Document:

Form of Global Note

 Exhibit 4.2 
 FORM OF GLOBAL NOTE 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 THIS SECURITY IS AN UNSECURED SUBORDINATED DEBT OBLIGATION OF
CHITTENDEN CORPORATION. THIS SECURITY IS NOT A DEPOSIT OR SAVINGS ACCOUNT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY OR INSTRUMENTALITY. 
 CHITTENDEN CORPORATION 
 5.80% FIXED RATE/FLOATING RATE SUBORDINATED NOTE DUE
2017 
  

			
	No. 	 	Principal Amount:
                        
		 	CUSIP: 170228AB6                    

 Chittenden Corporation, a corporation duly organized and existing under the laws of Vermont
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
                        
                     on February 14, 2017, unless previously redeemed, and to pay interest thereon as set forth below. This Security will bear
interest from February 14, 2007 or from the most recent Interest Payment Date on which interest has been paid or duly provided for. From and including February 14, 2007 to but excluding February 14, 2012 (the “Fixed Rate
Period”), this Security will bear interest at the rate of 5.80% per annum. During the period from and including February 14, 2012, to but excluding the date of maturity or earlier redemption date (the “Floating Rate
Period”), the interest rate per annum payable on this Security will be reset quarterly on the first day of each Interest Reset Period (as defined below) to a rate, as determined by an appointed agent (the “Calculation Agent”) equal to
LIBOR (as defined below), plus 0.685%. The Bank of New York Trust Company, N.A., a national banking association, will initially act as the Calculation Agent. During the Fixed Rate Period, the amount of interest payable on this Security will be
computed on the basis of a 360-day year of twelve 30-day months. During the Floating Rate Period, the amount of interest for each day this Security is outstanding (the “Daily Interest Amount”) will be calculated by dividing the interest
rate in effect for that day by 360 and multiplying the result by the outstanding principal amount of this Security. The amount of interest to be paid on this Security for each Interest Period (as defined below) during the Floating Rate Period will
be calculated by adding the Daily Interest Amounts for each day in the Interest Period. 

 Through February 14, 2012, the Company will pay interest on this
Security semi-annually in arrears on each February 14 and August 14, commencing August 14, 2007. After February 14, 2012, the Company will pay interest on this Security quarterly in arrears on each
February 14, May 14, August 14, and November 14, commencing May 14, 2012. Each such payment of interest is referred to as an “Interest Payment Date” for this Security. Interest will be paid to the Person
in whose name this Security (or one or more Predecessor Securities) was registered at the close of business on the 15th calendar day (whether or not a Business Day (as defined below)) preceding the related Interest Payment Date (“Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and will be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, all as more fully provided in said Indenture. The term “Business Day” means
any day that is not a Saturday or Sunday and that is not a day on which banking institutions are generally authorized or required by law or executive order to be closed in The City of New York or Boston, Massachusetts. 
 Except as described below for the first and last Interest Periods, on each Interest Payment Date, the Company will pay interest for the period commencing
on and including the immediately preceding Interest Payment Date and ending on and including the day preceding that Interest Payment Date (an “Interest Period”). The first Interest Period will begin on and include February 14, 2007
and end on and include August 13, 2007. The last Interest Period will begin on and include the Interest Payment Date immediately preceding the date of maturity or early redemption date, as applicable, and end on and include the day immediately
preceding the date of maturity or early redemption date, as applicable. 
 In the event that an Interest Payment Date with respect to
interest accruing during the Fixed Rate Period (including February 14, 2012) is not a Business Day, the Company will pay interest on the next day that is a Business Day, with the same force and effect as if made on the Interest Payment Date,
and without any additional interest or other payment with respect to the delay. In the event that an Interest Payment Date (other than the date of maturity or earlier redemption date) with respect to interest accruing during the Floating Rate Period
is not a Business Day, such Interest Payment Date will be postponed to the next succeeding Business Day; provided, however, if such next succeeding Business Day is in a different month, such Interest Payment Date will be the immediately preceding
Business Day. If the date of maturity or early redemption date falls on a day that is not a Business Day, the payment of principal and interest, if any, will be made on the next day that is a Business Day, with the same force and effect as if made
on such date of maturity or earlier redemption date, and without any additional interest or other payment with respect to the delay. 
 “LIBOR,” with respect to an Interest Reset Period, shall be the rate (expressed as a percentage per annum) for deposits in United States dollars for a three-month period beginning on the second London Banking Day (as defined
below) after the Determination Date (as defined 

 
below) that appears on Reuters Page LIBOR01 (as defined below) as of 11:00 A.M., London time, on the Determination Date. If Reuters Page LIBOR01 does not
include this rate or is unavailable on the Determination Date, the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide that
bank’s offered quotation (expressed as a percentage per annum) as of approximately 11:00 A.M., London time, on the Determination Date to prime banks in the London interbank market for deposits in a Representative Amount (as defined below) in
United Stated dollars for a three-month period beginning on the second London Bank Day after the Determination Date. If at least two offered quotations are so provided, LIBOR for that Interest Reset Period will be the arithmetic mean of those
quotations. If fewer than two quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent, to provide that bank’s rate (expressed as a percentage per annum), as
of approximately 11:00 A.M., New York City time, on the Determination Date for loans in a Representative Amount in United States dollars to leading European banks for a three-month period beginning on the second London Banking Day after the
Determination Date. If at least two rates are so provided, LIBOR for that Interest Reset Period will be the arithmetic mean of those rates. If fewer than two rates are so provided, then LIBOR for the Interest Reset Period will be LIBOR in effect
with respect to the immediately preceding Interest Reset Period or, in the case of the first Interest Reset Period, the rate per annum during the Fixed Rate Period. 
 “Determination Date” with respect to an Interest Reset Period will be the second London Banking Day preceding the first day of the Interest Reset Period. 
 “Interest Reset Period” shall mean each period, during the Floating Rate Period, commencing on and including an Interest Payment Date and
ending on but excluding the next succeeding Interest Payment Date, or the date of maturity or earlier redemption date, as applicable. The first Interest Reset Period shall commence on and include February 14, 2012 and end on and exclude
May 14, 2012. 
 “London Banking Day” is any day in which dealings in United States dollars are transacted in the London
interbank market. 
 “Representative Amount” means a principal amount, but not less than $1,000,000, that is representative for a
single transaction in the relevant market at the relevant time. 
 “Reuters Page LIBOR01” means the display designated as
“LIBOR01” on Reuters 3000 Xtra (or any successor service) (or such other page as may replace Page LIBOR01 on Reuters 3000 Xtra or any successor service). 
 All percentages resulting from any of the above calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upwards
(e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upwards). 
 The interest rate on this Security will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United
States law of general application. Under present New York law, the maximum rate of interest is 25% per annum on a simple interest basis. 

 The Calculation Agent will, upon the request of the holder of any new Security, provide the interest rate
then in effect. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes and binding on the Company and holders of this Security. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company maintained
for that purpose in Boston, Massachusetts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 This Security is subject to redemption prior to the Stated Maturity as described on the reverse hereof. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

					
	Dated:	 	CHITTENDEN CORPORATION
			
		 	By	 	  

		 	Name:	 	
		 	Title:	 	

  

	
	 Attest:

	
	  

	 Name:

	 Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated herein and referred to in the within-mentioned Indenture. 
  

					
	THE BANK OF NEW YORK TRUST COMPANY, N.A.
		 	as Trustee
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Form of Reverse of Security. 
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of February 14,
2007 (herein called the “Indenture”), between the Company and The Bank of New York Trust Company, N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Indebtedness and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $125,000,000. The Company may
issue additional Securities of this series, having the same terms as this Security (except for the issue date) and, if issued, such additional Securities will be part of the same series as this Security. In addition, by the terms of the Indenture,
additional Securities of other separate series, which may vary as to date, amount, Stated Maturity, interest rate or method of calculating the interest rate and in other respects as therein provided, may be issued in an unlimited principal amount.

 The Indebtedness evidenced by the Securities is, to the extent and in the manner provided in the Indenture referred to above, subordinate
and subject in right of payment to the prior payment in full of the principal of (and premium, if any), and interest on all Senior Indebtedness of the Company, as defined in the Indenture, and each Holder of this Security, by accepting the same,
agrees to and shall be bound by the provisions of the Indenture and authorizes and directs the Trustee on his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the subordination of this Security as provided
in the Indenture and appoints the Trustee his or her attorney-in-fact for any and all such purposes. 
 The indebtedness evidenced by this
Security is issued subject to the provisions of the Indenture regarding payments to creditors in respect of General Obligations (as defined in the Indenture). In particular, the Indenture provides that if upon the occurrence of certain events of
bankruptcy or insolvency relating to the Company, there remains, after giving effect to the subordination provisions referred to in the preceding paragraph, any amount of cash, property or securities available for payment or distribution in respect
of Securities (as defined in the Indenture, “Excess Proceeds”), and if, at such time, any creditors in respect of General Obligations have not received payment in full of all amounts due or to become due on or in respect of such General
Obligations, then such Excess Proceeds shall first be applied to pay or provide for the payment in full of such General Obligations before any payment or distribution may be made in respect of Securities. This paragraph shall immediately and
automatically terminate, be null and void ab initio and have no further effect upon the occurrence of a Termination Event (as defined in the Indenture). 

 Beginning on February 14, 2012, and on any Interest Payment Date thereafter, the Company may, at its
option and subject to prior regulatory approval, if required, redeem some or all of the Securities of this series at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus any accrued interest and any
additional amounts then payable with respect to such redeemed Securities to but excluding the date fixed for redemption. The Holders will be notified not more than 60 days or less than 30 days before the Securities are redeemed. If only some of the
Securities are redeemed, the Trustee will select the Securities to be redeemed in principal amounts of $1,000 or any integral multiple thereof in such manner as it deems appropriate and fair. Securities that have been called for redemption and with
respect to which monies sufficient to pay the principal of and interest on those Securities have been made available to the Trustee shall cease to be outstanding from and after the redemption date. 
 The Securities of this series are not subject to any sinking fund. 
 The indebtedness evidenced by this Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, and in certain
circumstances, to all General Obligations, and this Security is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions,
(b) authorizes and directs the Trustee on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee his or her attorney-in-fact for any and all such
purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter
created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said provisions. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected and, for certain purposes, without the consent of the Holders
of any Securities at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 Subject to the rights of holders of Senior Indebtedness of the Company set forth in this Security and as provided
in the Indenture referred to above, no reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and
premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this
Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or
more new Securities of this series and of like tenor of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and subsequently may not be exchanged by a Holder for
Securities in denominations of less than $1,000. 
 No service charge shall be made for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered in the Security Register as the owner hereof for
all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities shall be governed by and construed in accordance with the laws of the State of New York. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.Letter of Intent

 Exhibit 10.1 
 February 14, 2007 
 Mr. Jeff Biegert 
 c/o Biegert Feeds 
 115 S. 14th Street 
 Geneva, NE 68361 
 Dear Jeff: 
 This is to confirm the substance of our
discussions to date with respect to the acquisition by The Biegert Family Irrevocable Trust, Dated June 11, 1998 (“Biegert”) of certain Assets (as defined below) of eMerge Interactive, Inc. (“eMerge”) and certain related
transactions described below. 
 We have advised you that we may file a voluntary petition for relief under Chapter 11 of the United
States Bankruptcy Code (the “Bankruptcy Code”). The transactions contemplated by this Letter of Intent shall be conditioned upon, inter alia, the commencement of such bankruptcy (the “Bankruptcy Case”) and approval by the
bankruptcy court presiding over the Bankruptcy Case (the “Bankruptcy Court”). The acquisition of the Assets by Biegert from eMerge shall hereafter be known as the “Transaction” and the date on which the Transaction closes shall
be the “Closing,” which shall be held no later than three (3) business days following the Sale Hearing Date (as defined below) provided that the Bankruptcy Court enters an order modifying the ten-day stay contained in Bankruptcy Rule
6004(g), failing which such date shall be on the first business day after the stay expires (the date of such Closing, the “Closing Date”). The Assets would be transferred to Biegert at the Closing with the approval of the United States
Bankruptcy Court, pursuant to a sale hearing conducted under § 363 of the Bankruptcy Code on March 27, 2007, or the soonest date thereafter made available by the Bankruptcy Court (the “Sale Hearing Date”), free and clear of all
liens, charges, claims and encumbrances. By executing this Letter of Intent, the signatories are expressing their intent to work towards the preparation, authorization, execution and delivery of the Definitive Purchase Agreement and to consummate
the Transaction subject to, among others, the terms and conditions hereof. 
 1. Effect of the Letter of Intent. Except as set forth
in this Section 1, this Letter of Intent is not intended to be, and shall not constitute, a binding or enforceable agreement between the signatories. Nothing herein shall be deemed to constitute a binding offer or a commitment to make such an
offer. Instead, this Letter of Intent merely sets forth the signatories’ present intentions with respect to the terms proposed, which terms may or may not become part of a definitive agreement, as a basis for future negotiations, and remain
subject to contract. This Letter of Intent, except as provided in this Section 1, is not binding on the parties hereto and is not intended to create rights in favor of the parties with respect to the Transaction. Except for the provisions of
this Section 1 and Sections 5, 6 and 11 through 15, which are intended to be binding agreements of eMerge and Biegert, no legal or equitable rights, responsibilities or duties are created hereby. This Section 1 supersedes all other
conflicting or ambiguous language in this Letter of Intent or any other instrument or any understanding pursuant to any oral communication that may precede this Letter of Intent. 

 2. Buyer and Seller. In the proposed transaction, Biegert will be the buyer (“Buyer”),
and eMerge will be the seller (“Seller”). 
 3. Purchase Price; Purchased Assets. 
  

	 	(a)	Purchase Price. Subject to terms consistent with this Letter of Intent to be agreed upon in the Definitive Purchase Agreement, Biegert shall purchase the Assets for a sum
necessary to satisfy in full, as of the Closing Date, any and all amounts (including principal, accrued interest and fees, if any) outstanding under that certain Revolving Loan Agreement, Promissory Note and Security Agreement, dated
October 16, 2006, by and between Seller and Biegert. 

  

	 	(b)	Purchased Assets. For purposes of this Term Sheet, “Assets” shall mean (i) all of eMerge’s right, title and interest in, to and under the following
property relating primarily to eMerge’s “Animal Information Solutions” or “CattleLog” businesses as of the Closing Date (each of the following capitalized terms in this Section 3(b) shall have the meanings ascribed to
such terms in Article 9 of the Uniform Commercial Code): Accounts and General Intangibles; Documents; Equipment; Goods; Inventory; and trademarks, copyrights and/or patents, (ii) those leases and contracts listed on Schedule B hereto and
(iii) those certain accounts receivable (that are not related to eMerge’s “Animal Information Solutions” or “CattleLog” businesses) listed on Schedule A hereto; provided, however, that the Assets
shall not, in any event, include the Excluded Assets. For purposes of this Term Sheet, “Excluded Assets” means (i) those assets relating primarily to eMerge’s Food Safety Technologies business, including those listed on
Schedule C hereto and (ii) any and all cash and cash equivalents of eMerge as of the Closing Date; provided, however, that the Excluded Assets shall not include the agreements listed on Schedule B hereto. The
Definitive Purchase Agreement will address the treatment of any assets that are shared by the “Animal Information Solutions” business and the “Food Safety Technologies” business. The Assets will include all of the assets and
contract rights necessary as of the Closing Date for the operation of the Assets in the ordinary course in accordance with eMerge’s past practice (excluding the Excluded Assets). The Assets will be transferred to Biegert free and clear of any
liens, claims, encumbrances or interests pursuant to Section 363(f) of the Bankruptcy Code. 

  

	 	(c)	 Contracts. Subject to the results of its due diligence review, Biegert agrees to assume all rights and obligations of eMerge under those agreements listed on
Schedule B hereto, which such agreements relate to eMerge’s “Animal Information Solutions” and “CattleLog” businesses. Biegert will not be liable for any cure cost in respect of the assumption and assignment of any
contract 

	 	 
comprising the Assets. eMerge hereby represents and warrants that it is not in material default under any contract comprising the Assets and that there do
not exist any defaults by eMerge, material or otherwise, under any contract comprising the Assets, which such defaults would prevent any such contract from being assumed by, and assigned to, Buyer. The Definitive Purchase Agreement shall contain a
similar representation and warranty as of the Closing Date. 

 4. Liabilities. The parties agree that Buyer will not
assume any liabilities of eMerge as part of this transaction (including, without limitation, any long-term debt, tax liabilities or other known or unknown fixed or contingent liabilities), except the Liabilities (as hereinafter defined). The parties
agree that the “Liabilities” will be limited to (a) current liabilities associated with the operation of the Assets as of the Closing Date (e.g., accounts payable and accrued expenses, but excluding accrued transaction expenses), as
incurred in bona fide transactions in the ordinary course of business and outstanding as of such date; provided, however, that, in no event, shall the Liabilities to be assumed by Buyer under this Section 4(a) be in excess of the
Accounts (only taking into account those Accounts for which payments are received within 60 days of the Closing Date) comprising the Assets pursuant to Section 3(b) hereof and (b) liabilities relating to periods from and after Closing Date
under those leases and contracts included in the Assets. 
 5. Review Process. During the period from execution hereof and until the
earlier of the termination of this Letter of Intent or the Due Diligence Deadline (hereinafter defined), Biegert shall be entitled to pursue its due diligence with respect to the Assets. In this regard, eMerge agrees to fully cooperate in the
conduct of such due diligence, to provide Biegert, its accountants, attorneys and other representatives reasonable access to eMerge’s books, records and properties and to make its management team available to discuss eMerge’s businesses,
property and affairs with Biegert and its designated advisors. 
 6. Conduct of the Business. During the period from the date of this
Letter of Intent to the Closing pursuant to the Definitive Purchase Agreement or the earlier termination of this Letter of Intent, eMerge agrees that it will conduct the businesses supported by the Assets in the same manner as would a reasonable
person in similar circumstances, subject to applicable bankruptcy and creditor protection provisions, which such conduct shall take into account eMerge’s current business and financial situation but, to the fullest extent possible, shall be in
accordance with past custom and practice. 
 7. Negotiation of Definitive Purchase Agreement. Following completion of the due
diligence to the complete satisfaction of Biegert as it shall determine in its sole discretion, the signatories intend to negotiate definitive and binding Transaction agreements and related documents (the “Definitive Purchase Agreement”)
to be executed as soon as practicable after the completion of Biegert’s due diligence, and in no event later than the deadline set forth below for execution of the Definitive Purchase Agreement. The Definitive Purchase Agreement shall contain
terms consistent with the terms of this Letter of Intent, subject to the findings of the due diligence, and shall contain other customary covenants, representations, warranties and closing conditions, and the Reimbursement Payment provisions as
provided below and such other terms and conditions as the parties shall agree (but shall have no financing contingency and no due diligence contingency). 

 8. Satisfaction or Waiver of Conditions Precedent. In order to move toward the Sale Hearing Date,
the parties agree that they will meet the conditions precedent set forth in this letter, as follows: 
  

	 	(a)	eMerge and Buyer anticipate that as soon as practicable after eMerge executes this Letter of Intent, eMerge will commence the Bankruptcy Case. Promptly thereafter, eMerge shall file
one or more motions with the Bankruptcy Court seeking entry of an order (the “Sale Process Order”) that: (i) establishes a Sale Hearing Date on March 27, 2007 (or the soonest date thereafter made available by the Bankruptcy
Court); (ii) establishes deadlines and procedures (collectively, the “Bid Process”) for eMerge, Buyer, and other interested parties to follow in completing due diligence, negotiating the Definitive Purchase Agreement, and submitting
competing bids for the Assets, all of which must be acceptable to Buyer; (iii) establishes minimum bidding increments of $10,000 at the Sale Hearing and (iv) approves a break-up fee (the “Break-Up Fee”) of $30,000 payable to
Buyer upon the closing of a sale of the Assets to another buyer if Buyer executes a Definitive Purchase Agreement but is not the winning bidder at the Sale Hearing. The Sale Process Order will establish bid procedures in form and substance
reasonably acceptable to Buyer and will request that any competing bidders be required to submit to eMerge no later than 7 business days prior to the Sale Hearing Date, both (i) a purchase agreement similar to the Definitive Purchase Agreement
(with a markup showing the differences between that purchase agreement and the Definitive Purchase Agreement) with a purchase price at least $10,000 higher than the Purchase Price and (ii) a Deposit (as defined below). 

 

	 	(b)	Buyer shall complete its due diligence review of eMerge by no later than March 5, 2007, subject to extension to March 15, 2007 with the mutual consent of Buyer and eMerge
(the “Due Diligence Deadline”), and shall indicate in writing at that time whether it waives the due diligence contingency. 

  

	 	(c)	eMerge and Buyer will have until the date that is the later of March 12, 2007 or 5 days after the Due Diligence Deadline to negotiate and execute the Definitive Purchase
Agreement for the proposed Transaction. The Definitive Purchase Agreement shall have no financing contingency and no due diligence contingency. 

  

	 	(d)	Pursuant to the procedures identified herein, competing bidders shall be required to pay into escrow a deposit in the amount of $100,000 or a letter of credit of equivalent value
(the “Deposit”). The Sale Order shall grant Buyer relief from the automatic stay to exercise its rights under the Definitive Purchase Agreement. 

 9. Conditions to Closing. Closing of the Transaction contemplated by this Letter of Intent is
conditional upon satisfaction, or waiver, of the following conditions: 
  

	 	(a)	to the extent that any conditions set forth above were not satisfied by such dates as specified, and Biegert and eMerge agreed to extend the date for such requirement, such
conditions shall have been satisfied prior to Closing; 

  

	 	(b)	the signatories obtaining prior to Closing all necessary third-party, court and governmental consents and approvals necessary or reasonably desirable for the transactions
contemplated by this Letter of Intent; 

  

	 	(c)	the entry of a Bankruptcy Court Order in form and substance satisfactory to Biegert approving the sale of the Assets pursuant to the terms of the Definitive Purchase Agreement,
which shall have become final and non-appealable; 

  

	 	(d)	all representations and warranties set forth in the Definitive Purchase Agreement shall be true and correct, in all material respects, as of Closing and eMerge shall have performed
all covenants and obligations to be performed prior to Closing; and 

  

	 	(e)	such other conditions as are agreed in the Definitive Purchase Agreement. 

 10. Cash Collateral. Subject to an approved budget and terms of a cash collateral order that are reasonably satisfactory to Biegert, Biegert agrees to allow eMerge to use eMerge’s cash collateral until the
shorter period of 1) 45 days from the date of this Letter of Intent or 2) the Sale Hearing Date. 
 11. Disclosure. Buyer and Seller
hereby confirm that, except as required by law or governmental regulation, they, and their respective agents, will keep the existence and contents of this Letter of Intent strictly confidential in the event that Buyer decides not to execute a copy
of this Letter of Intent. 
 12. Fees and Expenses. Except as otherwise set forth in this Letter of Intent, each of the parties hereto
shall be responsible for its own fees, costs and expenses incurred in connection with the drafting, negotiation and execution of the Definitive Purchase Agreement and the related transactions contemplated therein and discussed herein. 
 13. Entire Agreement. This Letter of Intent embodies the entire understanding and agreement between eMerge and Biegert with respect to the subject
matter hereof. 
 14. Governing Law. This Letter of Intent is governed by and shall be interpreted under the laws of the State of
Florida. 
 15. Counterparts. This Letter of Intent may be signed in several counterparts, any one of which need not contain the
signature of more that one signatory, but all such counterparts taken together will constitute one and the same document. 

 If Biegert accepts this Letter of Intent as an accurate reflection of our current mutual understanding of
the proposed transaction and of our good faith intent to move forward to negotiate the Definitive Purchase Agreement covering the proposed transaction discussed herein, please indicate Biegert’s concurrence by signing the enclosed copy of this
Letter of Intent and return a fully-executed copy to us as soon as possible. 
 Very truly yours, 
  

			
	eMERGE INTERACTIVE, INC.
		
	By:	 	 /s/ DAVID C. WARREN

	Name:	 	David C. Warren
	Title:	 	President & CEO

 ACCEPTED AND AGREED: 
 THE BIEGERT FAMILY IRREVOCABLE TRUST, DATED JUNE 11, 1998 
  

			
	By:	 	 /s/ JUDITH ACKLAND

	Name:	 	Judith Ackland
	Title:	 	Trustee

 DATE: FEBRUARY 14, 2007

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]