Document:

December 31, 2014 Exhibit 10.5

    EXHIBIT 10.5

EXHIBIT E

SECURITY AGREEMENT

            This SECURITY AGREEMENT, dated as of December __, 2014 (this "Agreement"), is by S&W Seed
Company, a Nevada corporation (the "Company") and the Subsidiaries of the Company listed on the signature pages hereto as Guarantors (each a
"Guarantor" and collectively, the "Guarantors"; together with the Company, collectively referred to herein as the "Debtor") in favor of Hudson Bay Fund LP (the
"Agent"), in its capacity as collateral agent for the Purchasers of the Company's 8% Senior Secured Convertible Debentures due 35 months years following their issuance, in the
original aggregate principal amount of $27,000,000 (collectively, the "Debentures") signatory hereto, their endorsees, transferees and
assigns (the Agent and the Purchasers are, collectively, the "Secured Parties").

W I T N E S S E T H:

            WHEREAS, pursuant to the Purchase Agreement (as defined in the Debentures), the Secured Parties have severally agreed to
extend the loans to the Company evidenced by the Debentures; and

            WHEREAS, in order to induce the Secured Parties to extend the loans evidenced by the
Debentures, the Debtor has agreed to execute and deliver to the Secured Parties this Agreement and to grant the Secured Parties, pari passu with each other Secured
Party and through the Agent, a security interest in certain property of the Debtor to secure the prompt payment, performance and discharge in full of all of the Company's obligations under
the Debentures and the Guarantors' obligations under the Guarantee.

            NOW, THEREFORE, in consideration of the agreements herein contained and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

            1.    Certain Definitions. Reference is hereby made to the Purchase Agreement and
the Debentures for a statement of the terms thereof.  As used in this Agreement, (i) capitalized terms used but not defined herein or in the UCC shall have the meanings set forth in the
Debentures and the Purchase Agreement, and (ii) the following terms shall have the meanings set forth in this Section 1.  Terms used but not otherwise defined in this Agreement that are
defined in Article 9 of the UCC (including, without limitation, "accounts", "account debtor", "cash proceeds", "chattel paper", "commercial tort claim",
"deposit account", "documents", "electronic chattel paper", "equipment", "fixtures", "general intangibles", "goods",
"instruments", "inventory", "investment property", "letter-of-credit rights", "noncash proceeds", "proceeds", "promissory notes",
"record", "security account", "software", "supporting obligations" and "tangible chattel paper") shall have the respective meanings given such terms in Article 9 of the UCC.

(a)   "Collateral" means the collateral in which the Secured Parties are granted a
security interest by this Agreement and which shall include the following personal property of the Debtor, whether presently owned or existing or hereafter acquired or coming into existence,
wherever situated, and all additions and accessions thereto and all substitutions and replacements thereof, and all proceeds, products and accounts thereof, including, without limitation, all
proceeds from the sale or transfer of the Collateral and of insurance covering the same and of any tort claims in connection therewith:

(i)   All goods, including, without limitation, (A) all machinery, equipment, computers, motor vehicles, trucks, tanks, boats, ships,
appliances, furniture, special and general tools, fixtures, test and quality control devices and other equipment of every kind and nature and wherever situated, together with all documents of
title and documents representing the same, all additions and accessions thereto, replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other items used
and useful in connection with the Debtor's businesses and all improvements thereto; and (B) all inventory;

(ii) All contract rights and other general intangibles, including, without limitation, all partnership
interests, membership interests, stock or other securities or other investment property, rights under any of the Organizational Documents, licenses, distribution and other agreements, computer software (whether "off-the-shelf", licensed from any third party or developed by the Debtor),
computer software development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill, Intellectual Property, Licenses and income tax refunds;

(iii)  All accounts, together with all instruments, all documents of title representing any of the foregoing,
all rights in any merchandising, goods, equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties with respect to each account,
including any right of stoppage in transit; 

(iv)   All documents, letter-of-credit rights, instruments and chattel paper (whether tangible or
electronic);

(v)All commercial tort claims;

(vi)All deposit accounts and all cash (whether or not deposited in such deposit accounts);

(vii)All investment property, including, without limitation, the Pledged Interests;

(viii)All supporting obligations;

(ix)All files, records, books of account, business papers, and computer programs;

(x)All other tangible and intangible personal property of the Debtor (whether or not subject to the UCC), including, without limitation,
all bank and other accounts and all cash and all investments therein, all proceeds, products, offspring, accessions, rents, profits, income, benefits, substitutions and replacements of and to
any of the property of the Debtor described in the preceding clauses of this Section 1(a) (including, without limitation, any proceeds of insurance thereon and all causes of action, claims and
warranties now or hereafter held by the Debtor in respect of any of the items listed above), and all books, correspondence, files and other records, including, without limitation, all tapes,
disks, cards, software, data and computer programs in the possession or under the control of the Debtor or any other Person from time to time acting for the Debtor that at any time
evidence or contain information relating to any of the property described in the preceding clauses of this Section 1(a) hereof or are otherwise necessary or helpful in the collection or
realization thereof; and

(xi)the products and proceeds of all of the foregoing Collateral set forth in clauses (i) through (x) above.

Notwithstanding the foregoing, nothing herein shall be deemed to constitute an assignment of any lease, permit, license, license
agreement, contract or agreement to which Debtor is a party which, in the event of an assignment, becomes void by operation of applicable law or the assignment of which is otherwise
prohibited by under the terms of such lease, permit, license, license agreement, contract or agreement (in each case other than to the extent that (A) would be overridden by Sections 9-406,
9-407, 9-408 and/or 9-409 of the UCC or other applicable provisions of the UCC or any other applicable law, (B) the consent of the other party to such lease, permit, license, license
agreement, contract or agreement has been obtained, or (C) any such term has been waived); provided, however, that to the extent permitted by applicable law, this
Agreement shall create a valid security interest in such asset and, to the extent permitted by applicable law, this Agreement shall create a valid security interest in the proceeds of such
asset; provided, further, that (x) immediately upon the ineffectiveness, lapse, termination or waiver of any such provision, the Collateral shall include, and the Debtor shall
be deemed to have granted a security interest in, all such right, title and interest as if such provision had never been in effect and (y) the foregoing exclusion shall in no way be construed so
as to limit, impair or otherwise affect the Secured Parties' unconditional continuing security interest in and liens upon any rights or interests of the Debtor in or to (1) the proceeds of, or any
monies due or to become due under, any such lease, permit, license, license agreement,

contract or agreement (including any accounts, proceeds of inventory or investment property, and
(2) the proceeds from the sale, license, lease, or other dispositions of any such lease, permit, license, license agreement, contract or agreement).

(b)   "Intellectual Property" means the collective reference to all rights, priorities
and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, (i) all copyrights arising under the
laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished, all registrations and recordings
thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, (ii) all letters patent of the
United States, any other country or any political subdivision thereof, all reissues and extensions thereof, and all applications for letters patent of the United States or any other country and
all divisions, continuations and continuations-in-part thereof, (iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress,
service marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and
recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State
thereof or any other country or any political subdivision thereof, or otherwise, and all common law rights related thereto, (iv) all trade secrets arising under the laws of the United States, any
other country or any political subdivision thereof, (v) all rights to obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii) all causes of
action for infringement of the foregoing.

(c)"Licenses" means, with respect to any Person (the "Specified Party"), (i) any licenses or other similar rights
provided to the Specified Party in or with respect to Intellectual Property owned or controlled by any other Person, and (ii) any licenses or other similar rights provided to any other Person in
or with respect to Intellectual Property owned or controlled by the Specified Party, in each case, including (A) any software license agreements (other than license agreements for
commercially available off-the-shelf software that is generally available to the public which have been licensed to a Grantor pursuant to end-user licenses), (B) the license agreements listed
on Schedule H hereto, and (C) the right to use any of the licenses or other similar rights described in this definition in connection with the enforcement of any Secured Party's rights
under the Transaction Documents.

(d)"Intercreditor Agreement" means, the Intercreditor Agreement, dated as of the date hereof by and among the Agent, Wells Fargo Bank, National

Association and Pioneer Hi-Bred International, Inc., as such agreement is amended, restated or otherwise modified from time to time.

(e)"Majority in Interest" means, at any time of determination, the majority in interest (based on then-outstanding principal amounts of
Debentures at the time of such determination) of the Secured Parties.

(f)"Necessary Endorsement" means proper instruments of assignment duly executed and such other
instruments or documents as the Agent (as that term is defined below) may reasonably request.

(g)   "Obligations" means all of the liabilities and obligations (primary, secondary,
direct, contingent, sole, joint or several) due or to become due, or that are now or may be hereafter contracted or acquired, or owing to, of the Debtor to the Secured Parties, including,
without limitation, all obligations under this Agreement, the Debentures, the Purchase Agreement and any other Transaction Documents, instruments, agreements or other documents
executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated
or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of
such obligations or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from any of the Secured Parties as a preference,
fraudulent transfer or otherwise as such obligations may be amended, supplemented, converted, extended or modified from time to time.  Without limiting the generality of the foregoing, the
term "Obligations" shall include, without limitation: (i) principal of, and interest on the Debentures and the loans extended pursuant thereto; (ii) any and all other fees, indemnities,
costs, obligations and liabilities of the Debtor from time to time under or in connection with this Agreement, the Debentures and any other instruments, agreements or other documents
executed and/or delivered in connection herewith or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing that would be payable but for
the fact that the obligations to pay such amounts are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Debtor.

(h)   "Organizational Documents" means with
respect to the Debtor, the documents by which the Debtor was organized (such as a certificate of incorporation, certificate of limited partnership or articles of organization, and including,
without limitation, any certificates of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of the Debtor (such as bylaws, a
partnership agreement or an operating, limited liability or members agreement).

(i)   "Permitted Debt" shall mean Permitted Indebtedness as defined in the Debenture.  

(j)"Pledged Interests" means the shares of equity interests owned by the Debtor (i) described on Schedule I hereto and (ii) at any time and from time to
time acquired by the Debtor. 

(k)"Purchase Agreement" shall mean the Securities Purchase Agreement, dated as of December [__], 2014, between Company and the
Purchasers.

(l)"Transaction Documents" has the meaning specified therefor in the Purchase Agreement.

(m)"UCC" means the Uniform Commercial Code of the State of New York and or any other applicable law of any state or states which has
jurisdiction with respect to all, or any portion of, the Collateral or this Agreement, from time to time.  It is the intent of the parties that defined terms in the UCC should be construed in their
broadest sense so that the term "Collateral" will be construed in its broadest sense.  Accordingly if there are, from time to time, changes to defined terms in the UCC that broaden
the definitions, they are incorporated herein and if existing definitions in the UCC are broader than the amended definitions, the existing ones shall be controlling. 

2.    Grant of Security Interest in Collateral. As an inducement for the Secured Parties to
extend the loans as evidenced by the Debentures and to secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, the
Debtor hereby unconditionally and irrevocably pledges, grants and hypothecates to the Agent for the benefit of the Secured Parties a security interest in and to, a lien upon and a right of
set-off against all of their respective right, title and interest of whatsoever kind and nature in and to, the Collateral (a "Security Interest" and, collectively, the
"Security Interests").

3.Delivery of Certain Collateral.  When permitted in accordance with the terms of the agreements in place as of the date
hereof governing the Permitted Debt, including the Subordination Agreements, the Debtor shall deliver or cause to be delivered to the Agent any and all certificates and other instruments or
documents representing any of the Collateral, together with all Necessary Endorsements. 

            4.    Representations, Warranties, Covenants and
Agreements of the Debtor. Except as set forth under the corresponding section of the disclosure schedules delivered to the Secured Parties concurrently herewith (the
"Disclosure Schedules"), which Disclosure Schedules shall be deemed a part hereof, the Debtor represents and warrants to, and covenants and agrees with, the
Secured Parties as follows:

(a)   The Debtor has the requisite corporate power and authority to enter into this Agreement and otherwise to carry out its obligations
hereunder. The execution, delivery and performance by the Debtor of this Agreement and the filings contemplated therein have been duly authorized by all necessary action on the part of
the Debtor and no further action is required by the Debtor.  This Agreement has been duly executed by the Debtor.  This Agreement constitutes the legal, valid and binding obligation of the
Debtor, enforceable against the Debtor in accordance with its terms except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization and similar laws of
general application relating to or affecting the rights and remedies of creditors and by general principles of equity.

 (b)   The Debtor has no place of business or office where its books of account and records are kept
(other than temporarily at the offices of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A attached hereto.  Except as
specifically set forth on Schedule A, the Debtor is the record owner of the real property where such Collateral is located, and there exist no mortgages or other liens on any such
real property except for Permitted Liens (as defined in the Debentures).  Except as disclosed on Schedule A, none of such Collateral is in the possession of any consignee, bailee,
warehouseman, agent or processor.

(c)   Except for Permitted Liens and except as set forth on Schedule B attached hereto, the
Debtor is the sole owner of the Collateral (except for non-exclusive licenses granted by the Debtor in the ordinary course of business), free and clear of any liens, security interests,
encumbrances, rights or claims, and is fully authorized to grant the Security Interests.  Except as set forth on Schedule C attached hereto and except as filed in connection with the
Permitted Liens, there is not on file in any governmental or regulatory authority, agency or recording office an effective financing statement, security agreement, license or transfer or any
notice of any of the foregoing (other than those that will be filed in favor of the Secured Parties pursuant to this Agreement) covering or affecting any of the Collateral.  Except as set forth on
Schedule C attached hereto and except in connection with the Permitted Liens or pursuant to this Agreement, as long as this Agreement shall be in effect, the Debtor shall not
execute and shall not knowingly permit to be on file in any such office or agency any other financing statement or other document or instrument (except to the extent filed or recorded in
favor of the Secured Parties pursuant to the terms of this Agreement).

(d)    No written claim has been received that any Collateral or the Debtor's use of any Collateral
violates the rights of any third party. There has been no adverse decision to the Debtor's claim of ownership rights in or exclusive rights to use the Collateral in any jurisdiction or to the
Debtor's right to keep and maintain such Collateral in full force and effect, and there is no proceeding involving said rights pending or, to the best knowledge of the Debtor, threatened

before any court, judicial body, administrative or regulatory agency, arbitrator or other governmental authority.

(e)  The Debtor shall at all times maintain its books of account and records relating to the Collateral at
its principal place of business and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books of account and records or tangible
Collateral unless it delivers to the Secured Parties at least 30 days prior to such relocation (i) written notice of such relocation and the new location thereof (which must be within the United
States) and (ii) evidence that appropriate financing statements under the UCC and other necessary documents have been filed and recorded and other steps have been taken to perfect the
Security Interests to create in favor of the Secured Parties a valid, perfected and continuing perfected first priority lien in the Collateral, subject only to Permitted Liens which have priority
either by applicable law or by contractual arrangements with the Secured Parties.

(f)   This Agreement creates in favor of the Secured Parties a valid first priority security interest in the
Collateral (subject only to Permitted Liens (as defined in the Debentures) which have priority either by applicable law or by contractual arrangements with the Secured Parties) securing the
payment and performance of the Obligations.  Upon making the filings described in the immediately following paragraph, all security interests created hereunder in any Collateral which may
be perfected by filing Uniform Commercial Code financing statements shall have been duly perfected.  Except for the filing of the Uniform Commercial Code financing statements referred to
in the immediately following paragraph, the recordation of the Intellectual Property Security Agreement (as defined in Section 4(p) hereof) with respect to copyrights and copyright
applications in the United States Copyright Office referred to in paragraph (n) below, when permitted in accordance with the terms of the agreements in place
as of the date hereof governing the Permitted Debt, including the Subordination Agreements, the execution and delivery of deposit account control agreements satisfying the requirements of
Section 9-104(a)(2) of the UCC with respect to each deposit account of the Debtor, and the delivery of the certificates and other instruments provided in Section
3, no action is necessary to create, perfect or protect the security interests created hereunder.  Without limiting the generality of the foregoing, except for
the filing of said financing statements, the recordation of said Intellectual Property Security Agreement, and the execution and delivery of said deposit account control agreements, no
consent of any third parties and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for (i) the execution,
delivery and performance of this Agreement, (ii) the creation or perfection of the Security Interests created hereunder in the Collateral or (iii) the enforcement of the rights of the Agent and
the Secured Parties hereunder.

 (g)   The Debtor hereby authorizes the Agent to file one or more financing statements under the UCC,
with respect to the Security Interests, with the proper filing and recording agencies in any jurisdiction deemed proper by it.

 (h)  The execution, delivery and performance of this
Agreement by the Debtor does not (i) violate any of the provisions of any Organizational Documents of the Debtor or any judgment, decree, order or award of any court, governmental body
or arbitrator or any applicable law, rule or regulation applicable to the Debtor or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or
other instrument (evidencing the Debtor's debt or otherwise) or other understanding to which the Debtor is a party or by which any property or asset of the Debtor is bound or affected. If
any, all required consents (including, without limitation, from stockholders or creditors of the Debtor) necessary for the Debtor to enter into and perform its obligations hereunder have been
obtained.

 (i)  The Debtor shall at all times maintain the liens and Security Interests
provided for hereunder as valid and perfected first priority liens and security interests (subject only to Permitted Liens which have priority either by applicable law or by contractual
arrangements with the Secured Parties) in the Collateral in favor of the Secured Parties until this Agreement and the Security Interest hereunder shall be terminated pursuant to Section 14
hereof.  The Debtor hereby agrees to defend the same against the claims of any and all persons and entities. The Debtor shall safeguard and protect all Collateral for the account of the
Secured Parties.  At the request of the Agent, the Debtor will sign and deliver to the Agent on behalf of the Secured Parties at any time or from time to time one or more financing statements
pursuant to the UCC in form reasonably satisfactory to the Agent and will pay the cost of filing the same in all public offices wherever filing is, or is deemed by the Agent to be, necessary or
desirable to effect the rights and obligations provided for herein. Without limiting the generality of the foregoing, the Debtor shall pay all fees, taxes, expenses and other amounts necessary
to maintain the Collateral and the Security Interests hereunder, and the Debtor shall obtain and furnish to the Agent from time to time, upon demand, such releases and/or subordinations of
claims and liens which may be required to maintain the priority of the Security Interests hereunder.

(j)  The Debtor will not transfer, pledge, hypothecate, encumber, license,
sell or otherwise dispose of any of the Collateral (except for non-exclusive licenses granted by the Debtor in its ordinary course of business and sales of inventory by the Debtor in its
ordinary course of business) without the prior written consent of a Majority in Interest.

(k)The Debtor shall keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order and shall not operate

or locate any such Collateral (or cause to be operated or located) in any area excluded from insurance coverage.

(l)The Debtor shall maintain with financially sound and reputable insurers, insurance with respect to
the Collateral, including Collateral hereafter acquired, against loss or damage of the kinds and in the amounts customarily insured against by entities of established reputation having similar
properties similarly situated and in such amounts as are customarily carried under similar circumstances by other such entities and otherwise as is prudent for entities engaged in similar
businesses but in any event sufficient to cover the full replacement cost thereof.  The Debtor shall cause each insurance policy issued in connection herewith to provide, and the insurer
issuing such policy to certify to the Agent, that (a) the Agent will be named as lender loss payee and additional insured under each such insurance policy; (b) if such insurance be proposed
to be cancelled or materially changed for any reason whatsoever, such insurer will promptly notify the Agent and such cancellation or change shall not be effective as to the Agent for at
least thirty (30) days after receipt by the Agent of such notice, unless the effect of such change is to extend or increase coverage under the policy; and (c) the Agent will have the right (but
no obligation) at its election to remedy any default in the payment of premiums within thirty (30) days of notice from the insurer of such default.  If no Event of Default (as defined in the
Debentures) exists and if the proceeds arising out of any claim or series of related claims do not exceed $100,000, loss payments in each instance will be applied by the applicable Debtor to
the repair and/or replacement of property with respect to which the loss was incurred to the extent reasonably feasible, and any loss payments or the balance thereof remaining, to the
extent not so applied, shall be payable to the applicable Debtor; provided, however, that payments received by the Debtor after an Event of Default occurs and is
continuing or in excess of $100,000 for any occurrence or series of related occurrences shall be paid to the Agent on behalf of the Secured Parties and, if received by the Debtor, shall be
held in trust for the Secured Parties and immediately paid over to the Agent unless otherwise directed in writing by the Agent.   Copies of such policies or the related certificates, in each
case, naming the Agent as lender loss payee and additional insured shall be delivered to the Agent at least annually and at the time any new policy of insurance is issued.

(m) The Debtor shall, within ten (10) days of obtaining knowledge thereof, advise the Secured Parties
promptly, in sufficient detail, of any material adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of the Collateral or
on the Secured Parties' security interest, through the Agent, therein.

 (n)   The Debtor shall promptly execute and deliver to the Agent such
further deeds, mortgages, assignments, security agreements, financing statements or other instruments, documents, certificates and assurances and take such further action as the Agent
may from time to time request and may in its sole discretion

deem necessary to perfect, protect or enforce the Secured Parties' security interest in the Collateral including, without limitation,
if applicable, the execution and delivery of a separate security agreement with respect to the Debtor's Intellectual Property ("Intellectual Property Security Agreement")
in which the Secured Parties have been granted a security interest hereunder, substantially in a form reasonably acceptable to the Agent, which Intellectual Property Security Agreement,
other than as stated therein, shall be subject to all of the terms and conditions hereof.

(o)   The Debtor shall permit the Agent and its representatives and
agents to inspect the Collateral during normal business hours and upon reasonable prior notice, and to make copies of records pertaining to the Collateral as may be reasonably requested
by the Agent from time to time.

(p)  The Debtor shall take all steps reasonably necessary to diligently
pursue and seek to preserve, enforce and collect any rights, claims, causes of action and accounts receivable in respect of the Collateral.

(q)  The Debtor shall promptly notify the Secured Parties in sufficient
detail upon becoming aware of any attachment, garnishment, execution or other legal process levied against any Collateral and of any other information received by the Debtor that may
materially affect the value of the Collateral, the Security Interest or the rights and remedies of the Secured Parties hereunder.

(r)  All information heretofore, herein or hereafter supplied to the Secured
Parties by or on behalf of the Debtor with respect to the Collateral is accurate and complete in all material respects as of the date furnished.

(s)   The Debtor shall at all times preserve and keep in full force and
effect its valid existence and good standing and any rights and franchises material to its business.

(t)   The Debtor not will change its name, type of organization, jurisdiction
of organization, organizational identification number (if it has one), legal or corporate structure, or identity, or add any new fictitious name unless it provides at least 30 days prior written
notice to the Secured Parties of such change and, at the time of such written notification, the Debtor provides any financing statements or fixture filings necessary to perfect and continue the
perfection of the Security Interests granted and evidenced by this Agreement.

(u)Except in the ordinary course of business, no Debtor may consign any of its inventory or sell any of
its inventory on bill and hold, sale or return, sale on approval, or other conditional terms of sale without the consent of the Agent which shall not be
unreasonably withheld.

(v)  The Debtor will not relocate its chief executive office to a new
location without providing 30 days prior written notification thereof to the Secured Parties and so long as, at the time of such written notification, the Debtor provides any financing
statements or fixture filings necessary to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

(w)The Debtor was organized and remains organized solely under the laws of the state set forth next to the Debtor's name in
Schedule D attached hereto, which Schedule D sets forth the Debtor's organizational identification number or, if the Debtor does not have one, states that one does not
exist.

(x) (i) The actual name of the Debtor is the name set forth in Schedule D attached hereto;
(ii) the Debtor has no trade names except as set forth on Schedule E attached hereto; (iii) the Debtor has not used any name other than that stated in the preamble hereto or as set
forth on Schedule E for the preceding five years; and (iv) no entity has merged into the Debtor or been acquired by the Debtor within the past five years except as set forth on
Schedule E.

(y)Subject to the Subordination Agreements, at any time and from time to time that any Collateral
consists of instruments, certificated securities or other items that require or permit possession by the secured party to perfect the security interest created hereby, the applicable Debtor shall
deliver such Collateral to the Agent.

(z)  Subject to the Subordination Agreements, the Debtor shall cause all tangible chattel paper
constituting Collateral to be delivered to the Agent, or, if such delivery is not possible, then to cause such tangible chattel paper to contain a legend noting that it is subject to the security
interest created by this Agreement.  To the extent that any Collateral consists of electronic chattel paper, the applicable Debtor shall cause the underlying chattel paper to be
"marked" within the meaning of Section 9-105 of the UCC (or successor section thereto).

(aa)Set forth on Schedule J hereto is a list of all deposit and securities accounts of the
Debtor.  Within 60 days after the date hereof, the Debtor shall cause such an account control agreement, in form and substance in each case satisfactory to the Agent, to be entered into
and delivered to the Agent for the benefit of the Secured Parties with respect to all such accounts set forth on Schedule J and for any accounts opened or maintained from time to
time after the date hereof.

(bb) To the extent that any Collateral consists of letter-of-credit rights,
the Debtor shall cause the issuer of each underlying letter of credit to consent to an assignment of the proceeds thereof to the Secured Parties.

(cc)  To the extent that any Collateral is in the possession of any third
party, the Debtor shall join with the Agent in notifying such third party of the

Secured Parties' security interest in such Collateral and shall use its best efforts to obtain an acknowledgement
and agreement from such third party with respect to the Collateral, in form and substance reasonably satisfactory to the Agent.

(bb)If the Debtor shall at any time hold or acquire a commercial tort claim, the Debtor shall promptly
notify the Secured Parties in a writing signed by the Debtor of the particulars thereof and grant to the Secured Parties in such writing a security interest therein and in the proceeds thereof,
all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to the Agent.

(cc)The Debtor shall immediately provide written notice to the
Secured Parties of any and all accounts which arise out of contracts with any governmental authority and, to the extent necessary to perfect or continue the perfected status of the Security
Interests in such accounts and proceeds thereof, shall execute and deliver to the Agent an assignment of claims for such accounts and cooperate with the Agent in taking any other steps
required, in its judgment, under the Federal Assignment of Claims Act or any similar federal, state or local statute or rule to perfect or continue the perfected status of the Security Interests
in such accounts and proceeds thereof.

(dd)On or prior to the date hereof (with respect to the Intellectual Property set forth on Schedule F attached hereto, and after the date hereof (with
respect to any Intellectual Property acquired after the date hereof), the Debtor shall promptly (i) cause to be registered at the United States Copyright Office all of its material copyrights, (ii)
cause the security interest contemplated hereby with respect to all Intellectual Property registered at the United States Copyright Office or United States Patent and Trademark Office to be
duly recorded at the applicable office, and (iii) give the Agent notice whenever it acquires (whether absolutely or by license) or creates any additional material Intellectual Property.

 (ee)The Debtor will from time to time, at the expense of the Debtor, promptly execute and deliver
all such further instruments and documents, proxies in respect of Pledged Interests and take all such further action as may be necessary or desirable, or as the Agent may reasonably
request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Secured Parties to exercise and enforce their rights and remedies
hereunder and with respect to any Collateral or to otherwise carry out the purposes of this Agreement.

(ff)Schedule F attached hereto lists all of the patents, patent applications, trademarks,
trademark applications, registered copyrights, and domain names owned by the Debtor as of the date hereof.  Schedule F lists all material licenses in favor of the Debtor for the use
of any patents, trademarks, copyrights and domain names as of the date hereof.  All material patents and trademarks of the Debtor have been duly recorded at the United States Patent and

Trademark Office and all material copyrights of the Debtor have been duly recorded at the United States Copyright Office.

(gg)Except as set forth on Schedule G attached hereto, none of the account debtors or
other persons or entities obligated on any of the Collateral is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal, state or local statute or rule in
respect of such Collateral.

5.Effect of Pledge on Certain Rights.  If any of the Collateral subject to this Agreement consists of nonvoting
equity or ownership interests (regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests upon the occurrence of certain events
(including, without limitation, upon the transfer of all or any of the other stock or assets of the issuer), it is agreed that the pledge of such equity or ownership interests pursuant to this
Agreement or the enforcement of any of Agent's rights hereunder shall not be deemed to be the type of event which would trigger such conversion rights notwithstanding any provisions in
the Organizational Documents or agreements to which the Debtor is subject or to which the Debtor is party.

6. Defaults. The following events shall be "Events of
Default":

(a)   The occurrence of an Event of Default (as defined in the Debentures) under the Debentures or any other Transaction
Document;

(b)   Any representation or warranty of the Debtor in this Agreement shall prove to have been incorrect in any material respect when
made;

(c)   The failure by the Debtor to observe or perform any of its obligations hereunder for five (5) Trading Days after delivery to the
Debtor of notice of such failure by or on behalf of a Secured Party; or

(d)   If any provision of this Agreement or any of the agreements, documents or instruments executed and/or delivered in connection
herewith shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by the Debtor, or a proceeding shall be commenced by
the Debtor, or by any governmental authority having jurisdiction over the Debtor, seeking to establish the invalidity or unenforceability thereof, or the Debtor shall deny that the Debtor has
any liability or obligation purported to be created under this Agreement or any of the agreements, documents or instruments executed and/or delivered in connection herewith.

            7.    Duty To Hold In
Trust.  Upon the occurrence of any Event of Default and at any time thereafter, the Debtor shall, upon receipt of any revenue, income, dividend, interest
or other sums subject to the Security Interests, whether payable pursuant to the Debentures, the other Transaction Documents or otherwise, or of any check, draft, note, trade acceptance or
other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured Parties and shall forthwith endorse

and transfer any such sums or instruments, or
both, to the Secured Parties, pro-rata in proportion to their respective then-currently outstanding principal amount of Debentures for application to the satisfaction of the Obligations (and if
any Debenture is not outstanding, pro-rata in proportion to the initial purchases of the remaining Debentures).  

            8.    Rights and Remedies
Upon Default. 

(a)Upon the occurrence of any Event of Default and at any time thereafter, the Secured
Parties, acting through the Agent, shall have the right to exercise all of the remedies conferred hereunder and under the Debentures and the other Transaction Documents, and the Secured
Parties shall have all the rights and remedies of a secured party under the UCC.  The Agent, for the benefit of the Secured Parties, shall have the following rights and powers:

(i)   The Agent shall have the right to take possession of the Collateral
and, for that purpose, enter, with the aid and assistance of any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and the Debtor
shall assemble the Collateral and make it available to the Agent at places which the Agent shall reasonably select, whether at the Debtor's premises or elsewhere, and make available to the
Agent, without rent, all of the Debtor's respective premises and facilities for the purpose of the Agent taking possession of, removing or putting the Collateral in saleable or disposable
form.

(ii)Upon notice to the Debtor by Agent, all rights of the Debtor to exercise the voting and other
consensual rights which it would otherwise be entitled to exercise and all rights of the Debtor to receive the dividends and interest which it would otherwise be authorized to receive and
retain, shall cease.  Upon such notice, Agent shall have the right to receive, for the benefit of the Secured Parties, any interest, cash dividends or other payments on the Collateral and, at
the option of Agent, to exercise in such Agent's discretion all voting rights pertaining thereto.  Without limiting the generality of the foregoing, Agent shall have the right (but not the
obligation) to exercise all rights with respect to the Collateral as it were the sole and absolute owner thereof, including, without limitation, to vote and/or to exchange, at its sole discretion,
any or all of the Collateral in connection with a merger, reorganization, consolidation, recapitalization or other readjustment concerning or involving the Collateral or the Debtor or any of its
direct or indirect subsidiaries.

(iii)   The Agent shall have the right to operate the business of the Debtor using the Collateral and shall
have the right to assign, sell, lease or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with or without special conditions or
stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such time or times and at such place or places, and upon

such terms and conditions as the Agent
may deem commercially reasonable, all without (except as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to the Debtor or right of
redemption of a Debtor, which are hereby expressly waived.  Upon each such sale, lease, assignment or other transfer of Collateral, the Agent, for the benefit of the Secured Parties, may,
unless prohibited by applicable law which cannot be waived, purchase all or any part of the Collateral being sold, free from and discharged of all trusts, claims, right of redemption and
equities of the Debtor, which are hereby waived and released.

(iv)The Agent shall have the right (but not the obligation) to notify any
account debtors and any obligors under instruments or accounts to make payments directly to the Agent, on behalf of the Secured Parties, and to enforce the Debtor's rights against such
account debtors and obligors.

(v)The Agent, for the benefit of the Secured Parties, may (but is not
obligated to) direct any financial intermediary or any other person or entity holding any investment property to transfer the same to the Agent, on behalf of the Secured Parties, or its
designee.

(vi)The Agent may (but is not obligated to) transfer any or all
Intellectual Property registered in the name of the Debtor at the United States Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee or
any purchaser of any Collateral.

(b)The Agent shall comply with any applicable law in connection with a disposition of Collateral and such compliance will not be
considered adversely to affect the commercial reasonableness of any sale of the Collateral.  The Agent may sell the Collateral without giving any warranties and may specifically disclaim
such warranties.  If the Agent sells any of the Collateral on credit, the Debtor will only be credited with payments actually made by the purchaser.  In addition, the Debtor waives any and all
rights that it may have to a judicial hearing in advance of the enforcement of any of the Agent's rights and remedies hereunder, including, without limitation, its right following an Event of
Default to take immediate possession of the Collateral and to exercise its rights and remedies with respect thereto.

(c)For the purpose of enabling the Agent to further exercise rights and remedies under this Section 8 or elsewhere provided by
agreement or applicable law, the Debtor hereby grants to the Agent, for the benefit of the Agent and the Secured Parties, an irrevocable, nonexclusive license (exercisable without payment
of royalty or other compensation to the Debtor) to use, license or sublicense following an Event of Default, any Intellectual Property now owned or hereafter acquired by the Debtor, and
wherever the same may be located, and including in such license access to all media in which any of the licensed items

may be recorded or stored and to all computer software and programs used for the compilation or printout thereof.

            9.    Applications of
Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder or from payments made on account of any insurance policy insuring any portion of the
Collateral shall be applied first, to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other
costs incurred in connection therewith) of the Collateral, to the reasonable attorneys' fees and expenses incurred by the Agent in enforcing the Secured Parties' rights hereunder and in
connection with collecting, storing and disposing of the Collateral, and then to satisfaction of the Obligations pro rata among the Secured Parties (based on then-outstanding principal
amounts of Debentures at the time of any such determination), and to the payment of any other amounts required by applicable law, after which the Secured Parties shall pay to the Debtor
any surplus proceeds. If, upon the sale, license or other disposition of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Parties are legally entitled,
the Debtor will be liable for the deficiency, together with interest thereon, at the rate of 18% per annum or the lesser amount permitted by applicable law (the "Default
Rate"), and the reasonable fees of any attorneys employed by the Secured Parties to collect such deficiency.  To the extent permitted by applicable law, the Debtor waives all
claims, damages and demands against the Secured Parties arising out of the repossession, removal, retention or sale of the Collateral, unless due solely to the gross negligence or willful
misconduct of the Secured Parties as determined by a final judgment (not subject to further appeal) of a court of competent jurisdiction.

10.    Costs and Expenses. The Debtor agrees to pay all reasonable out-of-pocket fees, costs and expenses incurred in connection with any filing required
hereunder, including without limitation, any financing statements pursuant to the UCC, continuation statements, partial releases and/or termination statements related thereto or any
expenses of any searches reasonably required by the Agent.  The Debtor shall also pay all other claims and charges which in the reasonable opinion of the Agent is reasonably likely to
prejudice, imperil or otherwise affect the Collateral or the Security Interests therein.  The Debtor will also, upon demand, pay to the Agent the amount of any and all reasonable expenses,
including the reasonable fees and expenses of its counsel and of any experts and agents, which the Agent, for the benefit of the Secured Parties, may incur in connection with the creation,
perfection, protection, satisfaction, foreclosure, collection or enforcement of the Security Interest and the preparation, administration, continuance, amendment or enforcement of this
Agreement and pay to the Agent the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which the
Agent, for the benefit of the Secured Parties, and the Secured Parties may incur in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation of, or the sale of,
collection from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement of any of the rights of the Secured Parties under the Debentures or any other Transaction
Documents. Until so paid, any fees payable hereunder shall be added to the principal amount of the Debentures and shall bear interest at the Default Rate.

            11.    Responsibility for Collateral. The Debtor
assumes all liabilities and responsibility in connection with all Collateral, and the Obligations shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of
any of the Collateral or its unavailability for any reason.  Without limiting the generality of the foregoing, (a) neither the Agent nor any Secured Party (i) has any duty (either before or after an
Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral, or (ii) has any obligation to clean-up or otherwise prepare the Collateral
for sale, and (b) the Debtor shall remain obligated and liable under each contract or agreement included in the Collateral to be observed or performed by the Debtor thereunder.  Neither the
Agent nor any Secured Party shall have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Agent or any
Secured Party of any payment relating to any of the Collateral, nor shall the Agent or any Secured Party be obligated in any manner to perform any of the obligations of the Debtor under or
pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment received by the Agent or any Secured Party in respect of the Collateral or as to
the sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment
of any amounts which may have been assigned to the Agent or to which the Agent or any Secured Party may be entitled at any time or times.

12.   Security Interests
Absolute. All rights of the Secured Parties and all obligations of the Debtor hereunder, shall be absolute and unconditional, irrespective of: (a) any lack of validity or enforceability of this
Agreement, the Debentures, any Transaction Document or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner
or place of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Debentures, any
Transaction Document or any other agreement entered into in connection with the foregoing; (c) any exchange, release or nonperfection of any of the Collateral, or any release or
amendment or waiver of or consent to departure from any other collateral for, or any guarantee, or any other security, for all or any of the Obligations; (d) any action by the Secured Parties
to obtain, adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in connection with the Collateral; or (e) any other circumstance which might
otherwise constitute any legal or equitable defense available to the Debtor, or a discharge of all or any part of the Security Interests granted hereby.  Until the Obligations shall have been
paid and performed in full, the rights of the Secured Parties shall continue even if the Obligations are barred for any reason, including, without limitation, the running of the statute of
limitations or bankruptcy.  The Debtor expressly waives presentment, protest, notice of protest, demand, notice of nonpayment and demand for performance. In the event that at any time
any transfer of any Collateral or any payment received by the Secured Parties hereunder shall be deemed by final order of a court of competent jurisdiction to have been a voidable
preference or fraudulent conveyance under the bankruptcy or insolvency laws of the United States, or shall be deemed to be otherwise due to any party other than the Secured Parties,
then, in any such event, the Debtor's obligations hereunder shall survive cancellation of this Agreement,

and shall not be discharged or satisfied by any prior payment thereof and/or
cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance with the terms and provisions hereof.  The Debtor waives all right to require the
Secured Parties to proceed against any other person or entity or to apply any Collateral which the Secured Parties may hold at
any time, or to marshal assets, or to pursue any other remedy. The Debtor waives any defense arising by reason of the application of the statute of limitations to any obligation secured
hereby.

            13. Term of Agreement. This Agreement and the
Security Interests set forth herein shall terminate on the date on which all payments under the Debentures and the other Transaction Documents have been indefeasibly paid in full and all
other Obligations have been paid or discharged; provided, however, that all indemnities of the Debtor contained in this Agreement shall survive and remain operative and in full force and
effect regardless of the termination of this Agreement.

14. Power of Attorney; Further Assurances.

 (a) The Debtor authorizes the Agent, and does hereby make, constitute and appoint the Agent and
its officers, agents, successors or assigns with full power of substitution, as the Debtor's true and lawful attorney-in-fact, with power, in the name of the Agent or the Debtor, to, after the
occurrence and during the continuance of an Event of Default, (i) endorse any note, checks, drafts, money orders or other instruments of payment (including payments payable under or in
respect of any policy of insurance) in respect of the Collateral that may come into possession of the Agent; (ii) to sign and endorse any financing statement pursuant to the UCC or any
invoice, freight or express bill, bill of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications and notices in connection with accounts, and other documents
relating to the Collateral; (iii) to pay or discharge taxes, liens, security interests or other encumbrances at any time levied or placed on or threatened against the Collateral; (iv) to demand,
collect, receipt for, compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual Property or provide licenses respecting any Intellectual Property;
and (vi) generally, at the option of the Agent, and at the expense of the Debtor, at any time, or from time to time, to execute and deliver any and all documents and instruments and to do all
acts and things which the Agent deems necessary to protect, preserve and realize upon the Collateral and the Security Interests granted therein in order to effect the intent of this
Agreement and the Debentures and the other Transaction Documents all as fully and effectually as the Debtor might or could do; and the Debtor hereby ratifies all that said attorney shall
lawfully do or cause to be done by virtue hereof.  This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as long as any of
the Obligations shall be outstanding.  The designation set forth herein shall be deemed to amend and supersede any inconsistent provision in the Organizational
Documents or other documents or agreements to which the Debtor is subject or to which the Debtor is a party.  Without limiting the generality of the
foregoing, after the occurrence and

during the continuance of an Event of Default, each Secured Party is specifically authorized to execute and file any applications for or instruments of
transfer and assignment of any patents, trademarks, copyrights or other Intellectual Property with the United States Patent and Trademark Office and the United States Copyright
Office.

 (b) On a continuing basis, the Debtor will make, execute, acknowledge, deliver, file and record, as
the case may be, with the proper filing and recording agencies in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule C attached hereto, all such
instruments, and take all such action as may reasonably be deemed necessary or advisable, or as reasonably requested by the Agent, to perfect the Security Interests granted hereunder
and otherwise to carry out the intent and purposes of this Agreement, or for assuring and confirming to the Agent the grant or perfection of a perfected security interest in all the Collateral
under the UCC.

(c)If the Debtor shall hereafter create or acquire any U.S. Subsidiary, simultaneously with the creation of acquisition of such U.S. Subsidiary, the Debtor shall
cause such U.S. Subsidiary to become a party to this Agreement as an additional "Debtor" hereunder and to become a party to the Guaranty as an additional "Guarantor" thereunder, and to
duly execute and/or deliver such opinions of counsel and other documents, in form and substance acceptable to the Agent, as the Agent shall reasonably request with respect thereto.

(d) The Debtor hereby irrevocably appoints the Agent as the Debtor's attorney-in-fact, with full
authority in the place and instead of the Debtor and in the name of the Debtor, from time to time in the Agent's discretion, to take any action and to execute any instrument which the Agent
may deem necessary or advisable to accomplish the purposes of this Agreement, including the filing, in its sole discretion, of one or more financing or continuation statements and
amendments thereto, relative to any of the Collateral without the signature of the Debtor where permitted by law, which financing statements may (but need not) describe the Collateral as
"all assets" or "all personal property" or words of like import, and ratifies all such actions taken by the Agent.  This power of attorney is coupled with an interest and
shall be irrevocable for the term of this Agreement and thereafter as long as any of the Obligations shall be outstanding.

            15.   Notices. All
notices, requests, demands and other communications hereunder shall be subject to the notice provision of the Purchase Agreement.

            16.   Other Security.
To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee, endorsement or property of any other person, firm, corporation or
other entity, then the Agent shall have the right, in its sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying or
affecting any of the Secured Parties' rights and remedies hereunder.

17.  [Intentionally omitted].

            18.   Miscellaneous.

(a)   No course of dealing between the Debtor and the Secured Parties, nor any failure to exercise,
nor any delay in exercising, on the part of the Secured Parties, any right, power or privilege hereunder or under the Debentures or any other Transaction Document shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise of any other right, power
or privilege.

(b)   All of the rights and remedies of the Secured Parties with respect to the Collateral, whether
established hereby or by the Debentures or any other Transaction Documents or by any other agreements, instruments or documents or by law shall be cumulative and may be exercised
singly or concurrently.

(c)   This Agreement, together with the exhibits and schedules hereto, contain the entire
understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into this Agreement and the exhibits and schedules hereto. No provision of this Agreement may be waived, modified, supplemented or amended except in
a written instrument signed, in the case of an amendment, by the Debtor and the Secured Parties holding 67% or more of the principal amount of Debentures then outstanding, or, in the
case of a waiver, by the party against whom enforcement of any such waived provision is sought.  

(d)   If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no
way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially
the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the
remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

(e)   No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

(f) This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Secured Party (other than by merger).
Any Secured Party may assign any or all of its rights under this Agreement to any Person (as defined in the Purchase Agreement) to whom such Secured Party assigns or transfers any
Obligations, provided such transferee agrees in writing to be bound, with respect to the transferred Obligations, by the provisions of this Agreement that apply to the "Secured
Parties."

(g)   Each party shall take such further action and execute and deliver such further documents as
may be necessary or appropriate in order to carry out the provisions and purposes of this Agreement.

(h)  Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of New York,
without regard to the principles of conflicts of law thereof.  Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, the Debtor agrees that all
proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement, the Debentures and the other Transaction Documents (whether
brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the City of New York, Borough of Manhattan.  Except to the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, the Debtor hereby
irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not
personally subject to the jurisdiction of any such court, that such proceeding is improper.  Each party hereto hereby irrevocably waives personal service of process and consents to process
being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law.  Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury
in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

(i)   This Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and, all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such
facsimile signature were the original thereof.

(j)The Debtor shall indemnify, reimburse and hold harmless the Agent and the Secured Parties and
their respective partners, members, shareholders, officers, directors, employees and agents (and any other persons with other titles that have similar functions) (collectively,
"Indemnitees") from and against any and all losses, claims, liabilities, damages, penalties, suits, costs and expenses, of any kind or nature, (including fees relating to
the cost of investigating and defending any of the foregoing) imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to arise from this
Agreement or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses which result from the gross negligence or willful misconduct of the
Indemnitee as determined by a final, nonappealable decision of a court of competent jurisdiction.  This indemnification provision is in addition to, and not in limitation of, any other
indemnification provision in the Debentures, the Purchase Agreement, the other Transaction Documents or any other agreement, instrument or other document executed or delivered in
connection herewith or therewith.

(k)Nothing in this Agreement shall be construed to subject Agent or any Secured Party to liability as a partner in the Debtor or any if its
direct or indirect subsidiaries that is a partnership or as a member in the Debtor or any of its direct or indirect subsidiaries that is a limited liability company, nor shall Agent or any Secured
Party be deemed to have assumed any obligations under any partnership agreement or limited liability company agreement, as applicable, of any the Debtor or any of its direct or indirect
subsidiaries or otherwise, unless and until any such Secured Party exercises its right to be substituted for the Debtor as a partner or member, as applicable, pursuant hereto.

(l)  To the extent that the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent,
approval or action of any partner or member, as applicable, of the Debtor or any direct or indirect subsidiary of the Debtor or compliance with any provisions of any of the Organizational
Documents, the Debtor hereby grants such consent and approval and waive any such noncompliance with the terms of said documents.

17.  Intercreditor Agreement.  Anything herein to the contrary notwithstanding, the liens and security interests securing the obligations described in
this Agreement, the exercise of any right or remedy with respect thereto, and certain of the rights of the holder of such obligations are subject to the provisions of the Intercreditor

Agreement.  In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.

[SIGNATURE PAGES FOLLOW]

  

  

            IN WITNESS WHEREOF, the parties hereto have caused this Security Agreement to be duly
executed on the day and year first above written.

	
S&W SEED COMPANY

 

	
By:__________________________________________

        Name:

    Title:

 

	 
	
Seed HOLDING, LTD.

 

	
By:__________________________________________

        Name:

    Title:

 

	 
	
STEVIA CALIFORNIA, LLC

 

	
By:__________________________________________

        Name:

    Title:

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

ACCEPTED AND AGREED:

HUDSON BAY FUND LP

By:____________________________

   Name:

  Title:

  

  

  

  

  

  

  

SCHEDULE A

Principal Place of Business of Debtor:

Locations Where Collateral is Located or Stored:

SCHEDULE B

SCHEDULE C

SCHEDULE D

Legal Names and Organizational Identification Numbers

SCHEDULE E

Names; Mergers and Acquisitions

SCHEDULE F

Intellectual Property

SCHEDULE G

Account Debtors

SCHEDULE H

Licenses

SCHEDULE I

Pledged Interests

SCHEDULE J

Deposit and Securities AccountsDecember 31, 2014 Exhibit 10.6

    EXHIBIT 10.6

GUARANTY

GUARANTY, dated as of December [__], 2014, made by each of the undersigned (each a "Guarantor", and collectively, the "Guarantors"), in
favor of the "Purchasers" (as defined below) party to the Securities Purchase Agreement referenced below.

W I T N E S S E T H :

WHEREAS, S&W Seed Company, a Nevada corporation (the "Company"), and each party listed as a "Purchaser" thereunder (together with
their respective successors and assigns, each a "Purchaser", and collectively, the "Purchasers") are parties to that certain Securities Purchase Agreement, dated as of
December [__], 2014 (the "Securities Purchase Agreement"), pursuant to which, among other things, the Purchasers shall purchase from the Company certain senior secured
convertible "Debentures" (as defined in the Securities Purchase Agreement) (collectively, the "Debentures");

WHEREAS, the Purchasers have requested, and the Guarantors have agreed, that the Guarantors shall execute and deliver to the Purchasers, a guaranty
guaranteeing all of the obligations of the Company under the Securities Purchase Agreement, the Debentures and the other "Transaction Documents" (as defined in the Securities Purchase
Agreement, the "Transaction Documents");

WHEREAS, pursuant to a Pledge and Security Agreement, dated as of the date hereof (the "Security Agreement"), the Company and the Guarantors have
granted to Hudson Bay Fund LP, as collateral agent for the Purchasers (in such capacity, the "Collateral Agent"), a security interest in and lien on their
assets to secure their respective obligations under this Guaranty, the Securities Purchase Agreement, the Debentures and the other Transaction Documents; and 

WHEREAS, each Guarantor has determined that the execution, delivery and performance of this Guaranty directly benefits, and is in the best interest of, such
Guarantor.

NOW, THEREFORE, in consideration of the premises and the agreements herein and for other consideration, the sufficiency of which is hereby acknowledged, each
Guarantor hereby agrees with each Purchaser as follows:

SECTION 1.   Definitions.  Reference is hereby made to the Securities Purchase Agreement and the Debentures for a statement of the terms thereof.  All terms used
in this Guaranty, which are defined in the Securities Purchase Agreement or the Debentures and not otherwise defined herein, shall have the same meanings herein as set forth therein. 

SECTION 2.   Guaranty.  The Guarantors, jointly and severally, hereby unconditionally and irrevocably, guaranty (a) the punctual payment, as and when due and
payable, by stated maturity or otherwise, of all obligations and any other amounts now or hereafter owing by the Company in respect of the Securities Purchase Agreement, the Debentures
and the other Transaction Documents, including, without limitation, all interest that accrues after the commencement of any proceeding commenced by or against any the Company or any
Guarantor under any provision of the Bankruptcy Code (Chapter 11 of Title 11 of the

United States Code) or under any other bankruptcy or insolvency law, assignments for the
benefit of creditors, formal or informal moratoria, compositions, or extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief (an
"Insolvency Proceeding"), whether or not the payment of such interest is unenforceable or is not allowable due to the existence of such Insolvency Proceeding, and all fees,
commissions, expense reimbursements, indemnifications and all other amounts due or to become due under any of the Transaction Documents, and any and all expenses (including
reasonable counsel fees and expenses) reasonably incurred by the Purchasers or the Collateral Agent in enforcing any rights under this Guaranty (such obligations, to the extent not paid
by the Company, being the "Guaranteed Obligations") and (b) the punctual and faithful performance, keeping, observance and fulfillment by the Company of all of the agreements,
conditions, covenants and obligations of the Company contained in the Securities Purchase Agreement, the Debentures and the other Transaction Documents.  Without limiting the
generality of the foregoing, each Guarantor's liability hereunder shall extend to all amounts that constitute part of the Guaranteed Obligations and would be owed by the Company to the
Purchasers under the Securities Purchase Agreement and the Debentures but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding
involving any Guarantor or the Company (each, a "Transaction Party").

SECTION 3.   Guaranty Absolute; Continuing Guaranty; Assignments.

	The Guarantors, jointly and severally, guaranty that the Guaranteed Obligations will be paid strictly in accordance with the terms of the Transaction Documents,
regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Purchasers with respect thereto.  The obligations of
each Guarantor under this Guaranty are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against any Guarantor to enforce
such obligations, irrespective of whether any action is brought against any Transaction Party or whether any Transaction Party is joined in any such action or actions.  The liability of any
Guarantor under this Guaranty shall be irrevocable, absolute and unconditional irrespective of, and each Guarantor hereby irrevocably waives, to the extent permitted by law, any defenses
it may now or hereafter have in any way relating to, any or all of the following:

	any lack of validity or enforceability of any Transaction Document or any agreement or instrument relating thereto;

	any change in the time, manner or place of payment of, or in any other term of, all or any of the Guaranteed Obligations, or any other amendment or waiver of or
any consent to departure from any Transaction Document, including, without limitation, any increase in the Guaranteed Obligations resulting from the extension of additional credit to any
Transaction Party or otherwise;

	any taking, exchange, release or non-perfection of any collateral with respect to the Guaranteed Obligations, or any taking, release or amendment or waiver of
or consent to departure from any other guaranty, for all or any of the Guaranteed Obligations; or

                                                                - 2 -

	any change, restructuring or termination of the corporate, limited liability company or partnership structure or existence of any Transaction Party.

This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or
must otherwise be returned by any Purchaser or any other Person upon the insolvency, bankruptcy or reorganization of any Transaction Party or otherwise, all as though such payment had
not been made.

	This Guaranty is a continuing guaranty and shall (i) remain in full force and effect until the complete conversion of all of the Company's obligations under the
Debentures to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the Debentures (together with any matured indemnification obligations as
of the date of such conversion and/or payment, but excluding any inchoate or unmatured contingent indemnification obligations) and payment of all other amounts payable under this
Guaranty (excluding any inchoate or unmatured contingent indemnification obligations) and (ii) be binding upon each Guarantor and its respective successors and assigns.  This Guaranty
shall inure to the benefit of and be enforceable by the Purchasers and their respective successors, and permitted pledgees, transferees and assigns.  Without limiting the generality of the
foregoing sentence, any Purchaser may pledge, assign or otherwise transfer all or any portion of its rights and obligations under and subject to the terms of any Transaction Document to
any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Purchaser herein or otherwise, in each case as provided in
the Securities Purchase Agreement or such Transaction Document.  Notwithstanding the foregoing and for the avoidance of doubt, this Guaranty will expire and each Guarantor will be
released from its obligation hereunder upon the complete conversion of all of the Company's obligations under the Debentures to equity securities of the Company and/or indefeasible
payment in full in cash of all obligations under the Debentures (together with any matured indemnification obligations as of the date of such conversion and/or payment, but excluding any
inchoate or unmatured contingent indemnification obligations) and payment of all other amounts payable under this Guaranty (excluding any inchoate or unmatured contingent
indemnification obligations).

SECTION 4.   Waivers.  To the extent permitted by applicable law, each Guarantor hereby waives promptness, diligence, notice of acceptance and any other notice
with respect to any of the Guaranteed Obligations and this Guaranty and any requirement that the Purchasers or the Collateral Agent exhaust any right or take any action against any
Transaction Party or any other Person or any Collateral (as defined in the Security Agreement).  Each Guarantor acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated herein and that the waiver set forth in this Section 4 is knowingly made in contemplation of such benefits.  The Guarantors hereby
waive any right to revoke this Guaranty, and acknowledge that this Guaranty is continuing in nature and applies to all Guaranteed Obligations, whether existing now or in the
future.

SECTION 5.   Subrogation.  No Guarantor may exercise any rights that it may now or hereafter acquire against any Transaction Party or any other guarantor that
arise from the existence, payment, performance or enforcement of any Guarantor's obligations under this Guaranty, including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in any claim or remedy of the

                                                                - 3 -

Purchasers or the Collateral Agent against any Transaction Party or any other
guarantor or any Collateral (as defined in the Security Agreement), whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without
limitation, the right to take or receive from any Transaction Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or
security solely on account of such claim, remedy or right, unless and until the complete conversion of all of the Company's obligations under the Debentures to equity securities of the
Company and/or indefeasible payment in full in cash of all obligations under the Debentures (together with any matured indemnification obligations as of the date of such conversion and/or
payment, but excluding any inchoate or unmatured contingent indemnification obligations) and payment of all other amounts payable under this Guaranty (excluding any inchoate or
unmatured contingent indemnification obligations).  If any amount shall be paid to a Guarantor in violation of the immediately preceding sentence at any time prior to the later of the payment
in full in cash of the Guaranteed Obligations and all other amounts payable under this Guaranty, such amount shall be held in trust for the benefit of the Purchasers and shall forthwith be
paid ratably to the Purchasers to be credited and applied to the Guaranteed Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance
with the terms of the Transaction Documents, or to be held as collateral for any Guaranteed Obligations or other amounts payable under this Guaranty thereafter arising.  If (a) any
Guarantor shall make payment to the Purchasers of all or any part of the Guaranteed Obligations, and (b) the Purchasers receive the complete conversion of all of the Company's
obligations under the Debentures to equity securities of the Company and/or indefeasible payment in full in cash of all obligations under the Debentures (together with any matured
indemnification obligations as of the date of such conversion and/or payment, but excluding any inchoate or unmatured contingent indemnification obligations) and payment of all other
amounts payable under this Guaranty (excluding any inchoate or unmatured contingent indemnification obligations), the Purchasers will, at such Guarantor's request and expense, execute
and deliver to such Guarantor appropriate documents, without recourse and without representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of an
interest in the Guaranteed Obligations resulting from such payment by such Guarantor.

SECTION 6.   Representations, Warranties and Covenants.  

	Each Guarantor hereby represents and warrants as of the date first written above as follows:

	Each Guarantor (A) is a corporation, limited liability company or limited partnership duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization as set forth on the signature pages hereto, (B) has all requisite corporate, limited liability company or limited partnership power and authority to conduct its
business as now conducted and as presently contemplated and to execute and deliver this Guaranty and each other Transaction Document to which the Guarantor is a party, and to
consummate the transactions contemplated hereby and thereby and (C) is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties
owned or leased by it or in which the transaction of its business makes such qualification necessary except where the failure to be so qualified would not result in a Material Adverse
Effect.

                                                                - 4 -

	The execution, delivery and performance by each Guarantor of this Guaranty and each other Transaction Document to which such Guarantor is a party (A) have
been duly authorized by all necessary corporate, limited liability company or limited partnership action, (B) do not and will not contravene its charter or by-laws, its limited liability company or
operating agreement or its certificate of partnership or partnership agreement, as applicable, or any applicable law or any contractual restriction binding on the Guarantor or its properties do
not and will not result in or require the creation of any lien (other than pursuant to any Transaction Document) upon or with respect to any of its properties, and (C) do not and will not result
in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to it or its operations or any
of its properties.

	No authorization or approval or other action by, and no notice to or filing with, any governmental authority is required in connection with the due execution,
delivery and performance by the Guarantor of this Guaranty or any of the other Transaction Documents to which the Guarantor is a party (other than expressly provided for in any of the
Transaction Documents).

	Each of this Guaranty and the other Transaction Documents to which the Guarantor is or will be a party, when delivered, will be, a legal, valid and binding
obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, suretyship or other similar laws and equitable principles (regardless of whether enforcement is sought in equity or at law).  

	There is no pending or, to the best knowledge of the Guarantor, threatened action, suit or proceeding against the Guarantor or to which any of the properties of
the Guarantor is subject, before any court or other governmental authority or any arbitrator that (A) if adversely determined, could reasonably be expected to have a Material Adverse
Effect or (B) relates to this Guaranty or any of the other Transaction Documents to which the Guarantor is a party or any transaction contemplated hereby or thereby.  

	The Guarantor (A) has read and understands the terms and conditions of the Securities Purchase Agreement, the Debentures and the other Transaction
Documents, and (B) now has and will continue to have independent means of obtaining information concerning the affairs, financial condition and business of the Company and the
other Transaction Parties, and has no need of, or right to obtain from the Collateral Agent or any Purchaser, any credit or other information concerning the affairs, financial condition or
business of the Company or the other Transaction Parties that may come under the control of the Collateral Agent or any Purchaser.

	The Guarantor covenants and agrees that until the complete conversion of all of the Company's obligations under the Debentures to equity securities of the
Company and/or indefeasible payment in full in cash of all obligations under the Debentures (together with any matured indemnification obligations as of the date of such conversion and/or
payment, but excluding any inchoate or unmatured contingent indemnification obligations) and payment of all other amounts payable under this Guaranty (excluding any inchoate or unmatured contingent

                                                                - 5 -

indemnification obligations), it will comply with each of the covenants (except to the extent applicable only to a public company) which are set forth in
Section 4 of the Securities Purchase Agreement as if the Guarantor were a party thereto.

SECTION 7.   Right of Set-off.  Upon the occurrence and during the continuance of any Event of Default, the Collateral Agent and any Purchaser may, and is
hereby authorized to, at any time and from time to time, without notice to the Guarantors (any such notice being expressly waived by each Guarantor) and to the fullest extent permitted by
law, set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by any Purchaser to or for the
credit or the account of any Guarantor against any and all obligations of the Guarantors now or hereafter existing under this Guaranty or any other Transaction Document, irrespective of
whether or not Collateral Agent or any Purchaser shall have made any demand under this Guaranty or any other Transaction Document and although such obligations may be contingent or
unmatured.  Collateral Agent and each Purchaser agrees to notify the relevant Guarantor promptly after any such set-off and application made by such Purchaser, provided that the failure
to give such notice shall not affect the validity of such set-off and application.  The rights of the Collateral Agent or any Purchaser under this Section 7 are in addition to other
rights and remedies (including, without limitation, other rights of set-off) which the Collateral Agent or such Purchaser may have under this Guaranty or any other Transaction Document in
law or otherwise. 

SECTION 8.   Notices, Etc.  All notices and other communications provided for hereunder shall be in writing and shall be mailed (by overnight mail or by certified mail,
postage prepaid and return receipt requested), telecopied or delivered, if to any Guarantor, to the address for such Guarantor set forth on the signature page hereto, or if to any Purchaser,
to it at its respective address set forth in the Securities Purchase Agreement; or as to any Person at such other address as shall be designated by such Person in a written notice to such
other Person complying as to delivery with the terms of this Section 8.  All such notices and other communications shall be effective (i) if mailed (by certified mail, postage
prepaid and return receipt requested), when received or three Business Days after deposited in the mails, whichever occurs first; (ii) if telecopied, when transmitted and confirmation is
received, provided same is on a Business Day and, if not, on the next Business Day; or (iii) if delivered by hand, upon delivery, provided same is on a Business Day and, if not, on the next
Business Day.  

SECTION 9.   CONSENT TO JURISDICTION; SERVICE OF PROCESS AND VENUE.  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
GUARANTY OR ANY OTHER TRANSACTION DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH GUARANTOR HEREBY
IRREVOCABLY ACCEPTS IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS.  NOTHING HEREIN
SHALL AFFECT THE RIGHT OF THE PURCHASERS TO SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR
OTHERWISE PROCEED AGAINST EACH GUARANTOR IN ANY OTHER JURISDICTION.  ANY GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED

                                                                - 6 -

BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION OR LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  TO THE EXTENT
THAT ANY GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH
SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, EACH
GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTY AND THE OTHER TRANSACTION
DOCUMENTS.

SECTION 10.   WAIVER OF JURY TRIAL, ETC.  EACH GUARANTOR HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS GUARANTY OR THE OTHER TRANSACTION DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT,
INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH, OR ARISING
FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY OR THE OTHER TRANSACTION DOCUMENTS, AND AGREES THAT ANY SUCH
ACTION, PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.  EACH GUARANTOR CERTIFIES THAT NO OFFICER,
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PURCHASER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT ANY PURCHASER WOULD NOT, IN THE EVENT OF
ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING WAIVERS.  EACH GUARANTOR HEREBY ACKNOWLEDGES THAT THIS PROVISION IS
A MATERIAL INDUCEMENT FOR THE PURCHASERS ENTERING INTO THE OTHER TRANSACTION DOCUMENTS.

SECTION 11.   Taxes. 

	All payments made by any Guarantor hereunder or under any other Transaction Document shall be made in accordance with the terms of the respective
Transaction Document and shall be made without set-off, counterclaim, deduction or other defense.  All such payments shall be made free and clear of and without deduction for any
present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding taxes imposed on the net income of any Purchaser by
the jurisdiction in which such Purchaser is organized or where it has its principal lending office (all such nonexcluded taxes, levies, imposts, deductions, charges, withholdings and liabilities,
collectively or individually, "Taxes").  If any Guarantor shall be required to deduct or to withhold any Taxes from or in respect of any amount payable hereunder or under any other
Transaction Document:

	the amount so payable shall be increased to the extent necessary so that after making all required deductions and withholdings (including Taxes on amounts
payable to any Purchaser pursuant to this sentence) each Purchaser receives an amount equal to the sum it would have received had no such deduction or withholding been made,

                                                                - 7 -

	such Guarantor shall make such deduction or withholding,

	such Guarantor shall pay the full amount deducted or withheld to the relevant taxation authority in accordance with applicable law, and 

	as promptly as possible thereafter, such Guarantor shall send the Purchasers an official receipt (or, if an official receipt is not available, such other
documentation as shall be satisfactory to the Purchasers, as the case may be) showing payment.  In addition, each Guarantor agrees to pay any present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery, registration or enforcement
of, or otherwise with respect to, this Agreement or any other Transaction Document (collectively, "Other Taxes").

	Each Guarantor hereby indemnifies and agrees to hold the Collateral Agent and each Purchaser (each an "Indemnified Party") harmless from
and against Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed by any jurisdiction on amounts payable under this Section 11) paid by
any Indemnified Party  as a result of any payment made hereunder or from the execution, delivery, registration or enforcement of, or otherwise with respect to, this Agreement or any
other Transaction Document, and any liability (including penalties, interest and expenses for nonpayment, late payment or otherwise) arising therefrom or with respect thereto, whether or
not such Taxes or Other Taxes were correctly or legally asserted.  This indemnification shall be paid within 30 days from the date on which such Purchaser makes written demand
therefor, which demand shall identify the nature and amount of such Taxes or Other Taxes.

	If any Guarantor fails to perform any of its obligations under this Section 11, such Guarantor shall indemnify the Collateral Agent and each
Purchaser for any taxes, interest or penalties that may become payable as a result of any such failure.  The obligations of the Guarantors under this Section 11 shall survive
the termination of this Guaranty and the payment of the Obligations and all other amounts payable hereunder.

SECTION 12.   Miscellaneous. 

	Each Guarantor will make each payment hereunder in lawful money of the United States of America and in immediately available funds to each Purchaser, at
such address specified by such Purchaser from time to time by notice to the Guarantors.

	No amendment or waiver of any provision of this Guaranty and no consent to any departure by any Guarantor therefrom shall in any event be effective unless
the same shall be in writing and signed by each Guarantor and each Purchaser, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose
for which given.

	No failure on the part of the Collateral Agent or any Purchaser to exercise, and no delay in exercising, any right hereunder or under any other Transaction
Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder or under any Transaction Document preclude any other or further exercise thereof
or the exercise of any other right.  The rights and remedies of the Collateral Agent and the Purchasers provided herein and in the other Transaction Documents are cumulative and are in addition to, and not

                                                                - 8 -

exclusive of, any rights or remedies provided by law.  The rights of the Collateral Agent and the Purchasers under any Transaction Document against any party thereto
are not conditional or contingent on any attempt by the Collateral Agent or any Purchaser to exercise any of their respective rights under any other Transaction Document against such party
or against any other Person.

	Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.

	This Guaranty shall (i) be binding on each Guarantor and its respective successors and assigns, and (ii) inure, together with all rights and remedies of the
Collateral Agent and the Purchasers hereunder, to the benefit of the Collateral Agent and the Purchasers and their respective successors, transferees and assigns.  Without limiting the
generality of clause (ii) of the immediately preceding sentence, the Collateral Agent and any Purchaser may assign or otherwise transfer its rights and obligations under the Securities
Purchase Agreement or any other Transaction Document to any other Person in accordance with the terms thereof, and such other Person shall thereupon become vested with all of the
benefits in respect thereof granted to the Collateral Agent or such Purchaser, as the case may be, herein or otherwise.  None of the rights or obligations of any Guarantor hereunder may be
assigned or otherwise transferred without the prior written consent of each Purchaser.

	This Guaranty reflects the entire understanding of the transaction contemplated hereby and shall not be contradicted or qualified by any other agreement, oral or
written, entered into before the date hereof.

	Section headings herein are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.

	This Guaranty may be executed by each party hereto on a separate counterpart, each of which when so executed and delivered shall be an original, but all of
which together shall constitute one agreement.  Delivery of an executed counterpart by facsimile or other method of electronic transmission shall be equally effective as delivery of an
original executed counterpart.

	This Guaranty shall be governed by and construed in accordance with the law of the State of New York applicable to contracts made and to be performed
therein without regard to conflict of law principles.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                                                - 9 -

IN WITNESS WHEREOF, each Guarantor has caused this Guaranty to be executed by its respective duly authorized officer, as of the date first above
written.

 
SEED HOLDING, LTD., a Nevada limited liability company

By: ____________________________

   Name: 

  Title:

  

Address for Notices:

c/o S&W Seed Company

   25552 South Butte Avenue 

  Five Points, CA 93624

Facsimile:_______________

 

STEVIA CALIFORNIA, LLC, a California limited liability company

By: ____________________________

   Name: 

  Title:

  

Address for Notices:

c/o S&W Seed Company

   25552 South Butte Avenue 

   Five Points, CA 93624

   Facsimile:_______________

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