Document:

Operating Agreement

 EXHIBIT 10.42 
 AMERICAN-SPRINGFIELD, LLC 
 OPERATING AGREEMENT 
 THIS AGREEMENT (this “Agreement”) is entered into and effective as of December 31, 2005, by and between American-Springfield,
LLC, a Florida limited liability company (the “Company”), and the persons executing this Agreement as Members. 
 WITNESSETH:

 WHEREAS, the Articles of Organization of the Company legally creating the Company were filed with the Secretary of State of the
State of Florida and the Articles are approved and the filing thereof ratified; and 
 WHEREAS, the Members desire to participate
together as a limited liability company formed under the Florida Limited Liability Company Act to engage in any lawful businesses, including, but not limited to, selling luxury vehicles; and 
 WHEREAS, the Members desire to express in writing their mutual understandings and agreements with respect to the formation and operation of the
Company; and 
 WHEREAS, the Company and the Members believe that the best means to accomplish the foregoing is to supersede any prior
agreements or understandings among them by setting forth in this Agreement all the terms, provisions, conditions and covenants by which the Company will be governed. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants and conditions contained herein, the parties hereby agree as follows: 
 ARTICLE I 
 INCORPORATION BY REFERENCE, SUPERSEDER AND DEFINITIONS

 1.1 Incorporation by Reference. The foregoing recitals, and Schedule A attached hereto and referred to herein, are
hereby acknowledged to be true and accurate, and are incorporated herein by this reference. 
 1.2 Superseder. This Agreement, to the
extent that it is inconsistent with any other instrument or understanding among the parties governing the affairs of the Company, shall supersede such instrument or understanding to the fullest extent permitted by law except for the Dealer Agreement
and Employment Agreement of Jules Meyers. A copy of this Agreement shall be filed at the Company’s principal office. 
 1.3 Certain
Definitions. As used in this Agreement, the following terms shall have the meanings hereinafter set forth, except as otherwise provided herein: 
 1.3.1 Accounting Year. The fiscal year of the Company for accounting and income tax purposes, as set forth in Section 7.1. 

 1.3.2 Act. The Florida Limited Liability Company Act, as amended from time to time. 
 1.3.3 Additional Member. A Member who becomes a Member of the Company in accordance with the provisions of Section 2.5 hereof.

 1.3.4 Adjusted Net Income and Adjusted Net Loss. The net income or loss of the Company during any stated period, resulting from
Company operations, as calculated by the Company in accordance with Generally Accepted Accounting Principles (GAAP). 
 1.3.5
Articles. The Articles of Organization of the Company, as the same may be amended from time to time. 
 1.3.6 Available Cash.
Cash funds of the Company, if any, and after provision for (i) payment of all outstanding and unpaid current obligations, expenses and charges of the Company as of such time (including all amounts of any principal or interest payable with
respect to any loans from Members); and (ii) a reasonable working reserve as determined by the Board for the management and operation of the Company’s business. 
 1.3.7 Bankruptcy. As used in this Agreement, the term “Bankruptcy,” with respect to the Company or a Member, shall refer to: (i) the appointment of a receiver, conservator, rehabilitator or
similar officer for the Company or any Member, unless the appointment of such officer shall be vacated and such officer discharged within one hundred twenty (120) days of the appointment; (ii) the taking of possession of, or the assumption
of control over, all or any substantial part of the property of the Company or any Member by any receiver, conservator, rehabilitator or similar officer or by the United States Government or any agency thereof, unless such property is relinquished
within one hundred twenty (120) days of the taking; (iii) the filing of a petition in bankruptcy or the commencement of any proceeding under any present or future federal or state law relating to bankruptcy, insolvency, debt relief or
reorganization of debtors by or against the Company or any Member provided, if filed against the Company or any Member, such petition or proceeding is not dismissed within thirty (30) days of the filing of the petition or the commencement of
the proceeding; (iv) the making of an assignment for the benefit of creditors or a private composition, arrangement or adjustment with the creditors of the Company or any Member, or (v) the commencement of any proceedings supplementary to
the execution of any judgment against the Company or any Member, unless such proceeding is dismissed within thirty (30) days from the date it was commenced. 
 1.3.8 Board of Managers or Board. The Managing Member shall be responsible for managing the affairs of the Company pursuant to Article III herewith. Except as otherwise specifically provided in
Article III hereof, the Founding Members, so long as it remains a Member, shall comprise the Board. 
 1.3.9 Capital Accounts.
Throughout the Term of this Agreement, each Member shall have a separate Capital Account determined and maintained in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) promulgated under Code Section 704(b).

 1.3.10 Capital Contribution. The amount of cash or the agreed fair market value of property or
goodwill contributed by each Member to the capital of the Company, as reflected in the books of the Company. The Capital Contribution of each Member is set forth on Schedule A. 
 1.3.11 Capital Transaction. An Interim Capital Transaction or a Terminating Capital Transaction. 
 1.3.12 Code. The Internal Revenue Code of 1986, as the same may be amended from time to time, or any corresponding provision or provisions of any
federal internal revenue law enacted in substitution of the Internal Revenue Code of 1986. 
 1.3.13 Company. American-Springfield,
LLC a Florida Limited Liability Company. 
 1.3.14 Company’s Accountants. The certified public accountants for the Company as may
be selected from time to time by the Board. 
 1.3.15 Disposition. Any sale, assignment, transfer, disposition, exchange, mortgage,
pledge, grant, hypothecation, or other disposition, absolute or as a security encumbrance (including dispositions by operation of law). 
 1.3.16 Dissociation. Any action which causes a Member to lose his or her Member Interest pursuant to Article IX hereof. 
 1.3.17 Event of Termination. Any of the events that result in dissolution of the Company as set forth in Section 14.1 hereof. 
 1.3.18 Founding Members. Springfield Coach Industries Corporation, Inc., (“SCB”) a Missouri corporation and American Dealerships Corporation, a California Corporation, as long as each remains a
Member. 
 1.3.19 Interim Capital Transaction. A transaction pursuant to which the Company borrows funds or refinances existing debt,
a sale, condemnation, exchange, abandonment or other disposition of a portion (which is less than substantially all) of the assets of the Company, an insurance recovery or any other transaction, other than a Terminating Capital Transaction, that, in
accordance with GAAP, is considered capital in nature. 
 1.3.20 Managing Member. Those persons specified as “Managing
Members” in the Articles. Members other than the Founding Members may serve on the Board of Managers only as provided in Article III. 
 1.3.21 Member. The original signatories to this Agreement and any Additional Member satisfying the requirements of membership under this Agreement. 

 1.3.22 Member Interest or Interests. The entire ownership interest of a Member in the Company at
any particular time, including such Member’s rights to any and all distributions, allocations and other incidents of participation in the Company to which such Member may be entitled as provided in this Agreement and under the Act, together
with the obligations of such Member to comply with all of the terms and provisions of this Agreement and the Act, and further including his or her Capital Account hereunder. 
 1.3.23 Member Percentages. The respective percentage interests of the Members’ Interests in the Company, which, as of the date hereof, are as
set forth on Schedule A. 
 1.3.24 Purchase Price. The purchase price for a Member Interest as described at
Section 9.3 hereof. 
 1.3.25 Selling Member. A Member required to sell his or her Member Interest pursuant to
Section 9.2 hereof. 
 1.3.26 Term. The term of the Company will continue until all investments are liquidated and
distributed or at the election of the Founding Members in accordance with the terms herein. 
 1.3.27 Terminating Capital Transaction.
A sale, condemnation, exchange or other disposition, whether by foreclosure, abandonment or otherwise, of all or substantially all of the then remaining assets of the Company or a transaction that will result in a dissolution of the Company.

 ARTICLE II 
 PURPOSE; MEMBERS; MEMBERSHIP INTERESTS 
 2.1 Purpose.  
 2.1.1 The purpose of the Company is to sell, finance and market luxury limousines manufactured by SCB, located at 1903 N. Barnes Road, Springfield, MO and
to purchase, sell and finance used vehicles. The Company will not sell or market any products for any company, except for SCB. 
 2.1.2 The
Founding Members may receive distributions of profits after payment of all salaries and expenses from the sale of the manufactured vehicles, along with the sale of used vehicles. CFS will act as the exclusive financing agent for the Company.

 2.1.3 The Company will agree upon a product mix and a selling price from SCB to the Company so that SCB will operate at breakeven level.
SCB will provide the finished vehicles to the Company under an agreement that will allow the Company to utilize any Floor Plan financing available to SCB, or the parent company, Coach. 
 2.2 Members. The Members, their respective addresses, and the respective Member Percentages are set forth on Schedule A, attached hereto and made a part hereof. 

 2.3 Principal Office. The principal office of the Company shall be located at 12330 SW 53 St., Cooper City, FL
33330 or at such other location as may be determined by the Managing Member. 
 2.4 Certificates for Member Interests. A Member’s Interest in the
Company may be represented by a certificate of membership, the form of which shall be determined and approved by the Board. All such certificates shall bear the following legend: 
 The voluntary or involuntary disposition of this certificate and the rights represented thereby are subject to the terms and conditions of the Operating
Agreement of American-Springfield, LLC (the “Company”), dated as of January 1, 2006, by and among the holder of this certificate, the Company and its Members, a copy of which Operating Agreement is on file at the principal office of
the Company. Any transfer of this certificate in contravention of the Operating Agreement will be null and void ab initio. 
 2.5 Admission of Additional
Members. Except as otherwise provided herein, Additional Member(s) who will participate in the Adjusted Net Income, Adjusted Net Loss, Available Cash, and ownership of the assets of the Company, will be admitted only upon such other terms as are
agreed to unanimously by the Board, and such Additional Members shall be allocated gain, loss, income or expense by such method as may be provided in this Agreement, and if no method is specified, then as may be permitted by Code
Section 706(d). Such persons shall become an Additional Member by signing a Joinder Page to this Agreement, and Schedule A shall be modified accordingly. It is the intent of the Company to not take any additional Members, except as
substitute Members. 
 2.6 Limitation on Liability to Third Parties. No Member shall be liable under a judgment, decree, or order of the court, or in
any other manner, for a debt, obligation or liability of the Company, except as provided by law. 
 2.7 Place of Meetings. All meetings of the Members
shall be held at the registered office of the Company, or at such other place (within or without the States of Florida and California) as shall be designated from time to time by the Board and stated in the notice of the meeting. Members may appear
at any meeting by phone. 
 2.8 Annual Meeting. Annual meetings of Members may be held at a time and location determined by the Board. At the annual
meeting, the Members shall transact such business as may properly be brought before the meeting. 
 2.9 Special Meetings. Special meetings of the
Members, for any purpose or purposes, may be called by the chairman of the Board or president, and shall be called by the chairman of the Board or president at the request in writing of a majority of the Board or at the request in writing of the
holders of at least fifty percent (50%) of all the Member Interests entitled to vote at a meeting in addition to the affirmative vote of all the Founding Members. Such request shall state the purpose or purposes of the proposed meeting.

 2.10 Notice of Meetings. Written notice of an annual or special meeting of Members, stating the place, date and hour of the meeting and the purpose
or purposes for which the meeting is called, shall be delivered, either personally or by first-class mail, not less than ten (10) nor more than sixty (60) days before the date of the meeting, to each Member of record entitled to vote at

 
such meeting, except that a special meeting called by the Board or Members as described in Section 2.9 may occur as early as three (3) days
after receipt of such notice. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail addressed to the Member at his address as it appears on the transfer books of the Company with postage thereon prepaid.

 2.11 Quorum. All founding members entitled to vote, and all the Founding Members, present in person, via phone, or represented by proxy, shall
constitute a quorum and no less, at all meetings of the Members for the transaction of business. 
 2.12 Super Majority. When an action other than the
election of members of the Board is to be taken by vote of the Members as required by law, it shall be authorized by a majority of the Member Interests represented at the meeting entitled to vote on the subject matter and such majority must include
unanimous approval of the Founding Members. Any action required to be taken by the Members shall be authorized by the Founding Members as if the Founding Members have a majority of the Member Interests. “Member Interests represented at the
meeting” shall be determined as of the time the existence of the quorum is determined. The Founding Members, so long as each shall remain a Member, shall comprise the Board. 
 2.13 Voting of Interests and Proxies. Each Member shall, at every meeting of the Members, be entitled to vote in person, via phone, or by proxy, based upon the Member Percentage in the Company represented by
the Member Interest held by such Member. A vote may be cast either orally or in writing. Each proxy shall be in writing and signed by the Member or his authorized agent or representative. A proxy can only be given to another Member, and is valid
only for either (a) a specific annual or special meeting, or written consent without a meeting, or (b) a specific issue or issues, even if that issue(s) is not resolved at one meeting. However, in any event, a proxy is not valid after the
expiration of eleven (11) months after its date unless the person executing it specifies therein the length of time for which it is to continue in force. Unless prohibited by law, a proxy otherwise validly granted by facsimile shall be deemed
to have been signed by the granting Member. Once granted, a proxy may be revoked in writing at any time. All questions regarding the qualification of voters, the validity of proxies and the acceptance or rejection of votes shall be decided by the
presiding officer of the meeting. All votes must be unanimous. 
 2.14 Waiver of Notice. Attendance of a person at a meeting of Members in person or
by proxy constitutes a waiver of notice of the meeting except where the Member attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting was not lawfully called or
convened. 
 2.15 Written Consent Without a Meeting. Any action required to be taken at any annual or special meeting of the Members, or any other
action which may be taken at any annual or special meeting of the Members may be taken without a meeting, without prior notice, and without a vote if a consent in writing, setting forth the action so taken, shall be signed by all Founding Members.

 ARTICLE III 
 BOARD OF MANAGERS  
 3.1 Powers. The daily business and affairs of the Company shall be managed by or
under the direction of its Managing Member as appointed by the Board. The Board may exercise all such powers of the Company and do all such lawful acts and things as are not by statute, the Articles or this Agreement directed or required to be
exercised or done by the Members. Except where a vote or approval of the Members is specifically required under this Agreement, all financial matters affecting the Company will be determined by the Board. 
 3.2 Number, Election and Term of Office. So long as it shall remain a Member, the Founding Members shall comprise the Board. The Founding Members may, at their
discretion, appoint additional members to the Board. If a Founding Member ceases to be a Member, and does not appoint another member to the Board within 10 business days, the remaining Founding Member may, at his discretion, select another Member or
officer to serve as a member of the Board. 
 3.3 Annual Meeting. A meeting of the Board shall be held promptly following each annual meeting of
Members, at which time the Board shall elect or reelect a Managing Member and transact other business. The Founding Members shall be the Managing Members at its first meeting. No notice of annual meeting shall be necessary to the Board in order to
legally constitute the meeting, provided a quorum shall be present. 
 3.4 Place of Meetings. Meetings of the Board shall be held at the principal
office of the Company or at such other place, within or without the State of Florida, as the Board may from time to time determine or as shall be specified in the notice of any such meeting. Members of the Board, or any committee designated by the
Board, may participate in a meeting of the Board or committee by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting
pursuant to this Section shall constitute presence in person at such meeting. 
 3.5 Special Meetings. Special meetings of the Board may be called by
any Founding Member on four (4) days’ notice to each member of the Board by mail or twenty-four (24) hours’ notice either personally, by telephone or by facsimile; special meetings shall be called by the chairman of the Board in
like manner and on like notice on the written request of two (2) members of the Board. The notice need not specify the business to be transacted or the purpose of the special meeting. The notice shall specify the place of the special meeting.

 3.6 Quorum. At all meetings of the Board, the presence of all Founding Members is necessary to constitute a quorum for the transaction of business.

 3.7 Written Consent Without a Meeting. Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be
taken without a meeting if, before or after the action, all Founding Members consent thereto in writing. The written consents shall be filed with the minutes of proceedings of the Board or committee. Such consents shall have the same effect as a
vote of the Board or committee for all purposes. 
 3.8 Resignation. A member of the Board may resign by written notice to the Company. The
resignation is effective upon its receipt by the Company or a subsequent time as set forth in the notice of resignation. 

 3.9 Waiver of Notice. Attendance of a member of the Board at a special meeting constitutes a waiver of notice of
the meeting except where a member of the Board attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Members of the Board may also sign a waiver of notice
before or after a special meeting. 
 3.10 Liability and Indemnification. A member of the Board shall not be liable to the Company or any other member
of the Board for any loss or liability incurred in connection with any act or omission in the conduct of the business of the Company in accordance with the terms hereof, except for any loss or liability which the Company or any other member of the
Board incurs in connection with such member of the Board’s fraud, willful and wanton misconduct or gross negligence. The Company, to the fullest extent permitted by law, hereby agrees to defend and indemnifies and holds harmless each member of
the Board from and against any and all liability, loss, cost, expense or damage incurred or sustained by reason of any act or omission in the conduct of the business of the Company in accordance with the terms hereof, including, but not limited to,
reasonable attorneys’ and paralegals’ fees through any and all negotiations, mediations, arbitrations and court proceedings, at trial and appellate levels; provided, however, the Company shall not indemnify any member of the Board with
respect to any of the foregoing incurred in connection with the fraud, willful and wanton misconduct or gross negligence of such member of the Board. The provisions of this Section shall survive the termination of the Company. 
 3.12 Compensation The members of the Board of Managers shall receive no compensation as members of the Board of Managers. The Founding Members shall receive
compensation in the form described in Section 2.1 and to the extent identified in any employment agreements. 
 3.13 Managing Member. The
Managing Members have exclusive authority to control the management of the day to day business operations and all other aspects of the Company. The Managing Members have the right to employ investment advisers, attorneys, accountants, consultants,
and other personnel on behalf of the Company. The Managing Members may own, operate and invest in other interests and business ventures which may result in conflicts of interest, to the extent those interests and ventures do not compete with
Company. The Managing Members are required to devote only as much time to the business of the Company as it may deem necessary. 

 ARTICLE IV 
 OFFICERS 
 4.1 Officers. The following persons shall serve in the offices set forth opposite their
names, to serve at the pleasure of the Board until their successors are duly appointed and qualified: 
  

			
	 Name
	  	 Office

	Jay Meyers	  	President/Chief Executive Officer
	Susan Weisman	  	Chairman/Secretary/ Treasurer

 In addition, the Board may, from time to time, appoint such other officers of the Company as it
determines, and establish the duties and responsibilities of such appointees. 
 4.2 Removal, Vacancies and Resignations. Any vacancy occurring in any
office, of the Company, including a Managing Member, by death, resignation, or otherwise shall be filled solely by the Board. An officer may resign solely by written notice to the Board. The resignation is effective upon its receipt by the Board or
at a subsequent time specified in the notice of resignation 
 4.3 The President. The President shall execute on behalf of the Company, and may affix
or cause the seal (if any) to be affixed to, all instruments requiring such execution except to the extent the signing and execution thereof shall be expressly delegated by the Board to some other officer or agent of the Company. 
 4.4 Delegation of Duties. Whenever an officer is absent or whenever for any reason the Board may deem it desirable, the Board may delegate the powers and duties
of an officer to any other officer or officers or to any member of the Board. 
 ARTICLE V 
 CAPITAL CONTRIBUTIONS 
 5.1 Capital
Contributions. The Members have, or will contribute the amount set forth on Schedule A. 
 5.2 Capital Contributions of New Members. An
Additional Member may be required to make a Capital Contribution as determined by the Managing Members. 
 5.3 Additional Capital Contributions. No
additional Capital Contributions shall be required to be made by the Members. 
 5.4 Other Matters Relating to Capital Contributions. 
 5.4.1 Except as may be expressly provided herein, no Member shall be entitled to withdraw or to the return of any part of the Capital Contribution of such
Member or to receive property or assets other than cash from the Company for any reason whatsoever. Loans by any Member to the Company shall not be considered Capital Contributions. 
 5.4.2 Except as provided herein, no Member shall be entitled to priority over any other Member with respect to return of such Member’s Capital
Contribution. 
 5.4.3 Upon liquidation of the Company or any Member’s Interest in the Company pursuant to Treasury Regulations
Section 1.761-1(d), liquidating distributions shall be made in accordance with the positive Capital Account balance of the Member, as determined after taking into account all Capital Account adjustments for the Accounting Year during which such
liquidation occurs (other than those made pursuant to the requirements of paragraphs (2) and (3) of Treasury Regulations Section 1.704-1 (b)(2)(ii)(b)), by the end of such Accounting Year or, if later, within ninety (90) days
after the date of such liquidation. 

 5.4.4 If any Member has a deficit balance in his or her Capital Account following the liquidation of his
or her Member Interest, as determined after taking into account all Capital Account adjustments for the Company taxable year during which such liquidation occurs (other than those made pursuant to this Section 5.4.4), such Member shall
be unconditionally obligated to restore the amount of such deficit balance to the Company by the end of such taxable year (or, if later, within ninety (90) days after the date of such liquidation), which amount shall, upon liquidation of the
Company, be paid to creditors of the Company or distributed to other Members in accordance with their positive Capital Account balances in accordance with Section 5.5.3 above. 
 5.5 Investment of Capital Contribution by the Founding Members. 
 5.5.1 The Founding Members have broad discretionary power to decide what investments the Company will make and what strategies it will use, in accordance with Section 2.1. 
 5.5.2 The Board may invest the funds of the Company where appropriate and under conditions whereby the Company has the available resources. 

5.5.3 Founding Members have the option to reinvest substantially all Company income and gain, if any, where appropriate and in the best interests of
the Members. 
 5.5.4 If a Member receives a distribution from the Company which the Company is prohibited from making, the Member may be
liable to return all or part of the distribution, plus interest. 
 5.5.5 The value of any investments held by the Company for which there is
no clear valuation will be determined by the Board. 
 ARTICLE VI 
 ALLOCATIONS AND DISTRIBUTIONS 
 6.1 Blank.  
 6.2 Distribution of Available Cash. The Available Cash of the Company, if any, shall be distributed to the Members, in equal parts, in amounts and at such time as
determined by the Board. 
 6.3 Distributions. The Company shall distribute eighty percent (80%) of the taxable income quarterly, no later than
forty five (45) days prior to the end of each quarter, the balance will be distributed upon filing of the annual tax return of the Company. One hundred percent (100%) of taxable income shall be distributed equally to all Founding Members.

 ARTICLE VII 
 FISCAL MATTERS 
 7.1 Accounting Year. The Accounting Year of the Company shall commence on
January 1 and end on December 31. 
 7.2 Books of Account. The Board shall cause to be kept adequate books of account of the Company wherein
shall be recorded and reflected all of the Member Percentages and the Capital Contributions of the Members to the Company and all of the expenses and transactions of the Company. 
 7.3 Bank Accounts, Funds and Assets. The funds of the Company shall be deposited in such bank or banks as the Board shall deem appropriate. 
 7.4 Tax Returns and Reports. The Board, at the Company’s expense, shall cause income tax returns and reports for the Company to be prepared and timely filed with the appropriate authorities. The Board
shall also, at the Company’s expense, cause to be prepared and timely filed, with appropriate federal and state regulatory and administrative bodies, all reports required to be filed with such entities under then current applicable laws, rules
and regulations. Each Member will receive the following: (1) monthly financial statements, and (2) copies of that Member’s Schedule K-l to the Company’s tax returns. The Managing Member may but is not required to send each Member
a quarterly letter discussing the results of the Company for the fiscal quarter just ended. The Managing Members will not be held responsible for the taxable treatment used in the preparation of annual tax returns. All Founding Members shall have
complete access to all financial records of the Company upon request. 
 7.5 Tax Status. Any provision hereof to the contrary notwithstanding, solely
for United States federal income tax purposes, the Company hereby recognizes and agrees that it shall be subject to all provisions of Subchapter K of Chapter 1 of Subtitle A of the Code. The filing with the Internal Revenue Service of United States
Income shall not be construed to expand the purposes of the Company or any obligations or liabilities of the Members. 
 7.6 Tax Elections. The Board
shall from time to time determine whether or not to make or attempt to revoke any and all tax elections regarding depreciation methods and recovery periods, capitalization of construction period expenses, amortization of organizational and start-up
expenditures, basis adjustments upon admission or retirement of Members, and any other federal, state or local income tax elections. 
 ARTICLE VIII 
 DISPOSITION OF MEMBER INTEREST 
 8.1 Except as otherwise specifically provided for by law or contemplated by this Agreement, no Member may, voluntarily or involuntarily, by operation of law, or
otherwise, withdraw, transfer, assign, pledge, hypothecate, sell, mortgage, create a security interest in or lien on, encumber, gift, place in trust (voting or otherwise) or engage in any other Disposition of his or her Member Interest without the
prior written consent of the Founding Members, which consent may be withheld in the sole and absolute discretion of the Founding Members. The Founding Members may impose an administrative fee to cover the expenses associated with such action. If any
purported or attempted Disposition of a Member Interest does not comply with the provisions of this Agreement, the purported transferee shall be deemed not to be a Member of 

 
the Company and shall not be entitled to registration of the Disposition on the books of the Company. No Disposition of a Member Interest shall be valid
unless the transferee has first become a party to this Agreement. 
 8.2 The Founding Members may, in their sole discretion, permit a Member to withdraw his
investment. The Managing Members may withhold this consent for any reason or for no reason. The Founding Members may impose an administrative fee to cover the expenses associated with such withdrawal. 
 ARTICLE IX 
 DISSOCIATION
OF A MEMBER; REQUIRED SALE OF MEMBERSHIP INTEREST 
 9.1 Cessation. A Member shall be deemed “Dissociated” from and cease to be a
Member of the Company upon the happening of any of the following events: 
 9.1.1 The Member wrongly attempts to dispose of his, her or its
Membership Interest (in any manner as described at Article VIII, hereof); or 
 9.1.2 The Bankruptcy of a Member, and the election of
the Founding Members to terminate such Member’s Member Interest; or 
 9.1.3 Blank. 
 9.2 Requirement to Sell. Upon Dissociation of a Member, such Member, or the immediate successor in interest to such Member if his or her Dissociation is due to
death or disability (the “Selling Member”) shall be required to sell the Member Interest owned by the Selling Member to the Company, and the Company shall purchase such Member Interest, at a price determined in accordance, and in a
manner consistent, with Section 9.3, except that, upon written notice given to the Company prior to the Company purchasing such Member’s Interest, the Founding Members have the first right to purchase such Member Interest, at a
price determined in accordance, and in a manner consistent, with Section 9.3. In the event that a Founding Member is disassociated by death, the estate of such Managing Member shall be entitled to any commissions owing to the Managing
Member. 
 9.3 Purchase Price. The purchase price for any Member Interest sold pursuant to this Section (the “Purchase Price”) shall
be determined by multiplying (a) the Selling Member’s Member Percentage, times (b) the book value of the Company as conclusively determined by the Company’s Accountants in accordance with GAAP, as of the last day of the calendar
quarter preceding the event giving rise to such sale. 
 9.4 Closing. The closing pursuant to this Section will occur within one hundred and twenty
(120) days of the event giving rise to such sale or at such later date if the Managing Members, in their sole discretion, determine it is in the best interests of the Company, up to one year from the event giving rise to such sale. The closing
shall take place at the office of the Company or at such other place as the parties agree. The Company or the Founding Members, as the case may be, shall purchase the Selling Member’s Member Interest by delivering at closing an amount equal to
the total Purchase Price therefore, in cash, in kind, including securities in sister companies, or in the form of a Promissory Note payable over a period up to two years, the form of which shall be determined in the sole and absolute discretion of
the Company or the Founding 

 
Members, as appropriate. If the Company or the Founding Members sell the disassociated Member’s Member Interest to a current or additional Member for
cash, the Company or the Founding Members as the case may be, shall pay the disassociated Member the Purchase Price in cash. 
 9.5 Transfer. Upon any
closing hereunder, the parties shall execute and deliver to each other the various documents which shall be required to carry out their undertakings hereunder, and the Member Interest being sold will be appropriately transferred. 
 9.6 Resignation as Officer, member of the Board. Upon the Dissociation of a Member, such Member shall resign all officer and Board positions he or she may hold,
if any. 
 9.7 Right of First Refusal 
 9.7.1 If a Founding Member, receives a bona fide offer from a third party, excluding Related Transferees (the “Offeror”) to purchase all or some of his, her or its Founding Member Interests (the “Offer”), and such
Founding Member (the “Voluntary Selling Founding Member”) desires to accept such Offer, the Voluntary Selling Founding Member shall first offer for sale to the other Founding Member the Member Interests which the Voluntary Selling Founding
Member proposes to sell to the Offeror (the “Offered Member Interests”) in accordance with the following procedures: 
 9.7.2 The
Voluntary Selling Founding Member shall deliver a notice of the proposed sale (the “Transfer Notice”) to the Company and the Founding Member. The Transfer Notice shall contain a description of the transaction in reasonable detail,
including the terms of the proposed transaction, including the percentage of Offered Founding Member Interests, the name of the Offeror, a description of the consideration (if any) to be received by the Voluntary Selling Founding Member for the
Offered Founding Member Interests, the closing date and all information that is available to the Voluntary Selling Founding Member regarding the Offeror’s business experience and financial condition. The Transfer Notice shall also include a
copy of the writing evidencing the bona fide offer and any agreement entered into in connection therewith. Bona fide offers must be offers from third parties acting in good faith who are not Related Transferees. 
 9.7.3 If the Founding Member agrees to purchase all of the Offered Founding Member Interests in accordance with Section 9.7.2, the purchase
shall be consummated in accordance with the terms of the Transfer Notice within thirty (30) days after the later of the deadline for delivery of the notice required pursuant to Section 9.7.2 or as otherwise provided in the Transfer
Notice. 
 9.7.4 If the Founding Member does not agree to purchase all of the Offered Founding Member Interests, the Voluntary Selling
Founding Member shall have the right to sell the Offered Member Interests to the Offeror named in the Transfer Notice, but only in strict accordance with the terms, and for the consideration stated, in the Transfer Notice, and subject to the
provisions set forth in Article IX hereof. If the Voluntary Selling Founding Member does not sell the Offered Founding Member Interests to the Offeror in accordance with the Transfer Notice within thirty (30) days after the later of the
deadline for delivery of the notice required pursuant to Section 9.7.2, all of the restrictions on sale set forth in this Agreement shall again be 

 
in effect with respect to the Offered Founding Member Interests, and the Voluntary Selling Founding Member shall again comply with all of the provisions of
this Article IX prior to any sale of Founding Member Interests. 
 9.7.5 In the event any or all of a Voluntary Selling Founding
Member’s Founding Member Interests are sold to an Offeror in accordance with the terms of this Agreement, the Offeror shall, as a condition precedent to the effectiveness of such sale or the issuance of any certificate(s) representing such
Founding Member Interests to the Offeror, execute a counterpart of this Agreement and become a party hereto, agree to be bound to all the terms hereof, and agree to be treated as a Founding Member for purposes of this Agreement. 
 ARTICLE X 
 OPTION UPON
INVOLUNTARY TRANSFER 
 If, other than pursuant to this Agreement, a Member’s Member Interest is transferred by operation of law
to any person other than the Company (such as, but not limited to, a trustee in bankruptcy, a receiver, a purchaser under any creditor’s or judicial sale or a guardian or conservator), the Company shall have an option to purchase all of the
Member Interest so transferred at the price and terms determined in accordance with Section 9.3. The Company shall have a period of sixty (60) days after the date of receipt of notice of such transfer within which to exercise this
option in writing. Neither the Member whose Member Interest has been transferred pursuant to this Article X nor the transferee of such Member Interest shall have any vote either as a Member or member of the Board of the Company, shall not be
considered in determining whether a quorum is present, and his or her Member Interest shall be deemed voted in the same manner as the majority of Members. 
 ARTICLE XI 
 FAMILY AND AFFILIATE TRANSFERS 
 11.1 A Member may transfer any or all of his Member Interests to his spouse, adult lineal descendants, spouses, trusts for the benefit of any of the
foregoing persons or such Member’s minor lineal descendants, or the Member’s wholly-owned corporation or partnership or affiliate (i.e. a person or entity controlling, controlled by or under common control with, the Member) (collectively,
such Member’s “Related Transferees”). If a Member transfers any of his Member Interests to a Related Transferee (or if any Related Transferee subsequently transfers or retransfers any of such Member Interests to another Related
Transferee of such Member), such Related Transferee(s) shall receive and hold the Member Interests so transferred subject to the provisions of this Agreement, including without limitation the obligations hereunder of the Member who originally
transferred such Member Interests, as though such Member Interests were still owned by him; such Member and such Related Transferee(s) shall be deemed a single Member whose decisions under or in connection with this Agreement shall be made by such
original Member, and such Related Transferee(s) shall not be deemed a Member, for the purposes of this Agreement. No Related Transferee shall transfer any Member Interests except to the Member to whom he, she or it is related or to another Related
Transferee of such Member, or as part of a sale of all such Member Interests in accordance with this Agreement. 

 11.2 It shall be a condition precedent to any transfer permitted by Section 11.1 above that
the Related Transferee, if he, she or it has not already done so, shall execute and deliver to each party hereto an agreement acknowledging that all Member Interests transferred or to be transferred to him, her or it are and shall be subject to the
terms and conditions of this Agreement and agreeing to be bound hereby. Notwithstanding anything to the contrary in this Agreement, no transfer by a Member (or any of his Related Transferees) under Section 11.1 above shall release such
Member from any of his obligations or liabilities hereunder. 
 ARTICLE XII 
 DILUTION 
 Each Member
acknowledges that he, she or it will be subject to pro rata dilution resulting from each subsequent issuance of Member Interests by the Company. 
 ARTICLE XIII 
 SPECIFIC PERFORMANCE 
 The parties agree that the Member Interests are unique, that failure to perform the obligations provided by this Agreement will result in irreparable
injury and that specific performance of the obligations imposed upon each Member and the Company by this Agreement may be obtained in accordance with Sections 15.12, 15.13, and 15.14 hereof. 
 ARTICLE XIV 
 DISSOLUTION;
WIND-UP 
 14.1 Dissolution. The Company shall be dissolved, its assets shall be disposed of and its affairs wound up only upon the occurrence
of one or more of the following events (each, an “Event of Termination”): 
 14.1.1 The Company is required to be dissolved
under the Act; 
 14.1.2 The disposition of all the assets following the Disposition of all the investments pursuant to Section 6.4
herein; or 
 14.1.3 The written agreement of all Founding Members; 
 14.1.4 The sale of the common stock or substantially all of the assets of SCB by Coach. Under separate agreement Coach will enter into an agreement with
American Dealerships for the Right of First Opportunity to purchase SCB under the same terms and conditions presented by a bona fide buyer to Coach. 
 14.2
Continuation of Company. Except as otherwise provided in Section 14.1, none of the Bankruptcy, death, disability, retirement, Dissociation or dissolution of any Member, or other event which terminates the continued membership of a
Member, shall cause the Company to dissolve or otherwise trigger the requirements of Section 14.1. 

 14.3 Wind-Up. Upon the dissolution of the Company, the Board shall cause to be made a final accounting of the
business and affairs of the Company and shall proceed with reasonable promptness to liquidate the business, property and assets of the Company and to distribute the proceeds in the following order of priority: 
 14.3.1 To the payment of expenses of any sale, disposition or transfer of the Company assets in liquidation of the Company; 
 14.3.2 To the payment of just debts and liabilities (including any accrued, but unpaid interest) of the Company (including to any Members), in the order
of priority provided by law; 
 14.3.3 To the establishment of any reserve that the Board may determine to be reasonably necessary and
adequate for any contingent liabilities and obligations of the Company or the Members arising out of or in connection with the business of the Company; and 
 14.3.4 To the Members in an amount equal to their then existing positive Capital Account balance, as determined after taking into account all Capital Account adjustments for the Company taxable year during which such
liquidation occurs. 
 The Board may elect to distribute the remaining property and assets of the Company, if any, in kind, in lieu of selling them, based
upon the then existing fair market value thereof and after allocating to the Members, in accordance with their respective interests in the Company, any unrealized gain inherent in such assets. 
 The wind-up of the affairs of the Company shall be conducted in the manner determined by the Board. In liquidating the assets of the Company, all assets of a saleable
value shall be sold at such price and terms as the Board determines to be fair and equitable. Any Member may purchase such assets at such sale. A reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the
discharge of liabilities to creditors to minimize the losses that might otherwise occur upon liquidation. 
 ARTICLE XV

 GENERAL PROVISIONS 
 15.1
Notices. All notices, demands and other communications given hereunder shall be in writing and shall be deemed to have been duly given (a) upon hand delivery thereof, (b) upon facsimile and written confirmation of receipt,
(c) upon receipt of any overnight deliveries, or (d) on the third (3rd) business day after mailing United States registered or certified mail, return receipt requested, postage prepaid, addressed to each Member as set forth on
Schedule A hereto, or at such other address, or to such other person and at such address for that person, as any party shall designate in writing to the other Member for such purpose in the manner hereinabove set forth. 
 15.2 Entire Agreement. This Agreement and the Articles set forth all the promises, covenants, agreements, conditions and understandings among the parties hereto,
and supersede all prior and contemporaneous agreements, understandings, inducements or conditions expressed or implied, oral or written, except as herein contained. 
 15.3 Binding Effect; No Assignment. This Agreement shall be binding upon the parties hereto, their heirs, administrators, successors and permitted assigns. Except as provided herein, no party may assign or
transfer his or her Member Interests herein, or delegate his or her duties hereunder. 

 15.4 Amendment. This Agreement may be amended, altered or repealed and new provisions of this Agreement may be
adopted only by written agreement of all Founding Members. 
 15.5 No Waiver. No waiver of any provision of this Agreement shall be effective unless
it is in writing and signed by the party against whom it is asserted, and any such written waiver shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver. 
 15.6 Gender and Use of Singular and Plural. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the
party or parties, or their personal representatives, successors and permitted assigns may require. 
 15.7 Counterparts. This Agreement and any
amendments may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. 
 15.8 Headings. The article and Section headings contained in this Agreement is inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
 15.9 Governing Law. This Agreement shall be construed in accordance with the laws of the states in which it operates. 
 15.10 Further Assurances. The parties hereto will execute and deliver such further instruments and do such further acts and things as may be reasonably required
to carry out the intent and purposes of this Agreement. 
 15.11 Provisions Severable. This Agreement is intended to be performed in accordance with,
and only to the extent permitted by, all applicable laws, ordinances, rules, and regulations of the jurisdiction in which the parties do business. If any provision of this Agreement, or the application thereof to any person or circumstance shall,
for any reason or to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent
permitted by law. 
 15.12 Consent to Service of Process; Venue. Each party hereto irrevocably and unconditionally (i) submits to the exclusive
jurisdiction of the courts of the States of Florida and California or the United States of America located in the States of Florida and California, for any claims, actions, suits or proceedings (collectively, “Actions”) arising out
of or relating to this Agreement or the breach, termination or validity hereof and the transactions contemplated hereby; (ii) agrees not to commence any Action relating to this Agreement except in such courts and in accordance with the
provisions of this Agreement; (iii) agrees that service of process, summons, notice or document by U.S. registered mail shall be effective service of process for any Action brought in any such court; (iv) waives any objection to the laying
of venue of any Action arising out of this Agreement or the transactions contemplated by this Agreement in the courts of the States of Florida and California or the United States of America located in the States of Florida and California; and
(v) agrees not to plead or claim in any such court that any such Action brought in any such court has been brought in an inconvenient forum. The parties hereby submit to the exclusive jurisdiction of the courts so selected, to the exclusion of
any other court which might have had jurisdiction and waive any defense of lack of personal jurisdiction of such courts. 

 15.13 Attorneys’ Fees. If any party brings an action in connection with the performance, breach or
interpretation of this Agreement, or in any action related to the transactions contemplated hereby, the prevailing party in such action shall be entitled to recover from the losing party in such action all reasonable costs and expenses of such
litigation, including attorneys’ fees, court costs, costs of investigation, accounting and other costs reasonably incurred or related to such litigation 
 15.14 Remedies. Each party hereto recognizes and agrees that the violation of any term, provision or condition of this Agreement may cause irreparable damage to the other parties which may be difficult to ascertain, and that the
award of any sum of damages may not be adequate relief to such parties. Each party, therefore, agrees that, in addition to other remedies available in the event of a breach of this Agreement, the Company or the Managing Members shall be entitled to
injunctive relief or such other equitable remedy as a court of competent jurisdiction may provide without the requirement to post a bond or other form of security in addition to its or his remedies at law, including an injunction restraining the
Member from committing or continuing such breach. Nothing contained herein will be construed to limit the Company’s or the Managing Members’ right to any remedies at law, including the recovery of damages for breach of this Agreement.

 15.15 Mediation. In the event of any voting impasse among the Members or Directors, prior to the taking of any action in law or at equity in connection
with that impasse, the Members or Directors (as the case may be) shall first try to settle the dispute through mediation through the intervention of a neutral third party mediator and each party to said mediation shall provide the other with an
opportunity to correct or remediate the basis for the dispute. If the parties cannot agree on a mediator the parties will contact a mediation firm, which firm shall provide the parties with the names of three (3) retired judges and each of the
two parties will have the opportunity to strike one name after which the mediator will be appointed by the firm. 
 IN WITNESS
WHEREOF, the parties have executed this Agreement the day and year first above written. 
  
  
  

			
	COMPANY:
	
	Springfield Coach Industries Corporation, Inc
		
	By:	 	 /s/ Francis O’Donnell

	Name:	 	Francis O’Donnell
	Title:	 	Founding Member
	
	American Dealerships Corporation
		
	By:	 	 /S/ Jules Meyers

	Name:	 	Jules Meyers
	Title:	 	President
	Founding Member

 SCHEDULE A 
  

 

					
	 Name and Address
	  	 Member Percentage
	  	 Capital Contribution

	Springfield Coach Industries Corporation, Inc. Industries	  	
	Group, Inc	  		  	
	1903 N. Barnes Road	  		  	
	Springfield, MO	  	51%	  	
	  
	  		  	
			
	American Dealerships Corporation	  		  	
	  
	  	49%	  	
	  
	  		  	

 JOINDER PAGE 
 The undersigned agrees to become a Member of American-Springfield, LLC (the “Company”), as described below, and, as such, agrees to be bound by the terms and conditions of the Operating Agreement by and
among the Company and its Members dated                         , 2005, as the same shall be amended from time to time.

  

					
	 Name and Address
	  	 Member Percentage
	  	 Initial Capital Contribution

 Springfield Coach 

	Industries	Corporation, Inc. See Attached Schedule 

 American Dealerships
Corporation. See Attached Schedule 
 Accepted and effective as of this         day
of                         , 200  . 
  

			
	American-Springfield LLC
		
	 By:
	 	  

	 Name:
	 	
	 Title:Amended Loan Agreement

 Exhibit 10.1 
 FARM CREDIT OF SOUTHWEST FLORIDA, ACA 
 AMENDED AND RESTATED LOAN AGREEMENT 

THIS AMENDED AND RESTATED LOAN AGREEMENT (the “Loan Agreement”) is made and entered into to be effective on May 26, 2006, by and
between Farm Credit of Southwest Florida, ACA, an agricultural credit association for itself and as agent/nominee for other lending institutions having an interest, direct or indirect, in the Loan (as defined hereinbelow) from time to time,
whose address is 330 North Brevard Avenue, Arcadia, Florida 34266 (“Lender”), ALICO, Inc., a Florida corporation (“Borrower”), whose address is P.O. Box 338, LaBelle, Florida 33975 and the Guarantors (as
defined below) (collectively, the “Parties”, each singly, a “Party”). 
 Preliminary Statement

 Lender currently has a $175,000,000 revolving line of credit facility extended to Borrower as evidenced by that certain Loan Agreement
between Borrower and Lender dated October 11, 2005. Borrower and Lender have agreed to modify the terms of such credit facility as set forth hereinbelow. 
 NOW, THEREFORE, in consideration of the terms and conditions set forth herein, Lender and Borrower enter into this Loan Agreement and agree as follows: 
 1. Definitions. For the purposes hereof: 
 1.1. “Accounts” shall have the meaning assigned thereto
in the Code. 
 1.2. “Advance” means an advance of proceeds of the RLOC to Borrower pursuant to the terms of this Loan Agreement.

 1.3. “Advance Agent” means John R. Alexander, its Chairman and Chief Executive Officer, Dan L. Gunter, President, or Patrick W.
Murphy, Chief Financial Officer, or such other Person as may be designated by Borrower in writing from time to time. 
 1.4.
“Affiliate” means, with respect to a named Person, (a) any Person directly or indirectly owning five percent (5%) or more of the voting stock or rights in such named Person or of which the named Person owns five percent
(5%) or more of such voting stock or rights; (b) any Person controlling or controlled by or under common control with such named Person; (c) any officer, director or managing employee or agent of such named Person or any Affiliate of
the named Person; and (d) any immediate family member of the named Person or any Affiliate of such named Person. 
 1.5. “Business
Day” means any day on which Lender is open for business. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 1 of 40 

 1.6. “Capital Lease” means any lease of real or personal property for which the obligations of
the lessee thereunder are required, in accordance with GAAP, to be capitalized on the balance sheet of the lessee. 
 1.7. “Change of
Control” means an event or series of events by which: 
 (a) any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any
such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such
person or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 25% or more of the equity securities of the
Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any
option right) excluding beneficial owners of more than 25% of the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account
all such securities that such person or group has the right to acquire pursuant to any option right) at the execution of this Amended and Restated Loan Agreement; 
 (b) during any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Borrower cease to be composed of individuals (i) who were members of
that board or equivalent governing body on the first day of such period, or (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time
of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or
assumption of office as, a member of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a
solicitation for the election of one or more directors by or on behalf of the board of directors); or 
 (c) any Person or two or more
Persons acting in concert shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation thereof, will result in its or their acquisition of the power to exercise, directly or indirectly, a
controlling influence over the management or policies of the Borrower, or control over the equity securities of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis
(and taking into account all such securities that such Person or group has the right to acquire pursuant to any option right) 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 2 of 40 

 representing 25% or more of the combined voting power of such securities, excluding such persons with such powers at the
time of the execution of this Amended and Restated Loan Agreement; . 
 1.8. “Chattel Paper” shall have the meaning assigned
thereto in the Code. 
 1.9. “Closing” or “Closing Date” means the date hereof. 
 1.10. “Code” means the Uniform Commercial Code as in effect under the laws of the State of Florida from time to time, as the same may be
amended. 
 1.11. “Collateral” means the Real Property Collateral. 
 1.12. “Credit Parties” means, collectively, Borrower, Guarantors, and any Subsidiary of Borrower which, after the Closing Date, is joined to
this Loan Agreement pursuant to Section 4.1(m) hereof, and “Credit Party” means any of them. 
 1.13. “Current
Ratio” means the ratio of current assets to current liabilities, for the subject Person. 
 1.14. “Debt Ratio” means the ratio
of total liabilities (including current and long term liabilities) to total assets, for the subject Person. 
 1.14A. “Debt
Service” means the sum of all Capital Lease payments and all term debt principal and interest payments due or paid. 
 1.15.
“Deposit Accounts” shall have the meaning assigned thereto in the Code. 
 1.16. “Documents” shall have the meaning
assigned thereto in the Code. 
 1.17. “EBITDA” means, for the subject Person, earnings before interest, taxes, depreciation and
amortization, calculated on a rolling four-quarter basis. 
 1.18. “Environmental Laws” shall mean state, federal or local
environmental laws or regulations, including but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. § 9601 et
seq.; the Emergency Planning and Community Right-to-Know Act, 42 U.S.C. § 1101 et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; the Hazardous Materials Transportation Act of 1974, 49 U.S.C.
§ 1801 et seq.; the Federal Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Clean Air Act, 42 U.S.C. § 4701 et seq.; the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. § 136 et
seq.; the Safe Drinking Water Act, 42 U.S.C. § 3001 et seq.; the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq.; the Oil Pollution Act of 1990, 33 U.S.C. § 2701 et seq.; any laws regulating the use of
biological agents or substances including animal, medical or infectious wastes, each as amended or supplemented, and any analogous future or present local, state, and federal statutes, regulations, and ordinances promulgated pursuant thereto which
may be applicable. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 3 of 40 

 1.19. “Event of Default” shall have the meaning set forth in Article 6. 
 1.20. “Expiration Date” means the Business Day occurring immediately prior to the RLOC Maturity Date. 
 1.21. “Fixed Charge Coverage Ratio” means the ratio of [EBITDA plus payment receipts of both principal and interest from any notes receivables
minus Maintenance Capital Expenditures] to Debt Service all calculated on a rolling four quarter basis for the subject Person. 
 1.22. “GAAP” means generally accepted accounting principles and practices as in effect from time to time and recognized as such by the American Institute of Certified Public Accountants, consistently applied. 
 1.23. “General Intangibles” shall have the meaning assigned thereto in the Code. 
 1.24. “Guarantors” means Bowen Brothers Fruit, LLC, a Florida limited liability company, Alico-Agri, Ltd., a Florida limited partnership,
Saddlebag Lake Resorts, Inc., a Florida corporation and Alico Plant World, L.L.C., a Florida limited liability company, each a “Guarantor”. 
 1.25. “Guaranty Agreements” means the guaranty agreement of each Guarantor dated of even date herewith in favor of Lender guaranteeing the Loan. 
 1.26. “Indebtedness” means, collectively, all liabilities (including, without limitation, Capital Lease obligations) of the subject Person,
whether owing by such Person alone or with one or more others in a joint, several, or joint and several capacity, whether now owing or hereafter arising, whether owing absolutely or contingently, whether created by loan, overdraft, guaranty of
payment, or other contract or by quasi-contract or tort, statute or other operation of law or otherwise. 
 1.27. “Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 
 1.28. “Insolvent” means, for the subject Person, that such Person shall have ceased paying its debts in the ordinary course of business or
shall have become incapable of paying its debts as they become due, or is experiencing a financial condition such that the sum of the Person’s debts is greater than all of such Person’s property, at a fair valuation, exclusive of property
transferred, concealed or removed with intent to hinder, delay or defraud such Person’s creditors. 
 Amended and
Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 4 of 40 

 1.29. “Intercompany Transaction” means any Account, Chattel Paper, General Intangible,
Instrument, Document or other Indebtedness or obligation arising from business done with or for, or Indebtedness owed between or among, Credit Parties or any Affiliate thereof. 
 1.30. “Internal Control Event” means a material weakness in, or fraud that involves management or other employees who have a significant role
in, any Credit Party’s internal controls over financial reporting, in each case as described in the Securities Laws. 
 1.31.
“Instrument” shall have the meaning assigned thereto in the Code. 
 1.32. “Inventory” shall have the meaning assigned
thereto in the Code. 
 1.33. “Investment Property” shall have the meaning assigned thereto in the Code. 
 1.34. “Letter of Credit Rights” shall have the meaning assigned thereto in the Code. 
 1.35. “Lien” or “Liens” means, with respect to any asset, mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset. For purposes of this Loan Agreement, a Person shall be deemed to own subject to a Lien any asset which such Person has acquired or holds subject to the interest of a vendor or lessor under any conditional sales
agreement, Capital Lease or other title retention agreement relating to such asset. 
 1.36. “Loan Documents” means this Amended
and Restated Loan Agreement, the Note, the Subordination Agreements, the Tax Indemnification Agreement, the Mortgage, the Guaranty Agreements and such consents and all other documents, instruments, certificates and agreements executed and/or
delivered by any Credit Party or any third party in favor of Lender in connection with the Loan or any Collateral. 
 1.37. “Loan”
means, the RLOC as described in Section 2.1. The terms Loan and RLOC shall be used interchangeably in this Loan Agreement. 
 1.38. “Maintenance Capital Expenditures” means, with respect to the Credit Parties for any period, the aggregate cost incurred during such period in connection with the maintenance, restoration or replacements of capital assets in
the ordinary course of business determined in accordance with GAAP (to the extent applicable). 
 1.39. “Material Adverse Effect”
means a material adverse effect on (a) the properties or business, operations or financial condition of any Credit Party, taken as a whole, or (b) the ability of the subject Credit Party to perform in any material respect its obligations
under the Loan Documents. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 5 of 40 

 1.40. “Mortgage” means the Term Mortgage dated March 12, 1999, from Borrower to Lender as
recorded in the real property records of Hendry County, Florida in Book 582, Page 663, as modified on October 11, 2005 in Book 718 at Page 1024, and as modified again on even date herewith in Book
             at Page             . 
 1.41. “Maximum RLOC Availability” means, as of any particular date, the RLOC Commitment minus outstanding amounts under the RLOC minus the aggregate face amount of any Standby Letter(s) of
Credit then-issued and outstanding. 
 1.42. “Net Worth” means the total stockholders’ equity as shown on the balance sheet of
the subject Person at any particular date. 
 1.43. “Note” means, the RLOC Note. The terms Note and RLOC Note shall be used
interchangeably in this Loan Agreement. 
 1.44. “Obligations” means (a) all principal and/or interest which may be due under
the Note, and all other present and future Indebtedness, obligations and liabilities of Borrower, and all obligations of any Credit Party, to Lender arising pursuant to this Amended and Restated Loan Agreement and/or any other Loan Document
(including, without limitation, any joinder agreements entered into in accordance with Section 4.1(m) below), regardless of whether such Indebtedness, obligations or liabilities are direct, indirect, fixed, contingent, joint or joint and
several (including any interest, fees and other charges under this Amended and Restated Loan Agreement or any other Loan Document, which would accrue but for the filing of a bankruptcy or insolvency action, whether or not such claim is allowed in
such bankruptcy or insolvency action); (b) all costs incurred by Lender to obtain, preserve, perfect and enforce the security interest securing payment of such Indebtedness and to maintain, preserve and collect the Collateral, including, but
not limited to, taxes, assessments, insurance premiums, repairs, attorneys fees and legal expenses, rent, storage charges, advertising costs, brokerage fees and expenses of sale; (c) all other obligations or liabilities of any Credit Party
owing to Lender, from time to time, whether now existing or hereafter arising, regardless of how incurred; and (d) all renewals, extensions and modifications of any of the foregoing, or any part thereof. 
 1.45. “Permitted Debt” means, on a consolidated basis, (i) trade Indebtedness incurred in the ordinary course of business;
(ii) additional funded debt consisting of loans or advances made by a lender to a Credit Party (including any Capital Leases) other than an Intercompany Transaction, provided that all such Indebtedness, when aggregated, does not exceed
$2,000,000.00 (the “Permitted Funded Debt”) at any time outstanding; (iii) the Indebtedness described on Schedule 1.45 attached hereto and made a part hereof and (iv) Indebtedness owed to Lender. 
 1.46. “Permitted Liens” means (i) Liens not exceeding an aggregate amount of $2,000,000.00 in place at any one time (including Capital
Lease liens) which exist in connection with the Permitted Funded Debt, (ii) Liens in favor of Lender, (iii) mechanic’s, materialmen’s and similar liens which are paid in a timely manner, (iv) liens for income taxes or other
taxes not 
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 yet due and payable or for income taxes or other taxes that the taxpayer is contesting in good faith, (v) purchase
money liens and liens securing rental payment under Capital Lease arrangements, (vi) rights of licensors under licenses, (vii) the Liens described on Schedule 1.46 attached hereto and made a part hereof and (viii) other liens
arising in the ordinary course of business. 
 1.47. “Permitted Loans” means loans from Borrower to any of its Subsidiaries,
provided that the promissory notes and any collateral securing such promissory notes shall be pledged by Borrower as Collateral for the Loan. 
 1.48. “Person” means an individual person, corporation, limited liability company, trust, joint venture, limited or general partnership, any government or agency or political subdivision of any government, or any other entity or
organization. 
 1.49. “Real Estate” shall have the meaning as set forth in Section 3.8 hereof. 
 1.50. “Real Property Collateral” means approximately 7,672 acres of real estate located in Hendry County, Florida pledged to Lender pursuant to
that certain Term Mortgage dated March 12, 1999 from Borrower to Lender and recorded at Book 582, Page 663 in the real property records of Hendry County, Florida, as modified on October 11, 2005 by a modification agreement recorded at Book
718, Page 1024; and (ii) approximately 33,700 acres of real estate located in Hendry County, Florida pledged to Lender pursuant to a mortgage modification and spreader agreement of Borrower dated of even dated herewith and recorded in the real
property records of Hendry County, Florida and modifying the mortgage referenced in (i) above. 
 1.51. “Registered Public
Accounting Firm” has the meaning specified in the Securities Laws and shall be independent of the Borrower as prescribed by the Securities Laws. 
 1.52. “RLOC” means the revolving line of credit in the amount of the RLOC Commitment as described under Section 2.1(a) hereof. 
 1.53. “RLOC Commitment” means $175,000,000. 
 1.54. “RLOC Maturity Date” means August 1, 2010, or such later date as may be determined pursuant to Section 2.1(a) hereof. 
 1.55. “RLOC Note” means the Amended and Restated RLOC Note of Borrower dated as of the Closing Date in favor of Lender in the amount of the
RLOC as set forth in Section 2.1(a) (substantially in the form of Exhibit 1.55 attached hereto), as well as any promissory note or notes issued by Borrower in substitution, replacement, extension, amendment or renewal of any such
promissory note or notes. 
 1.56. “Sarbanes-Oxley” means the Sarbanes-Oxley Act of 2002. 
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 1.57. “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions. 
 1.58. “Securities Laws” means the Securities Act of 1933, the Securities Exchange
Act of 1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company Accounting Oversight Board, as each of the foregoing may be
amended in the effect on any applicable date hereunder. 
 1.59. “Standby Letter(s) of Credit” means one or more letters of credit
which may be issued by Lender to third party beneficiaries as more particularly described under Section 2.1 hereof. 
 1.60.
“Subordination Agreements” means those certain agreements, reasonably satisfactory to Lender, which subordinate all Subordinated Debt to the Loan. 
 1.61. “Subordinated Debt” means all Indebtedness owed by Borrower to any other Credit Party. 
 1.62. “Subsidiary” means any corporation, partnership or other entity in which any Person, directly or indirectly, owns fifty percent (50%) or more of the stock, capital or other interests (legal or beneficial) which is
effectively controlled, directly or indirectly, by such Person. 
 1.63. “Substances” shall have the meaning as set forth in
Section 3.8 hereof. 
 1.64. “Tax Indemnification Agreement” means that certain agreement of Borrower to Lender dated
of even date herewith in which Borrower agrees to indemnify Lender at all times and hold Lender harmless from against any and all actions or causes of action, claims, demands, liabilities, loss damage or expense of any kind or nature including
reasonable attorney’s fees, which Lender may at any time sustain or incur in relation to intangible taxes and documentary stamps arising as a result of the Loan. 
 2. The Credit Facility. 
 2.1. Loans, Etc. Lender hereby agrees to make the following credit facility
available to Borrower, on terms and conditions set forth herein: 
 (a) (i) RLOC - Subject to Borrower’s compliance with the
terms and conditions of this Loan Agreement, Lender shall make available to Borrower Advances up to the Maximum RLOC Availability from the Closing Date through the Expiration Date, which, in accordance with the RLOC Note, may be advanced, paid down
and readvanced. Advances shall be in minimum increments of not less than $100,000.00. PROVIDED HOWEVER, that no Advance shall be made under the RLOC if, after giving effect to such Advance, the Maximum RLOC Availability would be a negative number.
The obligation to repay the RLOC shall be 
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 evidenced by the RLOC Note and shall have the repayment terms and interest rates as set forth therein. All amounts
outstanding under the RLOC shall be due and payable on the RLOC Maturity Date. 
 Lender and Borrower agree that the RLOC Maturity Date may
be extended for additional one year periods in the following manner. Each year commencing December 31, 2007 Borrower may request in writing that the RLOC Maturity Date be extended for an additional one year period provided that
(i) Borrower requests the extension in a writing provided to Lender by December 31 of such year and (ii) Lender shall not have notified Borrower in writing by January 31 of the following year of Lender’s intention to
terminate the Loan, which decision shall be made in the sole discretion of Lender. If Lender does not elect to terminate the Loan as provided above the RLOC Maturity Date shall be deemed extended for one additional year. 
 (ii) Letter of Credit Subfacility - Subject to the terms and conditions hereof, Lender may issue or cause to be issued, from time to time,
Standby Letter(s) of Credit, not to exceed the face amount of $1,000,000.00 in the aggregate at any one time outstanding. The Maximum RLOC Availability shall be reduced by the face amount of all Standby Letter(s) of Credit issued, unless reflected
as an accrued expense or a setoff against cash reserves on Borrower’s financial statements. The sum of all Standby Letter(s) of Credit outstanding plus outstanding balances under the RLOC shall at no time exceed then applicable RLOC
Commitment. Lender may issue such Standby Letter(s) of Credit on terms and using such documentation as Lender shall reasonably require in accordance with its customary business practices; provided, however that (1) Borrower shall pay, upon the
issuance of any Standby Letter(s) of Credit, a documentation fee in an amount equal to $120.00; (2) Borrower shall pay a letter of credit fee, payable quarterly in arrears, in an amount equal to the applicable margin shown on Schedule
2.1(a)(ii) hereto, per annum times the aggregate amount of all outstanding Standby Letter(s) of Credit outstanding during the preceding quarter, computed on the basis of actual days elapsed in such year, whether 365 days or 366 days;
(3) Borrower shall pay an issuance fee at the normal and customary rates Lender (or the issuing bank) charges for Letters of Credit of the amount and duration requested; and (4) the expiry date of any Standby Letter(s) of Credit issued may
not extend beyond the sooner to occur of the date which is twelve (12) months from the issue date thereof or the RLOC Maturity Date. Unless otherwise expressly agreed to by Lender when a Standby Letter of Credit is issued, the rules of the
“International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall apply to each Standby Letter of Credit.

 (iii) Overadvances - If Lender shall at any time determine that the Maximum RLOC Availability is a negative number, it shall
immediately notify Borrower by telephone of the amount by which the RLOC Commitment is exceeded by the sum of (A) then-outstanding amounts under the RLOC, plus (B) the face amount of then-outstanding Standby Letter(s) of Credit
(such amount, the “Overadvance Amount”). Within forty-eight (48) hours of such notification, or, if the next succeeding day shall not be a Business Day, then no later than 2:00 p.m. Arcadia, Florida time, on the Business Day
immediately following the date of notification, Borrower shall pay or prepay an amount in readily-available funds not less than the Overadvance Amount, to be applied to amounts owed under the RLOC. 
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 (iv) Notice and Manner of Borrowing -For Advances under the RLOC, Borrower shall meet
Lender’s requirement set forth below: 
 (A) Generally – For Advances to be used for any purpose except for the
issuance of Standby Letters of Credit (for which Advance notice requirements are set forth below), Advance Agent shall give Lender at least one (1) Business Day’s notice of a request for an Advance, specifying the date and amount thereof.
Any such notice (including, but not limited to, telephonic notice) which Lender believes in good faith to have been given by Advance Agent (or such other individuals as may be designated in writing by Borrower) shall be deemed given by Borrower. Any
Advance made by Lender based on such notice shall, when wired to an account of Borrower described in any written wire transfer instructions delivered by Advance Agent (or such other individual) in connection herewith, be Loans for all purposes
hereunder. 
 (B) Letters of Credit. – Any request for the issuance of a Standby Letter of Credit shall be submitted by the
Advance Agent to Lender at least three (3) Business Days prior to the requested date of issuance. Such request shall specify, among other things, the beneficiary, the issue date, the face amount, and the expiry date. 
 (v) Standby Letter of Credit Reimbursement – In the event of any drawing under any Standby Letter(s) of Credit, Lender will promptly notify
Borrower. Unless Borrower shall promptly notify Lender that Borrower intends to otherwise reimburse Lender for such a drawing, Borrower shall be deemed to have requested that Lender make an Advance under the RLOC in the amount of the drawing (which
Advance need not be in increments of $100,000), the proceeds of which will be used to satisfy Borrower’s reimbursement obligations under the Standby Letter(s) of Credit. Borrower promises to reimburse Lender on the day of drawing under any
Standby Letter(s) of Credit (either with the proceeds of any Advance under the RLOC obtained hereother or otherwise) in same day funds. 
 2.2. Purposes. The proceeds of the RLOC shall be used by the Borrower for general purposes of the corporation including the purchase of capital assets, the payment of dividends, the repayment of liabilities and the normal operating
needs of the Borrower and its operating divisions and subsidiaries. 
 2.3. Conditions Precedent. In no event shall Lender be
obligated to make any Advance to Borrower until all matters, documents, papers and certificates required hereunder have been 
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 furnished to Lender’s satisfaction or so long as any Event of Default has occurred and is continuing. In addition to
other matters set forth herein, the following documents and matters shall be required to be executed or performed by Borrower and such other Persons as may be necessary and appropriate at or before Closing (unless as provided otherwise under
Section 5 hereof, in connection with the pledge of Collateral): 
 (a) This Loan Agreement, duly executed and delivered;

 (b) The Note and all other Loan Documents, duly executed and delivered; 
 (c) The Collateral documents required under Section 5.1 hereof, duly executed and delivered. Financing statements covering any of the
Collateral shall be recorded in the appropriate recording offices as prescribed under the Code or the laws of any other applicable jurisdiction. All Mortgages pledging the Real Property Collateral shall be recorded in the appropriate real estate
records. Marked-up title commitments shall be due upon recording of such Mortgages and final title insurance policies required hereunder shall be delivered to Lender within ten (10) Business Days following the execution of the Mortgages
pledging the Real Property Collateral. 
 (d) Resolutions, approved by the directors of the Borrower, the directors of Saddlebag Lake
Resorts, Inc., the partners of Alico-Agri, Ltd, the manager/members of Bowen Brothers Fruit, LLC and the manager/members of Alico Plant World, L.L.C. in the form and substance satisfactory to Lender, authorizing the execution, delivery and
performance of all Loan Documents, on behalf of the Borrower and Guarantors; 
 (e) A Certificate of Good Standing for the Borrower and each
Guarantor, from its state of incorporation or formation and satisfactory evidence of Borrower’s and each Guarantor’s qualification to do business in any applicable jurisdictions in which, according to the laws of such jurisdictions, it is
required to qualify to do business; 
 (f) An Environmental Hazards Assessment (Form ENV-1) current as of the Closing Date, for each parcel
of the newly pledged Real Estate Collateral; 
 (g) Evidence, reasonably satisfactory to Lender, of Borrower’s compliance with any
material regulations, policies, orders and permitting and licensing requirements to which Borrower, its operations and properties, is subject or in the event of any noncompliance, that such noncompliance will not have a Material Adverse Effect;

 (h) An opinion of all Credit Parties’ Florida counsel opining, among other things, as to the due authorization and execution of the
Loan Documents and the enforceability of the Loan Documents in accordance with the terms thereof; 
 (i) Payment by Borrower of all fees and
closing costs required hereunder and under the Loan Documents; 
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 (j) The insurance policies required under Section 4.1(d) hereof; 
 (k) Such other matters as Lender may reasonably require. 
 2.4. Lender Stock. On or before the Closing Date, Borrower shall own stock in Farm Credit of Southwest Florida, ACA in an amount equal to $1,000.00. Such stock is at risk and is retireable only at the
discretion of Lender’s board of directors and in accordance with Lender’s bylaws. 
 2.5. Fees, Costs, and Expenses.
Borrower shall pay, on or before the Closing Date (or subsequent to the Closing Date if required pursuant to the Tax Indemnification Agreement), any and all costs and expenses reasonably incurred by Lender in making the Loan available to Borrower,
including, without limitation, any recording costs, documentary stamp taxes, intangibles taxes and intangibles recording taxes, and Lender’s reasonable legal expenses and fees, regardless of whether the transactions contemplated hereunder
close, unless failure to close is the fault of Lender. In addition, Borrower shall pay Lender the following fees: 
 (a) Unused Commitment
Fee. An unused commitment fee in the amount of 15 basis points (.15%) times the average daily balance of the unused portion of the RLOC Commitment computed annually in arrears on December 31 of each year commencing December 31,
2006 and payable within fifteen (15) days following each calendar year-end. 
 3. Representations and Warranties. To induce Lender to make the Loan,
Credit Parties make the following representations and warranties, which shall survive the execution and delivery of the Note and other Loan Documents: 
 3.1. Good Standing. Borrower, Alico-Agri, Ltd., Saddlebag Lake Resorts, Inc., Bowen Brothers Fruit, LLC and Alico Plant World, L.L.C. are each duly incorporated or organized, validly existing, and in good
standing under the laws of the State of Florida and each has the power and authority to own its property and to carry on its business in each jurisdiction in which it does business. 
 3.2. Authority and Compliance. Each Credit Party has full power and authority to execute and deliver the Loan Documents to which it is a party and
to incur and perform its obligations provided for therein, all of which have been duly authorized by all proper and necessary action of the appropriate governing body. No consent or approval of any public authority or other third party is required
as a condition to the validity of any of the Loan Documents, and each Credit Party is in material compliance with all laws and regulatory requirements to which it is subject, except to the extent any such non-compliance would not cause a Material
Adverse Effect. 
 3.3. Binding Agreement. This Loan Agreement and the other Loan Documents executed by the Credit Parties constitute
valid and legally binding obligations of the Credit Parties, enforceable in accordance with their terms. 
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 ACA/ALICO, Inc. 
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 3.4. Litigation. There is no proceeding involving any Credit Party pending or, to the knowledge of
any Credit Party, threatened, before any court or governmental authority, agency or arbitration authority, except as disclosed to Lender on Schedule 3.4 hereof and acknowledged by Lender prior to the date of this Loan Agreement; provided
however, such disclosure shall not be required with respect to any matters which, if determined adversely to the Credit Parties, collectively, would reasonably be expected to result in liability of less than $10,000,000 in the aggregate or matters,
which, if determined adversely to any Credit Party would reasonably be expected to result in liability of less than $1,000,000 with respect to any individual matter, in each case excluding amounts with respect to which an insurance carrier admits
full coverage (except for applicable deductibles). 
 3.5. No Conflicting Agreements. There is no article of incorporation,
certificate of formation, partnership certificate, bylaw, partnership agreement or other document pertaining to the organization, power, or authority of any Credit Party and no provision of any existing agreement, deed of trust, mortgage, indenture
or contract binding on any Credit Party or affecting its properties, which would conflict with or in any way prevent the execution, delivery, or carrying out of the terms of this Loan Agreement and the other Loan Documents except as would not
reasonably be expected to have a Material Adverse Effect. 
 3.6. Ownership of Assets. Each Credit Party has good title to its assets,
and its assets are free and clear of all judgments, liens, and encumbrances except for Permitted Liens. 
 3.7. Taxes. All taxes and
assessments due and payable by each Credit Party have been paid or are being contested in good faith by appropriate proceedings and each Credit Party has filed all tax returns which it is required to file except, in each case, as would not
reasonably be expected to have a Material Adverse Effect. 
 3.8. Environmental Matters. To its best knowledge, after due inquiry,
Borrower represents and warrants to Lender for itself and its Subsidiaries, except as may be otherwise disclosed in writing to Lender, that any real estate owned or leased by it (the “Real Estate”) has never been and is not now being used
in material violation of any material Environmental Laws; that no proceedings are pending against it concerning any alleged violations of any Environmental Laws on or related to the Real Estate, that the Real Estate is free of any hazardous or toxic
substance or wastes, including but not limited to, asbestos, PCBs, petroleum products, fertilizers and pesticides (“Substances”) other than such Substances as are associated with the commercial operations of the Borrower or its
Subsidiaries, except as would not reasonably be expected to have a Material Adverse Effect; and to the extent that any Substances are kept or stored on the Real Estate, Borrower or its Subsidiary is maintaining them in accordance with all applicable
laws, except where such failure to maintain would not reasonably be expected to have a Material Adverse Effect; that if Borrower or any Subsidiary of Borrower is transporting any Substances, such transportation is being conducted in material
compliance with all applicable laws; Borrower or its Subsidiaries have all required permits for the use and discharge of any Substances on the Real Estate and all uses and discharges on the Real Estate are being made in compliance with such permits;
that Borrower and its Subsidiaries are in compliance with all 
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 applicable laws regulating the creation, storage, handling, processing and/or transportation of animal wastes; that, in
the event that any of the foregoing representations and warranties is untrue or is qualified in any way, Borrower has made a complete disclosure to Lender of all material facts which might indicate an environmental risk or the violation of any
Environmental Laws on or related to the Real Estate. 
 3.9. Compliance with Laws. To its best knowledge, after due inquiry, each
Credit Party is in compliance with all federal, state, and local laws (or laws of other jurisdictions to which it is subject), permitting requirements, regulations and other governmental requirements applicable to it or to any of its property
(including, but not limited to, laws regulating wetlands), business operations, employees, and transactions, except, in each case, as would not be reasonably expected to have a Material Adverse Effect. 
 3.10. Accurate Financial Information. The financial information furnished to Lender by each Credit Party is complete and accurate and no Credit
Party have any undisclosed direct or material contingent liabilities. The financial information provided by each Credit Party, in connection with such Credit Party’s application to Lender for the Loan, remains substantially accurate and no
Material Adverse Effect or Internal Control Event has occurred since such information was furnished. 
 3.11. Solvency. (i) No
Credit Party is Insolvent; (ii) the pledge of the Collateral as contemplated herein to Lender will not render Borrower Insolvent; (iii) each Credit Party has made adequate provision for the payment of all of its creditors other than
Lender; and (iv) no Credit Party has entered into this transaction to provide preferential treatment to Lender or any other of its creditors in anticipation of seeking relief under federal or state bankruptcy or insolvency laws. 
 3.12. ERISA. No employee benefit plan established or maintained, or to which contributions have been made, by any Credit Party, which is subject
to Part 3 of Subtitle 13 of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), had an “accumulated funding deficiency” (as such term is defined in Section 302 of ERISA) as of the last day
of the most recent fiscal year of such plan ended prior to the date hereof, or would have had such an accumulated funding deficiency on such day if such year were the first year of such plan to which such Part 3 applied; and no material liability to
the Pension Benefit Guaranty Corporation has been incurred with respect to any such plan by such party. 
 To the best knowledge of each
Credit Party, after due inquiry, each such employee benefit plan (if any exists) complies with all applicable requirements of ERISA and of the Internal Revenue Code of 1986 as amended (“IRC”) and with all applicable rulings and regulations
issued under the provisions of ERISA and the IRC except, in each case, where the failure to comply would not be reasonably expected to have a Material Adverse Effect. This Loan Agreement and the consummation of the transactions contemplated herein
do not and will not involve any prohibited transaction within the scope of ERISA or Section 4975 of the IRC. 
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 ACA/ALICO, Inc. 

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 3.13. Ownership of Collateral. Borrower represents and warrants that it is the absolute owner of
the Collateral, as its interests appear, as set forth in Section 5.1 hereof, and that the Collateral is owned free and clear of all liens, encumbrances, and security interests of any kind, except Permitted Liens. 
 3.14. Material Contracts. Except as set forth on Schedule 3.14 hereto, each Credit Party has performed all of its respective obligations
under all material contracts to which it is a party and which are in effect as of the date of this Loan Agreement, except for those obligations the failure of which to comply with is not reasonably expected by such Credit Party to have a Material
Adverse Effect and, to the knowledge to of each Credit Party, each party thereto is in substantial compliance with each such material contract, and each such material contract is, after giving effect to the transactions contemplated by this Loan
Agreement will be, in full force and effect in accordance with the terms thereof. 
 3.15. Trade Relations. Except as set forth on
Schedule 3.15 hereto and except as in the ordinary course of business, to the knowledge of each Credit Party, there exists no actual or threatened termination, cancellation or limitation of, or any adverse modification or change in, the
business agreements, contracts or arrangements of any Credit Party (which agreements, contracts or arrangements extend for a period in excess of one (1) year) with any material customer, any group of customers, or any cooperative marketing
association or trade exchange whose purchases, marketing or trade efforts, individually or in the aggregate, are material to the business of such Credit Party, and which customers or associations are not readily replaceable in the ordinary course of
business. 
 3.16. Regulation U. No Credit Party is engaged principally, or as one of its important activities, in the business of
extending credit for the purchasing or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System). 
 4. Covenants. 
 4.1. Affirmative Covenants. During the term of this Loan Agreement: 
 (a) Continuation of Pre-closing Conditions, Representations and Warranties. Credit Parties agree that all conditions precedent to the making of the
Loan shall remain satisfied at all times during the term of this Loan Agreement, and that representations and warranties made by each Credit Party in the Loan Documents signed by it, shall be deemed to be made at all times during the term of this
Loan Agreement except to the extent such representations and warranties expressly relate to an earlier date. 
 (b) Maintenance. Each
Credit Party shall maintain all of its property in good condition and repair and make all necessary replacements thereof and repairs thereto, and preserve and maintain all licenses, trademarks, privileges, permits, franchises, certificates and the
like necessary for the operation of its businesses, and to do or cause to be done all things necessary to preserve and keep in full force and effect its existence and its rights, except, in each case, as would not reasonably be expected to have a
Material Adverse Effect. Each Credit Party 
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 shall also maintain such books of record and account in material conformity with all applicable requirements of any
Governmental Authority having regulatory over such Credit Party as the case may be. 
 (c) Financial Statements/Information. Borrower
shall to Lender (i) Borrower’s quarterly internally-prepared consolidated and consolidating financial statements, within forty-five (45) days of each of Borrower’s fiscal quarter-ends, and certified by the Chief Financial Officer
(or such other designee reasonably acceptable to Lender) of the Borrower to fairly present the financial condition of Borrower; (ii) annual audited consolidated and consolidating financial statements of Borrower, prepared by a Registered Public
Accounting Firm acceptable to Lender, together with an unqualified opinion of such accountants reasonably acceptable to Lender, any management letters issued by such accountants and an attestation report of the Registered Public Accounting Firm as
to the Borrower’s internal controls pursuant to Section 404 of Sarbanes-Oxley expressing a conclusion to which the Lender does not object, all within one hundred twenty (120) days of Borrower’s fiscal year-end; (iii) such
other information respecting the financial condition and operations of Borrower or any Affiliate or Subsidiary thereof as Lender may from time to time reasonably request. All financial statements, opinions, reports and management letters described
in clause (i) and (ii) above shall be prepared in accordance with GAAP and applicable Securities Laws and shall be in form and content satisfactory to Lender, and shall include, without limitation, an income statement, balance sheet, a
cash flow statement and a list of contingent liabilities and claims reportable under GAAP guidelines. All financial statements shall be accompanied by a compliance certificate, in the form of Exhibit 4.1(c) hereto, setting forth
Borrower’s compliance with, and actual calculations for, financial covenants required under Section 4.3 hereof, and signed by the Chief Financial Officer of Borrower (or such other designee reasonably acceptable to Lender).

 Additionally, Borrower shall furnish to Lender, (A) promptly after any request by Lender, copies of any detailed audit reports,
management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or any Subsidiary, or
any audit of any of them; (B) promptly after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent to the stockholders of the Borrower, and copies of all annual, regular,
periodic and special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Lender
pursuant hereto; and (C) promptly, and in any event within five Business Days after receipt thereof by Borrower thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S.
jurisdiction) concerning any investigation or possible investigation by such agency regarding financial or other operational results of Borrower. 
 (d) Insurance. Each Credit Party shall maintain with financially sound and reputable insurance companies insurance of the kinds, covering the risks, and in the amounts usually carried by entities and individuals engaged in businesses
similar to that of the respective 
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 Credit Party. If such insurance is afforded in whole or in part through self-insurance plan(s), Lender shall be provided
with the plan description and any excess coverage limitations, which shall be reasonably satisfactory to Lender. Such insurance shall include insurance on buildings and contents and, with regard to Borrower, insurable Collateral in amounts
reasonably satisfactory to Lender. Borrower will exhibit or deliver its policies of insurance to Lender and provide appropriate clauses in the insurance policies indicating Lender’s status as mortgagee/loss payee as to the Collateral, as its
interest may appear. If any Credit Party is in default under Article 6 hereof and Lender is exercising its remedies under Article 7 hereof, Lender shall have the right to settle and compromise any and all claims under any policy under
which Lender is listed as a loss payee and Borrower hereby appoints Lender as its attorney-in-fact, with power to demand, receive, and receipt for all monies payable thereunder, to execute in the name of Borrower or Lender or both any proof of loss,
notice, draft, or other instruments in connection with such policies or any loss thereunder and generally to do and perform any and all acts as Borrower, but for this appointment, might or could perform. Unless otherwise agreed, to the extent Lender
is a loss payee under the applicable policy, Lender shall be entitled to apply the proceeds of any such policies to satisfy the indebtedness arising under the RLOC. Borrower shall pay on demand all of Lender’s reasonable costs and expenses
incurred in connection with the collection and disbursement of insurance proceeds, including, without limitation, inspection, engineering and legal fees. Lender shall have the right to apply any excess proceeds toward reduction of the Obligations.

 All insurance policies provided hereunder shall be in an amount sufficient to avoid the application of any co-insurance provisions and
must include provisions for a minimum thirty (30) day advance written notice of any intended policy cancellation or non-renewal. The insurance required hereunder shall be in addition to, and not a replacement for, the insurance required under
any other Loan Documents. 
 (e) Payment and Performance of Obligations. Credit Parties shall pay and perform all Obligations under
this Loan Agreement and the Loan Documents and pay or perform (a) all taxes, assessments and other governmental charges that may be levied or assessed upon it or any of its property (including without limitation, withholding, social security,
payroll and similar employment related taxes on the date such taxes are due), and (b) all other indebtedness, obligations and liabilities in accordance with customary trade practices; provided that Credit Parties may contest any item described
in the foregoing clauses (a) and (b) in good faith so long as adequate reserves are maintained with respect thereto in accordance with GAAP. 
 (f) Access to Collateral and Financial Information. Credit Parties shall permit any representative or agent of Lender to examine and audit any or all of its books and records, wherever located, upon request by
Lender and permit Lender to have access to all Collateral for purposes of inspection and evaluation, in each case at reasonable times and after reasonable notice to the respective Credit Party. Without limiting the foregoing, Lender may, itself or
through independent agents, perform physical inspections and audits of the Collateral whenever and as frequently as deemed necessary by Lender in its sole discretion, and Credit Parties shall reimburse Lender on demand for any costs, fees and
expenses incurred by Lender in connection with such inspections or audits. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 17 of 40 

 (g) Notification of Environmental Claims. If any Substances and/or animal wastes shall be brought
upon the Real Estate, Borrower shall, or shall cause its Subsidiaries to, maintain and/or remove them in substantial accordance with all applicable laws. Borrower shall, or shall cause its Subsidiaries to, promptly take all action which is needed to
abate any material environmental risk or comply with any Environmental Laws on or related to the Real Estate at its sole expense except where the failure to take action or comply would not reasonably be expected to have a Material Adverse Effect.
Borrower will, or will cause its Subsidiaries to, promptly inform Lender in writing of any environmental risk or violation of any Environmental Laws on or related to the Real Estate of which it has knowledge which could reasonably be expected to
have a Material Adverse Effect or the commencement of any proceeding against it or receipt of any notices by it concerning any alleged violation of Environmental Laws on or related to the Real Estate. Borrower will, or will cause its Subsidiaries
to, immediately advise Lender in writing of (i) any and all enforcement, cleanup, remedial, removal, or other governmental or regulatory actions instituted, completed, or, to the knowledge of the Borrower or any such Subsidiary threatened
pursuant to any applicable federal, state, or local laws, ordinances or regulations relating to any Substances or animal wastes affecting its business operations; and (ii) all claims made or, to the knowledge of the Borrower or any Subsidiary
of Borrower threatened by any Person against it relating to damages, contributions, cost recovery, compensation, loss or injury resulting from any Substances or animal wastes. Borrower shall, or shall cause its Subsidiaries to, immediately notify
Lender of any substantial remedial action taken by it with respect to its business operations. 
 (h) Purpose of Loan. Borrower shall
use the proceeds of the Loan only for the purpose or purposes represented to Lender in Section 2.2 . 
 (i) Adverse
Changes. Credit Parties shall provide notice to Lender, as soon as possible, and in any event within five (5) Business Days after it becomes aware of the occurrence of a Material Adverse Effect, including notice of (i) any material
default occurring with respect to any Credit Party’s material obligations owed to any other creditor, (ii) acceleration of any part of or demand for payment in full of any outstanding material obligation earlier than the scheduled date, or
(iii) of the threat by any person, firm, corporation or other entity to whom it is indebted to declare any material debt due or determine that any material provision of any agreement between such party and any Credit Party has been violated.
Such notice shall contain a statement setting forth details of such Material Adverse Effect and the action that is proposed in response thereto. 
 (j) Notice of Litigation. Credit Parties shall promptly notify Lender in the event that any legal action is filed or, to the knowledge of Credit Parties, threatened against any Credit Party; provided however, such notice shall not be
required with respect to any matters which, if determined adversely to any Credit Party would reasonably be expected to result in less than $1,000,000.00 excluding amounts with respect to which an insurance carrier admits full coverage (except for
applicable deductibles). 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 18 of 40 

 (k) Notice of Default. Credit Parties shall immediately notify Lender, by telephone followed by
written notice, upon the occurrence of any Event of Default or circumstances which, if uncured with the lapse of time, would create an Event of Default. 
 (l) Notice of Change in Status. Credit Parties shall promptly notify Lender of the change or conversion of any of their taxpayer status under the rules of the Internal Revenue Code. 
 (m) Joinder Agreement. Borrower shall cause any Subsidiary which is created or acquired following the Closing Date to enter into a joinder
agreement to this Loan Agreement, a guaranty agreement, subordination agreement and such other documentation as deemed necessary by Lender whereby such Subsidiary shall agree to enter into an unlimited guaranty of the Loan, all in a form
satisfactory to Lender. 
 (n) Subordinated Debt. Borrower shall cause any indebtedness now or hereafter owing from it to any Credit
Party to be fully subordinated to the Loan and Obligations in a form satisfactory to Lender. 
 (o) ERISA Compliance. Credit Parties
shall maintain any employee benefit plan in substantial compliance with all applicable requirements of ERISA and of the IRC and with all applicable rulings and regulations issued under the provisions of ERISA and the IRC, except where the failure to
maintain such employee benefit plan in substantial compliance with such requirement would be reasonably expected to have a Material Adverse Effect. 
 (p) Internal Control Event. Credit Parties shall promptly notify Lender of the occurrence of any Internal Control Event. 
 (q) Pledge of Subsidiary Notes. Borrower shall promptly pledge any promissory notes evidencing loans of RLOC proceeds from Borrower to any Subsidiary and any collateral securing any such promissory notes to Lender as Collateral for
the Loan pursuant to collateral documents satsifactory to Lender. 
 (r) Water Use Permits. Borrower shall at all times maintain all
water use permits and shall provide copies of all such permits to Lender upon request. Borrower agrees to comply with all the terms and conditions of each water use permit associated with the Real Property Collateral and shall not voluntarily amend
or otherwise curtail the quantities of water permitted for the Real Property Collateral without the prior written consent of Lender. Further, Borrower agrees not to transfer or permit to be transferred any quantities of water associated with the
Real Property Collateral, as currently permitted under any water use permit, to any other location without the prior written consent of Lender. 
 Amended
and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 19 of 40 

 (s) Surface Water Management Permits. Borrower shall comply with all of the terms and conditions
of any surface water management permits affecting the Real Property Collateral and to furnish Lender with copies of all such surface water management permits upon request by Lender. Further, Borrower agrees to provide written notice to Lender of any
proposed amendments to any surface water management permits and agrees not to voluntarily amend such surface water management permits without the prior written consent of Lender. Borrower agrees to comply or cause to be complied with all of the
terms and conditions of any surface water management permit affecting the Real Property Collateral so long as any Obligations are outstanding. 
 4.2. Negative Covenants. During the term of this Loan Agreement, without prior written consent of Lender: 
 (a) Merger,
Etc. No Credit Party will enter into any merger, corporate reorganization or consolidation; or make any substantial change in the basic type of business now conducted by it; or cause, suffer or permit the transfer of any material ownership
interest or change of control of its stock. 
 (b) Name Change, Etc. No Credit Party will change its name or any name in which it does
business, or move its principal place of business or chief executive office, or change the location of its books and records, or change its state of formation, without giving written notice thereof to Lender at least thirty (30) days prior
thereto. 
 (c) Sale/Encumbrance of Assets, Etc. No Credit Party will sell, transfer, lease, encumber, pledge, grant a security
interest in or dispose of any of its material assets (other than Permitted Liens) or take any action that would make it impossible for it to carry out its business as now conducted, or would cause a Material Adverse Effect. 
 (d) Judgments, etc. No Credit Party will allow any number of judgments for the payment of money in excess of the sum of $1,000,000.00 excluding
amounts with respect to which an insurance carrier admits full coverage (except for applicable deductibles), to remain unsatisfied against it for a period of thirty (30) consecutive days, unless execution thereof is stayed. 
 (e) Extension of Loans; Guaranty. No Credit Party will make any loans, advances, extensions of credit to, or become a guarantor or surety for, any
person, firm, corporation or any other entity, except for Permitted Loans. 
 (f) Additional Borrowings. No Credit Party will incur
any additional Indebtedness except Permitted Debt. 
 (g) Environmental Laws. Borrower will not permit, any Substances or animal
wastes to be stored or maintained on the Real Estate except as provided in Section 4.1(g). 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 20 of 40 

 (h) Distributions. No Credit Party will pay or declare any distribution or dividend if an Event of
Default then-exists, or after giving effect thereto, there shall exist an Event of Default hereunder. 
 (i) Margin Stock. No Credit
Party will use any proceeds of the Loan to purchase or carry any margin stock (within the meaning of Regulation U of the Board of Governors of Federal Reserve System) or extend any credit to others for the purpose of purchasing or carrying any such
margin stock. 
 4.3. Financial Covenants. During the term of the Loan, Borrower shall maintain the following, on a consolidated
basis: 
 (a) Debt Ratio. A Debt Ratio of not greater than .60 to 1.00 at all times. 
 (b) Current Ratio. A Current Ratio of greater than 2.0 to 1.00 at all times. 
 (c) Fixed Charge Coverage Ratio. A Fixed Charge Coverage Ratio of greater than 1.50 to 1.0 at all times. 
 (d) Net Worth. A Net Worth at all times of not less than $130,000,000. 
 Compliance with the foregoing covenants shall be tested quarterly on the last day of each fiscal quarter of Borrower. 
 Unless otherwise agreed to by Lender, in writing, or otherwise set forth herein, Borrower’s compliance with the foregoing financial covenants shall
be determined in accordance with GAAP. 
 5. Security for RLOC. 
 5.1. Collateral. As security for the RLOC Borrower has executed and delivered or will execute and deliver to Lender appropriate security instruments, financing statements, mortgages and other security documents
in form reasonably satisfactory to Lender, sufficient to create a first perfected security interest or first priority mortgage, as the case may be, in the Collateral and any and all proceeds thereof, together with such third-party consents as may be
deemed reasonably necessary by Lender and its counsel to give effect to such security interests. 
 5.2. Title Insurance. In
connection with the Mortgages pledged to Lender on the Real Property Collateral, Borrower shall furnish title insurance policies, at Borrower’s expense, written by a company acceptable to Lender and containing only such exceptions as are
acceptable to Lender. Said title insurance shall be in an amount of not less than the RLOC Commitment and such policies shall such endorsements as may be required by Lender. 
 5.3. Subsidiary Guarantors. In the event of the creation of additional Subsidiaries by Borrower subsequent to Closing, the terms
“Guarantor” and “Guaranty Agreements” shall include such Subsidiaries and guaranty agreements from such Subsidiaries as required pursuant to Section 4.1(m). 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida,

 ACA/ALICO, Inc. 
 Page 21 of 40 

 5.4. Lender Equities. All equities, if any, owned by Borrower in Lender shall secure the Loan and
may be applied (at Lender’s discretion) against the Loans upon the occurrence of an Event of Default. 
 6. Events of Default. The occurrence of any of
the following shall constitute an event of default (“Event of Default”): 
 6.1. Payment. Any payment of principal, interest,
or other sum owed to Lender under the Loan Documents or otherwise due from any Credit Party to Lender is not made when due. 
 6.2.
Additional Defaults. Any provision or covenant of any Loan Document is breached in any material respect, or any warranty, representation, or statement made or furnished to Lender by any Credit Party (whenever created) in connection with the
Loan, and the Loan Documents (including any warranty, representation, or statement in any Credit Party’s financial statements) or to induce Lender to make the Loan, is untrue or misleading in any material respect or an event of default under
any other Loan Document occurs. 
 6.3. Cross-Default. Any material default by any Credit Party occurs under any loan agreement or
loan document with Lender or another financial institution, whether now existing or hereafter arising, which default is not corrected within the cure period provided in such agreement, if any. 
 6.4. Dissolution or Bankruptcy. Dissolution, termination of existence, liquidation, insolvency, business failure, appointment of receiver of any
part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under state or federal bankruptcy laws or other insolvency laws by any Credit Party or the commencement of an involuntary proceeding against
any Credit Party under state or federal bankruptcy laws which, in each case, is not dismissed within ninety (90) days after such commencement, or a merger or consolidation or sale of any Credit Party’s assets, other than a sale of assets
in the ordinary course of business, which has not been consented to by Lender. 
 6.5. Change of Control. There occurs any Change of
Control, except that Alico Holdings, LLC, the wholly owned subsidiary of Atlantic Blue Trust, Inc., Atlantic Blue Trust, Inc. and any of its wholly-owned subsidiaries may acquire unlimited amounts of additional stock in the Borrower following
Closing. As of Closing, Alico Holdings LLC owns 49% of the outstanding stock of the Borrower. 
 7. Lender’s Remedies. In addition to any remedies
available to Lender under the Note and other Loan Documents, the Lender shall have the following remedies: 
 7.1. Acceleration. Upon
the occurrence of an Event of Default, Lender shall have the option to terminate any right of Borrower to request Advances under the RLOC and to declare the entire unpaid principal amount of the Loan, accrued interest and all other Obligations
immediately due and payable, without presentment, demand, or notice of any kind. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 22 of 40 

 7.2. Remedies. Upon the occurrence of an Event of Default, Lender shall be entitled to pursue all
rights and remedies available under each of the Loan Documents, as well as all rights and remedies available at law, or in equity, and such rights and remedies shall be cumulative. Without in any way limiting the generality of the foregoing, Lender
shall also have the following non-exclusive rights: 
 (a) Immediate Possession of Non Real Estate Collateral. To take immediate
possession of all Collateral which is not real estate, whether now owned or hereafter acquired, without notice, demand, presentment, or resort to legal process, and, for those purposes, to enter any premises where any such Collateral is located and
remove the such Collateral therefrom; 
 (b) Assembly of Collateral. To require Borrower to reasonably assemble and make the
Collateral available to Lender at a place to be designated by Lender which is also reasonably convenient to Borrower; 
 (c) Repair of
Collateral. To make any repairs to or otherwise protect the value of the Collateral which Lender deems reasonably necessary or desirable for the purposes of sale; 
 (d) Set-off. To exercise any and all rights of set-off which Lender may have against any account, fund, or property of any kind, tangible or intangible, belonging to any Credit Party which shall be in
Lender’s possession or under its control (including equities owned by Borrower in Lender as described in Section 5 hereof); 
 (e) Cure. To cure any Event of Default in such manner as deemed appropriate by Lender; 
 (f) Foreclosure. To
institute legal action or foreclosure pursuant to the terms of the Mortgage any other Loan Documents, or at law or in equity. 
 7.3.
Proceeds. The proceeds from any disposition of the Collateral shall be used to satisfy the following items in the order they are listed: 
 (a) The expenses of taking, removing, storing, repairing, holding, maintaining and selling the Collateral and otherwise enforcing the rights of Lender under the Loan Documents, including any legal costs and reasonable attorney’s fees;

 (b) The expense of liquidating or satisfying any liens, security interests, or encumbrances on the Collateral which may be prior to the
security interest of Lender that Lender, at its option, elects to satisfy; 
 (c) Any unpaid fees, accrued interest and other sums due Lender
with respect to Loan Documents, and then the unpaid principal amount of the RLOC. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 23 of 40 

 (d) Any amounts in excess of the foregoing shall be paid to Borrower. 
 7.4. Resort to Credit Party. Lender may, at its option, pursue any and all rights and remedies directly against any one or more of the Credit
Parties without resort to any Collateral or any other Credit Party(ies). 
 7.5. Deficiency. To the extent the proceeds realized from
the disposition of the Collateral shall fail to satisfy any of the foregoing items, each Credit Party shall remain liable to pay any deficiency to Lender. 
 7.6. Advances/Reimbursements. All amounts advanced by Lender under the Loan Documents, or due Lender as a result of expenditures reasonably made by Lender, shall bear interest at the rate applicable to past due
principal as specified in the Note or herein from the date demanded until paid in full. Unless otherwise specified in the Loan Documents, such advances and other sums, together with accrued interest, shall be due and payable on demand. 

7.7. Default Rate of Interest. Upon the occurrence of any Event of Default, the Loan shall thereafter bear interest at a rate equal to the
then-current rate specified in the Note plus two percent (2.0%) (200 basis points) (the “Default Rate”). 
 7.8.
Late Charges. If Borrower shall fail to pay any installment of principal or interest on or within twenty-nine (29) days after the date on which such payment shall be due in accordance with the Note, Lender shall be entitled to collect
from Credit Parties, to compensate Lender for documented administrative and other services associated with such failure, a late charge equal to one and one-half percent (1.50%) of the amount of such installment; provided, however, in no event
shall late charges, together with default interest rate charged hereunder, exceed the rate allowed by law. 
 8. Damages; Waiver. 
 8.1. No Punitive Damages. Each Party agrees that it shall not have a remedy of punitive or exemplary damages against any other in any dispute and
hereby waives any right or claim to punitive or exemplary damages it may have now or which may arise in the future in connection with any dispute, whether the dispute is resolved by arbitration or judicially. 
 8.2. Waiver of Jury Trial. To the extent permitted by law, the Parties hereby waive any right they may have to a jury trial with regard to a
dispute under this Loan Agreement and any Loan Documents. 
 9. Miscellaneous. 
 9.1. Notice. All notices, demands, or other communications given under the Loan Documents shall be in writing, and shall be mailed to the address of each Party as set forth below (or as set forth in any other
Loan Document), said mailing to be certified United States government mail to the mailing address, with notice in each case to be effective when sent. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 24 of 40 

 Either Party must provide written direction to the other in order to change the address to which said notice shall be
sent. 
  

			
	 If to Lender, to
	 	Farm Credit of Southwest Florida, ACA
		 	 330 North Brevard Avenue

		 	 Arcadia, Florida 24266

		 	 Attn: Bryan L. Byrd

		 	 Jimmy V. Knight

		
	 With copy, to
	 	 Nexsen Pruet, LLC

		 	 201 West McBee Avenue, Suite 400

		 	 Greenville, South Carolina 29601

		 	 Attn: Ashley S. Nutley

		
	 If to Credit Parties, to
	 	 Alico, Inc.

		 	 P.O. Box 338

		 	 LaBelle, Florida 33975

		 	 Attn: John R. Alexander, Chairman and Chief Executive Officer

		 	 Dan L. Gunter, President

		 	 Patrick W. Murphy, CFO

 9.2. Waiver. No failure or delay on the part of Lender in exercising any power or right
hereunder, and no failure of Lender to give Borrower notice of an Event of Default, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any other or further exercise thereof or the exercise
of any other right or power hereunder. No modification or waiver of any provision of any Loan Document or consent to any departure by Borrower or from any Loan Document shall in any event be effective unless the same shall be in writing, signed by
Lender and Borrower (and any other Credit Parties that may exist at that time), and such waiver or consent shall be effective only in the specific instance and for the particular purpose for which it was given. 
 9.3. Benefit. The Loan Documents shall be binding upon and shall inure to the benefit of Borrower and Lender and their respective successors and
assigns. 
 9.4. Governing Law and Jurisdiction. The Loan Documents and this Loan Agreement, unless otherwise specifically provided
therein, and all matters relating thereto, shall be governed by and construed and interpreted in accordance with the laws of the State of Florida; PROVIDED HOWEVER, to the extent that the creation, validity, perfection, enforceability or
priority of any lien or security interest, or the rights and remedies with respect to any lien or security interest, in the Collateral are governed by the laws of a jurisdiction other than the State of Florida, then the laws of such jurisdiction
shall govern, except as superseded by applicable United States Federal Law. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 25 of 40 

 9.5. Assignment, etc. 
 (a) Lender may assign or participate the Loan Documents, in whole or in part, to any other person or entity provided that, in the event of such
assignment, Lender shall thereafter be relieved of all liability hereunder (excluding causes of action for Lender’s gross negligence or intentional acts prior to such transfer) provided, however, that Lender shall provide to Borrower thirty
(30) days’ prior notice of its intent to assign, and provided further that Lender may assign or sell participations in the Loan Documents, or any interest therein, to AgFirst, Farm Credit Bank, its successors and assigns, to
other lending institutions, their successors and assigns, and/or any other Farm Credit institution organized under the Farm Credit Act of 1971, as amended, its successors and assigns, without any notice whatsoever to Borrower. Credit Parties hereby
authorize Lender to disclose all information (including financial) provided to Lender by such Credit Parties in connection with the Loan to any actual or prospective assignee or participant of all or part of the Loan. No Credit Party may assign the
Loan Documents or any interest therein or obligation thereunder without Lender’s prior written consent. 
 (b) Borrower acknowledges
that, pursuant to subparagraph (a) hereinabove, Lender may assign or sell participations to other Farm Credit institutions which may, in turn, be subparticipated, sub-subparticipated, and so forth, to other Farm Credit institutions (each such
Farm Credit institution holding an interest in the Loan Documents, a “Participant”). For purposes hereof, a “Voting Participant” shall mean a Participant (but not to include Lender) holding a participation interest in the RLOC of
$5,000,000 or greater. 
 Given the foregoing, concurrence of 100% of the Voting Participants aggregated with Lender shall be required to
approve any material matters related to changes or waivers regarding the principal amount of the RLOC, the interest rate applicable to the RLOC, the Collateral, the payment dates for principal and interest due under the Note, and the waiver of a
payment default. All other changes or waivers will require concurrence by 51% of the Voting Participants aggregated with Lender, on a pro rata basis. 
 9.6. Severability. Invalidity of any one or more of the terms, conditions or provisions of this Loan Agreement shall in no way affect the balance hereof, which shall remain in full force and effect. 

9.7. Construction. Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been
used in the plural, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. All references to Sections shall mean Sections of the Loan Document. The terms
“herein,” “hereinbelow,” “hereunder,” and similar terms are references to the particular Loan Document in its entirety and not merely the particular Article, Section, or Exhibit in which any such term appears. Captions
are inserted only as a matter of convenience and for reference and in no way define, limit or describe the scope of the Loan Document nor the intent of any provision thereof. All references to any Loan Document shall include all amendments,
extensions, renewals, restatements or replacements of the same. The terms “include”, “including” and similar terms shall be construed as if followed by the phrase “without being limited to” and “Real Estate”,
“Real Property Collateral” and “Collateral” shall be construed as if 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 26 of 40 

 followed by the phrase “or any part thereof”. No inference in favor of any party shall be drawn from the fact
that such party has drafted any portion of the Loan Document. In the event of any inconsistency between the terms of the Loan Agreement and any other Loan Document (with the exception of the Note which shall control), the terms of the Loan Agreement
shall control, provided that any provision of any Loan Document, other than the Loan Agreement, which imposes additional Obligations upon Borrower or provides additional rights or remedies to Lender shall be deemed to be supplemental to, and not
inconsistent with, the Loan Agreement. 
 9.8. Execution in Counterparts. All Loan Documents may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument, and in making proof of the Loan Document, it shall not be necessary to produce or account for more than one such
counterpart. 
 9.9. Examinations/Communications. Lender’s examinations, inspections, or receipt of information pertaining to the
matters set forth in the Loan Documents shall not in any way be deemed to reduce the full scope and protection of the Loan Documents or the Obligations of the Borrower (or any other Credit Party) arising under the Loan Documents. Credit Parties
agree that Lender shall have no duty or obligation of any nature to (i) make any investigation, inspection or review regarding any Collateral at any time, with any such investigation that is undertaken being solely for the benefit of Lender; or
(ii) communicate in any manner with any Credit Party irrespective of the fact that Lender’s information, or lack thereof, could be material to such Credit Party’s actions with respect to the Obligations. 
 9.10. No Third Party Beneficiaries. The Loan Documents are entered into for the sole benefit of Borrower, its successors and assigns, and no third
party shall be deemed to have any privity of contract nor any right to rely on any Loan Document to any extent or for any purpose whatsoever, nor shall any other person have any right of action of any kind hereof or be deemed to be a party
beneficiary. 
 9.11. No Participation. Nothing in the Loan Documents, and no action or inaction whatsoever on the part of Lender
through the Closing Date, shall be deemed to make Lender a partner or joint venturer with any Credit Party, and the Credit Parties indemnify and hold Lender harmless from and against any and all claims, losses, causes of action, expenses (including
attorneys’ fees) and damages arising from the relationship between Lender and any Credit Party being construed as or related to be anything other than that of creditor and debtor. This provision shall survive the termination of all Loan
Documents. 
 9.12. Confirmation of Status. Upon request of Lender from time to time, Borrower shall also confirm in writing the
status of the Loan, and the Obligations, and provide other information reasonably requested by Lender. 
 9.13. Limitation of Damages.
Credit Parties and Lender mutually agree that no Party shall be liable to the other for incidental, consequential or speculative damages arising from any breach of contract, tort or other wrongful conduct in connection with the negotiation,
documentation, administration, or collection of the Loan, but only for the actual direct loss suffered by said Party. 
 Amended and Restated Loan Agreement

 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 

Page 27 of 40 

 9.14. Costs, Expenses and Attorneys’ Fees. Borrower shall pay to Lender immediately upon
demand the full amount of all reasonable out-of-pocket costs and expenses, including reasonable attorneys’ fees, costs of experts and all other expenses, incurred by Lender (a) in connection with the negotiation and preparation of this
Loan Agreement and each of the other Loan Documents and any future modifications, renewals, restatements and replacements thereof (for which legal fees shall be determined at that time) (b) upon the occurrence of an Event of Default, or of
circumstances which, if left uncured, would result in an Event of Default, the costs of additional appraisals, environmental studies, title insurance, survey updates and legal reviews, such costs to be incurred for reasonable cause, (c) the
perfection, preservation, protection and continuation of the liens and security interest granted Lender in the Collateral and the custody, preservation, protection, repair and operation of any of the Collateral, (d) the pursuit by Lender of its
rights and remedies under the Loan Documents and applicable law, (e) for payment of taxes (including, but not limited to, documentary stamp taxes, intangibles taxes, and any penalties or fines related to failure to pay such amounts timely),
expenses, costs or other amounts levied, incurred or related to the Loan and the recordation of any Loan Documents, and (f) defending any counterclaim, cross-claim or other action, or participating in any bankruptcy proceeding, mediation,
arbitration, litigation or dispute resolution of any other nature involving Lender, Borrower or any other Credit Party or any Collateral and relating to the Loan, except to the extent Lender has been adjudicated to have engaged in wrongful conduct.

 9.15. Further Assurances. At any time after the Closing Date, each Credit Party, at the request of Lender, shall execute and
deliver such further documents and agreements and take such further actions as Lender reasonably deems necessary or appropriate to permit each transaction contemplated by the Loan Documents to be consummated in accordance with the provisions thereof
and to perfect, preserve, protect and continue all liens, security interests and rights of Lender under the Loan Documents, financing statements, continuation statements, new or replacement Note, and/or agreements supplementing, extending or
otherwise modifying the Notes, this Loan Agreement or the Mortgage, and certificates as to the amount of the indebtedness evidenced by the Note. Each Credit Party herein irrevocably with full power of substitution constitutes and appoints Lender as
its attorney-in-fact, such appointment being coupled with an interest with the right to enforce Lender’s rights with respect to the above further assurances. Lender shall file any document necessary to release the Liens on the Collateral
described herein, including, without limitation, appropriate UCC termination statements, upon the repayment in full of all Obligations and the earlier of (i) the termination of the RLOC Commitment and (ii) the RLOC Maturity Date.

 9.16. Incorporation by Reference. This Loan Agreement is incorporated by reference into various Loan Documents, and shall govern
each and every Loan Document. In executing any Loan Document, the signatories thereto other than Lender expressly agree to be bound by all provisions of this Loan Agreement pertaining to the Credit Parties in their various capacities. 
 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida,

 ACA/ALICO, Inc. 
 Page 28 of 40 

 9.17. Integration. This Loan Agreement and the Loan Documents supersede any and all prior
expressions, written or oral (including, but not limiting to any commitment letter or term sheets), among the Parties related to, describing or governing the terms of, the Loans and any transaction related thereto. 
 9.18. Time of the Essence. Time is of the essence to all Loan Documents. 
 9.19. Confidential Information. For purposes of this paragraph, the term “Confidential Information” means any and all information that
the Borrower furnishes to Lender (on its own behalf or on behalf of any Subsidiaries created subsequent to the date hereof), other than information that: (a) is now or subsequently becomes generally available to the public through no fault or
breach on the part of the Parties hereto; (b) Lender can demonstrate to have had rightfully in its possession prior to disclosure by the Borrower; (c) Lender can demonstrate was independently developed without the use of any Confidential
Information; or (d) Lender rightfully obtains from a third party who has the right to transfer or disclose it. Lender shall not disclose any Confidential Information to any other party without the prior written consent of the Borrower, other
than: (i) to Lender’s officers, directors, employees, agents and advisors, who need to review the Confidential Information for purposes of this Loan Agreement and any related matters; (ii) as contemplated by Section 9.5
hereof, to additional lending institutions, and then only if such institutions have been informed of this provision and agree to comply with the obligations contained herein as if binding on them directly, and (iii) as required by law or
judicial process. 
 10. Additional Provisions. Riders attached hereto are hereby incorporated into this Loan Agreement as if set forth verbatim. 

[Signature Page Attached] 
 Amended and Restated Loan
Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc.

 Page 29 of 40 

 IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement under seal as of the date first
above written. 
  

			
	BORROWER:
	
	 ALICO, Inc.

		
	 By:
	 	 /s/ John R. Alexander

	 Name:
	 	 John R. Alexander

	 Its:
	 	 Chairman and Chief Executive Officer

	
	GUARANTORS:
	
	 Bowen Brothers Fruit, LLC

	 By:
	 	 ALICO, Inc., sole member

		
	 By:
	 	 /s/ John R. Alexander

	 Name:
	 	 John R. Alexander

	 Its:
	 	 Chairman and Chief Executive Officer

	
	 ALICO-AGRI, Ltd.

	 By:
	 	 Alico, Inc., General Partner

		
	 By:
	 	 /s/ John R. Alexander

	 Name:
	 	 John R. Alexander

	 Its:
	 	 Chairman and Chief Executive Officer

	
	 Saddlebag Lake Resorts, Inc.

		
	 By:
	 	 /s/ John R. Alexander

	 Name:
	 	 John R. Alexander

	 Its:
	 	 Chairman and Chief Executive Officer

	
	 Alico Plant World, L.L.C.

	 By:
	 	 ALICO-AGRI, LTD., sole member

	 By:
	 	 ALICO, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 
 Page 30 of 40 

			
	LENDER:
	
	FARM CREDIT OF SOUTHWEST FLORIDA, ACA for itself and as agent/nominee for other lending institutions having an interest, direct or indirect, in the Loans from time to
time
	  
  
 /s/ Bryan L. Byrd

	 By:
	 	Bryan L. Byrd
	 Its:
	 	 Chief Operations Officer/Executive
 Vice
President

 Amended and Restated Loan Agreement 
 Farm Credit of Southwest Florida, 
 ACA/ALICO, Inc. 

	Page	31 of 40

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