Document:

JANEL
WORLD TRADE, LTD.

    

    Term
Loan Subscription Agreement

    

    Janel
World Trade, Ltd.

    150-14
132nd
Avenue

    Jamaica,
New York, 11434

    

    Gentlemen:

    

    1.           The
undersigned (“Lender”) hereby subscribes for, and agrees to loan Janel World
Trade, Ltd. (the “Company”), a Nevada corporation, the sum of
$_______________________ as a participant in a term loan in the total amount of
Three Million Dollars ($3,000,000.00) to be repaid pursuant to terms and
provisions of the attached promissory note (the "Note") together with interest
at the rate of Ten Percent (10%) per annum, which repayment may be made by the
issuance of shares of the Company's $.001 par value common stock (the
"Conversion Shares) as set forth in the Note, and the issuance to the Lender of
a five (5) year warrant (the “Warrant”) to purchase shares of the voting common
stock of the Company (the “Warrant Shares”) amounting to fifteen percent (15%)
of the face amount of the Note at an exercise price of One Dollar Twenty-Five
Cents ($1.25) per share as provided in the Warrant. This subscription is duly
executed and the undersigned hereby tenders his Loan to the Company by delivery
of the undersigned’s check (subject to collection) or wire transfer in the
amount of $___________ within 7 days of the signing of this
Agreement.

    

    2.           The
undersigned hereby acknowledges, represents, warrants, covenants and agrees as
follows:

    

    (a)           he
has been advised by the Company that is seeking to borrow a total of $3,000,000
solely for the purpose of Janel's acquisition of assets from Ferrara
International Logistics, Inc. and working capital;

    

    (b)           he
has relied solely (except as indicated in subsections (c) and (d) below) on the
information contained in the Form 10-K, 10-Q and 8-K documents filed with the
Securities and Exchange Commission ("SEC") by the Company (the “Company
Disclosure”);

    

    (c)           he
has been given the opportunity to ask questions of and received answers from the
Company concerning the terms and conditions of the Loan and other matters
pertaining to the Company, and has been given the opportunity to obtain such
information to verify the accuracy of the information contained in the Company
Disclosure or that was otherwise provided in order for him to evaluate the
merits and risks of the Loan to the extent the Company possesses such
information or can acquire it without unreasonable effort or expense and has not
been furnished any other offering literature;

    

    (d)           he
has not been furnished with any oral representation or oral information in
connection with the Loan not contained in the Company
Disclosure;

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    (e)           he
has determined that the Loan is a suitable investment for him in view of his
presently anticipated financial needs and that he could bear a total loss of his
investment at this time for the foreseeable future;

    

    (f)           he
is not relying on the Company, its officers, directors, employees, agents,
investment bankers or attorneys, or on the references to any legal discussions
in the Company Disclosure, if any, with respect to individual tax and other
legal or economic considerations involved in this investment. The Lender has
relied on his own knowledge and experience and that of his legal and economic
advisors with regard to the tax and other legal or economic considerations
involved in this investment. The Lender is capable of evaluating for himself the
merits and risks of the Loan on the terms and conditions set forth in the
promissory note and Warrant Agreement;

    

    (g)           he
will not sell or otherwise transfer the Warrant, the underlying Warrant Shares,
or the Conversion Shares without registration under the Securities Act of 1933
(the “Securities Act”) and appropriate state securities (“Blue Sky”) laws of the
availability of appropriate exemptions therefrom and fully understands and
agrees that he must bear the economic risks of his Loan for an indefinite period
of time because, among other reasons, neither the Warrant nor the Warrant Shares
or Conversion Shares have been registered under the Securities Act or under the
Blue Sky laws of any state and, therefore, cannot be resold, pledged, assigned,
hypothecated or otherwise disposed of unless they are subsequently registered
under the Securities Act and under the applicable Blue sky laws or pursuant to
available exemptions from such registration. He also understands that the
Company has only a limited obligation to register the Warrant Shares or
Conversion Shares on his behalf;

    

    (h)           The
Company is agreeing to register the Warrant Shares and Conversion Shares for
resale under the Securities Act pursuant to the Piggyback Registration
Provisions Attached to the Note. However, there is no assurance that the Company
will be able to register Warrant Shares or Conversion Shares for resale under
the Securities Act.

    

    Moreover, in the event a securities
offering for which an SEC Registration Statement is filed by the Company is
underwritten by a registered securities broker/dealer (the “Underwriter”), and
in the further event that the Underwriter informs the Company in writing that
the inclusion in the SEC Registration Statement of the Warrant Shares or
Conversion Shares acquired by the Lender in this offering will result in the
inability to successfully complete the offering for which the SEC Registration
Statement is being filed, or the inability to qualify the SEC Registration
Statement in one or more states which the Underwriter, in its sole discretion,
deems necessary for that offering to proceed, the Lender will be required to
withhold some or all of the Warrant Shares or Conversion Shares from that
offering in accordance with the instructions of the Underwriter.  In
that event, the Company shall thereafter file not more than one SEC Registration
Statement for the express purpose of registering the Lender’s Warrant Shares or
Conversion Shares within nine (9) months after the closing date of the offering
in which the Underwriter declined to permit Lender’s shares to be included in
the SEC Registration Statement.  Moreover, if requested by the
Underwriter, the Lender must agree to a “lock up” of their Warrant Shares or
Conversion Shares being included in the SEC Registration Statement (for a period
not to exceed the lock up agreed-to by the Company’s affiliates) so that the
Lender does not sell, assign or transfer or otherwise dispose of any of those
Warrant Shares or Conversion Shares for a reasonable period of time following
the effective date of that SEC Registration Statement, subject to earlier
release at the discretion of the Underwriter.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    (i)           he
is a citizen and a bona fide resident of the United States and is at least
twenty-one (21) years of age;

    

    (j)           he
has an individual income in excess of $200,000 in each of the two most recent
years or joint income with his spouse in excess of $300,000 in each of those
years and a reasonable expectation of reaching the same income level in the
current year;

    

    (k)          the
Loan he is subscribing for, and the Warrant, Warrant Shares and Conversion
Shares he may acquire will be acquired solely for the account of the
undersigned, for investment purposes only and are not being purchased for any
distribution, subdivision or fractionalization thereof; the undersigned has no
contract undertaking, agreement or arrangement with any person to sell, transfer
or pledge any Warrant, Warrant Shares or Conversion Shares to such person or
anyone else and the undersigned has no present plan to enter into any such
contract, undertaking, agreement or arrangement;

    

    (l)           he
has furnished the Company, its advisors or attorneys with information about
himself and such information is correct and complete as of the date of this
Subscription agreement. If there should be any material change in such
information he will immediately furnish such revised or corrected information to
the Company, its advisors or attorneys; and

    

    (m)         he
has made the foregoing representations, warranties, covenants and agreements
knowing that they shall survive his Loan, its repayment his receipt of the
Warrant and any acquisition of Warrant Shares or Conversion Shares.

    

    3.           Lender Awareness. The
undersigned acknowledges his complete understanding of the following
facts:

    

    (a)          No
federal or state agency has passed upon the investment quality of the Loan or
Warrant, Warrant Shares or Conversion Shares, or has made any finding or
determination as to the fairness, merits or risks of any investment in
them.

    

    (b)        
There are substantial risks of loss of the investment incident to the Loan or
the Warrant, Warrant Shares or Conversion Shares, including those summarized in
portions of the Company Disclosure.

    

    (c)          Neither
the Loan nor the Warrant, Warrant Shares or Conversion Shares have been
registered under the Securities Act or the Blue Sky laws and must be held
indefinitely unless subsequently so registered or exemptions from such
registration are available. The Warrant, Warrant Shares and Conversion Shares
cannot be sold without registration or other compliance with the Securities Act
and applicable Blue Sky laws. In Summary, the undersigned understands that
neither the Warrant, Warrant Shares or Conversion Shares have been registered
under the securities laws of any jurisdiction and that all Warrant Shares or
Conversion Shares acquired by him may not be transferred unless they are
registered or an exemption from such registration is otherwise
available.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    (d)         All
budgets or forecasts or pro-forma financial statements or presentations set
forth in the Company Disclosure are based on various estimates and forecasts of
the Company and others and are subject to the caveats set forth therein, since
they require a prediction about events that have not yet taken place and cannot
be relied upon to predict actual results.

    

    (e)         In
the event one or more NASD member securities broker/dealers participate in
referring qualified investors, they will receive a commission equal to 10% of
the resulting investment.

    

    4.           Indemnity The
undersigned hereby indemnifies and holds harmless the Company, its officers,
directors, employees, advisors, attorneys and each other person, if any who
“controls” any of them (within the meaning of Section 15 of the Securities Act)
from and against any and all loss, liability, claim, damage and expense
whatsoever and howsoever incurred investigating, preparing or defending against
any litigation commenced or threatened (or any other claim whatsoever) or
settling or paying any claim arising out of or based upon any false
representation or warranty or breach or failure by the undersigned to comply
with any covenant or agreement made by the undersigned herein or in any other
document furnished by the undersigned to any of the foregoing in connection with
the transactions contemplated herein.

    

    5.           Modification. Neither
this Agreement nor any provision hereof will be waived, modified, discharged, or
terminated except by an instrument in writing signed by the party against whom
any waiver, modification, discharge or termination is sought.

    

    6.           Notices. Any notice,
demand or other communication which any party hereto may be required, or may
elect, to give anyone interested hereunder shall be sufficiently given if (a)
deposited, postage prepaid, in a United States mail letter box, registered or
certified mail, return receipt requested, addressed to such address as may be
given herein or in the Memorandum or additional materials, or (b) delivered
personally at such address, or (c) delivered by fax transmission to a fax number
provided by such person (who confirms receipt thereof).

    

    7.           Counterparts. This
Agreement may be executed in any number of counterparts and each of such
counterparts shall, for all purposes, constitute one agreement binding on all
the parties.

    

    8.           Binding Effect.
Except as otherwise provided herein, this Agreement shall be binding upon and
inure to the benefit of the parties and their respective heirs, executors,
administrations, successors, legal representatives and assigns. If the
undersigned is more than one person, the obligation of the undersigned shall be
joint and several and the covenants, agreements, representations, warranties and
acknowledgements herein contained shall be deemed to be made by and be binding
upon each such person.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    10.           Entire Agreement.
This instrument contains the entire agreement of the parties and there are no
representations, warranties, covenants or other agreements, except as stated or
referred to herein.

    

    11.           Assignability. This
Agreement is not transferable or assignable by the undersigned except with the
written consent of the Company.

    

    12.           Applicable Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

    

    The
undersigned has executed this Subscription Agreement on this ___ day of
________, 2008.

    

    
      
        
          
            	
                    Face
      Amount of the Note

                  	 
      	
                    Subscriber
      Signature:

                  
	
                    Subscribed
      For:

                  	 
      	 
      
	
                    $

                  	 
      	 
      	 
      
	 
      	 
      	 
      	
                    Name:

                  
	 
      	 
      	 
      	
                    Residence
      Address:

                  
	 
      	 
      	 
      	
                    City:                    
       State:                       
      Zip

                  

          

        

      

    

    

    Tax
Identification or Social Security Number:

    

    
      
        
          
            
              	
                      SUBSCRIPTION
      ACCEPTED ON

                    	 
      	 
      
	
                      THE
      ___DAY OF _________, 2008.

                    	 
      	
                      JANEL
      WORLD TRADE, LTD.

                    
	 
      	 
      	 
      
	 
      	 
      	
                      By:

                    	 
      
	 
      	 
      	 
      	
                      James
      N. Jannello,
CEO

                    

            

          

        

      

    

     

    
      
         

      

      
        5THIS
PROMISSORY NOTE (THE"NOTE"), AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS
NOTE, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES  ACT OF 1933 (THE
"ACT") AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED,
DISPOSED OF OR OFFERED FOR SALE, IN WHOLE OR IN PART, IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING THIS NOTE AND/OR THE
SECURITIES ISSUABLE UPON CONVERSION HEREOF, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE CORPORATION AND ITS COUNSEL THAT AN EXEMPTION FROM
REGISTRATION IS AVAILABLE.

    

    FIXED RATE CONVERTIBLE PROMISSORY
NOTE

    
       
$__________

    

    _____________,
2008

    

    FOR VALUE
RECEIVED, Janel World Trade, Ltd., a Nevada corporation with its principal place
of business at 150-14 132nd Avenue,
Jamaica, New York, 11434  (hereinafter referred to as the "Payor" or
“Company”), promises to pay to the order of ______________________________, with
an address at _____________________________________________ (hereinafter
referred to as the "Payee"), on the Maturity Date set forth in Article 2(A) of
this Convertible Promissory Note (the “Note”), unless earlier converted in
accordance with the terms of this Note, the principal sum of
_________________________  Dollars ($________), with interest on the
principal sum as calculated in Article 1 below.

    

    1.           Interest

    

    (A)           Interest
on the unpaid principal balance shall be calculated from the date of this Note
to and including the date of repayment at an interest rate equal to eight
percent (8%) per annum.

    

    (B)           Payment
of the accrued and unpaid interest shall be due and payable upon payment of the
principal balance of this Note pursuant to Article 2(A) of this Note, or upon
conversion of this Note pursuant to Article 3(A)(i) of this Note.

    

    2.           Method of
Payment

    

    (A)           Payment
of the principal balance of this Note, together with any unpaid and accrued
interest thereon, shall be due and payable no later than one (1) year from the
date of the receipt by the Maker of the principal sum from the Payee (“Maturity
Date”).

    

    (B)           Payments
of interest and principal of this Note shall be made by delivery of a check
drawn by the Payor to the Payee at the Payee's address set forth above or at
such other place as may be designated by the Payee pursuant to Article 14(C) of
this Note.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (C)           The Company has the right
to pay the principal and interest of this Note in cash or in Conversion
Shares of the Company’s $0.001 par value unregistered Common Stock (the
"Conversion Shares") as set forth in Article 3 of this Note.  If the
Note is not paid in full on or before the Maturity Date, all principal and
interest due will be converted into Conversion Shares issued to the Payee at a
conversion price of Seventy Five Cents ($0.75) per Share.

    

    (D)           If
the Company elects to pay this Note in cash, it will issue to the Payee the
number of Conversion Shares equal to number which is
Fifteen Percent (15%) of the face value of this Note.

    

    3.           Conversion

    

    (A)           The
Company shall have the right, at its option, to convert all or a part of the
principal and interest due on this Note into Conversion Shares at a conversion
price of Seventy Five Cents ($0.75) per share on the Maturity Date.

    

    (B)           If
there is conversion of this Note, the Company shall issue and deliver to the
Payee, or its duly authorized designee, certificates representing the whole
number of fully paid and non-assessable Conversion Shares into which this Note
has been converted, rounded up or down to the nearest whole number determined by
rounding to the next greater whole number if the fractional share is 0.5 or
greater and the next lower whole number if the fractional share is less than
0.5.Subject to the provisions of this Article 3 of this Note, such conversion
shall be deemed to have been made at the close of business upon the date of
conversion, so that the rights of the Payee with respect to the principal and
interest amounts of this Note so converted shall cease at such time, and the
person or persons entitled to receive the Conversion Shares
upon conversion of this Note shall be treated, for all purposes, as having
become the record holder or holders of such Conversion Shares
at the time of such conversion.

    

    (C)           The
Company shall pay any costs or expenses in connection with the issuance of
certificates for Conversion Shares
upon conversion of this Note.  Such certificates shall be issued in
the name directed by the Payee.

     

    4.           Registration with the
S.E.C.

    

    (A)           If
the Company shall at any time seeks to register or qualify any of its capital
stock it shall furnish the holder of this Note with at least thirty (30) days'
prior written notice thereof so that the holder(s) of this Note shall have the
opportunity to include all of the Conversion Shares purchased by the Payee in
such registration or qualification, pursuant to the “Piggyback” registration
provisions annexed as Exhibit “B” to this Note.

    

    (B)           All
expenses in connection with preparing and filing any registration statement
pursuant to this Article 4 of this Note (and
any registration or qualification under the securities or "Blue Sky" laws of
states in which the offering will be made under such registration statement)
shall be borne in full by the Company; provided, however, that the Payee shall
pay any and all underwriting commissions and expenses and the fees and expenses
of the Payee’s legal counsel with respect to the registration of the Conversion
Shares.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (C)           In
the event that the Company makes a public offering of its Common Stock pursuant
to the Act or is acquired by or merges with a publicly-held company, the Payee
who has the Stock Purchase Right pursuant to Article 3 of this Note and
registration rights pursuant to Article 4 of this Note agrees
to execute and deliver a “sales” and/or  “lock-up” agreement as
requested by the Company, underwriter or underwriters, having the same terms and
duration as comparable agreements executed and delivered by the Company and its
principal stockholders.

    

    5.          Event of
Default

    

      
The term "Event of Default" as used herein shall mean the occurrence of any one
or more of these following events:

    

    
      	
               
      

            	
              (A)

            	
              failure
      of the Company to pay when due any payment due
  hereunder.

            

    

    

    
      	
               
      

            	
              (B)

            	
              default
      in the performance of any material covenant on the part of the Company to
      be performed pursuant to the terms hereof (except for a default pursuant
      to Article 5(A) of this Note, for which no notice or cure period shall be
      applicable), and such failure continues for ten (10) days after Payee
      gives notice pursuant to Article 14(C) of this
  Note;

            

    

    

    
      	
               
      

            	
              (C)

            	
              filing
      by the Company of a petition in
bankruptcy;

            

    

    

    
      	
               
      

            	
              (D)

            	
              making
      of an assignment by the Company for the benefit of its
      creditors;

            

    

    

    
      	
               
      

            	
              (E)

            	
              consent
      by the Company to the appointment of, or possession by, a custodian for
      itself or for all or substantially all of its
  property;

            

    

    

    
      	
               
      

            	
              (F)

            	
              filing
      of a petition in bankruptcy against the Company with the consent of the
      Company;

            

    

    

    
      	
            	
              (G) 

            	
              filing
      of a petition in bankruptcy against the Company without the consent of the
      Company, and the failure to have such petition dismissed within sixty (60)
      days from the date upon which such petition is
  filed;

            

    

    

    
      	
               
      

            	
              (H)

            	
              notwithstanding
      the sixty (60) day provision in Article 5(G) of this Note, adjudication of
      the Company as bankrupt; and

            

    

    

    
      	
               
      

            	
              (I)

            	
              entry
      by a court of competent jurisdiction of a final non-appealable order,
      judgment or decree appointing, without the consent of the Company, a
      receiver, trustee or custodian for the Company or of all or substantially
      all of the respective property or assets of
  Company.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    6.           Remedies Upon
Default

    

    Upon the
occurrence of an Event of Default, and any time thereafter while such Event of
Default is continuing, the entire unpaid principal balance which is due pursuant
to this Note shall, at the Payee's option, be accelerated and become and be
immediately due and payable without presentment, demand, protest or further
notice of any kind, all of which are expressly waived by the Payor.

    

    7.           Non-Exclusive
Remedy

    

    Any
remedy that is set forth in this Note is not exclusive of any remedies that are
provided by law.

    

    8.           Liability Upon
Default

    

    The
liability of the Payor upon default shall be unconditional and shall not be in
any manner affected by any indulgence whatsoever granted or consented to by the
Payee including, but not limited to, any extension of time, renewal, waiver or
other modification.

    

    9.           Exercise of Remedy Upon
Default

    

    No
failure on the part of the Payee to exercise, and no delay in exercising, any
right hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right.

    

    10.         Validity of
Provisions

    

    Any  provision
of this Note that may prove to be unenforceable under any law shall not affect
the validity of any other provision of this Note.

    

    11.         Collection
Costs

    

    Payor
agrees to pay all reasonable costs of collection, including attorney’s fees and
costs, which may be paid or incurred by Payee in connection with Payee’s
exercise of its rights or remedies arising as a result of an Event of Default
under this Note.

    

    12.         Full
Recourse

    

    Anything
in this Note to the contrary notwithstanding, the Payor hereunder shall be
liable on this Note for the full amount of the principal and interest due
pursuant to this Note.

    

    13.         Prepayment

    

    If the Payor intends to pay the full
principal amount or partial principal amount, plus any accrued interest on this
Note, prior to the Maturity Date, the Payor shall give the Payee at least ten
(10) days prior notice, and subsequent to any such notice and prior to
repayment, the Payee shall have the ability to exercise the conversion rights
pursuant to Article 3 of this
Note

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    14.         Miscellaneous

    

    (A)           Modification   This
Note may not be changed, modified, extended, terminated or discharged orally,
but only by an agreement in writing, which is signed by the Payor and the Payee
of this Note.

    

    (B)           Further
Actions   The Payor agrees to execute any and all
instruments and documents, and to take any and all such further actions
reasonably required to effectuate this Note and the intents and purposes
hereof.

    

    (C)           Notices   All
notices or other communications required or permitted hereunder shall be in
writing and shall be delivered by personal delivery, Registered or Certified
Mail (Return Receipt Requested), postage prepaid, or confirmed fax as
follows:

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	
                                                  To the Payor:                              

                                                	
                                                  Janel World Trade, Ltd. - Attn.: James N. Jannello

                                                
	 
      	
                                                  150-14
      132nd
      Avenue

                                                
	 
      	
                                                  Jamaica,
      NY, 11434

                                                
	 
      	
                                                  Tel:
      718 527-3800,   Fax: 718 527-1689

                                                
	 
      	 
      
	
                                                  Copy to:                              

                                                	
                                                  Scheichet
      & Davis, PC - Attn.: William J. Davis, Esq.

                                                
	 
      	
                                                  767
      3rd Avenue – 24th
      Floor New York, NY 10017

                                                
	 
      	
                                                  Tel:
      212 688-3200 ext. 414   Fax: 212
371-7634

                                                
	 
      	 
      
	
                                                  To the Payee:                              

                                                	
                                                  _____________________________

                                                
	 
      	
                                                  _____________________________

                                                
	 
      	
                                                  _____________________________

                                                
	 
      	
                                                  _____________________________

                                                
	 
      	 
      
	
                                                  Copy to:                              

                                                	
                                                  _________________________

                                                
	 
      	
                                                  _____________________________

                                                
	 
      	
                                                  _____________________________

                                                
	 
      	 
      	
                                                  _____________________________

                                                

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    or in
each case to such other address as shall have last been furnished by like
notice.  Each notice or communication shall be deemed to have been
given as of the date so mailed or delivered, as the case may be.

    

    (D)           Governing
Law            This
Note shall in all respects be construed, governed, applied and enforced in
accordance with the laws of the State of New York applicable to contracts made
and to be performed therein, without giving effect to the principles of
conflicts of law.  The parties hereby consent to and irrevocably
submit to personal jurisdiction over each of them by the State and Federal
Courts of the State of New York in any action or proceeding, irrevocably waive
trial by jury and personal service of any and all process and specifically
consent that in any such action or proceeding, any service of process may be
effectuated upon any of them by certified mail, return receipt requested, in
accordance with Article 14(C) of this Note.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (E)           Assignment   This
Note may not be assigned or transferred by the Payee without the prior written
consent of the Payor.

    

    (F)           Binding
Agreement   This Note shall be binding upon and inure to
the benefit of the parties hereto and their respective heirs, executors,
administrators, personal representatives, successors and assigns.

    

    IN
WITNESS WHEREOF, the Payor has executed this Note as of the ____day of
_________________, 2008.

    

    
      
        
          	 
      	
                  JANEL
      WORLD TRADE, LTD.

                
	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  James
      N. Jannello,

                
	 
      	 
      	
                  Chief
      Executive Officer

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