Document:

Exhibit

Exhibit 10.34

PURSUANT TO F.S. 201.08, THIS RENEWAL PROMISSORY NOTE IS A RENEWAL OF THAT CERTAIN PROMISSORY NOTE DATED AS OF DECEMBER 1, 2014 PAYABLE TO THE BANK BY THE UNDERSIGNED OBLIGORS IN THE ORIGINAL PRINCIPAL AMOUNT OF $70,000,000 (THE "ORIGINAL NOTE"). FLORIDA DOCUMENTARY STAMP TAXES IN THE AMOUNT OF $2,450 WERE REIMITTED TO THE FLORIDA DEPARTMENT OF REVENUE BY BANK OR ON BEHALF OF BANK AS REQUIRED BY LAW IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THE ORIGINAL NOTE, WHICH IS NOT SECURED BY FLORIDA REAL PROPERTY. NO ADDITIONAL SUMS ARE BEING ADVANCED HEREUNDER. ACCORDINGLY, NO ADDITIONAL DOCUMENTARY STAMP TAXES ARE DUE AND PAYABLE IN CONNECTION WITH TIDS RENEWAL PROMISSORY NOTE.  THE ORIGINAL NOTE IS ATTACHED HERETO.

RENEWAL PROMISSORY NOTE

$70,000,000.00    September 30, 2016

FOR VALUE RECENED, the undersigned ALICO, INC., a Florida corporation ("Alico"); ALICO-AGRI, LTD., a Florida limited partnership ("Alico-Agri"); ALICO PLANT WORLD, L.L.C., a Florida limited liability company ("Plant World''); ALICO FRUIT COMPANY, LLC, a Florida limited liability company ("Fruit Company"); ALICO LAND DEVELOPMENT INC., a Florida corporation ("Land Development'); ALICO CITRUS NURSERY, LLC, a Florida limited liability company ("Citrus Nursery", and together with  Alico, Alico-Agri, Plant World, Fruit Company and Land Development, each a "Borrower" and collectively the "Borrowers") hereby, jointly and severally, promise to pay to the order of  RABO AGRIFINANCE LLC (formerly known as Rabo Agrifinance, Inc.), a Delaware limited liability company (together with its successors and assigns, hereinafter the "Bank"), on or before the Revolving Credit Maturity Date, the aggregate principal amount  of  SEVENTY  MILLION AND 00/100 DOLLARS (US$70,000,000.00) or, if less, the  aggregate unpaid  principal  amount of all Loans made by the Bank to the undersigned, in immediately available funds as provided in the Credit Agreement (defined below), together with interest thereon, until such principal amount is paid in full, at such interest rates, and payable at such times, as provided in the Credit Agreement. All payments shall be made to Bank in lawful money of the United States of America at 12443 Olive Blvd., Suite 50, St. Louis, MO 63141.

This Note is one of the Notes referred to in, and is entitled to the benefits of, that certain Credit Agreement dated as of December 1, 2014, as amended by that certain First Amendment to Credit Agreement and Consent dated as of February 26, 2015, that certain Second Amendment to Credit Agreement dated as of July 16, 2015, and by that certain Third Amendment to Credit Agreement dated of even date herewith (as further amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement”) by and among the Borrowers and Bank. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  This Note evidences the Loans made by the Bank under the Credit Agreement.

The Bank may endorse and attach a schedule to reflect borrowings evidenced by this Note and all payments and prepayments thereon; provided that any failure to endorse such

Information (or an error contained in such information) shall not affect the obligation of the Borrowers to pay amounts evidenced hereby.

Upon the occurrence of an Event of Default, all amounts evidenced by this Note may, or shall, become immediately due and payable as provided in the Credit Agreement without presentment, demand, protest or notice of any kind, all of which are waived by the Borrowers.  In the event payment of amounts evidenced by this Note is not made at any stated or accelerated maturity, the Borrowers agree, jointly and severally, to pay, in addition to principal and interest, all costs of collection in connection therewith, including reasonable attorneys' fees.

This Note and the Loans and amounts evidenced hereby may be transferred only as provided in the Credit Agreement.

This Note shall be governed by, construed and interpreted in accordance with, the laws of the State of Florida applicable to contracts made and to be performed within the State of Florida, without reference to the conflicts of law principles thereof.

Time is of the essence of this Note.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Borrowers have caused this Note to be duly executed

under seal as of the date first above written.

ALICO, INC.,
A Florida corporation

By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Chief Executive Officer

ALICO-AGRI, LTD.,
A Florida limited partnership

By: Alico, Inc., a Florida corporation,           its General Partner

By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Chief Executive Officer

ALICO PLANT WORLD, L.L.C.,
a Florida limited liability company

By: Alico-Agri, Ltd., a Florida limited partnership, its Sole Member

By: Alico, Inc., a Florida corporation,           its General Partner

By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Chief Executive Officer

ALICO FRUIT COMPANY, LLC,
a Florida limited liability company

By: Alico, Inc., a Florida corporation,           its Managing Member

By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Chief Executive Officer
ALICO LAND DEVELOPMENT INC., 
a Florida corporation

By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Chief Executive Officer

ALICO CITRUS NURSERY, LLC,
a Florida limited liability company

By: Alico, Inc., a Florida corporation,           its Managing Member

By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Chief Executive OfficerExhibit

           Exhibit 10.35                  
SUPPLEMENT

Supplement No. 1 (this "Supplement”) dated as of September 30, 2016, to the Security Agreement dated as of December 1, 2014 (as amended, restated, supplemented, extended, or otherwise modified from time to time, the "Security Agreement” ) by each of the parties listed on the signature pages thereto and those additional entities that thereafter become parties thereto (collectively, jointly and severally, "Grantors" and each individually "Grantor") and RABO AGRIFINANCE  LLC (formerly known as Rabo Agrifinance, Inc.), as Lender ("Lender'').

WITNESSETH:

WHEREAS, ALICO, INC., a Florida corporation, ALICO-AGRI, LTD., a Florida limited partnership, ALICO PLANT WORLD, L.L.C., a Florida limited liability company, ALICO FRUIT COMPANY, LLC, a Florida limited liability company, ALICO LAND DEVELOPMENT INC., a Florida corporation, and ALICO CITRUS NURSERY, LLC, a Florida limited liability company, as borrowers (each a "Borrower'' and collectively, "Borrowers"), and Lender have entered into that certain Credit Agreement dated as of December 1, 2014 (as amended, restated, supplemented, or otherwise modified from time to time, the "Credit Agreement”); and

WHEREAS, capitalized terms used herein and not otherwise defined herein shall have  the meanings assigned to such terms in the Security Agreement or, if not defined therein, in the Credit Agreement; and

WHEREAS, Grantors have entered into the Security Agreement in order to induce the Lender to make (or continue to make) certain financial accommodations to Borrowers and the other Grantors pursuant to the Credit Agreement and the other Loan Documents; and

WHEREAS, pursuant to Section 5.8 of the Credit Agreement, new direct or indirect Subsidiaries of Borrowers must execute and deliver certain Loan Documents, including the Security Agreement, and the execution of the Security Agreement by the undersigned new Grantor or Grantors (collectively, the "New Grantors") may be accomplished  by the execution  of this Supplement in favor of Lender.

NOW, THEREFORE, in consideration of the premises and the agreements hereinafter set forth, each New Grantor hereby agrees as follows:

1.In accordance with Section 20 of the Security Agreement, each New Grantor, by its signature below, becomes a "Grantor" under the Security Agreement with the same force and effect as if originally named therein as a "Grantor" and each New  Grantor hereby (a) agrees to  all of the terms and provisions of the Security Agreement applicable to it as a "Grantor" thereunder and (b) represents and warrants that the representations and warranties made by it as a "Grantor" thereunder are true and correct on and as of the date hereof. In furtherance of the foregoing, each New Grantor, as security for the payment and performance in full of the Secured Obligations, does hereby grant, collaterally assign, and pledge to Lender a security interest in all right, title, and interest in and to all assets of such New Grantor (except to the extent specifically excluded from the defined term Collateral set forth in the Security Agreement) including, all property of the type described in Section 2 of the Security Agreement to secure the full and prompt  payment  of the  Secured  Obligations,  including,  any interest thereon,  plus reasonable
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ATL 21428277v4

attorneys' fees and expenses if the Secured Obligations represented by the Security Agreement are collected by law, through an attorney-at-law, or under advice therefrom. Schedule 1, "Organizational Identification Numbers; Chief Executive Offices", Schedule 2, "Locations", Schedule 3, "List of UCC Filing Jurisdictions", Schedule 4, "Deposit Accounts, Securities Accounts, and Commodity Accounts", and Schedule 5, "Change in Circumstances" attached hereto supplement Schedule 1, Schedule 2, Schedule 3, Schedule 4, and Schedule 5, respectively, to the Security Agreement and shall be deemed a part thereof for all purposes of the Security Agreement. Each reference to a "Grantor" in the Security Agreement shall be deemed to include each New Grantor. The Security Agreement is incorporated herein by reference.

2.The parties hereto acknowledge that the references to "Schedule 9" in Section 5(i) of the Security Agreement are hereby deemed to be "Schedule 5".

3.Each New Grantor represents and warrants to Lender that this Supplement has been duly executed and delivered by such New Grantor and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium, or other similar laws affecting creditors' rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).

4.This Supplement may be executed in multiple counterparts, each of which shall be deemed to be an original, but all such separate counterparts shall together constitute but one and the same agreement. Delivery of a counterpart hereof by facsimile transmission or by other electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

5.Except as expressly supplemented hereby, the Security Agreement shall remain in full force and effect.

6.This Supplement shall be construed in accordance with and governed by the laws of the State of Florida.

7.Notwithstanding anything in the Security Agreement, for purposes of this Supplement only, "Secured Obligations" means the obligations of the Grantors under that certain Subsidiary Guaranty dated of even date herewith.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, each New Grantor and Lender has caused this Supplement to the Security Agreement to be duly executed and delivered by its officer or officers thereunto duly authorized as of the date first above written.

NEW GRANTORS:              ALICO CHEMICAL SALES, LLC

                                                                        By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Manager & Chief Executive Officer

ALICO SKINK MITIGATION, LLC
By: Alico, Inc., Manager

                                                                         By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Chief Executive Officer

    ALICO FRESH FRUIT, LLC

                                                                        By: /s/ Clay G. Wilson              
  Name:  Clay G. Wilson
  Title:    Manager

 

LENDER:    RABO AGRIFINANCE LLC,
       as Lender

		
	By:
	______________     

Name:
Title:

SUPPLEMENT TO SECURITY AGREEMENT

IN WITNESS WHEREOF, each New Grantor and Lender has caused this Supplement to the Security Agreement to be duly executed and delivered by its officer or officers thereunto duly authorized as of the date first above written.

NEW GRANTORS:    ALICO CHEMICAL SALES, LLC

		
	By:
	     Name: Clay G. Wilson

Title: Manager & Chief Executive Officer

ALICO SKINK MITIGATION, LLC

                                                                      By: Alico, Inc., Manager

		
	By:
	     Name: Clay G. Wilson

Title:  Chief Executive Officer

ALICO FRESH FRUIT LLC

		
	By:
	Name: Clay G. Wilson

Title:  Manager

LENDER:    RABO AGRIFINANCE LLC,
as Lender

		
	By:
	/s/ Melissa Batteiger            

Name: Melissa Batteiger
Title:   VP

SUPPLEMENT TO SECURITY AGREEMENT

SCHEDULE 1

ORGANIZATIONAL IDENTIFICATION NUMBERS; CHIEF EXECUTIVE OFFICES

	
						
	

Grantor
	Organization Identification Number
	Chief Executive Office
	Principal Place of Business
	Maintenance of Records
	Jurisdiction of Organization

	

Alico Chemical Sales, LLC
	

47-3871009
	10070 Daniels Interstate Ct, Suite 100, Fort
Myers, FL 33913
	Same as Chief Executive Office
	Same as Chief Executive Office
	

Florida

	

Alico Fresh Fruit LLC
	

47-4892998
	10070 Daniels Interstate Ct, Suite 100, Fort
Myers, FL 33913
	Same as Chief Executive Office
	Same as Chief Executive Office
	

Delaware

	

Alico Skink Mitigation, LLC
	

81-1846694
	10070 Daniels Interstate Ct, Suite 100, Fort
Myers, FL 33913
	Same as Chief Executive Office
	Same as Chief Executive Office
	

Florida

SCHEDULE 2

LOCATIONS

Grantor/Description    Address
	
		
	New Entities

	Alico Chemical Sales, LLC
	None

	Alico Fresh Fruit LLC
	None

	Alico Skink Mitigation, LLC
	None

SCHEDULE 3

LIST OF UCC FILING JURISDICTIONS

	
			
	Grantor
	 
	UCC Filing Jurisdiction

	Alico Chemical Sales, LLC
	Florida

	Alico Fresh
	Fruit LLC
	Delaware

	Alico Skink Mitigation, LLC
	Florida

SCHEDULE 4

DEPOSIT ACCOUNTS, SECURITIES ACCOUNTS, AND COMMODITY ACCOUNTS

	
				
	Holder
	Name/Address of Bank
	Account Number
	Purpose

	

Alico Chemical Sales, LLC
	Rabobank, N.A., 12443 Olive Blvd., Suite 50, St. Louis, MO 63141
	

0832014375
	

Operating Account

	Alico Fresh Fruit LLC
	None
	None
	None

	Alico Skink Mitigation, LLC
	None
	None
	None

SCHEDULE 5

CHANGE IN CIRCUMSTANCES

None

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