Document:

Exhibit 10.2

 

	Filing Ref.:	Limoneira Company	Loan/Supplement Number:	8363846-101
	 	Customer Number:	0005229057

 

PROMISSORY NOTE AND SUPPLEMENT

TO MASTER LOAN AGREEMENT

 

This Revolving Credit Facility Supplement (alternately,
 “Note” or “Supplement”) to a Master Loan Agreement dated June 1, 2021 (“MLA”)
is established as of June 1, 2021 between the undersigned Borrower and Lender identified herein. This Supplement is executed, delivered
and accepted not in payment of but for the purpose of amending, restating and replacing the following described notes(s), and renewing
any unpaid balance(s) evidenced thereby: Loan/Supplement number 8363846-101, dated June 29, 2018. This Supplement also evidences
an additional loan advance(s) to the extent the Commitment under this Supplement exceeds the renewed unpaid balance(s) referred to above.

 

1.             PROMISE
TO PAY. For value received, Limoneira Company, a Delaware Corporation ( “Borrower”) promises to pay
to the order of Farm Credit West, PCA (“Lender”), a corporation organized under the laws of the United States
of America, with its office at 2031 Knoll Drive, Ventura, CA 93003-7301 or at such other place as may be designated in writing
by Lender, the principal sum of $75,000,000.00 (Seventy-Five Million Dollars and Zero Cents) (“Commitment”),
or so much of that sum as may be advanced or readvanced by Lender from time to time, together with interest on the unpaid principal balance
as specified in Section 3 below. All defined terms used in this Supplement shall have the same meaning as set forth in the MLA. All Indebtedness
shall be payable by Borrower only in lawful money of the United States of America.

 

		1.1	REVOLVING CREDIT FACILITY. On the terms and conditions in the MLA and this Supplement, Lender agrees
to make available to Borrower during the Draw Period a revolving line of credit in a principal amount not to exceed, at any one time outstanding,
the Commitment or the borrowing base or other guidelines where applicable, whichever is less. Within the limits of the Commitment, as
amounts drawn under the revolving line of credit are repaid, they may be reborrowed from time to time during the Draw Period.

 

		1.2	DRAW PERIOD. Subject to the provisions of this Agreement, from the date of this Supplement up to
and including the Maturity Date (“Draw Period”), Borrower may draw Loan funds hereunder; and Lender shall make advances
of Loan funds to Borrower upon Borrower’s request.

 

		1.3	ONGOING REQUIREMENTS AND REPRESENTATIONS.  At the time of any draw request or draw by Borrower
or advance of Loan funds by Lender, Borrower shall not be in default hereunder. Any request for or acceptance of a draw by Borrower constitutes
an ongoing representation by Borrower that Borrower continues to comply with the conditions and terms in this Agreement, the Security
Instruments or any Loan Document in connection herewith, and that title to the Property defined in the Security Instruments has not been
 “transferred”, as defined therein, without Lender’s written consent. If a default occurs, one of Lender’s remedies
includes Lender’s right to immediately terminate Borrower’s right to make draws hereunder, with or without notice to Borrower.

 

		1.4	PROCEDURE FOR DRAWING FUNDS.  All draws requested hereunder shall comply with applicable procedures
established by Lender from time to time. Lender’s records shall be conclusive evidence of draw requests. Each advance of Loan funds
hereunder may be made upon a verbal, written, or telecopied request from Borrower to Lender. Lender may rely on any verbal request for
a draw as fully as if such request were in writing. Upon fulfillment of the applicable conditions for making a draw, Lender shall disburse
the amount of the requested draw to Borrower in such manner as Lender and Borrower may from time to time agree.

 

		2.	PAYMENTS.

 

Sixty
(60) Monthly interest only payments in the amount billed, beginning on July 1, 2021. One (1) installment of interest
in the amount billed and principal to be paid on July 1, 2026.

 

	MLA Supplement -Revolving Credit (Rev. 09.16)	 	Page 1 of 6

 

     

     

    

 

	Filing Ref.:	Limoneira Company	Loan/Supplement Number:	8363846-101
	 	Customer Number:	0005229057

 

Payments, other than those required in this Section
or elsewhere herein, may be made at any time and in any amount during the term of this Note, unless limited or prohibited herein or unless
otherwise required by Lender in writing. This Loan is due and payable in full on July 1, 2026 (“Maturity Date”),
at which time Borrower shall pay the unpaid principal balance and all accrued interest in full.

 

At Lender’s option, a change in the interest
rate or an advance may either increase or decrease one or more of the following: the amount of each installment due, the amount of the
final installment (resulting in a final installment due at the Maturity Date which may be greater than any previous installments) or the
total number of installments due.

 

		3.	INTEREST.

 

		3.1	INITIAL RATE.
Interest will be charged on the entire unpaid principal balance of this Note, including payments not made when due and any other sums
owing hereunder. Interest charged hereunder, including any acceleration interest rate, all late charges, default interest and all other
amounts charged hereunder, shall not be limited by the laws of any state, including any state laws relating to a legal rate or other interest
rate, but shall be governed solely by applicable federal laws.

 

Interest will be calculated on the basis
of a 365-day year and the actual number of days in each month. Interest charges will begin on the date Lender disburses principal
and continue until the Indebtedness is paid in full with interest. The initial interest in effect on this date is 1.69% per annum.
The interest rate that Borrower will pay will change in accordance with Sections 3.2 through 3.6 below.

 

		3.2	CHANGE DATES.
The interest rate will automatically be adjusted on July 1, 2021, and on the first day of the month, each month thereafter (each
a “Change Date”), until such time as Borrower may request a conversion to the Variable Interest Rate pursuant to the
Annual Option to Convert Interest Rate Product in Section 3.6.1 below, at which time the Variable Rate provisions in Section 3.6 shall
apply. On each Change Date Lender will calculate the new interest rate by adding or subtracting the Applicable Margin to LIBOR Rate..

 

		3.3	INDEX. Beginning
on the first Change Date, the interest rate charged hereunder shall be based on the one month LIBOR Rate plus the Applicable Margin as
specified under the Performance Pricing provisions set forth in Section 3.4 below. Libor Rate means the rate per annum obtained by dividing
(rounded upwards to the next nearest 1/20th of 1%) (a) (i) the rate per annum equal to the rate determined by the Lender to be the offered
one month London Interbank Offered Rated as published in The Wall Street Journal, or such other information service available to the Lender,
determined as of approximately 11:00 a.m. (London, England time) three business days immediately preceding the Change Date, or (ii) in
the event the rates referenced in the preceding clause (i) are not available, the rate per annum (rounded upwards to the nearest 1/20
of 1%) equal to the offered quotation rate to major banks in the London interbank market by the Lender for deposits (for delivery on the
first day of the relevant Change Date) in Dollars of amounts in same day funds comparable to the principal amount of the Loan of the Lender,
in its capacity as a Lender, for which the LIBOR Rate is then being determined with a one month maturity provided that: (i) to the extent
a comparable or successor rate is approved by Lender in connection herewith, the approved rate shall be applied in a manner consistent
with market practice; provided, further that to the extent such market practice is not administratively feasible for Lender, such approved
rate shall be applied in a manner as otherwise reasonably determined by Lender and (ii) if the LIBOR Rate shall be less than zero, such
rate shall be deemed zero for purposes of this Note.

 

		3.4	CALCULATION OF CHANGES. "Applicable Margin"
means the following percentages per annum, based upon Borrower’s Modified Current Ratio or Current Ratio, as set forth in the most
recent Combined Covenant Compliance Certificate received by the Lender pursuant to Section 12.1 below.

 

 

	MLA Supplement -Revolving Credit (Rev. 09.16)	 	Page 2 of 6

 

     

     

    

 

	Filing Ref.:	Limoneira Company	Loan/Supplement Number:	8363846-101
	 	Customer Number:	0005229057

 

Change to the Applicable
Margin shall be effective February 1, April 1, July 1, and October 1 of each year.

 

	Current Ratio	APPICABLE LIBOR Margin	Unused Commitment Fee Rate
	Modified Current Ratio ≤ 1.00:1	LIBOR + 2.35%	0.25%
	Modified Current Ratio ≥ 1.00:1	LIBOR + 2.10%	0.20%
	Modified Current Ratio ≥ 1.10:1	LIBOR + 1.85%	0.15%
	Current Ratio ≥ 1.25:1	LIBOR  + 1.75%	0.15%

 

Modified Current Ratio means Modified Current Assets divided
by Current Liabilities. Modified Current Assets are defined as Current Assets plus the remaining available commitment on the Loan.

 

		3.5	ANNUAL REPRICING.
On July 1, 2022 and on each one-year anniversary date thereafter (each an “Annual Optional Conversion Date”), Borrower
shall have the option, by providing Lender with 15 days’ prior written notice, to convert the interest rate from the Libor Rate
to the Variable Interest Rate, or from the Variable Interest Rate to the Libor Rate, as applicable. Only one interest rate product may
be in effect for all outstanding Commitment in any given one-year period.

 

		3.6	VARIABLE
INTEREST RATE. In the event Borrower converts to a Variable Interest Rate on any Annual Optional Conversion Date, such rate
shall be subject to the following terms:

 

The Variable Rate shall
change in accordance with Sections 3.6.1 below and interest shall accrue at the Variable Interest Rate as established by Lender for the
interest rate group to which this Note is assigned.

 

3.6.1
CHANGE IN INTEREST RATE AND INTEREST RATE GROUP. The Variable Interest Rate applicable to this Note may be adjusted automatically
as of the first day of any month to the rate then made applicable to the Note’s assigned interest rate group under the provisions
of Lender's Variable Interest Rate plan in effect at that time.

 

In adjusting the rate, Lender considers
certain standard factors set forth in the plan, including but not limited to, changes in its costs of funds, operating expenses, earnings
requirements to meet certain capital objectives, credit risk factors, and the competitive environment, which factors may change during
the term of the Loan.

 

Borrower understands and agrees that
(a) the interest rate group to which this Note is assigned may be changed at any time to any other interest rate group based on Lender's
evaluation of the change in Borrower's credit quality, quality of collateral, costs of servicing the loan, and other factors which are
set forth in Lender's interest rate plan in effect at that time; and (b) the interest rate group may be automatically adjusted to the
highest interest rate group if a default shall occur under this Note or under any other note or agreement between Borrower and Lender.

 

	3.7	NOTICE. If Lender
changes Borrower’s Interest Rate, Lender will give Borrower notice of such rate change to the extent required by then applicable
law. Any notices under this Supplement shall be given in accordance with the notice section of the MLA.

 

 

4.            INTEREST
FOR OVERDUE PAYMENTS.  Any interest or other sum owed hereunder which is not paid when due shall be added to the outstanding
principal balance of the Loan and such combined amount shall thereafter bear interest at the same rate as the principal portion of the
Loan.

 

5.             DEFAULT
AND REMEDIES. Borrower is in default on this Supplement if Borrower is in default under the MLA. If a default occurs, Lender
shall have all the Remedies in the MLA.

 

 

	MLA Supplement -Revolving Credit (Rev. 09.16)	 	Page 3 of 6

 

     

     

    

 

	Filing Ref.:	Limoneira Company	Loan/Supplement Number:	8363846-101
	 	Customer Number:	0005229057

 

6.            SECURITY.
The security given by Borrower to Lender includes, without limitation, the following:

 

	6.1   	By signing below, the undersigned individually and collectively represent that there have been NO CHANGES in the ownership, condition, or location of any collateral previously pledged to Lender, which is also pledged as Collateral for this Note.
	6.2   	This Note is secured by a real estate Deed of Trust recorded on 06/22/2017, Instrument # 20170622-00081038-0, as supplemented or amended from time to time, in the official records of Ventura County, State of California.
	6.3  	This Note is secured by a real estate Deed of Trust recorded on 06/22/2017, Instrument # 2017-0035918, as supplemented or amended from time to time, in the official records of Tulare County, State of California.
	6.4  	This Note shall be secured by a security interest in personal property granted by the Security Instruments and all additions, replacements or amendments thereto as such may be made from time to time.

 

7.             PREPAYMENT;
REAMORTIZATION; REFINANCE; INTEREST RATE CONVERSION. A payment, in any amount, made in advance of the scheduled payment date is a
 “prepayment.” If Borrower, in making a prepayment, intends the prepayment to be applied to reduce the principal balance
of the Note, Borrower must so inform Lender in writing accompanying the prepayment; however, Lender may apply all prepayments in such
manner as Lender, in its sole discretion, may determine unless otherwise agreed to in writing. Borrower may make a full or partial prepayment
on any business day without paying a prepayment fee.

 

Upon the making of a partial prepayment, Borrower
may request to have the amount of future installments reamortized over the remaining term of the Loan, but only if Borrower so notifies
Lender at the time Borrower makes the partial prepayment and only if, upon Lender’s approval of the request which approval shall
be in Lender’s sole discretion, Borrower pays to Lender any fees and costs that Lender may charge for such reamortization.

 

Lender may from time to time offer other loan
or interest rate products for which Borrower qualifies. Borrower acknowledges that it may not refinance or convert this Note to another
loan or interest rate product with Lender unless Borrower qualifies for such loan or product as determined by Lender in its sole discretion
and pays to Lender any fees and costs that Lender may charge for such refinance or conversion.

 

8.             LEGAL
ENTITY STATUS. If Borrower is a legal entity, by signing below, the undersigned representatives of such entity represent that there
have been NO CHANGES in: the entity’s owners, directors, officers, partners, managers, trustees or beneficiaries; or in the entity’s
lawful powers to borrow or encumber entity assets to secure its debts; or in the authority of any person signing below to act for and
bind the entity; or in the entity’s Articles, Bylaws, or other applicable legal documents creating or sustaining the entity since
the later of delivery to Lender of the last statement proving entity status and authorization or such entity organizational documents
and consents as requested by Lender.

 

9.             REIMBURSEMENT
OF CHARGES. If any Farm Credit bank or any other provider of financing or funding to Lender shall assess against Lender any fee, cost,
charge, or other amount with respect to the Indebtedness, Borrower shall reimburse Lender on demand for the amount thereof, regardless
of whether such assessment arose from actions taken by Borrower.

 

10.          REAL
ESTATE SECURED NOTE. This Note is secured by a Security Instrument which describes how and under what conditions all amounts owed
under this Note may become immediately due and payable. One of those conditions relates to any transfer of the property covered by the
Security Instrument and to certain other transfers. Refer to each Security Instrument for the specific conditions and requirements. When
the Security Instrument is a Deed of Trust, the Deed of Trust provides as follows:

 

DUE
ON SALE OR TRANSFER. In the event the Property, (including any existing or subsequently acquired or created Water Asset), or
any interest therein, is transferred or agreed to be transferred or any right to drill oil, gas or minerals is exercised in, on, or under
the Property, without Beneficiary's prior written consent, except as specifically allowed under Section 6 above all Indebtedness, irrespective
of the maturity dates, at the option of the holder hereof, and without demand or notice, shall immediately become due and payable. As
used herein, “transferred” means sold, conveyed, alienated, exchanged, transferred by gift, further encumbered, pledged, hypothecated,
made subject to an option to purchase, or otherwise disposed of, directly or indirectly, or in trust, voluntarily or involuntarily, by
Trustor or by operation of law or otherwise. Failure to exercise such option shall not constitute a waiver of the right to exercise this
option in the event of subsequent transfer or subsequent agreement to transfer.

 

 

	MLA Supplement -Revolving Credit (Rev. 09.16)	 	Page 4 of 6

 

     

     

    

 

	Filing Ref.:	Limoneira Company	Loan/Supplement Number:	8363846-101
	 	Customer Number:	0005229057

 

If Trustor is an entity other than a
natural person (such as a corporation or other organization), then all Indebtedness, irrespective of the maturity date, at the option
of Beneficiary, and without demand or notice, shall become immediately due and payable if: Trustor is dissolved or its existence as a
legal entity is terminated.

 

11.          Counterpart
Signatures. This Note may be signed in one or more counterparts which shall constitute one and the same Note. Only one
such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Note.

 

12.          SPECIAL
REPRESENTATIONS, WARRANTIES, CONDITIONS AND COVENANTS.

 

	12. 1	
    DISBURSEMENT
    INSTRUCTIONS. Borrower understands and agrees Lender shall disburse loan funds based on the following:

     

    Disbursements of loan funds shall
    not exceed the lesser of:

     

    1.  
$75,000,000; or

    2.      The principal balance at which, if the remaining available Commitment were drawn and applied to Current Assets, the Current Ratio
    would calculate to equal 1.10:1, measured at each quarter end with Borrower’s SEC Form 10-Q financial statements and at fiscal year-end
    with Borrower’s SEC From 10-K financial statements.

     

	12.2	
    COMBINED
    COVENANT COMPLIANCE CERTIFICATE.  Concurrently with the delivery of the FYE (Borrower’s SEC Form 10-K) and quarterly
    (Borrower’s SEC Form 10-Q) Financial Statements required under the MLA, Borrower shall deliver to Lender a duly completed Combined
    Covenant Compliance Certificate, certifying that all information contained therein is complete and correct and that no Default exists
    under this Supplement or the other Loan Documents or, if any such Default shall exist, stating the nature and status of such event. The
    term "Combined Covenant Compliance Certificate" means a certificate substantially in form and substance satisfactory
    to Lender, executed on behalf of Borrower by an authorized party of Borrower, to evidence compliance with the financial covenants contained
    in this Supplement and the MLA, substantially the form set forth in Exhibit A attached hereto.

     

	12.3	UNUSED COMMITMENT FEE.  Borrower shall pay Lender an unused commitment fee (“Unused Commitment Fee”) equal to the product of (i) the applicable percentage specified in Section 3.4 above that corresponds to the Modified Current Ratio or Current Ratio, times (ii) the actual daily amount by which the Commitment exceeds the actual daily amount of Commitment outstanding.  The Unused Commitment Fee shall be calculated on the basis of a 365-day year and the actual number of days in each month, accrue at all times during the Draw Period, and shall be due and payable at the same time as monthly interest only payments specified under Section 2.

 

 

	MLA Supplement -Revolving Credit (Rev. 09.16)	 	Page 5 of 6

 

     

     

    

 

	Filing Ref.:	Limoneira Company	Loan/Supplement Number:	8363846-101
	 	Customer Number:	0005229057

 

REPRESENTATIVES OF LENDER ARE NOT AUTHORIZED
TO MAKE ANY ORAL AGREEMENTS OR ASSURANCES. DO NOT SIGN THIS AGREEMENT IF YOU BELIEVE THAT THERE ARE ANY AGREEMENTS OR UNDERSTANDINGS
BETWEEN YOU AND LENDER THAT ARE NOT SET FORTH IN WRITING IN THIS AGREEMENT OR IN OTHER LOAN DOCUMENTS PERTAINING TO THIS LOAN.

 

This Supplement has been executed as of the date first written above.

 

Signers:

 

Limoneira
Company, a Delaware Corporation

 

 

	By: 	 	 
	 	Harold S. Edwards, as President

 

 

	By: 	 	 
	 	Mark Palamountain, as Secretary

 

 

	MLA Supplement -Revolving Credit (Rev. 09.16)	 	Page 6 of 6Exhibit 10.3

 

	Filing
    Ref.:	Limoneira Company	Loan/Supplement
    Number:	8363846-201
	 	Customer Number:	0005229057

 

PROMISSORY NOTE AND SUPPLEMENT

TO MASTER LOAN AGREEMENT

 

This Non-revolving Credit Facility Supplement
(alternately, “Note” or “Supplement”) to a Master Loan Agreement dated June 1, 2021
(“MLA”) is established as of June 1, 2021 between the undersigned Borrower and Lender identified herein.
This Supplement is executed, delivered and accepted not in payment of but for the purpose of amending, restating and replacing the following
described notes(s), and renewing any unpaid balance(s) evidenced thereby: Loan/Supplement number 8363846-201, dated June 19,
2017. This Supplement also evidences an additional loan advance(s) to the extent the Commitment under this Supplement exceeds
the renewed unpaid balance(s) referred to above.

 

1.            PROMISE
TO PAY. For value received, Limoneira Company, a Delaware Corporation (“Borrower”) promises to pay to the
order of Farm Credit West, PCA (“Lender”), a corporation organized under the laws of the United States of America,
with its office at 2031 Knoll Drive, Ventura, CA 93003-7301 or at such other place as may be designated in writing by Lender, the
principal sum of $40,000,000.00 (Forty Million Dollars and Zero Cents) (“Commitment”), or so much of that sum
as may be advanced by Lender from time to time, together with interest on the unpaid principal balance as specified in Section 3
below. All defined terms used in this Supplement shall have the same meaning as set forth in the MLA. All Indebtedness shall be payable
by Borrower only in lawful money of the United States of America.

 

		1.1	NON-REVOLVING CREDIT FACILITY. On the terms and conditions in the MLA and this Supplement, Lender
agrees to make Loan advances to Borrower during the period set forth below in the aggregate principal amount not to exceed at any one
time outstanding the Commitment or the borrowing base or other guidelines where applicable, whichever is less. Amounts borrowed and later
repaid may not be reborrowed.

 

		1.2	TERM. The term of the Commitment shall be from the date of this Supplement up to and including
the Maturity Date, or such later date as Lender may in its sole discretion authorize in writing. Borrower may draw funds only during the
term of the Commitment.

 

		1.3	ONGOING REQUIREMENTS AND REPRESENTATIONS.  At the time of any draw request or draw by Borrower
or advance of Loan funds by Lender, Borrower shall not be in default hereunder. Any request for or acceptance of a draw by Borrower constitutes
an ongoing representation by Borrower that Borrower continues to comply with the conditions and terms in this Agreement, the Security
Instruments or any Loan Document in connection herewith, and that title to the Property defined in the Security Instruments has not been
transferred without Lender’s written consent. If a default occurs, one of Lender’s remedies includes Lender’s right
to immediately terminate Borrower’s right to make draws hereunder, with or without notice to Borrower.

 

		1.4	PROCEDURE FOR DRAWING FUNDS. All draws requested hereunder shall comply with applicable procedures
established by Lender from time to time. Lender’s records shall be conclusive evidence of draw requests. Each advance of Loan funds
hereunder may be made upon a verbal, written, or telecopied request from Borrower to Lender. Lender may rely on any verbal request for
a draw as fully as if such request were in writing. Upon fulfillment of the applicable conditions for making a draw, Lender shall disburse
the amount of the requested draw to Borrower in such manner as Lender and Borrower may from time to time agree.

 

		2.	PAYMENTS.

 

Sixty (60) Monthly interest only payments
in the amount billed, beginning on July 1, 2021. One (1) installment of interest in the amount billed and principal
to be paid on July 1, 2026.

 

 

	MLA Supplement -Non-revolving Credit (Rev. 09.16)	 	Page 1 of 5

 

     

     

    

 

	Filing
    Ref.:	Limoneira Company	Loan/Supplement
    Number:	8363846-201
	 	Customer Number:	0005229057

 

Payments, other than those required in this Section or
elsewhere herein, may be made at any time and in any amount during the term of this Note, unless limited or prohibited herein or unless
otherwise required by Lender in writing. This Loan is due and payable in full on July 1, 2026 (“Maturity Date”),
at which time Borrower shall pay the unpaid principal balance and all accrued interest in full.

 

At Lender’s option, a change in the interest
rate or an advance may either increase or decrease one or more of the following: the amount of each installment due, the amount of the
final installment (resulting in a final installment due at the Maturity Date which may be greater than any previous installments) or the
total number of installments due.

 

		3.	INTEREST.

 

		3.1	INITIAL INTEREST RATE. Interest will be charged on the entire unpaid principal balance of this
Note, including payments not made when due and any other sums owing hereunder, at a fixed interest rate of 4.77% per year (the
 “Fixed Rate”) and such rate shall continue for a period of 1 year and 1 month (the “Fixed Rate
Term”). At the end of the Fixed Rate Term, the interest rate shall then convert to interest at a Variable Interest Rate, as
described in Section 3.5 below. Interest will be calculated on the basis of a 365-day year and the actual number of days in each
month. Interest charges will begin on the date Lender disburses principal and continue until the Indebtedness is paid in full with
interest.

 

Interest charged hereunder, including
any acceleration interest rate, all late charges, default interest and other charges described in Section 4 below, and all other
amounts charged hereunder, shall not be limited by the laws of any state, including any state laws relating to a legal rate or other interest
rate, but shall be governed solely by applicable federal laws.

 

		3.2	CHANGE OF INTEREST RATE. At the end of the Fixed Rate Term, on July 1, 2022, unless
the remaining balance of the Note is repaid or fixed for an additional period, the Fixed Rate for this Note shall automatically convert
to the then current Variable Interest Rate for which this Note is eligible, as described in Section 3.5 below. Thereafter, all Variable
Interest Rate provisions shall apply to this Note.

 

		3.3	INTEREST RATE ON DEFAULT. If the Indebtedness shall become due because of a default under this
Note interest for this Note shall continue pursuant to the terms of this Note until all the Indebtedness is paid in full.

 

		3.4	NOTICE. At the end of the Fixed Rate Term, or if the interest rate changes for any other reason,
Lender will give Borrower notice of such rate change to the extent required by then applicable law. Any notices under this Supplement
shall be given in accordance with the notice section of the MLA.

 

		3.5	VARIABLE INTEREST RATE. Indebtedness converting to the Variable Interest Rate upon the expiration
of the Fixed Rate Term shall: a) bear interest at the Variable Interest Rate from the date of expiration of the Fixed Rate Term until
the Maturity Date unless another rate is established; and b) be repaid in installments calculated at the Variable Interest Rate sufficient
to pay the account in full on the Maturity Date.

 

The Variable Interest Rate applicable
to the Indebtedness after conversion shall be the Variable Rate established by Lender corresponding to the interest rate group to which
the Indebtedness is assigned at any time (“Variable Interest Rate”). Interest charges will begin on date the interest
rate is converted hereto, and continue until the full amount of the Indebtedness has been paid in full with interest.

 

Change in interest rate and interest
rate group. The Variable Interest Rate applicable to the Indebtedness may be adjusted automatically, as of the first day of any month,
to the Variable Interest Rate corresponding to the interest rate group to which such Indebtedness is assigned under the provisions of
Lender's variable interest rate plan in effect at that time. In adjusting the Variable Interest Rate, Lender considers certain standard
factors set forth in the plan, including but not limited to, changes in its costs of funds, operating expenses, earnings requirements
to meet certain capital objectives, credit risk factors, and the competitive environment, which factors may change during the term of
this Note.

 

 

	MLA Supplement -Non-revolving Credit (Rev. 09.16)	 	Page 2 of 5

 

     

     

    

 

	Filing
    Ref.:	Limoneira Company	Loan/Supplement
    Number:	8363846-201
	 	Customer Number:	0005229057

 

Borrower understands and agrees that:
(a) the interest rate group to which the Indebtedness is assigned may be changed at any time to any other interest rate group, based
on Lender's evaluation of the change in Borrower's credit quality, quality of collateral, costs of servicing the loan, and other factors
which are set forth in Lender's interest rate plan in effect at that time; and (b) the interest rate group to which the Indebtedness
is assigned may be automatically adjusted to the highest interest rate group if a default shall occur under this Note or under any other
note or agreement between Borrower and Lender.

 

4.            INTEREST
FOR OVERDUE PAYMENTS.  Any interest or other sum owed hereunder which is not paid when due shall be added to the outstanding principal
balance of the Loan and such combined amount shall thereafter bear interest at the same rate as the principal portion of the Loan.

 

5.            DEFAULT
AND REMEDIES. Borrower is in default on this Supplement if Borrower is in default under the MLA. If a default occurs, Lender shall
have all the Remedies in the MLA.

 

		6.	SECURITY. The security given by Borrower to Lender includes, without limitation, the following:

 

	6.1	By signing below, the undersigned individually and collectively represent that there have been NO CHANGES in the ownership, condition, or location of any collateral previously pledged to Lender, which is also pledged as Collateral for this Note.
	6.2	This Note is secured by a real estate Deed of Trust recorded on 06/22/2017, Instrument # 20170622-00081038-0,  as supplemented or amended from time to time, in the official records of Ventura County, State of California.
	6.3	This Note is secured by a real estate Deed of Trust recorded on 06/22/2017, Instrument # 2017-00035918,  as supplemented or amended from time to time, in the official records of Tulare County, State of California.
	6.4	This Note shall be secured by a security interest in personal property granted by the Security Instruments and all additions, replacements or amendments thereto as such may be made from time to time.

 

7.            PREPAYMENT;
REAMORTIZATION; REFINANCE; INTEREST RATE CONVERSION. A payment, in any amount, made in advance of the scheduled payment date is a
 “prepayment”. Borrower is subject to the following provisions in the event a prepayment is made.

 

	7.1	PREPAYMENT PROCEDURES. Any prepayment, as well as any Prepayment Fee and Prepayment Surcharge will
only be accepted in accordance with Lender’s established procedures. If Borrower, in making a prepayment, intends the prepayment
to be applied to reduce the principal balance of the Account, Borrower must so inform Lender in writing accompanying the prepayment. Unless
agreed to in writing otherwise, Lender may apply all prepayments in such manner as Lender, in its sole discretion, may determine.

 

		7.2	REAMORTIZATION. Upon the making of a partial prepayment, Borrower may request to have the amount
of future installments reamortized over the remaining term of the Loan, but only if Borrower so notifies Lender at the time Borrower makes
the partial prepayment and only if, upon Lender’s approval of the request, Borrower pays to Lender any fees and costs that Lender
may charge for such reamortization.

 

		7.3	INTEREST RATE CONVERSION/REFINANCE. Lender may from time to time offer other loan or interest rate
products for which Borrower qualifies. Borrower acknowledges that it may not refinance or convert this Note to another loan or interest
rate product with Lender unless Borrower qualifies for such loan or interest rate product and pays to Lender any fees and costs that Lender
may charge for such refinance or conversion.

 

		7.4	PREPAYMENT FEE. A fee equal to 0.50 % of the amount prepaid (“Prepayment Fee”)
must be paid with the prepayment. Prepayments resulting from Lender’s application of condemnation or insurance loss proceeds will
not be subject to the Prepayment Fee, but will be subject to the Prepayment Surcharge defined below.

 

 

	MLA Supplement -Non-revolving Credit (Rev. 09.16)	 	Page 3 of 5

 

     

     

    

 

	Filing
    Ref.:	Limoneira Company	Loan/Supplement
    Number:	8363846-201
	 	Customer Number:	0005229057

 

		7.5	PREPAYMENT SURCHARGE. In addition to the Prepayment Fee, Borrower must also pay to Lender (a) any
amount charged to Lender with respect to such prepayment by any farm credit bank or other provider of financing or funding to Lender,
and (b) any other cost or loss suffered by Lender as a result of the prepayment (collectively a “Prepayment Surcharge”).

 

		7.6	CHARGES DUE WITH PREPAYMENT. The Prepayment Fee and, if applicable, the Prepayment Surcharge must
be paid prior to or concurrent with the amount prepaid, as a condition to Lender’s acceptance of the prepayment.

 

		7.7	ACCELERATION. If the Maturity Date of this Note is accelerated, for any reason, including default
or unauthorized transfer of an interest in any Collateral, and the entire Indebtedness becomes immediately due and payable, a tender of
payment of the amount necessary to satisfy the entire Indebtedness will be deemed a prepayment, and must include the Prepayment Fee and
Prepayment Surcharge.

 

		7.8	WAIVER OF STATUTORY RIGHT TO PREPAY WITHOUT PENALTY OR CHARGE UPON CONVEYANCE OF REAL PROPERTY COLLATERAL.
By the initials below, Borrower waives any right under Section 2954.10 of the California Civil Code, or under similar laws in other
jurisdictions, to prepay the Note, in whole or in part, without penalty, including any right to prepay the Note without also paying the
Prepayment Fee and Prepayment Surcharge following Lender's acceleration of the Maturity Date of the Note upon any unauthorized conveyance
or transfer of an interest in any real property securing the Note or any guaranty of the Note.

 

INITIALS OF BORROWER: ______ ______

 

8.            LEGAL
ENTITY STATUS. If Borrower is a legal entity, by signing below, the undersigned representatives of such entity certify that there
have been NO CHANGES in: the entity’s, directors, officers, partners, managers, trustees or beneficiaries; or in the entity’s
lawful powers to borrow or encumber entity assets to secure its debts; or in the authority of any person signing below to act for and
bind the entity; or in the entity’s Articles, Bylaws, or other applicable legal documents creating or sustaining the entity since
the later of delivery to Lender of the last statement proving entity status and authorization or such entity organizational documents
and consents as requested by Lender.

 

9.            REIMBURSEMENT
OF CHARGES. If any Farm Credit bank or any other provider of financing or funding to Lender shall assess against Lender any fee, cost,
charge, or other amount with respect to the Indebtedness, Borrower shall reimburse Lender on demand for the amount thereof, regardless
of whether such assessment arose from actions taken by Borrower.

 

10.            REAL
ESTATE SECURED NOTE. This Note is secured by a Security Instrument which describes how and under what conditions all amounts owed
under this Note may become immediately due and payable. One of those conditions relates to any transfer of the property covered by the
Security Instrument and to certain other transfers. Refer to each Security Instrument for the specific conditions and requirements. When
the Security Instrument is a Deed of Trust, the Deed of Trust provides as follows:

 

DUE ON SALE OR TRANSFER. In the
event the Property, (including any existing or subsequently acquired or created Water Asset), or any interest therein, is transferred
or agreed to be transferred or any right to drill oil, gas or minerals is exercised in, on, or under the Property, without Beneficiary's
prior written consent, except as specifically allowed under Section 6 above, all Indebtedness, irrespective of the maturity dates,
at the option of the holder hereof, and without demand or notice, shall immediately become due and payable. As used herein, “transferred”
means sold, conveyed, alienated, exchanged, transferred by gift, further encumbered, pledged, hypothecated, made subject to an option
to purchase, or otherwise disposed of, directly or indirectly, or in trust, voluntarily or involuntarily, by Trustor or by operation of
law or otherwise. Failure to exercise such option shall not constitute a waiver of the right to exercise this option in the event of subsequent
transfer or subsequent agreement to transfer.

 

 

	MLA Supplement -Non-revolving Credit (Rev. 09.16)	 	Page 4 of 5

 

     

     

    

 

	Filing
    Ref.:	Limoneira Company	Loan/Supplement
    Number:	8363846-201
	 	Customer Number:	0005229057

 

If Trustor is an entity other than a
natural person (such as a corporation or other organization), then all Indebtedness, irrespective of the maturity date, at the option
of Beneficiary, and without demand or notice, shall become immediately due and payable if: Trustor is dissolved or its existence as a
legal entity is terminated.

 

11.            Counterpart
Signatures. This Note may be signed in one or more counterparts which shall constitute one and the same Note. Only one such
counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Note.

 

12.            SPECIAL
REPRESENTATIONS, WARRANTIES, CONDITIONS AND COVENANTS.

 

		12.1	COMBINED COMPLIANCE CERTIFICATE.  Concurrently with the delivery of the FYE (Borrower’s SEC Form 10-K) and quarterly
(Borrower’s SEC Form 10-Q) Financial Statements required under the MLA, Borrower shall deliver to Lender a duly completed Combined
Compliance Certificate, certifying that all information contained therein is complete and correct and that no Default exists under this
Supplement or the other Loan Documents or, if any such Default shall exist, stating the nature and status of such event. The term "Combined
Compliance Certificate" means a certificate substantially in form and substance satisfactory to Lender, executed on behalf
of Borrower by an authorized party of Borrower, to determine the Applicable Margin and to evidence compliance with the financial covenants
contained in this Supplement and the MLA, substantially the form set forth in Exhibit A attached hereto.

 

REPRESENTATIVES OF LENDER ARE NOT AUTHORIZED TO
MAKE ANY ORAL AGREEMENTS OR ASSURANCES. DO NOT SIGN THIS AGREEMENT IF YOU BELIEVE THAT THERE ARE ANY AGREEMENTS OR UNDERSTANDINGS BETWEEN
YOU AND LENDER THAT ARE NOT SET FORTH IN WRITING IN THIS AGREEMENT OR IN OTHER LOAN DOCUMENTS PERTAINING TO THIS LOAN.

 

This Supplement has been executed as of the date
first written above.

 

Signers:

 

Limoneira Company, a Delaware Corporation

 

	By: 	 	 
	 	Harold S. Edwards, as President 

 

	By: 	 	 
	 	Mark Palamountain, as Secretary	 

 

 

	MLA Supplement -Non-revolving Credit (Rev. 09.16)	 	Page 5 of 5

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