Document:

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                                                                    Exhibit 10.4

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   American National Bank                          Continuing Security Agreement
and Trust Company of Chicago

     [LOGO]
A BANK ONE Company

Name of Debtor:         Alltech Associates, Inc.
Taxpayer I.D. No.:      36-2696920
State Organization No.: 49686676
Debtor's Address:       2051 Waukegan Road, Deerfield, IL 60015

Grant of Security Interest, Alltech Associates, Inc. (the "Debtor") grants to
American National Bank and Trust Company of Chicago, whose address is 111 E.
Busse Avenue, Mount Prospect, IL 60056, on behalf of itself and its successors
and assigns (the "Bank"), as secured party, a continuing security interest in
all of the "Collateral" (as hereinafter defined) to secure the payment and
performance of the Liabilities.

Borrower. The term "Borrower" in this agreement means Alltech Associates, Inc.

Liabilities. The term "Liabilities" in this agreement means all obligations,
indebtedness and liabilities of the Borrower to any one or more of the Bank,
BANK ONE CORPORATION, and any of their subsidiaries, affiliates or successors,
now existing or later arising, including, without limitation, all loans,
advances, interest, costs, overdraft indebtedness, credit card indebtedness,
lease obligations, or obligations relating to any Rate Management Transaction,
all monetary obligations incurred or accrued during the pendency of any
bankruptcy, insolvency, receivership or other similar proceedings, regardless of
whether allowed or allowable in such proceeding, and all renewals, extensions,
modifications, consolidations or substitutions of any of the foregoing, whether
the Borrower may be liable jointly with others or individually liable as a
debtor, maker, co-maker, drawer, endorser, guarantor, surety or otherwise, and
whether voluntarily or involuntarily incurred, due or not due, absolute or
contingent, direct or indirect, liquidated or unliquidated. The term "Rate
Management Transaction" in this agreement means any transaction (including an
agreement with respect thereto) now existing or hereafter entered into among the
Borrower, the Bank or BANK ONE CORPORATION, or any of its subsidiaries or
affiliates or their successors, which is a rate swap, basis swap, forward rate
transaction, commodity swap, commodity option, equity or equity index swap,
equity or equity index option, bond option, interest rate option, foreign
exchange transaction, cap transaction, floor transaction, collar transaction,
forward transaction, currency swap transaction, cross-currency rate swap
transaction, currency option or any other similar transaction (including any
option with respect to any of these transactions) or any combination thereof,
whether linked to one or more interest rates, foreign currencies, commodity
prices, equity prices or other financial measures.

Collateral. Accounts; Chattel Paper; Deposit Accounts; Documents; Equipment;
General Intangibles; Instruments; Inventory; Investment Property; and Letter
of Credit Rights.

Description of Collateral. As used in this agreement, the term "Collateral"
means all of the Debtor's property of the types indicated above and defined
below, whether now owned or hereafter acquired, whether now existing or
hereafter arising, and wherever located, including but not limited to any items
listed on any schedule or list attached hereto. In addition, the term
"Collateral" includes all "proceeds", "products" and "supporting obligations"
(as such terms are defined in the "UCC", meaning the Uniform Commercial Code of
Illinois, as in effect from time to time) of the Collateral indicated above,
including but not limited to all stock rights, subscription rights, dividends,
stock dividends, stock splits, or liquidating dividends, and all cash,
accounts, chattel paper, "instrunments," "investment property," and "general
intangibles" (as such terms are defined in the UCC) arising from the sale, rent,
lease, casualty loss or other disposition of the Collateral, and any Collateral
returned to, repossessed by or stopped in transit by the Debtor, and all
insurance claims relating to any of the Collateral defined above). The term
"Collateral" further includes all of the Debtor's right, title and interest in
and to all books, records and data relating to the Collateral identified above,
regardless of the form of media containing such information or data, and all
software necessary or desirable to use any of the Collateral identified above
or to access, retrieve, or process any of such information or data. Where the
Collateral is in the possession of the Bank or the Bank's agent, the Debtor
agrees to deliver to the Bank any property that represents an increase in the
Collateral or profits or proceeds of the Collateral.

1.   "Accounts" means all of the Debtor's "accounts" as defined in Article 9 of
     the UCC.

2.   "Chattel Paper" all of the Debtor's "chattel paper" as defined in Article 9
     of the UCC.

3.   "Deposit Accounts" means all of the Debtor's "deposit accounts" as defined
     in Article 9 of the UCC.

4.   "Documents" means all of the Debtor's "documents" as defined in Article 9
     of the UCC.

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5.   "Equipment" means all of the Debtor's "equipment" as defined in Article 9
     of the UCC. In addition, "Equipment" includes any "documents" (as defined
     in Article 9 of the UCC) issued with respect to any of the Debtor's
     "equipment" (as defined in Article 9 of the UCC). Without limiting the
     security interest granted, the Debtor represents and warrants that the
     Debtor's Equipment is presently located at 2051 Waukegan Road, Deerfield,
     IL 60015 with any additional locations to be listed on the lines below:

          (1) 2701 Carolean Industrial Drive, State College, PA 16801

          (2)
              ------------------------------------------------------------------

          (3)
              ------------------------------------------------------------------

6.   "General Intangibles" means all of the Debtor's "general intangibles", as
     defined in Article 9 of the UCC. In addition, "General Intangibles" further
     includes any right to a refund of taxes paid at any time to any
     governmental entity.

7.   "Instruments" means all of the Debtor's "instruments" as defined in Article
     9 of the UCC.

8.   "Inventor" means all of the Debtor's "inventory" as defined in Article 9 of
     the UCC. In addition, "Inventory" includes any "documents' issued with
     respect to any of the Debtor's "inventory" (as defined in Article 9 of the
     UCC). Without limiting the security interest granted, the Debtor represents
     and warrants that the Debtor's Inventory is presently located at 2051
     Waukegan Road, Deer field, IL 60015 with any additional locations to be
     listed on the lines below:

          (1) 2701 Carolean Industrial Drive, State College, PA 16801

          (2)
              ------------------------------------------------------------------

          (3)
              ------------------------------------------------------------------

9.   "Investment Property" means all of the Debtor's "investment property" as
     defined in Article 9 of the UCC.

10.  "Letter of Credit Rights" means all of the Debtor's "letter of credit
     rights" as defined in Article 9 of the UCC.

Representations, Warranties and Covenants. The Debtor represents and warrants
to, and covenants and agrees with the Bank that:

1.   Its principal residence or chief executive office is at the address shown
     above;
2.   The Debtor's name as it appears in this agreement is its exact name as it
     appears in the Debtor's organizational documents, as amended, including any
     trust documents;
3.   It is or will become the owner of the Collateral free from any liens,
     encumbrances or security interests, except for this security interest and
     existing liens disclosed to and accepted by the Bank in writing, and it
     will defend the Collateral against all claims and demands of all persons at
     any time claiming any interest in the Collateral;
4.   It wil1 keep the Collateral free of liens, encumbrances and other security
     interests, except for this security interest, maintain the Collateral in
     good repair, not use it illegally and exhibit the Collateral to the Bank on
     demand;
5.   At its own expense, the Debtor will maintain comprehensive casualty
     insurance on the Collateral against such risks, in such amounts, with such
     deductibles and with such companies as may be satisfactory to the Bank.
     Each insurance policy shall contain a lender's loss payable endorsement
     satisfactory to the Bank and a prohibition against cancellation or
     amendment of the policy or removal of the Bank as loss payee without at
     least thirty (30) days prior written notice to the Bank. In all events, the
     amounts of such insurance coverages shall conform to prudent business
     practices and shall be in such minimum amounts that the Debtor will not be
     deemed a co-insurer. The policies, or certificates evidencing them, shall,
     if the Bank so requests, be deposited with the Bank. The Debtor authorizes
     the Bank to endorse on the Debtor's behalf and to negotiate drafts
     reflecting proceeds of insurance of the Collateral, provided that the Bank
     shall remit to the Debtor such surplus, if any, as remains after the
     proceeds have been applied, at the Bank's option, to the satisfaction of
     all of the Liabilities (in such order of application as the Bank may elect)
     or to the establishment of a cash collateral account for the Liabilities;
6.   It will not sell, lease, license or offer to sell, lease, license or
     otherwise transfer the Collateral or any rights in or to the Collateral,
     without the written consent of the Bank, except in the ordinary course of
     business;
7.   It will not change the location of the Collateral from the locations of the
     Collateral described in this agreement, without providing at least ten (10)
     days prior written notice to the Bank.
8.   It will pay promptly when due all taxes and assessments upon the
     Collateral, or for the use or operation of the Collateral;
9.   No financing statement covering all or any part of the Collateral or any
     proceeds is on file in any public office, unless the Bank has approved that
     filing; From time to time at the Bank's request, the Debtor will execute
     one or more financing statements in form

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     satisfactory to the Bank and will pay the cost of filing them in all public
     offices where filing is deemed by the Bank to be necessary or desirable. In
     addition, the Debtor shall execute and deliver, or cause to be executed and
     delivered, such other documents as the Bank may from time to time request
     to perfect or to further evidence the security interest created in the
     Collateral by this agreement including without limitation: (a) any
     certificate or certificates of title to the Collateral with the security
     interest of the Bank noted thereon or executed applications for such
     certificates of title in form satisfactory to the Bank; (b) any assignments
     of claims under government contracts which are included as part of the
     Collateral, together with any notices and related documents as the Bank may
     from time to time request; (c) any assignment of any specific account
     receivable as the Bank may from time to time request; (d) a notice of
     security interest and a control agreement with respect to any Collateral,
     all in form and substance satisfactory to the Bank; (e) a notice to and
     acknowledgment from any person holding possession of any Collateral as a
     bailee for the Bank's benefit all in form and substance satisfactory to the
     Bank; and (f) any consent to the assignment of proceeds of any letter of
     credit, all in form and substance satisfactory to the Bank;
10.  It will not, without the Bank's prior written consent, change the Debtor's
     name, the Debtor's business organization, the jurisdiction under which the
     Debtor's business organization is formed or organized, or the Debtor's
     chief executive office, or of any additional places of the Debtor's
     business;
11.  It will provide any information that the Bank may reasonably request and
     will permit the Bank or the Bank's agents to inspect and copy is books,
     records, data and the Collateral at any time during normal business hours;
12.  The Bank shall have the right now, and at any time in the future in its
     sole and absolute discretion, without notice to the Debtor, to (a) prepare,
     file and sign the Debtor's name on any proof of claim in bankruptcy or
     similar document against any owner of the Collateral and ) prepare, file
     and sign the Debtor's name on any financing statement, notice of lien,
     assignment or satisfaction of lien or similar document in connection with
     the Collateral. The Debtor hereby authorizes the Bank to file financing
     statements containing the collateral description "All of the Debtor's
     assets whether now owned or hereafter acquired" or such lesser amount of
     assets as the Bank may determine, or the Bank may, at its option, file
     financing statements containing any collateral description which reasonably
     describes the Collateral in which a security interest is granted under this
     agreement;
13.  Immediately upon the Debtor's receipt of any Collateral evidenced by an
     agreement, "instrument," "chattel paper," certificated "security" or
     "document" (as such terms are defined in the UCC) (collectively, "Special
     Collateral"), the Debtor shall mark the Special Collateral to show that it
     is subject to the Bank's security interest and shall deliver the original
     to the Bank together with appropriate endorsements and other specific
     evidence of assignment in form and substance satisfactory to the Bank;
14.  The Debtor shall keep all tangible Collateral in good order and repair and
     shall not waste or destroy any of the Collateral, nor use any of the
     Collateral in violation of any applicable law or any policy of insurance
     thereon. To the extent that the Collateral consists of "farm products" (as
     defined in the UCC), the Debtor shall attend to and care for the crops and
     livestock in accordance with the best practices of good husbandry, and do,
     or cause to be done, any and all acts that may at any time be appropriate
     or necessary to grow, raise, harvest, care for, preserve and protect the
     farm products;
15.  Except as may be otherwise disclosed in writing by the Debtor to the Bank,
     none of the Collateral is attached to real estate so as to constitute a
     "fixture" (as defined in the UCC) and none of the Collateral shall at any
     time hereafter be attached to real estate so as to constitute a fixture. If
     any of the Collateral is now or at any time hereafter becomes so attached
     to real estate so as to constitute a fixture, the Debtor shall, at any time
     upon the Bank's request, furnish the Bank with a disclaimer of interest in
     the Collateral executed by each person or entity having an interest in such
     real estate.

Accounts; Chattel Paper; General Intangibles and Instruments. If the Collateral
includes the Debtor's "Accounts, Chattel Paper, General Intangibles and
Instruments" and until the Bank gives notice to the Debtor to the contrary, the
Debtor will, in the usual course of its business and at its own expense, on the
Bank's behalf but not as the Bank's agent, demand and receive and use its best
efforts to collect all moneys due or to become due with respect to the
Collateral. Until the Bank gives notice to the Debtor to the contrary or until
the Debtor is in default, it may use the funds collected in its business. Upon
notice from the Bank or upon default, the Debtor agrees that all sums of money
it receives on account of or in payment or settlement of the Accounts, Chattel
Paper, General Intangibles and instruments shall be held by it as trustee for
the Bank without commingling with any of the Debtor's other funds, and shall
immediately be delivered to the Bank with endorsement to the Bank's order of any
check or similar instrument. It is agreed that, at any time the Bank so elects,
the Bank shall be entitled, in its own name or in the name of the Debtor or
otherwise, but at the expense and cost of the Debtor, to collect, demand,
receive, sue for or compromise any and all Accounts, Chattel Paper, General
Intangibles, and Instruments, and to give good and sufficient releases, to
endorse any decks, drafts or other orders for the payment of money payable to
the Debtor and, in the Bank's discretion, to file any claims or take any action
or proceeding which the Bank may deem necessary or advisable. It is expressly
understood and agreed, however, that the Bank shall not be required or obligated
in any manner to make any demand or to make any inquiry as to the nature or
sufficiency of any payment received by it or to present or file any claim or
take any other action to collect or enforce the payment of any amounts which may
have been assigned to the Bank or to which the Bank may be entitled at any time
or times. All notices required in this paragraph will be immediately effective
when sent. Such notices need not be given prior to the Bank's taking action. The
Debtor appoints the Bank or the Bank's designee as the Debtor's attorney-in-fact
to do all things with reference to the Collateral as provided for in this
section including without limitation (1) to notify the post office authorities
to change the Debtor's mailing address to one designated by the Bank, (2) to
receive, open and dispose of mail addressed to the Debtor, (3) to sign the
Debtor's name on any invoice or bill of lading relating to any Collateral on
assignments and verifications of account and on notices to the Debtor's
customers, and (4) to do all things necessary to carry out this aggreement. The
Debtor ratifies and approves all acts of the Bank as attorney-in-fact. The Bank
shall not be liable for any act or

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omission, nor any error of judgment or mistake of fact or law, but only for its
gross negligence or willful misconduct. This power being coupled with an
interest is irrevocable until all of the Liabilities have been fully satisfied.

Pledge. If the Debtor is not liable for all or any part of the Liabilities, then
the Debtor agrees that:

1.   If any moneys become available from any source other than the Collateral
     that the Bank can apply to the Liabilities, the Bank may apply them in any
     manner it chooses, including but not limited to applying them against
     obligations, indebtedness or liabilities which are not secured by this
     agreement.
2.   The Bank may take any action against the Borrower, the Collateral or any
     other collateral for the Liabilities, or any other person liable for any
     of the Liabilities.
3.   The Bank may release the Borrower or anyone else from the Liabilities,
     either in whole or in part, or release the Collateral in whole or in part
     or any other collateral for the Liabilities, and need not perfect a
     security interest in the Collateral or any other collateral for the
     Liabilities.
4.   The Bank does not have to exercise any rights that it has against the
     Borrower or anyone else, or make any effort to realize on the Collateral or
     any other collateral for the Liabilities, or exercise any right of setoff.
5.   Without notice or demand and without affecting the Debtor's obligations
     hereunder, from time to time, the Bank is authorized to: (a) renew, modify,
     compromise, extend, accelerate or otherwise change the time for payment of,
     or otherwise change the terms of the Liabilities or any part thereof,
     including increasing or decreasing the rate of interest thereon; (b)
     release, substitute or add any one or more sureties, endorsers, or
     guarantors; (c) take and hold other collateral for the payment of the
     Liabilities, and enforce, exchange, substitute, subordinate, waive or
     release any such collateral; (d) proceed against the Collateral or any
     other collateral for the Liabilities and direct the order or manner of sale
     as the Bank in its discretion may determine; and (e) apply any and all
     payments received by the Bank in connection with the Liabilities, or
     recoveries from the Collateral or any other collateral for the Liabilities,
     in such order or manner as the Bank in its discretion may determine.
6.   The Debtor's obligations hereunder shall not be released, diminished or
     affected by (a) any act or omission of the Bank, (b) the voluntary or
     involuntary liquidation, sale or other disposition of all or substantially
     all of the assets of the Borrower, or any receivership, insolvency,
     bankruptcy, reorganization, or other similar proceedings affecting the
     Borrower or any of its assets, (c) any change in the composition or
     structure of the Borrower, including a merger or consolidation with any
     other person or entity, or (d) any payments made upon the Liabilities.
7.   The Debtor expressly consents to any impairment of any other collateral for
     the Liabilities, including, but not limited to, failure to perfect a
     security interest and release of any other collateral for the Liabilities
     and any such impairment or release shall not affect the Debtor's
     obligations hereunder.
8.   The Debtor waives and agrees not to enforce any rights of subrogation,
     contribution or indemnification that it may have against the Borrower, any
     person liable on the Liabilities, or the Collateral, until the Borrower and
     the Debtor have fully performed all their obligations to the Bank, even if
     those obligations are not covered by this agreement.
9.   The Debtor waives (a) to the extent permitted by law, all rights and
     benefits under any laws or statutes regarding sureties, as may be amended,
     (b) any right the Debtor may have to receive notice of the following
     matters before the Bank enforces any of its rights: (i) the Bank's
     acceptance of this agreement, (ii) any credit that the Bank extends to the
     Borrower, (iii) the Borrower's default, (iv) any demand, diligence,
     presentment, dishonor and protest, or (v) any action that the Bank takes
     regarding the Borrower, anyone else, any other collateral for the
     Liabilities, or any of the Liabilities, which it might be entitled to by
     law or under any other agreement, (c) any right it may have to require the
     Bank to proceed against the Borrower, any other obligor or guarantor of the
     Liabilities, the Collateral or any other collateral for the Liabilities, or
     pursue any remedy in the Bank's power to pursue, (d) any defense based on
     any claim that the Debtor's obligations exceed or are more burdensome than
     those of the Borrower, (e) the benefit of any statute of limitations
     affecting the Debtor's obligations hereunder or the enforcement hereof, (f)
     any defense arising by reason of any disability or other defense of the
     Borrower or by reason of the cessation from any cause whatsoever (other
     than payment in full) of the obligation of the Borrower for the
     Liabilities, and (g) any defense based on or arising out of any defense
     that the Borrower may have to the payment or performance of the Liabilities
     or any portion thereof. The Bank may waive or delay enforcing any of its
     rights without losing them. Any waiver affects only the specific terms and
     time period stated in the waiver.
10.  The Debtor agrees that to the extent any payment is received by the Bank in
     connection with the Liabilities, and all or any part of such payment is
     subsequently invalidated, declared to be fraudulent or preferential, set
     aside or required to be repaid by the Bank or paid over to a trustee,
     receiver or any other entity, whether under any bankruptcy act or otherwise
     (any such payment is hereinafter referred to as a "Preferential Payment"),
     then this agreement shall continue to be effective or shall be reinstated,
     as the case may be, and whether or not the Bank is in possession of this
     agreement, and, to the extent of such payment or repayment by the Bank, the
     Liabilities or part thereof intended to be satisfied by such Preferential
     Payment shall be revived and continued in full force and effect as if said
     Preferential Payment had not been made. If this agreement must be
     reinstated, the Debtor agrees to execute and deliver to the Bank any new
     security agreements and financing statements, if necessary or if requested
     by the Bank, in form and substance acceptable to the Bank, covering the
     Collateral.
11.  Any rights of the Debtor, whether now existing or hereafter arising, to
     receive payment on account of any indebtedness (including interest) owed to
     the Debtor by the Borrower, or to withdraw capital invested by the Debtor
     in the Borrower, or to receive

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     distributions from the Borrower, should at all times be subordinate to the
     full and prior repayment to the Bank of the Liabilities. The Debtor shall
     not be entitled to enforce or receive payment of any sums hereby
     subordinated until the Liabilities have been paid in full and any such sums
     received in violation of this agreement shall be received by the Debtor in
     trust for the Bank. The Debtor agrees to fully cooperate with the Bank and
     not to delay, impede or otherwise interfere with the efforts of the Bank to
     secure payment from the assets which secure the Liabilities including
     actions, proceedings, motions, orders, agreements or other matters relating
     to relief from automatic stay, abandonment of property, use of cash
     collateral and sale of the Bank's collateral free and clear of all liens.
     The foregoing notwithstanding, until the occurrence of any default, the
     Debtor is not prohibited from receiving distributions from the Borrower in
     an amount equal to any income tax liability imposed on the Debtor
     attributable to the Debtor's ownership interest in the Borrower, if any.

Default: Remedies. If any of the Liabilities are not paid at maturity, whether
by acceleration or otherwise, or if a default by anyone occurs under the terms
of any agreement related to any of the Liabilities, then the Bank shall have the
rights and remedies provided by law or this agreement, including but not limited
to the right to require the Debtor to assemble the Collateral and make it
available to the Bank at a place to be designated by the Bank which is
reasonably convenient to both parties, the right to take possession of the
Collateral with or without demand and with or without process of law, and the
right to sell and dispose of it and distribute the proceeds according to law.
Should a default occur the Debtor will pay to the Bank all costs reasonably
incurred by the Bank for the purpose of enforcing its rights hereunder, to the
extent not prohibited by law, including, without limitation; costs of
foreclosure; costs of obtaining money damages; and a reasonable fee for the
services of internal and outside attorneys employed or engaged by the Bank for
any purpose related to this agreement including, without limitation,
consultation, drafting documents, sending notices or instituting, prosecuting or
defending litigation or any proceeding. The Debtor agrees that upon default the
Bank may dispose of any of the Collateral in its then present condition, that
the Bank has no duty to repair or clean the Collateral prior to sale, and that
the disposal of the Collateral in its present condition or without repair or
clean-up shall not affect the commercial reasonableness of such sale or
disposition. The Bank's compliance with any applicable state or federal law
requirements in connection with the disposition of the Collateral will not
adversely affect the commercial reasonableness of any sale of the Collateral.
The Bank may disclaim warranties of title, possession, quiet enjoyment, and the
like, and the Debtor agrees that any such action shall not affect the commercial
reasonableness of the sale. In connection with the right of the Bank to take
possession of the Collateral, the Bank may take possession of any other items of
property in or on the Collateral at the time of taking possession, and hold them
for the Debtor without liability on the part of the Bank. The Debtor expressly
agrees that the Bank may enter upon the premises where the Collateral is
believed to be located without any obligation of payment to the Debtor, and that
the Bank may, without cost, use any and all of the Debtor's "equipment" (as
defined in the UCC) in the manufacturing or processing of any "inventory" (as
defined in the UCC) or in growing, raising, cultivating, caring for, harvesting,
loading and transporting of any of the Collateral that constitutes "farm
products" (as defined in the UCC). If there is any statutory requirement for
notice, that requirement shall be met if the Bank sends notice to the Debtor at
least ten (10) days prior to the date of sale, disposition or other event giving
rise to the required notice, and such notice shall be deemed commercially
reasonable. The Debtor is liable for any deficiency remaining after disposition
of the Collateral.

Miscellaneous.

1.   Where the Collateral is located at, used in or attached to a facility
     leased by the Debtor, the Debtor will obtain from the lessor a consent to
     the granting of this security interest and a release or subordination of
     the lessor's interest in any of the Collateral, in form acceptable to the
     Bank.
2.   At its option the Bank may, but shall be under no duty or obligation to,
     discharge taxes, liens, security interests or other encumbrances at any
     time levied or placed on the Collateral, pay for insurance on the
     Collateral, and pay for the maintenance and preservation of the Collateral,
     and the Debtor agrees to reimburse the Bank on demand for any payment made
     or expense incurred by the Bank, with interest at the highest rate at which
     interest may accrue under any of the instruments evidencing the
     Liabilities.
3.   No delay on the part of the Bank in the exercise of any right or remedy
     waives that right or remedy, no single or partial exercise by the Bank: of
     any right or remedy precludes any other exercise of it or the exercise of
     any other right or remedy, and no waiver or indulgence by the Bank of any
     default is effective unless it is in writing and signed by the Bank nor
     does a waiver on one occasion waive that right on any future occasion.
4.   If any provision of this agreement is invalid, it shall be ineffective only
     to the extent of its invalidity, and the remaining provisions shall be
     valid and effective.
5.   Except as provided in the Accounts; Chattel Paper; General Intangibles; and
     Instruments paragraph above, any notices and demands under or related to
     this document shall be in writing and delivered to the intended party at
     its address stated herein, and if to the Bank, at its main office if no
     other address of the Bank is specified herein, by one of the following
     means: (a) by hand, (b) by a nationally recognized overnight courier
     service, or (c) by certified mail, postage prepaid, with return receipt
     requested. Notice shall be deemed given: (a) upon receipt if delivered by
     hand, (b) on the Delivery Day after the day of deposit with a nationally
     recognized courier service, or (c) on the third Delivery Day after the
     notice is deposited in the mail. "Delivery Day" means a day other than a
     Saturday, a Sunday, or any other day on which national banking associations
     are authorized to be closed. Any party may change its address for purposes
     of the receipt of notices and demands by giving notice of such change in
     the manner provided in this provision.
6.   All rights of the Bank benefit the Bank's successors and assigns; and all
     obligations of the Debtor bind the Debtor's heirs, executors,
     administrators, successors and assigns. If there is more than one Debtor,
     their obligations are joint and several.

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     A carbon photographic or other reproduction of this agreement is
     sufficient as, and can be filed as, a financing statement. The Bank is
     irrevocably appointed the Debtor's attorney-in-fact to execute any
     financing statement on the Debtor's behalf covering the Collateral.
     Additionally, if permitted by applicable law, the Debtor authorizes the
     Bank to file one or more financing statements related to the security
     interests created by this agreement, and further authorizes the Bank, as
     secured party herein, instead of the Debtor, to sign such financing
     statements.

Restatement of Prior Security Agreement. This Security Agreement constitutes an
amendment and a restatement of that certain Loan and Security Agreement dated
July 31, 2000 (the "Prior Security Agreement") executed by the Debtor in favor
of the Bank in its entirety. The lien and security interest granted under the
Prior Security Agreement continues and subsists under this Security Agreement.

Indemnification. The Debtor agrees to indemnify, defend and hold the Bank and
BANK ONE CORPORATION, and any of its subsidiaries or affiliates or their
successors, and each of their respective shareholders, directors, officers,
employees and agents (collectively the "Indemnified Persons") harmless from any
and all obligations, claims, liabilities, losses, damages, penalties, fines,
forfeitures, actions, judgments suits, costs, expenses and disbursements of any
kind or nature (including, without limitation, any Indemnified Person's
attorneys' fees) (collectively the "Claims") which may be imposed upon, incurred
by or assessed against any Indemnified Person (whether or not caused by any
Indemnified Person's sole, concurrent, or contributory negligence) arising out
of or relating to this agreement; the Debtor's use of the property covered by
this agreement; the exercise of the rights and remedies granted under this
agreement (including, without limitation, the enforcement of this agreement and
the defense of any Indemnified Person's action. or inaction in connection with
this agreement); and in connection with the Debtor's failure to perform all of
the Debtor's obligations under this agreement, except to the limited extent that
the Claims against any such Indemnified Person are proximately caused by such
Indemnified Person's gross negligence or willful misconduct. The indemnification
provided for in this section shall survive the termination of this agreement and
shall extend to and continue to benefit each individual or entity who is or has
at any time been an Indemnified Person.

The Debtor's indemnity obligations under this section shall not in any way be
affected by the presence or absence of covering insurance, or by the amount of
such insurance or by the failure or refusal of any insurance carrier to perform
any obligation on its part under any insurance policy or policies affecting the
Debtor's assets or the Debtor's business activities. Should any Claim be made or
brought against any Indemnified Person by reason of any event as to which the
Debtor's indemnification obligations apply, then, upon any Indemnified Person's
demand, the Debtor, at its sole cost and expense, shall defend such Claim in the
Debtor's name, if necessary, by the attorneys for the Debtor's insurance carrier
(if such Claim is covered by insurance), or otherwise by such attorneys as any
Indemnified Person shall approve. Any Indemnified Person may also engage its own
attorneys at its reasonable discretion to defend the Debtor and to assist in its
defense and the Debtor agrees to pay the fees and disbursements of such
attorneys.

Governing Law and Venue. This agreement is delivered in the State of Illinois
and governed by Illinois law (without giving effect to its laws of conflicts),
except to the extent that the laws regarding the perfection and priority of
property of the state in which any property securing the Liabilities is located
are applicable. The Debtor agrees that any legal action or proceeding with
respect to any of its obligations under this agreement may be brought by the
Bank in any state or federal court located in the State of Illinois, as the Bank
in its sole discretion may elect. By the execution and delivery of this
agreement, the Debtor submits to and accepts, for itself and in respect of its
property, generally and unconditionally, the non-exclusive jurisdiction of those
courts. The Debtor waives any claim that the State of Illinois is not a
convenient forum or the proper venue for any such suit, action or proceeding.

Representations. Each Debtor represents that: (a) the execution and delivery of
this agreement and the performance of the obligations it imposes do not violate
any law, do not conflict with any agreement by which it is bound, and do not
require the consent or approval of any governmental authority or any third
party; (b) this agreement is a valid and binding agreement, enforceable
according to its terms; and (c) all balance sheets, profit and loss statements,
and other financial statements furnished to the Bank in connection with the
Liabilities are accurate and fairly reflect the financial condition of the
organizations and persons to which they apply on their effective dates,
including contingent liabilities of every type, which financial condition has
not changed materially and adversely since those dates. Each Debtor, other than
a natural person, further represents that: (a) it is duly organized, existing
and in good standing under the laws where it is organized; and (b) the execution
and delivery of this agreement and the performance of the obligations it imposes
(i) are within its powers and have been duly authorized by all necessary action
of its governing body; and (ii) do not contravene the terms of its articles of
corporation or organization, its by-laws, or any agreement governing its
affairs.

WAIVER OF SPECIAL DAMAGES, THE DEBTOR WAIVES, TO THE MAXIMUM EXTENT NOT
PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR RECOVER FROM
THE BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY, PUNITIVE OR
CONSEQUENTIAL DAMAGES.

JURY WAIVER. THE DEBTOR AND THE BANK (BY ITS ACCEPTANCE HEREOF) HEREBY
VOLUNTARILY, KNOWINGLY. IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE
A JURY PARTICIPATE IN

                                       6

<PAGE>

RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) BETWEEN OR
AMONG THE DEBTOR AND THE BANK ARISING OUT OF OR IN ANY WAY RELATED TO THIS
DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE THE
FINANCING DESCRIBED HEREIN.

Dated: MAY 30, 2002                          Debtor:

                                             Alltech Associates Inc.

                                             By: /s/ Geoffry Matlin
                                                --------------------------------
                                                Geoffry Matlin CFO
                                                --------------------------------
                                                Printed Name               Title

Kevin Condon Ill3869

                                        7<PAGE>

                                                                    Exhibit 10.5

           [LOGO]
   American National Bank                                Subordination Agreement
and Trust Company of Chicago                                  All Debt and Liens

 A BANK [LOGO] ONE Company

Alltech Associates, Inc. (the "Borrower") is indebted to Richard A. Dolan (the
"Creditor"), whose address is 288 PEMBROKE DR, LAKE FOREST IL 60045, in the
principal amount of $2,800,000.00 as evidenced by promissory note(s) dated
5/30/02 and in the amount(s) as follows: $2,800,000.00. That debt is unsecured.

The Borrower and the Creditor wish to induce American National Bank and Trust
Company of Chicago, whose address is 111 E. Busse Avenue, Mount Prospect, IL
60056, and its successors and assigns (the "Bank"), to make or continue loans or
otherwise extend or continue credit to the Borrower or accept the Borrower's
guaranties of the debt of others to the Bank. The Bank is willing to extend or
continue such credit or accept such guaranties on the condition, among others,
that this agreement be executed by the Borrower and the Creditor and delivered
to the Bank.

THEREFORE, the Borrower and the Creditor severally represent and promise to each
other and to the Bank as follows:

1.   Definitions.
     As used in this agreement the following terms have the following meanings:

     (a)  "Bank Debt" means Liabilities to the Bank and to BANK ONE
          CORPORATION, or any of its subsidiaries or affiliates or their
          successors, including without limitation costs of collecting those
          Liabilities and interest accruing on those Liabilities after the
          commencement of bankruptcy or similar insolvency proceedings.

     (b)  "Liabilities" means all obligations, indebtedness or liabilities of
          the Borrower now existing or later arising, including, without
          limitation, all loans, advances, interest, costs, overdraft
          indebtedness, credit card indebtedness, lease obligations, or
          obligations relating to any Rate Management Transaction, all monetary
          obligations incurred or accrued during the pendency of any bankruptcy,
          insolvency, receivership or other similar proceedings, regardless of
          whether allowed or allowable in such proceeding, and all renewals,
          extensions, modifications, consolidations or substitutions of any of
          the foregoing, whether the Borrower may be liable jointly with others
          or individually liable as a debtor, maker, co-maker, drawer, endorser,
          guarantor, surety or otherwise, and whether voluntarily or
          involuntarily incurred, due or not due, absolute or contingent, direct
          or indirect, liquidated or unliquidated.

     (c)  "Rate Management Transaction" shall mean any transaction (including an
          agreement with respect thereto) whether now existing or hereafter
          entered into between the Borrower and any person or entity, which is a
          rate swap, basis swap, forward rate transaction, commodity swap,
          commodity option, equity or equity index swap, equity or equity index
          option, bond option, interest rate option, foreign exchange
          transaction, cap transaction, floor transaction, collar transaction,
          forward transaction, currency swap transaction, cross-currency rate
          swap transaction, currency option or any other similar transaction
          (including any option with respect to any of these transactions) or
          any combination thereof, whether linked to one or more interest rates,
          foreign currencies, commodity prices, equity prices or other financial
          measures.

     (d)  "Subordinated Debt" means Liabilities to the Creditor, including
          without limitation the debt described above.

2.   Subordination. The Subordinated Debt is subordinated in right of payment to
     the Bank Debt in accordance with this agreement. The Creditor and the
     Borrower agree to make appropriate entries in their books and records and
     stamp all instruments or documents evidencing the Subordinated Debt with a
     legend that the Subordinated Debt is expressly subject to this agreement.

3.   Permitted Payments. Without the prior written consent of the Bank, the
     Borrower shall not make or give, and the Creditor shall not accept, any
     payment or other thing of value, on account of the Subordinated Debt,
     except the Borrower may pay and the Creditor may accept currently accruing
     interest on the Subordinated Debt if (a) the Borrower is not in default
     under the Bank Debt and (b) the making of the payment to the Creditor will
     not cause a default under the Bank Debt.

     In any event, the Borrower shall not prepay and the Creditor shall not
     accept prepayment of all or any portion of the Subordinated Debt without
     the prior written consent of the Bank.

4.   Payment to the Bank of Payments and Distributions on Account of
     Subordinated Debt. Except for sums received by the Creditor in accordance
     with Section 3, the Creditor shall promptly pay or otherwise deliver to the
     Bank all amounts and other things of value which the Creditor may receive
     on account of the Subordinated Debt (in this Section 4, "Non-Permitted
     Payments"). Any Non-Permitted Payments shall be held in trust by the
     Creditor for the benefit of the Bank until paid or delivered to the Bank.

<PAGE>

     in any bankruptcy, liquidation, insolvency, receivership, or similar
     proceeding, whether law or in equity, or pursuant to state or federal law,
     the Bank shall be entitled to receive payment in full of the Bank Debt from
     payments or other distributions made on account of the Bank Debt and on
     account of the Subordinated Debt from the assets of the Borrower,
     (including interest after the commencement of any such proceeding at the
     rate(s) specified in the Bank Debt, whether or not such interest is an
     allowable claim in such proceeding) before the Creditor is entitled to
     receive any payment or thing of value on account of the Subordinated Debt.

5.   Subordination of Liens. Except for the property described as security
     above, the Borrower has not given and shall not give, and the Creditor has
     not received and shall not accept any security for the Subordinated Debt.
     The Creditor expressly subordinates all of its rights in any collateral now
     or later securing the Subordinated Debt (the "Collateral") to all present
     and future rights of the Bank in any of the Collateral to secure the Bank
     Debt, without regard to the time or order of attachment or perfection of
     any security interest, the time or order of filing any financing statement,
     or the giving or failure to give any notice of the acquisition or expected
     acquisition of any purchase money security interest. The Creditor consents
     to the creation and continuance of all present and future security
     interests of the Bank in the Collateral to secure the Bank Debt and to the
     enforcement of those security interests, including the removal of the
     Collateral from the real property of the Borrower. The Creditor agrees to
     fully cooperate with the Bank and not to delay, impede or otherwise
     interfere with the efforts of the Bank to secure payment from the assets
     which secure the Bank Debt including actions, proceedings, motions, orders,
     agreements or other matters relating to relief from automatic stay,
     abandonment of property, use of cash collateral and sale of the Bank's
     collateral free and clear of all liens. This subordination as to the
     Collateral is intended to define the rights and duties of the Bank and the
     Creditor; it is not intended that any third party shall benefit from it. If
     the effect of any provision of this subordination would be to give any
     third party a priority status to which that party would not otherwise be
     entitled, that provision shall, to the extent necessary to avoid that
     priority, be given no effect and the rights and priorities of the Bank and
     the Creditor shall be determined in accordance with applicable law.

6.   Grant of Security Interest in Subordinated Debt. To secure the prompt
     payment and performance of the Bank Debt, the Creditor grants the Bank a
     security interest in the Subordinated Debt, in all instruments evidencing
     the Subordinated Debt, in the Collateral, and in all other rights of the
     Creditor related to the Subordinated Debt. The Creditor shall deliver to
     the Bank all notes and other instruments evidencing any Subordinated Debt,
     with such endorsement as the Bank may reasonably require. In addition, the
     Creditor shall execute and deliver to the Bank all financing statements
     that the Bank may reasonably require in order to perfect the Bank's rights
     and interests under this agreement. The Creditor authorizes the Bank, if
     permitted by applicable law, to file one or more financing statements
     related to the security interests created by this agreement.

7.   Bank's Authority to Act with Respect to Subordinated Debt. The Creditor
     irrevocably appoints the Bank its attorney-in-fact, with full power of
     substitution, in either the Bank name or the Creditor's name, to sign
     financing statements, to endorse instruments, to execute and file proofs of
     claim or other documents, and to take any other action regarding all or any
     part of the Subordinated Debt necessary or appropriate to insure payment to
     the Bank of all payments and other distributions on account of the
     Subordinated Debt, instruments evidencing the Subordinated Debt, or the
     Collateral. The Creditor will pay to the Bank all costs reasonably incurred
     by the Bank for the purpose of enforcing its rights hereunder, to the
     extent not prohibited by law, including, without limitation: costs of
     foreclosure; costs of obtaining money damages; and a reasonable fee for the
     services of internal and outside attorneys employed or engaged by the Bank
     for any purpose related to this agreement, including, without limitation,
     consultation, drafting documents, sending notices or instituting,
     prosecuting or defending litigation or any proceeding. The Bank's
     compliance with any applicable state or federal law requirements in
     connection with the disposition of the collateral granted pursuant to this
     agreement will not adversely affect the commercial reasonableness of any
     sale of such collateral. Notwithstanding the foregoing, the Bank shall not
     be liable to the Creditor for any failure to prove the existence, amount,
     or circumstances of the Subordinated Debt, to exercise any right related to
     it or to collect any sums payable on it or distributions attributable to
     it.

8.   Creditor's Representations and Promises. The Creditor represents to the
     Bank that (a) it is the sole holder of the Subordinated Debt with full
     power to make the subordinations and assignments set forth in this
     agreement, (b) it has not made or permitted any assignment or transfer, as
     security or otherwise, of the Subordinated Debt, of any instrument
     evidencing the Subordinated Debt, or of any of the Collateral, and it shall
     not do so as long as this agreement remains in effect, and (c) it has
     extended the Subordinated Debt and entered into this agreement based on its
     own independent investigation (or decision not to investigate) the
     financial condition of the Borrower, and has not relied on and shall not
     rely on any representation or information of any nature regarding the
     Borrower made by or received from the Bank.

9.   Waivers. The Borrower and the Creditor each waive (a) notice of acceptance
     of this agreement, and (b) demand, presentment, notice of dishonor and
     protest in the collection of the Bank Debt or the Subordinated Debt. No
     waiver of any provision of this agreement shall be effective against the
     Bank unless such waiver is in writing and signed by the Bank. No delay or
     omission by the Bank in exercising any right shall operate as a waiver of
     such right or any other right.

10.  Action Regarding Bank Debt. Without notice to or the consent of the
     Creditor, the Bank may take or refrain from taking any action regarding the
     Bank Debt that it deems appropriate, including without limitation (a)
     amending, modifying, extending or renewing the Bank Debt or changing any
     interest rate applicable to it, (b) releasing, compromising, or settling
     any claim related to the Bank Debt, (c)

                                       2

<PAGE>

     forbearing or agreeing to forbear from forcing any right or remedy related
     to the Bank Debt, including rights and remedies against any guarantor,
     surety or accommodation party of all or any part of the Bank Debt, (d)
     determining when and in what order payments and credits shall be made to
     the Bank Debt; or (e) substituting, releasing or exchanging any Collateral
     for or other property securing the Bank Debt. The Bank shall not be
     required to perfect any security interest in any Collateral or other
     property securing the Bank Debt. The Creditor waives and agrees not to
     assert any rights or defenses with respect to any actions the Bank may take
     or refrain from taking with regard to the Bank Debt or any Collateral or
     other property now or hereafter securing any of the Bank Debt.

11.  Reinstatement. If, after the receipt of any payment or application of the
     proceeds of any Collateral or other property securing the Bank Debt to
     payment of all or any part of the Bank Debt, the Bank is required to return
     or surrender such payment or proceeds to any person, because such payment
     or the application of such proceeds is or may be avoided, invalidated, set
     aside or declared void or voidable as a preference, fraudulent conveyance,
     impermissible set-off or other cause, then this agreement shall continue in
     effect as if such payment or application of proceeds had not been received
     by the Bank, whether or not the Bank is in possession of this agreement.
     The surrender, return or cancellation of any instrument relating to the
     Bank Debt shall not affect this provision.

12.  Assignment. The Bank may assign or transfer all or any portion of its
     rights under this agreement, including any instrument relating to the Bank
     Debt or any Collateral or other property securing the Bank Debt, to any
     person or entity, and such assignee or transferee shall be vested with all
     rights and powers given to the Bank in this agreement.

13.  Continued Reliance. The Bank, by accepting delivery of this agreement,
     shall be deemed to have relied upon all of its terms and conditions and
     shall be entitled to continue that reliance. This agreement constitutes a
     continuing agreement of subordination, even though at times the Borrower
     may not be indebted to the Bank. The Bank may continue, without notice to
     the Creditor, to lend monies, accept guarantees, extend credit, or modify,
     renew or make other financial accommodations to or for the account of the
     Borrower until the Bank sends the Creditor written notice of cancellation
     of this agreement or until the forty-fifth (45th) day following written
     acknowledgement by an officer of the Bank that the Bank has received
     written notice of revocation of this agreement from the Creditor. Any such
     notice of revocation shall not be effective as to (a) Bank Debt existing on
     the effective date of revocation, (b) Bank Debt later created pursuant to a
     credit facility existing on the effective date of revocation (whether or
     not advances or readvances by the Bank under the credit facility are
     optional or obligatory), or (c) any modifications or renewals of any of the
     Bank Debt, whether in whole or in part.

14.  Subrogation. So long as this agreement remains in effect, the Creditor
     shall not exercise any right of subrogation or other similar rights with
     respect to the Bank Debt.

15.  Construction. As used in this agreement the term "or" shall mean "and/or".
     Each person or entity executing this agreement as a "Borrower" or
     "Creditor" shall be jointly and severally obligated with every other person
     and entity executing this agreement as a "Borrower" or "Creditor"
     respectively. The terms "Creditor" and "Borrower" refer to any or all of
     the persons signing in that capacity. Section headings are for convenience
     of reference only and do not affect the interpretation of this agreement.

16.  Expenses. The Creditor and the Borrower, jointly and severally, agree to
     pay upon demand all of the Bank's costs, expenses, attorney fees, including
     costs and attorney fees resulting from any bankruptcy proceedings, incurred
     by the Bank in connection with any enforcement of this agreement.

17.  Notice. Any notices and demands under or related to this document shall be
     in writing and delivered to the intended party at its address stated
     herein, and if to the Bank, at its main office if no other address of the
     Bank is specified herein, by one of the following means: (a) by hand, (b)
     by a nationally recognized overnight courier service, or (c) by certified
     mail, postage prepaid, with return receipt requested. Notice shall be
     deemed given: (a) upon receipt if delivered by hand, (b) on the Delivery
     Day after the day of deposit with a nationally recognized courier service,
     or (c) on the third Delivery Day after the notice is deposited in the mail.
     "Delivery Day" means a day other than a Saturday, a Sunday, or any other
     day on which national banking associations are authorized to be closed. Any
     party may change its address for purposes of the receipt of notices and
     demands by giving notice of such change in the manner provided in this
     provision.

18.  Binding Effect; Counterparts. This agreement binds the Borrower and the
     Creditor and their respective heirs, personal representatives, successors
     and assigns, and benefits the Bank, its successors and assigns. This
     agreement may be executed in any number of counterparts, each of which
     shall be deemed an original and all of which taken together shall
     constitute one and the same agreement. This agreement may not be amended
     or modified except by a writing signed by each of the parties to this
     agreement.

19.  Governing Law and Venue. This agreement is delivered in the State of
     Illinois and governed by Illinois law (without giving effect to its laws of
     conflicts). The Borrower and the Creditor agree that any legal action or
     proceeding against it with respect to any of its obligations under this
     agreement may be brought in any state or federal court located in such
     state, as the Bank in its sole discretion may elect. By the execution and
     delivery of this agreement, the Borrower and the Creditor submit to and
     accepts, for itself and in respect of its property, generally and
     unconditionally, the jurisdiction of those courts. The Borrower and
     Creditor waive any claim that the State of Illinois is not a convenient
     forum or the proper venue for any such suit, action or proceeding.

                                       3

<PAGE>

WAIVER OF SPECIAL DAMAGES. THE BORROWER AND THE CREDITOR WAIVE, TO THE MAXIMUM
EXTENT NOT PROHIBITED BY LAW, ANY RIGHT THE UNDERSIGNED MAY HAVE TO CLAIM OR
RECOVER FROM THE BANK IN ANY LEGAL ACTION OR PROCEEDING ANY SPECIAL, EXEMPLARY,
PUNITIVE OR CONSEQUENTIAL DAMAGES.

JURY WAIVER. THE BORROWER, THE CREDITOR AND THE BANK HEREBY VOLUNTARILY,
KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, TORT, OR
OTHERWISE) AMONG THE BORROWER, THE CREDITOR AND THE BANK ARISING OUT OF OR IN
ANY WAY RELATED TO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY
THIS DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE BANK TO PROVIDE OR
CONTINUE PROVIDING THE FINANCING EVIDENCED BY THE BANK DEBT.

     EXECUTED by each party on the date indicated below its signature, but
effective as of 5/31, 2002.

Borrower:                                         Creditor:

Alltech Associates, Inc.

By: /s/ Geoffry Matlin                            By: /s/ Richard A. Dolan
    ------------------------------------              --------------------------
    GEOFFRY MATLIN                 CFO                Richard A. Dolan
    Printed Name                   Title              Printed Name

Dated: MAY 30, 2002                               Dated: MAY 31, 2002

    Bank:
    American National Bank and Trust Company of
    Chicago

By: /s/ Thomas A. O'Grady
    -----------------------------------------
    Thomas A. O'Grady    First Vice President
    Printed Name                        Title

                                       4

<PAGE>

--------------------------------------------------------------------------------

$2,800,000                                       Date: 5/30/02

For Value Received, the undersigned Alltech Associates, Inc., an Illinois
corporation, promises to pay the order of Richard Dolan, an individual
TWO MILLION, EIGHT HUNDRED THOUSAND AND NO\100 DOLLARS
At Deerfield, Illinois
Due on Demand.

No.                                        Alltech Associates, Inc.
   ---------------------                   an Illinois corporation
Due on Demand

                                           By: /s/ Geoffry Matlin
                                               ----------------------------

                                           Its: CFO

--------------------------------------------------------------------------------

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