February 24, 2014 Exhibit 10.9




    EXHIBIT 10.9


EX-IM WORKING CAPITAL GUARANTEE

                  SECURITY AGREEMENT: EQUIPMENT



1.GRANT OF SECURITY INTEREST. For valuable consideration, the undersigned S&W SEED COMPANY ("Debtor"), hereby
grants and transfers to WELLS FARGO BANK, NATIONAL ASSOCIATION ("Bank") a security interest in all goods, tools, machinery,
furnishings, furniture and other equipment, now or at any time hereafter, and prior to the termination hereof, owned or acquired by Debtor,
wherever located, whether in the possession of Debtor or any other person and whether located on Debtor's property or elsewhere, and all
improvements, replacements, accessions and additions thereto and embedded software included therein (collectively called "Collateral"),
together with whatever is receivable or received when any of the Collateral or proceeds thereof are sold, leased, collected, exchanged or
otherwise disposed of, whether such disposition is voluntary or involuntary, including without limitation, (a) all accounts, contract rights, chattel
paper (whether electronic or tangible), instruments, promissory notes, documents, general intangibles, payment intangibles and other rights to
payment of every kind now or at any time hereafter arising out of any such sale, lease, collection, exchange or other disposition of any of the
foregoing, (b) all rights to payment, including returned premiums, with respect to any insurance relating to any of the foregoing, and (c) all
rights to payment with respect to any claim or cause of action affecting or relating to any of the foregoing (hereinafter called "Proceeds"). 


2.OBLIGATIONS SECURED. The obligations secured hereby are the payment and performance of: (a) all present and future
Indebtedness of Debtor to Bank; (b) all obligations of Debtor and rights of Bank under this Agreement; and (c) all present and future obligations
of Debtor to Bank of other kinds. The word "Indebtedness" is used herein in its most comprehensive sense and includes any and all advances,
debts, obligations and liabilities of Debtor, or any of them, heretofore, now or hereafter made incurred or created, whether voluntary or
involuntary and however arising, whether due or not due, absolute or contingent, liquidated or unliquidated, determined or undetermined,
including under any swap, derivative, foreign exchange, hedge, deposit, treasury management or other similar transaction or arrangement, and
whether Debtor may be liable individually or jointly with others, or whether recovery upon such Indebtedness may be or hereafter becomes
unenforceable. 


3.TERMINATION. This Agreement will terminate upon the performance of all obligations of Debtor to Bank, including without
limitation, the payment of all Indebtedness of Debtor to Bank, and the termination of all commitments of Bank to extend credit to Debtor,
existing at the time Bank receives written notice from Debtor of the termination of this Agreement. 


4.OBLIGATIONS OF BANK. Bank has no obligation to make any loans hereunder. Any money received by Bank in respect of the
Collateral may be deposited, at Bank's option, into a non-interest bearing account over which Debtor shall have no control, and the same shall,
for all purposes, be deemed Collateral hereunder. 


                                                       -1-






5.REPRESENTATIONS AND WARRANTIES. Debtor represents and warrants to Bank that: (a) Debtor's legal name is exactly as set
forth on the first page of this Agreement, and all of Debtor's organizational documents or agreements delivered to Bank are complete and
accurate in every respect; (b) Debtor is the owner and has possession or control of the Collateral and Proceeds; (c) Debtor has the exclusive
right to grant a security interest in the Collateral and Proceeds; (d) all Collateral and Proceeds are genuine, free from liens, adverse claims,
setoffs, default, prepayment, defenses and conditions precedent of any kind or character, except the lien created hereby or as otherwise
agreed to by Bank, or as heretofore disclosed by Debtor to Bank, in writing; (e) all statements contained herein are true and complete in all
material respects; (f) no financing statement covering any of the Collateral or Proceeds, and naming any secured party other than Bank, is on
file in any public office; and (g) Debtor is not in the business of selling goods of the kind included within the Collateral subject to this
Agreement, and Debtor acknowledges that no sale or other disposition of any Collateral, including without limitation, any Collateral which
Debtor may deem to be surplus, has been or shall be consented to or acquiesced in by Bank, except as specifically set forth in writing by
Bank. 


6.COVENANTS OF DEBTOR. 


(a)Debtor agrees in general: (i) to pay Indebtedness secured hereby when due; (ii) to indemnify Bank against all losses, claims,
demands, liabilities and expenses of every kind caused by property subject hereto; (iii) to permit Bank to exercise its powers; (iv) to execute
and deliver such documents as Bank deems necessary to create, perfect and continue the security interests contemplated hereby; (v) not to
change its name, and as applicable, its chief executive office, its principal residence or the jurisdiction in which it is organized and/or registered
without giving Bank prior written notice thereof; (vi) not to change the places where Debtor keeps any Collateral or Debtor's records concerning
the Collateral and Proceeds without giving Bank prior written notice of the address to which Debtor is moving same; and (vii) to cooperate with
Bank in perfecting all security interests granted herein and in obtaining such agreements from third parties as Bank deems necessary, proper
or convenient in connection with the preservation, perfection or enforcement of any of its rights hereunder. 


(b)Debtor agrees with regard to the Collateral and Proceeds, unless Bank agrees otherwise in writing: (i) that Bank is authorized to file
financing statements in the name of Debtor to perfect Bank's security interest in Collateral and Proceeds; (ii) to insure the Collateral with Bank
named as loss payee, in form, substance and amounts, under agreements, against risks and liabilities, and with insurance companies
satisfactory to Bank; (iii) to operate the Collateral in accordance with all applicable statutes, rules and regulations relating to the use and
control thereof, and not to use the Collateral for any unlawful purpose or in any way that would void any insurance required to be carried in
connection therewith; (iv) not to permit any lien on the Collateral or Proceeds, including without limitation, liens arising from repairs to or
storage of the Collateral, except in favor of Bank; (v) to pay when due all license fees, registration fees and other charges in connection with
any Collateral; (vi) not to remove the Collateral from Debtor's premises except in the ordinary course of Debtor's business; (vii) not to sell,
hypothecate or otherwise dispose of, nor permit the transfer by operation of law of, any of the Collateral or Proceeds or any interest therein;
(viii) not to rent, lease or charter the Collateral; (ix) to permit Bank to inspect the Collateral at any time; (x) to keep, in accordance with
generally accepted accounting principles, complete and accurate records regarding all Collateral and Proceeds, and to permit Bank to inspect
the same and make copies thereof at any reasonable time; (xi) if requested by Bank, to receive and use reasonable diligence to collect
Proceeds, in trust and as the property of Bank, and to immediately endorse as appropriate and deliver such Proceeds to




                                                       -2-







Bank daily in the exact form in which they are received together with a collection report in form satisfactory to Bank; (xii) not to commingle Proceeds or
collections thereunder with other property; (xiii) to give only normal allowances and credits and to advise Bank thereof immediately in writing if
they affect any Collateral or Proceeds in any material respect; (xiv) in the event Bank elects to receive payments of Proceeds hereunder, to
pay all expenses incurred by Bank in connection therewith, including  expenses of accounting, correspondence, collection efforts, reporting to
account or contract debtors, filing, recording, record keeping and expenses incidental thereto; and (xv) to provide any service and do any other
acts which may be necessary to maintain, preserve and protect all Collateral and, as appropriate and applicable, to keep the Collateral in good
and saleable condition and repair, to deal with the Collateral in accordance with the standards and practices adhered to generally by owners of
like property, and to keep all Collateral and Proceeds free and clear of all defenses, rights of offset and counterclaims. 


7.POWERS OF BANK. Debtor appoints Bank its true attorney in fact to perform any of the following powers, which are coupled with
an interest, are irrevocable until termination of this Agreement and may be exercised from time to time by Bank's officers and employees, or
any of them, whether or not Debtor is in default: (a) to perform any obligation of Debtor hereunder in Debtor's name or otherwise; (b) to give
notice to account debtors or others of Bank's rights in the Collateral and Proceeds, to enforce or forebear from enforcing the same and make
extension or modification agreements with respect thereto; (c) to release persons liable on Proceeds and to give receipts and acquittances and
compromise disputes in connection therewith; (d) to release or substitute security; (e) to resort to security in any order; (f) to prepare, execute,
file, record or deliver notes, assignments, schedules, designation statements, financing statements, continuation statements, termination
statements, statements of assignment, applications for registration or like papers to perfect, preserve or release Bank's interest in the
Collateral and Proceeds; (g) to receive, open and read mail addressed to Debtor; (h) to take cash, instruments for the payment of money and
other property to which Bank is entitled; (i) to verify facts concerning the Collateral and Proceeds by inquiry of obligors thereon, or otherwise, in
its own name or a fictitious name; (j) to endorse, collect, deliver and receive payment under instruments for the payment of money constituting
or relating to Proceeds; (k) to prepare, adjust, execute, deliver and receive payment under insurance claims, and to collect and receive
payment of and endorse any instrument in payment of loss or returned premiums or any other insurance refund or return, and to apply such
amounts received by Bank, at Bank's sole option, toward repayment of the Indebtedness or replacement of the Collateral; (l) to exercise all
rights, powers and remedies which Debtor would have, but for this Agreement, with respect to all the Collateral and Proceeds subject hereto;
(m) to enter onto Debtor's premises in inspecting the Collateral; and (n) to do all acts and things and execute all documents in the name of
Debtor or otherwise, deemed by Bank as necessary, proper and convenient in connection with the preservation, perfection or enforcement of
its rights hereunder. 


8.PAYMENT OF PREMIUMS, TAXES, CHARGES, LIENS AND ASSESSMENTS. Debtor agrees to pay, prior to delinquency, all
insurance premiums, taxes, charges, liens and assessments against the Collateral and Proceeds, and upon the failure of Debtor to do so,
Bank at its option may pay any of them and shall be the sole judge of the legality or validity thereof and the amount necessary to discharge the
same. Any such payments made by Bank shall be obligations of Debtor to Bank, due and payable immediately upon demand, together with
interest at a rate determined in accordance with the provisions of this Agreement, and shall be secured by the Collateral and Proceeds, subject
to all terms and conditions of this Agreement. 


                                                       -3-






9.EVENTS OF DEFAULT. The occurrence of any of the following shall constitute an "Event of Default" under this Agreement: (a) any
default in the payment or performance of any obligation, or any defined event of default, under (i) any contract or instrument evidencing any
Indebtedness, or (ii) any other agreement between Debtor and Bank, including without limitation any loan agreement, relating to or executed in
connection with any Indebtedness; (b) any representation or warranty made by Debtor herein shall prove to be incorrect, false or misleading in
any material respect when made; (c) Debtor shall fail to observe or perform any
obligation or agreement contained herein; (d) any impairment in the rights of Bank in any Collateral or Proceeds, or any attachment or like
levy on any property of Debtor; and (e) Bank, in good faith, believes any or all of the Collateral and/or Proceeds to be in danger of misuse,
dissipation, commingling, loss, theft, damage or destruction, or otherwise in jeopardy or unsatisfactory in character or value. 


10.REMEDIES. Upon the occurrence of any Event of Default, Bank shall have the right to declare immediately due and payable all or
any Indebtedness secured hereby and to terminate any commitments to make loans or otherwise extend credit to Debtor. Bank shall have all
other rights, powers, privileges and remedies granted to a secured party upon default under the California Uniform Commercial Code or
otherwise provided by law, including without limitation, the right (a) to contact all persons obligated to Debtor on any Collateral or Proceeds
and to instruct such persons to deliver all Collateral and/or Proceeds directly to Bank, and (b) to sell, lease, license or otherwise dispose of any
or all Collateral. All rights, powers, privileges and remedies of Bank shall be cumulative. No delay, failure or discontinuance of Bank in
exercising any right, power, privilege or remedy hereunder shall affect or operate as a waiver of such right, power, privilege or remedy; nor
shall any single or partial exercise of any such right, power, privilege or remedy preclude, waive or otherwise affect any other or further
exercise thereof or the exercise of any other right, power, privilege or remedy. Any waiver, permit, consent or approval of any kind by Bank of
any default hereunder, or any such waiver of any provisions or conditions hereof, must be in writing and shall be effective only to the extent set
forth in writing. It is agreed that public or private sales or other dispositions, for cash or on credit, to a wholesaler or retailer or investor, or user
of property of the types subject to this Agreement, or public auctions, are all commercially reasonable since differences in the prices generally
realized in the different kinds of dispositions are ordinarily offset by the differences in the costs and credit risks of such dispositions. While an
Event of Default exists: (a) Debtor will deliver to Bank from time to time, as requested by Bank, current lists of all Collateral and Proceeds; (b)
Debtor will not dispose of any Collateral or Proceeds except on terms approved by Bank; (c) at Bank's request, Debtor will assemble and
deliver all Collateral and Proceeds, and books and records pertaining thereto, to Bank at a reasonably convenient place designated by Bank;
and (d) Bank may, without notice to Debtor, enter onto Debtor's premises and take possession of the Collateral. Debtor further agrees that
Bank shall have no obligation to process or prepare any Collateral for sale or other disposition. 


11.DISPOSITION OF COLLATERAL AND PROCEEDS; TRANSFER OF INDEBTEDNESS. In disposing of Collateral hereunder,
Bank may disclaim all warranties of title, possession, quiet enjoyment and the like. Any proceeds of any disposition of any Collateral or
Proceeds, or any part thereof, may be applied by Bank to the payment of expenses incurred by Bank in connection with the foregoing,
including reasonable attorneys' fees, and the balance of such proceeds may be applied by Bank toward the payment of the Indebtedness in
such order of application as Bank may from time to time elect. Upon the transfer of all or any part of the Indebtedness, Bank may transfer all or
any part of the Collateral or Proceeds and shall be fully discharged thereafter from all liability and responsibility with respect to any of the
foregoing so transferred, and the transferee shall be vested with all rights and powers of Bank hereunder


                                                       -4-







with respect to any of the foregoing so transferred; but with respect to any Collateral or Proceeds not so transferred, Bank shall retain all rights, powers, privileges and remedies
herein given. 


12.STATUTE OF LIMITATIONS. Until all Indebtedness shall have been paid in full and all commitments by Bank to extend credit to
Debtor have been terminated, the power of sale or other disposition and all other rights, powers, privileges and remedies granted to Bank
hereunder shall continue to exist and may be exercised by Bank at any time and from time to time irrespective of the fact that the Indebtedness
or any part thereof may have become barred by any statute of limitations, or that the personal liability of Debtor may have ceased, unless such
liability shall have ceased due to the payment in full of all Indebtedness secured hereunder. 


13.MISCELLANEOUS. When there is more than one Debtor named herein: (a) the word "Debtor" shall mean all or any one or more of
them as the context requires; (b) the obligations of each Debtor hereunder are joint and several; and (c) until all Indebtedness shall have been
paid in full, no Debtor shall have any right of subrogation or contribution, and each Debtor hereby waives any benefit of or right to participate in
any of the Collateral or Proceeds or any other security now or hereafter held by Bank. Debtor hereby waives any right to require Bank to (i)
proceed against Debtor or any other person, (ii) marshal assets or proceed against or exhaust any security from Debtor or any other person,
(iii) perform any obligation of Debtor with respect to any Collateral or Proceeds, and (d) make any presentment or demand, or give any notice
of nonpayment or nonperformance, protest, notice of protest or notice of dishonor hereunder or in connection with any Collateral or Proceeds.
Debtor further waives any right to direct the application of payments or security for any Indebtedness of Debtor or indebtedness of customers
of Debtor. 


14.NOTICES. All notices, requests and demands required under this Agreement must be in writing, addressed to Bank at the address
specified in any other loan documents entered into between Debtor and Bank and to Debtor at the address of its chief executive office (or
principal residence, if applicable) specified below or to such other address as any party may designate by written notice to each other party,
and shall be deemed to have been given or made as follows: (a) if personally delivered, upon delivery; (b) if sent by mail, upon the earlier of
the date of receipt or three (3) days after deposit in the U.S. mail, first class and postage prepaid; and (c) if sent by telecopy, upon receipt.



15.COSTS, EXPENSES AND ATTORNEYS' FEES. Debtor shall pay to Bank immediately upon demand the full amount of all
payments, advances, charges, costs and expenses, including reasonable attorneys' fees (to include outside counsel fees and all allocated
costs of Bank's in-house counsel), incurred by Bank in connection with (a) the perfection and preservation of the Collateral or Bank's interest
therein, and (b) the realization, enforcement and exercise of any right, power, privilege or remedy conferred by this Agreement, whether
incurred at the trial or appellate level, in an arbitration proceeding or otherwise, and including any of the foregoing incurred in connection with
any bankruptcy proceeding (including without limitation, any adversary proceeding, contested matter or motion brought by Bank or any other
person) relating to Debtor or in any way affecting any of the Collateral or Bank's ability to exercise any of its rights or remedies with respect
thereto. All of the foregoing shall be paid by Debtor with interest from the date of demand until paid in full at a rate per annum equal to the
greater of ten percent (10%) or Bank's Prime Rate in effect from time to time. 


                                                       -5-






16.SUCCESSORS; ASSIGNS; AMENDMENT. This Agreement shall be binding upon and inure to the benefit of the heirs, executors,
administrators, legal representatives, successors and assigns of the parties, and may be amended or modified only in writing signed by Bank
and Debtor. 


17.OBLIGATIONS OF MARRIED PERSONS. Any married person who signs this Agreement as Debtor hereby expressly agrees that
recourse may be had against his or her 

separate property for all his or her Indebtedness to Bank secured by the Collateral and Proceeds under this Agreement. 

18.SEVERABILITY OF PROVISIONS. If any provision of this Agreement shall be held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or
any remaining provisions of this Agreement. 


19.GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 


Debtor warrants that Debtor is an organization registered under the laws of Nevada. 


Debtor warrants that its chief executive office (or principal residence, if applicable) is located at the following address: 25552 South Butte
Avenue, Five Points, CA 93624. 


Debtor warrants that the Collateral is located or domiciled at the following additional addresses: None. 


IN WITNESS WHEREOF, this Agreement has been duly executed as of February 1, 2014. 


S&W SEED COMPANY 



By: /s/ Matthew K. Szot        

   Matthew K. Szot, Senior Vice President,

             Chief Financial Officer



   



                                                       -6-