This Contribution and Voting Agreement, dated as of October 14, 2010 (this “Agreement”), among Fenist, LLC, an Ohio limited liability company (“Parent”), Falcon Equity Partners, L.P., an Ohio limited partnership (“Falcon”), John S. Sokol, in his individual capacity and as custodian of UTMA accounts in the names of Grayson, Parker and Jonathan Sokol, his minor children (“John Sokol”) and Barbara K. Sokol, in her individual capacity and as and trustee of the Si Sokol Family Trust (“Barbara Sokol,” and together with Falcon and John Sokol, the “Contributing Shareholders”).

WHEREAS, on August 10, 2010, Parent, Fenist Acquisition Sub, Inc., an Ohio corporation and a wholly owned subsidiary of Parent (“Merger Sub”), and Bancinsurance Corporation, an Ohio corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement) pursuant to which Merger Sub will merge with and into the Company (the “Merger”);

WHEREAS, as of the date hereof, the Contributing Shareholders collectively beneficially own 2,760,941 shares of common stock, no par value, of the Company (the “Common Stock”), in the amounts set forth next to such Contributing Shareholder’s name on Exhibit A hereto (such shares, together with all shares of Common Stock that any Contributing Shareholder acquires beneficial ownership of after the date hereof are sometimes referred to in this Agreement as the “Owned Shares”); and

(a) Voting. Each of the Contributing Shareholders covenants and agrees that it shall, and shall cause any other holder of record of the Owned Shares beneficially owed by it to, at any meeting of the shareholders of the Company (whether annual or special and whether or not an adjourned or postponed meeting) or in any other circumstances upon which a vote, written consent or other approval of the shareholders of the Company is sought: (i) cause its Owned Shares to be counted as present for the purpose of establishing a quorum, (ii) vote (or cause to be voted) all its Owned Shares in favor of the approval of the Merger, adoption of the Merger Agreement, and any other matter that could reasonably be expected to facilitate consummation of the Merger, and (iii) vote (or cause to be voted) all its Owned Shares against any matter that could reasonably be expected to hinder, oppose, impede, thwart or delay the consummation of the Merger. Except as set forth in this Section 1, the Contributing Shareholders shall not be restricted from voting in favor of, against or abstaining with respect to any matter presented to the shareholders of the Company. In addition, nothing in this Agreement shall limit the right of any Contributing Shareholder to vote any Owned Shares in connection with the election of directors.

(b) Irrevocable Proxy. (i) Each Contributing Shareholder hereby irrevocably grants to and appoints, and hereby authorizes and empowers, Parent, and any individual designated in writing by Parent, and each of them individually, as such Contributing Shareholder’s sole and exclusive proxy and attorney-in-fact (with full power of substitution and resubstitution), for and in the Contributing Shareholder’s name, place and stead, to vote and exercise all voting and related rights (to the fullest extent that the Contributing Shareholder is entitled to do so) with respect to its Owned Shares at any meeting of the shareholders of the Company called, and in every written consent in lieu of such meeting, with respect to any of the matters specified in, and in accordance and consistent with, this Section 1. The Contributing Shareholder may vote its Owned Shares on all other matters not contemplated by this Section 1.

(ii) Upon the execution of this Agreement by a Contributing Shareholder, such Contributing Shareholder hereby revokes any and all prior proxies or powers of attorney given by such Contributing Shareholder with respect to its Owned Shares. Each Contributing Shareholder acknowledges and agrees that no subsequent proxies with respect to its Owned Shares shall be given, and if given, shall not be effective. All authority conferred herein shall be binding upon and enforceable against any successors or assigns of each Contributing Shareholder and any transferees of the Owned Shares. Notwithstanding any other provisions of this Agreement, the irrevocable proxy granted hereunder shall automatically terminate upon the termination of this Agreement pursuant to Section 3.

2. Contribution. Subject to the conditions set forth herein, each Contributing Shareholder agrees to contribute and deliver to Parent all its Owned Shares (the “Contribution Commitment”) immediately prior to the Effective Time of the Merger (as such term is defined in the Merger Agreement). The obligation of each of the Contributing Shareholders to transfer, contribute and deliver the Commitment is subject to (a) the terms of this Agreement and (b) the satisfaction or waiver of all conditions precedent to Parent’s and Merger Sub’s obligations to effect the closing of the Merger. In the event that any Contribution Commitment is transferred, contributed and delivered to Parent and the closing of the Merger does not occur promptly thereafter, Parent will return such Contribution Commitment to the Contributing Shareholder who transferred, contributed and delivered such Contribution Commitment as set forth in the operating agreement of Parent as is then in effect.

3. Termination. This Agreement shall terminate upon the earliest of (a) the consummation of the Merger, (b) the termination of the Merger Agreement in accordance with its terms and (c) written notice of termination of this Agreement by Parent to the Contributing Shareholders; provided that nothing herein shall relieve any party hereto from liability for any breach of this Agreement prior to any such termination.

(a) Representations and Warranties of Parent. Parent hereby represents and warrants to the Contributing Shareholders that Parent has all requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. Parent is duly organized as a limited liability company and is in good standing under the laws of the State of Ohio. The execution and delivery by Parent of this Agreement and the consummation by Parent of the transactions contemplated hereby have been duly authorized. This Agreement, when duly executed and delivered by Parent will constitute a legal, valid and binding obligation of Parent, enforceable against Parent in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles whether in a proceeding in equity or at law.

(b) Representation and Warranties of Falcon. Falcon hereby represents and warrants to Parent that it has all requisite power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. Falcon is duly formed as a limited partnership and is in good standing under the laws of the State of Ohio. The execution and delivery by Falcon of this Agreement and the consummation by Falcon of the transactions contemplated hereby have been duly authorized. This Agreement, when duly executed and delivered by Falcon will constitute a legal, valid and binding obligation of Falcon, enforceable against Falcon in accordance with its terms, except as the enforcement thereof may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles whether in a proceeding in equity or at law.

(c) Representations and Warranties of the Contributing Shareholders. Each Contributing Shareholder hereby, severally and not jointly, represents and warrants to Parent that such Contributing Shareholder has good, valid and marketable title to its Owned Shares, free and clear of all liens, claims and encumbrances, with full legal right and power to transfer and convey absolute ownership of its Owned Shares to Parent, and upon delivery, transfer and assignment of the certificate or certificates representing such Owned Shares, Parent will obtain good, transferable title to such Owned Shares free and clear of all liens, claims and encumbrances whatsoever.

(d) No Inconsistent Agreements. Each Contributing Shareholder hereby covenants and agrees that he, she or it (a) has not entered into, and shall not enter into, any voting agreement or voting trust, with respect to its Owned Shares, (b) has not granted, and shall not grant, a proxy or power of attorney with respect to its Owned Shares that is inconsistent with its obligations pursuant to this Agreement and (c) has not entered into, and shall not enter into, any agreement or undertaking that is otherwise inconsistent with its obligations pursuant to this Agreement.

(a) Restriction on Transfer and Non-Interference. Each Contributing Shareholder hereby agrees, except as expressly contemplated by this Agreement, not to (i) sell, transfer, pledge, encumber, assign or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, pledge, encumbrance, assignment or other disposition of, any of its Owned Shares or (ii) knowingly take any action that would make any representation or warranty of any of the Contributing Shareholders contained herein untrue or incorrect or have the effect of preventing or disabling any of the Contributing Shareholders from performing his, her or its obligations under this Agreement.

6. Transfer Agent Instructions. Each Contributing Shareholder shall coordinate with the Company to credit its Owned Shares to one or more balance accounts at DTC or the Company’s transfer agent, as specified by Parent. Each Contributing Shareholder shall provide all such documents, instruments and information as the Company, DTC or the transfer agent reasonably requests to effect the transfer of its Owned Shares.

8. Successors and Assigns. No party may assign this Agreement or any rights or obligations hereunder without the prior written consent of the other parties. Subject to the preceding, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns.

9. Severability. The parties hereto agree that the provisions of this Agreement are severable and, in the event that any court of competent jurisdiction or governmental agency having jurisdiction shall determine that any of the covenants, agreements, terms or other provisions herein contained are invalid or illegal, the validity and enforceability of the remaining covenants, agreements, terms or conditions shall not be affected thereby and the portion determined to be invalid or illegal shall be deemed not to be a part of this Agreement.

10. Entire Agreement; Amendments. This Agreement supersedes all other prior oral or written agreements among the Contributing Shareholders and Parent and their respective affiliates and persons acting on their behalf with respect to the matters discussed herein, and except for the operating agreement of Parent, this Agreement contains the entire understanding of the parties with respect to the matters covered herein and, except as specifically set forth herein, neither parent nor any Contributing Shareholder makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be amended, waived, terminated or otherwise modified other than by an instrument in writing signed by all of the parties hereto. Any amendment to this Agreement made in conformity with the provisions of this Section 10 shall be binding on all parties. No provision hereof may be waived other than by an instrument in writing signed by the party against whom enforcement is sought.

11. Specific Performance. The parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or in equity.

FENIST, LLC

/s/ John S. Sokol

Name: John S. Sokol

Its: Managing Member

FALCON EQUITY PARTNERS, L.P.

/s/ John S. Sokol

Name: John S. Sokol

Its: General Partner

/s/ John S. Sokol

Name: John S. Sokol

Title: Custodian, UTMA Accounts for

Grayson, Parker and Jonathan Sokol

SI SOKOL FAMILY TRUST

/s/ Barbara K. Sokol

Name: Barbara K. Sokol

Its: Trustee

/s/ John S. Sokol

John S. Sokol

/s/ Barbara K. Sokol

Barbara K. Sokol

Contributing Shareholder		Common Stock Owned

Falcon Equity Partners, L.P.		1,750,000 shares

John S. Sokol		297,626 shares

John S. Sokol, Custodian, UTMA Accounts for Grayson, Parker and Jonathan Sokol		66,247 shares

Si Sokol Family Trust		180,796 shares

Barbara K. Sokol		466,272 shares

TOTAL		2,760,941 shares