Document:

EXHIBIT 10.2

Oaxaca
Group L.L.C.

68
Bank Street

New
York, NY 10014

 

September 10, 2014

 

Janel World Trade, Ltd.

150-14 132nd Avenue

Jamaica, New York 11434

 

	Re:	Subscription Agreement (this “Agreement”) for the Purchase of Series C Cumulative Preferred Stock of Janel World Trade, Ltd.

 

Gentlemen:

 

As of the date hereof
pursuant to the terms and conditions listed below, the undersigned (the “Investor”) hereby subscribes for the
purchase of 250,000 shares of Preferred Stock, designated as “Series C Cumulative Preferred Stock,” par value $0.001
per share (the “Shares”), of Janel World Trade, Ltd., a Nevada corporation (the “Company”),
at a purchase price of $10.00 per Share, or an aggregate purchase price of $2,500,000, and hereby tenders such aggregate purchase
price to the Company by wire transfer to the Company.

 

In consideration of
the acceptance by the Company of the Investor’s subscription for the Shares as set forth herein, the Investor hereby agrees,
covenants, represents and warrants as follows:

 

1.          Representations
and Warranties of the Investor. 

 

The Investor represents
and warrants to the Company as follows:

 

(i)          Review
of Company Information. The Investor has received, carefully reviewed and is familiar with the Company’s filings
with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on Form 10-K for
the year ended September 30, 2013, Quarterly Reports on Form 10-Q for the quarters ended December 31, 2013 and March 31, 2014,
and Current Reports on Form 8-K since September 30, 2013 (the “Securities Filings”). The Investor understands
and has evaluated the risks of an investment in the Company, including, without limitation, the risks set forth in the section
entitled “Risk Factors” in the Company’s Annual Report of Form 10-K for the year ended September 30, 2013.

 

(ii)         Investment
Intent. The Investor is acquiring the Shares solely for investment, solely for the Investor’s own account, not for
the account of any other person, and not for distribution, assignment or resale to others and no other person has a direct or indirect
beneficial interest in any Shares so acquired.

 

(iii)         Independent
Advisors. The Investor has consulted with the Investor’s legal and tax advisors with respect to legal matters and
the financial and tax consequences of an investment in the Company, as well as the suitability of this investment, based on the
Investor’s individual circumstances.

 

    	 

    	 

    

 

(iv)         Access
to Other Information. In making a decision to purchase the Shares, the Investor has relied solely upon its independent
investigation. The Investor has had the opportunity to ask questions of and receive answers from the Company (or persons acting
on its behalf) concerning the terms and conditions of an investment in the Shares, the activities of the Company, and other matters
pertaining to this investment and to obtain any additional information which the Company possesses or can acquire without unreasonable
effort or expense that is necessary to verify the accuracy of information furnished by the Company in the Securities Filings or
that which was otherwise provided in order for the Investor to evaluate the merits and risks of an investment in the Shares, and
has not been furnished any other offering literature or prospectus. All such questions and requests for information have been answered
to the full satisfaction of the Investor.

 

(v)          Advertisement.
The Investor has neither relied upon nor seen any form of advertising or general or public solicitation, including communications
published in or broadcasted by any print or electronic medium and mass mailings, in connection with the offering of the Shares,
and is not aware of any such solicitation or advertisement received by others.

 

(vi)         Accredited
Investor Status.

 

The Investor is an “accredited
investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Securities
Act”).

 

(viii)      Investor’s
Residence. The Investor has its principal office in the State of New York, and has no present intention of changing such
principal office.

 

(ix)         Risk
of Investment. The Investor acknowledges that an investment in the Company involves a high degree of risk. The Investor
acknowledges that the purchase of the Shares is a speculative investment involving a high degree of risk and any estimates and
predictions that may have been made by the Company merely represent predictions of future events, which may or may not occur and
are based on assumptions, which may or may not occur. As a consequence, such predictions may not be relied upon to indicate the
actual results, which might be attained. The Investor understands that he/she must therefore bear the economic risk of this investment
for an indefinite period of time and be able to withstand a total loss of the investment.

 

(x)          Limited
Market for Shares. The Investor understands that the issuance of the Shares has not been registered under the Securities
Act and that the Shares are being sold in reliance upon the exemption from the registration requirements under the Securities Act
provided in Regulation D promulgated thereunder or pursuant to other exemptions not inconsistent therewith. The Investor further
understands that there is a limited public trading market for the Shares and there can be no assurance that an active market will
develop.

 

    	-2-

    	 

    

 

(xi)         Restrictions
on Transferability; Legend. The Investor acknowledges and understands that: (a) the Shares have not been registered under
the Securities Act and any applicable state or foreign securities laws (the “State Acts”), and may not be sold,
pledged, hypothecated, donated or otherwise transferred (whether or not for consideration) by the Investor unless registered pursuant
to the Securities Act and the State Acts, or upon presentation to the Company of evidence satisfactory to the Company, or submission
to the Company of a favorable opinion of counsel acceptable to the Company, to the effect that any such transfer is subject to
an applicable exemption under and will not be in violation of the Securities Act and the State Acts; (b) the Company has not agreed
to register the Shares for distribution in accordance with the provisions of the Securities Act or the State Acts, and has not
agreed to comply with any exemption under the Securities Act and the State Acts for the transfer of the Shares; and (c) as a result
of the limitations on the ability to transfer the Shares, the Investor may be required to hold the Shares indefinitely and therefore
may not realize any liquidity from any sale of the Shares. The Investor understands that the certificates, if any, representing
the Shares may bear at issuance a restrictive legend in substantially the following form:

 

“The securities represented by
this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the
securities laws of any state, and may not be offered, transferred, pledged, hypothecated, sold or otherwise disposed of unless
a registration statement under the Securities Act and applicable state securities laws shall have become effective with regard
thereto, or an exemption from registration under the Securities Act and applicable state securities laws is available in connection
with such offer or sale.”

 

(xii)        Entity
Authority. The Investor is duly and validly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization as set forth on the signature page hereof, with the requisite corporate power and authority to purchase the
Shares to be purchased by it hereunder and to execute and deliver this Agreement. The Investor has previously made other investments
or engaged in other substantive business activities prior to receiving an opportunity to purchase the Shares and was not formed
with a view to investment in the Shares.

 

(xiii)      Finder’s
Fees. The Investor has made no arrangement, which could give rise to any broker’s or finder’s fees or similar
fees in connection with the purchase of the Shares.

 

(xiv)        Reliance
by Company. The foregoing representations and warranties and all other information which the Investor has provided to the
Company concerning such Investor, the financial position of the Investor, and the Investor’s knowledge of financial and business
matters, or in the case of persons investing as joint tenants or a corporation, partnership, trust or other entity, the knowledge
of financial and business matters of the person making the investment decision on behalf of such joint tenants or entity, including
all information contained herein, are true and accurate as of this date and shall be true and accurate as of the date of the acceptance
by the Company of this subscription. If in any respect such representations, warranties or information shall not be true and accurate
at any time prior to the Investor’s receipt of confirmation of acceptance of this subscription, the Investor will give written
notice of such fact to the Company, specifying which representations, warranties or information are not true and accurate and the
reasons therefor.

 

    	-3-

    	 

    

 

2.          Covenant
of the Investor.

 

The Investor covenants
and agrees that the Investor will not take, or cause to be taken any action with respect to the Shares that would cause the Investor
to be deemed an “underwriter” as defined in Section 2(11) of the Securities Act.

 

3.          Indemnification.

 

The Investor understands
and acknowledges that the Company and its control persons are relying on the representations, warranties and agreements made by
the Investor in this Agreement and the Investor agrees to indemnify and hold harmless the Company, its control persons, the Company’s
affiliates and anyone acting on its behalf from and against all damages, losses, costs and expenses (including reasonable attorneys’
fees) which they may incur by reason of any breach of the representations and warranties made by the Investor herein.

 

4.        
 Binding Effect; Successors and Assigns.

 

This Agreement will be
binding upon the parties hereto, the successors and assigns of the Company and the heirs, personal representatives, successors
and assigns of the Investor. This Agreement will inure to the benefit of the Company and its successors and assigns. Neither this
Agreement nor any part of it is assignable by the Investor.

 

5.          Miscellaneous.

 

(i)        Upon the Company’s
acceptance of this subscription by countersigning below, this Agreement constitutes the entire agreement among the parties hereto
with respect to the subscription by the Investor for the Shares and may be amended only by a writing executed by the parties hereto.

 

(ii)        Within 10 days
after receipt of a written request from the Company, the Investor agrees to provide such information and to execute and deliver
such documents as reasonably may be necessary to comply with any and all laws and ordinances to which the Company is subject.

 

(iii)        Each
provision of this Agreement shall be considered separable and if for any reason any provision or provisions hereof are determined
to be invalid or contrary to applicable law, such invalidity shall not impair the operation of or affect the remaining portions
of this Agreement.

 

    	-4-

    	 

    

 

(iv)         This
Agreement shall be construed in accordance with the laws of the State of New York, without regard to principles of conflict of
laws.

 

	 	Sincerely,
	 	 
	 	Oaxaca Group LLC, a Delaware limited liability 
	 	company
	 	 
	 	By: /s/ Christine Levine
	 	Name:  Christine Levine
	 	Title:  Authorized Person
	 	 
	 	 
	 	Taxpayer Identification Number

 

ACCEPTED THIS 10TH DAY OF SEPTEMBER,
2014

 

Janel World Trade, Ltd.,
a Nevada corporation

 

	By:	/s/ William J. Lally	 
	 	William J. Lally, President	 

 

    	-5-EXHIBIT 10.3

 

AMENDMENT TO DEMAND SECURED PROMISSORY
NOTE

AND LOAN AND SECURITY AGREEMENT

 

THIS FIRST
AMENDMENT TO DEMAND SECURED PROMISSORY NOTE AND LOAN AND SECURITY AGREEMENT (the "Agreement") is made as of tenth day
of September, 2014, by and among Janel World Trade, Ltd., a Nevada corporation, AND The Janel Group of New York, a New York corporation,
AND The Janel Group of Illinois, an Illinois corporation, AND The Janel Group of Georgia, a Georgia corporation, AND The Janel
Group of Los Angeles, a California corporation, and Janel Ferrara Logistics, LLC, a New Jersey limited liability company (individually,
jointly and severally, the "Borrower'' or "Obligor") and Presidential Financial Corporation, a Georgia corporation
(the "Lender'').

 

RECITALS

 

Pursuant
to the Loan and Security Agreement dated March 27, 2014 ("Loan Agreement"), between the Borrower and the Lender, the
Lender agreed to make available to the Borrower a line of credit in accordance with, and subject to, the provisions of the Loan
Agreement. The Borrower's obligation to repay the line of credit, with interest and other fees and charges, is evidenced by the
Demand Secured Promissory Note dated March 27, 2014, in the principal amount of Three Million Five Hundred Thousand and No/100Dollars
($3,500,000.00) (the "Promissory Note"). The Loan Agreement, Promissory Note, and all documents now and hereafter executed
by the Borrower, or any other party, to evidence, secure, or guaranty, in connection with the Borrower's indebtedness and obligation
to Lender, are hereinafter referred to as the "Loan Documents."

 

WHEREAS, Janel
World Trade Ltd. And The Janel Group of New York, Inc. have entered into that certain Equity Interest Purchase Agreement dated
August 27, 2014 with Alpha International, LP ("Alpha") and PCL Transport, LLC ("PCL") (the "Purchase Agreement')
to purchase the equity interests of Alpha and PCL and Alpha and PCL each wishes to become a co-borrower under the Loan Agreement
in order to avail itself of the financial accommodations available to Borrower, and

 

WHEREAS
the parties wish to increase the line of credit available to Borrower under the Loan Documents to Five Million and No/100 Dollars
($5,000,000.00) from Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00), and increase the advance rate to 85%
from 70%.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants and agreements of the parties hereinafter set forth, it is hereby mutually
agreed as follows:

 

AGREEMENTS

 

1.           Acknowledgment
of Recitals; Definitions. Each of the parties acknowledges that the above recitals are true and correct and are incorporated
herein by reference. All capitalized terms used herein, unless otherwise defined herein, shall have the meanings ascribed to them
in the Loan Agreement.

 

2.           Assumption
of Loan Agreement as Joint and Several Obligor. Alpha International, LP, a New York limited partnership, with a principal
address at 145th Ave and Hook Creek Blvd., Bldg. C-1, Valley Stream, NY 11581, and PCL Transport, LLC, a New Jersey limited liability
company with a principal address at 510 Thornall Street, Suite 390, Edison, NJ 90301 (hereinafter, individually and jointly, the
"Co-Borrower''), each hereby assumes and accepts as a joint and several Obligor, all of the Obligations, covenants, terms
and conditions of the Loan Agreement in the same manner and to the same extent as Borrower and agrees to pay all sums due pursuant
to the Loan Agreement in the manner and at the time set forth therein.

 

3.
          No Release of Borrower. It is hereby agreed and understood
that Co-Borrower's acceptance of the Obligations as herein set forth does not diminish or release and shall not in any way
affect any of the Obligations, duties or liabilities of Janel World Trade, Ltd. or The Janel Group of New York, Inc. or The
Janel Group of Illinois, Inc. or The Janel Group of Georgia, Inc. or The Janel Group of Los Angeles, Inc. or Janel Ferrara
Logistics, LLC to Lender.

 

    	 

    	 

    

 

EXHIBIT 10.3

 

4.
           Amended Term. As used in any Loan Document, the term "Borrower''
is hereby amended and The Janel Group of New York, Inc. and The Janel Group of Illinois, Inc. and The Janel Group of Georgia,
Inc. and The Janel Group of Los Angeles, Inc. and Janel Ferrara Logistics, LLC and Alpha International, LP, and PCL Transport,
LLC, individually and collectively, jointly and severally, as the context shall require.

 

5.            Grant
of Security Interest. Alpha International, LP, and PCL Transport, LLC each hereby grants a security interest in certain of
its assets as fully described in Section 3. of the Loan Agreement: all Accounts, Accounts and Securities, Chattel Paper, Furniture,
Fixtures and Equipment, Instruments, Investment Property, General Intangibles, Deposit Accounts, Supporting Obligations, Inventory,
Other Property, all Proceeds and products of all of the foregoing (including proceeds of any insurance policies and claims against
third parties for loss or any destruction of any of the foregoing), and all books and records relating to any of the foregoing.

 

6.            Financing
Statement. Alpha hereby grants permission to Lender to add Alpha as an additional debtor to the UCC filed with the New York
Secretary of State, number201403265302246, dated March 26, 2014. PCL hereby grants permission to Lender to add PCL as an additional
debtor to the UCC filed with the New Jersey Secretary of State, number 50783074, dated March 26, 2014.

 

7.           Cross
Collateralization. Lender has agreed to add Co-Borrower on the condition that the Loan is cross-collateralized and cross-defaulted,
and is co-terminus. Borrower understands and agrees that all Obligations and the collateral securing such Obligations are cross-collateralized
and cross-defaulted, and is co terminus.

 

8.           Additional
Documents. Simultaneously with the execution of this Agreement, Alpha will execute and submit to Lender a Consent of the General
Partner, and the members of PCL Transport, LLC in form and substance acceptable to Lender, and will sign an IRS Tax Authorization
Form 8821 as part of this agreement. PCL will execute and submit to Lender a Consent of Members in form and substance acceptable
to Lender, and will sign an IRS Tax Authorization Form 8821 as part of this agreement.

 

9.            Increase
in the Line of Credit. The parties agree to increase the line of credit available to the Borrower under the Loan Documents
to Five Million and No/100 Dollars ($5,000,000.00) from Three Million Five Hundred Thousand and No/100 Dollars ($3,500,000.00)
and hereby amend the Promissory Note, and the following provision of Schedule A of the Loan Agreement:

 

"Maximum Loan Amount" means Five
Million and No/100 Dollars ($5,000,000.00).

 

10.          Accounts
Advance Rate. The parties agree to increase the Accounts Advance Rate to 85%

from 70% and hereby amend the
following provision of Schedule A of the Loan Agreement:

 

"Accounts
Advance Rate" means a percentage established by Lender, which shall be up to 85% as of the date of this Agreement, and
which may be increased or decreased by Lender from time to time in the exercise of its discretion.

 

11.          Financial
and Other Covenants. The parties agree to amend the currently permitted cash payments with respect to Class A Preferred Stock
and hereby amend Section 6.3 of the Loan Agreement to read as follows:

 

 

    	 

    	 

    

 

EXHIBIT 10.3

 

Borrower
shall at all times comply with the financial and other covenants set forth in Schedule E attached hereto. With respect to the Preferred
Series A Stock, Lender will permit Borrower to make quarterly cash payments of $3,750.00, provided no Event of Default has occurred
or exists. With respect to the annual earn-out payments, Lender will permit Borrower to make the three annual earn-out payments
in accordance with the Purchase Agreement, provided no Event of Default has occurred or exists. With respect to the Preferred Series
C Stock, Lender will permit Borrower to make annual cash interest payments up to an amount not to exceed $206,250.00, provided
(i) no Event of Default has occurred or exists, (ii) net Availability exceeds $500,000.00 for thirty (30) consecutive days before
and after the Preferred Series C cash interest payment, (iii) the Fixed Charge Coverage Ratio, based on the trailing 12

Lender and Borrower mutually
agree on the timing and amount of the permitted cash payment.

 

The parties further agree to
reset the Tangible Net Worth and Fixed Charge Coverage Ratio covenants, as fully described in Schedule E of the Loan Agreement
and hereby delete Schedule E in its entirety and replace it with the revised Schedule E attached hereto.

 

12.           Eligible
Accounts. The parties agree that the established concentration limit and cross-age calculations will be applied separately
to each aging for Janel, Alpha, and PCL and hereby amend the following provision of Schedule A of the Loan Agreement:

 

"Eligible Account"

 

(a)  With
respect to Borrowers Janel World Trade, Ltd. and The Janel Group of New York, Inc. and The Janel Group of Illinois, Inc. and The
Janel Group of Georgia, Inc. and The Janel Group of Los Angeles, Inc. and Janel Ferrara Logistics, LLC, an account debtor whose
total obligations to these Borrowers exceed 20% of All Accounts, the excess amount shall be excluded from Eligible Accounts, unless
otherwise approved in writing by Lender. With respect to Borrower Alpha International, LP, an account debtor whose total obligations
to this Borrower exceed 20% of All Accounts, the excess amount shall be excluded from Eligible Accounts, unless otherwise approved
in writing by Lender. With respect to Borrower PCL Transport, LLC, an account debtor whose total obligations to this Borrower exceed
20% of All Accounts, the excess amount shall be excluded from Eligible Accounts, unless otherwise approved in writing by Lender.

 

"Eligible Account"

 

1.   No Account shall be an Eligible
Account if:

(ii) 25% or more of the Accounts
from the Account Debtor to Borrowers Janel World Trade, Ltd. and The

Janel Group of New York, Inc.
and The Janel Group of Illinois, Inc. and The Janel Group of Georgia, Inc. and The Janel Group of Los Angeles, Inc. and Janel Ferrara
Logistics, LLC are more than 90 days from invoice date; 25% or more of the Accounts from the Account Debtor to Borrower Alpha International,
LP are more than 90 days from invoice date; 25% or more of the Accounts from the Account Debtor to Borrower PCL Transport, LLC
are more than 90 days from invoice date;

 

2.            Amendment
Fee. In consideration of the amendments set forth herein, Borrower unconditionally agrees to pay to Lender an amendment fee in
the amount of $15,000.00 (the "Amendment Fee"), which shall be fully earned and payable upon receipt of a fully executed
copy of this Agreement from Borrower and acceptance of this agreement by Lender as set forth in paragraph 20 below. The amendment
fee shall not be subject to refund, rebate or proration for any reason whatsoever, and shall be treated as an Advance and charged
to the loan account on the same date of Effectiveness.

 

3.             Documentation
Fee. A loan documentation fee of $1,000.00 ("Loan Documentation Fee"), for the negotiation and preparation of this Agreement,
will be charged to the Borrower's loan account upon receipt of a fully executed copy of this Agreement.

 

    	 

    	 

    

 

EXHIBIT 10.3

 

4.             Representations
and Warranties. In order to induce the Lender to enter into this Agreement, the Obligor represents and warrants to the Lender
that as of the date hereof (a) no event of default exists under the provisions of the Loan Agreement, Promissory Note or other
Loan Documents, (b) all of the representations and warranties of the Obligor in the Loan Documents are true and correct on the
date hereof as if the same were made on the date hereof, (c) the Collateral, as defined in the Loan Agreement, is free and clear
of all assignments, security interest, liens and other encumbrances of any kind and nature whatsoever, except for those granted
or permitted under the provisions of the Loan Documents, (d) the execution and performance by the Borrower under the Loan Agreement,
as amended, will not (i) violate any provision of law, any order of any court or other agency of government, or the organizational
documents and/or bylaws of Borrower, or (ii) violate any indenture, contract, agreement or other instrument to which the Borrower
is party, or by which its property is bound, or be in conflict with, result in a breach of or constitute (with due notice and/or
lapse of time) a default under any such indenture, or imposition of any lien, charge or encumbrance of any nature whatsoever upon
any of the property or assets of the Borrower, and (e) this Agreement constitutes the legal, valid and binding obligations of the
Obligor enforceable in accordance with its terms, except its enforceability may be limited by bankruptcy, insolvency or some other
laws affecting the enforcement of creditors rights generally.

 

5.             Ratification
and No Novation; Validity of Loan Documents. The Obligor hereby ratifies and confirms all of their obligations, liabilities
and indebtedness under the provisions of the Loan Agreement, the Promissory Note, and the other Loan Documents, as the same may
be amended and modified by this Agreement, and agrees to pay the indebtedness in accordance with the terms of the Loan Agreement,
as amended and modified by this Agreement. The Lender and the Obligor each agree that is their intention that nothing in this Agreement
shall be construed to extinguish, release or discharge or constitute, create or affect a novation of, or an agreement to extinguish
(a) any of the obligations, indebtedness and liabilities of the Obligor, or any other party under the provisions of the Loan Agreement,
the Promissory Note, and such other Loan Documents, or (b) any assignment or pledge to the Lender of, or any security interest
or lien granted to the Lender in, or on, any Collateral and security for such obligations, indebtedness, and liabilities. The Lender
and the Obligor each agree that the Lender shall have the absolute and unconditional right to demand payment of the Promissory
Note in Lender's discretion at any time, regardless of the existence of any provisions hereof or of any compliance or noncompliance
by Borrower with any such provision. The Obligor agrees that all of the provisions of the Loan Agreement, the Promissory Note,
and the other Loan Documents shall remain and continue in full force and effect, as the same may be modified and amended by this
Agreement. In the event of any conflict between the provisions of this Agreement and the provisions of such other Loan Documents,
the provisions of this Agreement shall control. The Obligor has no existing claims, defenses (personal or otherwise) or rights
of setoff whatsoever with respect to the Obligations of the Obligor under the Loan Documents. The Obligor furthermore agrees that
it has no defense, counterclaim, offset, cross-complaint, claim or demand of any nature whatsoever that can be asserted as a basis
to seek affirmative relief and/or damages of any kind from the Lender.

 

6.             Release.
Borrower hereby releases Lender and its affiliates and their respective directors, officers, employees, attorneys and agents and
any other Person affiliated with or representing Lender (the "Released Parties") from any and all liability arising
from acts or omissions under or pursuant to this Agreement, whether based on errors of judgment or mistake of law or fact, except
for those arising from willful misconduct. In no circumstance will any of the Released Parties be liable for lost profits or other
special or consequential damages. Such release is made on the date hereof and remade upon each request for an Advance by Borrower.

 

 

7.             Applicable
Law, Binding Effect, etc. This Agreement shall be governed by the laws of the State of Georgia and may be executed in any number
of duplicate originals and counterparts, each of which, and all taken together, shall constitute one and the same instrument. This
Agreement shall be binding upon, and inure to the benefit of, the Lender, the Borrower, and their respective successors, heirs
and assigns.

 

8.             Expenses.
Borrower hereby agrees to pay all out-of-pocket expense incurred by Lender in connection with the preparation, negotiation and
consummation of this Agreement, and all other documents related thereto (whether or not any borrowing under the Loan Agreement
as amended shall be consummated), including, without limitation, the fees and expenses of Lender's counsel.

 

    	 

    	 

    

  

EXHIBIT 10.3

  

9.             Effectiveness
of this Agreement. This Agreement shall not be effective until the same is executed and accepted by Lender in the State of
Georgia.

 

[THIS PORTION OF PAGE IS INTENTIONALLY LEFT
BLANK]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
Lender and the Borrower have caused this Agreement to be duly executed, as of the day and year first above written.

 

	BORROWER:	 	 	 
	 	 	 	 	 
	JANEL WORLD TRADE, LTD.	 	THE JANEL GROUP OF LOS ANGELES, INC.
	 	 	 	 	 
	By:	/s/ Philip J. Dubato	 	By:	/s/ Philip J. Dubato
	 	Philip J. Dubato, CFO	 	 	Philip J. Dubato, CFO
	 	 	 	 	 
	THE JANEL GROUP OF NEW YORK, INC.	 	JANEL FERRARA LOGISTICS, LLC
	 	 	 	 	 
	By:	/s/ Philip J. Dubato	 	By:	/s/ Philip J. Dubato
	 	Philip J. Dubato, CFO	 	 	Philip J. Dubato, CFO
	 	 	 	 	 
	THE JANEL GROUP OF ILLINOIS, INC.	 	ALPHA INTERNATIONAL, LP
	 	 	 	 	 
	By:	/s/ Philip J. Dubato	 	By:	/s/ Philip J. Dubato
	 	Philip J. Dubato, CFO	 	 	Philip J. Dubato, CFO
	 	 	 	 	 
	THE JANEL GROUP OF GEORGIA, INC.	 	PCL TRANSPORT, LLC
	 	 	 	 	 
	By:	/s/ Philip J. Dubato	 	By:	/s/ Philip J. Dubato
	 	Philip J. Dubato, CFO	 	 	Philip J. Dubato, CFO

  

	 	 	LENDER:
	 	 	 
	 	 	PRESIDENTIAL FINANCIAL CORPORATION
	 	 	 	 
	 	 	By:	/s/ Frank Palmieri
	 	 	 	Frank Palmieri, First Vice President
	 	 	Dated: September 10, 2014

 

STATE OF GEORGIA

COUNTY OF GWINNETT

 

Philip J. Dubato personally appeared

and acknowledged the foregoing before

me this 10th day of September, 2014

 

	/s/	 
	Notary                         Seal	 

	My commission expires	 	 
	 	 	 

 

    	 

    	 

    

 

SCHEDULE
E

 

Financial
And Other Covenants

 

1.         Tangible
Net Worth. Borrower's Tangible Net Worth will be measured monthly, and Borrower shall maintain a minimum Tangible Net Worth
of not less than ($3,690,000.00) for the month of September, 2014; not less than ($3,600,000.00) for the months of October through
December, 2014; not less than ($3,575,000.00) for the months of January through March, 2015; not less than ($3,395,000.00) for
the months of April through June, 2015; and not less than ($3,170,000.00) for the months of July through September, 2015. The minimum
Tangible Net Worth covenant will be reset for fiscal year 2016 based on Borrower's 2015 fiscal year-end audited financial statements
and 2016 fiscal year-end projections.

 

For purposes
of the covenants set forth in this Schedule E, the terms listed below shall have the following meanings:

 

The term
"Tangible Net Worth" shall mean the sum of (x) Borrower's net worth as shown on Borrower's regular financial statements
prepared in accordance with GAAP and (y) Borrower's subordinated debt, but excluding an amount equal to: (i) any Intangible
Assets, and (ii) any amounts now or hereafter directly or indirectly owing to Borrower by officers, shareholders or affiliates
of Borrower, any non-current assets (excluding fixed assets).

 

"Intangible
Assets" means all intangible assets (determined in conformity with GAAP) including, without limitation, goodwill, intellectual
property, licenses, organizational costs, deferred amounts, covenants not to compete, unearned income, restricted funds, investments
in Subsidiaries, intercompany receivables and acquired customer lists.

 

 

2.          Minimum
Fixed Charge Coverage Ratio. The Borrower shall maintain at the end of each month a Fixed Charge Coverage Ratio of not
less than 0.75:1 through September 30, 2015, and 1.1:1 for each month thereafter. The FCCR shall be measured monthly, based on
the trailing 12 months and shall be calculated as follows:

 

(EBITDAR- Non-Financed Capital Expenditures)

(Interest+ Principal Payments+ Management
Fees+ Distributions+ Rent Expense)

 

"EBITDAR"
means the total sum of the following with respect to the applicable period: (i) net income from continuing operations (excluding
extraordinary gains or losses), and to the extent deducted in determining net income, (ii) interest expense, (iii) income taxes,
(iv) depreciation, depletion and amortization expenses, and to the extent not paid, management fees and (v) rent expense.

 

"Interest
Expense" means the total of the costs of advances outstanding under indebtedness including (i) interest charges, (ii) capitalized
interest, (iii) the interest component of Capitalized Leases, (iv) fees payable in respect of letters of credit and letters of
guarantee, (v) fees and expenses paid to or incurred on behalf of Lenders or Senior Indebtedness, and (vi) discounts incurred and
fees payable in respect of bankers' acceptances.

 

 

"Capital Expenditures"
will mean for any period, the aggregate capital expenditures recorded by Borrower in conformity with GAAP, including charges in
respect of Capitalized Lease obligations (exclusive of imputed interest), but excluding those capital expenditures made with insurance/condemnation
proceeds, or proceeds from asset sales permitted under this Agreement.

 

"Capitalized
Leases" means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee
that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that person.

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