Document:

Exhibit 10.1

 

 

	Single Premium Guaranteed Annuity Contract Purchase Agreement	
    Principal Life Insurance Company

    Des Moines, IA 50392-0001

    800.986.3343

    www.principal.com
	

  

11/04/2022 (the “Agreement Date”)

 

Principal Life Insurance Company (“Insurer”)
and limoneira company (“Plan Sponsor”) (each individually a “Party”
and collectively the “Parties”) hereby agree that Insurer will provide an irrevocable nonparticipating single premium group
annuity contract (“Contract”) in connection with the settlement of liabilities associated with certain benefits arising under
the limoneira company retirement plan )(the “Plan”), for a Premium amount of
$12,617,160.57 (“Premium”) in accordance with and subject to the terms of this
Purchase Agreement (“Agreement”). Certain details of the Agreement are set forth in Schedule A. All capitalized terms used
but not defined herein have the meaning ascribed to such term in the Annuity Specifications No. 1670 Limoneira Company Retirement Plan
dated 09/08/2022 and any subsequent Addendums (together, the “Specifications”) and Insurer’s Final Quote/Proposal dated
11/04/2022 (“Proposal”) (which may include clarifications to and/or deviations from the Specifications) (together, the “Contract
Documents”). In the event of a conflict or inconsistency between the terms, conditions, and provisions of the Contract Documents
and this Agreement, the documents govern in the following order: (a) this Agreement, (b) the Proposal and (c) the Specifications.

 

		1.	Premium Payment - The Premium will be delivered
in Cash to Insurer on or before the Premium Due Date as set forth in Schedule A (“Premium Due Date”). Cash means a wire transfer,
through the Federal Reserve System, of currency of the United States of America. The Premium will be deposited in Insurer’s General
Account and delivered by:

		a.	Paying to Insurer an amount in Cash equal to the Premium in accordance with the instructions set forth in Schedule B.

 

		2.	Contract 

 

		a.	Issuance - Insurer, subject to its receipt of the Premium, commits to issue the Contract as outlined
in the Specifications and irrevocably commits to make the payments owed to Annuitants under the Contract. “Annuitant” means
any payee under the Contract, including annuitants, contingent annuitants, alternate payees, and beneficiaries, as applicable.

 

		b.	Terms - The Insurer’s specimen Contract has been approved by the appropriate insurance regulators. Unless otherwise mutually
agreed to by the Parties, the Contract will reflect the terms in the Contract Documents.

 

		c.	Legal Responsibility - Insurer is neither a successor to the rights and responsibilities of the Plan Sponsor nor a fiduciary
to the Plan and does not assume the rights or responsibilities of a Plan Sponsor or fiduciary.

 

		3.	Premium Adjustments

 

		a.	Data Changes - The Parties will work cooperatively to validate the accuracy and completeness of the Annuitant benefits data
furnished to Insurer for purposes of quoting the Premium reflected in the Specifications and Proposal (“Base Data”). In the
event that such validation process results in any changes, additions, deletions, or other updates (“Adjustments”) to the Base
Data, Insurer will calculate an adjustment to the Premium, which may be positive or negative, reflecting such Adjustments (“Premium
Adjustment”).

 

		b.	For purposes of such Premium Adjustment calculation, Insurer will apply the same pricing basis used to compute the Premium provided
that the Adjustments are reported within six months of the Premium Due Date (“Reporting Period”) and are within $250,000 (plus
or minus) of the Premium (“Adjustment Corridor”). If the Premium is not received on the Premium Due Date, the Reporting Period
will be extended by a commensurate amount of days from the Premium Due Date to when the Premium is received by Insurer. If the Adjustments
exceed the Adjustment Corridor or are reported after the expiration of the Reporting Period, Insurer will apply its then current pricing
assumptions for purposes of determining the amount of the corresponding Premium Adjustment.

 

		c.	Annuitant Deaths - In the event that an Annuitant or Contingent Annuitant with respect to whom a benefit is provided under
the Contract dies prior to the Liability Date as defined in Schedule A (“Liability Date”) , Insurer agrees to refund the portion
of the Premium associated with that Annuitant or Contingent Annuitant, as the case may be, minus any applicable death benefits payable
in relation to a beneficiary, provided however, that notification of such a death is provided to Insurer within one year from the Liability
Date. If Insurer is notified more than one year after the Liability Date OR after the Data Finalization Date defined below there will
be no adjustment of Premium. Annuitant and Contingent Annuitant deaths occurring prior to the Liability Date described herein are not
subject to the Adjustment Corridor.

 

    	 	Page 1
	Classification: Company Confidential
	 

     

    

 

	Single Premium Guaranteed Annuity Contract Purchase Agreement	
    Principal Life Insurance Company

    Des Moines, IA 50392-0001

    800.986.3343

    www.principal.com
	

  

 

		d.	Plan Deviations prior to Contract Finalization.

 

		i.	If Insurer receives a request from an Annuitant to commence a monthly benefit, receive a lump sum payout, or for a benefit quote prior
to the execution of the Contract, Insurer will pay or quote the benefit amount utilizing the Base Data and Plan information provided by
the Plan Sponsor with respect to the Plan in the Specifications (“Benefit Calculation”).

 

		ii.	Upon finalization of the Contract, any conflicts or deviations between the Plan provisions, form of benefits, or Annuitant data and
the information contained in Benefit Calculation (“Discrepancies”) may result in repricing of the benefit and will be the
responsibility of the Plan Sponsor or the Plan.

 

		4.	Administration

 

		a.	Transfer - The Parties will use commercially reasonable efforts to take or cause to be taken all reasonable actions and do
or cause to be done all things reasonably necessary to coordinate the takeover by Insurer of all administrative responsibilities necessary
to effectively provide recordkeeping and administration services regarding all payments under the Contract commencing on the Benefit Commencement
Date defined in Schedule A (“Benefit Commencement Date”).

 

		b.	Annuity Certificates - Insurer will mail a certificate to each Annuitant following the Contract execution date.

 

		c.	Bulk Payment - From the Benefit Commencement Date through 12/31/2022 (“Bulk Payment Term”), Plan Sponsor, or Plan
Sponsor’s designee, agrees to perform any benefit calculations and make the benefit payments to Annuitants on behalf of Insurer.

 

		i.	Unless otherwise agreed to by the Parties, Plan Sponsor (or Plan Sponsor’s designee) agrees to provide Insurer, in a format
mutually agreed to by the Parties, the total amount of payments due to be paid to the Annuitants each month throughout the Bulk Payment
Term (“Total Payment Amount”) not later than 10 business days prior to the date the benefit payments will be made to Annuitants
by Plan Sponsor (or the Plan Sponsor’s designee).

 

		ii.	Unless otherwise agreed to by the Parties, Insurer will pay to the Plan an amount equal to the Total Payment Amount no later than
five business days prior to the date the benefit payments will be made to Annuitants by the Plan Sponsor (or Plan Sponsor’s designee).

 

		iii.	Plan Sponsor will use commercially reasonable efforts to require their current administrator to continue to provide the existing administrative
services at the same level of service currently provided to Annuitants in accordance with the Plan and applicable law.

 

		iv.	Insurer will begin making monthly payments directly to Annuitants on and after the expiration of the Bulk Payment Term.

 

		v.	Inaccurate or incorrect benefit payments made to Annuitants between the Bulk Payment Term will either be reconciled in (i) the Premium
Adjustment as contemplated in this Agreement or, (ii) in the case of overpayment, reimbursed directly to Insurer by the Plan, and in the
case of underpayment, reimbursed directly to the Plan by Insurer.

 

    	 	Page 2
	Classification: Company Confidential
	 

     

    

 

	Single Premium Guaranteed Annuity Contract Purchase Agreement	
    Principal Life Insurance Company

    Des Moines, IA 50392-0001

    800.986.3343

    www.principal.com
	

  

		5.	Insurer Representations & Warranties - Insurer represents
and warrants that:

 

		a.	Due Organization and Corporate Power - Insurer is a life insurance company duly organized, validly existing, and licensed under
the laws of the State of Iowa. Insurer has all requisite power and authority to enter into and carry out its obligations under this Agreement
and to perform the transactions to be undertaken by Insurer hereunder.

 

		b.	No Post-Closing Liability - Following receipt by Insurer of the Premium and Premium Adjustments, if any, the Plan and Plan
Sponsor (or any of their respective affiliates or representatives) will not be liable to pay any annuity payment under the Contract for
which such Premium and Premium Adjustment, if any, has been received.

 

		c.	Relationship to the Plan - Insurer is not a trustee of the Plan, a plan administrator, as defined in § 3(16)(A) of ERISA,
or an employer any of whose employees are covered by the Plan.

 

		d.	Commissions - No fees, commissions, or payments are or will be owed by Insurer to any individual or entity in connection with
the transactions contemplated in this Agreement and all other agreements it contemplates for which any other party, or its respective
affiliates or representatives, could be liable.

 

Acknowledgment of Compensation Disclosure.
Plan Sponsor acknowledges receipt of the compensation disclosure set forth in this subparagraph (d). It was received before purchasing
the products under consideration. Plan Sponsor is not receiving any compensation or other consideration – directly or indirectly
 – from anyone dealing with the Plan in connection with the purchase of any product(s).

 

		e.	Insurance - Insurer agrees to maintain commercially reasonable insurance coverage consistent with accepted insurance industry
standards.

 

		6.	Plan Sponsor Representations and Warranties - Plan Sponsor
represents and warrants:

 

		a.	Due Organization and Corporate Power - Plan Sponsor is a corporation duly organized, validly existing, and licensed under the
laws of the State (or Commonwealth, where applicable) of California. Plan Sponsor has all requisite power and authority to enter into
and carry out its obligations under this Agreement and to perform the transactions to be undertaken by Plan Sponsor hereunder.

 

		b.	Compliance with ERISA - The Plan and Plan Trust are maintained under and are subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) and, to Plan Sponsor’s knowledge, are in compliance with ERISA in all material respects.

 

		c.	Tax Status - The Plan is intended to be qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (the
 “Code”). To Plan Sponsor’s knowledge, no event has occurred that is reasonably likely to result in the Plan losing its
status as qualified by the Code for preferential tax treatment under Code §§ 401(a) and 501(a).

 

		d.	No Commissions - No fees, commissions, or payments are or will be owed by Plan Sponsor to any individual or entity in connection
with the transactions contemplated in this Agreement and all other agreements it contemplates for which any other party, or its respective
affiliates or representatives, could be liable.

 

		e.	Accuracy of Information - To Plan Sponsor’s knowledge, Annuitant data, including benefit amounts, forms of annuities,
and census data for date of birth, date of death, state of residence, or gender, that was furnished on behalf of Plan Sponsor to Insurer
was not generated using any materially incorrect systematic assumptions and did not contain any material omissions.

 

		f.	Acknowledgment – The Plan Sponsor acknowledges they have been given a written description of the Contract that is being
offered.

 

    	 	Page 3
	Classification: Company Confidential
	 

     

    

	Single Premium Guaranteed Annuity Contract Purchase Agreement	
    Principal Life Insurance Company

    Des Moines, IA 50392-0001

    800.986.3343

    www.principal.com
	

 

 

		7.	Miscellaneous

 

		a.	Joint and Equal Participation - The Parties acknowledge that they jointly and equally participated in the drafting of this
Agreement. This Agreement will not be construed against any Party by reason of their role in the drafting of this Agreement.

 

		b.	Choice of Law and Forum - This Agreement will be governed by, construed, and interpreted in accordance with the laws of the
State (or Commonwealth, where applicable) of California, excluding those provisions relating to conflicts of laws. Each Party hereby irrevocably
submits to the non-exclusive jurisdiction of the Courts of the State (or Commonwealth, where applicable) of California in respect of all
matters arising out of or in connection with this Agreement. To the fullest extent permitted by law, none of the Parties will be liable
to any other Party for any punitive or exemplary damages of any nature in respect of matters arising out of this Agreement.

 

		c.	Confidential Information - Insurer will comply, and will ensure that all of its affiliates, agents and subcontractors comply,
with all applicable laws and regulations governing the confidential information of all Annuitants, including those laws relating to privacy,
data security and protection, and the safeguarding of such information, and its maintenance, disclosure, and use. Insurer will maintain
administrative, technical, and physical safeguards to protect the privacy and security of the confidential information related to Annuitants.
Insurer will comply in all material respects with any internal written policies relating to the confidential information of any Annuitant.

 

		d.	Counterparts - This Agreement may be executed in any number of counterparts, each of which will be deemed an original but all
of which together will constitute one and the same instrument.

 

 

    	 	Page 4
	Classification: Company Confidential
	 

     

    

	Single Premium Guaranteed Annuity Contract Purchase Agreement	
    Principal Life Insurance Company

    Des Moines, IA 50392-0001

    800.986.3343

    www.principal.com
	

 

IN WITNESS WHEREOF, Insurer and Plan Sponsor have executed
this Agreement as of the Agreement Date written above.

 

	LIMONEIRA COMPANY	 	PRINCIPAL LIFE INSURANCE COMPANY
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/Amy Fukutomi	 	By: 	/s/ Timothy A. Lewis
	 	 	 	 	 
	Print name: 	Amy Fukutomi	 	Print name: 	Timothy A. Lewis
	 	 	 	 	 
	Title:	VP of Compliance & Corporate Secretary	 	Title:	 Senior Actuary and Director
	 	 	 	 	 
	Date: 	November 4, 2022	 	Date: 	November 4, 2022

 

 

 

 

    	 	Page 5
	Classification: Company Confidential
	 

     

    

 

	Single Premium Guaranteed Annuity Contract Purchase Agreement	
    Principal Life Insurance Company

    Des Moines, IA 50392-0001

    800.986.3343

    www.principal.com
	

 

Agreement Detail

 

Items marked with **
must be completed and verified by Contractholder/Plan Sponsor

 

	Contract Number	
    2-21884

     

	** Contract Issued to	
    Limoneira Company, a Delaware Company

     

	** Exact Plan Name	Limoneira Company Retirement Plan
	** Employer Name	
    Limoneira Company

     

	** Employer Address Line 1	
    1141 Cummings Road

     

	** Employer Address Line 2	
    Santa Paula, CA 93060

     

	** Secure Act Adopted (yes or no)	
    No

     

	Liability Date(s)	
    11/10/2022 (deferred)

    11/10/2022 (retired)

	Benefit Commencement Date	
    12/01/2022 (1 month temporary bulk payment)

     

	Premium due date	
    11/10/2022

     

	Premium amount	$12,617,160.57
	Number of retired lives under contract	221
	Number of deferred lives under contract	29
	Total lives under contract	250
	Proposal provided on	11/04/2022

 

 

 

 

    	 	Page 6
	Classification: Company Confidential
	 

     

    

 

	Single Premium Guaranteed Annuity Contract Purchase Agreement	
    Principal Life Insurance Company

    Des Moines, IA 50392-0001

    800.986.3343

    www.principal.com
	

 

Insurer’s General Account instructions

 

Wiring instructions

 

	Amount to transfer $ 12,617,160.57	Date of transfer 11/10/2022

 

For cash:

Request your bank to transfer Federal Funds by wire
to:

Wells Fargo Bank

420 Montgomery Street

San Francisco, CA 94104

ABA No.: 121000248

Account No.: 0000901239

Account name: Principal Life Insurance Company Pension
Account

 

	OBI instructions: PFGN(S) Contract No (2)- 21884	Contract Name: Limoneira Company

 

Ask the bank to include your contract name and number

Note: Wire must be received in our bank account by
3:00 pm CST to be credited the same day. Wires received after 3:00 pm CST will be credited the following business day. Circumstances beyond
our control may arise which would prevent us from meeting this timing. In the event of such an occurrence, wire transfers will be credited
with earnings as soon as possible.

 

For securities:

Fed settlement instructions (for Treasuries/Agencies)

Citibank NYC/CUST

ABA No.: 021000089

Account name: Principal Life Insurance Co Custody

Account No.: 847166

 

Depository Trust & Clearing (DTC) settlement
instructions

Citibank #0908

Account name: Principal Life Insurance Co Custody

Account No.: 847166

 

Physical settlement instructions

Citibank NA

399 Park Ave.

Level C Vault

New York, NY 10022

(Attn: Mr. Keith Whyte)

 

Must include:

Account name: Principal Life Insurance Co Custody

Account No.: 847166

 

Note: Wire must be received in our bank account
by 3:00 pm CST to be credited the same day. Wires received after 3:00 pm CST will be credited the following business day. Circumstances
beyond our control may arise which would prevent us from meeting this timing. In the event of such an occurrence, wire transfers will
be credited with earnings as soon as possible.

 

    	 	Page 7
	Classification: Company ConfidentialExhibit 10.2

 

	Temporary Bulk Payment Agreement	 

 

This TEMPORARY BULK PAYMENT AGREEMENT (“Agreement”), is
made and entered into by and between Principal Life Insurance Company (“Insurer”) and Limoneira Company (“Contractholder”
or “Plan Sponsor”) (collectively referred to herein as the “Parties”).

 

WHEREAS, the Plan Sponsor accepted Insurer’s offer dated 11/04/2022
to issue a Single Premium Group Annuity Contract (“Contract”) with respect to the Limoneira Company Retirement Plan (“Plan”)
and the Purchase Agreement was executed by the Plan Sponsor and dated 11/04/2022 (“Acceptance”);

 

WHEREAS, Insurer agreed to assume responsibility for making annuity
payments directly to the participants of the Plan related to the Acceptance and Contract (“Annuitants”) on 12/01/2022
(“Commencement Date”);

 

WHEREAS, the Acceptance contemplated the need for a temporary bulk
reimbursement from and including the Commencement Date through and including 12/31/2022.

 

WHEREAS, Principal (“Plan Administrator”)
is the current administrator of the monthly pension payments to retired participants of the Plan.

 

NOW THEREFORE, the Parties agree as follows:

 

		1.	Plan Sponsor Responsibilities.

 

		a.	Plan Sponsor will require the current Plan Administrator to perform
                                            any benefit calculations and make payments to Annuitants from the Commencement Date through
                                            and including 12/31/2022 (“Initial Term”) and the Plan will receive temporary
                                            monthly bulk reimbursement from Insurer.

 

		b.	Plan Sponsor will use commercially reasonable efforts to require the
                                            Plan Administrator to continue to provide existing administrative
and benefit disbursement services at the same level of service currently provided to affected Annuitants in accordance with the Plan
and applicable law.

 

		c.	Within 5 (five) business days of making any payments to Annuitants,
                                            the Plan Sponsor, or the Plan Administrator if so directed
by the Plan Sponsor, will provide to Insurer the total dollar amount of payments made to Annuitants based on the census data provided
to Insurer related to the Acceptance and the Contract (“Annuity Payment Data”).

 

		d.	Either the Plan Sponsor, the Plan Administrator or both are responsible
                                            for promptly reporting to Insurer:

 

		(i)	any adjustments to benefit amounts resulting from Annuitant deaths or
                                            retirements occurring since the Annuity Payment Data was given to Insurer; and

 

    1 | P a g e 

     

    

 

	Temporary Bulk Payment Agreement	 

 

		(ii)	any incorrect payments made to an Annuitant for any reason.

 

		e.	The Plan Sponsor, either directly or indirectly through the Plan Administrator, is responsible for reporting tax information and the withholding
of any amounts for tax or other purposes for Annuitants during the term of this Agreement. This paragraph and the obligations hereunder
will survive the expiration of this Agreement.

 

		f.	Either the Plan Sponsor, the Plan Administrator or both are responsible for providing complete wire transfer instructions to Insurer
no later than no later than five business days after execution of this Agreement

 

		g.	Plan Sponsor will not assign or delegate its rights or obligations
                                            under this Agreement, without Insurer’s written consent
unless such assignment is to an entity that is (a) owned or controlled by the Plan Sponsor, including, but not limited to, the Plan Administrator
or (b) under common ownership or control with Plan Sponsor.

 

		2.	Insurer Responsibilities.

 

		a.	During the term of this Agreement, Insurer will make a wire transfer
                                            to the Plan in an amount commensurate with the Annuity Payment Data furnished to Insurer
                                            by either the Plan Sponsor or Plan Administrator no later than no later than five business
                                            days after receiving Annuity Payment Data in accordance with the wiring instructions
                                            provided to the Insurer (“Reimbursement”).

 

		b.	Insurer is not responsible for reporting tax information or the withholding
                                            of any amounts for tax or other purposes for Annuitants during the term of this Agreement.

 

		c.	Insurer is responsible for making direct payments to Annuitants pursuant
                                            to the Acceptance the day after the completion of the Initial Term.

 

		3.	General Provisions.

 

		a.	In the event inaccurate or incorrect benefit payments are made to Annuitants
                                            while this Agreement is in effect, the corresponding inaccurate or incorrect Reimbursement
                                            by Insurer will be reconciled as follows:

 

		(i)	If an Annuitant received an amount in excess of the amount to which
                                            that Annuitant was entitled under the Plan (“Overpayment”), such Overpayment
                                            will either be (a) reconciled in the premium adjustment calculation as contemplated in the
                                            Acceptance and ancillary documents or (b) reimbursed directly to Insurer by either the Plan
                                            Sponsor or Plan Administrator no later than 10 (ten) business days after the Overpayment
                                            is reported to Insurer.

 

    2 | P a g e 

     

    

 

	Temporary Bulk Payment Agreement	 

 

		(ii)	If an Annuitant received an amount less than the amount to which the
                                            Annuitant was entitled under the Plan (“Underpayment”), such Underpayment will
                                            either be (a) reconciled in the premium adjustment calculation as contemplated in the Acceptance
                                            and ancillary documents or (b) reimbursed directly to either the Plan Sponsor or Plan Administrator
                                            by Insurer no later than 10 (ten) business days after the Underpayment is reported to Insurer.

 

		b.	Plan Sponsor will comply, and will ensure that all of its Related Parties
                                            comply, with all applicable laws and regulations governing the confidential information of
                                            all Annuitants, including those laws relating to privacy, data security and protection, the
                                            safeguarding of such information, and its maintenance, disclosure, and use. Plan Sponsor
                                            will maintain, and will ensure that all of its Related Parties maintain administrative, technical,
                                            and physical safeguards to protect the privacy and security of the confidential information
                                            related to Annuitants. Plan Sponsor will comply, and will ensure that all of its Related
                                            Parties comply, in all material respects with any internal written policies relating to the
                                            confidential information of any Annuitant, contingent annuitant, or beneficiary as in effect
                                            from time to time.

 

		c.	This Agreement constitutes the entire agreement and understanding between the Parties relating to the subject matter hereof and is
governed by the laws of the State of Iowa without regard to the conflict of law principles of that state or any other state. Any amendments
to or waivers of the terms of this Agreement must be in writing and executed by authorized officials of the Parties hereto.

 

		d.	This paragraph 3 and all subparagraphs contained therein shall survive
                                            the expiration of this Agreement.

 

IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be executed and delivered by each of them or their respective officers duly authorized as of the
date(s) indicated below. The effective date of this Agreement is the latest date ascribed below.

 

[signature
page follows]

 

    3 | P a g e 

     

    

 

	Temporary Bulk Payment Agreement	 

 

 

	Limoneira Company, Plan Sponsor	 	Principal Life Insurance Company, Insurer
	 	 	 
	 	 	 
	By:	/s/Amy Fukutomi	 	By:	 /s/ Justina Loeb
	 	 	 
	Printed Name:	 	Printed Name:
	 Amy Fukutomi	 	Justina Loeb
	 	 	 
	Title: 	 	Title: 
	VP of Compliance & Corp Secretary	 	Asst. Director - PRT
	 	 	 
	Date: 	 	Date: 
	November 7, 2022	 	November 7, 2022

 

 

 

 

 

 

 

 

    4 | P a g e

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]