Document:

January 7, 2015 Exhibit 10.7

    EXHIBIT 10.7

**  Portions of this agreement have been omitted and filed separately with the SEC
pursuant to a confidential treatment request

CONFIDENTIAL

EXECUTION VERSION

PROMISSORY NOTE

	
Up to $15,000,000.00 USD (the "Maximum Loan Amount")
	
December 31, 2014 

This Promissory Note ("Note") is made and entered into by S&W Seed Company, a Nevada corporation ("Borrower")  in
favor and for the benefit of Pioneer Hi-Bred International, Inc., an Iowa corporation (together with any and all of its successors and assigns and/or any other holder of this Note,
"Lender").  

WHEREAS, Borrower and Lender are parties to that certain Asset Purchase and Sale Agreement dated December 19, 2014 (the "APSA"),
pursuant to which, among other things, Lender agreed to sell to Borrower, and Borrower agreed to purchase from Lender, the "Purchased Assets" (as such term is defined in the
APSA) for an aggregate purchase price equal to Thirty Seven Million United States Dollars ($37,000,000), as adjusted pursuant to the terms of the APSA, of which Twenty Seven Million United
States Dollars shall be paid in cash at the Closing (as such term is defined in the APSA) and Ten Million United States Dollars shall be paid on the terms and conditions set forth herein;

WHEREAS, pursuant to the terms of the APSA, Borrower may be required to pay to Lender an Earn-Out Payment (as such term is defined in the APSA), which
shall total not more than Five Million United States Dollars ($5,000,000), and which amounts shall be paid on the terms and conditions set forth herein; 

WHEREAS, as partial consideration for the purchase and sale of the Purchased Assets, and in lieu of paying Ten Million United States Dollars ($10,000,000) of the
aggregate purchase price on the date hereof, Borrower agrees to pay to Lender cash in the amount of Ten Million United States Dollars ($10,000,000), on the terms and conditions set forth
herein; 

WHEREAS, in lieu of paying the Earn-Out Payment on the applicable date set forth in the APSA, Borrower agrees to pay to Lender cash in an amount equal to the Earn-Out
Payment, in an aggregate amount up to Five Million United States Dollars ($5,000,000), on the terms and conditions set forth herein;

WHEREAS, Borrower acknowledges and understands that Lender would not have accepted this Note without the mutual agreement and
understanding that all obligations arising under this Note are enforceable.

NOW THEREFORE, in consideration of the mutual promises and covenants set forth herein and for other good and valuable consideration, the sufficiency of which is
hereby admitted, the parties hereby agree as follows:

	Total Principal Amount.  Borrower acknowledges and agrees that this Note evidences, and is given in consideration for (i) an initial advancement on the
date hereof of Ten Million United States Dollars ($10,000,000), which amount constitutes part of the purchase price payable pursuant to the APSA, (ii) an advance on October 31, 2017, of an
amount equal to the Earn-Out Payment (but not to exceed Five Million United States Dollars ($5,000,000), which amount is payable by Borrower to Lender pursuant to Section 2.4 of the APSA
(the amounts described in this Section 1(i) and (ii), collectively, the "Total Principal Amount").  

	Payments.  Borrower agrees to pay Lender (i) annually on December 31st all accrued but unpaid interest on the Total Principal Amount
then outstanding and (ii) the entire balance of the Total Principal Amount then outstanding, plus any remaining interest due hereunder, on December 31, 2017. 

	Interest Rate.  From the date hereof until this Note is paid in full, interest on the Total Principal Amount outstanding hereunder shall be charged at the rate
which is at all times equal to three percent (3%) per annum (the "Interest Rate"), compounded annually.   

	Method of Payment. Any payment by Borrower to Lender hereunder shall be made in immediately available funds in lawful money of the United States of
America and shall be paid by wire transfer to the account set forth below. 

Payments made with wire transfer shall be sent to: 

[**]1  

	Security; Loan Documents. The obligations of Borrower under this Promissory Note are secured by (i) that certain Security Agreement, dated as of the date
hereof (the "Security Agreement"), by Borrower (in its capacity as Grantor) in favor of Lender, (ii) that certain Mortgage, dated as of the date hereof (the
"Mortgage"), by Borrower (in its capacity as Mortgagor) in favor of Lender and (iii) that certain Deed of Trust, dated as of the date hereof (the "Deed"),
by Borrower (in its capacity as Trustor) in favor of Lender. This Note, the Security Agreement, the Mortgage, the Deed, the APSA (but only with respect to Section 2.4 thereof and any other
provisions necessary to give effect thereto) and all other documents now or hereafter securing, guaranteeing or executed in connection with the loan(s) evidenced by this Note (the
"Loan"), as the same have been or may be amended, restated, modified or supplemented from time to time, are herein sometimes called individually a "Loan
Document" and together the "Loan Documents." 

	Certain Definitions. As used herein: 

	The term "Debtor Relief Law" means any federal, state or local law, domestic or foreign, as now or hereafter in effect relating to bankruptcy,
insolvency, liquidation, receivership, reorganization, arrangement, composition, extension or adjustment of debts, or any similar law affecting the rights of creditors. 

________________________

1 Omitted and filed separately with the SEC pursuant to a confidential treatment request. 

                                                                -2-

	The term "Indebtedness" means any and all of the indebtedness to Lender evidenced, governed or secured by or arising under this Note or any
other Loan Document. 

	The term "Laws" means all constitutions, treaties, statutes, laws, ordinances, regulations, rules, orders, writs, injunctions, or decrees of the
United States of America, any state or commonwealth, any municipality, any foreign country, any territory or possession, or any Tribunal. 

	The term "Tribunal" means any state, commonwealth, federal, foreign, territorial or other court or governmental department, commission,
board, bureau, district, authority, agency, central bank, instrumentality, or any referee or arbitration authority. 

	Prepayment. Following payment in full of the Working Capital Debt (as such term is defined in that certain Intercreditor and Subordination Agreement
dated December 31, 2014 by and among Lender, Wells Fargo Bank, National Association and Hudson Bay Fund LP, in its capacity as collateral agent), Borrower may prepay the unpaid Total
Principal Amount, in full at any time or in part from time to time, without fee, premium or penalty, provided that: (a) Lender shall have actually received from Borrower prior written notice of (i)
Borrower's intent to prepay, (ii) the amount of principal that will be prepaid (the "Prepaid Principal"), and (iii) the date on which the prepayment will be made; (b) each
prepayment shall be in the amount of $1,000 or a larger integral multiple of $1,000 (unless the prepayment retires the outstanding balance of this Note in full); and (c) each prepayment shall be
in the amount of 100% of the Prepaid Principal, plus (i) accrued unpaid interest thereon to the date of prepayment, if any, and (ii) any other sums which have become due to Lender under the
Loan Documents on or before the date of prepayment but which have not been paid. 

	Interest. So long as a Default (as defined below) has not occurred, the unpaid Total Principal Amount due hereunder shall bear interest at the Interest
Rate. Unless waived by the Lender in writing, upon the occurrence of a Default, interest shall automatically accrue on the then-unpaid Total Principal Amount beginning from the date of such
Default and on any other amounts due hereunder beginning from the date such amounts were incurred and interest shall continue to accrue thereafter on any unpaid amounts due hereunder,
in each case at the rate of five percent (5%) over the per annum prime rate reported in The Wall Street Journal (or the average prime rate if a high and a low prime rate are therein reported) at
the time of Default (the "Default Interest Rate"), compounded quarterly. If The Wall Street Journal does not then or ceases to report a prime rate, the prime rate shall be determined
by such alternate method as may be reasonably selected by Lender. 

	Late Charges. If Borrower fails to make any payment under the terms of this Note within ten (10) days after the date such payment is due, Borrower shall
pay to Lender on demand a late charge equal to five percent (5%) of such payment. Such ten (10) day period shall not be construed as in any way extending the due date of any payment. The
"late charge" is imposed for the purpose of defraying the expenses of Lender incident to handling such delinquent payment. This charge shall be in addition to, and not in lieu of, any
other remedy Lender may have and is in addition to any fees and charges of any agents or attorneys which Lender may employ upon the occurrence of a Default (hereinafter defined)
hereunder, whether authorized herein or by law. Borrower will pay this late charge only once on any late payment. 

                                                                -3-

	Certain Provisions Regarding Payments. All payments made on this Note shall be applied, to the extent thereof, to late charges, to accrued but unpaid
interest, to unpaid principal, and to any other sums due and unpaid to Lender under the Loan Documents, in such manner and order as Lender may elect in its discretion. All permitted
prepayments on this Note shall be applied, to the extent thereof, to accrued but unpaid interest on the amount prepaid and to any other sums due and unpaid to Lender under the Loan
Documents, in such manner and order as Lender may elect in its discretion. Except to the extent that specific provisions are set forth in this Note or another Loan Document with respect to
application of payments, all payments received by Lender shall be applied, to the extent thereof, to the Indebtedness in such manner and order as Lender may elect in its discretion, any
instructions from Borrower or anyone else to the contrary notwithstanding. Remittances in payment of any part of the Indebtedness other than in the required amount in immediately available
U.S. funds shall not, regardless of any receipt or credit issued therefor, constitute payment until the required amount is actually received by Lender in immediately available U.S. funds and shall
be made without offset, demand, counterclaim, deduction, or recoupment (each of which is hereby waived) and accepted subject to the condition that any check or draft may be handled for
collection in accordance with the practice of the collecting bank or banks. 

	Borrower's Representations and Warranties. Borrower represents and warrants as follows:  

(a) Organization.  Borrower is (a) duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or formation, (b)
authorized to do business and in good standing in each jurisdiction in which it conducts business, and (c) possessed of all requisite power and authority to carry on its business. 

(b) Authorization; No Conflict. Each Loan Document executed by Borrower has been duly authorized, executed and delivered by Borrower, and the
obligations thereunder and the performance thereof by Borrower in accordance with their terms are and will continue to be within Borrower's power and authority without the necessity of joinder
or consent of any other person. The Loan Documents and the consummation of the transactions contemplated hereby and thereby (i) do not and will not result in the creation of any
encumbrance against any assets or properties of Borrower or any person liable, directly or indirectly, for any part of the Indebtedness except as expressly provided in such documents and (ii)
do not and will not result in any breach, default or event of default by Borrower under any other loan agreement, credit agreement, facility agreement, note, debenture, bond or any similar
instrument or agreement. 

(c) Enforceability. The Loan Documents constitute legal, valid and binding obligations of Borrower enforceable in accordance with their terms, except as
the enforceability thereof may be limited by Debtor Relief Laws and except as the availability of certain remedies may be limited by general principles of equity. 

(d) No Violation; No Litigation. Borrower is not in material violation of any law, regulation or ordinance, or any order of any court or governmental authority,
and to the extent required by applicable law, Borrower has filed all necessary tax returns and reports and has paid all taxes and governmental charges thereby shown to be owing. There is no judicial or

                                                                -4-

administrative action, claim, investigation, inquiry, proceeding or demand pending (or to Borrower's knowledge threatened) against Borrower or against any other person liable directly
or indirectly for any part of the Indebtedness challenging the validity, enforceability or priority of any of the Loan Documents. 

(e) Borrower Not a Foreign Person. Borrower is not a "foreign person" within the meaning of the Internal Revenue Code, Sections 1445 and
7701 (i.e., Borrower is not a non-resident alien, foreign corporation, foreign partnership, foreign trust or foreign estate as those terms are defined therein and in any regulations
promulgated thereunder). 

(f) Business Loan. The Loan is solely for business and/or investment purposes, and is not intended for personal, family, household or agricultural
purposes. Borrower warrants that the proceeds of the Note shall be used for commercial purposes and stipulates that the Loan shall be construed for all purposes as a commercial loan. 

	Borrower's Covenants. 

(a) Books and Records. Borrower shall keep books and records concerning its assets, all of its business affairs and transactions in accordance with
generally accepted accounting principles. 

(b) Inconsistent Agreements. Borrower shall not enter into any agreement containing any provisions, the performance of which would violate or breach the
Borrower's obligations under any Loan Document. 

 (c) Compliance with Laws. Borrower shall carry on its business activities in compliance with all applicable federal, state and local laws and all applicable
rules, regulations and orders of all governmental bodies and offices having power to regulate or supervise its business activities, except where such non-compliance would not reasonably be
expected to (i) have a material adverse effect on Borrower and its subsidiaries, taken as a whole, or (ii) otherwise adversely affect Borrower's ability to make the payments required under the
terms of this Note.

(d) Compliance with Loan Documents. Borrower shall make all payments of interest and principal on the Loan and shall keep and comply with all terms,
conditions and provisions of the Loan Documents. 

(e)Conduct of Business. Borrower shall maintain and keep all Collateral (as such term is defined in the Security Agreement) in good repair, working order
and condition, ordinary wear and tear excepted, and from time to time make or cause to be made all needed renewals, replacements and repairs.

(f)Consolidation, Merger, Sale or Disposal of Assets. Borrower shall not without the prior written consent of Lender (a) consolidate or merge into or with
any other entity; or (b) sell (other than sales of inventory in the ordinary course of business) transfer, lease, or otherwise dispose of all, or substantially all, of its assets during the term of the
Loan.  Borrower agrees that, in the event of any such consolidation, merger, sale, transfer, lease or disposal, or the

                                                                -5-

execution of any agreement to do any of the foregoing, in either case
without the prior written consent of Lender, Lender shall have the absolute right, without prior demand or notice, to declare all of the Indebtedness immediately due and payable.  

(g) Prohibition Against Distributions. Until all payment and performance obligations relating to the Loan have been paid and performed in full and all
obligations of Borrower under the Loan Documents have terminated, Borrower shall not declare or set aside any sums of money or other assets or property for the payment of any dividends
and shall not pay any sum of money or other asset or property, on or with respect to any share of capital stock or ownership interest or other equity interest in itself or any subsidiary, whether in
the form of equity or debt without the prior written consent of the Lender in its sole and absolute discretion.  

	Defaults. 

	It shall be a default ("Default") under this Note and each of the other Loan Documents if any of the following occur: 

(i) any principal, interest or other amount of money due under this Note is not paid in full within ten (10) days of the date when due, regardless of how such amount
may have become due; 

 (ii) any covenant, agreement or condition herein or in any other Loan Document is not fully and timely performed, observed or kept, subject to any applicable grace
or cure periods (which in the case of covenants, agreements or conditions herein shall be 30 days following Borrower's receipt of notice from Lender of failure to so fully and timely perform,
observe or keep); 

(iii) Borrower or Grantor (A) executes an assignment for the benefit of creditors, or takes any action in furtherance thereof; or (B) admits in writing its inability to pay,
or fails to pay, its debts generally as they become due; or (C) as a debtor, files a petition, case, proceeding or other action pursuant to, or voluntarily seeks the benefit or benefits of, any Debtor
Relief Law, or takes any action in furtherance thereof; or (D) seeks the appointment of a receiver, trustee, custodian or liquidator of any significant portion of its property or assets; 

(iv) Borrower or Grantor suffers the filing of a petition, case, proceeding or other action against it as a debtor under any Debtor Relief Law or seeking appointment of
a receiver, trustee, custodian or liquidator of its property or assets, and (A) admits, acquiesces in or fails to contest diligently the material allegations thereof, or (B) fails to have the petition,
case, proceeding or other action permanently dismissed or discharged on or before the earlier of trial thereon or the sixtieth (60th) day following the date of its filing; 

(v) there shall occur any default or event of default under any other Loan Document, subject in all cases to any applicable grace or cure periods; 

                                                                -6-

(vi) there shall occur any breach, default or event of default by Borrower under any other loan agreement, credit agreement, facility agreement, note, debenture,
bond or any similar instrument or agreement, or Borrower shall fail to pay when due any indebtedness of Borrower, in each case, that (a) involves a loan agreement, credit agreement, facility
agreement, note, debenture, bond or any similar instrument or agreement or other indebtedness with a principal obligation in an amount equal to or greater than $750,000 and (b) results in all
or any portion of such obligation becoming or being declared due and payable prior to the date on which it would otherwise become due and payable; or

(vii)the commencement or existence of any litigation (other than any litigation brought by Lender or any of its affiliates) relating to the Collateral (as such term is
defined in the Security Agreement), which litigation is reasonably likely to have a material adverse effect on Lender's security interest in the Collateral, and with respect to which, on or before
the sixtieth (60th) day following the commencement of such litigation, Borrower fails to either (A) have the litigation dismissed or discharged or (B) provide a bond or other
assurances reasonably acceptable to Lender that Lender's security interest in the Collateral is adequately protected.  

Upon the occurrence of a Default, (x) Lender shall have the rights to declare the unpaid Total Principal Amount and accrued but unpaid interest on this Note, and all
other amounts due hereunder, at once due and payable (and upon such declaration, the same shall be at once due and payable), to foreclose any liens and security interests securing payment
hereof and to exercise any of its other rights, powers and remedies under this Note, under any other Loan Document, or at law or in equity and (y) Borrower shall, (I) on or before the ninetieth
(90th) day following the end of the Borrower's fiscal year end, provide Lender with financial statements and balance sheets of the Borrower and (II) such other information and
documentation respecting the condition or operations, financial or otherwise, of the Borrower as Lender may from time to time reasonably request.  

	All of the rights, remedies, powers and privileges (together, "Rights") of Lender provided for in this Note and in any other Loan Document are
cumulative of each other and of any and all other Rights at law or in equity. The resort to any Right shall not prevent the concurrent or subsequent employment of any other appropriate Right.
No single or partial exercise of any Right shall exhaust it or preclude any other or further exercise thereof, and every Right may be exercised at any time and from time to time. No failure by
Lender to exercise, and no delay in exercising any Right, including the right to accelerate the maturity of this Note, shall
be construed as a waiver of any Default or as a waiver of any Right. Acceptance by Lender of any payment in an amount less than the amount then due on any
Indebtedness shall be deemed an acceptance on account only. Without limiting the generality of the foregoing provisions, the acceptance by Lender from time to time of any payment under this
Note which is past due or which is less than the payment in full of all amounts due and payable at the time of such payment, shall not (i) constitute a waiver of or impair or extinguish the right of
Lender to accelerate the maturity of this Note or to exercise any other Right at the time or at any subsequent time, or nullify any prior exercise of any such Right, or (ii) constitute a waiver of the

                                                                -7-

requirement of punctual payment and performance or a novation in any respect, or (iii) in any way excuse the existence of a Default. 

	If there is a prevailing party in any lawsuit, reference or arbitration arising out of or relating to this Note, the Loan Documents or the Loan, such prevailing party shall
be entitled to recover from each other party such sums as the court, referee or arbitrator may ad-judge to be reasonable attorneys' fees in the action, reference or arbitration, in addition to costs
and expenses otherwise allowed by law.  In addition, if the holder of this Note is the prevailing party in any such lawsuit, reference or arbitration, Borrower agrees to pay all costs and expenses
of the holder of this Note which may be incurred in enforcing or protecting the rights or interests of such holder in connection with such lawsuit, reference or arbitration, including attorneys' fees
and expenses, investigation costs and all court costs. From the time(s) incurred until paid in full to the holder of this Note, all such sums shall bear interest at the Interest Rate.

	GOVERNING LAW. THIS PROMISSORY NOTE, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE HEREOF,
SHALL BE GOVERNED THE SUBSTANTIVE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES. 

	Jurisdiction. Except as otherwise provided herein, the State and Federal courts in the City of Wilmington, Delaware shall have exclusive jurisdiction
over any Proceeding seeking to enforce any provision of, or based upon any right arising out of, this Note.  The parties hereto do hereby irrevocably (i) submit themselves to the personal
jurisdiction of such courts, (ii) agree to service of such courts' process upon them with respect to any such Proceeding, (iii) waive any objection to venue laid therein and (iv) consent to service
of process by registered mail, return receipt requested in accordance with and at its address set forth in Section 23 (as such address may be updated from time to time in accordance
with the terms of Section 23).

	Negotiation.  The parties acknowledge and agree that the foregoing choice of law and forum provisions are the product of an arm's-length negotiation
between the parties.

	WAIVER OF JURY TRIAL.  EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT ALLOWED UNDER LEGAL REQUIREMENTS, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY
OTHER LOAN DOCUMENTS.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE LOAN DOCUMENTS.  BORROWER AND LENDER ARE EACH
HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION 17 IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL. BORROWER
FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL
COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE
OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 

                                                                -8-

	Heirs, Successors and Assigns. The terms of this Note and of the other Loan Documents shall bind and inure to the benefit of the heirs, devisees,
representatives, successors and permitted assigns of the Borrower and Lender.  Borrower shall not assign any of its rights or obligations under this Note, in whole or in part, without the prior
written consent of Lender (which consent may be granted or withheld in Lender's sole discretion).  Lender may, at any time, sell, transfer, or assign this Note and the other Loan Documents
and hereby is authorized to disseminate any information it now has or hereafter obtains pertaining to the Loan, including any security for this Note and credit or other information on Borrower,
any of its principals and any guarantor of this Note, to any actual or prospective assignee, to any of Lender's affiliates, to any regulatory body having jurisdiction over Lender, and to any other
parties as necessary or appropriate in Lender's reasonable judgment. 

	General Provisions. Time is of the essence with respect to Borrower's obligations under this Note. If more than one person or entity executes this Note as
Borrower, all of said parties shall be jointly and severally liable for payment of the Indebtedness.  Borrower and all sureties, endorsers, guarantors and any other party now or hereafter liable for
the payment of this Note in whole or in part, hereby severally: (a) waive demand, presentment for payment, notice of dishonor and of nonpayment, protest, notice of protest, notice of intent to
accelerate, notice of acceleration and all other notices (except any notices which are specifically required by this Note or any other Loan Document), filing of suit and diligence in collecting this
Note or enforcing any of the security herefor; (b) agree to any substitution, subordination, exchange or release of any such security or the release of any party primarily or secondarily liable
hereon; (c) agree that Lender shall not be required first to institute suit or exhaust its remedies hereon against Borrower or others liable or to become liable hereon or to perfect or enforce its
rights against them or any security herefor; (d) consent to any extensions or postponements of time of payment of this Note for any period or periods of time and to any partial payments, before
or after maturity, and to any other indulgences with respect hereto, without notice thereof to any of them; and (e) submit (and waive all rights to object) to non-exclusive personal jurisdiction of
any state or federal court sitting in the of, and venue in the county in which payment is to be made as specified in the first paragraph of this Note, for the enforcement of any and all obligations
under this Note and the Loan Documents; (f) waive the benefit of all homestead and similar exemptions as to this Note; (g) agree that their liability under this Note shall not be affected or
impaired by any determination that any security interest or lien taken by Lender to secure this Note is invalid or unperfected; and (h) hereby subordinate any and all rights against Borrower and
any of the security for the payment of this Note, whether by subrogation, agreement or otherwise, until this Note is paid in full. 

	Severability.  If any provision of this Note is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Note shall
remain in full force and effect.  Any provision of this Note held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or
unenforceable.

	Modification.  This Note may not be amended except by a written agreement executed by Borrower and Lender.

                                                                -9-

	Section Headings; Construction.  The headings of Articles and Sections in this Note are provided for convenience only and shall not affect its construction
or interpretation.  With respect to any reference made in this Note to a Section (or Article, clause or preamble), such reference shall be to the corresponding section
(or article, clause or preamble) of this Note.  All words used in this Note shall be construed to be of such gender or number as the circumstances require.  Unless otherwise expressly provided,
the words "including", "include" and "includes" do not limit the preceding words or terms and any list of words or terms following the words
"including", "include" and "includes" is not an exhaustive list.  Any reference to a specific "day" or to a period of time designated in
"days" shall mean a calendar day or period of calendar days unless the day or period is expressly designated as being a Business Day or period of Business Days.  The use of
"or" is not intended to be exclusive unless expressly indicated otherwise.  All amounts denominated in dollars or "$" in this Note are references to United States dollars
unless expressly indicated otherwise.  The parties hereto acknowledge and agree that (a) each party and its counsel have reviewed and negotiated the terms and provisions of this Note and
have contributed to its revision, (b) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Note and (c)
the terms and provisions of this Note shall be construed fairly as to all parties hereto, regardless of which party was generally responsible for the preparation of this Note.

	Notices; Time.  All notices, consents, waivers, and other communications under this Note must be in writing and shall be deemed to have been duly given
when (a) delivered by hand (with written confirmation of receipt), (b) upon written confirmation of receipt when sent by facsimile transmission; provided, that a hard copy is mailed by
registered mail, return receipt requested promptly thereafter or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each
case to the appropriate addresses set forth below (or to such other addresses as a party may designate by notice to the other parties):

If to Lender:  

Pioneer Hi-Bred International, Inc.

   Attention:  President

   DuPont Pioneer

   7100 N.W. 62nd Avenue

   P.O. Box 1014

   Johnston, IA  50131-1014

   Fax: (515) 535-7066

With a copy to:  

Pioneer Hi-Bred International, Inc.

   Attention:  General Counsel

   DuPont Pioneer

   7250 N.W. 62nd Avenue

   P.O. Box 1014

   Johnston, IA  50131-1014

   Fax: (515) 535-4844

                                                                -10-

If to Borrower: 

S&W SEED COMPANY

   Attention: Chief Financial Officer

   1974 N. Gateway Blvd., Suite 104

   Fresno, CA 93727 

   Fax: (559) 255-5457

	No Usury. It is expressly stipulated and agreed to be the intent of Borrower and Lender at all times to comply with applicable state law or applicable United
States federal law (to the extent that it permits Lender to contract for, charge, take, reserve, or receive a greater amount of interest than under state law) and that this Section 24 shall
control every other covenant and agreement in this Note and the other Loan Documents. If applicable state or federal law should at any time be judicially interpreted so as to render usurious
any amount called for under this Note or under any of the other Loan Documents, or contracted for, charged, taken, reserved, or received with respect to the Loan, or if Lender's exercise of the
option to accelerate any amounts due hereunder, or if any prepayment by Borrower results in Borrower having paid any interest in excess of that permitted by applicable law, then it is Lender's
express intent that all excess amounts theretofore collected by Lender shall be credited on the principal balance of this Note and all other indebtedness and the provisions of this Note and the
other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new
documents, so as to comply with the applicable law, but so as to permit the recovery of the fullest amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to
Lender for the use, forbearance, or detention of the Loan shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the
Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the maximum lawful rate from time to time in effect and applicable to the Loan for so
long as the Loan is outstanding. 

. 

[signature page follows]

                                                                -11-

IN WITNESS WHEREOF, Borrower has duly executed this Note as of the date first above written. 

	

WITNESS: 

__________________________________

Name:

	

BORROWER: 

S&W SEED COMPANY
 By: ___________________________

Nane: ______________________________

Title: ______________________________

   

   

   

                                                                -12-January 7, 2015 Exhibit 10.8

    EXHIBIT 10.8

SECURITY AGREEMENT

This SECURITY AGREEMENT (this "Agreement"), dated as of December 31, 2014, is by and between S&W Seed Company,
a Nevada corporation ("Grantor") and Pioneer Hi-Bred International, Inc., an Iowa corporation ("Secured Party").

W I T N E S S E T H:

WHEREAS, Secured Party has agreed to make a loan to Grantor, which loan is evidenced by that certain Promissory Note, dated as of the date hereof, by
Grantor in favor of Secured Party (the "Note");

WHEREAS, Grantor and Secured Party are parties to that certain Asset Purchase and Sale Agreement dated December 19, 2014 (the
"APSA"), pursuant to which, among other things, Secured Party agreed to sell to Grantor, and Grantor agreed to purchase from Secured Party, the "Purchased
Assets" (as such term is defined in the APSA) for an aggregate purchase price equal to Thirty Seven Million United States Dollars ($37,000,000), as adjusted pursuant to the terms of
the APSA, of which Twenty Seven Million United States Dollars shall be paid in cash at the Closing (as such term is defined in the APSA) and Ten Million United States Dollars shall be paid
on the terms and conditions set forth  in the Note;

WHEREAS, pursuant to the terms of the APSA, Grantor may be required to pay to Secured Party an Earn-Out Payment (as such term is defined in the
APSA), which shall total not more than Five Million United States Dollars ($5,000,000), and which amounts shall be paid on the terms and conditions set forth in the Note; 

WHEREAS, as partial consideration for the purchase and sale of the Purchased Assets, and in lieu of paying Ten Million United States Dollars
($10,000,000) of the aggregate purchase price on the date hereof, Grantor agreed to pay to Secured Party cash in the amount of Ten Million United States Dollars ($10,000,000), on the
terms and conditions set forth in the Note; 

WHEREAS, in lieu of paying the Earn-Out Payment on the applicable date set forth in the APSA, Grantor agreed to pay to Secured Party cash in an amount
equal to the Earn-Out Payment, in an aggregate amount up to Five Million United States Dollars ($5,000,000), on the terms and conditions set forth in the Note;

WHEREAS, Grantor has agreed to grant a continuing security interest in and to the Collateral in order induce Secured Party to make the loan to Grantor and
to secure the prompt and complete payment, observance and performance of Grantor's obligations under the Note and the other Loan Documents.

NOW, THEREFORE, for and in consideration of the recitals made above and other good and valuable consideration, the receipt, sufficiency and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

	Defined Terms. All capitalized terms used herein (including in the preamble and recitals hereof) without definition shall have the meanings ascribed thereto in the Note. Any

terms used in this Agreement that are defined in the Code shall be construed and defined as set forth in the Code unless otherwise defined herein or in the Note;
provided, however, that to the extent that the Code is used to define any term herein and if such term is defined differently in different Articles of the Code, the definition of
such term contained in Article 9 of the Code shall govern. In addition to those terms defined elsewhere in this Agreement, as used in this Agreement, the following terms shall have the
following meanings:

	"Account" means an account (as that term is defined in Article 9 of the Code).

	"Account Debtor" means an account debtor (as that term is defined in the Code).

	"Agreement" has the meaning specified therefor in the preamble hereto.

	"Books" means books and records (including Grantor's Records indicating, summarizing, or evidencing Grantor's assets (including the
Collateral) or liabilities, Grantor's Records relating to Grantor's business operations or financial condition, and  Grantor's goods or General Intangibles related to such information).

	"Chattel Paper" means chattel paper (as that term is defined in the Code) and includes tangible chattel paper and electronic chattel
paper.

	"Code" means the Delaware Uniform Commercial Code, as in effect from time to time; provided, however, that in the
event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, priority, or remedies with respect to Secured Party's Lien on any Collateral is governed by the
Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of Delaware, the term "Code" shall mean the Uniform Commercial Code as enacted and
in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies.

	"Collateral" has the meaning specified therefor in Section 2.

	"Commercial Tort Claims" means commercial tort claims (as that term is defined in the Code).

	"Copyrights" means any and all rights in any works of authorship, including copyrights, including, (i) copyright registrations and recordings
thereof and all applications in connection therewith, (ii) all reissues, continuations, extensions or renewals thereof, (iii) the right to sue for past, present and future infringements and dilutions
thereof, (iv) the goodwill of Grantor's business symbolized by the foregoing or connected therewith, and (v) all of Grantor's rights corresponding thereto throughout the world.

	"Deposit Account" means a deposit account (as that term is defined in the Code).

	"Equipment" means equipment (as that term is defined in the Code).

	"Event of Default" means a "Default" as defined in the Note.

	"Existing Lenders" means Wells Fargo Bank, N.A., Hudson Bay Fund LP (in its capacity as collateral agent), and Imperial Valley
Seeds.

	"General Intangibles" means general intangibles (as that term is defined in the Code) and includes payment intangibles, contract rights,
rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill (including the goodwill associated with any Trademark or the Purchased
Assets), Intellectual Property, rights to payment and other rights under any royalty or licensing agreements, including Intellectual Property Licenses, infringement claims, misappropriation
claims, and any other personal property other than money and goods.

	"Grantor" has the meanings specified therefor in the preamble hereto.

	"Insolvency Proceeding" means any action or proceeding by or with respect to Grantor under any Debtor Relief Law (as defined in the
Note).

	"Intellectual Property" means any and all Patents, Copyrights, Trademarks (including the goodwill associated with such Trademarks), trade
secrets, know-how, inventions (whether or not patentable), algorithms, software programs (including source code and object code), processes, product designs, industrial designs,
blueprints, drawings, data, customer lists, and domain names, specifications, documentations, reports, catalogs, and any other forms of technology or proprietary information of any kind
included as part of the Collateral, including all rights therein and all applications for registration or registrations thereof.

	"Intellectual Property Licenses" means (i) any licenses in Intellectual Property owned or controlled by Grantor provided to any third party
and (ii) any licenses in Intellectual Property owned by any third party provided to Grantor and, to the extent permitted in such licenses, the right to use the foregoing in connection with the
enforcement of Secured Party's rights under the Loan Documents, including the right to prepare for sale and sell any and all Inventory and Equipment now or hereafter owned by Grantor
and now or hereafter covered by such licenses.

	"Inventory" means inventory (as that term is defined in the Code).

	"Investment Property" means (i) any and all investment property (as that term is defined in the Code).

	"Loan Documents" has the meaning specified therefor in the Note.

	"Negotiable Collateral" means letters of credit, letter-of-credit rights, instruments, promissory notes, drafts and documents (as each such
term is defined in the Code).

	"Note" has the meaning specified therefor in the recitals hereto.

	"Patents" means patents and patent applications, including, (i) all continuations, divisionals, continuations-in-part, re-examinations, reissues,
and renewals thereof and improvements thereon, (ii) the right to sue for past, present and future infringements and dilutions thereof, and (iii) all of Grantor's rights corresponding thereto
throughout the world.

	"Person" means any natural person, corporation, partnership, limited liability company, trust, and any other unincorporated association or
entity.

	"Proceeds" has the meaning specified therefor in Section 2.

	"Records" means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in
perceivable form.

	"Secured Obligations" means all of the present and future obligations of Grantor arising from this Agreement, the Note, or the other Loan
Documents, including reasonable attorneys fees and expenses and any interest, fees, or expenses that accrue after the filing of an Insolvency Proceeding, regardless of whether allowed or
allowable in whole or in part as a claim in any Insolvency Proceeding.

	"Secured Party" has the meanings specified therefor in the preamble hereto.

	"Secured Party's Lien" means the security interests and other rights granted to Secured Party hereunder with respect to the
Collateral.

	"Security Interest" has the meaning specified therefor in Section 2.

	"Supporting Obligations" means supporting obligations (as such term is defined in the Code) and includes letters of credit and guaranties
issued in support of Accounts, Chattel Paper, documents, General Intangibles, instruments or Investment Property.

	"Trademarks" means any and all trademarks, registered trademarks, trademark applications, service marks, registered service marks and
service mark applications, including (i) all renewals thereof, (ii) the right to sue for past, present and future infringements and dilutions thereof, (iii) the goodwill of Grantor's business
symbolized by the foregoing or connected therewith, and (iv) all of Grantor's rights corresponding thereto throughout the world.

	Grant of Security. Grantor hereby unconditionally grants, assigns, and pledges to Secured Party to secure the Secured Obligations a continuing
security interest (hereinafter referred to as the "Security Interest") in all of Grantor's right, title and interest in and to the Arlington Plant Site, the Nampa Plant Site, the
Transferred Equipment, the Transferred Germplasm, the Transferred Know-How, the Transferred Patents, the Transferred PVPs (as such terms are defined in the APSA) and the General
Intangibles described therein (together, the "Collateral"), together with all of the proceeds (as that term is defined in the Code) and products, whether tangible or
intangible, of any of the foregoing, including proceeds of insurance or Commercial Tort Claims covering or relating to any or all of the foregoing, and any and all Accounts, Books, Chattel
Paper, Deposit Accounts, Equipment, General Intangibles, Inventory, Investment Property, Negotiable Collateral, Supporting Obligations, money, or other tangible or intangible property
resulting from the sale, lease, license, exchange, collection, or other disposition of any of the foregoing, whatever is collected on, or distributed on account of any of the

foregoing, any and all rights arising out of the foregoing, the proceeds of any award in condemnation with respect to any of the foregoing, any rebates or refunds, whether for taxes or otherwise, and all
proceeds of any such proceeds, or any portion thereof or interest therein, and the proceeds thereof, claims arising out of the loss, non-conformity, or interference with the use of, defects, or
infringement of rights in, or damage to, any of the foregoing, and all proceeds of any loss of, damage to, or destruction of the above, whether insured or not insured, and, to the extent not
otherwise included, any indemnity, warranty, insurance, or guaranty payable by reason of loss or non-conformity of, defects or infringement of rights in, or damage to, or otherwise with
respect to any of the foregoing (the "Proceeds").

	Security for Obligations. The Security Interest created hereby secures the payment and performance of the Secured Obligations, whether now existing
or arising hereafter. Without limiting the generality of the foregoing, this Agreement secures the payment of all amounts which constitute part of the Secured Obligations and would be owed
by Grantor but for the fact that they are unenforceable or not allowable due to the existence of an Insolvency Proceeding involving Grantor.

	Grantor Remains Liable. Anything herein to the contrary notwithstanding, (a) Grantor shall remain liable under the contracts and agreements included
in the Collateral to perform all of the duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by Secured Party of any of the rights
hereunder shall not release Grantor from any of its duties or obligations under such contracts and agreements included in the Collateral, and (c) Secured Party shall not have any obligation
or liability under such contracts and agreements included in the Collateral by reason of this Agreement, nor shall Secured Party be obligated to perform any of the obligations or duties of
Grantor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. Until an Event of Default shall occur and be continuing, except as otherwise
provided in this Agreement or other Loan Documents, Grantor shall have the right to possession and enjoyment of the Collateral for the purpose of conducting the ordinary course of its
business, subject to and upon the terms hereof and of the other Loan Documents.

	Representations and Warranties. Grantor hereby represents and warrants as follows:

	As of the date hereof, the exact legal name of Grantor is S&W Seed Company and its sole jurisdiction of formation is Nevada.

	This Agreement creates a valid security interest in the Collateral to the extent a security interest therein can be created under the Code, securing the payment of
the Secured Obligations. Except to the extent a security interest in the Collateral cannot be perfected by the filing of a financing statement under the Code, all filings and other actions
reasonably necessary to perfect and protect such security interest have been duly taken or will have been taken upon the filing of a financing statement listing Grantor, as a debtor, and
Secured Party, as secured party, in both the jurisdiction listed in Section 5(a) above and Idaho, Wisconsin and Washington. Upon the making of such filing, Secured Party shall
have a junior priority perfected security interest in the Collateral to the extent such security interest can be perfected by the filing of
a financing statement, other than with respect to the Arlington Plant Site and the Nampa Plant

Site and the Transferred Equipment, with respect to which Secured Party shall have a first
priority perfected security interest. All action by Grantor necessary to protect and perfect such security interest on each item of Collateral has been or, on the date of this Agreement will be,
duly taken.

	No consent, approval, authorization, or other order or other action by, and no notice to or filing with, any governmental authority or any other Person is required
(i) for the grant of a Security Interest by Grantor in and to the Collateral pursuant to this Agreement or for the execution, delivery, or performance of this Agreement by Grantor, in each case
to the extent required by the terms hereof, or (ii) for the exercise by Secured Party of the voting or other rights provided for in this Agreement with respect to the Investment Property or the
remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with such disposition of Investment Property by laws affecting the offering and
sale of securities generally.

	Covenants. Grantor covenants and agrees with Secured Party that from and after the date of this Agreement and until the date of termination of this
Agreement in accordance with Section 18 hereof:

	Possession of Collateral. In the event that any Collateral, including Proceeds, is evidenced by or consists of Negotiable Collateral, Investment Property,
or Chattel Paper, and if and to the extent that perfection or priority of Secured Party's Security Interest is dependent on possession, Grantor, promptly upon the request of Secured Party,
shall execute such other documents and instruments, in each case in customary form, as shall be reasonably requested by Secured Party or, if applicable, endorse and deliver physical
possession of such Negotiable Collateral, Investment Property, or Chattel Paper to Secured Party, together with such undated powers endorsed in blank as shall be reasonably requested
by Secured Party;

	Transfers and Other Liens. Without the prior written consent of Secured Party, Grantor shall not (i) sell, assign (by operation of law or otherwise) or
otherwise dispose of, or grant any option with respect to, any of the Collateral, except in the ordinary course of its business, or (ii) create or, except with respect to any lien held by the
Existing Lenders, permit to exist any lien upon or with respect to any of the Collateral. The inclusion of Proceeds in the Collateral shall not be deemed to constitute Secured Party's consent
to any sale or other disposition of any of the Collateral except as expressly permitted in this Agreement or the other Loan Documents.

	Commercial Tort Claims. If Grantor shall at any time hold or acquire a commercial tort claim, Grantor shall immediately notify Secured Party in writing of
the brief details thereof and grant to Secured Party in writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and
substance reasonably satisfactory to Secured Party;

	Maintenance of Insurance. Grantor will maintain with financially sound and reputable insurers insurance with respect to its properties and business
against such casualties and contingencies as shall be in accordance with general practices of businesses engaged in similar activities in similar geographic areas. Such insurance shall be
in such minimum amounts that Grantor will not be deemed a co-insurer under applicable insurance laws,

regulations and policies and otherwise shall be in such amounts, contain such
terms, be in such forms and be for such periods as may be reasonably satisfactory to Secured Party. Without limiting the foregoing, Grantor will (i) keep all of its physical property insured
with casualty or physical hazard insurance on an "all risks" basis, with broad form flood and earthquake coverages and electronic data processing coverage, with a full
replacement cost endorsement and an "agreed amount" clause in an amount equal to 100% of the full replacement cost of such property, (ii) maintain all such workers'
compensation or similar insurance as may be required by law and (iii) maintain, in amounts and with deductibles equal to those generally maintained by businesses engaged in similar
activities in similar geographic areas, general public liability insurance against claims of bodily injury, death or property damage occurring, on, in or about the properties of Grantor; business
interruption insurance; and product liability insurance; and

	Taxes. Grantor will pay promptly when due all taxes, levies, assessments, and other governmental charges imposed on Grantor or the Collateral, or
any part of the Collateral, or for its use and operation, other than such taxes, levies, assessments or other governmental charges that are being contested in good faith by
Grantor.

	Further Assurances.

	Grantor agrees that from time to time, at its own expense, that it will promptly execute and deliver all further instruments and documents, and take all further
action, that may be necessary or that Secured Party may reasonably request, in order to perfect and protect the Security Interest granted or purported to be granted hereby or to enable
Secured Party to exercise and enforce its rights and remedies hereunder with respect to any of the Collateral.

	Grantor authorizes the filing by Secured Party of financing or continuation statements, or amendments thereto, and Grantor will execute and deliver to Secured
Party such other instruments or notices, as may be reasonably necessary or as Secured Party may reasonably request, in order to perfect and preserve the Security Interest granted or
purported to be granted hereby, including a Deed of Trust with respect to the Nampa Plant Site and a Mortgage with respect to the Arlington Plant Site.

	Grantor authorizes Secured Party at any time and from time to time to file, transmit, or communicate, as applicable, financing statements and amendments that
contain any information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance. Grantor also hereby ratifies any and all financing statements or amendments
previously filed by Secured Party in any jurisdiction.

	Grantor acknowledges that it is not authorized to file any financing statement or amendment or termination statement with respect to any financing statement
filed in connection with this Agreement without the prior written consent of Secured Party, subject to Grantor's rights under Section 9-509(d)(2) of the Code.

	Secured Party's Right to Perform Contracts, Exercise Rights, etc. Upon the occurrence and during the continuance of an Event of Default, Secured
Party (or its designee) (a) may proceed to perform any and all of the obligations of Grantor contained in any contract, lease, or other agreement included in the Collateral and exercise any and all rights of Grantor

therein contained as fully as Grantor itself could and (b) shall have the right to use Grantor's rights under any contract or agreement included in the Collateral in
connection with the enforcement of Secured Party's rights hereunder, including the right to prepare for sale and sell any and all Inventory and Equipment included in the Collateral and now
or hereafter owned by Grantor.

	Secured Party Appointed Attorney-in-Fact. Grantor hereby irrevocably appoints Secured Party its attorney-in-fact, with full authority in the place and
stead of Grantor and in the name of Grantor or otherwise, at such time as an Event of Default has occurred and is continuing, to take any action and to execute any instrument which
Secured Party may reasonably deem necessary to accomplish the purposes of this Agreement, including:

	to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in connection with
the Collateral of Grantor;

	to file any claims or take any action or institute any proceedings which Secured Party may reasonably deem necessary for the collection of any of the Collateral
or otherwise to enforce the rights of Secured Party with respect to any of the Collateral;

	to repair, alter, or supply goods, if any, reasonably necessary to fulfill in whole or in part the purchase order of any Person obligated to Grantor in respect of any
Account of Grantor; 

	to use any Intellectual Property, including but not limited to any labels, Patents, Trademarks, domain names, industrial designs, Copyrights, and advertising
matter, in advertising for sale and selling Inventory and other Collateral and to collect any amounts due under Accounts, contracts or Negotiable Collateral of Grantor; and

	Secured Party shall have the right, but shall not be obligated, to bring suit in its own name to enforce the Intellectual Property and Intellectual Property Licenses
and, if Secured Party shall commence any such suit, the Grantor shall, at the reasonable request of Secured Party, do any and all lawful acts and execute any and all proper documents
reasonably required by Secured Party in aid of such enforcement.

To the extent permitted by law, Grantor hereby ratifies all that such attorney-in-fact shall lawfully do or cause to be done by virtue hereof. This power of attorney is
coupled with an interest and shall be irrevocable until this Agreement is terminated.

	Secured Party May Perform. If Grantor fails to perform any agreement contained herein, Secured Party may itself perform, or cause performance of,
such agreement, and the reasonable expenses of Secured Party incurred in connection therewith shall be payable by Grantor.

	Secured Party's Duties. The powers conferred on Secured Party hereunder are solely to protect Secured Party's interest in the Collateral and shall not
impose any duty upon Secured Party to exercise any such powers. Except for the safe custody of any Collateral in its actual possession and the accounting for moneys actually received by it hereunder, Secured Party

shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any
Collateral. Secured Party shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its actual possession if such Collateral is accorded
treatment substantially equal to that which Secured Party accords its own property.

	Collection of Accounts, General Intangibles and Negotiable Collateral. At any time upon the occurrence and during the continuation of an Event of
Default, Secured Party or Secured Party's designee may (a) notify Account Debtors of Grantor that the General Intangibles included in the Collateral have been assigned to Secured Party
or that Secured Party has a security interest therein and (b) collect the General Intangibles directly, and any collection costs and expenses shall constitute part of the Secured Obligations
under the Loan Documents.

	Remedies. Upon the occurrence and during the continuance of an Event of Default:

	Secured Party may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein, in the other Loan Documents, or otherwise
available to it, all the rights and remedies of a secured party on default under the Code or any other applicable law. Without limiting the generality of the foregoing, Grantor expressly agrees
that, in any such event, Secured Party without demand of performance or other demand, advertisement or notice of any kind (except a notice specified below of time and place of public or
private sale) to or upon Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum extent permitted by the Code
or any other applicable law), may take immediate possession of all or any portion of the Collateral and (i) require Grantor to, and Grantor hereby agrees that it will at its own expense and
upon reasonable request of Secured Party forthwith, assemble all or part of the Collateral as directed by Secured Party and make it available to Secured Party at one or more locations
where Grantor regularly maintains Inventory, and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of
Secured Party's offices or elsewhere, for cash, on credit, and upon such other terms as Secured Party may deem commercially reasonable. Grantor agrees that, to the extent notice of sale
shall be required by law, at least 10 days notice to Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable
notification and specifically such notice shall constitute a reasonable "authenticated notification of disposition" within the meaning of Section 9-611 of the Code. Secured Party
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Secured Party may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Grantor agrees that the internet shall constitute a
"place" for purposes of Section 9-610(b) of the Code.

	Subject to the priority lien of Hudson Bay Fund LP (in its capacity as collateral agent) in the Intellectual Property, Secured Party is
hereby granted a license or other right to use, without liability for royalties or any other charge, Grantor's Intellectual Property, including but not limited to, any labels, Patents, Trademarks,
trade names, domain names, industrial designs, Copyrights, and advertising matter, whether owned by Grantor or with respect

to which Grantor has rights under license, sublicense, or
other agreements, as it pertains to the Collateral, in preparing for sale, advertising for sale and selling any Collateral, and Grantor's rights under all licenses and all franchise agreements
shall inure to the benefit of Secured Party.

	Any cash held by Secured Party as Collateral and all cash proceeds received by Secured Party in respect of any sale of, collection from, or other realization
upon all or any part of the Collateral in accordance with its exercise of remedies hereunder shall be applied against the Secured Obligations in the order set forth in the Note. In the event the
proceeds of Collateral are insufficient to satisfy all of the Secured Obligations in full, Grantor shall remain liable for any such deficiency. Any surplus of such cash or cash proceeds held by
or on behalf of Secured Party and remaining after payment in full of all the Secured Obligations shall be paid over to Grantor or to whomsoever may be lawfully entitled to receive such
surplus.

	Grantor hereby acknowledges that the Secured Obligations arose out of a commercial transaction, and agrees that if an Event of Default shall occur and be
continuing Secured Party shall have the right to an immediate writ of possession without notice of a hearing. Secured Party shall have the right to the appointment of a receiver for the
properties and assets of Grantor, and Grantor hereby consents to such rights and such appointment and hereby waives any objection Grantor may have thereto or the right to have a bond
or other security posted by Secured Party.

	Remedies Cumulative. Each right, power, and remedy of Secured Party as provided for in this Agreement or in the other Loan Documents or now or
hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to every other right, power, or remedy provided for in this
Agreement or in the other Loan Documents or now or hereafter existing at law or in equity or by statute or otherwise, and the exercise or beginning of the exercise by Secured Party, of any
one or more of such rights, powers, or remedies shall not preclude the simultaneous or later exercise by Secured Party of any or all such other rights, powers, or remedies.

	Marshaling. Secured Party shall not be required to marshal any present or future collateral security (including but not limited to the Collateral) for, or
other assurances of payment of, the Secured Obligations or any of them or to resort to such collateral security or other assurances of payment in any particular order, and all of its rights and
remedies hereunder and in respect of such collateral security and other assurances of payment shall be cumulative and in addition to all other rights and remedies, however existing or
arising. To the extent that it lawfully may, Grantor hereby agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement
of Secured Party's rights and remedies under this Agreement or under any other instrument creating or evidencing any of the Secured Obligations or under which any of the Secured
Obligations is outstanding or by which any of the Secured Obligations is secured or payment thereof is otherwise assured, and, to the extent that it lawfully may, Grantor hereby irrevocably
waives the benefits of all such laws.

	Entire Agreement, Amendments; Etc. This Agreement constitutes (along with the other Loan Documents) a complete and exclusive statement of the
terms of the agreement between the parties with respect to its subject matter. Except as otherwise set forth herein, the rights and remedies of the parties to this Agreement are cumulative and not alternative. Neither

the failure nor delay by any party in exercising any right, power or privilege under this Agreement or the documents referred to in this Agreement shall operate as
a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege shall preclude any other or further exercise of such right, power or privilege or
the exercise of any other right, power or privilege. This Agreement may not be amended except by a written agreement executed by Secured Party and Grantor.

	Addresses for Notices. All notices, consents, waivers, and other communications under this Agreement must be in writing and shall be deemed to have
been duly given when (a) delivered by hand (with written confirmation of receipt), (b) upon written confirmation of receipt when sent by facsimile transmission; provided, that a hard
copy is mailed by registered mail, return receipt requested promptly thereafter or (c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt
requested), in each case to the appropriate addresses set forth below (or to such other addresses as a party may designate by notice to the other parties):

If to Secured Party:

Pioneer Hi-Bred International, Inc.

                   Attention: President

                   DuPont Pioneer

                   7100 N.W. 62nd Avenue

                   P.O. Box 1014

                   Johnston, IA  50131-1014

                   Fax: (515) 535-7066

With a copy to:

Pioneer Hi-Bred International, Inc.

                   Attention: General Counsel

                   DuPont Pioneer

                   7250 N.W. 62nd Avenue

                   P.O. Box 1014

                   Johnston, IA  50131-1014

                   Fax: (515) 535-4844

If to Grantor:

S&W Seed Company

                   Attention: Chief Financial Officer

                   1974 N. Gateway Blvd., Suite 104

                   Fresno, CA 93727

                   Fax: (559) 255-5457

	Continuing Security Interest. This Agreement shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until
the Secured Obligations have been paid in full in cash in accordance with the provisions of the Note, (b) be binding upon

Grantor, and its successors and assigns, and (c) inure to the benefit
of, and be enforceable by, Secured Party, and its successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), Secured Party may, in accordance with the
provisions of the Note, assign or otherwise transfer all or any portion of its rights and obligations under the Note to any other Person, and such other Person shall thereupon become vested
with all the benefits in respect thereof granted to Secured Party herein or otherwise. Upon payment in full in cash of the Secured Obligations in accordance with the provisions of the Note,
the Security Interest granted hereby shall terminate and all rights to the Collateral shall revert to Grantor or any other Person entitled thereto. At such time, Secured Party will authorize the
filing of appropriate termination statements to terminate such Security Interests. No transfer or renewal, extension, assignment, or termination of this Agreement or of any other Loan
Document, or any other instrument or document executed and delivered by Grantor to Secured Party, nor the taking of further security, nor the retaking or re-delivery of the Collateral to
Grantor, by Secured Party, nor any other act of Secured Party shall release Grantor from any obligation, except a release or discharge executed in writing by Secured Party. Secured Party
shall not by any act, delay, omission or otherwise, be deemed to have waived any of its rights or remedies hereunder, unless such waiver is in writing and signed by Secured Party and then
only to the extent therein set forth. A waiver by Secured Party of any right or remedy on any occasion shall not be construed as a bar to the exercise of any such right or remedy which
Secured Party would otherwise have had on any other occasion.

	Governing Law. THIS AGREEMENT, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE HEREOF, SHALL BE
GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES.

	Jurisdiction. Except as otherwise provided herein, the State and Federal courts in the City of Wilmington, Delaware shall have exclusive jurisdiction
over any Proceeding seeking to enforce any provision of, or based upon any right arising out of, this Agreement. The parties hereto do hereby irrevocably (i) submit themselves to the
personal jurisdiction of such courts, (ii) agree to service of such courts' process upon them with respect to any such Proceeding, (iii) waive any objection to venue laid therein and (iv)
consent to service of process by registered mail, return receipt requested in accordance with and at its address set forth in Section 18 (as such address may be updated from time
to time in accordance with the terms of Section 18).

	WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT ALLOWED UNDER LEGAL REQUIREMENTS, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENTS.  SECURED PARTY AND GRANTOR ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION 21 IN
ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER OF JURY TRIAL.

	Miscellaneous.

	This Agreement may be executed in any number of counterparts (including via facsimile or portable document format (PDF)), each of which shall be deemed an
original, but all of which, when taken together, shall constitute one and the same instrument.

	If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in
full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree shall remain in full force and effect to the extent not held invalid or
unenforceable.

	The headings of Articles and Sections in this Agreement are provided for convenience only and shall not affect its construction or interpretation. With respect to
any reference made in this Agreement to a Section (or Article, clause or preamble), such reference shall be to the corresponding section (or article, clause or
preamble) of this Agreement.

	The parties hereto acknowledge and agree that (a) each party and its counsel have reviewed and negotiated the terms and provisions of this Agreement and
have contributed to its revision, (b) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the interpretation of this
Agreement and (c) the terms and provisions of this Agreement shall be construed fairly as to all parties hereto, regardless of which party was generally responsible for the preparation of this
Agreement.

	All words used in this Agreement shall be construed to be of such gender or number as the circumstances require.

	Unless otherwise expressly provided, the words "including", "include" and "includes" do not limit the preceding words or terms
and any list of words or terms following the words "including", "include" and "includes" is not an exhaustive list.

	The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts, and contract rights. Any reference herein to the satisfaction or repayment in full of the Secured Obligations shall mean
the repayment in full in cash of all Secured Obligations other than unasserted contingent indemnification obligations. Any reference herein to any Person shall be construed to include such
Person's successors and assigns. Any requirement of a writing contained herein shall be satisfied by the transmission of a Record.

[signature pages follow]

IN WITNESS WHEREOF, the undersigned parties hereto have executed this Agreement by and through their duly authorized officers, as of the day and year first
above written.

GRANTOR:

 

S&W Seed Company,

                           a Nevada corporation

 

By:______________________________

Name:

Title:

SECURED PARTY:

Pioneer Hi-Bred International, Inc.,

                           an Iowa corporation

 

 

By:______________________________

Name:

Title:

[Signature Page to Security Agreement]

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