereof, of at least fifty-one percent (51%), and the term &ldquo;<U>Controlled</U>&rdquo;
means the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting
securities or other equity interests, by contract or otherwise (notwithstanding that, in the case of clause (b) above only, other
Persons may have the right to participate in or veto significant managerial decisions).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Credit Documents</U>&rdquo;
means this Note, the MGP Note, the Mortgage and any DACA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DACA</U>&rdquo;
means one or more deposit account control agreements in favor of ICPH, as agent for itself and MGP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debtor Relief
Law</U>&rdquo; means the Bankruptcy Reform Act of 1978, codified as 11 U.S.C. &sect;&sect;101 et seq, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization,
or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Interests</U>&rdquo;
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means United States generally accepted accounting principles as in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ICPH</U>&rdquo;
means Illinois Corn Processing Holdings Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
of any Person means, without duplication, (a)&nbsp;all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c)&nbsp;all obligations of such Person upon which interest charges are customarily paid, (d)&nbsp;all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e)&nbsp;all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f)&nbsp;all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g)&nbsp;all guarantees by such Person of Indebtedness of others, (h)&nbsp;all
capital lease obligations of such Person, (i)&nbsp;all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty and (j)&nbsp;all obligations, contingent or otherwise, of such Person in
respect of bankers' acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest
Period</U>&rdquo; means an interest period of three months initially commencing on the date hereof and thereafter commencing on
the date on which the immediately preceding Interest Period expires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LIBOR</U>&rdquo;
means, for any LIBOR Determination Date, the rate per annum equal to the London interbank offered rate as administered by the ICE
Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits of U.S. Dollars for
a 3-month interest period that is quoted by Bloomberg (or, to the extent such service ceases to be available, any successor to
such service as determined by the Payee) at approximately 11:00 a.m. (London, England time) on such LIBOR Determination Date; <U>provided</U>
that if LIBOR shall be less than zero on any LIBOR Determination Date, such rate shall be deemed to be zero for the purposes of
this Note. In the event LIBOR is indeterminable or unavailable as of any LIBOR Determination Date, LIBOR for the applicable Interest
Period shall be deemed to be the rate in effect for the immediately preceding Interest Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LIBOR Determination
Date</U>&rdquo; means the date that is two Business Days prior to the first day of an Interest Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement
to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or license in the nature thereof)
and any option, trust or other preferential arrangement having the practical effect of any of the foregoing and (ii) in the case
of Equity Interests, any purchase option, call or similar right of a third party with respect to such Equity Interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maker</U>&rdquo;
means (a) immediately prior to the consummation of the Merger, the Initial Maker, and (b) immediately following the consummation
of the Merger, the Target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Master Terms
Agreement</U>&rdquo; means the Master Terms Agreement in the form attached as Exhibit A. For avoidance of doubt, the Master Terms
Agreement is not a Credit Document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>MGP</U>&rdquo;
means MGPI Processing, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>MGP Note</U>&rdquo;
means the Promissory Note (as defined in the Merger Agreement) in favor of MGP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mortgage</U>&rdquo;
means the first priority mortgage delivered or caused to be delivered by the Maker naming ICPH, as agent for itself and MGP, as
mortgagee, in form and substance reasonably satisfactory to the Payee with respect to certain real property and fixtures owned
by the Maker.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligations</U>&rdquo;
means all obligations of the Maker under the Credit Documents, whether now existing or hereafter arising or incurred, and whether
absolute, contingent or otherwise, including all obligations to pay principal, fees and interest (including any default interest
and any interest accruing after the commencement of any case under any Debtor Relief Law) under the Notes, the Mortgage and any
DACA, and all expenses, indemnification obligations and other amounts payable by the Maker under any of the Credit Documents, in
each case whether accruing or arising before or after the commencement of any case under any Debtor Relief Law (and whether or
not such amounts are enforceable, allowed or allowable as a claim in whole or in part in such case).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Liens</U>&rdquo; means (a) the liens created in favor of the Payee and MGP pursuant to the Credit Documents, (b) in the case of
ICP Collateral, inchoate liens arising by operation of law which were incurred in the ordinary course of business, including carriers&rsquo;,
warehousemen&rsquo;s and mechanics&rsquo; Liens and other similar Liens; <U>provided</U> that, to the extent such inchoate liens
become a presently existing Lien against any of the ICP Collateral, such Lien shall still constitute a permitted Lien so long as
(i) in the aggregate, such Liens do not materially detract from, taken as a whole, the value of the ICP Collateral or otherwise
materially impair the operations of the business of ICP or (ii) such Liens are being contested in good faith by appropriate proceedings,
which proceedings have the effect of postponing or preventing the forfeiture or sale of the property subject to such Liens and
for which adequate reserves have been made if required in accordance with generally accepted accounting principles and any such
Liens are paid or released at least thirty (30) days prior to any such forfeiture or foreclosure sale, (c) in the case of ICP Collateral,
pledges or deposits made in the ordinary course of business in connection with workers&rsquo; compensation, unemployment insurance
or other similar social security legislation, (d) in the case of ICP Collateral, Liens securing taxes, assessments and other governmental
charges, the payment of which is not yet due or is being contested in good faith by appropriate proceedings promptly initiated
and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by generally
accepted accounting principles shall have been made, (e) in the case of ICP Collateral, Liens securing Indebtedness permitted under
<U>Section 12(a)(ii)</U>, so long as such Indebtedness is incurred prior to or within 90 days after such acquisition, construction,
lease or improvement and such Lien does not encumber assets other than the specific assets acquired in connection with the incurrence
of such Indebtedness, (f) those Liens, encumbrances and other exceptions to title identified in Schedule B of the Title Policy
and (g) any other charge, encumbrance, claim or right which constitutes a Lien against the ICP Collateral to the extent such charge,
encumbrance, claim or right existed prior to and continues after the Closing of the merger pursuant to the Merger Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and governmental authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Restricted
Payment</U>&rdquo; means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in the Maker, or any payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests
or any option, warrant or other right to acquire any such Equity Interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo;
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ANNEX 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: justify">The Maker and, to the extent applicable,
PEC covenant and agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Indebtedness</U>.
The Maker will not create, incur, assume or permit to exist any Indebtedness except: (i) Indebtedness created hereunder; (ii) purchase
money Indebtedness, including capital lease obligations, for fixed or capital assets so long as such Indebtedness is incurred prior
to or within 90 days after such acquisition, construction, lease or improvement and is secured only by the assets acquired in connection
with the incurrence of such Indebtedness; (iii) unsecured Indebtedness incurred in good faith and in the ordinary course of ICP&rsquo;s
business and operations, including any Indebtedness owed to affiliates of the Maker so long as permitted under clause (d)(ii) or
(g) below; and (iv) any indebtedness which is permitted as a Permitted Lien.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Liens</U>. The
Maker will not create, incur, assume or permit to exist any Lien on any property or asset constituting Collateral, whether now
owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect
of any thereof, except Permitted Liens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Fundamental
Changes</U>. Except as contemplated in the Merger Agreement, the Maker will not, and PEC will not permit the Maker to (i) merge
into or consolidate with any other Person, (ii) permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions) all or any substantial part of its assets (in
each case, whether now owned or hereafter acquired) or (iii) liquidate or dissolve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <U>Investments,
Loans, Advances, Guarantees and Acquisitions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) <U>Investments</U>:
Except as contemplated in the Merger Agreement, the Maker will not purchase, hold or acquire (including pursuant to any merger
with any Person that was not the Maker prior to such merger) any capital stock, evidences of indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, or make or permit to exist any investment or any other
interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of
any other Person constituting a business unit. Maker shall not create or acquire any subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) <U>Loans,
Advances and Guaranties</U>: Maker will not make or permit to exist any loans or advances to, or guarantee any obligations of,
any other Person; <U>provided</U> that accounts receivable and other advances made by the Maker to any affiliate, and any agreement
to be obligated with respect to its pro rata share of certain centralized operating expenses or with respect to any letter of credit
issued on its behalf, and any agreement to indemnify in connection therewith up to such pro rata share, together with any agreement
to reimburse such affiliates with respect thereto, shall be permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <U>Restricted Payments</U>.
The Maker will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) <U>Capital Expenditures</U>.
The Maker will not make or commit to make any Capital Expenditure, except Capital Expenditures in the ordinary course of business
and to the extent deemed necessary or appropriate in good faith by the Maker in connection with its business and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) <U>Transactions
with Affiliates</U>. The Maker will not sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise
acquire any property or assets from, or otherwise engage in any other transactions with, any of its affiliates, except in the ordinary
course of business at prices and on terms and conditions not less favorable to the Maker than could be obtained on an arm&rsquo;s-length
basis from unrelated third parties and transactions entered into by the Maker not involving any other affiliate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) <U>Further Assurances;
Pledged Equity Interests</U>. If an Event of Default shall have occurred and be continuing, all dividends and other distributions
on any pledged Equity Interests shall be paid directly to the Payee and retained by it as part of the Collateral. The Maker hereby
expressly authorizes and instructs each issuer of any pledged Equity Interests pledged hereunder to (i) comply with any instruction
received by it from the Payee that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance
with the terms of this Note, without any other or further instructions from the Maker, and (ii) pay any dividend or other payment
with respect to any pledged Equity Interests directly to the Payee. Without limiting any rights or powers granted by this Note
to the Payee while no Event of Default has occurred and is continuing, upon the occurrence and during the continuance of any Event
of Default the Payee is hereby appointed the attorney-in-fact of the Maker for the purpose of carrying out the provisions of this
Note and taking any action and executing any instruments that the Payee may deem necessary or advisable to accomplish the purposes,
which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing,
so long as the Payee shall be entitled under this Note to make collections in respect of the Collateral, if an Event of Default
shall have occurred and be continuing, the Payee shall have the right and power to receive, endorse and collect all checks made
payable to the order of the Maker representing any dividend, payment or other distribution in respect of the Collateral or any
part thereof and to give full discharge for the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) <U>Cash Management.</U>
By no later than 120 days of the Effective Date, the Maker, using commercially reasonable efforts, shall endeavor to obtain and
deliver to the Payee and MGP a DACA executed by the Maker and the Maker&rsquo;s depositary bank, using such depositary bank&rsquo;s
standard form, subject only to such revisions thereto as may be reasonably requested by the Maker, the Payee or MGP. To the extent
such DACA or DACAs are obtained pursuant hereto, the Maker will, after obtaining same, use only those accounts which are subject
to such DACA or DACAs.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Legal Names of Maker and PEC</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 35%; border: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"><B>Legal Name</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"><B>Type of Entity</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.7pt; text-align: center; text-indent: -0.7pt"><FONT STYLE="font-size: 10pt"><B>Jurisdiction of Organization</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"><B>Mailing Address</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 10pt">ICP Merger Sub, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Limited Liability Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060, Sacramento, CA 95814</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Illinois Corn Processing, LLC</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Limited Liability Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060, Sacramento, CA 95814</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Pacific Ethanol Central, LLC</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Limited Liability Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060, Sacramento, CA 95814</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A</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"><U>MASTER TERMS AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">MASTER TERMS AGREEMENT
dated as of July 3, 2017 between Illinois Corn Processing Holdings Inc. (&ldquo;<U>ICPH</U>&rdquo;) and MGPI Processing, Inc. (&ldquo;<U>MGP</U>&rdquo;,
together with ICPH, the &ldquo;<U>Payees</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
(i) that certain Secured Promissory Note dated as of July 3, 2017 by ICP Merger Sub, LLC (the &ldquo;<U>Initial Maker</U>&rdquo;),
Illinois Corn Processing, LLC (the &ldquo;<U>Target</U>&rdquo;, together with the Initial Maker, the &ldquo;<U>Makers</U>&rdquo;)
and Pacific Ethanol Central, LLC (&ldquo;<U>PEC</U>&rdquo;) in favor of ICPH (the &ldquo;<U>ICPH Note</U>) and (ii) that certain
Secured Promissory Note dated as of July 3, 2017 by Makers and PEC in favor of MGP (the &ldquo;<U>MGP Note</U>&rdquo;, together
with the ICPH Note, the &ldquo;<U>Notes</U>&rdquo;). Capitalized terms used in this Agreement and not otherwise defined are used
herein as defined in the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <U>Agreements</U>.
Notwithstanding anything in the Notes to the contrary, the parties hereto agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;Pari
Passu Pro Rata Liens</U>. Notwithstanding anything herein or in any Credit Document to the contrary and notwithstanding the method,
manner or order of the creation, attachment or perfection of any Lien (including the order of filing of any UCC financing statements
or other Lien perfection documents), all Liens granted to or for the benefit of either Payee pursuant to the Notes, the Mortgage,
any DACA or any other Credit Document shall be of equal priority, as between the Payees, and shall be for the pro rata benefit
of each Payee, with any proceeds from the Collateral to be allocated between the Payees as provided in Section 1(b) below. Solely
for Lien perfection purposes, each Payee (the &ldquo;Agent Payee&rdquo;) agrees to act as agent for itself and the other Payee
with respect to any Collateral in the custody or control of the Agent Payee or with respect to which the Agent Payee has a Lien,
whether such Lien is perfected by the filing of a UCC financing statement or a mortgage or by any other method. Without limiting
the foregoing, all Collateral in the possession or control of an Agent Payee shall be possessed or controlled by such Agent Payee
as gratuitous bailee for perfection for the benefit of each Payee as secured party so as to satisfy the requirements of sections
8-106(d)(3), 8-301(a)(2), 9-104 and 9-313(c) of the UCC. In this Section 1(a), &ldquo;control&rdquo; has the meaning given that
term in sections 8-106 and 9-314 of the UCC. Without limiting the foregoing, each Payee hereby appoints ICPH to act as its agent
for purposes of perfecting and enforcing any Lien or other rights granted pursuant to the Mortgage, and ICPH agrees to act in
such capacity for such purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Sharing</U>. All amounts and payments of any kind received by either of the Payees under or in respect of the Notes or any other
Credit Document shall, whether received by voluntary payment or scheduled payment of principal or interest, or exercise of rights
or remedies with respect to the Collateral, be shared ratably among the Payees in proportion to the respective amounts due to them
under their respective Notes (any such amounts, the &ldquo;<U>Shared Payments</U>&rdquo;). Any Shared Payment received by a Payee
to which it is not due shall be segregated and held in trust and promptly paid over to the other Payee in the form received, with
any necessary endorsements. If an Event of Default exists, any fees or expenses reasonably incurred by a Payee to collect a Shared
Payment shall be shared ratably between the Payees in proportion to the respective amounts due to them under the respective Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Event of Default (as defined in either Note or any other Credit Document) shall have occurred and be continuing, ICPH may,
but shall not be obligated to (except as provided in this Section 1(c)), take any enforcement action under or with respect to any
Credit Document. MGP shall not be entitled to take any enforcement action under or with respect to any Credit Document without
ICPH's consent, <U>provided</U> that if a MGP Enforcement Condition has occurred, MGP may (x) take any enforcement action under
or with respect to any Credit Document (other than any DACA or the Mortgage) so long as any proceeds of such enforcement action
are allocated between the Payees in accordance with Section 1(b) above, and (y) with respect to any DACA or the Mortgage, instruct
ICPH in writing, and ICPH, as agent or secured party for ICPH and MGP under such DACA or the Mortgage (as applicable), shall upon
receipt of such instruction commence an action to deliver an enforcement notice under such DACA or foreclose the Mortgage (as applicable)
or otherwise exercise the rights and remedies under such DACA or Mortgage, or, if ICPH is unwilling to so foreclose on the Mortgage
or exercise such rights and remedies under the Mortgage, ICPH shall enter into such agreements as MGP may reasonably request to
enable MGP to foreclose the Mortgage or exercise such rights and remedies in its own name; and with any proceeds of such foreclosure
or other exercise of rights or remedies being allocated between the Payees in accordance with Section 1(b) above. For purposes
of this Section 1(c), an &ldquo;<U>MGP Enforcement Condition</U>&rdquo; shall be deemed to occur if any Event of Default (as defined
in either Note or any other Credit Document) arises because of a failure to pay principal or interest under any Note (whether at
stated maturity, by virtue of acceleration or otherwise) and such Event of Default remains in effect for at least 60 days, unless
(A) ICPH shall have commenced and be diligently pursuing in good faith enforcement of the Credit Documents generally (including
to foreclose or otherwise realize on all material collateral, other than pledged equity interests), or (B) any bankruptcy or other
insolvency proceeding shall have been filed by or against either Maker or PEC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Section 1(c) to the contrary, (A) if ICPH commences any foreclosure action or otherwise attempts to realize on
any personal property collateral, and without regard to whether an MGP Enforcement Condition has occurred or exists, or (B) if
any bankruptcy or other insolvency proceeding shall have been filed by or against either Maker or PEC, and without regard to whether
any payment or other Event of Default (as defined immediately above) exists, the duration of such Event of Default, or any other
fact or circumstance, MGP may take any such action (including responsive or defensive motions, pleadings, proofs of claim, statements
of interest and other filings) which MGP deems necessary to preserve, confirm, continue or protect the validity and enforceability
of its liens or rights to the collateral, so long as such action is not inconsistent with the terms of this agreement, and does
not contest the liens of ICPH or hinder the exercise of remedies thereby. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
No amendment, modification, termination or waiver of any provision of any Note, or consent to any departure by any party therefrom,
shall in any event be effective without the written consent of each of ICPH and MGP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgage
Fees</U>. Any title insurance, recording or similar fees which are payable by a Payee pursuant to its Note in connection with the
Mortgage (including any such fees payable by ICPH in its in capacity as agent for the Payees) shall be shared ratably among the
Payees in accordance with the original principal amounts of their respective Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <U>General</U>.
This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. The Payees hereby submit
to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York state
court sitting in New York City, borough of Manhattan for the purposes of all legal proceedings arising out of or relating to this
Agreement or the transactions contemplated hereby. This Agreement may be executed in any number of counterparts, each of which,
when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the same Agreement.
Delivery of an executed counterpart of a signature page to this Agreement by electronic transmission shall be as effective as delivery
of an original executed counterpart of this Agreement. This Section 2 shall survive the termination of this Agreement. <B>EACH
PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES
HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.</B></P>

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    <TD COLSPAN="2"><B>ILLINOIS CORN PROCESSING HOLDINGS INC.</B></TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
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</TABLE>

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

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    <TD COLSPAN="2"><B>MGPI PROCESSING, INC.</B></TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
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    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">&nbsp;<BR>&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>5
<FILENAME>paceth_ex1007.htm
<DESCRIPTION>SECURED PROMISSORY NOTE
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.7</P>

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

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

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

<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: 50%">$14,008,395.60</TD>
    <TD STYLE="width: 50%; text-align: right">July 3, 2017 (the &ldquo;<U>Effective Date</U>&rdquo;)</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">FOR VALUE RECEIVED, ICP
Merger Sub, LLC, a Delaware limited liability company (the &ldquo;<U>Merger Sub</U>&rdquo; and the &ldquo;<U>Initial Maker</U>&rdquo;),
to be merged with and into Illinois Corn Processing, LLC, a Delaware limited liability company (the &ldquo;<U>Target</U>&rdquo;),
following the consummation of the Merger (as defined in the Merger Agreement referenced below), as Maker, hereby promises to pay
to the order of MGPI Processing, Inc. (the &ldquo;<U>Payee</U>&rdquo;), the original principal sum of FOURTEEN MILLION, EIGHT THOUSAND,
THREE HUNDRED NINETY FIVE DOLLARS AND SIXTY CENTS ($14,008,395.60) (as may be adjusted from time to time pursuant to the terms
below, the &ldquo;<U>Loan</U>&rdquo;) together with interest and any other obligations payable hereunder, in each case in the manner
described herein. Certain terms used herein are as defined in Annex A. Further, Pacific Ethanol Central, LLC, a Delaware limited
liability company (&ldquo;<U>PEC</U>&rdquo;) is a party hereto. This Secured Promissory Note (this &ldquo;<U>Note</U>&rdquo;) is
a &ldquo;Promissory Note&rdquo; for purposes of that certain Agreement and Plan of Merger, dated as of June 26, 2017 (as amended,
restated, supplemented or otherwise modified from time to time ,the &ldquo;<U>Merger Agreement</U>&rdquo;), by and among PEC, as
Buyer, the Merger Sub, the Target, Illinois Corn Processing Holdings Inc. and the Payee as Sellers, pursuant to which Merger Sub
will merge with and into the Target, with the Target surviving as a wholly-owned subsidiary of PEC and as the Maker hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustment to Principal Amount of Note</U>. Upon the completion of the determination of the &ldquo;Final Working Capital&rdquo;
(as defined in the Merger Agreement) pursuant to Section 1.7 of the Merger Agreement (the date of such determination, the &ldquo;<U>Final
Working Capital Date</U>&rdquo;), the face amount of this Note (without giving effect to any reduction on account of any payment
or prepayment prior to the Final Working Capital Date) shall automatically be deemed, immediately and without requirement for any
further action, adjusted such that the original principal amount of this Note shall be equal to the amount set forth below under
the heading &ldquo;Adjusted Principal Amount&rdquo;, which Adjusted Principal Amount shall be as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 51%; border: Black 1pt solid; padding: 3pt 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Working Capital Adjustment Amount </B></FONT></TD>
    <TD STYLE="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"><B>Adjusted MGP Principal Amount, in dollars</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">In the event that an &ldquo;Adjusted Excess Amount&rdquo; exists pursuant to Section 1.7 of the Merger Agreement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">The sum of (a) $14,008,395.60 <U>plus</U> (b) the product of (i) such Adjusted Excess Amount <U>multiplied by</U> (ii) 30%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">In the event that an &ldquo;Adjusted Shortfall Amount&rdquo; exists pursuant to Section 1.7 of the Merger Agreement</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt 6pt; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt">The sum of (a) $14,008,395.60 <U>minus</U> (b) the product of (i) such Adjusted Shortfall Amount <U>multiplied by</U> (ii) 30%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">; in each case, with
same effect as if such adjusted principal amount were set forth above as the original face amount of this Note on the date hereof.
Such determination of the Adjusted Principal Amount shall be made in accordance with the Merger Agreement and subject to the approval
of the Payee and the Maker pursuant thereto. Upon written request by the Maker to the Payee, from time to time, the Payee shall
confirm in writing the Adjusted Principal Amount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.
Interest shall accrue on the unpaid principal amount of this Note and be calculated on the basis of a 360 day year at LIBOR plus
the Applicable Margin<FONT STYLE="background-color: white">. In the event of any adjustment of the principal amount of the Note
as set forth in Section 1, the applicable rate of interest shall accrue, and shall be deemed to have accrued on the unpaid principal
amount of the note as adjusted pursuant to Section 1 as of the Effective Date. Notwithstanding anything to the contrary set forth
elsewhere herein, </FONT>upon the occurrence and during the continuance of an Event of Default, the outstanding principal amount
of this Note, and all accrued and overdue interest, shall bear interest until paid at the rate then applicable to the principal
amount of this Note plus 2.00% per annum and shall be payable on demand.&nbsp; Interest shall accrue on a daily basis, based on
the actual number of days elapsed, and shall be payable on the earlier of (x) the date on which the entire amount of principal
outstanding under this Note is repaid in full or (y) on the Maturity Date.</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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term;
Maturity Date</U>. Subject only to the acceleration provisions of Section 10, all unpaid principal, fees and accrued and unpaid
interest shall be due and payable in full on January 3, 2019 (the &ldquo;<U>Maturity Date</U>&rdquo;).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voluntary
Prepayments</U>. The Maker may at any time prepay any principal amount of this Note in whole, or in part, without premium or penalty,
<U>provided</U> that any prepayment under this Note shall be accompanied by a simultaneous pro rata prepayment under the ICPH Note.
By way of example, if the Maker makes a principal prepayment under the ICPH Note in the amount of $70, the Maker shall make a simultaneous
prepayment under this Note in the amount of $30.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Prepayments</U>. On the date of receipt of any net cash proceeds by the Maker in excess of $1,000,000 over the term of this Note
from the conveyance, assignment, sale, sale and leaseback, lease or sublease (as lessor or sublessor), license, exchange, transfer
or other disposition of any property constituting Collateral, whether now owned or hereinafter acquired, the Maker shall pay to
the Payee an amount equal to 30% of such excess net cash proceeds, which payment shall be applied by the Payee upon receipt thereof
to reduce the outstanding balance of the Note. On the date of receipt of any net cash proceeds in excess of $30,000,000 from insurance,
condemnation awards or other compensation in respect of one or more casualty events involving any one or more related properties
constituting Collateral, the Maker shall pay to the Payee an amount equal to 30% of any such net cash proceeds, which payment shall
be applied by the Payee upon receipt thereof to reduce the outstanding balance of the Note. &nbsp;&nbsp;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Payment Terms</U>. All payments of principal of, and interest upon, this Note shall be made by the Maker to the Payee in cash in
immediately available funds in lawful money of the United States of America, by wire transfer to the bank account designated by
the Payee in writing from time to time. All payments under this Note shall be made to the Payee without withholding, defense, set-off,
counterclaim or deduction. Payments and prepayments made to the Payee by the Maker hereunder shall be applied first to expenses
recoverable under Section 14, then accrued interest and then to principal (<U>provided</U> that the Maker acknowledges that the
application of such amounts as between the Payee and ICPH shall be in accordance with the Master Terms Agreement). If the due date
of any payment under this Note would otherwise fall on a day that is not a Business Day, such due date shall be extended to the
next succeeding Business Day, and interest shall be payable on any principal so extended for the period of such extension. From
time to time, within five (5) days of written request by the Maker, the Payee shall provide the Maker with a reasonably detailed
statement of all amounts outstanding under the Note on a line item basis, provide all supporting invoices and other documentation
with respect to any expenses seeking to be recovered by the Payee pursuant to Section 14, and to provide to Borrower, as well as
any third party to the extent directed to do so by Borrower, with a payoff demand good for no less than ten (10) days of the issuance
thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pledge
of Interests in and to ICP</U>. As collateral security for the payment and performance as and when due of all Obligations (whether
at stated maturity, by acceleration or otherwise and whether arising under this Note, the Mortgage or any other Credit Document),
PEC hereby pledges and grants to the Payee a security interest in all of PEC&rsquo;s right, title and interest in the following
property, assets and revenues, whether now owned by PEC or hereafter acquired and whether now existing or hereafter coming into
existence (all of the property, assets and revenues described in this Section&nbsp;7 being collectively referred to herein as the
&ldquo;<U>PEC Collateral</U>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
limited liability company interests issued by the Maker, together with all certificates representing the same;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
limited liability company interests and other ownership or equity interests of any class issued by the Maker, securities, moneys
or other property representing a dividend on or a distribution or return of capital on or in respect of the limited liability company
interests issued by the Maker, or resulting from a split-up, revision, reclassification or other like change of such interests
or otherwise received in exchange therefor, and any warrants, rights or options issued to the holders of, or otherwise in respect
thereof;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
shares of capital stock of a corporation, limited liability company interests, partnership interests and other ownership or equity
interests of any class in any Person of any successor entity of any merger or consolidation involving the Maker, but only to the
extent of the interests in and to the Maker; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
proceeds of and to any of the foregoing.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The obligations of PEC under this Section
7 are primary, absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability
of the obligations of the Maker under this Note, or any substitution, release or exchange of any other guarantee of or security
for any of the Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever
that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor (other than the actual performance
of the Obligations), it being the intent of this Section 7 that the obligations of PEC hereunder shall be absolute and unconditional,
joint and several, under any and all circumstances and shall apply to any and all Obligations now existing or in the future arising,
as such Obligations are reduced from time to time in accordance with this Note, including any payments received on account thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Notwithstanding anything
to the contrary set forth elsewhere herein or in any other Credit Document, (a) any obligations of PEC arising under this Note
and any other Credit Document are limited to its interests, rights and title in and to the PEC Collateral and do not constitute
personal obligations of or liability to PEC, except to the extent of any fraud or willful misconduct by PEC with respect to the
PEC Collateral, (b) the general credit of PEC is not obligated or available for the payment of the Obligations created or secured
by the Notes or any other Credit Document and, except to the extent of any fraud or willful misconduct by PEC with respect to the
PEC Collateral, the Payee will not look, and shall be prohibited from looking, to PEC or its directors, officers, employees representatives,
or its interest holders with respect to the Obligations or any covenant, stipulation, promise, indemnity, agreement or obligation
contained in the Note or any other Credit Document, (c) in enforcing its rights and remedies under the Credit Documents, the Payee
will look solely to any or all of the PEC Collateral, the ICP Collateral and the Maker for the payment of such Obligations pursuant
to the Credit Documents and for the performance of the provisions hereof and thereof and shall not look to PEC except to the extent
of any fraud or willful misconduct by PEC with respect to the PEC Collateral, and (d) the Payee will not seek a deficiency or other
money judgment against any PEC Party and will not institute any separate action against PEC by reason of any default that may occur
in the performance of any of the terms and conditions of the Credit Documents, except to the extent required to do to enforce its
rights against the PEC Collateral and except to the extent of any fraud or willful misconduct by PEC with respect to the PEC Collateral.
This provision shall not be construed as in any way adversely affecting or impairing the Payee&rsquo;s lien as against the PEC
Collateral or Payee&rsquo;s right and remedies with respect thereto pursuant to this Note or applicable law, including foreclosure.</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">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security
Grant from the Maker</U>. As collateral security for the payment and performance as and when due of all Obligations (whether at
stated maturity, by acceleration or otherwise and whether arising under this Note, the Mortgage or any other Credit Document),
the Maker hereby pledges and grants to the Payee a security interest in all of its right, title and interest in the following property,
assets and revenues, whether now owned by the Maker or hereafter acquired and whether now existing or hereafter coming into existence
(all of the property, assets and revenues described in this Section&nbsp;8 being collectively referred to herein as the &ldquo;<U>ICP
Collateral</U>&rdquo; and together with the collateral as described in the Mortgage and the PEC Collateral, the &ldquo;<U>Collateral</U>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
accounts, as-extracted collateral, chattel paper (whether tangible or electronic), commercial tort claims, deposit accounts, documents,
equipment, financial assets, fixtures, general intangibles, goods, instruments (including promissory notes), insurance, intellectual
property, inventory, investment property, letter-of-credit rights, payment intangibles, equity interests, receivables and receivables
records, securities, securities accounts, security entitlements and software (as and to the extent such terms are defined in the
UCC);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
other tangible and intangible property whatsoever; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
proceeds of and to any of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events
of Default</U>. An &ldquo;<U>Event of Default</U>&rdquo; shall exist hereunder if any one or more of the following events shall
occur:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Maker shall fail to pay the Loan, including interest, and all other amounts, in full in cash on the Maturity Date, the Maker fails
to make any required payment to the Payee pursuant to Section 5 within five (5) Business Days of the Maker&rsquo;s receipt of the
funds required to be paid to Payee pursuant to Section 5, or fails to pay any other amount as and when required to be made hereunder
and such failure continues for more than ten (10) days after written demand therefor by the Payee to the Maker; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Maker (or PEC with respect to the PEC Collateral only) shall fail to perform or observe any term, covenant or agreement to be performed
or observed by it contained in paragraphs (a), (c), (d), (e), (f), (g), (h) or (j) of Annex B; <U>provided</U> that, except for
paragraph (c), if such default or failure is involuntary, inadvertant or by mistake and is capable of cure, such default or failure
shall not constitute an Event of Default if cured to the reasonable satisfaction of the Payee within ten (10) days of the occurrence
of such default; or</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
default or failure to perform any other obligations of the Maker or PEC set forth herein, in the Mortgage or in any other Credit
Document as and when required (after expiration of all applicable notice and cure periods); <U>provided</U> that, if such default
or failure is capable of cure, such default or failure shall not constitute an Event of Default if cured to the reasonable satisfaction
of the Payee within thirty (30) days after written demand for cure thereof to the Maker from the Payee or, if such cure by its
nature would take more than thirty (30) days to cure, then, so long as the Maker is diligently pursuing such cure, the Maker shall
have up to an additional thirty (30) days to cure such default or failure before such default shall constitute an Event of Default;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
failure of any representation or warranty set forth herein, in the Mortgage or in any other Credit Document to be true, correct
and complete in any material respect; <U>provided</U> that, if such failure is subject to cure, such failure shall not constitute
an Event of Default if cured to the reasonable satisfaction of the Payee within thirty (30) days after written demand for cure
to the Maker from the Payee or, if such cure by its nature would take more than thirty (30) days to cure, then, so long as the
Maker is diligently pursuing such cure, the Maker shall have up to an additional thirty (30) days to cure such default before such
default shall constitute an Event of Default; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Maker or PEC institutes or consents to any liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar proceeding under any Debtor Relief Law with respect to it or
any of the Collateral; or any such proceeding is instituted against the Maker or PEC and is not dismissed within the earlier of
(i) prior to the entry for an order for relief or similar order adjudicating the Maker or PEC as subject to such proceeding or
(ii) ninety (90) days after the commencement thereof; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
judgment, writ, warrant of attachment or execution or similar process is issued or levied against the Maker or any of the Collateral
in an amount in excess of $3,000,000 and is not otherwise covered by insurance, released, vacated, stayed or fully bonded by the
earlier of (i) within sixty (60) calendar days after its issue or levy or (ii) at least thirty (30) days prior to any execution
or foreclosure sale with respect thereto; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Change of Control; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
failure to comply with paragraph (b) of Annex B or any Lien (other than a Permitted Lien) is created, incurred, assumed or permitted
to exist on any property or asset constituting PEC Collateral; provided that, in each case, if the creation of any such Lien is
involuntary, inadvertent or by mistake, and is capable of cure, it shall not constitute an Event of Default if such Lien is terminated,
removed or released to the reasonable satisfaction of the Payee within the earlier of, any enforcement of such Lien or thirty (30)
days written demand for cure thereof to the Maker from Payee or, if such cure by its nature would take more than thirty (30) days
to cure, then, so long as the Maker diligently pursuing such cure, the Maker shall have up to an additional thirty (30) days to
cure such default or failure before such default shall constitute an Event of Default; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;there
shall have occurred any &ldquo;Event of Default&rdquo; under and as defined in the ICPH Note; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
or any material part of this Note, the Mortgage or any other Credit Document delivered by or on behalf of the Maker in order to
grant or perfect a Lien as security for any of the Obligations is or becomes void, illegal, invalid, unenforceable or of limited
force and effect, or the Payee does not have or ceases to have a valid and perfected first priority Lien (subject to any Permitted
Lien) in any Collateral for any reason other than the failure of the Payee to take any action within its control; <U>provided</U>
that, if such default or failure is capable of cure, such default or failure shall not constitute an Event of Default if cured
to the reasonable satisfaction of the Payee within thirty (30) days written demand for cure thereof to the Maker from Payee or,
if such cure by its nature would take more than thirty (30) days to cure, then, so long as the Maker diligently pursuing such cure,
the Maker shall have up to an additional thirty (30) days to cure such default or failure before such default shall constitute
an Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
Upon the occurrence of any Event of Default specified in Section 9(e), the principal amount of this Note together with any interest
thereon, all fees and all other Obligations shall become immediately and automatically due and payable, without presentment, demand,
notice, protest or other requirements of any kind (all of which are hereby expressly waived by the Maker). Upon the occurrence
and during the continuance of any other Event of Default, the Payee may, by written notice to the Maker, declare the principal
amount of this Note together with any interest thereon to be due and payable, and the principal amount of this Note together with
any such interest shall thereupon immediately become due and payable without presentment, further notice, protest or other requirements
of any kind (all of which are hereby expressly waived by the Maker). Following any such demand, the Maker shall immediately pay
to such holder all amounts due and payable with respect to this Note. If an Event of Default shall have occurred and is continuing,
the Payee shall have all of the rights and remedies with respect to the Collateral of a secured party under the UCC (whether or
not the UCC is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies
to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be
asserted, including the right, to the fullest extent permitted by law, to exercise all voting, consensual and other powers of ownership
pertaining to the Collateral as if the Payee were the sole and absolute owner thereof (and the Maker agrees to take all such action
as may be appropriate to give effect to such right).</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>. The Maker, and PEC to the extent applicable to it, each separately and severally represents and warrants to
the Payee as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Representations</U>. It is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
and has full power and authority to execute, deliver and perform its obligations under this Note and the other Credit Documents
to which it is a party.&nbsp; It has duly authorized and taken all other appropriate action for the execution, delivery and performance
of this Note and any other document or instrument delivered pursuant hereto or in connection herewith and the consummation of the
transactions provided for in this Note.&nbsp; It has duly executed and delivered this Note and the other Credit Documents to which
is it&rsquo;s a party, this Note and such other Credit Documents constitute its legal, valid and binding obligation, enforceable
in accordance with its terms except as enforceability thereof may be limited by any Debtor Relief Laws and by equitable principles,
whether considered at law or in equity.&nbsp; Its execution and delivery of this Note and the other Credit Documents to which it
is a party, the performance of the obligations or transactions contemplated by this Note and such other Credit Documents and the
fulfillment of the terms of this Note and such other Credit Documents will not (i) conflict with or violate any of its organizational
documents or any contractual obligations applicable to it (ii) conflict with or violate any order, judgment or decree of governmental
authority binding on it, (iii) require any approval of its equityholders or any approval or consent of any Person under any contractual
obligation of such representing Person, except for such approvals or consents which will be obtained on or before the date hereof,
or (iv) conflict with or violate any applicable laws, or (v) result in or require the creation or imposition of any Lien upon any
of its properties or assets (other than any Liens created under this Note, the ICPH Note and the Mortgage).&nbsp; It has duly obtained,
effected or given all authorizations, consents, licenses, orders or approvals of or registrations or declarations with any governmental
authority or any other Person required in connection with the execution and delivery of this Note and the performance of the transactions
contemplated by this Note, and such authorizations, consents, licenses, orders or approvals of or registrations or declarations
are in full force and effect. There are no actions, suits or proceedings by or before any arbitrator or governmental authority
pending against or, to its knowledge, threatened against or affecting it as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a material
adverse effect on (x) the ability of the Maker to fully and timely perform the Obligations, (y) the legality, validity, binding
effect or enforceability of this Note against the Maker or the Collateral, or (z) the rights, remedies and benefits available to,
or conferred upon, the Payee under this Note. It is not an &ldquo;investment company&rdquo; as defined in, or subject to regulation
under, the Investment Company Act of 1940.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Collateral
Representations</U>. The full and correct legal name, type of organization, jurisdiction of organization and mailing address of
the Maker and PEC respectively are correctly set forth in Schedule 1. The Equity Interests are not certified. The Equity Interests
are duly authorized, validly existing, fully paid and non-assessable, and none of the Equity Interests are or will be while the
Obligations are outstanding, subject to any contractual restriction, or any restriction under the organizational documents of the
Maker except as contemplated herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Article 8 Security</U>. The Maker and PEC represent and warrant to the Payee that none of the Maker&rsquo;s Equity Interests are
a &ldquo;security&rdquo;, as such term is defined in UCC Article 8, and that neither the Maker nor PEC will cause or permit the
Maker to &ldquo;opt-in&rdquo; to UCC Article 8 or to otherwise cause or permit any of the Maker&rsquo;s Equity Interests to be
a security for purposes of UCC Article 8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>.
The Maker and PEC each covenants and agrees as provided in Annex B.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law; Submission to Jurisdiction; Waiver of Jury Trial, Etc.</U> This Note shall be governed by, and construed in accordance with,
the law of the State of New York. The Maker, PEC and Payee hereby submit to the exclusive jurisdiction of the United States District
Court for the Southern District of New York and of any New York state court sitting in New York City, borough of Manhattan for
the purposes of all legal proceedings arising out of or relating to this Note or the transactions contemplated hereby. Notwithstanding
the foregoing, the Payee may commence any action to enforce any Lien in any court located in any state or other location that would
otherwise have proper jurisdiction with respect to such enforcement action. This Note may be executed in any number of counterparts,
each of which, when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the
same Note. Delivery of an executed counterpart of a signature page to this Note by electronic transmission shall be as effective
as delivery of an original executed counterpart of this Note. This Section 13 shall survive the termination of this Note. <B>EACH
PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES
HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.</B></P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses;
Amendments; Notices</U>. The Maker and the Payee shall each be solely responsible and bear their own respective fees, costs and
expenses, including any and all attorneys&rsquo; fees and costs, incurred in connection with the drafting, negotiation, execution
and delivery of this Note. The Maker shall pay within fifteen (15) days of written demand therefore by the Payee to the Maker,
<U>provided</U> that such demand includes a detailed listing of all such costs and expenses and supporting documentation relating
to same (except for any information of a confidential legal nature, including narrative descriptions of legal work involving strategy
or the identification or assessment of risks or liabilities, which information may be redacted or omitted), all reasonable costs
and expenses of the Payee, including reasonable attorney&rsquo;s fees and costs, in connection with (a) any amendment to the extent
requested by the Maker and any forbearance, waiver, consent, restructuring or reorganization of the Note or the Maker (including
with respect of the bankruptcy of the Maker), and (b) enforcement or attempted enforcement of the Note, and any matter related
thereto; <U>provided</U> that (i) any such fees and costs shall be limited to those incurred by ICPH or MGP, but not both and (ii)
in the event the Maker is the prevailing party in any such enforcement proceedings, the Maker, not the Payee, shall be entitled
to all of its reasonable fees and costs, including reasonable attorneys&rsquo; fees and costs. To the extent any of the foregoing
fees, costs and expenses of the Payee in this Section 14 are not reimbursed within a reasonable period following demand therefor,
the Payee and ICPH shall ratably share such fees, costs and expenses in proportion to the respective amounts due under their respective
Promissory Notes. This Note may not be changed, modified or terminated orally, but only by an agreement in writing signed by the
Maker, PEC and the Payee, <U>provided</U> that Payee and ICPH may periodically amend or otherwise modify the Master Terms Agreement
without providing notice to or obtaining the consent of the Maker or PEC. All notices and other communications in respect of this
Note shall be given or made in writing at the address as shall be designated by such party in a notice to the other party. Except
as otherwise provided in this Note, all such communications shall be deemed to have been duly given when transmitted by electronic
transmission (subject to receipt of confirmation thereof by recipient), the next day when delivered overnight mail by a national
carrier or upon personal delivery or, in the case of a mailed notice, upon receipt, in each case given or addressed as aforesaid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
of Setoff</U>. <FONT STYLE="font-family: Times New Roman, Times, Serif">If an Event of Default shall have occurred and be continuing,
the Payee and each of its affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by
applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever
currency) at any time held and other obligations (in whatever currency) at any time owing by the Payee or any such affiliate to
or for the credit or the account of the Maker against any and all of the obligations of the Maker now or hereafter existing hereunder
to the Payee or, irrespective of whether or not the Payee shall have made any demand hereunder and although such obligations of
the Maker may be contingent or unmatured or are owed to a branch or office of the Payee different from the branch or office holding
such deposit or obligated on such indebtedness. The rights of the Payee and its affiliates hereunder are in addition to other rights
and remedies (including other rights of setoff) that the Payee or its affiliates may have.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignments</U>.
The Maker may not assign any of its rights or obligations under this Note without the consent of the Payee. The Payee may at any
time assign all or a portion of its rights and obligations under this Note without the prior written consent of the Maker, but
upon notice to the Maker, which notice shall set forth the name address and contact information of such assignee; <U>provided</U>
that, in the event of any partial assignment or assumption to any Person, the Maker shall have no obligation to communicate with
or otherwise report to such assignee and such assignee shall not have any rights of consent or approval, with all such rights remaining
with the Payee. Subject to the foregoing, from and after the effective date specified in each assignment and assumption, the assignee
thereunder shall be a party to this Note and, to the extent of the interest assigned by such assignment and assumption, have the
rights and obligations of the Payee under this Note, and the Payee shall, to the extent of the interest assigned by such assignment
and assumption, be released from its obligations under this Note (and, in the case of an assignment and assumption covering all
of the Payee&rsquo;s rights and obligations under this Note, the Payee shall cease to be a party hereto) but shall continue to
be entitled to the benefits of Section 14 with respect to facts and circumstances occurring prior to the effective date of such
assignment, subject to any corresponding obligations and liabilities of the Payee with respect thereto. In no event shall the Payee
make any assignment to, or allow any assumption by, any Person (other than an affiliate of the Payee) which would constitute a
competitor of the Maker or its affiliates with respect to procurement, manufacture, production, delivery and sale of ethanol and
related products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions
Precedent</U>. The effectiveness of this Note, and any obligation of the Payee to extend any financing to the Maker on the date
hereof or the creation of any of the Obligations hereunder by the Maker, is expressly subject to the satisfaction of the following
conditions on or before the date hereof:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Closing Date under the Merger Agreement shall have occurred;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Payee shall have received this Note originally executed and delivered by each Person party hereto and the Payee shall have received
a copy of the fully executed Mortgage, with the original copy of the Mortgage being delivered to Commonwealth Land Title Insurance
Company (the &ldquo;<U>Title Company</U>&rdquo;) for recording at closing;</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICPH,
as agent for itself and MGP, shall have received an ALTA mortgagee title insurance policy or unconditional commitments therefor
issued by the Title Company, naming ICPH, in its capacity as such agent, as insured with respect to the real property which is
the subject of the Mortgage (the &ldquo;<U>Title Policy</U>&rdquo;), the insured amount to be equal to the face amount of this
Note and the ICPH Note; <U>provided</U> that ICPH, in its capacity as such agent, shall have paid the Title Company all expenses
and premiums of the Title Company together with all other sums required in connection with the issuance of the Title Policy (with
such premiums and costs of ICPH, in its capacity as such agent, being allocated between ICPH and MGP pursuant to the Master Terms
Agreement); <U>provided</U> further that all recording and stamp taxes (including mortgage recording and intangible taxes) payable
in connection with recording the Mortgage in the appropriate real estate records shall be paid equally by ICPH, in its capacity
as such agent, and the Maker (with all costs of ICPH, in its capacity as such agent, being allocated pursuant to the Master Terms
Agreement);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICPH,
as agent for itself and MGP, shall have received a favorable written opinion from counsel admitted to the practice of law in the
State of Illinois with respect to the form of mortgage being in proper form for recording, upon recording the liens created by
such Mortgage shall attach to the real property described therein and, to the extent Illinois law is applicable to the Mortgage,
the enforceability of the Mortgage under Illinois law, all subject to and limited by customary and reasonable qualifications, limitations
and assumptions; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Payee shall have received each material organizational document of each of the Maker and PEC to the extent necessary to confirm
authority to execute, deliver and perform the Note and the other Credit Documents, together with such consents, resolutions, signature
and incumbency certificates as reasonably required with respect thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms
Generally</U>. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &ldquo;include&rdquo;,
&ldquo;includes&rdquo; and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation&rdquo;.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein
to any person shall be construed to include such person&rsquo;s permitted successors and assigns, (c) the words &ldquo;herein&rdquo;,
&ldquo;hereof&rdquo; and &ldquo;hereunder&rdquo;, and words of similar import, shall be construed to refer to this Note in its
entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections
of this Note and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation
as amended, supplemented or otherwise modified from time to time.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">IN WITNESS WHEREOF, the
Maker and PEC have caused this Note to be executed and delivered by their duly authorized officers, as of the date and year and
at a place first above written.</P>

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>ICP MERGER SUB, LLC, as Initial Maker </B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>by its sole member</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>PACIFIC ETHANOL CENTRAL, LLC</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil M. Koehler<BR>Chief Executive Officer and President</TD></TR>
</TABLE>

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>ILLINOIS CORN PROCESSING, LLC,
as Target and immediately following the Merger, as Maker </B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil M. Koehler<BR>Chief Executive Officer and President</TD></TR>
</TABLE>

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B><B>PACIFIC ETHANOL CENTRAL, LLC</B></B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil M. Koehler<BR>Chief Executive Officer and President</TD></TR>
</TABLE>

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




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

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

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

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

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

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

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

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

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

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

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

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

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<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; text-align: right; text-indent: 0.5in">ANNEX A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Definitions</U>.
The following capitalized terms, when used in this Note, shall have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable
Margin</U>&rdquo; means, for any day in any period, the corresponding rate per annum set forth below under the caption &ldquo;Margin&rdquo;:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 82%; border: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Period</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Margin</B></FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Commencing on the date hereof and ending on the 3-month anniversary of the date hereof</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">Commencing on the date immediately following the 3-month anniversary of the date hereof and ending on the first anniversary of the date hereof</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">8.00%</FONT></TD></TR>
<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">At all times thereafter</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 3pt; text-align: justify"><FONT STYLE="font-size: 10pt">10.00%</FONT></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">; <U>provided</U> that if any period above
would otherwise expire on a day that is not the last day of an Interest Period, such period shall end on the nearest Interest Period
end date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means (a) any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of
New York and (b) with respect to any LIBOR Determination Date, the term &ldquo;<U>Business Day</U>&rdquo; means any day which is
a Business Day described in clause (a) and which is also a day for trading by and between banks in U.S. Dollar deposits in the
London interbank market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Cash</U>&rdquo;
means money, currency or a credit balance in any demand or deposit account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capital Expenditures</U>&rdquo;
means, <FONT STYLE="color: #212121">with respect to any Person, the aggregate of all expenditures by such Person for the acquisition
or leasing (pursuant to a capital lease) of fixed or capital assets, software or additions to equipment (including replacements,
capitalized repairs and improvements) which should be capitalized under GAAP on the balance sheet of such Person.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change of
Control</U>&rdquo; means (a) the failure of Maker to at all times be a wholly owned subsidiary of PEC, with the Maker being Controlled
by PEC subject only to the rights and remedies of Payee pursuant to the Credit Documents or (b) the failure of PEC to continue
to be Majority Owned and Controlled by Pacific Ethanol, Inc., a Delaware corporation. For purposes of this definition the term
&ldquo;<U>Majority Owned</U>&rdquo; means, with respect to any Person, an equity ownership interest in such Person, whether held
directly or indirectly or some combination thereof, of at least fifty-one percent (51%), and the term &ldquo;<U>Controlled</U>&rdquo;
means the power to direct the management and policies of a Person, directly or indirectly, whether through the ownership of voting
securities or other equity interests, by contract or otherwise (notwithstanding that, in the case of clause (b) above only, other
Persons may have the right to participate in or veto significant managerial decisions).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Credit Documents</U>&rdquo;
means this Note, the ICPH Note, the Mortgage and any DACA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>DACA</U>&rdquo;
means one or more deposit account control agreements in favor of ICPH, as agent for itself and MGP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debtor Relief
Law</U>&rdquo; means the Bankruptcy Reform Act of 1978, codified as 11 U.S.C. &sect;&sect;101 et seq, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization,
or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting
the rights of creditors generally.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Interests</U>&rdquo;
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means United States generally accepted accounting principles as in effect from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ICPH</U>&rdquo;
means Illinois Corn Processing Holdings Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ICPH Note</U>&rdquo;
means the Promissory Note (as defined in the Merger Agreement) in favor of ICPH.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
of any Person means, without duplication, (a)&nbsp;all obligations of such Person for borrowed money or with respect to deposits
or advances of any kind, (b)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or similar instruments,
(c)&nbsp;all obligations of such Person upon which interest charges are customarily paid, (d)&nbsp;all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such Person, (e)&nbsp;all obligations
of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in
the ordinary course of business), (f)&nbsp;all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether
or not the Indebtedness secured thereby has been assumed, (g)&nbsp;all guarantees by such Person of Indebtedness of others, (h)&nbsp;all
capital lease obligations of such Person, (i)&nbsp;all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty and (j)&nbsp;all obligations, contingent or otherwise, of such Person in
respect of bankers' acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any
partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person's
ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interest
Period</U>&rdquo; means an interest period of three months initially commencing on the date hereof and thereafter commencing on
the date on which the immediately preceding Interest Period expires.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LIBOR</U>&rdquo;
means, for any LIBOR Determination Date, the rate per annum equal to the London interbank offered rate as administered by the ICE
Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits of U.S. Dollars for
a 3-month interest period that is quoted by Bloomberg (or, to the extent such service ceases to be available, any successor to
such service as determined by ICPH) at approximately 11:00 a.m. (London, England time) on such LIBOR Determination Date; <U>provided</U>
that if LIBOR shall be less than zero on any LIBOR Determination Date, such rate shall be deemed to be zero for the purposes of
this Note. In the event LIBOR is indeterminable or unavailable as of any LIBOR Determination Date, LIBOR for the applicable Interest
Period shall be deemed to be the rate in effect for the immediately preceding Interest Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LIBOR Determination
Date</U>&rdquo; means the date that is two Business Days prior to the first day of an Interest Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement
to give any of the foregoing, any conditional sale or other title retention agreement, and any lease or license in the nature thereof)
and any option, trust or other preferential arrangement having the practical effect of any of the foregoing and (ii) in the case
of Equity Interests, any purchase option, call or similar right of a third party with respect to such Equity Interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maker</U>&rdquo;
means (a) immediately prior to the consummation of the Merger, the Initial Maker, and (b) immediately following the consummation
of the Merger, the Target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Master Terms
Agreement</U>&rdquo; means the Master Terms Agreement in the form attached as Exhibit A. For avoidance of doubt, the Master Terms
Agreement is not a Credit Document.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>MGP</U>&rdquo;
means MGPI Processing, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mortgage</U>&rdquo;
means the first priority mortgage delivered or caused to be delivered by the Maker naming ICPH, as agent for itself and MGP, as
mortgagee, in form and substance reasonably satisfactory to the Payee with respect to certain real property and fixtures owned
by the Maker.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligations</U>&rdquo;
means all obligations of the Maker under the Credit Documents, whether now existing or hereafter arising or incurred, and whether
absolute, contingent or otherwise, including all obligations to pay principal, fees and interest (including any default interest
and any interest accruing after the commencement of any case under any Debtor Relief Law) under the Notes, the Mortgage and any
DACA, and all expenses, indemnification obligations and other amounts payable by the Maker under any of the Credit Documents, in
each case whether accruing or arising before or after the commencement of any case under any Debtor Relief Law (and whether or
not such amounts are enforceable, allowed or allowable as a claim in whole or in part in such case).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Liens</U>&rdquo; means (a) the liens created in favor of the Payee and ICPH pursuant to the Credit Documents, (b) in the case of
ICP Collateral, inchoate liens arising by operation of law which were incurred in the ordinary course of business, including carriers&rsquo;,
warehousemen&rsquo;s and mechanics&rsquo; Liens and other similar Liens; <U>provided</U> that, to the extent such inchoate liens
become a presently existing Lien against any of the ICP Collateral, such Lien shall still constitute a permitted Lien so long as
(i) in the aggregate, such Liens do not materially detract from, taken as a whole, the value of the ICP Collateral or otherwise
materially impair the operations of the business of ICP or (ii) such Liens are being contested in good faith by appropriate proceedings,
which proceedings have the effect of postponing or preventing the forfeiture or sale of the property subject to such Liens and
for which adequate reserves have been made if required in accordance with generally accepted accounting principles and any such
Liens are paid or released at least thirty (30) days prior to any such forfeiture or foreclosure sale, (c) in the case of ICP Collateral,
pledges or deposits made in the ordinary course of business in connection with workers&rsquo; compensation, unemployment insurance
or other similar social security legislation, (d) in the case of ICP Collateral, Liens securing taxes, assessments and other governmental
charges, the payment of which is not yet due or is being contested in good faith by appropriate proceedings promptly initiated
and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by generally
accepted accounting principles shall have been made, (e) in the case of ICP Collateral, Liens securing Indebtedness permitted under
<U>Section 12(a)(ii)</U>, so long as such Indebtedness is incurred prior to or within 90 days after such acquisition, construction,
lease or improvement and such Lien does not encumber assets other than the specific assets acquired in connection with the incurrence
of such Indebtedness, (f) those Liens, encumbrances and other exceptions to title identified in Schedule B of the Title Policy
and (g) any other charge, encumbrance, claim or right which constitutes a Lien against the ICP Collateral to the extent such charge,
encumbrance, claim or right existed prior to and continues after the Closing of the merger pursuant to the Merger Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited
liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts,
business trusts or other organizations, whether or not legal entities, and governmental authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Restricted
Payment</U>&rdquo; means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in the Maker, or any payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests
or any option, warrant or other right to acquire any such Equity Interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo;
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">ANNEX 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: justify">The Maker and, to the extent applicable,
PEC covenant and agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Indebtedness</U>.
The Maker will not create, incur, assume or permit to exist any Indebtedness except: (i) Indebtedness created hereunder; (ii) purchase
money Indebtedness, including capital lease obligations, for fixed or capital assets so long as such Indebtedness is incurred prior
to or within 90 days after such acquisition, construction, lease or improvement and is secured only by the assets acquired in connection
with the incurrence of such Indebtedness; (iii) unsecured Indebtedness incurred in good faith and in the ordinary course of ICP&rsquo;s
business and operations, including any Indebtedness owed to affiliates of the Maker so long as permitted under clause (d)(ii) or
(g) below; and (iv) any indebtedness which is permitted as a Permitted Lien.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Liens</U>. The
Maker will not create, incur, assume or permit to exist any Lien on any property or asset constituting Collateral, whether now
owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect
of any thereof, except Permitted Liens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Fundamental
Changes</U>. Except as contemplated in the Merger Agreement, the Maker will not, and PEC will not permit the Maker to (i) merge
into or consolidate with any other Person, (ii) permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions) all or any substantial part of its assets (in
each case, whether now owned or hereafter acquired) or (iii) liquidate or dissolve.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <U>Investments,
Loans, Advances, Guarantees and Acquisitions</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i) <U>Investments</U>:
Except as contemplated in the Merger Agreement, the Maker will not purchase, hold or acquire (including pursuant to any merger
with any Person that was not the Maker prior to such merger) any capital stock, evidences of indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, or make or permit to exist any investment or any other
interest in, any other Person, or purchase or otherwise acquire (in one transaction or a series of transactions) any assets of
any other Person constituting a business unit. Maker shall not create or acquire any subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii) <U>Loans,
Advances and Guaranties</U>: Maker will not make or permit to exist any loans or advances to, or guarantee any obligations of,
any other Person; <U>provided</U> that accounts receivable and other advances made by the Maker to any affiliate, and any agreement
to be obligated with respect to its pro rata share of certain centralized operating expenses or with respect to any letter of credit
issued on its behalf, and any agreement to indemnify in connection therewith up to such pro rata share, together with any agreement
to reimburse such affiliates with respect thereto, shall be permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <U>Restricted Payments</U>.
The Maker will not declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) <U>Capital Expenditures</U>.
The Maker will not make or commit to make any Capital Expenditure, except Capital Expenditures in the ordinary course of business
and to the extent deemed necessary or appropriate in good faith by the Maker in connection with its business and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) <U>Transactions
with Affiliates</U>. The Maker will not sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise
acquire any property or assets from, or otherwise engage in any other transactions with, any of its affiliates, except in the ordinary
course of business at prices and on terms and conditions not less favorable to the Maker than could be obtained on an arm&rsquo;s-length
basis from unrelated third parties and transactions entered into by the Maker not involving any other affiliate.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) <U>Further Assurances;
Pledged Equity Interests</U>. If an Event of Default shall have occurred and be continuing, all dividends and other distributions
on any pledged Equity Interests shall be paid directly to the Payee and retained by it as part of the Collateral. The Maker hereby
expressly authorizes and instructs each issuer of any pledged Equity Interests pledged hereunder to (i) comply with any instruction
received by it from the Payee that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance
with the terms of this Note, without any other or further instructions from the Maker, and (ii) pay any dividend or other payment
with respect to any pledged Equity Interests directly to the Payee. Without limiting any rights or powers granted by this Note
to the Payee while no Event of Default has occurred and is continuing, upon the occurrence and during the continuance of any Event
of Default the Payee is hereby appointed the attorney-in-fact of the Maker for the purpose of carrying out the provisions of this
Note and taking any action and executing any instruments that the Payee may deem necessary or advisable to accomplish the purposes,
which appointment as attorney-in-fact is irrevocable and coupled with an interest. Without limiting the generality of the foregoing,
so long as the Payee shall be entitled under this Note to make collections in respect of the Collateral, if an Event of Default
shall have occurred and be continuing, the Payee shall have the right and power to receive, endorse and collect all checks made
payable to the order of the Maker representing any dividend, payment or other distribution in respect of the Collateral or any
part thereof and to give full discharge for the same.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) <U>Cash Management.</U>
By no later than 120 days of the Effective Date, the Maker, using commercially reasonable efforts, shall endeavor to obtain and
deliver to the Payee and ICPH a DACA executed by the Maker and the Maker&rsquo;s depositary bank, using such depositary bank&rsquo;s
standard form, subject only to such revisions thereto as may be reasonably requested by the Maker, the Payee or ICPH. To the extent
such DACA or DACAs are obtained pursuant hereto, the Maker will, after obtaining same, use only those accounts which are subject
to such DACA or DACAs.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Schedule 1</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>Legal Names of Maker and PEC</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="width: 35%; border: Black 1pt solid; padding-left: 3pt; text-align: center; text-indent: -0.5in; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Legal Name</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; text-indent: -0.5in; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Type of Entity</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; text-indent: -0.7pt; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Jurisdiction of Organization</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; text-indent: -0.5in; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt"><B>Mailing Address</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-bottom: 3pt; text-align: left; padding-left: 3pt"><FONT STYLE="font-size: 10pt">ICP Merger Sub, LLC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Limited Liability Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060, Sacramento, CA 95814</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Illinois Corn Processing, LLC</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Limited Liability Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060, Sacramento, CA 95814</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Pacific Ethanol Central, LLC</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Limited Liability Company</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 3pt; text-align: center; padding-right: 3pt; padding-bottom: 3pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">400 Capitol Mall, Suite 2060, Sacramento, CA 95814</P></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit A</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"><U>MASTER TERMS AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">MASTER TERMS AGREEMENT
dated as of July 3, 2017 between Illinois Corn Processing Holdings Inc. (&ldquo;<U>ICPH</U>&rdquo;) and MGPI Processing, Inc. (&ldquo;<U>MGP</U>&rdquo;,
together with ICPH, the &ldquo;<U>Payees</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
(i) that certain Secured Promissory Note dated as of July 3, 2017 by ICP Merger Sub, LLC (the &ldquo;<U>Initial Maker</U>&rdquo;),
Illinois Corn Processing, LLC (the &ldquo;<U>Target</U>&rdquo;, together with the Initial Maker, the &ldquo;<U>Makers</U>&rdquo;)
and Pacific Ethanol Central, LLC (&ldquo;<U>PEC</U>&rdquo;) in favor of ICPH (the &ldquo;<U>ICPH Note</U>) and (ii) that certain
Secured Promissory Note dated as of July 3, 2017 by Makers and PEC in favor of MGP (the &ldquo;<U>MGP Note</U>&rdquo;, together
with the ICPH Note, the &ldquo;<U>Notes</U>&rdquo;). Capitalized terms used in this Agreement and not otherwise defined are used
herein as defined in the Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <U>Agreements</U>.
Notwithstanding anything in the Notes to the contrary, the parties hereto agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pari
Passu Pro Rata Liens</U>. Notwithstanding anything herein or in any Credit Document to the contrary and notwithstanding the method,
manner or order of the creation, attachment or perfection of any Lien (including the order of filing of any UCC financing statements
or other Lien perfection documents), all Liens granted to or for the benefit of either Payee pursuant to the Notes, the Mortgage,
any DACA or any other Credit Document shall be of equal priority, as between the Payees, and shall be for the pro rata benefit
of each Payee, with any proceeds from the Collateral to be allocated between the Payees as provided in Section 1(b) below. Solely
for Lien perfection purposes, each Payee (the &ldquo;<U>Agent Payee</U>&rdquo;) agrees to act as agent for itself and the other
Payee with respect to any Collateral in the custody or control of the Agent Payee or with respect to which the Agent Payee has
a Lien, whether such Lien is perfected by the filing of a UCC financing statement or a mortgage or by any other method. Without
limiting the foregoing, all Collateral in the possession or control of an Agent Payee shall be possessed or controlled by such
Agent Payee as gratuitous bailee for perfection for the benefit of each Payee as secured party so as to satisfy the requirements
of sections 8-106(d)(3), 8-301(a)(2), 9-104 and 9-313(c) of the UCC. In this Section 1(a), &ldquo;control&rdquo; has the meaning
given that term in sections 8-106 and 9-314 of the UCC. Without limiting the foregoing, each Payee hereby appoints ICPH to act
as its agent for purposes of perfecting and enforcing any Lien or other rights granted pursuant to the Mortgage, and ICPH agrees
to act in such capacity for such purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Sharing</U>. All amounts and payments of any kind received by either of the Payees under or in respect of the Notes or any other
Credit Document shall, whether received by voluntary payment or scheduled payment of principal or interest, or exercise of rights
or remedies with respect to the Collateral, be shared ratably among the Payees in proportion to the respective amounts due to them
under their respective Notes (any such amounts, the &ldquo;<U>Shared Payments</U>&rdquo;). Any Shared Payment received by a Payee
to which it is not due shall be segregated and held in trust and promptly paid over to the other Payee in the form received, with
any necessary endorsements. If an Event of Default exists, any fees or expenses reasonably incurred by a Payee to collect a Shared
Payment shall be shared ratably between the Payees in proportion to the respective amounts due to them under the respective Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any Event of Default (as defined in either Note or any other Credit Document) shall have occurred and be continuing, ICPH may,
but shall not be obligated to (except as provided in this Section 1(c)), take any enforcement action under or with respect to any
Credit Document. MGP shall not be entitled to take any enforcement action under or with respect to any Credit Document without
ICPH's consent, <U>provided</U> that if a MGP Enforcement Condition has occurred, MGP may (x) take any enforcement action under
or with respect to any Credit Document (other than any DACA or the Mortgage) so long as any proceeds of such enforcement action
are allocated between the Payees in accordance with Section 1(b) above, and (y) with respect to any DACA or the Mortgage, instruct
ICPH in writing, and ICPH, as agent or secured party for ICPH and MGP under such DACA or the Mortgage (as applicable), shall upon
receipt of such instruction commence an action to deliver an enforcement notice under such DACA or foreclose the Mortgage (as applicable)
or otherwise exercise the rights and remedies under such DACA or Mortgage, or, if ICPH is unwilling to so foreclose on the Mortgage
or exercise such rights and remedies under the Mortgage, ICPH shall enter into such agreements as MGP may reasonably request to
enable MGP to foreclose the Mortgage or exercise such rights and remedies in its own name; and with any proceeds of such foreclosure
or other exercise of rights or remedies being allocated between the Payees in accordance with Section 1(b) above. For purposes
of this Section 1(c), an &ldquo;<U>MGP Enforcement Condition</U>&rdquo; shall be deemed to occur if any Event of Default (as defined
in either Note or any other Credit Document) arises because of a failure to pay principal or interest under any Note (whether at
stated maturity, by virtue of acceleration or otherwise) and such Event of Default remains in effect for at least 60 days, unless
(A) ICPH shall have commenced and be diligently pursuing in good faith enforcement of the Credit Documents generally (including
to foreclose or otherwise realize on all material collateral, other than pledged equity interests), or (B) any bankruptcy or other
insolvency proceeding shall have been filed by or against either Maker or PEC.&nbsp; &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in this Section 1(c) to the contrary, (A) if ICPH commences any foreclosure action or otherwise attempts to realize on
any personal property collateral, and without regard to whether an MGP Enforcement Condition has occurred or exists, or (B) if
any bankruptcy or other insolvency proceeding shall have been filed by or against either Maker or PEC, and without regard to whether
any payment or other Event of Default (as defined immediately above) exists, the duration of such Event of Default, or any other
fact or circumstance, MGP may take any such action (including responsive or defensive motions, pleadings, proofs of claim, statements
of interest and other filings) which MGP deems necessary to preserve, confirm, continue or protect the validity and enforceability
of its liens or rights to the collateral, so long as such action is not inconsistent with the terms of this agreement, and does
not contest the liens of ICPH or hinder the exercise of remedies thereby. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments</U>.
No amendment, modification, termination or waiver of any provision of any Note, or consent to any departure by any party therefrom,
shall in any event be effective without the written consent of each of ICPH and MGP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mortgage
Fees</U>. Any title insurance, recording or similar fees which are payable by a Payee pursuant to its Note in connection with the
Mortgage (including any such fees payable by ICPH in its in capacity as agent for the Payees) shall be shared ratably among the
Payees in accordance with the original principal amounts of their respective Notes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <U>General</U>.
This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. The Payees hereby submit
to the exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York state
court sitting in New York City, borough of Manhattan for the purposes of all legal proceedings arising out of or relating to this
Agreement or the transactions contemplated hereby. This Agreement may be executed in any number of counterparts, each of which,
when so executed, shall be deemed to be an original and all of which, taken together, shall constitute one and the same Agreement.
Delivery of an executed counterpart of a signature page to this Agreement by electronic transmission shall be as effective as delivery
of an original executed counterpart of this Agreement. This Section 2 shall survive the termination of this Agreement. <B>EACH
PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES
HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.</B></P>

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    <TD COLSPAN="2"><B>ILLINOIS CORN PROCESSING HOLDINGS INC.</B></TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">&nbsp;<BR>&nbsp;</TD></TR>
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    <TD COLSPAN="2"><B>MGPI PROCESSING, INC.</B></TD></TR>
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    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>Name:<BR>
Title:</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">&nbsp;<BR>&nbsp;</TD></TR>
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