SEC Contract Filing

Filing Date: 2025-07-02

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2519605d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

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 <TD STYLE="text-indent: 2pt; border-top: black 1pt solid; border-left: black 1pt solid; width: 58%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Ref.: LIMONEIRA COMPANY</FONT></TD>
 <TD STYLE="text-indent: 2pt; border-top: black 1pt solid; width: 30%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan/Supplement Number:</FONT></TD>
 <TD STYLE="text-indent: 2pt; border-top: black 1pt solid; border-right: black 1pt solid; width: 12%">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8363846-102</FONT></TD></TR>
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 <TD STYLE="text-indent: 2pt; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
 <TD STYLE="text-indent: 2pt; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer Number:</FONT></TD>
 <TD STYLE="text-indent: 2pt; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0005229057</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROMISSORY NOTE AND SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO MASTER LOAN AGREEMENT</B></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Non-revolving Credit Facility Supplement (alternately, <B>&quot;Note&quot;</B>
or <B>&quot;Supplement&quot;</B>) to a Master Loan Agreement dated <B>June 26, 2025</B> (<B>&quot;MLA&quot;</B>) is established as of
<B>June 26, 2025</B> between the undersigned Borrower and Lender identified herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="background-color: white"><B>1.
PROMISE TO PAY</B></FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For value received, the LIMONEIRA COMPANY, a Delaware Corporation (<B>&quot;Borrower&quot;</B>)
promises to pay to the order of <B>AgWest Farm Credit, PCA</B> (<B>&quot;Lender&quot;</B>), a corporation organized under the laws of
the United States of America, with its office at <B>2031 Knoll Drive, Ventura, CA 93003</B> or at such other place as may be designated
in writing by Lender, the principal sum of <B>$1,000,000.00</B> (One Million Dollars and 00/100) (<B>&quot;Commitment&quot;</B>), or so
much of that sum as may be advanced by Lender from time to time, together with interest on the unpaid principal balance as specified in
Section 3 below. All defined terms used in this Supplement shall have the same meaning as set forth in the MLA. All Indebtedness shall
be payable by Borrower only in lawful money of the United States of America.</P>

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<TD STYLE="width: 24pt"><B>1.1</B></TD><TD STYLE="text-align: justify"><B>NON-REVOLVING CREDIT FACILITY. </B>On the terms and conditions in the MLA and this Supplement, Lender agrees to make Loan advances
to Borrower during the period set forth below in the aggregate principal amount not to exceed at any one time outstanding the Commitment
or the borrowing base or other guidelines where applicable, whichever is less. Amounts borrowed and later repaid may not be reborrowed.</TD></TR>
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<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD><B>1.2</B></TD><TD STYLE="text-align: justify"><B>TERM. </B>The term of the Commitment shall be from the date of this Supplement up to and including the Maturity Date, or such later
date as Lender may in its sole discretion authorize in writing. Borrower may draw funds only during the term of the Commitment.</TD></TR>
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<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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<TD><B>1.3</B></TD><TD STYLE="text-align: justify"><B>ONGOING REQUIREMENTS AND REPRESENTATIONS. </B>At the time of any draw request or draw by Borrower or advance of Loan funds by Lender,
Borrower shall not be in default hereunder. Any request for or acceptance of a draw by Borrower constitutes an ongoing representation
by Borrower that Borrower continues to comply with the conditions and terms in this Agreement, the Security Instruments or any Loan Document
in connection herewith, and that title to the Property defined in the Security Instruments has not been transferred without Lender's written
consent. If a default occurs, one of Lender's remedies includes Lender's right to immediately terminate Borrower's right to make draws
hereunder, with or without notice to Borrower.</TD></TR>
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<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
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