Document:

Exhibit 10.1

	Tenant:	 

	Country:	 

	Acres (+/-):	 

	Crop:	 

	Effective Date:	 

	End of Term:	 

 

 

 

AGRICULTURAL LEASE

Alico, Inc., Ft. Myers, Florida

THIS AGRICULTURAL LEASE (this “Lease”)
is made and entered into as of the 8th day of May, 2014, by and between ALICO, INC., a Florida corporation (“ALICO”
or “Landlord”) and UNITED STATES SUGAR CORPORATION, a Delaware corporation (“U.S. SUGAR” or “Tenant”).

W I T N E S S E T H:

In consideration of the obligation of Tenant to
pay rent as provided hereinbelow, and the terms, provisions and covenants hereinafter set forth, the parties hereto agree as follows:

A. Premises. Landlord hereby leases to
Tenant, and Tenant hereby leases from Landlord, in accordance with and subject to the terms and conditions set forth hereinbelow
and in the General Conditions set forth in Exhibit “A” (the “General Conditions”), attached hereto and made a part
hereof, that certain real property more particularly described as Exhibit “B” attached hereto and made a part hereof
(the “Leased Premises”). Portions of the Leased Premises are subject to the C-139 Basin Requirements set forth in Section 3.04
of the General Conditions. The Leased Premises include all buildings and other improvement to the property, which the parties
agree comprises gross acreage amounting to approximately Thirty Thousand Six Hundred (30,600) acres, which includes Nineteen Thousand
One Hundred (19,181) acres planted or plantable to sugar (“Net Cane Acre” or “Net Cane Acres”), more or less. For purposes of
calculations of the Base rent (as defined in section D.2. hereinbelow) and the Additional Rent (as defined in section D.3. hereinbelow)
under the terms of this Lease, the Leased Premises shall be presumed to be Nineteen Thousand One Hundred (19,181) Net Cane Acres,
unless and until additional acreage is permitted for sugar or other crops as contemplated by this Lease, at which time such additional
acreage shall be incorporated into said calculations under the terms of this Lease.

In the event of a conflict between the map of
the Leased Premises and the legal description, the legal description shall prevail.

B. Term. The term of this Lease shall be
for ten (10) years commencing on May 1, 2014 (the “Commencement Date”) and, unless terminated earlier pursuant to the provisions
of this Lease, shall terminate on April 30, 2024 (“Term”).

    	 

    	 

    

1. On May 1, 2023 and on each May 1st
subsequent thereto, the Term shall be extended three (3) additional Lease Year unless written notice of non-renewal is given by
either party hereto to the other party no less than six (6) months prior to the renewal date.

2. U.S. SUGAR shall assume control over the
Leased Premises upon completion of the 2013/2014 harvest season. The parties anticipate that this date will be on or about
April 15, 2014.

3. Notwithstanding anything herein to the contrary,
solely as to the portion of the Leased Premises identified on Exhibit “B” as “Hill Grade” which consists of approximately
Four Thousand, Eight Hundred (4,561.50) Net Cane Acres (“Hill Grade Portion of the Leased Premises”):

(a) The Term of this Lease shall be for five
years (5) commencing May 1, 2014 and, unless terminated earlier pursuant to the provisions of this Lease, shall terminate on April
30, 2019.

(b) On May 1, 2015 and on each May 1st
subsequent thereto, the Term shall be extended one (1) additional Lease Year unless written notice of non-renewal is given
by either party hereto to the other party.

(c) This Lease may be terminated by ALICO solely
as to the Hill Grade Portion of the Leased Premises at any time upon one (1) year’s notice to U.S. SUGAR.

4. Upon the termination of this Lease as to the
Hill Grade Portion of the Leased Premises and/or as to the Leased Premises (which may exclude the Hill Grade Portion of the Leased
Premises if the Lease as to the Hill Grade Portion of the Leased Premises has terminated prior to the date this Lease is terminated
as to the remainder of the Premises), ALICO shall reimburse U.S. SUGAR for U.S. SUGAR’s Actual Capitalized Planting Costs (for
the purpose of this Agreement, “Actual Capitalized Planting Costs” shall be those reasonable costs incurred by U.S. SUGAR in planting
(which includes the cost of seedcane), farming, cultivating, sugarcane on the Premises) plus fertilizer, insecticide, soil amendments,
and pesticide costs (collectively “U.S. SUGAR’s Planting Costs”) as follows and as applicable per acre:

(a) If at the time of such termination, U.S.
SUGAR cannot harvest its plant cane (1st harvest), then ALICO shall reimburse U.S. SUGAR one hundred percent (100.0%) of U.S.
SUGAR’s Planting Costs for all such sugarcane on the Hill Grade Portion of the Premises or the Premises, as applicable;

(b) If the cane harvested immediately prior to
termination is plant cane (1st harvest), ALICO shall reimburse U.S. SUGAR sixty six and six/tenths percent (66.6%) of U.S. SUGAR’s
Planting Costs for all such sugarcane on the Hill Grade Portion of the Premises and/or the Premises, as applicable; and

(c) If the cane harvested immediately prior to
termination is first stubble cane (2nd harvest), ALICO shall reimburse U.S. SUGAR thirty three and three/tenths (33.3%) of U.S. SUGAR’s Planting Costs for all such sugarcane on the Hill Grade Portion of the Leased Premises and/or the Leased Premises, as applicable.

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(d) Additionally, ALICO shall reimburse U.S. SUGAR
for any sugarcane inventory on the termination date as to the Hill Grade Portion of the Leased Premises and/or the Leased Premises,
as applicable, at a rate computed as follows: Three Dollars and Fifty Cents ($3.50) multiplied by the average net standard tons
per acre which U.S. SUGAR attained on the Leased Premises during U.S. SUGAR’s sugarcane harvest season immediately preceding the
termination date (the “Reimbursement Amount”).

(e) U.S. SUGAR shall supply such commercially
reasonable documentation as requested by ALICO to establish and/or confirm the total of U.S. SUGAR’s Planting Costs and Reimbursement
Amount. U.S. SUGAR agrees to keep at its principal office records relating to said Planting Costs and Reimbursement Amount and
ALICO shall have the right to audit said records, such audit to take place during normal business hours and not unreasonably interfere
with U.S. SUGAR’s office operations. If such audit shows the amount of Planting Costs and/or Reimbursement Amount reimbursed to
U.S. SUGAR hereunder was overstated by greater than five percent (5%), then U.S. SUGAR shall pay the difference to ALICO, as well
as the reasonable cost of such audit, upon demand.

C. Use. U.S. SUGAR, its successors and
assigns, shall use the Leased Premises exclusively for growing crops, including sugarcane. U.S. SUGAR may clear the Leased Premises
and prepare same for cultivation and may construct or improve roads, drainage ditches, canals, dikes, water impoundments and other
structures on the Leased Premises, consistent with the terms of this Lease. U.S. SUGAR may install and operate drainage pumps
or motors on the Premises and any new pumps installed by U.S. SUGAR shall continue to be the property of U.S. SUGAR, and U.S.
SUGAR may remove such pumps or motors at any time during the Term of this Lease or upon expiration or termination of this Lease.
Any planting, crop or marketing quotas allocated to the Premises during the Term of this Lease shall be the property of U.S. SUGAR
and may be transferred to other property by U.S. SUGAR during the Term of or upon expiration or termination of this Lease.

          D. Rent. As used herein, the
term “Lease Year” shall mean (a) May 15, 2014 through April 30, 2015, and (b) the period May 1 through and
including the subsequent April 30 of each year commencing May 1, 2015 through and including April 30, 2016.

1. Rent due hereunder shall be due and payable
in advance on or before the first day of each Lease Year.

2. Base Rent. U.S. SUGAR shall pay ALICO
rent at the rate of One Hundred Eighty Five Dollars and No Cents ($185.00) per Net Cane Acre leased hereunder as follows:

		
	Lease Year Commencing 	Annual Base Rent 
	May 15, 2014 	$3,548,485.00 
	May 1, 2015 	$3,548,485.00 
	May 1, 2016 	$3,548,485.00 

 

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	May 1, 2017 	$3,548,485.00 
	May 1, 2018 	$3,548,485.00 
	May 1, 2019 	$3,548,485.00 
	May 1, 2020 	$3,548,485.00 
	May 1, 2021 	$3,548,485.00 
	May 1, 2022 	$3,548,485.00 
	May 1, 2023 	$3,548,485.00 
	May 1, 2024 	$3,548,485.00 
	May 1, 2025 	$3,548,485.00 
	May 1, 2026 	$3,548,485.00 
	May 1, 2027 	$3,548,485.00 
	May 1, 2028 	$3,548,485.00 

 

(calculated as follows: 19,181 Net Cane Acres x $185 per Net Cane Acre per Lease Year = $3,548,485.00)

In the event this Lease is terminated as to the Hill Grade Portion of the Leased Premises, the Annual Base Rent shall be reduced accordingly by Eight Hundred Eighty Eight Thousand Dollars and No Cents ($843,877.50) (calculated as follows: 4,561.50
Net Cane Acres x $185 per Net Cane Acre per Lease Year = $843,877.50), to wit, the Annual Base Rent shall be reduced to Two Million Six Hundred Forty Five Thousand Dollars and No Cents ($2,704,422.50) (calculated as follows: 14,619.50 Net
Cane Acres x $185 per Net Cane Acre per Lease Year = $2,704,607.50.)

3. Additional Rent. In addition to the
base rent, U.S. SUGAR shall pay ALICO at the end of each Lease Year an additional amount per Net Cane Acre (“Additional Rent”),
regardless of whether the Net Cane Acre land is planted to sugar or other crops, based on the year-end average net selling price
per hundred weight (“NSP”) for the year-end immediately preceding the applicable Lease Year that U.S. SUGAR receives from United
Sugars Corporation, the exclusive sales agent of all refined sugar produced by U.S. SUGAR, from the sale of refined sugar, as
follows:

			
	 	Additional Rent 	Total Rent 
	 NSP	Per Acre 	(Base Rent + Additional Rent) 
	 
	$28.00 to $29.99 	$15.00 	$200.00 
	$30.00 to $33.99 	$50.00 	$235.00 
	$34.00 to $37.99 	$75.00 	$260.00 
	$38.00 to $40.99 	$100.00 	$285.00 
	$41.00 and above 	$25.00 per $1.00 	$310.00 and up 
	 	increase in NSP 	 

 

4. Simultaneously with the payment of the Additional
Rent described herein, U.S. SUGAR shall provide ALICO with commercially reasonable documentation supporting the calculation of
such Additional Rent payment. U.S. SUGAR agrees to keep at its principal office records relating to said NSP and ALICO shall have the right to audit said records, such audit to take place during normal business hours and not unreasonably interfere with U.S. SUGAR’s office operations. If such audit shows the NSP calculations were
understated by greater than five percent (5%), then U.S. SUGAR shall pay the difference to ALICO, as well as the reasonable cost of such audit, upon demand.

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E. Residences. The Leased Premises includes
three (3) residences (the “Residences”). U.S. SUGAR may allow its employees and/or agents to occupy any or all of the Residences
and, in such event, only during such time as a U.S. SUGAR employees or agents are residing in any of the Residences and only with
respect to the Residences occupied by a U.S. SUGAR employee or agent: (a) U.S. SUGAR shall use all due care to protect and maintain
said Residences, performing all prudent repairs and maintenance; (b) U.S. SUGAR shall enter into agreements with such employees
and/or agents regarding the terms of such occupancy; (c) U.S. SUGAR shall for all purposes be the “landlord” for such occupancies,
and shall indemnify ALICO against any claims by its employees and agents, or those claiming through its employees or agents or
out of any occupancy of the Residences; and (d) In furtherance of the foregoing, U.S. SUGAR will protect the property against
trespass and other occupancy outside of specific agreements with U.S. SUGAR.

F. Reimbursement for Stubble Cane.
U.S. SUGAR shall also reimburse ALICO for all stubble cane on the Premises as of May 1, 2014. The reimbursement amount shall
be mutually agreed upon by the parties hereto based on current industry standards prior to U.S. Sugar taking possession of
the Leased Premises.

G. Rolling Stock. The parties hereto agree
to negotiate in good faith prior to U.S. Sugar taking possession of the Leased Premises in an effort to agree upon (a) what rolling
stock related to sugarcane production that ALICO will sell to U.S. SUGAR, and U.S. SUGAR will purchase from ALICO, and (b) the
purchase price of said rolling stock. In the event the parties do not timely agree to such terms, ALICO is free to remove such
rolling stock from the Leased Premises prior to the commencement date.

H. Obligations Pertaining to ALICO Employees.
U.S. SUGAR and ALICO will cooperate with each other with the intent of U.S. SUGAR offering employment to such of the following
ALICO’s existing sugarcane employees if, and to the extent, U.S. SUGAR determines that such employees are needed for the continuing
operation of the Leased Premises pursuant to the terms of this Agreement and provided reasonable employment terms are negotiated
and agreed upon between U.S. SUGAR and said employees:

				
	ALICO Employee 	 	 
	Last Name 	First Name 	Seniority Date 	Job Title Description 
	Bryant 	Kenneth 	09/21/2004 	Sugarcane Foreman 
	Owens 	Jeffrey 	09/13/2005 	Mgr Sugarcane Ops 
	Bolix 	Randall 	12/20/2013 	Laborer 
	De Santiago Martinez 	Rogelio 	10/07/2009 	Utility Operator 
	Garcia 	Miguel 	11/19/2003 	Equipment Operator I 
	Gomez 	Pedro 	10/11/2004 	Equipment Operator II 
	Gonzalez 	Wilfredo 	12/01/2011	Laborer 

 

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	Perez 	Atanasio 	09/25/2000 	Equipment Operator II 
	Perez 	Guillermo 	12/15/2006 	Equipment Operator I 
	Talley 	Charles 	09/03/2013 	Assistant to Foreman 
	Venancio 	Jorge 	02/12/2008 	Laborer 
	Zavala 	Miguel 	05/09/2013 	Laborer 
	Jones 	Bobby 	05/18/2011	Sugarcane Foreman 
	Espinosa 	Cody 	01/18/2012 	Assistant to Foreman 
	Gonzalez Borrego 	Leosbet 	01/24/2014 	Laborer 
	Hernandez 	Joe 	07/22/2011 	Equipment Operator II 
	Santos 	Frank 	09/03/2013 	Laborer 

 

I. Sales Tax. The parties believe this
Lease to be exempt from sales tax pursuant to Fla. Stat. §2l2.031. In the event that such taxes are or become due on the
Rent, U.S. SUGAR agrees to pay all applicable sales or rental taxes on each such payment of Rent.

J. Ad Valorem Taxes. U.S. SUGAR shall be
responsible for the cost of all real property taxes, general and special assessments levied by any authority against the Leased
Premises and such payments shall constitute additional Rent hereunder. ALICO shall be responsible for timely paying real property
taxes and assessments on the Leased Premises, and U.S. SUGAR shall be responsible for promptly paying ALICO upon presentment of
a bill reflecting such charges. U.S. SUGAR shall be responsible for directly paying personal property taxes levied or assessed
against any personal property on the Leased Premises. Any levy or assessment which includes time either before or after this Lease
is in effect shall be prorated between the parties on a per diem basis.

K. Road and Ditch Maintenance. Alico shall
be responsible for maintaining the roads on the Leased Premises for its own use and that of U.S. SUGAR. Alico shall be responsible
for maintaining the ditches which provide water to groves owned by Alico, to the extent they are not managed by drainage districts,
and U.S. SUGAR shall be responsible for reimbursing Alico for maintenance performed by ALICO and attributable to U.S. SUGAR’s
use of the Leased Premises. The parties agree to cooperate in good faith to determine each party’s financial responsibilities
under this provision.

L. Not Related Persons. This is an arms-length
transaction, and Landlord and Tenant are not “related persons” under the Securities Exchange Act of 1934.

M. Modification of Permits. Without limiting
Tenant’s obligations under the General Conditions to comply with all provisions of all applicable permits, Alico agrees to cooperate
with U.S. SUGAR in modifying existing South Florida Water Management District (“District”) permits, applying for new District
permits, and in applying for other permits (collectively “Permits”), provided all are reasonable for U.S. SUGAR’s permitted uses
under this Lease. All application, design and implementation costs for such Permits, and for all Permits acquired by U.S. SUGAR
for the Leased Premises, shall be paid by U.S. SUGAR, and Alico shall not be obligated to incur any cost or expense in the obtaining
or implementation of such permits. U.S. SUGAR shall not be obligated to pursue litigation in order to obtain any Permit and may
abandon any Permit that it has applied for if, in U.S. SUGAR’s sole discretion, U.S. SUGAR determines that the terms or conditions for obtaining any Permit are too burdensome or economically prohibitive to accomplish. In the event (a) U.S. SUGAR is unable to obtain all Permits necessary for the operation of the Leased Premises as a sugarcane
farm, (b) U.S. SUGAR abandons any Permit or Permit proceeding as provided for herein, or (c) any Permit is revoked or is not renewed, which would in the reasonable opinion of U.S. SUGAR make the farming of sugarcane on the Leased Premises impracticable,
then, in any such event, U.S. SUGAR may immediately terminate this Lease as to those portions of the Leased Premises where Permits have been denied, restricted or abandoned, and neither party shall have any further obligation or liability hereunder.

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N. Agricultural Chemicals. U.S. SUGAR’s
use of agricultural chemicals on the Leased Premises is limited to those chemicals identified in Schedule “4” to
this Lease. Tenant must advise Landlord of all agricultural chemicals anticipated to be used by Tenant in Tenant’s operations
on the Leased Premises, and Landlord must agree to list those agricultural chemicals on Schedule “4” prior to any
use of such agricultural chemicals on the Leased Premises.

O. Water for Freeze Protection. ALICO grows,
and will continue to grow, citrus on groves adjacent to portions of the Leased Premises, specifically the “2 X 6 Farm” portions
of the land (the adjacent parcel being the “2 X 6 Grove”). The 2 X 6 Grove is subject to the same District permits as the 2 X
6 Farm portions of the Land, and pulls water from the same ditches and canals. ALICO hereby reserves, and U.S. Sugar acknowledges
such reservation, the right to such amounts of water as are adequate for irrigation and freeze protection of the 2 X 6 Grove,
and U.S. Sugar shall pump and direct water to the 2 X 6 Grove for such purposes.

P. Assignability. Notwithstanding limitations
in the General Conditions, U.S. SUGAR may sublease or assign this Lease with the prior written consent of ALICO, which consent
shall not be uneasonably withheld or delayed, provided that any such sublease or assignment shall require written consent of the
assignee or subtenant to adherence to the terms of this Lease. Regardless of any assignment or sublease hereunder, U.S. SUGAR
shall remain obligated for the performance of all terms under this Lease unless and until specifically released from same by ALICO,
which release may be withheld in ALICO’s sole discretion for any reason or for no reason.

Q. Subordination, Non-Disturbance, and Attornment.
This Lease shall be subject and subordinate to the lien, operation and effect of any present or future mortgage encumbering all
or any part of the Leased Premises and to all modifications, consolidations, renewals, extensions, or replacements therefore;
provided that the holder of any such mortgage shall agree in the mortgage or other written instrument that this Lease shall not
be terminated or otherwise affected by the enforcement of any such mortgage if, at the time thereof, no default under this Lease
then exists. Upon written request from Landlord, Tenant agrees to execute and deliver a subordination, non-disturbance, and attornment
agreement on the then-standard form prescribed by the holder of such mortgage, provided such then-standard form does not modify
or amend any provisions of this Lease. Tenant shall attorn to any foreclosing mortgagee, purchaser at a foreclosure sale, or purchaser
by deed in lieu of foreclosure. At the election of the holder of any mortgage, this Lease may be declared superior and prior
in right to such mortgage provided such election is by written instrument executed by the holder of such mortgage.

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R. Memorandum of Lease. The terms of the General
Conditions notwithstanding, the parties shall execute and deliver upon the commencement date of this Lease a Memorandum of Lease
in form and substance substantially similar to the document attached hereto and made a part hereof as Exhibit “C”,
which shall be recorded in the public records of Hendry County, Florida memorializing the existence of this Lease.

S. Notice. Any notice, election, consent,
or other communication required or permitted to be given to a party pursuant to this Lease will be in writing and will be determined
to have been duly given when delivered personally, if sent by overnight courier (e.g., FedEx), or by United States Certified or
Registered Mail, return receipt requested, postage prepaid, as follows:

As to Landlord:

ALlCO, INC.

Attn: Clay G. Wilson

10070 Daniels Interstate Court, Suite 100

Ft. Myers, Florida 33913

 

With a copy to

DEAN, MEAD, MINTON & ZWEMER

Attn: Dennis G. Corrick

1903 S. 25th St., Suite 200

Fort Pierce, FL 34947

As to Tenant:

UNITED STATES SUGAR CORPORATION

111 Ponce de Leon Avenue

Clewiston, Florida 33440

Attn: Kenneth W. McDuffie, Senior Vice President,

Sugarcane Operations

 

With a copy to:

UNITED STATES SUGAR CORPORATION

111 Ponce de Leon Avenue

Clewiston, Florida 33440

Attn: Edward Almeida, Esq., Vice President, Legal Affairs

 

T. WAIVER OF TRIAL BY JURY: AS AN INDUCEMENT
TO LANDLORD AND TENANT AGREEING TO ENTER INTO THIS LEASE, LANDLORD AND TENANT HEREBY WAIVE TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BROUGHT BY EITHER PARTY AGAINST THE OTHER PARTY PERTAINING TO ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH
THIS LEASE OR TENANT’S OCCUPANCY OF THE PREMISES.

U. Quiet Enjoyment. ALICO covenants that,
as long as U.S. SUGAR performs its agreements hereunder, U.S. SUGAR shall have the right to quietly enjoy and use the Leased Premises
at all times relevant hereto without interference from ALICO or any parties claiming by, through, or under ALICO, subject only to the provisions of this Lease, which right of quiet enjoyment shall extend to the right to possess, remove, and sell any and all crops, sugarcane and sugar and byproducts made therefrom on the Leased
Premises.

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          V. Breach. If either ALICO or
U.S. SUGAR shall fail to perform or shall breach any agreement of the Lease and such default shall continue for thirty (30) days
after a written notice specifying the performance required shall have been given to the other party failing to perform, the party
so giving notice may institute action in a court of competent jurisdiction to terminate this Lease or to compel performance of
the agreement or may seek any other remedy provided at law.

W. Hazardous Materials. ALICO covenants
and warrants to U.S. SUGAR that neither ALICO nor anyone claiming under ALICO nor, to the best of ALICO’s knowledge, any previous
occupants of the Premises have been involved in operations on the Premises or made use of the Premises in a manner that could
lead to the imposition on ALICO or U.S. SUGAR of liability under any Federal or State laws or regulations concerning hazardous
or harmful substances. ALICO hereby indemnifies and holds U.S. SUGAR harmless from and against any and all damages, penalties,
fines, claims, liens, suits, liabilities, costs (including clean-up costs), judgments and expenses (including attorneys’ or experts’
fees and expenses) of every kind and nature suffered by or asserted against U.S. SUGAR as a direct or indirect result of any hazardous
substance placed on the Premises prior to U.S. SUGAR’s occupation thereof, or as the result of any warranty or representation
made by ALICO being false or untrue in any material adverse respect, or as the result of ALICO’s non-compliance with any requirement
under any law, regulation or ordinance, local or State or Federal, which requires the elimination or removal of any hazardous
materials, substances, wastes or other environmentally regulated substances. The rights and obligations of this paragraph are
expressly intended to and shall survive the expiration or termination of the Lease.

X. Force Majeure.

1. If either party hereto shall be delayed or
prevented from the performance of any act required hereunder by reason of acts of God, strikes, lockouts, labor troubles, inability
to procure materials, adverse weather, unusual delay in transportation, delay by the other party hereto or other cause without
fault and beyond the control of the party obligated (financial inability excepted), (herein called “Force Majeure”), then upon
written notice to the other party, the performance of such act shall be excused for the period of the delay and the period for
the performance of such act shall be extended for a period equivalent to the period of such delay. The parties hereto, however,
shall exercise good faith efforts to remedy any such cause of delay or cause preventing performance.

2. If U.S. SUGAR’s use of the Leased Premises
is materially impaired by circumstances or events beyond the control of U.S. SUGAR, including but not limited to the loss of capacity
in or damage to the mill processing the sugarcane from the Leased Premises, loss or damage to crops due to natural disaster, or
prohibitions or restrictions imposed by law, or governmental entity imposes any direct or indirect restrictions or quotas on the
amount of sugarcane or sugar to be marketed or produced from the Leased Premises or from U.S. SUGAR’s mill, then with one (1) year advance written notice to ALICO, at U.S. SUGAR’s sole option, U.S. SUGAR may (1) reduce the amount of land leased hereunder pro rata based on the resulting percentage reduction in sugarcane or sugar production by U.S.
SUGAR during such period of restriction or (2) terminate the Lease in its entirety.

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Y. U.S. SUGAR’s rights and interests herein, shall
run with the Leased Premises and shall be binding upon and inure to the benefit of the successors and assigns of ALICO, and to
U.S. SUGAR and its successors and assigns, and to any and all parties hereafter having any right, title, or interest in the Leased
Premises or any part thereof. The provisions of this Lease are intended to run with the title to the Leased Premises. Accordingly,
as used herein, the term “ALICO” shall include successors-in-title with respect to the Leased Premises, or any part thereof.

IN WITNESS WHEREOF, the parties hereto have executed
this Lease as of the day and year first above written.

Signed, sealed and delivered in the presence of:

	Witnesses	 	LANDLORD: 

	 	 	 
	 	 	ALICO, INC., a Florida corporation
	 	 	 
	/s/ Denise Plair	 	By: /s/ Clay G. Wilson
	Print Name: Denise Plair	 	Print Name: Clay G. Wilson
	 	 	Title: CEO/President
	 	 	 
	/s/ Mary Lofton	 	
	Print Name: Mary Lofton	 	 
	 	 	 
	Witnesses	 	TENANT: 

	 	 	 
	 	 	UNITED STATES SUGAR
	 	 	CORPORATION, a Delaware corporation
	 	 	 
	/s/ Ann Marie Pilling	 	By: /s/ Kenneth W. McDuffie
	Print Name: Ann Marie Pilling	 	Print Name: Kenneth W. McDuffie
	 	 	Title: Sr. Vice President, Sugarcane Operations
	 	 	 
	/s/ Eneyda Rios	 	 
	Print Name: Eneyda Rios	 	 
	 	 	 

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EXHIBIT “A”

TO AGRICULTURAL LEASE

GENERAL CONDITIONS

Article I.

AS IS

This Exhibit “A” is an exhibit to
a certain “AGRICULTURAL LEASE” by and between Alico, Inc. and United States Sugar Corporation dated _____, 2014 (“Lease”).

NOTWITHSTANDING ANYTHING IN THIS EXHIBIT “A”
TO THE CONTRARY, IN THE EVENT,       (A) THERE IS A CONFLICT BETWEEN THE PROVISIONS IN THIS EXHIBIT
“A” AND THE PROVISIONS IN THE MAIN BODY OF THE LEASE, OR (B) THERE ARE PROVISIONS IN THE MAIN BODY OF THE LEASE THAT
ADDRESS THE SAME OR SIMILAR PROVISIONS ADDRESSED IN THIS EXHIBIT “A” (FOR EXAMPLE, NOTICE PROVISIONS IN THIS EXHIBIT
“A” AND NOTICE PROVISIONS IN THE MAIN BODY OF THE LEASE), THEN THE PROVISIONS IN THE MAIN BODY OF THE LEASE (AND NOT
THE PROVISIONS IN THIS EXHIBIT “A”) SHALL IN ALL RESPECTS GOVERN AND CONTROL.

Section 1.01 No Covenants or Warranties of Fitness.
Tenant leases the Land “AS IS, WHERE IS, WITH ALL FAULTS”, and Landlord makes no covenants, representations or warranties
as to its fitness for farming or for any other purpose. Tenant acknowledges that Tenant has had the opportunity to inspect the
Land, and has determined that the Leased Premises are fit for Tenant’s intended purpose of farming crops, including sugarcane.

Section 1.02 Landlord’s Use of, and Leasing
of, Nearby Lands. Landlord uses adjoining and nearby lands for grazing of cattle, and leases adjoining and nearby lands to others
for cattle grazing, agricultural and recreational uses. Tenant’s acceptance of this Lease is specifically conditioned upon
Tenant’s acknowledgement of such neighboring uses and their possible impact on Tenant’s use of the Land. Landlord
practices, and requires of all tenants, due care in the conduct of all activities upon Landlord’s lands. Therefore, Tenant
hereby assumes the risk, waives all claims against Landlord and holds Landlord harmless for the conduct of such activities on
Landlord’s other lands. Without limitation, such activities include grazing of cattle, use of agricultural chemicals, and
hunting.

Article II.

CONDUCT OF TENANCY

Section 2.01 Prohibited Uses. The Leased Premises
will not be used for: (i) recreational purposes; (ii) grazing or raising of livestock; (iii) hunting; (iv) fishing; or (v) illegal
activities. Hunting nuisance animals may be permitted only as permitted under the terms of this Lease.

Section 2.02 Cultivation and Operation. Tenant
agrees and covenants to perform its farming operations on the Land during the term hereof in an efficient, economic, and husbandlike manner and to employ all modern methods of farming as are customarily practiced in the area.

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Section 2.03 Fence. Tenant shall maintain any
existing fences on the Leased Premises throughout the term of the Lease. Tenant may enclose portions of the Leased Premises with
additional fencing in Tenant’s reasonable discretion, and once constructed, shall maintain such fences throughout the term
of the Lease.

Section 2.04 Trees and Timber, Other Assets of
Landlord. Use of the trees and timber on the Leased Premises is specifically excluded from Tenant’s rights under this Lease.
Accordingly, Tenant shall not cut or remove any standing trees, dead or fallen timber from the Land. Tenant shall not for any
purpose drive nails, spikes, staples or the like into, or otherwise deface or mar any tree, green or dead, on the Land. Tenant
may not avail itself of rock, fill dirt, equipment or other assets of Landlord without specific written consent of the Landlord
to do so. For purposes of this section, Landlord’s consent may only be granted by the Landlord’s VP of Sugarcane,
Sod & Farm Leases; no field employee of Landlord is authorized to give such consent.

Section 2.05 Irrigation and Discharge Pumps. The
foregoing section notwithstanding, Tenant may, with Landlord’s written consent, have non-exclusive use of irrigation and
discharge pumps owned by Landlord and located on the Land. Landlord’s consent is specifically subject to Tenant’s
proper maintenance and use of the pumps. Such proper use and maintenance includes, without limitation, greasing and lubricating
the pump, regularly checking engine oil, monitoring fuel levels, checking water levels and adding of good water (not ditch water)
and checking of belts on electric and diesel pumps. Tenant shall maintain and provide to Landlord upon request a monthly log of
times run and maintenance performed on the pumps. Improper use of Landlord’s pumps may result in loss of use, or charge
to Tenant for damage.

Section 2.06 Waste and Nuisance. Tenant agrees
to conduct Tenant’s operations upon the Land with care, and to not permit waste of the Land nor destroy or remove without
the consent of the Landlord any of the buildings, sheds, engines, windmills, pumps, water tanks, pipes, fences, drains, culverts,
beams, and any other fixtures and improvements existing on the Leased Premises on the Commencement Date, or to place, construct
or put any of these items on the Leased Premises during the term of the Lease, without the prior written consent of Landlord (which
consent shall not be unreasonably withheld if such fixtures or improvements are necessary for Tenant’s Use) and any permits
necessary to authorize such placement or construction. Tenant will not maintain, commit, or permit the maintenance or commission
of any nuisance on the Leased Premises or use the Leased Premises for any unlawful purpose.

Section 2.07 Plastics. In the event plastics are
used in the Tenant’s Use, Tenant must remove said plastics no later than thirty (30) days after use. Plastics will not be
disked into the ground. All plastics will be properly removed and disposed of in accordance with Legal Requirements, as that term
is defined below.

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Section 2.08 Roads, Ditches, Dikes, Etc. Tenant
shall not construct: any ditches requiring or requiring modification of, surface water management permits; dikes; roads; other improvements or structures without the prior written consent of Landlord. With Landlord’s written approval, Tenant may be permitted to construct drainage
infrastructure that does not require any modification to existing water management district permits. Tenant understands that such improvements may require permits from various governmental agencies before the commencement of construction begins. In the
event any such improvements require or are otherwise governed by permits, Tenant shall comply with the terms of such permits, as set forth in Section 3.02 of this Lease. Tenant will hold Landlord harmless from any liability arising out of Tenant’s
operations under these permits, failure to obtain such permits or failure to pay such permit fees or charges. Tenant further covenants and agrees to maintain any and all existing roads, ditches and dikes in a manner satisfactory to Landlord.

Section 2.09 Improvements; Duty of Repair. Tenant
agrees to keep the Leased Premises, including but not limited to all fences, culverts, buildings, wells, improvements, dikes,
canals and ditches (including ditches to adjoining properties) in as good state of repair as existed on the Commencement Date,
subject to ordinary wear and tear. Tenant expressly agrees to assume sole responsibility arising out of Tenant’s failure
to keep the Land in the state of repair required hereby.

Section 2.10 Compliance with Legal Requirements.
Tenant will promptly comply with all present and future laws, rules, regulations and directives of any municipal, county, state,
federal or other governmental or quasi-governmental authority applicable to the Land or to Tenant’s acts or activities on
the Land (the “Legal Requirements”). Tenant’s attention is specifically directed, among other things, to the
need to notify the county building and zoning departments of any structures, other than temporary farm buildings, to be placed
on the Leased Premises, and to the need to comply with all permitting requirements of South Florida (or Southwest Florida, if
applicable) Water Management District, Florida Department of Environmental Protection, Army Corps of Engineers, and the Environmental
Protection Agency throughout the Term of this Lease, and without cost to Landlord. Tenant will promptly comply with the Legal
Requirements whether they are foreseen or unforeseen, or ordinary or extraordinary. Tenant has specifically examined the South
Florida (or Southwest Florida, if applicable) Water Management District Environmental Resource and Water Use permits for the Land
and specifically undertakes that the Tenant’s operations will be conducted in such a way as not to cause a violation, or
require a modification, of those permits. The term Legal Requirements, as used throughout this Lease, shall be broadly construed.

Section 2.11 Permits. All expenses incurred through
Tenant’s use of the Land will be the sole responsibility of Tenant, including any contract for electrical power. Tenant
will be responsible for obtaining and paying for all permits necessary for the utilization of the Land, including but not limited
to storage tank registrations, water permits, pesticide use permits, burn permits, waste removal permits, etc. Such payments will
be made promptly prior to delinquency. Tenant will further hold Landlord harmless from any liability arising out of Tenant’s
operations under any such permit, Tenant’s failure to obtain such permits, or Tenant’s failure to pay such permit
fees or charges.

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Section 2.12 Hunting Nuisance Animals.

(a) Hunting nuisance animals will be permitted
only after the Tenant has received written authorization from the Florida Game and Fresh Water Fish Commission to hunt, remove,
or destroy animals which interfere with Tenant’s farming operation, and only as further provided herein. Tenant will be
responsible for obtaining the necessary permits and agrees to indemnify and hold Landlord harmless for any violation of Federal,
state, or local hunting laws, and for any damages or injury resulting therefrom. Tenant will notify Landlord of any and all such
permit applications and will supply Landlord with copies of all applications submitted and permits received before any such hunting
occurs. In addition to any other permit which is a Legal Requirement, Tenant shall apply to Landlord’s VP of Sugarcane,
Sod & Farm Leases for a permit indicating Landlord’s consent to hunt nuisance animals on the Leased Premises (a “Landlord
Permit”). Such application shall include a copy of photo ID for each person Tenant wishes to have Landlord’s consent
to hunt nuisance animals on the Land. Any person found hunting on Landlord’s property and not listed on a Landlord Permit
shall be considered a trespasser. The Landlord Permit indicates consent to hunt nuisance animals only on the Leased Premises,
is valid only until Tenant’s Use is completed, and must be returned at that time.

(b) Tenant agrees to prohibit any use of firearms
on the Land except as provided above, and agrees to assume responsibility for enforcing this prohibition. Tenant will pay Landlord
a penalty of $100 per day per infraction for violation of this clause. Notwithstanding the above, Landlord reserves the right
to prohibit the hunting of nuisance animals, in Landlord’s sole discretion.

(c) For purposes of this Lease, the term “nuisance
animals” shall be limited to hogs, raccoons and coyotes. There will not be any shooting at or taking of deer, turkeys or
alligators on the Leased Premises, or Landlord’s property, under any circumstance. Any nuisance animals taken under the
Landlord Permit shall be destroyed before removal from the Leased Premises.

Section 2.13 Vehicles to be Used on Land. Tenant
agrees to use only the following vehicles to access the Land: equipment and vehicles owned and/or operated by Tenant or Tenant’s
employees, contractors, agents, guests or invitees. This limitation does not prohibit vehicles necessary for planting, caretaking,
harvesting the crop, or providing necessary goods or services in connection with planting, caretaking or harvesting Tenant’s
crop. Tenant agrees to participate in any reasonable procedures at no out-of pocket cost or expense to Tenant, necessary to protect
Landlord’s adjacent agricultural activities from infection by plant and animal diseases, including but not limited to decontamination
procedures related to citrus canker and foot and mouth disease at Landlord’s request.

      Section 2.14 Off-Road and Recreational Vehicles. The use of ATVs
and other recreational vehicles on the Leased Premises is prohibited, except utility-type four-wheeled vehicles commonly
known as “Mules,” or “Gators,” and  such vehicles must be operated by employees of Tenant, and may not be operated in excess
of 20 mph. Such vehicles may only be used in direct support of Tenant’s Use; personal and recreational use are strictly
prohibited. If any employee, agent, guest or  invitee of Tenant is found to be operating such vehicles outside the Leased
Premises, the equipment will be banned from Landlord’s property.

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Section 2.15 Tenant’s Employees on Land.
Tenant agrees that only the following persons will have access to the Land: Tenant’s employees, contractors, agents, guests
or invitees. This limitation does not prohibit persons necessary for planting, caretaking, harvesting the crop, or providing necessary
goods or services in connection with planting, caretaking or harvesting the crop.

Section 2.16 Trespassers. Tenant will be responsible
for the removal and eviction of any and all trespassers from the Land. Landlord will have no responsibility with respect to the
removal or eviction of trespassers during the Term, but retains the right to do so.

Section 2.17 No Structures or Trailers. No structures
or mobile homes will be placed on the Land without the prior written consent of the Landlord, which may be withheld for any reason
or for no reason.

Section 2.18 Inspection by Landlord; No Duty.
Landlord, for itself and its agents, representatives, or employees, reserves the right to enter the Land at all reasonable times
in order to inspect the Land to determine whether Tenant is complying with the terms of this Lease, and to do all other lawful
acts that are necessary to protect Landlord’s interest in the Land, including, without limitation, repairs, additions, or
alterations of any property on the Land. Notwithstanding the foregoing, compliance with the terms of this Lease is the sole responsibility
of the Tenant. The right of the Landlord to inspect the premises will not create a duty to inspect, nor will Tenant be entitled
to rely on the same, nor will it be construed or interpreted as a waiver of or estoppel to Landlord’s right to require Tenant’s
strict compliance with the terms of this Lease, or to any enforcement action brought by the Landlord.

Section 2.19 Surrender of the Land. Tenant agrees
to surrender the Land in the same condition and repair as it existed upon commencement of the Term, subject to ordinary wear and
tear, upon the end of the Term. Tenant agrees to level and disk all beds, ditches, or other modifications to the Land created
by Tenant, restore each perimeter dike to its functional condition, restore all points of access for ingress and egress to the
Leased Premises, and leave the Land clean to the reasonable satisfaction of the Landlord at the conclusion of the growing season.
Tenant shall remove all mulch and similar materials which will not decompose promptly. Landlord will be reasonable in its requirements
for the condition of the Land. The failure by Tenant to restore the Leased Premises as specified at the end of the Term will result
in the Landlord contracting for the work and Tenant being liable for all expenses reasonably incurred by Landlord in restoring
the Land to good condition.

Section 2.20 Removal of Equipment, Materials and
Personal Property. At the end of the Term, Tenant will, at Tenant’s expense, remove all equipment and materials placed by
Tenant on the Leased Premises including, but not limited to pumps, engines, drainage, culverts, containers, tanks, chemicals,
fuel, batteries, dumpsters, equipment, scrap iron, sheds, barrels, boxes, plastic containers, waste materials and any other property
pertaining to Tenant’s use or operation. “Waste Materials” includes, without limitation, cans, pallets, glass,
cardboard, hay bales, and unrepaired or abandoned equipment. Any equipment or property not removed on the expiration of this Lease
may, at Landlord’s discretion, be deemed the property of Landlord, but Tenant will nonetheless be liable for all expenses
reasonably incurred by Landlord in removing such property and equipment.

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Section 2.21 Possession on Termination. Tenant
agrees to yield possession of the Land at the termination of the Lease. Tenant further agrees to pay, as liquidated damages for
failure to vacate, the sum of double the per diem Rent per day for every day after the date of the termination of this Lease that
occupancy is withheld.

Article III. 
ENVIRONMENTAL

Section 3.01 Environmental Protection Requirements.
Tenant is responsible for constructing and maintaining Tenant’s facilities and conducting Tenant’s operations in a
manner that employs all reasonable means to limit the potential for environmental contamination of the Land and adjoining lands.
This Article is to be read in harmony with other Articles of this Lease. When the terms and conditions of this Article are more
restrictive than other Articles that could be construed to encompass the same topic, this Article shall control. Further, this
Article shall be broadly interpreted so as to protect the environmental integrity and condition of the Land and to require compliance
with Legal Requirements as to the Land under all circumstances.

Section 3.02 Water Use and Surface Water Management
Permits. Tenant will comply with all terms and conditions of the existing South Florida Water Management District or Southwest
Florida Water Management District permits (either, as applicable to the Land, the “District”), as applicable, for
water use and surface water management on the Leased Premises, including any and all reporting requirements and best management
practices required for the property. A list of District permits is attached hereto and made a part hereof as Schedule “1”.

Tenant will not drill or rework any well on the
premises without prior written consent of Landlord, and without appropriate permits from the District and any other public agency
regulating water use and water wells. In order to comply with District water use permit requirements, Tenant will keep accurate
pumping records of wells on the Land. Such records will be submitted to Landlord on a monthly basis, or more frequently if so
required by the District, or any other applicable governmental agency, and will be kept in a manner and submitted in a form acceptable
to the District. All new wells must be constructed by a licensed well contractor and meet all federal, state and local laws and
regulations. Wells not in use should be provided with a temporary cap.

Tenant will not substantially alter the existing
surface water management system without prior written consent of Landlord and without appropriate permits from the District and
any other public agency regulating surface water management and wetlands.

Section 3.03 Wetland Protection. Tenant must notify
Landlord and obtain Landlord’s permission before undertaking any soil excavation activities, including routine canal/ditch
maintenance. No excavated soil or any type of material may be placed in a wetland system. Wetlands, wetland buffer areas and other
preservation areas shall not be used by Tenant for any purpose. A wetland will be defined as set forth in Chapters 373 and 403,
F.S., or any regulation promulgated thereunder, or as defined under any other applicable federal, state or local statute, rule,
regulation or order or as delineated by a jurisdictional determination of any agency or other governmental entity. For purposes of the prohibitions set forth in this paragraph, the term wetland shall be broadly construed.

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Section 3.04 C-139 Basin Requirements. If the
Land is within the C-139 Basin, then in addition to Tenant’s other environmental obligations under this Lease, Tenant must
comply with all requirements for the control of phosphorus imposed on lands within the C-139 Basin as may be required by the District
or requested by Landlord, including but not limited to the use of specific Best Management Practices, the preparation of annual
reports and any other activities deemed necessary by Landlord. Without limitation, Tenant shall be bound by the terms and conditions
of the Phosphorus Source Control Permit 26-00323-E, as it may be amended from time to time. Tenant shall be responsible for the
payment of any fines and the cost of any corrective action which may be imposed by the District or another government agency as
a result of the Tenant failing to comply with regulations imposed by the District or other government agency.

Section 3.05 Best Management Practices. Tenant
shall implement Best Management Practices appropriate for Tenant’s use of the property, including without limitation those
listed on Schedule “2”, attached hereto and made a part hereof, within thirty (30) days. Simultaneously
with the execution of this Lease, Tenant (or sublessee, if appropriate) has received a copy of the District permit governing the
Land, and has completed the Written Certification attached hereto and made a part hereof as Schedule “3”.

Section 3.06 Records. Tenant agrees to maintain,
and give to Landlord and to Landlord’s authorized representative, the right to inspect, at all reasonable times and upon
twenty-four (24) hours notice, records relating to compliance with the District permits, Best Management Practices, and environmental
compliance matters relating to the Land. In addition, Tenant will provide Landlord with any and all monitoring data and reports
which Tenant is required to keep in accordance with all Legal Requirements, including but not limited to, all records required
by the District, Florida Department of Environmental Protection, Army Corps of Engineers, and the Environmental Protection Agency,
as well as those reporting requirements associated with the storage, use or disposal of pesticides, fungicides or any other such
material.

Section 3.07 Burning. Any burning on the Land
will be subject to the prior approval of the applicable federal, state and local governmental agencies where required. Tenant
is responsible for obtaining all permits required by any applicable governmental agency prior to any such burn for complying
with all Legal Requirements during such burn.

Section 3.08 Tenant Responsible for Waste Generated.
The Tenant warrants, covenants and represents that it is familiar with requirements applicable to proper waste disposal. Tenant
understands that it is solely in charge of all farming and related activities on-site and is the sole generator of all waste material
leaving the site and will not be acting as agent or on behalf of Landlord in any manner with regard to any chemical or solid waste
storage, use or disposal arrangements. Tenant shall contract with licensed waste handlers, obtain receipts for any waste recycled
or disposed of, and be able to verify to Landlord upon request that all waste is being handled by licensed handlers, and not disposed
of on-site.

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Section 3.09 Waste Stream Management. The Tenant
must manage its waste stream in a manner that protects the environmental integrity of the Land. All wastes generated by Tenant
must be promptly disposed of in accordance with all Legal Requirements. No waste will be allowed to accumulate. No dumping or
other disposal of any liquid, solid or semi-solid waste will be allowed upon the Leased Premises. Burial of any waste is strictly
prohibited. Tenant shall maintain a dumpster for solid waste on the Leased Premises throughout the Term.

Section 3.10 Prohibited Substances. With the exception
of petroleum products for use in farm implements and vehicles, pesticides in use, or liquid or granular fertilizers, no other
“pollutant”, as defined in Chapters 376, 377 or 403, Fla. Stat. or Chapter 62, F.A.C., as the same may be amended
from time to time, will ever be stored in any tank upon the Leased Premises. This prohibition does not cover approved recycling
containers provided by approved used oil, oil filter, or antifreeze haulers provided that the container size does not exceed 550
gallons. No material classified as hazardous waste which is subject to regulation under 42 U.S.C. 6901 et sec or any other federal,
state or local law or regulation may ever be generated, stored or brought onto the Land.

Section 3.11 Landlord Limitations on Agricultural
Chemicals. Tenant may use on the Leased Premises only use those herbicides, pesticides, fertilizers and fungicides listed on Schedule
“4” and registered and labeled for Tenant’s Use, as that term is defined herein. Any such use must be
in strict accordance with the labels. Tenant will store, apply, and dispose of such materials in accordance with all applicable
regulations, including the reporting requirements associated with the storage, use or disposal of such materials.

Section 3.12 Handling of Agricultural Chemicals.
Agricultural chemicals permitted hereunder should be stored, handled and applied in accordance with all Legal Requirements. Tenant
will not bring on the Leased Premises, cause to be brought on the Leased Premises nor in any way commit to the Leased Premises
by dumping, ground rig spraying, aerial spraying or any other manner pesticides, fertilizers, chemicals or petroleum products
which when used separately or in a combined state could be regulated as a hazardous waste under any applicable law. Except as
set forth on Schedule “4” attached hereto, Tenant will not bring on the Leased Premises or allow or
cause to be brought on the Leased Premises any pesticide or fertilizer which would or could be categorized as a prohibited use
or canceled pesticide or fertilizer. Except as set forth on Schedule “4” attached hereto, Tenant will
not bring on the Leased Premises nor allow or cause to be brought on the Leased Premises any pesticide or fertilizer which is
or could be categorized as a restricted use pesticide or fertilizer without first obtaining all necessary permits for the use,
storage or application thereof on the Leased Premises. In the use, storage or application of any pesticides, fertilizers and chemicals
by Tenant or Tenant’s officers, directors, agents, employees, or contractors, including their successors, heirs and assigns,
Tenant will take all such precautions as are necessary to see that such pesticides, fertilizers and chemicals are stored, maintained
and applied in such a way as to be consistent with all Legal Requirements.

Section 3.13 Chemical Storage. Pesticides will
be stored in a locked, weather resistant, us floored structure. Such structure (hereinafter the “Storage Facility”)
should have containment capacity or be located so that a release will not enter a wetland, surface water body, the air, soil or groundwater. The Storage Facility should be afforded good housekeeping so as to prevent any build-up or release of spilled agricultural chemicals. Overnight outdoor storage of pesticides is strictly prohibited.

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Section 3.14 Special Warranty for Storage and
Disposal. Tenant covenants, warrants and represents that Tenant is familiar with 40 CFR Part 165 “Recommended procedures
for the disposal and storage of pesticides and pesticide containers”. Tenant also understands that no container or other
solid or liquid waste disposal of any type is permitted on the Leased Premises. However, at the Tenant’s option, Tenant
may dispose of residual pesticide by proper application of triple rinseate as part of the application process. As a best management
practice, the Tenant should properly dispose of all containers as provided in 40 CFR Parts 262 and 165 and as required by any
other applicable local, state or other federal requirement.

Section 3.15 Mixing and Loading Procedures. Mixing/loading
of agricultural chemicals will not be performed within 100’ of any well, or at a site where a release would drain into a
surface water body or wetland system. Agricultural chemicals may not at any time, for any duration, be stored within 100’
of any well. Mixing/loading sites should be alternated to prevent any possible pesticide contaminant accumulation. Equipment washing
and any triple rinsing should also be performed at multiple sites.

Section 3.16 Product Storage and Use. Products
such as new motor oil, grease, lubricants, fluids, etc., which are not prohibited by the terms of this Lease, shall be stored
in leak-tight containers and dispensed in a manner that does not allow any of the material to spill on the ground. For example,
new oil, antifreeze, solvents, batteries, oil filters, etc. should be stored in a protected manner so that any foreseeable events
will not cause entry or contamination to the surrounding environment.

Section 3.17 Prohibited Tanks. Above ground fuel
tanks (“ASTs”) over 550 gallons and below ground tanks of any size, for any purpose other than use as septic tanks,
are strictly prohibited. No material other than domestic waste water, as defined and allowed by Chapter 62-600, F.A.C. and any
other applicable federal, state or local requirement, will be placed into any septic system. The proper permitting, operation
and closure of any such system will be the sole responsibility of the Tenant.

Section 3.18 Fuel Tanks. All fuel storage tanks
must comply with all applicable federal, state and local laws and regulations, and be monitored by the Tenant for signs of corrosion,
leakage or overfill/spill occurrence.

Section 3.19 Tank Placement and Procedure. Above
ground fuel tanks of a capacity of 550 gallons or less must be located so that no part of the tank is in contact with the soil
and the tank can be readily inspected for leaks. Such tanks must be registered with the Florida Department of Environmental Protection,
and comply with all applicable laws, including without limitation, Ch. 376, Fla. Stat., and 62-762 Fla. Admin. Code. All fuel
lines, connections and other apparatus must be well maintained to prevent fuel leakage. All detected leaks should be repaired
immediately. All fuel spills over 25 gallons must be reported to Landlord immediately upon discovery. Landlord, at its option
and in its sole discretion, may oversee or control any needed assessment and remediation activities at Tenant’s expense.

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Section 3.20 Right of Entry. Notwithstanding any
other provision of this Lease, the Landlord, at its option and in its sole discretion, will have the right to enter the Leased
Premises at any time for the purpose of responding to an environmental condition in order to prevent waste or other damage to
the Leased Premises. Landlord shall not be liable to Tenant for any constructive eviction, crop damage or loss of usable acreage
claim by the Tenant for such entry, which areas of entry may include, but not be limited to, operational staging areas, monitoring
well placement areas, soil removal areas, storage areas, etc. Landlord agrees, to the extent practicable, to limit Landlord’s
disturbances to the area reasonably necessary for any such operations.

Section 3.21 Remedial Actions and Default. It
is the intent of this Lease to require Tenant to be responsible for any adverse environmental conditions related to Tenant’s
activities on the Land; in no instance is the language herein to be construed to impose liability on Tenant for adverse environmental
conditions present on the Land at the time of Tenant’s possession nor is it to be construed to limit Tenant’s liability
for any adverse environmental conditions which arise due to the acts of the Tenant or its officers, directors, agents, employees,
or contractors, including their heirs and assigns.

During the Term, upon notification by the Landlord
or upon the Tenant otherwise becoming aware of a violation of any environmental law caused by Tenant or Tenant’s activities,
Tenant will begin all remedial actions required by law solely at its own expense, in accordance with all Legal Requirements and
in accordance with any directions or instructions that Landlord may, at its option, reasonably require of Tenant, or those given
by any regulatory agency. Non-compliance with any part of this Article shall constitute default under this Lease. Nothing in this
Article will prevent the Landlord from taking remedial action at any time to prevent waste or deterioration of the Leased Premises.
The Tenant will be solely responsible for returning the Leased Premises to the environmental condition existing at the Commencement
Date.

Section 3.22 Payment of Environmental Costs. Tenant
agrees to pay the cost of any inspection, investigation, audit, cleanup, site remediation or detoxification and the preparation
of any closure or other required plans, consent orders, other orders, license applications, and the like, whether such action
is required during or following the Term of this Lease to the full extent that such action is attributable, directly or indirectly,
to Tenant’s activities or operations, including but not limited to the use, generation, storage, or disposal of any petroleum
products, pesticides, fertilizers, chemicals, hazardous substances, or Materials (as that term is defined in Section 3.23), on
or under the Land during the tenancy of this Lease. The obligations created above will survive this Lease, and will be in addition
to the remedies available to the Landlord under any other applicable law.

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Section 3.23 Environmental Indemnity. Since
Tenant will be in charge and control of all material handling and storage areas upon the Land, Tenant agrees to indemnify,
hold harmless and defend Landlord from all claims, demands, suits, damages (including foreseeable and unforeseeable
consequential and punitive damages) assessments, fines, penalties, costs and other expenses (including attorneys’ fees
and other court costs) brought on behalf of any person or entity arising from the use, storage or disposal of any chemicals,
pollutants, pesticides, petroleum products, batteries (including waste material) and other substances (cumulatively the
“Materials”) used, generated, stored or brought onto the Leased Premises by Tenant, which Materials, or their
use, storage or disposal, are regulated under any local, state or federal law. This indemnity will extend to any off-site
treatment, storage or disposal by Tenant of any Material that leaves the Land and for which the Landlord becomes responsible
either voluntarily or involuntarily. The scope of the Tenant’s indemnification hereunder will extend to any act or
omission of the Tenant, or its officers, directors, agents, employees, contractors, guests or invitees including their
successors, heirs and assigns. Claims include but are not limited to those claims, either threatened or realized, for
injuries to the contamination of or the death of persons, or damages to or the destruction of property, the air, soil,
waters, groundwaters, the environment, livestock, plants, animals, and aquatic life arising from exposure to or the escape of
the above described materials due to such material’s presence either on or off-site. Claims will also include
claims for restoration costs, damages or compliance with any administrative violation notice, rule or order. This indemnity
will survive the Term of this Lease, and any failure by Landlord to discover any environmental contamination or noncompliance
during the Term. Injuries include those to Landlord or Tenant, their officers, directors, agents, employees, or contractors,
including their heirs and assigns, or any other person or entity arising out of the above described acts or omissions of
Tenant.

Article IV.

GENERAL PROVISIONS.

Section 4.01 Assignment or Sublease. This Agreement
will be legally binding upon the parties hereto and their heirs, legal representatives, successors and assigns. Notwithstanding
the foregoing, Tenant may not assign this Lease, or sublet the Land without the prior written consent of the Landlord, which will
not be unreasonably withheld, delayed, or conditioned.

Section 4.02 Liens. Tenant will keep the Land
free and clear of all liens arising out of any work performed, materials furnished, or obligations incurred by Tenant.

Section 4.03 Intentionally Deleted.

Section 4.04 Notice. See Section “S. Notice”
in the main body of the Lease

Section 4.05 Insurance. During the term of this
Lease, Tenant agrees to self-insure and/or procure and maintain in full force and effect the following insurance coverages:

(a) Comprehensive general liability coverage meeting
the following requirements:

(i) Intentionally Deleted.

(ii) Minimum Limits Required: $1,000,000 each
occurrence; $1,000,000 personal & advertising injury; $2,000,000 general aggregate; $2,000,000 products- completed operations
aggregate;

(iii) Tenant, is affiliated organizations,
and each of the aforementioned parties’ successors, assigns, officers, employees, directors, shareholders, partners and
members must be included as additional insureds; and

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(iv) Coverage must be primary without contribution
from other insurance available to Tenant.

(b) Comprehensive automobile liability coverage
(for all vehicles on any portion of the Leased Premises) meeting the following requirements:

(i) Intentionally Deleted.

(ii) Minimum Limits Required: $ 1,000,000 per
accident;

(iii) Intentionally Deleted.

(iv) Tenant and its affiliated organizations,
and each of the aforementioned parties’ successors, assigns, officers, employees, directors, shareholders, partners, and
members must be included as designated insureds on ISO endorsement CA2048 or its equivalent.

(c) Statutory workers’ compensation coverage
meeting the following requirements:

(i) Workers Compensation Insurance - Section “3.A.”
of the NCCI (industry standard) declarations page must list the state where the Leased Premises are located. Even if the applicable
state is listed in section “3.C. Other States Insurance”, it must also be listed in section “3.A.”;

(ii) Employers Liability Minimum Limits Required:
$500,000 each accident, $500,000 disease - each employee, $500,000 disease - policy limit;

(d) Intentionally Deleted.

(e) Confirmation by Tenant of self-insurance and/or
Certificates of insurance indicating the then-current coverages and naming Landlord as an additional insured (with the exception
of workers’ compensation coverage) shall be provided to Landlord prior to the entry upon the Leased Premises by any employee,
agent, independent contractor or invitee of Tenant and at the time of any renewals and/or modifications of such policies. Additional
confirmations and/or certificates of insurance shall be furnished by Tenant to Landlord from time to time if requested by Landlord
to confirm the then-existing insurance coverages. Each policy shall require that the insurer endeavor to give Landlord at least
thirty (30) days’ advance, written notice by the insurer prior to any cancellation thereof.

(f) Intentionally Deleted.

(g) Intentionally Deleted.

(h) Intentionally Deleted.

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Section 4.06 No Partnership. This Lease does not
give rise to a relationship of principal and agent or of partnership or of joint venture between the parties hereto or any other
relationship between the parties hereto other than the relationship of Landlord and Tenant.

Section 4.07 Excuse. See section “X. Force
Majeure” and all subsections thereto in the main body of the Lease. This provision shall not be construed to limit Tenant’s
environmental obligations hereunder.

Section 4.08 Condemnation. If any part or all
of the Land be taken for any public or quasi- public use under any statute or by right of eminent domain or by any purchase under
threat of or in lieu of such taking, the Term of this Lease will terminate as to the portion taken when possession is so taken.
In such event, Landlord will be entitled to the entire award or price. Tenant will not be entitled to any compensation for Tenant’s
leasehold interest in the Leased Premises, but Tenant may, to such extent as may be permitted by law, claim compensation from
the taking authority for business damages, drainage equipment, moveable structures, fixtures and chattels which are the property
of Tenant.

Section 4.09 Default of Tenant. See section “V.
Breach” in the main body of the Lease.

Section 4.10 No Waiver of Breach. The waiver by
Landlord of a breach of any provision of this Lease by Tenant will not operate or be construed as a waiver of any subsequent breach
by Tenant.

Section 4.11 Abandonment. If Tenant abandons the
Land before the end of the term of this Lease, the Landlord may, at Landlord’s option, cancel this Lease or he may enter
said premises as an agent of Tenant, by force or otherwise, without being liable in any way thereof, and relet the Land with or
without any of the Tenant’s equipment that may be therein, at such price and upon such terms and for such duration of time
as Landlord may determine, and receive the rent therefrom. Should Tenant abandon the Land before the end of the Term of this Lease,
then Tenant forfeits all rights to any of the rents paid as well as to the crop under cultivation on the Land and Landlord has
the exclusive option to abandon or cultivate and harvest the crop. If Tenant abandons the crop, Tenant is not entitled to proceeds
from the crop should it be sold, nor to expected profit. Notwithstanding the foregoing, Tenant shall not be deemed to have abandoned
the Land unless Tenant receives written notice from Landlord of such abandonment and fails to cure said abandonment within thirty
(30) days from receipt of Landlord’s written notice.

Section 4.12 Insolvency or Bankruptcy. If Tenant
becomes insolvent, voluntarily or involuntarily bankrupt, or if a receiver, assignee or other liquidating officer is appointed
for the business of the Tenant, and Tenant does not remove the bankruptcy within ninety (90) days, then Landlord may terminate
this Lease at the option of the Landlord to the extent permitted by law. Tenant will not object to Landlord’s motioning
the Court for appropriate relief from the automatic stay in order to accomplish said termination and the enforcement of all rights
and remedies available to the Landlord hereunder.

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Section 4.13 Hold Harmless. Tenant will hold
harmless, protect, defend, and Landlord from any and all claims, demands, damages, and liability, including attorneys’
fees and costs, brought by, or on behalf of any third persons, including employees and agents of Tenant, by reason of death,
personal injury, property damage, financial loss, or any other damage or injury arising out of Tenant’s use, enjoyment
or occupancy of the Land, including, but not limited to, liability arising from the storage, use, or disposal of chemicals,
petroleum products, pesticides, fungicides, fertilizers, and similar materials. Landlord will hold harmless, protect, defend
and indemnity Tenant from any and all claims, demands, damages, and liability, including attorneys’ fees and costs,
brought by, or on behalf of any third persons, including employees and agents of Landlord, by reason of death, personal
injury, property damage, financial loss, or any other damage or injury arising out of Landlord’s use, enjoyment or
occupancy of the Land, including, but not limited to, liability arising from the storage, use, disposal of chemicals,
petroleum products, pesticides, fungicides, fertilizers, and similar materials.

Section 4.14 Governing Law. All questions relative
to the execution, validity, interpretation, and performance of this lease will be governed by the laws of the State of Florida,
and venue for any action arising hereunder will lie exclusively in the Florida county in which the Land lies.

Section 4.15 Attorneys’ Fees. In any action
at law or in equity, or administration or arbitration proceeding, to enforce or interpret the terms of this Lease, the prevailing
party will be entitled to attorney’s fees, costs and necessary disbursement, including such fees prior to the commencement
of litigation, and on appeal, in addition to any other relief to which such party may be entitled.

Article V.

MISCELLANEOUS.

Section 5.01 Miscellaneous.

(a) This Lease shall be binding upon and inure
to the benefit of the successors and assigns of Landlord, and shall be binding upon and inure to the benefit of Tenant, its successors,
and, to the extent assignment permitted hereunder, Tenant’s assigns. The pronouns of any gender shall include the other
genders, and either the singular or the plural shall include the other.

(b) All rights and remedies of Landlord and Tenant
under this Lease shall be cumulative, and none shall exclude any other rights or remedies allowed by law or this Lease.

(c) Time is of the essence under this Lease.

(d) This Lease constitutes the entire agreement
of the parties with respect to the subject matter hereof and supersedes any prior understandings between them concerning the same.
This Lease may not be altered, changed or amended, except by an instrument in writing executed by all parties hereto. The terms
and provisions of this Lease shall not be construed against or in favor of a party hereto merely because such party is the “Landlord”
or the “Tenant” hereunder or such party or its counsel is the draftsman of this Lease.

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(e) If Tenant is a corporation, partnership or
other entity, Tenant warrants that all consents or approvals required of third parties (including but not limited to its board
of directors or partners) for the execution, delivery and performance of this Lease have been obtained and that Tenant has the
right and authority to enter into and perform its covenants contained in this Lease.

(f) Whenever in this Lease there is imposed upon
Landlord or Tenant the obligation to use their best efforts, reasonable efforts or diligence, Landlord and Tenant shall be required
to do so only to the extent the same is economically feasible and otherwise will not impose upon Landlord or Tenant extreme financial
or other burdens.

(g) Any reference to the “Term” (or
the “Lease Term”) shall be deemed to include any renewal or extension thereof where appropriate.

(h) If any term or provision of this Lease, or
the application thereof to any person or circumstance, shall to any extent be unreasonable, invalid or unenforceable, the remainder
of this Lease, or the application of such provision to persons or circumstances other than those as to which it is found to be
invalid or unenforceable, shall not be affected thereby, and each remaining provision of this Lease shall be valid and shall be
enforceable to the extent permitted by law.

(i) The captions at the beginning of the several
paragraphs of this Lease are for convenience of reference only. They shall be ignored in construing this Lease.

(j) This Lease may be executed in any number of
counterparts, each of which, when so executed and delivered, shall be an original, and such counterparts together shall constitute
one and the same instrument.

(k) Neither this Lease nor any memorandum
shall be recorded in any public records. If this Lease is recorded in violation of this provision, it shall not serve as
notice.

(l) This Lease shall be governed by, and construed
and enforced in accordance with, the laws of the State of Florida.

(m) Radon is a naturally occurring radioactive
gas that, when it has accumulated in a building in sufficient quantities, may present a health risk to persons who are exposed
to it over time. Levels of radon that exceed Federal and State guidelines have been found in buildings in Florida. Additional
information regarding radon and radon testing may be obtained from your county health unit.

(n) With respect to all payments of Rent, Additional
Rent and any and all other payments required by Tenant hereunder, Tenant shall have no right of set-off, deduction, counterclaim,
suspension or, except as expressly provided in the Lease, abatement.

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	Witnesses	 	LANDLORD: 

	 	 	 
	 	 	ALICO, INC., a Florida corporation
	 	 	 
	/s/ Denise Plair	 	By: /s/ Clay G. Wilson
	Print Name: Denise Plair	 	Print Name: Clay G. Wilson
	 	 	Title: CEO/President
	 	 	 
	/s/ Mary Lofton	 	Date: 5-19-14
	Print Name: Mary Lofton	 	 
	 	 	 
	Witnesses	 	TENANT: 

	 	 	 
	 	 	UNITED STATES SUGAR
	 	 	CORPORATION, a Delaware corporation
	 	 	 
	/s/ Ann Marie Pilling	 	By: /s/ Kenneth W. McDuffie
	Print Name: Ann Marie Pilling	 	Print Name: Kenneth W. McDuffie
	 	 	Title: Sr. Vice President, Sugarcane Operations
	 	 	 
	/s/ Eneyda Rios	 	Date: 5/12/14
	Print Name: Eneyda Rios	 	 
	 	 	 

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EXHIBIT “C”

Memorandum of Lease

This instrument prepared by and

after recording return to:

Edward Almeida, Esq.

Vice President, Legal Affairs

United States Sugar Corporation

111 Ponce de Leon Avenue

Clewiston, Florida 33440

Tel: (863) 902-2418

Fax: (863) 902-2120

E-mail: ealmeida@ussugar.com

 

 

MEMORANDUM OF LEASE

THIS MEMORANDUM OF LEASE (this “Memorandum”) is dated as of 5/15/14, 2014 (“Effective
Date”) among UNITED STATES SUGAR CORPORATION, a Delaware corporation (“U.S. SUGAR”), whose mailing address is
111 Ponce de Leon Avenue, Clewiston, Florida 33440 and ALICO, INC., a Florida corporation (“ALICO”) whose mailing
address is 10070 Daniels Interstate Court, Suite 100, Ft. Myers, Florida 33913.

U.S. SUGAR and ALICO hereby certify as follows:

     1. U.S. SUGAR and ALICO have entered into a certain “Lease
Agreement” (“Lease”), dated as of 5/15/14, pursuant to which ALICO has leased to U.S. SUGAR, and
U.S. SUGAR has leased from ALICO, the land described in Exhibit “A” attached hereto (collectively,
“Premises”) upon the terms and subject to the conditions set forth in the Lease.

     2. The Lease expires April 30, 2024, unless sooner terminated in accordance
with the terms of the Lease; provided, however, that the term of the Lease may be extended as follows: On May 1, 2024 and on each
April 1st subsequent thereto, the Lease term shall be extended one (1) additional “Lease Year” (as such
term is defined in the Lease) unless written notice of non-renewal is given by either party hereto to the other party.

     3. The covenants and agreements of the parties under the Lease are covenants running with the Premises.

     4. ALICO and U.S. SUGAR enter into this Memorandum, which is to be recorded in the land record office of Hendry County, Florida, in order that third parties may have notice of the Agreement. This Memorandum shall not
supersede or in any way modify the terms or conditions of the Agreement or be used in interpreting the Agreement.

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IN WITNESS WHEREOF, ALICO and U.S. SUGAR have caused this Memorandum to be executed as of the Effective Date.

	Signed and delivered	 	UNITED STATES SUGAR CORPORATION
	in the presence of:	 	a Delaware corporation
	 	 	 
	/s/ Ann Marie Pilling	 	By: Kenneth W. McDuffie
	Witness Signature	 	 
	 	 	Print Name: Kenneth W. McDuffie
	 Ann Marie Pilling	 	 
	Print Witness Name	 	Title: Sr. Vice President, Sugarcane Operations
	 	 	 
	/s/ Eneyda Rios	 	 
	Witness Signature	 	 
	 	 	 
	Eneyda Rios	 	 
	Print Witness Name	 	 
	 	 	 
		 	 
	Signed and delivered	 	 
	in the presence of:	 	ALICO, INC., a Florida corporation
	 	 	 
	/s/ Denise Plair	 	By: Clay G. Wilson
	Witness Signature	 	 
	 	 	Print Name: Clay G. Wilson
	 Denise Plair	 	 
	Print Witness Name	 	Title: CEO/President
	 	 	 
	/s/ Mary Lofton	 	 
	Witness Signature	 	 
	 	 	 
	Mary Lofton	 	 
	Print Witness Name	 	 
	 	 	 
	STATE OF FLORIDA	 	 
	COUNTY OF LEE	 	 

 

THE FOREGOING INSTRUMENT was sworn to and subscribed before me this 19th day of May 2014, by Clay
G. Wilson as CEO/President of ALICO, INC., a Florida corporation, who is personally known to me, who acknowledged
that he/she executed such instrument on behalf of, and with the full and binding authority of said corporation, and who did
take an oath.

(Notary Seal)

	[SEAL]	A.
    DENISE PLAIR	 	/s/ A. Denise Plair
	 	MY COMMISSION
    #EE 832069	 	Notary Public, State of Florida at Large
	 	EXPIRES: January
    4, 2017	 	 
	 	Bonded Thru Notary
    Public Underwriters	 	A. Denise Plair
	 	 	 	Print Notary Public’s Name
	 	 	 	 

My Commission Number: EE 832069

My Commission Expires:  1-04-17     

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STATE OF FLORIDA

COUNTY OF HENDRY

THE FOREGOING INSTRUMENT was sworn to and subscribed before me this 12th day of May 2014, by
Kenneth McDuffie as Sr. Vice President of UNITED STATES SUGAR CORPORATION, a Delaware corporation, who is personally known
to me, who acknowledged that he/she executed such instrument on behalf of, and with the full and binding authority of said
corporation, and who did take an oath.

(Notary Seal)

	[SEAL]	JESSE
    L. PATE, SR.	 	/s/ Jesse L. Pate Sr.
	 	MY
    COMMISSION EXPIRES 	 	Notary Public, State of Florida at Large
	 	December
    14, 2014	 	 
	 	#EE 032864	 	JESSE L. PATE SR.
	 	Bonded
    Thru	 	Print Notary Public’s Name
	 	Notary
    Public Underwriters	 	 
	 	NOTARY
    PUBLIC, STATE OF FLORIDA	 	 
	 	 	 	
	 	 	 	 

My Commission Number: EE 032864

My Commission Expires:  Dec 14, 2014     

	 	 	 
	 	 	NOTARY PUBLIC, State of Florida
	 	 	Print Name:
	 	 	 

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SCHEDULE “1”

TO GENERAL CONDITIONS

LIST OF APPLICABLE SOUTH FL. WATER MGMT. DISTRlCT PERMITS &

APPLICATIONS

Consumptive Use Permits

26-00453-W - Hill Grade, Application #060626-26

26-00631-W - 2x6, Applications #101020-6 and #090226-38

26-00617-W - Port LaBelle, Applications #101013-2 and #090226-31

26-00173-W - Collins Slough West, Applications #101012-34 and #090226-44

26-00174-W - Collins Slough East, Application #090226-8

26-00315-W - Alico Jog, Application #090226-35

Environmental Resource Permits

26-00453-S - Hill Grade, Applications #101129-10, #101101-2, #070612-27, #020408-21,

                       #020129-14 and #960611-5

26-00003-S-03 - 2x6, Applications #990412-23 and #10059-A

26-00617-S - Port LaBelle, Applications #140225-24, #990603-20, #980911-20 and #980810-11

26-00466-S Collins Slough West, Application #911021-4

26-00175-S - Collins Slough East, (Entire Permit Expired/Cancelled, Applic. # 050608-19)

26-00315-S - Alico Jog - Application #11205-B

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SCHEDULE “2”

TO GENERAL CONDITIONS

Applicable BMP’s are Nutrient Application Control, Nutrient Spill Prevention, Soil Testing and utilization of Above Ground Impoundment (AGI).

1) Nutrient Application Control is keeping the fertilizer a minimum of 4’ from canals and not overlapping the application. Examples: Banding at the root zone, side dressing, pneumatic controlled-edge application, fertilization though the irrigation
system, or placement of fertilizer under plastic near the root. We specify the type year in the annual BMP report.

2) Nutrient Spill Prevention is having protocols in place to prevent fertilizer spills during transfer, handling, storage. The SFWMD usually looks for education type material and proof of instruction to verify this BMP.

3) Soil Testing is testing soil samples to obtain a recommended phosphorous application for the crop type. Receipts and recommendations are required to verify this BMP.

4) Utilization of AGI is pumping the excess water being drained from the farm fields into the AGI.

      
    	 

    	 

    

SCHEDULE “3”

TO GENERAL CONDITIONS

WRITTEN CERTIFICATION OF LANDUSER (LESSEE OR OPERATOR)

I hereby certify that, I have received a copy of Permit No. see attached 1 with application
No. see attached, dated see attached. I agree to comply with the permit and implement the terms and conditions of
the permit as it is indicated in lease. In addition, I agree to provide entry at any time to the area for South Florida Water
Management District staff or their duly authorized agents, as provided for in subsection 40E-63.444(d), F.A.C., or as otherwise
provided by the issued permit. If the undersigned is a sublessee, or otherwise not a party to the Lease, the undersigned hereby
agrees to comply with the terms of the Lease.

UNITED STATES SUGAR CORPORATION

Type or print lessee name

	/s/ Kenneth W. McDuffie	 	 
	Signature of Lessee of parcel/farm (if no the lessee, certify below)	 	 
	 	 	 
	I hereby certify that I am the authorized agent of the lessee	 	 
	 	 	 
	Kenneth W. McDuffie, Sr. Vice President, Sugarcane Operations	 	 
	Type or print name and title	 	 
	 	 	 
	/s/ Kenneth W. McDuffie	 	 
	Signature	 	 
	 	 	 
	5/12/14	 	 
	Date:Exhibit 10.1

 

August 8, 2014

 

TPVG Variable Funding Company LLC

TriplePoint Venture Growth BDC Corp.

2755 Sand Hill Road, Suite 150

Menlo Park, California 94025

Attention: Sajal Srivastava

 

Re:                             Receivables Financing Agreement dated as of February 21, 2014 (as amended, waived or otherwise modified from time to time prior to the date hereof, the “Agreement”) by and among TPVG Variable Funding Company LLC, as borrower (“Borrower”), TriplePoint Venture Growth BDC Corp., as collateral manager (“Collateral Manager”) and as sole equityholder, Portfolio Financial Servicing Company, as backup collateral manager (“Backup Collateral Manager”), U.S. Bank National Association, as custodian (“Custodian”), the Agents from time to time party thereto, the Lenders from time to time party thereto, and Deutsche Bank AG, New York Branch, as administrative agent (“Administrative Agent”).

 

Dear Mr. Srivastava:

 

Reference is made to the Agreement.  Capitalized terms used but not specifically defined in this letter agreement shall have the meanings provided for such terms in the Agreement.

 

The Borrower and the Collateral Manager have requested that the Required Lenders, the Agents and the Administrative Agent agree to make certain amendments as set forth in this letter agreement and such parties have reviewed this request and wish to amend the Agreement as set forth herein.  In consideration of the covenants contained herein and other good and valuable consideration the receipt and sufficiency of which are acknowledged, the parties hereto agree as follows:

 

1.                                      Amendments to Agreement.  As of the date of this letter agreement, the following amendments are made to the Agreement:

 

a.              The definition of “Facility Amount” in Section 1.1 of the Agreement is hereby amended by deleting “$150,000,000” where such phrase appears therein and inserting “$200,000,000” in lieu thereof.

 

b.              The table in Annex II to the Agreement is hereby amended by deleting such table in its entirety and inserting the following table in lieu thereof:

 

 

	
Lender
    	
 
    	
Commitment
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Deutsche Bank AG, New York Branch
    	
 
    	
$
    	
75,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
KeyBank Lender Finance 
    	
 
    	
$
    	
70,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
EverBank Commercial Finance, Inc. 
    	
 
    	
$
    	
35,000,000
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
AloStar Bank of Commerce
    	
 
    	
$
    	
20,000,000
    	
 
    

 

2.                                      Conditions Precedent.  This letter agreement shall become effective upon the satisfaction of the following conditions (or until such conditions are waived in writing by the Administrative Agent in its sole discretion):

 

a.              the execution and delivery of this letter agreement by each party hereto; and

 

b.              the Administrative Agent shall have received the executed legal opinion or opinions of Otterbourg P.C., counsel to the Borrower, covering authorization and enforceability of this letter agreement in form and substance acceptable to the Administrative Agent in its reasonable discretion.

 

3.                                      The Borrower shall have paid a fully earned upfront upsize fee (a) to Keybank Lender Finance, an amount equal to the dollar equivalent of (i) $20,000,000 multiplied by (ii) 0.25% and (b) to EverBank Commercial Finance, Inc., an amount equal to the dollar equivalent of (i) $10,000,000 multiplied by (ii) 0.25% (clauses (a) and (b) of this paragraph 3, the “Upsize Fees”).  Such Upsize Fees are due and payable on the date of this amendment.

 

4.                                      Agreement in Full Force and Effect.  Except as specifically amended hereby, all of the terms and conditions of the Agreement shall remain in full force and effect.

 

5.                                      Representations.  Each of the Borrower and the Collateral Manager severally represents and warrants that all acts, filings and conditions required to be done and performed and to have happened (including, without limitation, the obtaining of necessary governmental approvals) precedent to the entering into of this letter agreement and making it the duly authorized, legal, valid and binding obligation of such party, enforceable in accordance with its terms, have been done, performed and have happened in due and strict compliance with all applicable laws.

 

6.                                      Miscellaneous.

 

(a)                                 This letter agreement may be executed in any number of counterparts, each of which, taken together, shall constitute one and the same agreement.

 

(b)                                 No amendment, modification or waiver of any provision of this letter agreement shall be effective without the written agreement of each of the parties hereto.  Any waiver or 

 

 

consent shall be effective only in the specific instance and for the specific purpose for which given.

 

(c)                                  This letter agreement shall become effective upon the Administrative Agent’s receipt of executed counterparts from each of the other parties hereto.

 

(d)                                 THIS LETTER AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

[Signature pages follow]

 

 

	
 
    	
Very   truly yours,
    
	
 
    	
 
    
	
 
    	
DEUTSCHE   BANK AG, NEW YORK BRANCH, as Administrative Agent   and Syndication Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Michael Cheng
    
	
 
    	
 
    	
Name:   Michael Cheng
    
	
 
    	
 
    	
Title:   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Amit Patel
    
	
 
    	
 
    	
Name:   Amit Patel
    
	
 
    	
 
    	
Title:   Director
    

 

Signature Page to Third Amendment to Receivables Financing Agreement

 

 

	
Accepted   and Agreed:
    	
 
    
	
 
    	
 
    
	
TPVG   VARIABLE FUNDING COMPANY LLC,
    	
 
    
	
as   Borrower
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Sajal K. Srivastava
    	
 
    
	
Name:   Sajal K. Srivastava
    	
 
    
	
Title:   President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
TRIPLEPOINT   VENTURE GROWTH BDC CORP.,
    	
 
    
	
 individually, as Collateral Manager and as   Equityholder
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Sajal K. Srivastava
    	
 
    
	
Name:   Sajal K. Srivastava
    	
 
    
	
Title:   President
    	
 
    

 

Signature Page to Third Amendment to Receivables Financing Agreement

 

 

	
GEMINI   SECURITIZATION CORP., LLC, As Conduit Lender and as Uncommitted Lender
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   David V. DeAngelis
    	
 
    
	
Name:   David V. DeAngelis
    	
 
    
	
Title:   Vice President
    	
 
    
			

 

Signature Page to Third Amendment to Receivables Financing Agreement

 

 

	
DEUTSCHE   BANK AG, NEW YORK BRANCH,
    	
 
    
	
as   Committed Lender and Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Michael Cheng
    	
 
    
	
Name:   Michael Cheng
    	
 
    
	
Title:   Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Amit Patel
    	
 
    
	
Name:   Amit Patel
    	
 
    
	
Title:   Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
KEYBANK   NATIONAL ASSOCIATION,
    	
 
    
	
as   Committed Lender and Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Richard S. Andersen
    	
 
    
	
Name:   Richard S. Andersen
    	
 
    
	
Title:   Designated Signer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
EVERBANK   COMMERCIAL FINANCE, INC., 
    	
 
    
	
as   Committed Lender and Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Christopher Tucker
    	
 
    
	
Name:   Christopher Tucker
    	
 
    
	
Title:   Managing Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
ALOSTAR   BANK OF COMMERCE,
    	
 
    
	
as   Committed Lender and Agent
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/   Brent Layton
    	
 
    
	
Name:   Brent Layton
    	
 
    
	
Title:   Vice President
    	
 
    

 

Signature Page to Third Amendment to Receivables Financing Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]