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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the Securities and Exchange Commission on June 14, 2018</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>Registration
No. 333-________</B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 2pt 0 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNITED
STATES</FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION&nbsp;</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">FORM
S-8<BR>
REGISTRATION STATEMENT&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">UNDER<BR>
THE SECURITIES ACT OF 1933</FONT></P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt">PACIFIC
ETHANOL, INC.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of registrant as specified in its charter)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 46%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>41-2170618</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction
    of incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer
    Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>400 Capitol Mall,
    Suite 2060, Sacramento, California</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>95814</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of Principal
    Executive Offices)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></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"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">2016
STOCK INCENTIVE PLAN</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Full
title of the plan)</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neil
M. Koehler</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pacific Ethanol, Inc.</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">400 Capitol Mall, Suite 2060, Sacramento, California
95814&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name
and address of agent for service)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(916)
403-2123&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Telephone
number, including area code, of agent for service)</FONT></P>

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



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><I>Copies
of all correspondence to:&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
T. Bradley, Esq.<BR>
Troutman Sanders LLP<BR>
5 Park Plaza, Suite 1400, Irvine, California 92614<BR>
(949) 622-2700</FONT></P>

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



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo;
&ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: justify; width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 3%; vertical-align: middle">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &nbsp;&nbsp;&#9746;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer&nbsp;&nbsp; </FONT></TD>
    <TD NOWRAP STYLE="text-align: right; padding-left: -30pt; vertical-align: middle">&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Do not check if a smaller
    reporting company)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company
    &nbsp;&#9744;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company &nbsp;</FONT>&#9744;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 7(a)(2)(B) of the Securities Act.
&#9744;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CALCULATION
OF REGISTRATION FEE&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of<BR>
    Securities to be Registered</FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    to be <BR>
Registered<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
    Maximum<BR>
    Offering Price<BR>
    Per Share<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposed
    Maximum<BR>
    Aggregate<BR>
    Offering Price<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount
    of<BR>
    Registration Fee<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, $0.001 par value </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,500,000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$3.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7,500,000.00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$933.75</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                         the event of a stock split, stock dividend, or similar transaction involving the Registrant&rsquo;s
                                         Common Stock, the number of shares registered hereby shall automatically be increased
                                         to cover the additional shares in accordance with Rule 416(a) under the Securities Act
                                         of 1933, as amended (the &ldquo;Securities Act&rdquo;).</FONT></TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><B></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
                                         solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under
                                         the Securities Act, and is based upon the average of high and low sales prices of the
                                         Registrant&rsquo;s common stock on The NASDAQ Capital Market on June 11, 2018.</FONT></TD></TR></TABLE>

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

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

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<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPLANATORY
NOTE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pacific
Ethanol, Inc. (referred to as &ldquo;we,&rdquo; &ldquo;us,&rdquo; and through similar terms) filed the following registration
statement with the Securities and Exchange Commission on Form S-8:</FONT></P>

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

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration
                                         No. 333-212070, filed on June 16, 2016 with respect to 1,150,000 shares of our common
                                         stock relating to our 2016 Stock Incentive Plan (the &ldquo;Plan&rdquo;).</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
amended the Plan in March 2018 to increase the number of shares covered by the Plan from 1,150,000 to 3,650,000 shares of common
stock. Our stockholders adopted and approved this increase at our 2018 annual meeting of stockholders held on June 14, 2018.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Form S-8 is filed for the purpose of registering the additional 2,500,000 shares of common stock under the amended Plan.</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="font: 10pt Times New Roman, Times, Serif"></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="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
documents containing the information specified in Part I, Items 1 and 2, will be sent or given to each participant in accordance
with Form S-8 and Rule 428(b)(1) of the Securities Act. We will furnish without charge to each participant to whom information
is required to be delivered, upon written or oral request, a copy of each document incorporated by reference in Part II, Item
3 of this registration statement, which documents are incorporated by reference in the Section&nbsp;10(a) prospectus, and any
other documents required to be delivered to them under Rule 428(b) of the Securities Act. Requests should be directed to Pacific
Ethanol, Inc., 400 Capitol Mall, Suite 2060, Sacramento, California 95814, Attention: Secretary. Our telephone number is (916)
403-2123.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART
II</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
                          3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Incorporation
                                         of Documents by Reference</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incorporate the following documents by reference in this registration statement:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         current report on Form 8-K for June 14, 2018, as filed with the Securities and Exchange
                                         Commission on June 14, 2018;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         quarterly report on Form 10-Q for the three months ended March 31, 2018, as filed with
                                         the Securities and Exchange Commission on May 10, 2018;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         current report on Form 8-K for May 8, 2018, as filed with the Securities and Exchange
                                         Commission on May 8, 2018;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         current report on Form 8-K for March 30, 2018, as filed with the Securities and Exchange
                                         Commission on April 5, 2018;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         annual report on Form 10-K for the year ended December 31, 2017, as filed with the Securities
                                         and Exchange Commission on March 15, 2018;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         current report on Form 8-K for February 28, 2018, as filed with the Securities and Exchange
                                         Commission on February 28, 2018; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         description of our capital stock contained in our Current Report on Form 8-K filed with
                                         the Securities and Exchange Commission on April 13, 2017.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
reports and other documents we subsequently file after the date of this registration statement under Sections 13(a), 13(c), 14
and 15(d) of the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), prior to the filing of a post-effective
amendment which indicates that all securities offered under this registration statement have been sold, or which deregisters all
securities then remaining unsold, shall be deemed incorporated by reference into this registration statement and shall be a part
of this registration statement from the date of filing such documents.</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"></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="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this registration statement, any document or any statement contained in a document incorporated or deemed to be incorporated
herein by reference shall be deemed to be modified or superseded to the extent that a subsequently filed document or a statement
contained herein or in any other subsequently filed document, which also is or is deemed to be incorporated herein by reference
modifies or supersedes such document or such statement in such document. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this registration statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, information that is &ldquo;furnished to&rdquo; the Securities and Exchange Commission shall not be deemed &ldquo;filed
with&rdquo; the Securities and Exchange Commission and shall not be deemed incorporated by reference into this registration statement.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
                          4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Description
                                         of Securities</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
                          5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Interests
                                         of Named Experts and Counsel</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
                          6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnification
                                         of Directors and Officers</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
145 of the Delaware General Corporation Law (&ldquo;DGCL&rdquo;) permits a corporation to indemnify its directors and officers
against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with a pending
or completed action, suit or proceeding if the officer or director acted in good faith and in a manner the officer or director
reasonably believed to be in the best interests of the corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
certificate of incorporation provides that, except in certain specified instances, our directors shall not be personally liable
to us or our stockholders for monetary damages for breach of their fiduciary duty as directors, except liability for the following:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         breach of their duty of loyalty to Pacific Ethanol or our stockholders;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acts
                                         or omissions not in good faith or which involve intentional misconduct or a knowing violation
                                         of law;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unlawful
                                         payments of dividends or unlawful stock repurchases or redemptions as provided in Section
                                         174 of the DGCL; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                         transaction from which the director derived an improper personal benefit.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our certificate of incorporation and bylaws obligate us to indemnify our directors and officers against expenses and
other amounts reasonably incurred in connection with any proceeding arising from the fact that such person is or was an agent
of ours. Our bylaws also authorize us to purchase and maintain insurance on behalf of any of our directors or officers against
any liability asserted against that person in that capacity, whether or not we would have the power to indemnify that person under
the provisions of the DGCL. We have entered and expect to continue to enter into agreements to indemnify our directors and officers
as determined by our board of directors. These agreements provide for indemnification of related expenses including attorneys&rsquo;
fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. We believe that
these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers.
We also maintain directors&rsquo; and officers&rsquo; liability insurance.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
limitation of liability and indemnification provisions in our certificate of incorporation and bylaws may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. They may also reduce the likelihood of derivative
litigation against our directors and officers, even though an action, if successful, might benefit us and our stockholders. Furthermore,
a stockholder&rsquo;s investment may be adversely affected to the extent that we pay the costs of settlement and damage awards
against directors and officers as required by these indemnification provisions. At present, there is no pending litigation or
proceeding involving any of our directors, officers or employees regarding which indemnification is sought, and we are not aware
of any threatened litigation that may result in claims for indemnification.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling
persons under the foregoing provisions of our certificate of incorporation or bylaws, or otherwise, we have been informed that
in the opinion of the Securities and Exchange Commission, this indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
                          7.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exemption
                                         from Registration Claimed</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">ITEM
                          8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal"><U>Exhibits</U>.</FONT></TD></TR></TABLE>

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

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<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Incorporation by Reference</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; vertical-align: bottom"><B>Exhibit<BR>
    Number</B></TD><TD STYLE="font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Description</B></TD><TD STYLE="font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Form</B></TD><TD STYLE="font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>File <BR>
    Number</B></TD><TD STYLE="font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center"><B>Exhibit <BR>
    Number</B></TD><TD STYLE="font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Filing Date</B></TD><TD STYLE="font-weight: bold"><B>&nbsp;</B></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid"><B>Filed <BR>
    Herewith</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 14%; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0301.htm">4.1</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0301.htm">Certificate of Incorporation</A></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">10-Q</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">000-21467</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">3.1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">11/06/2015</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0302.htm">4.2</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0302.htm">Certificate of Designations, Powers, Preferences and Rights of the Series A Cumulative Redeemable Convertible Preferred Stock</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-Q</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">3.2</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">11/06/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0303.htm">4.3</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0303.htm">Certificate of Designations, Powers, Preferences and Rights of the Series B Cumulative Convertible Preferred Stock</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-Q</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">3.3</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">11/06/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0304.htm">4.4</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0304.htm">Certificate of Amendment to Certificate of Incorporation dated June 3, 2010</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-Q</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">3.4</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">11/06/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0305.htm">4.5</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0305.htm">Certificate of Amendment to Certificate of Incorporation dated June 8, 2011</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-Q</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">3.5</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">11/06/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0306.htm">4.6</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0306.htm">Certificate of Amendment to Certificate of Incorporation dated May 14, 2013</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-Q</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">3.6</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">11/06/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0307.htm">4.7</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968715003940/paceth_10q-ex0307.htm">Certificate of Amendment to Certificate of Incorporation dated July 1, 2015</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-Q</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">3.7</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">11/06/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968714004201/peix_10q-ex0301.htm">4.8</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000101968714004201/peix_10q-ex0301.htm">Amended and Restated Bylaws</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-Q</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">3.1</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">11/12/2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817000940/paceth_s3-ex0409.htm">4.9</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817000940/paceth_s3-ex0409.htm">Specimen Common Stock Certificate</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">S-3</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">333-217323</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">4.9</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">04/14/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

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    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid">Incorporation by Reference</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
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    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 14%; vertical-align: bottom">Exhibit&nbsp; <BR>
Number</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; width: 20%">Description</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; width: 12%">Form</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; width: 12%">File <BR>
Number</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font-weight: bold; text-align: center; width: 12%">Exhibit <BR>
Number</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; width: 12%">Filing Date</TD><TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1px solid; width: 12%">Filed <BR>
Herewith</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-top: 6pt; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000161577418003578/s110012_ex10-2.htm">4.10</A></TD><TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-top: 6pt"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000161577418003578/s110012_ex10-2.htm">2016 Stock Incentive Plan (as amended through June 14, 2018)</A></TD><TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 6pt; vertical-align: top">10-Q</TD><TD STYLE="padding-top: 6pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 6pt; vertical-align: top">000-21467</TD><TD STYLE="padding-top: 6pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 6pt; vertical-align: top">10.2</TD><TD STYLE="padding-top: 6pt; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 6pt; vertical-align: top">05/10/2018</TD><TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-top: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000161577418001920/s109336_ex10-5.htm">4.11</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000161577418001920/s109336_ex10-5.htm">Form of Employee Restricted Stock Agreement under 2016 Stock Incentive Plan</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-K</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10.5</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">03/15/2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817000577/peix_ex1006.htm">4.12</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/778164/000168316817000577/peix_ex1006.htm">Form of Non-Employee Director Restricted Stock Agreement under 2016 Stock Incentive Plan</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10-K</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">000-21467</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">10.6</TD><TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">03/15/2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="s110776_ex5-1.htm">5.1</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="s110776_ex5-1.htm">Opinion of Troutman Sanders LLP</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">X</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="s110776_ex5-1.htm">23.1</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="s110776_ex5-1.htm">Consent of Troutman Sanders LLP (contained in Exhibit 5.1)</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">X</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="s110776_ex23-2.htm">23.2</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><A HREF="s110776_ex23-2.htm">Consent of Independent Registered Public Accounting Firm</A></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">X</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; vertical-align: top">24.1</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Power of Attorney (contained on the signature page to this registration statement)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top">X</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM
                          9.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Undertakings</U>.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned Registrant hereby undertakes:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the Securities Act;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement; and</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 1in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Provided,
however,</I> that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment
by those clauses is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the Registrant
pursuant to Section 13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference into the registration statement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the indemnification provisions summarized in Item 6 above, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Sacramento, State of California, on this 14<SUP>th</SUP> day of
June, 2018.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></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">PACIFIC ETHANOL, INC.,<BR>
a Delaware corporation</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 52%">&nbsp;</TD>
    <TD STYLE="width: 3%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 45%">/s/ NEIL
M. KOEHLER</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil
M. Koehler<BR>President
and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">POWER
OF ATTORNEY</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Neil M. Koehler his attorney-in-fact
and agent, with the power of substitution and resubstitution, for him and in his name, place or stead, in any and all capacities,
to sign any amendment to this registration statement on Form S-8, and to file such amendments, together with exhibits and other
documents in connection therewith, with the Securities and Exchange Commission, granting to such attorney-in-fact and agent, full
power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully as he might or could do in person, and ratifying and confirming all that the attorney-in-fact and agent, or his substitute
or substitutes, may do or cause to be done by virtue hereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 38%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
WILLIAM L. JONES&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
        L. Jones</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
NEIL M. KOEHLER&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neil
        M. Koehler</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Chief Executive Officer (principal
    executive officer) and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
BRYON T. MCGREGOR&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryon
        T. McGregor</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer (principal financial
    and accounting officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
MICHAEL D. KANDRIS&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
        D. Kandris</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating
    Officer and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
TERRY L. STONE&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terry
        L. Stone</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
JOHN L. PRINCE&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
        L. Prince</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
DOUGLAS L. KIETA&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Douglas
        L. Kieta</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
LARRY D. LAYNE&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Larry
        D. Layne</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 14, 2018</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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[{"type": "S-8", "sequence": "1", "filename": "s110776_s8.htm", "description": "S-8", "secsgml_size_bytes": 102839}]
{"company-data": {"conformed-name": "Pacific Ethanol, Inc.", "cik": "0000778164", "assigned-sic": "2860", "irs-number": "412170618", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-225622", "film-number": "18899421"}, "business-address": {"street1": "400 CAPITOL MALL, SUITE 2060", "city": "SACRAMENTO", "state": "CA", "zip": "95814", "phone": "916-403-2123"}, "mail-address": {"street1": "400 CAPITOL MALL, SUITE 2060", "city": "SACRAMENTO", "state": "CA", "zip": "95814"}, "former-company": [{"former-conformed-name": "ACCESSITY CORP", "date-changed": "20030627"}, {"former-conformed-name": "DRIVERSSHIELD COM CORP", "date-changed": "20001115"}, {"former-conformed-name": "FIRST PRIORITY GROUP INC", "date-changed": "19920703"}]}
As
filed with the Securities and Exchange Commission on June 14, 2018
Registration
No. 333-________
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PACIFIC
ETHANOL, INC.
(Exact
name of registrant as specified in its charter)
Delaware
41-2170618
(State or other jurisdiction
    of incorporation or organization)
(I.R.S. Employer
    Identification No.)
400 Capitol Mall,
    Suite 2060, Sacramento, California
95814
(Address of Principal
    Executive Offices)
(Zip Code)
2016
STOCK INCENTIVE PLAN
(Full
title of the plan)
Neil
M. Koehler
Chief Executive Officer
Pacific Ethanol, Inc.
400 Capitol Mall, Suite 2060, Sacramento, California
95814
(Name
and address of agent for service)
(916)
403-2123
(Telephone
number, including area code, of agent for service)
Copies
of all correspondence to:
John
T. Bradley, Esq.
Troutman Sanders LLP
5 Park Plaza, Suite 1400, Irvine, California 92614
(949) 622-2700
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer   ☒
Non-accelerated filer
☐
(Do not check if a smaller
    reporting company)
Smaller reporting company
     ☐
Emerging growth company
☐
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 7(a)(2)(B) of the Securities Act.
☐
CALCULATION
OF REGISTRATION FEE
Title
    of
Securities to be Registered
Amount
    to be
Registered
(1)
Proposed
    Maximum
Offering Price
Per Share
(2)
Proposed
    Maximum
Aggregate
Offering Price
(2)
Amount
    of
Registration Fee
(2)
Common
    Stock, $0.001 par value
2,500,000
$3.00
$7,500,000.00
$933.75
(1)
In
                                         the event of a stock split, stock dividend, or similar transaction involving the Registrant's
                                         Common Stock, the number of shares registered hereby shall automatically be increased
                                         to cover the additional shares in accordance with Rule 416(a) under the Securities Act
                                         of 1933, as amended (the "Securities Act").
(2)
Estimated
                                         solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under
                                         the Securities Act, and is based upon the average of high and low sales prices of the
                                         Registrant's common stock on The NASDAQ Capital Market on June 11, 2018.
EXPLANATORY
NOTE
Pacific
Ethanol, Inc. (referred to as "we," "us," and through similar terms) filed the following registration
statement with the Securities and Exchange Commission on Form S-8:
●
Registration
                                         No. 333-212070, filed on June 16, 2016 with respect to 1,150,000 shares of our common
                                         stock relating to our 2016 Stock Incentive Plan (the "Plan").
We
amended the Plan in March 2018 to increase the number of shares covered by the Plan from 1,150,000 to 3,650,000 shares of common
stock. Our stockholders adopted and approved this increase at our 2018 annual meeting of stockholders held on June 14, 2018.
This
Form S-8 is filed for the purpose of registering the additional 2,500,000 shares of common stock under the amended Plan.
2
PART
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
The
documents containing the information specified in Part I, Items 1 and 2, will be sent or given to each participant in accordance
with Form S-8 and Rule 428(b)(1) of the Securities Act. We will furnish without charge to each participant to whom information
is required to be delivered, upon written or oral request, a copy of each document incorporated by reference in Part II, Item
3 of this registration statement, which documents are incorporated by reference in the Section 10(a) prospectus, and any
other documents required to be delivered to them under Rule 428(b) of the Securities Act. Requests should be directed to Pacific
Ethanol, Inc., 400 Capitol Mall, Suite 2060, Sacramento, California 95814, Attention: Secretary. Our telephone number is (916)
403-2123.
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
ITEM
                          3.
Incorporation
                                         of Documents by Reference
.
We
incorporate the following documents by reference in this registration statement:
●
Our
                                         current report on Form 8-K for June 14, 2018, as filed with the Securities and Exchange
                                         Commission on June 14, 2018;
●
Our
                                         quarterly report on Form 10-Q for the three months ended March 31, 2018, as filed with
                                         the Securities and Exchange Commission on May 10, 2018;
●
Our
                                         current report on Form 8-K for May 8, 2018, as filed with the Securities and Exchange
                                         Commission on May 8, 2018;
●
Our
                                         current report on Form 8-K for March 30, 2018, as filed with the Securities and Exchange
                                         Commission on April 5, 2018;
●
Our
                                         annual report on Form 10-K for the year ended December 31, 2017, as filed with the Securities
                                         and Exchange Commission on March 15, 2018;
●
Our
                                         current report on Form 8-K for February 28, 2018, as filed with the Securities and Exchange
                                         Commission on February 28, 2018; and
●
The
                                         description of our capital stock contained in our Current Report on Form 8-K filed with
                                         the Securities and Exchange Commission on April 13, 2017.
All
reports and other documents we subsequently file after the date of this registration statement under Sections 13(a), 13(c), 14
and 15(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), prior to the filing of a post-effective
amendment which indicates that all securities offered under this registration statement have been sold, or which deregisters all
securities then remaining unsold, shall be deemed incorporated by reference into this registration statement and shall be a part
of this registration statement from the date of filing such documents.
3
For
purposes of this registration statement, any document or any statement contained in a document incorporated or deemed to be incorporated
herein by reference shall be deemed to be modified or superseded to the extent that a subsequently filed document or a statement
contained herein or in any other subsequently filed document, which also is or is deemed to be incorporated herein by reference
modifies or supersedes such document or such statement in such document. Any statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this registration statement.
Notwithstanding
the above, information that is "furnished to" the Securities and Exchange Commission shall not be deemed "filed
with" the Securities and Exchange Commission and shall not be deemed incorporated by reference into this registration statement.
ITEM
                          4.
Description
                                         of Securities
.
Not
applicable.
ITEM
                          5.
Interests
                                         of Named Experts and Counsel
.
Not
applicable.
ITEM
                          6.
Indemnification
                                         of Directors and Officers
.
Section
145 of the Delaware General Corporation Law ("DGCL") permits a corporation to indemnify its directors and officers
against expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with a pending
or completed action, suit or proceeding if the officer or director acted in good faith and in a manner the officer or director
reasonably believed to be in the best interests of the corporation.
Our
certificate of incorporation provides that, except in certain specified instances, our directors shall not be personally liable
to us or our stockholders for monetary damages for breach of their fiduciary duty as directors, except liability for the following:
●
any
                                         breach of their duty of loyalty to Pacific Ethanol or our stockholders;
●
acts
                                         or omissions not in good faith or which involve intentional misconduct or a knowing violation
                                         of law;
●
unlawful
                                         payments of dividends or unlawful stock repurchases or redemptions as provided in Section
                                         174 of the DGCL; and
●
any
                                         transaction from which the director derived an improper personal benefit.
In
addition, our certificate of incorporation and bylaws obligate us to indemnify our directors and officers against expenses and
other amounts reasonably incurred in connection with any proceeding arising from the fact that such person is or was an agent
of ours. Our bylaws also authorize us to purchase and maintain insurance on behalf of any of our directors or officers against
any liability asserted against that person in that capacity, whether or not we would have the power to indemnify that person under
the provisions of the DGCL. We have entered and expect to continue to enter into agreements to indemnify our directors and officers
as determined by our board of directors. These agreements provide for indemnification of related expenses including attorneys'
fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding. We believe that
these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers.
We also maintain directors' and officers' liability insurance.
4
The
limitation of liability and indemnification provisions in our certificate of incorporation and bylaws may discourage stockholders
from bringing a lawsuit against our directors for breach of their fiduciary duty. They may also reduce the likelihood of derivative
litigation against our directors and officers, even though an action, if successful, might benefit us and our stockholders. Furthermore,
a stockholder's investment may be adversely affected to the extent that we pay the costs of settlement and damage awards
against directors and officers as required by these indemnification provisions. At present, there is no pending litigation or
proceeding involving any of our directors, officers or employees regarding which indemnification is sought, and we are not aware
of any threatened litigation that may result in claims for indemnification.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers and controlling
persons under the foregoing provisions of our certificate of incorporation or bylaws, or otherwise, we have been informed that
in the opinion of the Securities and Exchange Commission, this indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.
ITEM
                          7.
Exemption
                                         from Registration Claimed
.
Not
Applicable.
ITEM
                          8.
Exhibits
.
Incorporation by Reference
Exhibit
Number
Description
Form
File
Number
Exhibit
Number
Filing Date
Filed
Herewith
4.1
Certificate of Incorporation
10-Q
000-21467
3.1
11/06/2015
4.2
Certificate of Designations, Powers, Preferences and Rights of the Series A Cumulative Redeemable Convertible Preferred Stock
10-Q
000-21467
3.2
11/06/2015
4.3
Certificate of Designations, Powers, Preferences and Rights of the Series B Cumulative Convertible Preferred Stock
10-Q
000-21467
3.3
11/06/2015
4.4
Certificate of Amendment to Certificate of Incorporation dated June 3, 2010
10-Q
000-21467
3.4
11/06/2015
4.5
Certificate of Amendment to Certificate of Incorporation dated June 8, 2011
10-Q
000-21467
3.5
11/06/2015
4.6
Certificate of Amendment to Certificate of Incorporation dated May 14, 2013
10-Q
000-21467
3.6
11/06/2015
4.7
Certificate of Amendment to Certificate of Incorporation dated July 1, 2015
10-Q
000-21467
3.7
11/06/2015
4.8
Amended and Restated Bylaws
10-Q
000-21467
3.1
11/12/2014
4.9
Specimen Common Stock Certificate
S-3
333-217323
4.9
04/14/2017
5
Incorporation by Reference
Exhibit
Number
Description
Form
File
Number
Exhibit
Number
Filing Date
Filed
Herewith
4.10
2016 Stock Incentive Plan (as amended through June 14, 2018)
10-Q
000-21467
10.2
05/10/2018
4.11
Form of Employee Restricted Stock Agreement under 2016 Stock Incentive Plan
10-K
000-21467
10.5
03/15/2018
4.12
Form of Non-Employee Director Restricted Stock Agreement under 2016 Stock Incentive Plan
10-K
000-21467
10.6
03/15/2017
5.1
Opinion of Troutman Sanders LLP
X
23.1
Consent of Troutman Sanders LLP (contained in Exhibit 5.1)
X
23.2
Consent of Independent Registered Public Accounting Firm
X
24.1
Power of Attorney (contained on the signature page to this registration statement)
X
ITEM
                          9.
Undertakings
.
The
undersigned Registrant hereby undertakes:
(1)           To
file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:
(i)           To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)          To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and
(iii)         To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
Provided,
however,
that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment
by those clauses is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference into the registration statement.
6
(2)          That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3)          To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.
The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the indemnification provisions summarized in Item 6 above, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
7
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Sacramento, State of California, on this 14
th
day of
June, 2018.
PACIFIC ETHANOL, INC.,
a Delaware corporation
By:
/s/ NEIL
M. KOEHLER
Neil
M. Koehler
President
and Chief Executive Officer
POWER
OF ATTORNEY
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Neil M. Koehler his attorney-in-fact
and agent, with the power of substitution and resubstitution, for him and in his name, place or stead, in any and all capacities,
to sign any amendment to this registration statement on Form S-8, and to file such amendments, together with exhibits and other
documents in connection therewith, with the Securities and Exchange Commission, granting to such attorney-in-fact and agent, full
power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises,
as fully as he might or could do in person, and ratifying and confirming all that the attorney-in-fact and agent, or his substitute
or substitutes, may do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Title
Date
/s/
WILLIAM L. JONES
William
        L. Jones
Chairman of the Board and Director
June 14, 2018
/s/
NEIL M. KOEHLER
Neil
        M. Koehler
President, Chief Executive Officer (principal
    executive officer) and Director
June 14, 2018
/s/
BRYON T. MCGREGOR
Bryon
        T. McGregor
Chief Financial Officer (principal financial
    and accounting officer)
June 14, 2018
/s/
MICHAEL D. KANDRIS
Michael
        D. Kandris
Chief Operating
    Officer and Director
June 14, 2018
/s/
TERRY L. STONE
Terry
        L. Stone
Director
June 14, 2018
/s/
JOHN L. PRINCE
John
        L. Prince
Director
June 14, 2018
/s/
DOUGLAS L. KIETA
Douglas
        L. Kieta
Director
June 14, 2018
/s/
LARRY D. LAYNE
Larry
        D. Layne
Director
June 14, 2018
8