# EDGAR Filing Document

**Accession Number:** 0001477246
**File Stem:** 0001641172-25-016005
**Filing Date:** 2025-6
**Character Count:** 29964
**Document Hash:** 33f1d3d33673cebf1a3b5965d8fa26d4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-016005.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001641172-25-016005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250617

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** S&W Seed Co
- **CENTRAL INDEX KEY:** 0001477246
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 271275784
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34719
- **FILM NUMBER:** 251063117

**BUSINESS ADDRESS:**
- **STREET 1:** 2101 KEN PRATT BLVD.
- **STREET 2:** SUITE 201
- **CITY:** LONGMONT
- **STATE:** CO
- **ZIP:** 80501
- **BUSINESS PHONE:** (720) 506-9191

**MAIL ADDRESS:**
- **STREET 1:** 2101 KEN PRATT BLVD.
- **STREET 2:** SUITE 201
- **CITY:** LONGMONT
- **STATE:** CO
- **ZIP:** 80501

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): June 17, 2025**

**S&W SEED COMPANY**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Nevada** | **001-34719** | **27-1275784** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

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| | |
|:---|:---|
| **2101 Ken Pratt Blvd, Suite 201, Longmont, CO** | **80501** |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: **(720) 506-9191**

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, par value $0.001 per share** | **SANW** | **The Nasdaq Capital Market** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| <br> **Item 1.01** | **Entry into a Material Definitive Agreement.** |

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As previously disclosed, on December 19, 2024, S&W Seed Company (the "Company") entered into a Credit and Security Agreement (the "Mountain Ridge Credit Agreement") with ABL OPCO LLC ("Mountain Ridge"), as administrative agent, and the lenders party thereto. The Mountain Ridge Credit Agreement provides for a senior secured credit facility of up to $25.0 million. Capitalized terms used but not otherwise defined in this Current Report on Form 8-K (this "Current Report") shall have the meanings ascribed to them in the Mountain Ridge Credit Agreement.

On June 18, 2025, the Company and Mountain Ridge entered into a letter agreement relating to the Mountain Ridge Credit Agreement (the "Letter Agreement"). Pursuant to the Letter Agreement, the Lenders advanced additional Revolving Loans under the Mountain Ridge Credit Agreement to the Company in the aggregate principal amount of $1,080,000 (the "Specified Revolving Loans") solely to pay estimated costs and expenses related to (i) payroll, (ii) a retainer for legal and professional services, and (iii) a premium for tail coverage with respect to directors and officers liability insurance. The Specified Revolving Loans are secured by the Collateral. The Lenders have also agreed to make additional advances in the amount of $6,500 per day to cover the cost of payroll of Key Employees (as defined below in this Current Report) for each business day that the Key Employees remain employed by the Company, subject to cancellation by the Lenders with 24-hour advance notice.

In consideration of the Lenders' agreement to advance the Specified Revolving Loans, the Company will pay the Lenders a funding fee in the aggregate amount of $1,080,000 (the "Default Funding Fee"), which amount (i) became fully earned and nonrefundable on the date of the Letter Agreement, (ii) shall be due and payable on the earlier to occur of (A) the Maturity Date, (B) Acceleration of the Loans, or (C) any sale of any assets of the Loan Parties outside the ordinary course of business, and (iii) shall be considered an earned fee for all purposes under the Mountain Ridge Credit Agreement on account of all Obligations generally and in consideration for all outstanding Loans which have been made, including the Specified Revolving Loans.

The Letter Agreement also amended the Mountain Ridge Credit Agreement such that all Obligations that represent Revolving Exposure in excess of the Borrowing Base (as reflected in the Borrowing Base Certificate most recently delivered by the Borrowers), including the Specified Revolving Loans, will bear interest at a rate of 18.00% per annum (the "Enhanced Interest Rate") from the date of the Letter Agreement until the date the Revolving Exposure is no longer in excess of the Borrowing Base.

The foregoing description of the Letter Agreement is only a summary and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 to this Current Report and is incorporated by reference herein.

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| | |
|:---|:---|
| **Item 2.03** | **Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.** |

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The description of the Letter Agreement in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.

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| | |
|:---|:---|
| **Item 2.04** | **Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.** |

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One June 17, 2025, the Company received a Notice of Event of Default and Reservation of Rights (the "Notice") from Mountain Ridge under the Mountain Ridge Credit Agreement. The Notice indicated that an event of default had occurred and is continuing under the Mountain Ridge Credit Agreement (the "Existing Default") due to a violation of Section 2.5(h)(1) of the Mountain Ridge Credit Agreement resulting from the Company's failure to immediately prepay the Obligations in an aggregate amount equal to the amount by which the Revolving Exposure exceeds the Borrowing Base of approximately $180,000 (as reflected in the Borrowing Base Certificate most recently delivered by the Borrowers).

As a result of the occurrence and continuance of the Existing Default, all Obligations (other than Obligations subject to the Enhanced Interest Rate discussed above) will automatically bear interest at the Default Rate, which means, as of any date of determination, a rate per annum equal to the lesser of (a) the sum of (i) the interest rate applicable under Section 3.1(b) of the Mountain Ridge Credit Agreement at such time plus (ii) two percent; and (b) the maximum rate of interest permitted under applicable law from time to time in effect. Additionally, the Company will be subject to certain limitations, restrictions and/or prohibitions in accordance with the Mountain Ridge Credit Agreement relating to, among other things, transfers of assets, sales or dispositions, investments in the joint ventures and other investments and any MFP Stock Redemptions. The Existing Default permits Mountain Ridge to declare all Obligations immediately due and payable, which was approximately $20.9 million as of the date of this Current Report.

The Existing Default also triggered a cross-default (the "Cross Default") under the Term Loan Agreement, dated June 20, 2023 (the "Term Loan Agreement"), by and among AgAmerica Lending LLC ("AgAmerica") and the Company, pursuant to which AgAmerica extended a term loan of $4.3 million to the Company and, as security therefor, the Company granted to AgAmerica a mortgage on approximately 31 acres of land located in Lubbock and Moore Counties, Texas, and certain personal property thereon. The Cross Default permits AgAmerica to declare all outstanding obligations under the Term Loan Agreement immediately due and payable, which was approximately $4.3 million as of the date of this Current Report.

The Company is currently in discussions with Mountain Ridge and AgAmerica with respect to the Existing Default and the Cross Default, respectively. However, there can be no assurance as to the outcome of any such discussions, including whether Mountain Ridge and/or AgAmerica will seek to enforce their respective rights in the future under the Mountain Ridge Credit Agreement and the Term Loan Agreement, as applicable.

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| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

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On June 18, 2025, the Board of Directors (the "Board") of the Company terminated Mark Herrmann as the Company's President and Chief Executive Officer, effective immediately. In connection with Mr. Herrmann's termination, the Board appointed Vanessa Baughman, the Company's Chief Financial Officer, to serve as Interim Chief Executive Officer of the Company, effective immediately.

As of the date of this Current Report, no new compensatory arrangements have been entered into with Ms. Baughman in connection with her appointment as Interim Chief Executive Officer. Biographical and other information about Ms. Baughman is included in the Company's definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the "SEC") on November 5, 2024.

There are no arrangements or understandings between Ms. Baughman and any other person pursuant to which she was appointed to serve as Interim Chief Executive Officer of the Company. There are also no family relationships between Ms. Baughman and any director or executive officer of the Company, and Ms. Baughman does not have a direct or indirect material interest in any "related party" transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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On June 18, 2025, in order to reduce costs, the Company terminated all non-essential Company employees, which resulted in seven employees remaining employed as of the date of this Current Report (the "Key Employees"). Despite such cost containment measures and the Specified Revolving Loans, in anticipation of not having sufficient cash and cash equivalents or cash flows from operations to meet its operating and liquidity needs, the Company continues to explore strategic alternatives focused on maximizing stockholder value, including potential sales of assets or certain lines of business, a dissolution and liquidation of the Company, as well as other strategic actions, such as seeking relief under bankruptcy laws. There can be no assurance that the Company will have sufficient funds to explore strategic alternatives, that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. The Company does not expect to disclose or provide an update concerning developments related to this process until the Company enters into definitive agreements or arrangements with respect to a transaction or otherwise determines additional disclosure is necessary or appropriate.

**Cautionary Note Regarding Forward-Looking Statements**

This Current Report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "anticipates," "believe," "may," "future," "plan," "should" or "expects." Forward-looking statements in this Current Report include, but are not limited to, statements relating to the Company's exploration of strategic alternatives focused on maximizing stockholder value, including potential sales of assets or certain lines of business, a dissolution and liquidation of the Company, as well as other strategic actions, such as seeking relief under bankruptcy laws; and the Existing Default and the Cross Default, such as potential adverse actions that may be pursued by Mountain Ridge and/or AgAmerica, as applicable. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including risks and uncertainties identified in the Company's filings with the SEC, including, without limitation, the Company's Annual Report on Form 10-K for the year ended June 30, 2024 and in other filings subsequently made by the Company with the SEC. Additional risks and uncertainties include the Company's ability to negotiate or complete any strategic transaction; the Company's ability to obtain any required stockholder approval of a strategic alternative; the sufficiency of cash to complete a strategic alternative; the Company's ability to dissolve and liquidate the Company or seek relief under bankruptcy laws; any potential return to stockholders that may result from any strategic transaction, including through a dissolution and liquidation or bankruptcy proceedings. All forward-looking statements contained in this Current Report speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. The Company does not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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**(d)** **Exhibits.**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 10.1 | [Letter Agreement, dated June 18, 2025, by and between S&W Seed Company and ABL OPCO LLC, as administrative agent.](ex10-1.htm)<br>|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: June 23, 2025 | **S&W SEED COMPANY** | **S&W SEED COMPANY** |
|  | By: | */s/ Vanessa Baughman* |
|  |  | Vanessa Baughman |
|  |  | Interim Chief Executive Officer and Chief Financial Officer |

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## Exhibit 10.1

**Exhibit 10.1**

ABL OPCO LLC,<br> 6801 Gaylord Parkway, Suite 202<br> Frisco, Texas 75034

June 18, 2025

S&W Seed Company<br> 2101 Ken Pratt Blvd, Suite 201<br> Longmont, Colorado 80501<br> Attention: Vanessa Baughman, Chief Financial Officer<br> E-Mail: VanessaBaughman@swseedco.com

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| | |
|:---|:---|
| Re: | **Funding Request under Credit and Security Agreement** |

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Ladies and Gentlemen:

Reference is made to (i) that certain Credit and Security Agreement, dated as of December 19, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>"; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement), by and among S&W SEED COMPANY, a Nevada corporation (the "<u>Company</u>"), each other Person that joins from time to time as a borrower (together with the Company, each a "<u>Borrower</u>" and collectively the "<u>Borrowers</u>"), the other Loan Parties party thereto, ABL OPCO LLC, a Delaware limited liability company, in its capacity as administrative agent ("<u>Administrative Agent</u>") and the financial institutions party thereto (the "<u>Lenders</u>"); and (ii) that certain Notice of Default and Reservation of Rights letter, dated as of June 17, 2025 (the "<u>Default Notice</u>"). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Credit Agreement.

The Loan Parties hereby acknowledge that as a result of the occurrence and continuance of the Existing Default (as defined in the Default Notice), (i) the conditions precedent set forth in Section 8.2 of the Credit Agreement are not satisfied, and (ii) neither Administrative Agent nor Lenders are obligated to make any Loans or other financial accommodations to Borrowers at any time.

Despite the foregoing, Company has requested that Lenders advance additional Revolving Loans to Borrowers in the aggregate principal amount of $1,080,000 on the date hereof (the "<u>Specified Revolving Loans</u>"). The Specified Revolving Loans shall be sent in accordance with the wire instructions set forth on <u>Exhibit A</u> attached hereto, the proceeds of which shall be used solely to cover costs and expenses related to (i) payroll, (ii) a retainer for the Loan Parties' counsel, Snell & Wilmer and financial advisor, MCA Financial Group, Ltd., and (iii) the premium for tail coverage with respect to the Loan Parties' directors and officers liability insurance. Lenders understand that the Company is terminating all but seven (7) employees (the "<u>Key Employees</u>") effective as of the date of this letter. Lenders agree to make additional advances in the amount of $6,500 per day each Business Day (but including for such purpose any days, other than Saturdays or Sundays, that are legal holidays on which commercial banks are authorized or required by law to be closed in New York) (the "<u>Per Diem</u>") that the Key Employees remain employed, and shall provide the Company at least twenty-four (24) hours' notice prior to refusing to fund the Per Diem.

In consideration of each Lender's agreement to make the Specified Revolving Loans to Borrowers, the Borrowers hereby agree to pay to Administrative Agent, for the ratable benefit of the Lenders making the Specified Revolving Loans, a funding fee in an amount equal to $1,080,000 (the "<u>Default Funding Fee</u>"), which amount (i) shall be fully earned and nonrefundable on the date of making the Specified Revolving Loans, (ii) shall be due and payable on the earlier to occur of (A) the Maturity Date, (B) Acceleration of the Loans, or (C) any sale of any assets of the Loan Parties outside the ordinary course of business, and (iii) shall be considered an earned fee for all purposes under the Credit Agreement on account of all Obligations generally and in consideration for all outstanding Loans which have been made, including the Specified Revolving Loans. The Loan Parties acknowledge and agree that the payment of the Default Funding Fee is a material inducement for the Lenders making the Specified Revolving Loans, notwithstanding the Existing Default (as defined in the Default Notice).

The Loan Parties, Administrative Agent, and Lenders acknowledge and agree that the Specified Revolving Loans shall constitute "Revolving Loans" for purposes of the Credit Agreement and such Obligations shall be secured by the Collateral. The Loan Parties further acknowledges that Lenders' willingness to extend the Specified Revolving Loans shall not obligate Administrative Agent or any Lender to make any other discretionary Revolving Loans or financial accommodation to Borrowers at any time.

Notwithstanding Section 3.1 of the Credit Agreement, but subject to Section 3.7 of the Credit Agreement, the Borrowers hereby agree, and the Credit Agreement is hereby deemed amended to provide, that all Obligations that represent Revolving Exposure in excess of the Borrowing Base (as reflected in the Borrowing Base Certificate most recently delivered by Borrowers to the Administrative Agent), including, for the avoidance of doubt, the Specified Revolving Loans, will bear interest at a rate of 18.00% per annum from the date hereof until the date the Revolving Exposure is no longer in excess of the Borrowing Base.

This letter agreement, and each and every provision hereof, shall be effective when Administrative Agent shall have received this letter agreement, duly executed by each of the Loan Parties and each Lender party hereto, and the same shall be in full force and effect.

Each Loan Party hereby represents and warrants to Administrative Agent and each Lender that the execution, delivery, and performance of this letter agreement are within such Loan Party's corporate powers, have been duly authorized by all necessary corporate action on the part of such Loan Party, and that the person signing this letter agreement on behalf of such Loan Party is duly authorized and has all requisite power, authority and capacity to execute and deliver this letter agreement on behalf of such Loan Party and bind such Loan Party accordingly.

Except as expressly set forth herein, this letter shall not, by implication or otherwise, limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of Administrative Agent or any Lender under the Credit Agreement, and, except as expressly set forth herein, this letter shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement in similar or different circumstances. <u>This letter agreement is not to be construed as a waiver, cure or forgiveness of the Existing Default or any other Event of Default</u>.

Each Loan Party is hereby notified that irrespective of (i) any waivers previously granted by Administrative Agent or Lenders regarding the Credit Agreement and the Loan Documents, (ii) any previous failures or delays of Administrative Agent or Lenders in exercising any right, power or privilege under the Credit Agreement or the Loan Documents, or (iii) any previous failures or delays of Administrative Agent or Lenders in the monitoring or in the requiring of compliance by any Loan Party with the duties, obligations, and agreements of any Loan Party in the Credit Agreement and the Loan Documents, hereafter each Loan Party will be expected to comply strictly with its duties, obligations and agreements under the Credit Agreement and the Loan Documents.

Except as expressly provided above, nothing contained in this letter or any other communication between Administrative Agent and/or Lenders and any Loan Party shall be a waiver of any past, present or future violation, default or Event of Default of any Loan Party under the Credit Agreement or any Loan Documents. Similarly, each of Administrative Agent and Lenders hereby expressly reserves any rights, privileges and remedies under the Credit Agreement and each Loan Document that Administrative Agent or Lenders may have with respect to each violation, default or Event of Default, and any failure by Administrative Agent or Lenders to exercise any right, privilege or remedy as a result of the violation set forth above shall not directly or indirectly in any way whatsoever either (i) impair, prejudice or otherwise adversely affect the rights of Administrative Agent or Lenders, except as set forth herein, at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any Loan Documents, (ii) amend or alter any provision of the Credit Agreement or any Loan Documents or any other contract or instrument, or (iii) constitute any course of dealing or other basis for altering any obligation of any Loan Party or any rights, privilege or remedy of Administrative Agent or Lenders under the Credit Agreement or any Loan Documents or any other contract or instrument. Nothing in this letter shall be construed to be a consent by Administrative Agent or Lenders to any prior, existing or future violations of the Credit Agreement or any Loan Document or to any other transaction involving any Loan Party.

EACH LOAN PARTY HEREBY ACKNOWLEDGES THAT AS OF THE DATE OF THIS LETTER AGREEMENT IT HAS NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE "OBLIGATIONS" OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM ADMINISTRATIVE AGENT OR LENDERS. EACH LOAN PARTY HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES ADMINISTRATIVE AGENT AND LENDERS, THEIR RESPECTIVE PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS LETTER AGREEMENT IS EXECUTED, WHICH ANY LOAN PARTY MAY NOW HAVE AGAINST ADMINISTRATIVE AGENT OR LENDERS, THEIR PREDECESSORS, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY LOANS, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS LETTER AGREEMENT.

Each Loan Party agrees to take such action and execute, acknowledge and deliver, at its sole cost and expense, such agreements, instruments or other documents as may be reasonably necessary to carry out the intent of this letter agreement. Borrowers shall promptly reimburse Administrative Agent and Lenders for all reasonable expenses incurred by Administrative Agent and Lenders in connection with the preparation and execution of this letter agreement and the related documents (including, without limitation, expenses relating to the engagement of legal counsel) in accordance with Section 15.5 of the Credit Agreement.

This letter shall constitute a Loan Document, and, after the date hereof, any reference to the "Credit Agreement" or the "Agreement," in the Credit Agreement or any other Loan Document, shall mean the Credit Agreement as modified hereby. This letter shall be subject to the provisions regarding governing law, waiver of jury trial, jurisdiction and venue applicable to the Credit Agreement.

This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of this letter agreement by telefacsimile or electronic mail shall be equally as effective as delivery of an original executed counterpart of this letter.

[signature page follows]

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **ABL OPCO, LLC**, | **ABL OPCO, LLC**, |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Joe Curdy |
| Name: | Joe Curdy |
| Title: | Managing Director |

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(*Signatures continue on next page*)

Signature Page to Funding Request under Credit and Security Agreement

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|:---|:---|
| **ACKNOWLEDGED AND AGREED TO BY BORROWERS:** | S&W SEED COMPANY, a Nevada corporation |

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|:---|:---|
| By: | /s/ Vanessa Baughman |
| Name: | Vanessa Baughman |
| Title: | Chief Financial Officer |

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Signature Page to Funding Request under Credit and Security Agreement