| x      | ANNUAL      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934          |
|--------|---------------------------------------------------------------------------------------------------------|
|   | For      the fiscal year ended December 31, 2009                                                        |
|   |                                                                                                    |
|  ̈ | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT      OF 1934 |
|   | For      the transition period from  ___________ to      _____________                        |

| Nevada                                                                  |   | 20-2597168                                      |
|------------------------------------------------------------------------------|--------|-------------------------------------------------|
| (State      or Other Jurisdictionof Incorporation      or Organization) |   |  (I.R.S.      Employer Identification No.) |

| Common      Stock, $0.001 par value |   | The      Nasdaq Stock Market LLC                |
|-------------------------------------|--------|-------------------------------------------------|
| (Title      of each class)          |   | (Name      of each exchange on whichregistered) |

| Large      accelerated filer  ̈ |                                          | Accelerated      filer x               |
|------------------------------------------|----------------------------------------------------|---------------------------------------------|
| Non-accelerated      filer  ̈   | (Do      not check if a smaller reporting company) | Smaller      reporting company   ̈ |

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|          |                                                                          | Page   |
|---------------|-------------------------------------------------------------------------------|--------|
| PART      III |                                                                          |
|          |                                                                          |   |
| Item      10. | Directors,      Executive Officers and Corporate Governance                   | 1      |
| Item      11. | Executive      Compensation                                                   | 5      |
| Item      12. | Security      Ownership of Certain Beneficial Owners and Management           |   |
|          | and      Related Stockholder Matters                                          | 14     |
| Item      13. | Certain      Relationships and Related Transactions, Director    Independence | 16     |
| Item      14. | Principal      Accounting Fees and Services                                   | 17     |
|          |                                                                          |   |
| PART      IV  |                                                                          |
|          |                                                                          |   |
| Item      15. | Exhibits      and Financial Statement Schedules                               | 18     |
|          |                                                                          |
| SIGNATURES    |                                                                          |
|          |                                                                          |
| EXHIBITS      |                                                                          |

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| Songyan      Li , Ph.D. | 43     | Dr.      Li has served as our executive chairman and as chairman of our board of      directors since December 2006,  In addition, Dr. Li has served      as our chief technology officer since April 2009. Dr. Li served as      chairman of the boards of Nanchang Best and Shanghai Best from July 2004      to December 2006. As one of the original founders of Nanchang Best, Mr. Li      served as the manager of the Technical Research and Development Department      of Nanchang Best from 1995 to July 2004. Prior to that, he worked as the      technical manager in Guangxi Peter Hand Premix Feed Company, a Chinese      subsidiary of global animal nutrition conglomerate Provimi S.A., from 1991      to 1994. He received his Ph.D. in animal nutrition from Nanjing      Agricultural University in 2004.  We believe  Dr. Li’s      demonstrated success as executive chairman of AgFeed and his expertise in      animal continue to be valuable to our board of  directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| K.      Ivan F. Gothner | 51     | Mr.      Gothner joined our board of directors in December 2009. Mr. Gothner has      been managing director and founder of Adirondack Partners, LLC, a private      merchant-banking firm that focuses on serving small and mid-size growth      companies, since 1993.  He has been active as a merchant banker      focusing on small and mid-size growth companies for his entire career. His      work has focused on companies experiencing rapid growth as a result of      introducing new technologies and products or by entering new markets.      Prior to founding Adirondack Partners, Mr. Gothner was senior vice      president of Barclays Bank from 1990 to 1992, responsible for establishing      an investment banking unit to serve small and mid-sized      companies.  Mr. Gothner joined Kleinwort Benson Limited in 1986      and from 1987 to 1990, he served as a senior vice president of the firm      and general manager of the KB Mezzanine Fund, L.P., a specialized fund      which invested in the equity and junior capital of small and mid-sized      businesses.  Currently, Mr. Gothner serves on the board of      directors of ArtID, LLC, a private company providing online exhibition      space to artists, Covenant Group of China Inc., a publicly traded company      engaged in the business of acquiring equity interests in private companies      based and operating in China, and Best Buddies of      Massachusetts.  Mr. Gothner received a bachelor of arts degree      in political science and economics from Columbia College and a M.I.A. from      Columbia University’s School of International Affairs in international      economic policy and finance.  Mr. Gothner was a director of      Global Maltrechs, Inc., a public company, which markets software      applications and web and application development services until 2008. With      28 years of investment banking experience, we believe that Mr. Gothner has      developed the financial expertise we require of our audit committee      chairman and insight regarding strategic planning, which will continue to      be relevant to the board’s oversight of AgFeed’s successful integration of      its acquired subsidiaries. |

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| Arnold      Staloff | 65     | Mr.      Staloff joined our board of directors in November 2007. From December 2005      to May 2007, Mr. Staloff served as chairman of the board of SFB Market      Systems, Inc., a New Jersey-based company that provides technology      solutions for the management and generation of options series data. From      March 2003 to December 2005, Mr. Staloff was an independent consultant.      From June 1990 to March 2003, Mr. Staloff served as president and chief      executive officer of Bloom Staloff Corporation, an equity and options      market-making firm and foreign currency options floor broker. Mr. Staloff      served as a director for Lehman Brothers Derivative Products Inc. from      1994 until October 2008.  Mr. Staloff serves on the boards of      directors of two Nasdaq listed companies with operations based in      China:  Shiner International, Inc., an anti-counterfeit plastic      film manufacturer since 2007, and SmartHeat Inc., a designer, manufacturer      and seller of clean technology plate heat exchangers and related systems      since 2008. Mr. Staloff’s financial acumen and familiarity with public      company governance issues and Chinese business practices remain valuable      to the board and its committees. |
|---------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Junhong      Xiong  | 39     | Mr.      Xiong joined our board of directors in November 2006 and has served as our      chief executive officer and vice chairman since that time. Mr. Xiong has      also served as chief executive officer of Nanchang Best since its founding      in 1995. Prior to that, Mr. Xiong worked for Guangzhou Huashi Animal      Nutritionals Company as a sales representative, sales manager, and head of      marketing from 1993 to 1995. He was a technician at the Chongming      Progressing Farm Company in Shanghai from 1992 to 1993. Mr. Xiong      graduated with a bachelor’s degree from Animal Husbandry & Veterinary      College in Jiangxi Agricultural University in 1992.  Mr. Xiong’s      participation on the board provides expertise in hog and feed      production.  In addition, Mr. Xiong, as chief executive officer,      is more closely connected to AgFeed’s day-to-day operations, so as a      member of the board, he helps ensure that the board has sufficient      information regarding the risks facing AgFeed’s  operations.                                                                                                                                                                                                      |

|  Lixiang Zhang,      Ph.D.                     | 43     | Dr.      Zhang joined our board of directors in May 2007. Dr. Zhang is a leading      expert in animal nutritional science and management consulting in China.      Dr. Zhang is a professor of agricultural management and has served as the      assistant dean of the College of Agricultural Development at Renmin      University of China since July 2003. In 2006, Dr. Zhang was awarded the      title of Excellent Teacher by Renmin University. In 2005, he was named a      Top Ten Enterprise Strategist by the Chinese government. In 2004, Dr.      Zhang was named a Top Ten Best Management Consulting Expert by the Chinese      Government. In 2002, he was awarded the top prize for Innovative      Management Science by the Chinese Ministry of Commerce. Dr. Zhang has      authored over 60 books and articles on the topics of agricultural science      and management science. He has conducted management training programs for      global companies including SONY, Panasonic, General Motors, Motorola,      China Life Insurance, China Telecom among others. Dr. Zhang received a      Ph.D. in Management Science from Renmin University in 2003.  Mr.      Zhang’s strategic planning and animal nutrition expertise helps ensure      that the board can effectively monitor AgFeed’s research and development      activities and the  integration of its acquired      subsidiaries. |
|-----------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Named      Executive Officers (Non-Directors)  |
| Selina      Jin                                     | 35     | Ms.      Jin was appointed our chief financial officer on April 15, 2009. Ms. Jin      joined AgFeed as its assistant chief financial officer in June 2008. Prior      to joining AgFeed, Ms. Jin was employed as chief financial officer of      Changsha Zhan Hong Energy Chemical Co. Ltd. from 2004 to      2006.  From 2003 to 2004, Ms. Jin was assistant chief executive      officer at Citia International Ltd. N. Z., Ms. Jin was an assistant      professor in the Business School of Central South University from 1997 to      2003. Ms. Jin received her bachelor’s degree in accounting from Hunan      University in 1997 and her M.B.A. in finance and accounting from Shanghai      University of Finance and Economics in 2008.  Ms. Jin is a      member of the China Association of Chief Financial Officers and the      Institute of Management Accountants and the International Financial      Management Association.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

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| Gerard      Daignault | 51 | Mr.      Daignault has served as our chief operating officer since August      2008.  Prior to joining AgFeed, Mr. Daignault served as founder      and managing director of Spectrum Agribusiness LLC from October 2007 until      August 2008. Prior to founding Spectrum Agribusiness, Mr. Daignault served      as chief financial officer and director of finance for PIC North America,      Inc., an international leader in providing genetically superior pig      breeding stock and technical support for maximizing genetic potential to      the global pork chain, from May 2004 to October 2007 through the      acquisition by Genus PLC of Sygen PLC (parent company of PIC North      America, Inc.) in December 2005. During his over 27 year career, Mr.      Daignault has held a number of financial and managerial positions      including 18 years at the chief financial officer level for domestic and      international agribusiness, including Purina Mills LLC, PMAG Products (a      subsidiary of Tate & Lyle, N.A.), and Newsham Hybrid Genetics. He      received a bachelor’s degree in finance and accounting from the University      of Missouri in 1979. |
|-----------------------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Audit                                     |   | Messrs.      Gothner and Staloff and Dr. Zhang, with Mr. Gothner as      Chairman. |
|-------------------------------------------|--------|------------------------------------------------------------------------------------|
|                                      |   |                                                                               |
| Compensation:                             |   | Messrs.      Gothner and Staloff and Dr. Zhang, with Mr. Gothner as      Chairman. |
|                                      |   |                                                                               |
| Nominating      and Corporate Governance: |   | Messrs.      Gothner and Staloff and Dr. Zhang, with Mr. Staloff as      Chairman. |

|   | · | Name; |
|--------|--------|-------|

|   | · | Age; |
|--------|--------|------|

|   | · | Business and current residence      addresses, as well as residence addresses for the past 20      years; |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | Principal occupation or      employment and employment history (name and address of employer and job      title) for the past 10 years (or such shorter period as the candidate has      been in the workforce); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Educational      background; |
|--------|--------|------------------------------|

|   | · | Permission for AgFeed to conduct      a background investigation, including the right to obtain education,      employment and creditinformation; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The number of shares of AgFeed      common stock beneficially owned by the candidate, if      any; |
|--------|--------|----------------------------------------------------------------------------------------------------|

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|   | · | The information that would be      required to be disclosed by AgFeed about the candidate under the rules of      the SEC in a proxy statement soliciting proxies for the election of such      candidate as a director (which currently includes information required by      Items 401, 404 and 405 of Regulation S-K);  and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | A signed consent of the nominee      to serve as a director of AgFeed, if  elected. |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | Retain and      attract qualified executives — The compensation of our      executives must be competitive with the organizations with which we      compete for talent so that we may attract and retain talented and      experienced executives. Our executives have, on average, approximately 20      years of experience in the premix feed and commercial hog production      industries. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Reward      outstanding performance — A significant portion of our      executives’ compensation should be subject to corporate performance      measures and therefore be “at risk.” Performance-based compensation can      vary widely from year to year depending on an executive’s performance and      the economic tensions relating to our  business. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Align      compensation with our strategic business objectives — We believe that a component of      our executives' compensation should be related to the degree to which we      meet or exceed both our short- and long-term strategic business      objectives. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Align the      interests of our executives with those of our shareholders — Equity-based awards can be an      effective means of aligning an executive’s financial interests with those      of our shareholders by providing value to the executive only if the market      price of our stockincreases. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Salary - the fixed amount of      compensation for performing day-to-day      responsibilities. |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | Bonus - Cash bonus awards earned for      achieving our short-term financial goals and other strategic objectives      measured over the year. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | Perquisites      and Other Personal Benefits - Historically, we have not      provided our named executives with perquisites or other personal benefits      because it is not customary to provide such perquisites and personal      benefits in the PRC. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Retirement      Benefits -      Currently, we do not provide any company-sponsored retirement benefits or      deferred compensation programs to any employee, including the named      executives (other than a mandatory state pension scheme in which all of      our employees in the PRC participate) because it is not customary to      provide such benefits and programs in the  PRC. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Deductibility      of Executive Compensation - Pursuant to Section 162(m) of      the Internal Revenue Code, compensation in excess of $1 million paid to      named executives is not deductible by us, subject to certain exceptions.      The Committee has considered the effect of Section 162(m) of the Code on      our executive compensation and we believe that the compensation paid to      our named executive officers generally is fully deductible for federal      income tax purposes. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Accounting      for Share-Based Compensation - We account for share-based      compensation in accordance with the requirements of FASB ASC Topic 718.      The Committee takes into consideration the tax consequences of      compensation to the named executive officers, but tax considerations are      not a significant part of the company’s compensation      policy. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                  |   |    |   |               |    |   |         |   |    |         |   |   |              |   |   | Non-Equity          |    |   | Change inPension ValueandNonqualified |   |    |            |   |   |           |   |
|--------------------------------------------|--------|--------------|--------|--------------------|---------|--------|--------------|--------|---------|--------------|--------|--------|-------------------|--------|--------|---------------------|---------|--------|-------------------------------------------------|--------|---------|-----------------|--------|--------|----------------|--------|
|                                  |   |    |   |               |    |   | Stock        |   |    | Option       |   |   |              |   |   | Incentive Plan |    |   | Deferred                                        |   |    | All Other  |   |   |           |   |
| Name andPrincipal Position       |   | Year         |   | Salary ($)(1) |    |   | Awards($)(2) |   |    | Awards($)(2) |   |   | Bonus ($)(1) |   |   | Compensation($)     |    |   | CompensationEarnings ($)                   |   |    | Compensation($) |   |   | Total ($) |   |
| Junhong      Xiong,                        |   | 2009         |   |               | 36,000  |   |         |   | — |         |   |   | —           |   |   |                | — |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 36,000 |   |
| Chief Executive Officer and |   | 2008         |   |               | 12,700  |   |         |   | — |         |   |   | —           |   |   |                | 40,000  |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 52,700 |   |
| Vice      Chairman                         |   | 2007         |   |               | 13,000  |   |         |   | — |         |   |   | —           |   |   |                | 5,000   |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 18,000 |   |
|                                       |   |         |   |               |    |   |         |   |    |         |   |   |              |   |   |                |    |   |                                            |   |    |            |   |   |           |   |   |   |   |   |   |   |   |   |
| Selina Jin,      (3)                       |   | 2009         |   |               | 17,592  |   |         |   | — |         |   |   | 78,271            |   |   |                | — |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 95,863 |   |
| Chief      Financial Officer               |   |         |   |               |    |   |         |   |    |         |   |   |              |   |   |                |    |   |                                            |   |    |            |   |   |           |   |   |   |   |   |   |   |   |   |
|                                       |   |         |   |               |    |   |         |   |    |         |   |   |              |   |   |                |    |   |                                            |   |    |            |   |   |           |   |   |   |   |   |   |   |   |   |
| Gerard Daignault, (4)                      |   | 2009         |   |               | 216,000 |   |         |   | — |         |   |   | —           |   |   |                | — |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 216,000 |   |
| Chief      Operating Officer               |   | 2008         |   |               | 72,000  |   |         |   | — |         |   |   | 591,261           |   |   |                | 22,500  |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 685,761 |   |
|                                       |   |         |   |               |    |   |         |   |    |         |   |   |              |   |   |                |    |   |                                            |   |    |            |   |   |           |   |   |   |   |   |   |   |   |   |
| Songyan      Li,                           |   | 2009         |   |               | 42,000  |   |         |   | — |         |   |   | —           |   |   |                | — |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 42,000 |   |
| Executive                                  |   | 2008         |   |               | 11,600  |   |         |   | — |         |   |   | —           |   |   |                | 60,000  |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 71,600 |   |
| Chairman                                   |   | 2007         |   |               | 20,000  |   |         |   | — |         |   |   | —           |   |   |                | 0       |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 20,000 |   |
|                                       |   |         |   |               |    |   |         |   |    |         |   |   |              |   |   |                |    |   |                                            |   |    |            |   |   |           |   |   |   |   |   |   |   |   |   |
| Liangfan Yan, (5)                          |   | 2009         |   |               | 11,000  |   |         |   | — |         |   |   | —           |   |   |                | — |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 11,000 |   |
| Internal                                   |   | 2008         |   |               | 11,000  |   |         |   | — |         |   |   | —           |   |   |                | 10,000  |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 21,000 |   |
| Controller                                 |   | 2007         |   |               | 11,000  |   |         |   | — |         |   |   | —           |   |   |                | 5,000   |   |                                            |   | — |            |   |   | —        |   |   |   | — |   |   |   | 16,000 |   |

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| (1) | The salary and bonus for each of      the named executives, except Mr. Daignault, was calculated and/or paid in      RMB.  The amounts in the foregoing table represent the US dollar      equivalent based on a conversion rate of RMB1 = $0.1466 at December 31,      2009 and December 31, 2008 and RMB1 = $0.137088 at December 31,      2007. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      aggregate fair value of the stock option awards were calculated as of the      grant date utilizing the  Black-Scholes option-pricing model and      in accordance with FASB ASC Topic 718. The assumptions used in the      Black-Scholes option-pricing model are disclosed in AgFeed’s Annual Report      on Form 10-K for the fiscal year ended December 31, 2009 and filed on      March 8, 2010.  Mr. Daignault and Ms. Jin received their option      grant in connection with the employment agreements they signed upon      becoming the chief operating officer and chief financial officer of      AgFeed, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Ms. Jin became our chief      financial officer on April 15,2009. |
|-----|-------------------------------------------------------------------|

| (4) | Mr. Daignault joined AgFeed as      its chief operating officer in August 19,  2008. |
|-----|--------------------------------------------------------------------------------------|

| (5) | Mr.      Yan served as our chief financial officer until April 15, 2009. Mr. Yan      remains AgFeed's internalcontroller. |
|-----|----------------------------------------------------------------------------------------------------------------------------|

|                  |   |      |    |   | Estimated Future Payouts UnderNon-Equity Incentive PlanAwards |    |    | Estimated Future Payouts UnderEquity Incentive Plan Awards |   |    | All OtherStockAwards: |   |   | All OtherOptionAwards: |    |   |      |   |    | Grant Date |   |
|-----------------------|--------|-----------|---------|--------|----------------------------------------------------------------------------------------|---------|---------|------------------------------------------------------------------------------------------|--------|---------|----------------------------|--------|--------|-----------------------------|---------|--------|-----------|--------|---------|-----------------|--------|
| Name             |   | GrantDate |    |   | Threshold($)                                                                           |    |    | Target($)                                                                                |   |    | Maximum($)                 |   |   | Threshold(#)                |    |   | Target(#) |   |    | Maximum(#)      |   |   | Number ofShares ofStocks orUnits(#) |   |   | Number ofSecuritiesUnderlyingOptions(#) |   |   | Exercise orBase Price ofOptionAwards($/Sh) |   |   | Fair Value ofStockand OptionAwards($)(1) |   |
|                  |   |      |    |   |                                                                                   |    |    |                                                                                     |   |    |                       |   |   |                        |    |   |      |   |    |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Junhong      Xiong    |   |      | — |   |                                                                                   |    | — |                                                                                     |   |    | —                    |   |   |                        | — |   |      |   | — |            |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Selina      Jin       |   | 4/17/2009 |    |   |                                                                                   | — |    |                                                                                     |   | — |                       |   |   | —                     |    |   |      | 30,000 |    |            |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 3.30 |   |   | — |   |
| Gerald      Daignault |   |      | — |   |                                                                                   |    | — |                                                                                     |   |    | —                    |   |   |                        | — |   |      |   | — |            |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Songyan      Li       |   |      | — |   |                                                                                   |    | — |                                                                                     |   |    | —                    |   |   |                        | — |   |      |   | — |            |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Liangfan      Yan     |   |      | — |   |                                                                                   |    | — |                                                                                     |   |    | —                    |   |   |                        | — |   |      |   | — |            |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |

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| (1) | The aggregate fair value of the      stock option awards were calculated as of the grant date utilizing      the  Black-Scholes option-pricing model and in accordance with      FASB ASC Topic 718. The assumptions used in the Black-Scholes      option-pricing model are disclosed in AgFeed’s Annual Report on Form 10-K      for the fiscal year ended December 31, 2009 and filed on March 8,      2010. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| OPTION AWARDS    |   |                                                               | STOCK AWARDS |   |
|-----------------------|--------|--------------------------------------------------------------------|-------------------|--------|
| Name                  |   | Number ofSecuritiesUnderlyingUnexercisedOptions(#)Exercisable |              |   | Number ofSecuritiesUnderlyingUnexercisedOptions(#)Unexercisable |   |   | EquityIncentivePlan Awards:Number ofSecuritiesUnderlyingUnexercisedUnearnedOptions(#) |   |   | OptionExercisePrice ($) |   |   | OptionExpirationDate |   |   | NumberofSharesor Unitsof StockThatHaveNotVested(#) |   |   | MarketValueofSharesor UnitsofStockThatHaveNotVested($) |   |   | EquityIncentivePlanAwards:Number ofUnearnedShares,Units orOtherRightsThat HaveNot Vested(#) |   |   | EquityIncentivePlanAwards:Market orPayoutValue ofUnearnedShares,Units orOtherRights ThatHave NotVested(#) |   |
|                  |   |                                                               |              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Junhong      Xiong    |   |                                                               | —           |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Selina      Jin       |   |                                                               | —           |   |   |   | — |   |   |   | 30,000 |   |   |   | 3.30 |   |   | 4/17/2014 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Gerald      Daignault |   |                                                               | —           |   |   |   | — |   |   |   | 100,000 |   |   |   | 9.32 |   |   | 9/25/2013 |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Songyan      Li       |   |                                                               | —           |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Liangfan      Yan     |   |                                                               | —           |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |

----

| Songyan Li |         | Junhong Xiong |         | Selina Jin                                                                                                                                                                                                                                                                                                                                                                                                                                     |         | Gerald Daignault                                                                                                                                                                                                                                                                                            |
|-----------------|--------------|--------------------|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| $250,000        |    | $200,000           |    | o      $3,000,      if such termination or constructive termination occurs on or before April      15, 2010;o      $6,500,      if such termination or constructive termination occurs after April 15,      2010 but on or before April 15, 2011; oro      $10,000,      if such termination or constructive termination occurs after April 15,      2012 |    | o      $60,000,      if such termination or constructive termination occurs after August 19,      2009 but on or before August 19, 2010; oro      $100,000, if such termination or      constructive termination occurs after August 19, 2010.  |

----

|                                                                      |   | Songyan Li |    |   | Junhong Xiong |   | Selina Jin |   | Gerald Daignault                                 |
|---------------------------------------------------------------------------|--------|-----------------|---------|--------|--------------------|--------|-----------------|--------|-------------------------------------------------------|
| Termination      without cause                                            |   | $               | 250,000 |   |               | $      | 200,000         |   | $3,000      plus vesting of 30,000 stock options      |   | $60,000      plus vesting of 100,000 stock options |
|                                                                      |   |            |    |   |               |   |            |   |                                                  |   |   |
| Termination      as a result of the executive’s death or disability |   | $               | 250,000 |   |               | $      | 200,000         |   | $3,000      plus vesting of 30,000 stock options      |   | $60,000      plus vesting of 100,000 stock options |
|                                                                      |   |            |    |   |               |   |            |   |                                                  |   |   |
| Constructive      Termination                                             |   | $               | 250,000 |   |               | $      | 200,000         |   | $3,000      plus vesting of 30,000 stock options      |   | $60,000      plus vesting of 100,000 stock options |
|                                                                      |   |            |    |   |               |   |            |   |                                                  |   |   |
| Voluntary      termination by employee                                    |   | $               | 0       |   |               | $      | 0               |   | $0      plus unvested options cancelled and forfeited |   | $0      plus unvested options cancelled and forfeited |
|                                                                      |   |            |    |   |               |   |            |   |                                                  |   |   |
| Termination      for Cause                                                |   | $               | 0       |   |               | $      | 0               |   | $0      plus unvested options cancelled and forfeited |   | $0      plus unvested options cancelled andforfeited |

| Name                    |   | Fees Earned orPaid in Cash ($) |   |   | Stock Awards ($) |   |    | Option Awards ($) |   |   | Non-Equity Incentive Plan Compensation($) |   |   | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) |    |   | All Other Compensation ($) |   |    | Total ($) |   |
|------------------------------|--------|---------------------------------------------------------|--------|--------|----------------------------|--------|---------|-----------------------------|--------|--------|----------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------|---------|--------|-------------------------------------------|--------|---------|----------------|--------|
|                         |   |                                                    |   |   |                       |   |    |                        |   |   |                                                     |   |   |                                                                                                                     |    |   |                                      |   |    |           |   |
| K.      Ivan F. Gothner (1)  |   |                                                    | 15,000 |   |                       |   | — |                        |   |   | —                                                  |   |   |                                                                                                                     | — |   |                                      |   | — |           |   |   | — |   |   |   | 15,000 |   |
| Fredric      Rittereiser (2) |   |                                                    | 50,000 |   |                       |   | — |                        |   |   | —                                                  |   |   |                                                                                                                     | — |   |                                      |   | — |           |   |   | — |   |   |   | 50,000 |   |
| Arnold      Staloff          |   |                                                    | 86,000 |   |                       |   | — |                        |   |   | —                                                  |   |   |                                                                                                                     | — |   |                                      |   | — |           |   |   | — |   |   |   | 86,000 |   |
| Lixiang      Zhang (3)       |   |                                                    | 14,622 |   |                       |   | — |                        |   |   | —                                                  |   |   |                                                                                                                     | — |   |                                      |   | — |           |   |   | — |   |   |   | 14,622 |   |

----

| (1) | Mr.      Gothner became a director of AgFeed on December 14,  2009. |
|-----|---------------------------------------------------------------------|

| (2)  | Mr.      Rittereiser retired on December 14,2009. |
|-----------|---------------------------------------------------|

| (3) | Dr. Zhang received annual base      compensation in Chinese Yuan Renminbi (RMB) of      RMB100,000.  Based on a conversion rate of RMB1 = $0.1466 at      December 31, 2009, this was approximately $14,662 for      2009. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name and Address of Beneficial Owner                                       |   | Number ofSharesBeneficiallyOwned |      |   | PercentageofSharesBeneficiallyOwned |   |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------|-----------|--------|-------------------------------------|--------|
|                                                                                                |   |                                  |      |   |                                |   |
| 5%      Shareholders                                                                                |   |                                  |      |   |                                |   |
|                                                                                                |   |                                  |      |   |                                |   |
| JunQing      Xiong (1)No.      107 Wulonnang, Floor 4Zhang      Gong QuGuangzhou,      China 341000 |   |                                  | 4,752,152 |   |                                |   | 10.55 | % |
|                                                                                                |   |                                  |      |   |                                |   |   |   |
| HAP      Trading, LLC(2)33      Whitehall Street, 6th      FloorNew      York City, New York 10004  |   |                                  | 5,744,895 |   |                                |   | 12.75 | % |

----

| (1) | This information is derived from      Amendment No. 1 to Schedule 13D filed jointly by Messrs. JunQing      Xiong and Junhong Xiong, our chief executive officer, on January 5,      2009.  Mr. JunQing Xiong has sole voting and dispositive power      with respect to 716,078 of these shares.  Under the terms of an      Irrevocable Proxy, dated December 2, 2008, Mr. Junhong Xiong maintains      sole voting and dispositive power with respect to the remaining 4,036,074      shares that were gifted to JunQing Xiong until December 2,      2011.  All 4,752,152 were also the subject of a Lock-Up      Agreement with AgFeed which expired on October 6,    2009. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | This      information is derived from the Form 4 filed by HAP Trading, LLC on      February 24, 2010.  The shares reported include an American Call      Option representing 1,170,000 common stock shares and an American Put      Option representing 390,000 common stock shares, which both expire on May      21, 2010. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name of Named Executive Officer or Director  |   | Number ofSharesBeneficiallyOwned |      |   | PercentageofSharesBeneficiallyOwned |   |
|---------------------------------------------------------------------------------|--------|---------------------------------------|-----------|--------|-------------------------------------|--------|
| Named      Executive Officers                                                   |   |                                  |      |   |                                |   |
|                                                                            |   |                                  |      |   |                                |   |
| Junhong      Xiong (1)                                                          |   |                                  | 4,086,074 |   |                                |   | 9.07 | % |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| Selina      Jin (2)                                                             |   |                                  | 30,000    |   |                                |   | * |   |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| Gerard      Daignault (3)                                                       |   |                                  | 50,200    |   |                                |   | * |   |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| Songyan      Li (4)                                                             |   |                                  | 1,826,328 |   |                                |   | 4.05 | % |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| Lingfang      Yan (5)                                                           |   |                                  | 20,000    |   |                                |   | * |   |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| Non-Executive      Directors                                                    |   |                                  |      |   |                                |   |   |   |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| K.      Ivan F. Gothner                                                         |   |                                  | 0         |   |                                |   | — |   |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| Arnold      Staloff (6)                                                         |   |                                  | 67,666    |   |                                |   | * |   |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| Lixiang      Zhang(7)                                                           |   |                                  | 10,000    |   |                                |   | — |   |
|                                                                            |   |                                  |      |   |                                |   |   |   |
| All officers and directors as      a group (8 persons)                          |   |                                  | 6,090,268 |   |                                |   | 13.52 | % |

| * | Less than 1      percent |
|---|--------------------------|

| (1) | See footnote (1) to the “Security      Ownership of Certain Beneficial Owners” above.  The shares      reported include 50,000 restricted stock shares granted to Mr. Xiong on      January 4, 2010 for which he may vote but are not vested.  80%      of the restricted stock award will vest on the first anniversary of the      grant date, and 10% will vest on the second and third anniversaries of the      grant date. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The      shares reported include 20,000 restricted stock shares granted to Ms. Jin      on January 4, 2010 for which she may vote but are not      vested.  80% of the restricted stock award will vest on the      first anniversary of the grant date, and 10% will vest on the second and      third anniversaries of the grant date.  The shares reported also      include 10,000 shares issuable upon the exercise of currently exercisable      options granted to Ms. Lin.  These options expire on April 17,      2014. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | The      shares reported include 50,000 restricted stock shares granted to Mr.      Daignault on January 4, 2010 for which he may vote but are not      vested.  80% of the restricted stock award will vest on the      first anniversary of the grant date, and 10% will vest on the second and      third anniversaries of the grantdate. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | The      shares reported include 60,000 restricted stock shares granted to Dr. Li      on January 4, 2010 for which he may vote but are not      vested.  80% of the restricted stock award will vest on the      first anniversary of the grant date, and 10% will vest on the second and      third anniversaries of the grantdate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | The      shares reported are restricted stock shares granted to Mr. Yan on January      4, 2010 for which he may vote but are not vested.  20% of the      restricted stock award will vest on the first anniversary of the grant      date, 25% will vest on the second anniversary of the grant date, and 55%      will vest on the third anniversary of the grant  date. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | The shares reported include      40,000 restricted stock shares granted to Mr. Staloff on January 4, 2010      for which he may vote but are not vested.  The restricted stock      award will be 100% vested on the January 5, 2011.  The shares      reported also include 26,666 shares issuable upon the exercise of      currently exercisable options granted to Mr. Staloff.  Of these      options, 6,666 expire on November 15, 2012, and 20,000 expire on      September 25, 2013. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | The      shares reported are restricted stock shares granted to Dr. Zhang on      January 4, 2010 for which he may vote but are not vested.  The      restricted stock award will be 100% vested on the January 5,      2011. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Plan category                                              |   | Number ofsecuritiesto be issueduponexercise ofoutstandingoptions,warrants andrights |    |   | Weightedaverageexerciseprice ofoutstandingoptions,warrants andrights |   |   | Number ofsecuritiesremainingavailable forfuture issuanceunder equitycompensationplans(excludingsecuritiesreflected incolumn (a) |   |
|-----------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------|---------|--------|--------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                            |   | (a)                                                                                                          |    |   | (b)                                                                            |   |   | (c)                                                                                                                                                           |   |
| Equity      compensation plans approved by security holders     |   |                                                                                                         | 190,000 |   |                                                                           | $      | 8.3695 |                                                                                                                                                          |   |   | 50,000 |   |
|                                                            |   |                                                                                                         |    |   |                                                                           |   |   |                                                                                                                                                          |   |   |   |   |
| Equity      compensation plans not approved by security holders |   |                                                                                                         | 20,000  |   |                                                                           | $      | 8.85   |                                                                                                                                                          |   |   | 0 |   |
|                                                            |   |                                                                                                         |    |   |                                                                           |   |   |                                                                                                                                                          |   |   |   |   |
| Total                                                           |   |                                                                                                         | 210,000 |   |                                                                           | $      | 8.4152 |                                                                                                                                                          |   |   | 50,000 |   |

----

|                    |   | 2009   |    |   | 2008   |   |
|-------------------------|--------|--------|---------|--------|--------|--------|
| Audit      Fees         |   | $      | 285,000 |   |   | $      | 304,000 |   |
| Audit-Related      Fees |   | $      | 10,000  |   |   |   | 10,000 |   |
| Tax      Fees           |   |   | 0       |   |   |   | 0 |   |
| All      Other Fees     |   |   | 0       |   |   |   | 0 |   |
|                    |   |   |    |   |   |   |   |   |
| Total                   |   | $      | 295,000 |   |   | $      | 314,000 |   |

----

----

|   |   |   AgFeed      Industries Inc.               |
|--------|--------|-------------------------------------------------------|
|   |   |                                                  |
|   |   |                                                  |
|   | By:    | /s/ Junhong Xiong                                     |
|   |   |         Junhong Xiong                       |
|   |   |         Chief Executive Officer, President, |
|   |   |         Director and Vice Chairman          |

| Signature               |   | Title                                                                   |   | Date                |
|-------------------------|--------|-------------------------------------------------------------------------|--------|---------------------|
|                    |   |                                                                    |   |                |
| /s/ Junhong Xiong       |   | Director,      President, Chief Executive Officerand      Vice Chairman |   | April      30, 2010 |
| Junhong      Xiong      |   |                                                                    |   |                |
|                    |   |                                                                    |   |                |
| *                       |   | Chief      Financial Officer and ChiefAccounting      Officer           |   | April      30, 2010 |
| Selina      Jin         |   |                                                                    |   |                |
|                    |   |                                                                    |   |                |
| *                       |   | Chairman      of the Board and Director                                 |   | April      30, 2010 |
| Songyan      Li         |   |                                                                    |   |                |
|                    |   |                                                                    |   |                |
| *                       |   | Director                                                                |   | April      30, 2010 |
| Lixiang      Zhang      |   |                                                                    |   |                |
|                    |   |                                                                    |   |                |
| *                       |   | Director                                                                |   | April      30, 2010 |
| K.      Ivan F. Gothner |   |                                                                    |   |                |
|                    |   |                                                                    |   |                |
| *                       |   | Director                                                                |   | April      30, 2010 |
| Arnold      Staloff     |   |                                                                    |   |                |

----

| Exhibit No. |   | Description                                                                                                                                                                                                                                                                                                                                                                                                      |
|-------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 2.1         |   | Share      Purchase Agreement with Nanchang Best and each of Nanchang Best’s      shareholders (incorporated by reference to Exhibit 2.1 of AgFeed's Current      Report on Form 8-K (Commission File No. 001-33674) filed with the SEC on      November 6, 2006)                                                                                                                                          |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 2.2         |   | Share      Purchase Agreement with Shanghai Best and each of Shanghai Best’s      shareholders (incorporated by reference to Exhibit 2.2 of AgFeed's Current      Report on Form 8-K (Commission File No. 001-33674) filed with the SEC on      November 6, 2006)                                                                                                                                          |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3(i).1      |   | Articles      of Incorporation (incorporated by reference to Exhibit 3.1 of AgFeed's      Registration Statement on Form SB-2 (Commission File No. 333-126674) filed      with the SEC on July 18, 2005)                                                                                                                                                                                                         |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3(i).2      |   | Articles      of Merger dated November 14, 2006 pursuant to which AgFeed Industries,      Inc. was merged into Wallace Mountain Resources Corp. and the name of the      surviving entity was changed to AgFeed Industries, Inc. (incorporated by      reference to Exhibit 3.3 of AgFeed's Registration Statement on Form SB-2      (Commission File No. 333-144131), filed with the SEC on June 28,      2007) |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3(ii).1     |   | Amended      and Restated Bylaws (incorporated by reference to Exhibit 3.2 of AgFeed's      Current Report on Form 8-K (Commission File No. 001-33674) filed with the      SEC on May 15, 2007)                                                                                                                                                                                                                  |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.1         |   | Specimen      common stock certificate (incorporated by reference to Exhibit 4 of      AgFeed's Annual Report on Form 10-KSB (Commission File No. 001-33674)      filed with the SEC on March 13, 2007)                                                                                                                                                                                                          |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.2         |   | Form      of Common Stock Purchase Warrant forming part of units sold, and also      issued as compensation to selected dealers in our private placement      offering that had a final closing in April 2007 (incorporated by reference      to Exhibit 4.2 of AgFeed's Amended Registration Statement on Form SB-2      (Commission File No. 333-144131) filed with the SEC on August 17,      2007)           |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.3         |   | Form      of Registration Rights Agreements dated February 2007 (incorporated by      reference to Exhibit 4.3 of AgFeed's Amended Registration Statement on      Form SB-2 (Commission File No. 333-144131) filed with the SEC on August      17, 2007)                                                                                                                                                         |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.4         |   | Form      of Common Stock Purchase Warrant forming part of units sold and also      issued as compensation to selected dealers in our June 2007 private      placement offering (incorporated by reference to Exhibit 4.4 of AgFeed's      Registration Statement on Form SB-2 (Commission File No. 333-144131) filed      with the SEC on June 28, 2007)                                                        |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.5         |   | Registration      Rights Agreement dated as of June 22, 2007 by and between AgFeed and      Apollo Asia Opportunity Master Fund, L.P. (incorporated by reference to      Exhibit 4.5 of AgFeed's Registration Statement on Form SB-2 (Commission      File No. 333-144131) filed with the SEC on June 28,  2007)                                                                                                 |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.1        |   | Share      Purchase Agreement dated December 20, 2006 among AgFeed, Guangxi Huijie      and the shareholders of Guangxi Huijie (incorporated by reference to      Exhibit 10.1 of AgFeed's Current Report on Form 8-K (Commission File No.      001-33674) filed with the SEC on December 20, 2006)                                                                                                              |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.2        |   | Promissory      Note of AgFeed payable to order of Sunrise Capital International, Inc. in      the amount of 8,600,000 RMB (incorporated by reference to Exhibit 10.2 of      AgFeed's Current Report on Form 8-K (Commission File No. 001-33674) filed      with the SEC on December 26, 2006)                                                                                                                  |
|        |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
| 10.3        |   | Form      of Subscription Package for private placement offering that had final      closing on April 29, 2007 (incorporated by reference to Exhibit 10.5 of      AgFeed's Amended Registration Statement on Form SB-2 (Commission File No.      333-144131) filed with the SEC on August 17,  2007)                                                                                                             |

----

| 10.4   |   | Subscription      Agreement by and between AgFeed and Apollo Asia Opportunity Master Fund,      L.P. dated June 22, 2007 (incorporated by reference to Exhibit 10.6 of      AgFeed's Amended Registration Statement on Form SB-2 (Commission File No.      333-144131) filed with the SEC on August 17, 2007)                                                                       |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.5   |   | Stock      Purchase Agreement as of November 6, 2007 by and among AgFeed, Lushan and      Huaping Yang and Hongyun Luo, being the holders of ninety percent of the      issued and outstanding shares of Lushan (incorporated by reference to      Exhibit 10.1 of AgFeed's Current Report on Form 8-K (Commission File No.      001-33674) filed with the SEC on November 9, 2007) |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.6   |   | Securities      Purchase Agreement, dated February 25, 2008, by and among Agfeed and the      certain investors listed on the Schedule of Buyers to such Securities      Purchase Agreement (incorporated by reference to Exhibit 10.1 of AgFeed's      Current Report on Form 8-K (Commission File No. 001-33674) filed with the      SEC on February 28, 2008)                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.7   |   | Form      of Registration Rights Agreement dated February 2008 (incorporated by      reference to Exhibit 10.2 of AgFeed's Current Report on Form 8-K      (Commission File No. 001-33674) filed with the SEC on February 28,      2008)                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.8   |   | Form      of Senior Convertible Note dated February 2008 (incorporated by reference      to Exhibit 10.3 of AgFeed's Current Report on Form 8-K (Commission File      No. 001-33674) filed with the SEC on February 28, 2008)                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.9   |   | Form      of Warrant dated February 2008 (incorporated by reference to Exhibit 10.4      of AgFeed's Current Report on Form 8-K (Commission File No. 001-33674)      filed with the SEC on February 28, 2008)                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.10  |   | Equity      Securities Purchase Agreement, dated February 25, 2008, by and among      AgFeed and the certain investors listed on the Exhibit A to such Equity      Securities Purchase Agreement (incorporated by reference to Exhibit 10.5      of AgFeed's Current Report on Form 8-K (Commission File No. 001-33674)      filed with the SEC on February 28, 2008)               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.11  |   | Securities      Purchase Agreement, dated April 16, 2008, by and between AgFeed and      certain investors named on Exhibit A thereto (incorporated by      reference to Exhibit 10.13 of AgFeed's Current Report on Form 8-K      (Commission File No. 001-33674) filed with the SEC on April 22,      2008)                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.12  |   | Securities      Purchase Agreement, dated April 22, 2008, by and between AgFeed and      certain investors named on Exhibit A thereto (incorporated by      reference to Exhibit 10.14 of AgFeed's Current Report on Form 8-K      (Commission File No. 001-33674) filed with the SEC on April 29,      2008)                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.13  |   | Securities      Purchase Agreement, dated April 22, 2008, by and between AgFeed and      certain investors named on Exhibit A thereto (incorporated by      reference to Exhibit 10.15 of AgFeed's Current Report on Form 8-K      (Commission File No. 001-33674) filed with the SEC on April 29,      2008)                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.14  |   | Employment      Agreement, dated as of the 19th      day of August, 2008, by and between Nanchang Best Animal Husbandry Co.,      Ltd. and Gerard Daignault (incorporated by reference to Exhibit 10.16 of      AgFeed's Current Report on Form 8-K (Commission File No. 001-33674) filed      with the SEC on August 20, 2008)                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.15  |   | AgFeed      Industries, Inc. 2008 Long-Term Incentive Plan (incorporated by reference      to Appendix A of AgFeed's Definitive Proxy Statement filed with the      SEC on April 29, 2008 (Commission File No. 001-33674))                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                |
| 10.16  |   | Securities      Purchase Agreement, dated as of December 28, 2008, by and between AgFeed      and each of certain Investors (incorporated by reference to Exhibit 10.18      of AgFeed's Current Report on Form 8-K (Commission File No. 001-33674)      filed with the SEC on January 9,2009)                                                                                      |

----

| 10.17  |   | Form      of Common Stock Purchase Warrant, dated December 31, 2008 (incorporated by      reference to Exhibit 10.19 of AgFeed's Current Report on Form 8-K      (Commission File No. 001-33674) filed with the SEC on January 9,      2009)                                                                                |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.18  |   | Employment      Agreement between AgFeed and Selina Jin (incorporated by references to      Exhibit 10.18 of AgFeed's Current Report on Form 8-K (Commission File No.      001-33674) filed with the SEC on April 17, 2009)                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.19  |   | Securities      Purchase Agreement, dated May 6, 2009, between AgFeed and each of certain      Investors (incorporated by reference to Exhibit 10.01 of AgFeed's Current      Report on Form 8-K (Commission File No. 001-33674) filed with the SEC on      May 12, 2009)                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.20  |   | Registration      Rights Agreement between AgFeed Industries, Inc. and each of certain      Investors (incorporated by reference to Exhibit 10.02 of AgFeed's Current      Report on Form 8-K (Commission File No. 001-33674) filed with the SEC on      May 12, 2009)                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.21  |   | Form      of Warrant dated May 2009 (incorporated by reference to Exhibit 10.02 of      AgFeed's Current Report on Form 8-K (Commission File No. 001-33674) filed      with the SEC on May 12,2 009)                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.22  |   | Employment      Agreement by and between Nanchang Best Animal Husbandry Co., Ltd. and      Songyan Li dated June 25, 2009 (incorporated by reference to Exhibit 10.18      of AgFeed's Current Report on Form 8-K (Commission File No. 001-33674)      filed with the SEC on July 8, 2009)                                  |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.23  |   | Employment      Agreement by and between Nanchang Best Animal Husbandry Co., Ltd. and      Junhong Xiong dated June 25, 2009 (incorporated by reference to Exhibit      10.18 of AgFeed's Current Report on Form 8-K (Commission File No.      001-33674) filed with the SEC on July 8, 2009)                               |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.24  |   | Equity      Credit Agreement by and between AgFeed and Southridge Partners II, LP,      dated September 9, 2009 (incorporated by reference to Exhibit 10.20 of      AgFeed's Current Report on Form 8-K (Commission File No. 001-33674) filed      with the SEC on September 10, 2009)                                      |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.25  |   | Registration      Rights Agreement between AgFeed and Southridge Partners II, LP, dated      September 9, 2009 (incorporated by reference to Exhibit 10.21 of AgFeed's      Current Report on Form 8-K (Commission File No. 001-33674) filed with the      SEC on September 10, 2009)                                       |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.26  |   | Form      of Common Stock Purchase Warrant, dated September 2009 (incorporated by      reference to Exhibit 10.22 of AgFeed's Current Report on Form 8-K      (Commission File No. 001-33674) filed with the SEC on September 10,      2009)                                                                                |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.27  |   | Shareholders      Agreement of Hypor Agfeed Breeding Company Inc., dated as of December 11,      2009 (incorporated by reference to Exhibit 10.23 of AgFeed's Current      Report on Form 8-K (Commission File No. 001-33674) filed with the SEC on      December 17, 2009)                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.28  |   | Production      and Distribution Agreement by and among Hypor B.V, AgFeed, and Hypor      Agfeed Breeding Company, Inc., dated December 11, 2009 (incorporated by      reference to Exhibit 10.24 of AgFeed's Current Report on Form 8-K      (Commission File No. 001-33674) filed with the SEC on December 17,      2009) |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.29  |   | Facilities      Lease Agreement between AgFeed and Hypor Agfeed Breeding Company, Inc.,      dated December 11, 2009 (incorporated by reference to Exhibit 10.25 of      AgFeed's Current report on Form 8-K (Commission File No. 001-33674) filed      with the SEC on December 17, 2009)                                  |
|   |   |                                                                                                                                                                                                                                                                                                                        |
| 10.30  |   | Intra      Group Loan Agreement between AgFeed and Hypor Agfeed Breeding Company,      Inc., dated December 11, 2009 (incorporated by reference to Exhibit 10.26      of AgFeed's Current report on Form 8-K (Commission File No. 001-33674)      filed with the SEC on December 17,2009)                                   |

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| 10.31  |   | Intra      Group Loan Agreement between Hypor B.V. and Hypor Agfeed Breeding Company,      Inc., dated December 11, 2009 (incorporated by reference to Exhibit 10.27      of AgFeed's Current report on Form 8-K (Commission File No. 001-33674)      filed with the SEC on December 17, 2009) |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                           |
| 21.1   |   | List      of Subsidiaries (incorporated by reference to Exhibit 21.1 of AgFeed's      Annual Report on Form 10-K filed with the SEC on March 8, 2010 (Commission      File No. 001-33674))                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                           |
| 23.1   |   | Consent      of Independent Registered Public Accounting Firm (filed      herewith)                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                           |
| 24.1   |   | Power      of Attorney (included on the signature page to AgFeed's Annual      Report on Form 10-K filed with the SEC on March 8, 2010 (Commission File      No. 001-33674) and incorporated by reference herein)                                                                    |
|   |   |                                                                                                                                                                                                                                                                                           |
| 31.1   |   | Certification      of the Company’s Chief Executive Officer Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                           |
| 31.2   |   | Certification      of the Company’s Chief Financial Officer Pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                           |
| 32.1   |   | Certification      of the Company’s Chief Executive Officer Pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 (filed herewith)                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                           |
| 32.2   |   | Certification      of the Company’s Chief Financial Officer Pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 (filedherewith)                                                                                                                                               |

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