Document:

October 1, 2012 Exhibit 10.2

    EXHIBIT 10.2

EMPLOYMENT AGREEMENT

This Agreement is made and is effective as of the 1st day of October, 2012, by and between
S&W Seed Company, a Nevada corporation (the "Company"), and Fred Fabre ("Executive"). Together,
Executive and the Company are sometimes referred to as the "Parties."

WHEREAS, the Company desires to retain Executive in the capacity of Vice President - Sales, and
Executive wishes to be so retained; and

WHEREAS, the Company and Executive both desire to memorialize the arrangement in writing.

NOW THEREFORE, in consideration of the material advantages accruing to the two parties and the mutual
covenants contained herein, and intending to be legally and ethically bound hereby, the Company and Executive:

1.Duties and Scope of Employment

(a)Positions and Duties.  Executive will serve, at the pleasure of the Chief Executive
Officer of the Company (the "CEO"), as Vice President - Sales of the Company and shall report to the CEO and the
Company's Board of Directors. As of the date of this Agreement (the "Effective Date"), Executive will be considered a full-time
employee of the Company. In the capacity of Vice President - Sales, Executive will render such business and professional services
in the performance of his duties, consistent with Executive's position within the Company. Executive will have such powers, authorities
and responsibilities as may reasonably be assigned to him by the CEO. However it is the presumption of the parties that Executive shall
possess sole decision making authority regarding trading of non-certified alfalfa seed commodities sourced from Imperial Valley Milling,
Co, a California corporation. The period Executive is employed by the Company under this Agreement is referred to herein as the
"Employment Term."

(b)Obligations.  During the Employment Term, Executive will devote his full business efforts
and time to the Company and will use good faith efforts to discharge his obligations under this Agreement to the best of his ability. For
the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation, or consulting
activity for any direct or indirect remuneration without the prior approval of the Company; provided, however, that Executive may,
without the approval of the Company, serve in any capacity with any civic, educational, or charitable organization and serve on the
board(s) set forth on Schedule A attached hereto, provided such services do not materially interfere with Executive's
obligations to the Company. Executive represents that he is not subject to any non-competition, confidentiality, trade secrets or other
agreement(s) that would preclude, or restrict in any way, Executive from fully performing his services hereunder during his employment
with the Company.

2.Term of Agreement.  This Agreement will have a term of five (5) years commencing on
the Effective Date. No later than ninety (90) days before the end of the term of this Agreement, the Company and Executive will discuss
whether and under what circumstances the Agreement will be renewed.

3.Termination.

(a) Termination for Cause.  Company reserves the right to terminate this agreement if
Executive (1) willfully breaches or habitually neglects the duties which he is required to perform under the terms of this agreement, or
(2) commits acts of dishonesty, fraud, misrepresentation, or other acts of moral turpitude or breach of fiduciary duty that would prevent
the effective performance of his duties.  Company may at its option terminate this agreement for the reasons stated in this section by
giving ten (10) days written notice of termination to Executive without prejudice to any other remedy to which Company may be entitled
either at law, in equity, or under this agreement. The notice of termination required by this section shall specify the ground for the
termination and shall be supported by a statement of relevant facts.

(b)Termination Without Cause.   This agreement shall be terminated upon the death of Executive.
Further Company reserves the right to terminate this agreement within three (3) months after Executive suffers any physical or mental
disability that would prevent the performance of his duties under this agreement. Such termination shall be effected by giving ten (10)
days' written of termination to Executive.

4.Compensation.

(a)Base Salary.  As of the Effective Date, the Company will pay Executive an annual salary of one
hundred fifty thousand dollars ($150,000) as compensation for his services (such annual salary, as is then effective, to be referred to
herein as "Base Salary"). The Base Salary will be paid periodically in accordance with the Company's normal payroll
practices and be subject to the usual, required withholdings. 

(b)Bonus Compensation.  In the discretion of the Compensation Committee, Executive
may receive periodic bonuses in acknowledgment of his and the Company's achievements and efforts from time to time. Such bonuses
may be payable in the future in alignment with stated performance goals or otherwise in the Compensation Committee's discretion.

(c)Equity Incentive Compensation.  Executive shall be eligible to participate in the
Company's equity incentive plans, as in effect from time to time, and shall be considered for grants and awards at such times and in
such amounts as shall be deemed appropriate by the Compensation Committee, as the administrator of such plans.

(d)Stock Ownership Guidelines.  Executive shall be subject to, and shall comply with, the
Company's stock ownership guidelines, including compliance with its Insider Trading Policy, a copy of which is attached hereto as
Exhibit A and Section 16 of the Securities Exchange Act of 1934, as amended.

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5.Executive Benefits

(a)Generally.  Executive will be eligible to participate in accordance with the terms of all
Company employee benefit plans, policies, and arrangements that are applicable to other executive officers of the Company, as such
plans, policies, and arrangements may exist from time to time. The Company represents that it currently sponsors one or more health
insurance plans for which Executive will be eligible. The Company will pay the full cost of the premiums for the Executive due under the
health insurance plan of which Executive will become a participant. The Company will not pay for premiums of Executive's
dependents.

(b)Vacation.  Executive will be entitled to receive paid annual vacation in accordance
with Company policy. 

(c)Office. At the request of Executive, Company at Company's expense shall provide
Executive with an office located in Woodland, California from which (together with Executive's office at the Company's Five Points
headquarters) Executive is to conduct his day to day business on behalf of Company. The office shall have suitable space for the
conduct of the business to be carried out by Executive and the rental for the office shall be commensurate with rental rates for similar
office space in the area.

(d)Office Staff.  At the request of Executive, Company shall provide Executive with reasonable
access to office help, equipment and supplies, and other facilities and services suitable to Executive's position and adequate for the
performance of his duties.

6.Expenses.  The Company will reimburse Executive for reasonable travel, client
entertainment and other expenses incurred by Executive in the furtherance of the performance of Executive's duties hereunder, in
accordance with the Company's expense reimbursement policy as in effect from time to time.

7.Termination of Employment.  In the event Executive's employment with the Company
terminates for any reason, Executive will be entitled to any (a) unpaid Base Salary accrued up to the Date of Termination, (b)
pay for accrued but unused vacation, (c) benefits or compensation as provided under the terms of any employee benefit and
compensation agreements or plans applicable to Executive and under which he has a vested right (including any right that vests in
connection the termination of his employment), (d) unreimbursed business expenses to which Executive is entitled to
reimbursement under the Company's expense reimbursement policy, and (e) rights to indemnification Executive may have
under the Company's Articles of Incorporation, Bylaws, the Employment Agreement, or separate indemnification agreement, as
applicable, including any rights Executive may have under directors and officers insurance policies. 

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8.Covenants

(a)Nondisparagement.  During the Employment Term and for the twelve (12)
months thereafter, Executive will not, and will cause his relatives, agents, and representatives to not, knowingly disparage, criticize, or
otherwise make any derogatory statements regarding the Company, its directors, or its officers, and the Company will not knowingly
disparage, criticize or otherwise make any derogatory statements regarding Executive. The Company's obligations under the preceding
sentence shall be limited to communications by its senior corporate executives having the rank of Senior Vice President or above and
members of the Board. The foregoing restrictions will not apply to any statements that are made truthfully in response to a subpoena or
other compulsory legal process. 

9.Indemnification.  Subject to applicable law, Executive will be provided indemnification
to the maximum extent permitted by the Company's by-laws and Certificate of Incorporation, including coverage, if applicable, under
any directors and officers insurance policies, with such indemnification determined by the Board or any of its committees.

10.Confidential Information, etc..

(a)Non-Disclosure of Information.  It is understood that the business of the Company is of a
confidential nature. During the period of Executive's employment with the Company, Executive may receive and/or may secure
confidential information concerning the Company or any of the Company's affiliates which, if known to competitors thereof, would
damage the Company or its said affiliates. Executive agrees that during and after the term of this Agreement he will not, directly or
indirectly, divulge, disclose or appropriate to his own use, or to the use of any third party, any secret, proprietary or confidential
information or knowledge obtained by him during the term hereof concerning such confidential matters of the Company or its affiliates,
including, but not limited to, information pertaining to contact information, financial information, research, product plans, products,
services, customers, markets, developments, processes, designs, drawings, business plans, business strategies or arrangements, or
intellectual property or trade secrets. Upon termination of this Agreement, Executive shall promptly deliver to the Company all materials
of a secret or confidential nature relating to the business of the Company or any of its affiliates that are, directly or indirectly, in the
possession or under the control of Executive.

(b)Trade Secrets. Executive acknowledges and agrees that during the term of this Agreement and
in the course of the discharge of his duties hereunder, Executive shall have access to and become acquainted with information
concerning the operation and processes of the Company, including without limitation, proprietary, technical, financial, personnel, sales
and other information that is owned by the Company and regularly used in the operation of the Company's business, and that such
information constitutes the Company's trade secrets. Executive specifically agrees that he shall not misuse, misappropriate, or disclose
any such trade secrets, directly or indirectly, to any other person or use them in any way, either during the term of this Agreement or at
any other time thereafter, except as is required in the course of his employment hereunder. Executive acknowledges and agrees that
the sale or unauthorized use or disclosure of any of the Company's trade secrets obtained by Executive during the course of his

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employment under this Agreement, including information concerning the Company's current or any future and proposed work, services,
or products, the fact that any such work, services, or products are planned, under consideration, or in production, as well as any
descriptions thereof, constitute unfair competition. Executive promises and agrees not to engage in any unfair competition with the
Company, either during the term of this Agreement or at any other time thereafter. Executive further agrees that all files, records,
documents, specifications, and similar items relating to the Company's business, whether prepared by Executive or others, are and
shall remain exclusively the property of the Company and that they shall be removed from the premises of the Company only with the
express prior written consent of the Company's Chief Executive Officer or his designee.

(c)Cooperation.  Executive agrees to cooperate with and provide assistance to the Company and
its legal counsel in connection with any litigation (including arbitration or administrative hearings) or investigation affecting the
Company, in which, in the reasonable judgment of the Company's counsel, Executive's assistance or cooperation is needed. Executive
shall, when requested by the Company, provide testimony or other assistance and shall travel at the Company's request and expense
in order to fulfill this obligation.

(d)Proprietary Inventions and Assignment Agreement.  Concurrently with the execution and
delivery of this Agreement, Executive shall execute and deliver the Company's Proprietary Inventions and Assignment Agreement, a
copy of which is attached hereto as Exhibit B and incorporated herein by this reference. Executive agrees to abide by the provisions
thereof.

11.Assignment.  This Agreement will be binding upon and inure to the benefit of
(a) the heirs, executors, and legal representatives of Executive upon Executive's death, and (b) any successor of the
Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all
purposes. For this purpose, "successor" means any person, firm, corporation, or other business entity, which at any time,
whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the
Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or
transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance, or other
disposition of Executive's right to compensation or other benefits will be null and void.

12.Notices.  All notices, requests, demands, and other communications called for
hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally, (b) one
(1) day after being sent overnight by a well-established commercial overnight service, or (c) four (4) days
after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at
the following addresses, or at such other addresses as the parties may later designate in writing:

If to the Company:

Attn: Chairman of the Compensation Committee

                   c/o Corporate Secretary

                   S&W Seed Company

                   25552 South Butte Avenue

                   Five Points, CA 93624

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If to Executive:

at the last residential address known by the Company.

13.Severability.  If any provision hereof becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable, or void, this Agreement will continue in full force and effect without said provision.

14.Governing Law: Arbitration.  

(a)This Agreement will be deemed to be made in and in all respects will be interpreted, construed
and governed by and in accordance with the law of the State of California without regard to any applicable principles of conflicts of law.
This Agreement shall not be interpreted or construed with any presumption against the party causing this Agreement to be drafted.

(b)Any dispute, controversy or claim, whether based on contract, tort, statute, fraud,
misrepresentation or any other legal theory (a "Dispute") between Executive and the Company arising out of or relating to
this Agreement, any obligations hereunder or the relationship of the parties under this Agreement shall be settled by binding arbitration
conducted in San Diego, California in accordance with the then current arbitration rules of JAMS as modified by the following provisions
of this Agreement:

(i)Within five business days following the delivery of notice of a Dispute by a party in accordance with this
Agreement (a "Notification"), the parties shall meet and confer on a date and at a time and place agreed upon between the
parties. If the Dispute(s) are resolved by the parties in such meeting, the parties agree to reduce to writing the settlement or resolution
thereof, which shall thereupon become part of this Agreement. In the event that the meeting for any reason does not occur prior to the
tenth day following a Notification or does not result in a mutually agreed settlement, then the parties shall proceed with the
arbitration.

(ii)Selection of one neutral arbitrator by the parties shall be from JAMS panel list and shall be chosen by
the parties together; provided, that if the parties are unable to reach agreement with respect to the arbitrator, the arbitrator shall be
chosen in accordance with appointment rules of JAMS.  The arbitrator shall be experienced in complex business matters.

(iii)The arbitration process shall be conducted on an expedited basis by the regional office of JAMS located
in San Diego, California.  Proceedings in arbitration shall begin no later than 45 days after the filing of the Dispute with JAMS and shall
be scheduled to conclude no later than 180 days after the filing of the Dispute (including delivery of the written judgment under clause
(vi) below).  All hearings, unless otherwise agreed to by the parties, shall be held in San Diego, California.  Notwithstanding the
foregoing, the timetable for the arbitration process will be further expedited in the event that a party is seeking mandatory or prohibitive
injunctive relief and an expedited schedule is reasonably required to preserve the business interests of the party or parties seeking
such relief.

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(iv)Each party may obtain and take discovery, including requests for production, interrogatories, requests
for admissions and depositions, as provided by the Federal Rules of Civil Procedure; provided that the arbitrator may, in his or her
discretion, set parameters on (including the extension of) the timing and/or completion of this discovery and may order additional
pre-hearing exchange of information, including, without limitation, exchange of summaries of testimony or exchange of statements of
positions.  All rights of discovery shall commence upon delivery of a Notification, regardless of the timing or occurrence of the meeting
contemplated by clause (i) above.

(v)The arbitration proceedings and all testimony, filings, documents and information relating to or presented
during the arbitration proceedings shall be disclosed exclusively for the purpose of facilitating the arbitration process and for no other
purpose.

(vi)The award of the arbitrator shall be made in a written opinion containing a concise reasoned analysis of
the basis upon which the award was made.  The award of the arbitrator may provide for mandatory or prohibitive injunctive relief.

(vii)A judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof.

(viii)The parties to any arbitration initially shall share equally the fees and costs of JAMS and the arbitrator.
At  the discretion of the arbitrator, the prevailing party or parties may recover from the adverse parties his or its actual reasonable
attorneys' fees and costs incurred in connection with the arbitration and the enforcement thereof (including reimbursement of any fees
and costs of JAMS and the arbitrator(s) paid by such party).

(ix)Any party may apply to a court having jurisdiction to:  (A) enforce this agreement to arbitrate; (B) seek
provisional injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved; (C) avoid the expiration of
any applicable limitations period; or (D) preserve a superior position with respect to other creditors.

(x)The arbitrator is only authorized to, and only has the consent of the parties to, interpret and apply the
terms and conditions of this Agreement in accordance with the governing law.  The arbitrator is not authorized to, and shall not, order
any remedy not permitted by this Agreement and shall not change any term or condition of this Agreement, deprive either party of any
remedy expressly provided hereunder or provide any right or remedy that has not been expressly provided hereunder.

(xi)The Federal Arbitration Act, 9 U.S.C. Sections 1 through 14 (as amended and including any successor
provision), except as modified hereby, shall govern the interpretation and enforcement of this Section 14(b).

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Notwithstanding the foregoing, the parties shall continue performing their respective obligations under
this Agreement while the Dispute is being resolved unless and until such obligations are terminated or expire in accordance with the
provisions hereof.

15.Integration.  This Agreement, together with the Proprietary Inventions and Assignment
Agreement, represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all
prior or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of the provisions of this
Agreement will be binding unless in a writing and is signed by duly authorized representatives of the parties hereto. In entering into this
Agreement, no party has relied on or made any representation, warranty, inducement, promise or understanding that is not in this
Agreement.

16.Waiver of Breach.  The waiver of a breach of any term or provision of this
Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of
this Agreement.

17.Survival.  The Proprietary Inventions and Assignment Agreement and the Company's
and Executive's responsibilities under Sections 7, 8, 9, 11, 12, 13, and 14 will survive the termination of this Agreement.

18.Headings.  All captions and section headings used in this Agreement are for
convenient reference only and do not form a part of this Agreement.

19.Tax Withholding.  All payments made pursuant to this Agreement will be subject to
withholding of applicable taxes.

20.Governing Law.  This Agreement will be governed by the laws of the State of
California.

21.Acknowledgment.  Executive acknowledges that he has had the opportunity to
discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully
understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.

22.Internal Revenue Code Section 409A.  Notwithstanding any provision of this
Agreement, this Agreement shall be construed and interpreted to comply with Section 409A of the Internal Revenue Code of
1986, as amended, and if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to
comply with Section 409A of the Code or regulations thereunder. For purposes of the limitations on nonqualified deferred
compensation under Section 409A of the Code, each payment of compensation under the Agreement shall be treated as a
separate payment of compensation for purposes of applying the Section 409A of the Code deferral election rules and the
exclusion from Section 409A of the Code for certain short-term deferral amounts. Any amounts payable solely on account of
an involuntary separation from service within the meaning of Section 409A of the Code shall be excludible from the
requirements of Section 409A of the Code, either as involuntary separation pay or as short-term deferral amounts (e.g.,
amounts payable under the schedule prior to

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March 15 of the calendar year following the calendar year of involuntary
separation) to the maximum possible extent. If, as of the Date of Termination, Executive is a "specified employee" as
determined by the Company, then to the extent that any amount or benefit that would be paid or provided to Executive under this
Agreement within six (6) months of his "separation from service" (as determined under Section 409A) constitutes
an amount of deferred compensation for purposes of Section 409A and is considered for purposes of Section 409A to
be owed to Executive by virtue of his separation from service, then such amount or benefit will not be paid or provided during the
six-month period following the date of Executive's separation from service and instead shall be paid or provided on the first business day
that is at least seven (7) months following the date of Executive's separation from service, except to the extent that, in the Company's
reasonable judgment, payment during such six-month period would not cause Executive to incur additional tax, interest or penalties
under Section 409A. Further, any reimbursements or in-kind benefits provided under the Agreement shall be made or provided
in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that
(i) any reimbursement is for expenses incurred during the period of time specified in the Agreement, (ii) the amount of
expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will
be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to
reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

23.Counterparts.  This Agreement may be executed in counterparts, and each
counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of
the undersigned.

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by a
duly authorized officer, on the day and year written below.
Company

                   S&W SEED COMPANY

By:/s/ Matthew K. Szot 

                   Matthew K. Szot

                   Senior Vice President and Chief Financial Officer

                   Entered into this 1st day of October, 2012.

Executive

/s/ Fred Fabre

                   Fred Fabre

                                                   9October 1, 2012 Exhibit 10.3

    EXHIBIT 10.3

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR ANY STATE SECURITIES LAWS.  THIS NOTE MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT AND ANY APPLICABLE
STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO S&W SEED COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

SUBORDINATED PROMISSORY NOTE

FOR VALUE RECEIVED, S&W SEED COMPANY, a Nevada corporation (the
"Maker"), promises to pay to Imperial Valley Seeds, Inc., 250 E. 5th Street, Holtville, CA 92250 (the
"Holder") or its registered assigns or successors in interest, the sum of FIVE HUNDRED THOUSAND Dollars
($500,000), together with any accrued and unpaid interest hereon, on October 1, 2017 (the "Maturity Date"), if not
sooner paid.

Capitalized terms used herein without definition shall have the meanings ascribed to such terms in that certain
Acquisition Agreement dated as of the date hereof by and among the Maker, the Holder and the other parties named therein (as
amended, modified and/or supplemented from time to time, the "Acquisition Agreement").

The following terms shall apply to this Subordinated Promissory Note (this "Note"):

ARTICLE I

INTEREST AND PAYMENTS

1.1    Interest Rate.  Interest payable on the outstanding principal amount of this Note (the
"Principal Amount") shall accrue at a rate per annum equal to one-month LIBOR at Closing plus 2%.  Interest shall
be (i) calculated on the basis of a 360 day year, and (ii) payable in five annual installments, in arrears, commencing on October 1, 2013,
and on each succeeding anniversary thereof (i.e., October 1, 2014, October 1, 2015, and October 1, 2016) through and including the
Maturity Date (each, a "Payment Date"), and on the Maturity Date, whether by acceleration or otherwise.

1.2    Principal Payments.  Amortizing payments of the Principal Amount (together with accrued and
unpaid interest) shall be made in cash by the Maker on each Payment Date in the amount of $100,000.  Any remaining outstanding
Principal Amount together with any accrued and unpaid interest under this Note shall be due and payable on the Maturity
Date.

1.3    Optional Prepayment.  The Maker may prepay this Note, in whole or in part, at any
time.

1.4  Cancellation In Event of Fred Fabre Ceases to be Employed by Maker.   This Note shall be
cancelled and Maker released from any and all liabilities hereunder if, at any time prior to the Maturity Date, either (a) Fred Fabre
terminates his employment with Maker or an affiliate thereof (excluding (i) a termination that Maker and Mr. Fabre agree is due to a
physical or mental disability that would prevent the performance of Mr. Fabre's duties and (ii) termination upon Mr. Fabre's death) or (b)
Maker or an affiliate thereof terminates the employment of Mr. Fabre pursuant to Section 3(a) of the Employment Agreement, of even
date herewith, between Mr. Fabre and Maker, as the same may be amended by the parties. 

ARTICLE II

                  SUBORDINATION

2.1Subordination.   All payments due under this Note shall be subordinated and made junior,
in all respects to the payment in full of all principal, all interest accrued on and all other amounts due on any and all Senior
Indebtedness (as defined in the next sentence) of the Maker.  "Senior Indebtedness" means all indebtedness owed
by or incurred by the Maker, from time to time, under any credit or similar facility with any financial institution, bank or other lender.

ARTICLE III

                     EVENTS OF DEFAULT

3.1    Events of Default.  The occurrence of any of the following events set forth in this Section 3.1
shall constitute an event of default ("Event of Default") hereunder:

(a) &nbsb; Failure to Pay.  The Maker fails to pay when due any principal or interest hereon,  and, in any
such case, such failure shall continue for a period of ten (10) days following the date upon which any such payment was
due;

(b)Bankruptcy.  The Maker shall (i) apply for, consent to or suffer to exist the
appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its
property, (ii) make a general assignment for the benefit of creditors, (iii) commence a voluntary case under the federal
bankruptcy laws (as now or hereafter in effect), (iv) be adjudicated a bankrupt or insolvent, (v) file a petition seeking to take advantage
of any other law providing for the relief of debtors, or (vi) acquiesce to, without challenge within ten (10) days of the filing thereof, or
failure to have dismissed, within thirty (30) days, any petition filed against it in any involuntary case under such bankruptcy laws; or

(c)  Insolvency.  The Maker shall admit in writing its inability, or be generally unable, to pay its debts as
they become due or cease operations of its present business.

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3.2    Default Payment.  Following the occurrence and during the continuance of an Event of Default,
the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by Maker to the Holder under this
Note.

3.3    Costs of Collection.  Maker agrees to pay all reasonable attorneys' fees and expenses in
connection with any legal proceedings brought by Holder to collect any unpaid Principal Amount or interest which is not paid in full
when due.

ARTICLE IV

                  MISCELLANEOUS

4.1    Amendment Provision.  The term "Note" and all references thereto, as used
throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then as so amended
or supplemented, and any successor instrument as such successor instrument may be amended or supplemented.

4.2    Right to Withhold and Offset.  The Holder acknowledges and agrees that the Maker shall have the
right (a) to withhold from payments due hereunder the aggregate amounts of any indemnification claims then pending or unresolved
against the Holder under the Acquisition Agreement and (b) to off-set against payments due hereunder the aggregate amounts of any
such indemnification claims resolved in favor of the Maker.

4.3    Governing Law.  

(a)THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

(b)Any dispute, controversy or claim, whether based on contract, tort, statute, fraud, misrepresentation or
any other legal theory between Maker and Holder arising out of or relating to this Note shall be settled as set forth in Section 10.09(b) of
the Acquisition Agreement.  

4.4    Construction.  Each party acknowledges that its legal counsel participated in the preparation of
this Note and, therefore, stipulates that the rule of construction that ambiguities are to be resolved against the drafting party shall not be
applied in the interpretation of this Note to favor any party against the other.

 [Balance of page intentionally left blank; signature page follows]

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IN WITNESS WHEREOF, the Maker has caused this Note to be signed in its name effective as of this 1st day of October, 2012.

S&W SEED COMPANY

By:/s/ Matthew K. Szot 

   Name:Matthew K. Szot

   Title: Senior Vice President and Chief Financial Officer

   

   

   

   

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