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<SEC-DOCUMENT>0000950124-08-002518.txt : 20080529
<SEC-HEADER>0000950124-08-002518.hdr.sgml : 20080529
<ACCEPTANCE-DATETIME>20080529152343
ACCESSION NUMBER:		0000950124-08-002518
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20080522
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080529
DATE AS OF CHANGE:		20080529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CALAVO GROWERS INC
		CENTRAL INDEX KEY:			0001133470
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE SERVICES [0700]
		IRS NUMBER:				330945304
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-33385
		FILM NUMBER:		08866375

	BUSINESS ADDRESS:	
		STREET 1:		2530 RED HILL AVE.
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92705
		BUSINESS PHONE:		9098334200
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v41085e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT PURSUANT<BR>
TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of report (Date of earliest event reported): May&nbsp;22, 2008</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CALAVO GROWERS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>California</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-33385</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>33-0945304</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1141-A Cummings Road, Santa Paula, California 93060</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 50%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Address of Principal Executive Offices) (Zip Code)</DIV>


<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 50%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former Name or Former Address, if Changed Since Last Report)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(805)&nbsp;525-1245</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calavo Growers, Inc. (&#147;Calavo&#148;) and Lecil E. Cole, Suzanne Cole-Savard, Guy Cole, Eric
Weinert, and Lecil E. Cole and Mary Jeanette Cole, as trustees of the Lecil E. and Mary Jeanette
Cole Revocable Trust dated October&nbsp;19, 1993 (the &#147;Cole Trust&#148;), have entered into an Acquisition
Agreement, dated May&nbsp;19, 2008 (the &#147;Acquisition Agreement&#148;), which sets forth the terms and
conditions pursuant to which Calavo will purchase all of the outstanding shares of Hawaiian Sweet,
Inc. (&#147;HS&#148;) and all ownership interests of Hawaiian Pride, LLC (&#147;HP&#148;). HS and HP engage in tropical-product packing and processing operations in Hawaii. The Acquisition Agreement
provides, among other things, that as a result of the Acquisition Agreement, Calavo shall make an
initial purchase price payment in the aggregate amount of $3,500,000 for both entities.
Calavo made the initial payment on May&nbsp;20, 2008. Calavo shall also make two additional annual payments, ranging from $2,500,000 to
$4,500,000, based on certain operating results (the &#147;Earn-Out Payment(s)&#148;), as defined.
Mr.&nbsp;Cole is President, Chief Executive Officer, and a Chairman of the Board of Directors of Calavo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first Earn-Out Payment to be made by Calavo will be adjusted if the aggregate working
capital (&#147;WC&#148;) of HS and HP does not equal $700,000 as of the closing date. In the event that WC is
less than $700,000, Calavo shall reduce its first Earn-Out payment by an amount equal to the
difference between $700,000 and the closing date aggregate working capital of HS and HP. In the
event that WC is greater than $700,000, Calavo shall increase its first Earn-Out payment by an
amount equal to the difference between $700,000 and the closing date aggregate working capital of
HS and HP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Acquisition Agreement, the transaction will close on May&nbsp;30, 2008. Closing is not subject to the satisfaction of any condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the execution of the Acquisition Agreement, Calavo and the Cole Trust have
entered into an Agreement and Escrow Instructions for Purchase and Sale of Real Property (the &#147;Real
Estate Contract&#148;), dated the same date as the acquisition agreement, pursuant to which Calavo will
purchase from the Cole Trust approximately 727 acres of agricultural land located in Pahoa, Hawaii
for a purchase price of $1,500,000, which Calavo delivered on May&nbsp;19, 2008. The closing of the Real Estate Contract will also occur on May
30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional information, reference is made to the Acquisition Agreement, the Real Estate
Contract, and the press release dated May&nbsp;20, 2008, which are included as Exhibits 2.1, 2.2, and
99.1, and are incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preceding discussion is qualified by reference to the Acquisition Agreement and the Real
Estate Contract, which are filed as exhibits to this Current Report on Form 8-K and is incorporated
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.01 Completion of Acquisition of Disposition of Assets.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See discussion in Item&nbsp;1.01, which is incorporated herein.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acquisition Agreement dated as of May&nbsp;19, 2008 between Calavo
Growers, Inc. and Lecil E. Cole, Suzanne Cole-Savard, Guy Cole, Eric
Weinert, and Lecil E. Cole and Mary Jeanette Cole, as trustees of the
Lecil E. and Mary Jeanette Cole Revocable Trust dated October&nbsp;19,
1993.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">2.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agreement and Escrow Instructions for Purchase and Sale of Real
Property (Farmland) dated May&nbsp;19, 2008 between Calavo Growers, Inc.
and Lecil E. and Mary Jeanette Cole.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Press release of Calavo Growers, Inc.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Calavo Growers, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">May&nbsp;22, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Lecil E. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Lecil E. Cole</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>Chairman of the Board of Directors, Chief Executive Officer and President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>v41085exv2w1.htm
<DESCRIPTION>EXHIBIT 2.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv2w1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 2.1</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ACQUISITION AGREEMENT</B></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DATED AS OF MAY 19, 2008</B></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMONG</B></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CALAVO GROWERS, INC.</B></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AND</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LECIL E. COLE, SUZANNE COLE-SAVARD, GUY COLE, ERIC WEINERT, AND<BR>
LECIL E. COLE AND MARY JEANETTE COLE, AS TRUSTEES OF THE LECIL E.<BR>
AND MARY JEANETTE COLE REVOCABLE TRUST DATED OCTOBER 19, 1993</B></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>ACQUISITION AGREEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Acquisition Agreement (the &#147;<U><B>Acquisition Agreement</B></U>&#148;) is entered into as of May&nbsp;19,
2008 among Calavo Growers, Inc., a California corporation (&#147;<U><B>Calavo</B></U>&#148;), and Lecil E. Cole
(&#147;<U><B>Mr.&nbsp;Cole</B></U>&#148;), Eric Weinert, Suzanne Cole-Savard, Guy Cole, and Lecil E. Cole and Mary
Jeanette Cole, acting jointly and severally as trustees of the Lecil E. and Mary Jeanette Cole
Revocable Trust dated October&nbsp;19, 1993, also known as the Lecil E. and Mary Jeanette Cole Revocable
1993 Trust (the &#147;<U><B>Cole Trust</B></U>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;The Cole Trust, Suzanne Cole-Savard, and Guy Cole (referred to in this Acquisition
Agreement as the &#147;<U><B>HS Shareholders</B></U>&#148;) are the only shareholders of Hawaiian Sweet, Inc. (also
known as Tropical Hawaiian Products), a corporation formed under the laws of the State of
California (&#147;<U><B>HS</B></U>&#148;), and Mr.&nbsp;Cole is the Chief Executive Officer of HS. The HS Shareholders
desire to sell to Calavo, and Calavo desires to purchase from the HS Shareholders, all of the
outstanding shares of the capital stock of HS (referred to in this Acquisition Agreement as the
&#147;<U><B>HS Shares</B></U>&#148;) on the terms set forth in this Acquisition Agreement. The Cole Trust owns
68.0% of the HS Shares, and 16.0% of the HS Shares are owned by each of Suzanne Cole-Savard and Guy
Cole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Mr.&nbsp;Cole and Eric Weinert (referred to in this Acquisition Agreement as the &#147;<U><B>HP
Owners</B></U>&#148;) are the only members of CW Hawaii Pride, LLC (also known as Hawaii Pride, LLC), a
limited liability company formed under the laws of the State of Hawaii (&#147;<U><B>HP</B></U>&#148;). The HP
Owners desire to sell to Calavo, and Calavo desires to purchase from the HP Owners, all of the
outstanding limited liability company membership and ownership interests of HP (referred to in this
Acquisition Agreement as the &#147;<U><B>HP LLC Interests</B></U>&#148;) on the terms set forth in this Acquisition
Agreement. Mr.&nbsp;Cole owns 90.0% of the HP LLC Interests, and Mr.&nbsp;Weinert owns 10.0% of the HP LLC
Interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Concurrently with the execution and delivery of this Acquisition Agreement, Calavo and the
Cole Trust have entered into an Agreement and Escrow Instructions for Purchase and Sale of Real
Property (Farmlands) (referred to in this Acquisition Agreement as the &#147;<U><B>Real Estate
Contract</B></U>&#148;), dated the same date as this Acquisition Agreement, pursuant to which Calavo or its
assignee will purchase from the Cole Trust approximately 727 acres of agricultural land located in
Pahoa, Hawaii (the &#147;<U><B>727 Acres</B></U>&#148;) for a purchase price of $1,500,000. The closing of the
transactions contemplated by this Acquisition Agreement will occur on the same date as the closing
of Calavo&#146;s (or its assignee&#146;s) purchase of the 727 Acres under the Real Estate Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;As described in Section&nbsp;4.10 of this Acquisition Agreement, (1)&nbsp;Calavo is entitled to make
an election under Section&nbsp;338(h)(10) (the &#147;<U><B>Section&nbsp;</B><B>338(h)(10)</B><B> Election</B></U>&#148;) of the Internal
Revenue Code of 1986, as amended (the &#147;<U><B>Code</B></U>&#148;), with respect to Calavo&#146;s purchase of the HS
Shares, and, (2)&nbsp;if Calavo decides to make the Section&nbsp;338(h)(10) Election, the HS Shareholders
shall also make the Section&nbsp;338(h)(10) Election based upon Calavo&#146;s agreement to reimburse them for
the additional taxes that may be paid by them as a result of the election.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt of which hereby is acknowledged, Calavo, the HS Shareholders, and the HP Owners hereby
agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1</B><BR>
<U><B>PURCHASE OF THE HS SHARES AND HP LLC INTERESTS; PURCHASE PRICE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.1 </B><U><B>Purchase and Sale of the HS Shares</B></U>. Subject to the terms of this Acquisition
Agreement, at the closing of the transactions contemplated by this Acquisition Agreement (the
&#147;<U><B>Closing</B></U>&#148;), the HS Shareholders shall sell to Calavo, and Calavo shall purchase from the HS
Shareholders, all of the HS Shares, which shall constitute all issued and outstanding shares of the
capital stock of HS. The Closing shall occur on May&nbsp;30, 2008, which is referred to in this
Acquisition Agreement as the &#147;<U><B>Closing Date</B></U>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.2 </B><U><B>Purchase and Sale of the HP LLC Interests</B></U>. At the Closing, the HP Owners shall
sell to Calavo, and Calavo shall purchase from the HP Owners, all of the HP LLC Interests, which
shall constitute all issued and outstanding membership and ownership interests of HP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.3 </B><U><B>The Closing</B></U>. Article&nbsp;5 of this Acquisition Agreement describes the documents that
the parties shall deliver to each other at the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.4 </B><U><B>Purchase Price for the HS Shares and HP LLC Interests</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The aggregate purchase price payable by Calavo for the HS Shares and the HP LLC Interests
(the &#147;<U><B>Purchase Price</B></U>&#148;) is (1) $3,500,000 plus (2)&nbsp;the earn-out payments calculated and paid
in the manner described in Section&nbsp;1.6 (the &#147;<U><B>Earn-Out Payments</B></U>&#148;). The Purchase Price shall
be allocated to the HS Shareholders and the HP Owners as follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HS Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">71.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HP Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.6</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The portion of the Purchase Price allocable to the HS Shareholders shall be paid by Calavo
to each HP Shareholder in accordance with the shareholder&#146;s ownership interest in HS, and the
portion of the Purchase Price allocable to the HP Owners shall be paid by Calavo to each HP Owner
in accordance with his ownership interest in HP, as shown below:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="0">Percentage of Purchase</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="0">Price Payable to the HS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name of HS Shareholder or HP Owner</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="0" style="border-bottom: 1px solid #000000">Shareholder or HP Owner</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Cole Trust, an HS Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="white-space: nowrap">68.0% x 71.4% = 48.6%</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Suzanne Cole-Savard, an HS Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="white-space: nowrap">16.0% x 71.4% = 11.4%</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Guy Cole, an HS Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="white-space: nowrap">16.0% x 71.4% = 11.4%</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="0">Percentage of Purchase</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="0">Price Payable to the HS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name of HS Shareholder or HP Owner</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="0" style="border-bottom: 1px solid #000000">Shareholder or HP Owner</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lecil E. Cole, an HP Owner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="white-space: nowrap">90.0% x 28.6% = 25.7%</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eric Weinert, an HP Owner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="white-space: nowrap">10.0% x 28.6% = 2.90%</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The purchase price payable by Calavo or its assignee to the Cole Trust for the 727 Acres
is $1,500,000 and shall be paid in accordance with the terms of the Real Estate Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.5 </B><U><B>Initial Purchase Price Payment</B></U>. Concurrently with the execution and delivery of
this Agreement, Calavo shall make an initial Purchase Price payment to the HS Shareholders and the
HP Owners in the aggregate amount of $3,500,000, payable by immediately available funds to accounts
designated by the HS Shareholders and the HP Owners or by cashier&#146;s checks, allocated as follows:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Cole Trust, an HS Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,701,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Suzanne Cole-Savard, an HS Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Guy Cole, an HS Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lecil E. Cole, an HP Owner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Eric Weinert, an HP Owner</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.6 </B><U><B>Earn-Out Payments</B></U>. Based upon the performance of HS and HP during each of the
twelve-month periods ending May&nbsp;31, 2009 and May&nbsp;31, 2010, the HS Shareholders and the HP Owners
shall be entitled to receive Earn-Out Payments from Calavo ranging from a minimum aggregate amount
of $5,000,000 to a maximum aggregate amount of $9,000,000, calculated and paid as follows:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U><B>Calculation of the Earn-Out Payments</B></U>. Each year&#146;s Earn-Out Payment shall equal
the combined EBITDA of HS and HP for the twelve-month period ending May&nbsp;31, 2009 or May&nbsp;31, 2010,
as applicable, multiplied by 2.5, and payable within 30&nbsp;days after EBITDA has been calculated and
the calculation has been approved by Calavo&#146;s independent registered public accounting firm,
Calavo&#146;s Board of Directors, and the Special Committee of Calavo&#146;s independent directors formed in
connection with this Acquisition Agreement (the &#147;<U><B>Special Committee</B></U>&#148;). Calavo shall
calculate the Earn-Out Payment for each year in accordance with the following principles.</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Earn-Out Payment shall be calculated in accordance with United States
generally accepted accounting principles (&#147;<U><B>GAAP</B></U>&#148;), except as otherwise
described in this Section&nbsp;1.6;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Only revenues from Hawaiian-sourced fruit (excluding revenues from pineapples or
attributable to contracts with Maui Pineapple Company, Ltd.) shall be included
in EBITDA, and commissions earned by Calavo from sales shall be excluded from
EBITDA;</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>EBITDA shall exclude allocations by Calavo of corporate expenses to HS and HP
and shall exclude other intercompany transactions between Calavo and HS or HP;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Regardless of the results of operations of HS and HP but subject to the
adjustment provisions of Section&nbsp;1.6(g), the Earn-Out Payment for the twelve-month
period ending May&nbsp;31, 2009 shall not be less than $2,500,000 or more than
$4,500,000;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Regardless of the results of operations of HS and HP but subject to the
adjustment provisions of Section&nbsp;1.6(g), the Earn-Out Payment for the twelve-month
period ending May&nbsp;31, 2010 shall not be less than (1) $5,000,000, reduced by (2)
the Earn-Out Payment for the twelve-month period ending May&nbsp;31, 2009 (without
giving effect to any reduction or increase in such Earn-Out Payment that is
attributable to the adjustment provisions described in Section&nbsp;1.6(g) below); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;1.6 attached to this Acquisition Agreement and incorporated herein
contains an example of the calculation of the Earn-Out Payments.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U><B>Earn-Out Payment Payable to Each HS Shareholder and HP Owner</B></U>. The amount of each
year&#146;s Earn-Out Payment owed to each HS Shareholder and HP Owner shall equal the aggregate Earn-Out
Payment calculated for such year multiplied by the HS Shareholder&#146;s or HP Owner&#146;s respective
ownership percentage that is set forth above in Section&nbsp;1.4(b).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U><B>Operation of HS and HP After the Closing</B></U>. During each of the twelve-month periods
ending May&nbsp;31, 2009 and May&nbsp;31, 2010, HS and HP shall be accounted for by Calavo as separate profit
and accounting units in order to permit calculation of the Earn-Out Payments. However, Calavo
shall have the right at any time to merge HS and/or HP into Calavo or into any subsidiary of Calavo
so long as Calavo is able to continue accounting for HS and HP as separate profit and accounting
units prior to May&nbsp;31, 2010. The HS Shareholders and the HP Owners acknowledge and agree that,
after the Closing, Calavo shall control the operations of HS and HP by reason of its ownership of
the HS Shares and the HP LLC Interests and that Calavo shall have the right to appoint the board of
directors and management of HS and HP. Any material changes to the operations of HS or HP after
the Closing must be approved by the Special Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U><B>Imputed Interest or Original Issue Discount on the Earn-Out Payments</B></U>. The HS
Shareholders and HP Owners acknowledge and agree that, as required by the Code, interest or
original issue discount on the Earn-Out Payments will be imputed based on the applicable federal
rate specified by the Internal Revenue Service in accordance with the Code and the regulations
thereunder, which will result in deductible interest for Calavo and ordinary income for the HS
Shareholders and HP Owners.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U><B>Payments by Calavo</B></U>. Calavo is entitled to make Earn-Out Payments via company
checks payable to the HS Shareholders and the HP Owners.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U><B>Limits on Payments</B></U>. Regardless of the performance of HS and HP, the aggregate
Earn-Out Payments shall under no circumstances exceed $9,000,000, and the HS Shareholders and HP
Owners shall not be entitled to any Earn-Out Payments with respect to the performance of HS and HP
after May&nbsp;31, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U><B>Adjustments to Earn-Out Payments</B></U>. Notwithstanding any provision to the contrary
in this Section&nbsp;1.6:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;If the Closing Date aggregate working capital of HS and HP (as calculated by Calavo in
accordance with GAAP) is less than $700,000, then the aggregate Earn-Out Payments owed by Calavo to
the HS Shareholders and the HP Owners under this Acquisition Agreement shall be reduced by an
amount equal to the difference between $700,000 and the Closing Date aggregate working capital of
HS and HP and such amount shall be applied as a reduction to the Earn-Out Payment that is otherwise
payable by Calavo for the twelve-month period ending May&nbsp;31, 2009;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;If the Closing Date aggregate working capital of HS and HP (as calculated by Calavo in
accordance with GAAP) is more than $700,000, then the aggregate Earn-Out Payments owed by Calavo to
the HS Shareholders and the HP Owners under this Acquisition Agreement shall be increased by an
amount equal to the difference between $700,000 and the Closing Date aggregate working capital of
HS and HP and such amount shall be applied as an increase to the Earn-Out Payment that is otherwise
payable by Calavo for the twelve-month period ending May&nbsp;31, 2009;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;If and to the extent that, prior to May&nbsp;31, 2009, Calavo does not collect all of the
accounts receivable that are shown on the Closing Date balance sheets of HS and HP (as such balance
sheets are prepared by Calavo in accordance with GAAP), then the aggregate Earn-Out Payments owed
by Calavo to the HS Shareholders and the HP Owners under this Acquisition Agreement shall be
reduced by an amount equal to such uncollected accounts receivable and such amount shall be applied
as a reduction to the Earn-Out Payment that is otherwise payable by Calavo for the twelve-month
period ending May&nbsp;31, 2009; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;If and to the extent that, prior to May&nbsp;31, 2009, Calavo does not realize through
product sales all inventory that is shown on the Closing Date balance sheets of HS and HP (as such
balance sheets are prepared by Calavo in accordance with GAAP), then the aggregate Earn-Out
Payments owed by Calavo to the HS Shareholders and the HP Owners under this Acquisition Agreement
shall be reduced by an amount equal to the unrealized inventory and such amount shall be applied as
a reduction to the Earn-Out Payment that is otherwise payable by Calavo for the twelve-month period
ending May&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Subject to a maximum aggregate reduction of $200,000, Calavo is entitled to reduce the
Earn-Out Payments that are otherwise owed to the HP Owners by all expenses that Calavo and/or HP
incur after May&nbsp;19, 2008 but prior to May&nbsp;31, 2010 in connection with taking all corrective action
that Calavo determines in its sole discretion is required or appropriate to ensure that all of HP&#146;s
real and personal property is in good operating condition and is free of defects or any other
adverse conditions, and that such property is in full compliance with all applicable statutes,
rules, and regulations, regardless as to whether third
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">parties are responsible for any such defects or adverse conditions. To avoid double counting,
the expenses described in the preceding sentence that are incurred by Calavo and/or HP shall not be
included in the determination of EBITDA for purposes of calculating the amount of the Earn-Out
Payments. The provisions of this Section&nbsp;1.6(g)(5) are not intended in any manner to reduce the
indemnification liability of the HS Shareholders and the HP Owners for a breach of any of their
representations and warranties contained in Article&nbsp;2 of this Acquisition Agreement, and the
provisions of this Section&nbsp;1.6(g)(5) are in addition to Calavo&#146;s indemnification remedies under
Article&nbsp;7 of this Acquisition Agreement. The HS Shareholders are not entitled to receive the
Earn-Out Payments that Calavo withholds from the HP Owners pursuant to this Section&nbsp;1.6(g)(5).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2</B><BR>
<U><B>REPRESENTATIONS AND WARRANTIES OF</B></U><BR>
<U><B>THE HS SHAREHOLDERS AND THE HP OWNERS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specifically described in the disclosure schedule (the &#147;<U><B>Disclosure
Schedule</B></U>&#148;) delivered to Calavo by the HS Shareholders and the HP Owners concurrently with, or
prior to, the execution and delivery of this Acquisition Agreement, Mr.&nbsp;Cole and all other HP
Owners and HS Shareholders jointly and severally represent and warrant to Calavo that the following
representations and warranties (in addition to any representations and warranties made by any of
them elsewhere in this Acquisition Agreement) are accurate and complete as of the date of this
Acquisition Agreement and that such representations and warranties will be accurate and complete as
of the Closing Date as though remade on the Closing Date with references to the Closing Date
substituted for references to the date of this Acquisition Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.1 </B><U><B>Organization and Good Standing of HS and HP</B></U>. HS is a corporation duly
incorporated and organized, validly existing, and in good standing under the laws of the State of
California. HP is a limited liability company duly formed and organized, validly existing, and in
good standing under the laws of the State of Hawaii. Each of HS and HP is duly qualified and
licensed to do its business and is in good standing in each jurisdiction in which the business
transacted by it or the nature or location of its assets makes such qualification or licensing
necessary. The HS Shareholders and the HP Owners have delivered to Calavo an accurate and complete
copy, as amended to date, of the Articles of Incorporation and Bylaws of HS and of the Articles of
Organization and Operating Agreement of HP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.2 </B><U><B>Capitalization of HS</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The following table lists the shareholders of HS and the number of HS Shares owned by each
HS Shareholder. The shares listed in the following table constitute all of the issued and
outstanding capital stock of HS and, except with respect to the rights granted to Calavo pursuant
to this Acquisition Agreement, there are no outstanding options, warrants, contracts,
subscriptions, commitments, or other rights of any character which may entitle any person to
acquire any of the issued or unissued capital stock of HS.
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3">Number of HS Shares</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3">Owned by Each HS</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name of HS Shareholder</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000">Shareholder</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Cole Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">3,883.48&nbsp;</TD>
    <TD colspan="0" align="center">Shares</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Suzanne Cole-Savard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">913.76&nbsp;</TD>
    <TD colspan="0" align="center">Shares</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Guy Cole</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">913.76&nbsp;</TD>
    <TD colspan="0" align="center">Shares</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The HS Shareholders have good, lawful, and marketable title to, and record and beneficial
ownership of, all of the issued and outstanding shares of the outstanding capital stock of HS. All
such outstanding shares have been duly authorized, are fully paid and non-assessable, and were
validly issued in compliance with all applicable statutes, regulations, and other laws. Each HS
Shareholder owns his shares of the outstanding capital stock of HS free and clear of all liens,
security agreements, shareholders&#146; agreements, voting trust agreements, and other claims and
encumbrances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At the Closing, upon the delivery to Calavo of the HS Shares by the HS Shareholders,
Calavo will own all of the issued and outstanding capital stock of HS free and clear of all liens,
security agreements, shareholders&#146; agreements, voting trust agreements, and other claims and
encumbrances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.3 </B><U><B>Capitalization of HP</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Mr.&nbsp;Cole owns 90.0% of the issued and outstanding HP LLC Interests, and Eric Weinert owns
10.0% of the issued and outstanding HP LLC Interests. Except with respect to the rights granted to
Calavo pursuant to this Acquisition Agreement, there are no outstanding options, warrants,
contracts, subscriptions, commitments, or other rights of any character which may entitle any
person to acquire any membership interest, economic interest, voting interest, or other right or
interest in HP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The HP Owners have good, lawful, and marketable title to, and record and beneficial
ownership of, all of the issued and outstanding membership interests, economic interests, voting
interests, and other rights and interests in HP. All such outstanding interests have been duly
authorized, are fully paid and non-assessable, and were validly issued in compliance with all
applicable statutes, regulations, and other laws. Each HP Owner owns his HP LLC Interests free and
clear of all liens, security agreements, owners&#146; agreements, voting trust agreements, and other
claims and encumbrances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At the Closing, upon the delivery to Calavo of the HP LLC Interests by the HP Owners,
Calavo will own all of the issued and outstanding membership interests, economic interests, voting
interests, and other rights and interests in HP free and clear of all liens, security agreements,
owners&#146; agreements, voting trust agreements, and other claims and encumbrances.
</DIV>


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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.4 </B><U><B>Corporate Powers</B></U>. Each of HS and HP has and holds the right and power, and all
licenses, permits, authorizations, and approvals (governmental or otherwise), necessary to entitle
it to use its name, to own and operate its properties and assets, and to carry on its business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.5 </B><U><B>Authority of the HS Shareholders and HP Owners</B></U>. Each HP Shareholder and each HS
Owner has the full right, power, and authority to execute and deliver this Acquisition Agreement
and to consummate the transactions contemplated hereby. All acts and other proceedings required to
be taken by each HP Shareholder and each HS Owner in order to enable such person to carry out this
Acquisition Agreement and the transactions contemplated hereby have been taken. Mr.&nbsp;Cole and his
spouse, Mary Jeanette Cole, have the full right, power, and authority to execute and deliver this
Acquisition Agreement as trustees of the Cole Trust and to consummate the transactions contemplated
hereby as trustees of the Cole Trust, and all acts and other proceedings required to be taken by
Mr. and Mrs.&nbsp;Cole in order to enable them to carry out this Acquisition Agreement and the
transactions contemplated hereby as trustees of the Cole Trust have been taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6 </B><U><B>Binding Effect</B></U>. This Acquisition Agreement has been duly executed and delivered
by the HS Shareholders and the HP Owners and (together with any agreements or instruments to be
executed and delivered at the Closing by any such person) constitutes a legal, valid and binding
obligation of each such person, enforceable in accordance with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7 </B><U><B>No Breach</B></U>. Neither the execution and delivery of this Acquisition Agreement nor
the consummation of any transaction contemplated hereby will, with or without notice or the passage
of time, (1)&nbsp;violate any statute, rule, regulation, law, or judicial or administrative order,
judgment or decree applicable to HS, HP, any HS Shareholder, or any HP Owner, (2)&nbsp;result in the
breach of, cause an acceleration of the obligations under, permit the termination of, or otherwise
constitute a default under, any corporate charter, bylaw, limited liability company operating
agreement, lease, license, loan agreement, promissory note, deed of trust, mortgage, or other
instrument, undertaking, commitment, or agreement to which HS, HP, any HS Shareholder, or any HP
Owner is a party or is otherwise subject, (3)&nbsp;result in the creation of any lien or other
encumbrance upon any of HS&#146;s or HP&#146;s assets, or (4)&nbsp;have a material adverse effect on the business
or results of operations of HS or HP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.8 </B><U><B>Consents</B></U>. Neither the execution and delivery of this Acquisition Agreement nor
the consummation of any transaction contemplated hereby requires HS, HP, any HS Shareholder, or any
HP Owner to obtain any consent, permit, or approval, or to make any filing or registration, under
any statute, rule, regulation, law, or judicial or administrative order, judgment or decree
applicable to HS, HP, any HS Shareholder, or any HP Owner or under any corporate charter, bylaw,
limited liability operating agreement, lease, license, loan agreement, promissory note, deed of
trust, mortgage, or other instrument, undertaking, commitment, or agreement to which HS, HP, any HS
Shareholder, or any HP Owner is a party or is otherwise subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.9 </B><U><B>Subsidiaries and Other Equity Investments</B></U>. HS and HP do not, directly or
indirectly, own any stock or other equity interest in any corporation, partnership, joint venture,
trust, association, or other entity or business venture, and neither HS nor HP has any agreement or
commitment to acquire any such equity interest.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.10 </B><U><B>Interests of Owners of HS and HP</B></U>. Except with respect to Mr.&nbsp;Cole&#146;s business
operations on the 727 Acres, no HS Shareholder or HP Owner (1)&nbsp;has any direct or indirect ownership
interest in any supplier, customer, lessor, sublessor, or other person or entity which does
business with HS or HP or (2)&nbsp;has any direct or indirect ownership interest in any assets or
properties of HS or HP (other than solely by reason of such person&#146;s ownership of HS Shares or HP
LLC Interests). The business of HS and HP has been conducted only through HS and HP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.11 </B><U><B>Financial Statements</B></U>. The HS Shareholders and the HP Owners have provided Calavo
with an accurate and complete copy of (1)&nbsp;the balance sheet of HS as of December&nbsp;31, 2007 and the
related statements of income for each of the years in the two-year period ended December&nbsp;31, 2007
(the &#147;<U><B>HS Financial Statements</B></U>&#148;), and (2)&nbsp;the balance sheet of HP as of December&nbsp;31, 2007
and the related statements of income for each of the years in the two-year period ended December
31, 2007 (the &#147;<U><B>HP Financial Statements</B></U>&#148;). The HS Financial Statements and the HP Financial
Statements fairly present the financial position of HS and HP as of the respective dates of the
balance sheets included in those financial statements and the results of HS&#146;s and HP&#146;s operations
for the specified periods indicated therein. The aggregate working capital of HS and HP as of the
Closing Date will not be less than $700,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.12 </B><U><B>Undisclosed Liabilities</B></U>. As of the respective dates of the balance sheets that
are contained in the HS Financial Statements and the HP Financial Statements, neither HS nor HP had
any liability of any nature (whether fixed, accrued, contingent, or otherwise) that was not fully
reflected and reserved against in the HS Financial Statements or HP Financial Statements,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.13 </B><U><B>Absence of Certain Changes</B></U>. Since December&nbsp;31, 2007:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Neither HS nor HP has incurred any liabilities of any nature (whether fixed, accrued,
contingent, or otherwise), except liabilities incurred in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;There has been no material adverse change in the assets, liabilities, or financial
condition of HS or HP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;There has been no material adverse change in the business prospects of HS or HP;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Neither HS nor HP has entered into (or agreed to enter into) any leases, loan agreements,
or other agreements, except in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Neither HS nor HP has purchased or otherwise acquired or sold, mortgaged, pledged, leased,
or otherwise disposed of any of its assets (or agreed to take any of such actions), except in the
ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Neither HS nor HP has paid any dividends, or made any other distributions, to the HS
Shareholders or the HP Owners, as applicable;
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;There has been no material damage, destruction, or other casualty loss with respect to
property owned or leased by HS or HP (whether or not covered by insurance); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The business of HS and HP in all other respects has been conducted only in its ordinary
course.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.14 </B><U><B>Internal Control Over Financial Reporting</B></U>. Each of HS and HP has established and
maintains internal control over financial reporting that (1)&nbsp;provides reasonable assurance
regarding the reliability of its financial reporting and the preparation of its financial
statements for external purposes in accordance with GAAP, (2)&nbsp;maintains records in reasonable
detail accurately and reflecting its transactions and dispositions of assets, (3)&nbsp;provides
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with GAAP and that receipts and expenditures are being made only in
accordance with the authorization of management, and (4)&nbsp;provides reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of assets that
could have a material effect on financial statements. The internal control over financial
reporting maintained by HS does not contain any significant deficiencies or material weaknesses,
and the internal control over financial reporting maintained by HP does not contain any significant
deficiencies or material weaknesses. Neither HS nor HP has used any improper accounting practices
to incorrectly reflect or not reflect any of its assets, liabilities, revenues, or expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.15 </B><U><B>Receivables</B></U>. The receivables of HS and HP are reflected properly on their books
and records and are valid receivables subject to no setoffs or counterclaims, and all such
receivables that exist as of the Closing Date will be reflected properly on each such entity&#146;s
books and records and will constitute valid receivables subject to no setoffs or counterclaims.
All such receivables described in the preceding sentence have been or will be collected in the
ordinary course of business at their recorded amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.16 </B><U><B>Real Property</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except with respect to approximately 20 acres of land owned by HP located at 16-664 Milo
Street, Keaau, Puna, Island and County of Hawaii, State of Hawaii, and identified as Third Division
Tax Map Key 1-6-03, Parcel 19 (the &#147;<U><B>HP Real Estate</B></U>&#148;), neither HS nor HP owns, directly or
indirectly, any real property, and neither HS nor HP occupies any real property other than as the
lessee or sublessee thereof. The HP Real Estate is in compliance with all any applicable statutes,
rules, and regulations (including, without limitation, zoning, land use and environmental statutes,
rules, and regulations), and HP has not violated any such statutes, rules, or regulations in
connection with its use of the HP Real Estate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;HP has good and marketable title to the HP Real Estate free and clear of any and all
security interests, deeds of trust, mortgages, covenants, conditions, restrictions, easements,
charges, claims, assessments, and other liens and encumbrances, except for: (1)&nbsp;current taxes
(including assessments collected with taxes) not yet due and payable; (2)&nbsp;encumbrances, if any,
that are not substantial in character, amount, or extent and do not materially detract from the
value, or interfere with present use, or the ability of the owner of the
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HP Real Estate to dispose of such real property; (3)&nbsp;a purchase money mortgage dated May&nbsp;12,
2006, in the original principal amount of $1,304,550.73, in favor of Mr.&nbsp;Cole (the &#147;<U><B>Cole
Mortgage</B></U>&#148;); and (4)&nbsp;a financing statement recorded on May&nbsp;17, 2006 in favor of Mr.&nbsp;Cole (the
&#147;<U><B>Cole Financing Statement</B></U>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Disclosure Schedule describes each lease and sublease of real property to which HS or
HP is a party. An accurate and complete copy of each such lease or sublease has been delivered to
Calavo by the HS Shareholders or the HP Owners. With respect to each such lease and sublease: (1)
the lease or sublease is in full force and effect and is valid, binding, and enforceable, and the
tenant or subtenant to the lease or sublease is entitled to quiet possession thereunder; (2)&nbsp;all
rent and all other amounts owing under the lease or sublease are fully paid; (3)&nbsp;neither HS nor HP
has assigned to any other person any of its right, title, and interest in and to the lease or
sublease; (4)&nbsp;neither HS nor HP has violated any applicable statutes, rules, or regulations
(including, without limitation, zoning, land use, and environmental statutes, rules, and
regulations) in connection with its use of the property covered by the lease or sublease; and (5)
neither HS nor HP is a party to any disputes regarding the lease or sublease.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.17 </B><U><B>Leases of Personal Property</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Neither HS nor HP leases or subleases any personal property to any other person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Disclosure Schedule describes each lease or sublease by which HS or HP leases or
subleases personal property from another person. With respect to each such lease and sublease:
(1)&nbsp;the lease or sublease is in full force and effect and is valid, binding, and enforceable, and
HS or HP is entitled to possession of the personal property thereunder; (2)&nbsp;all rent and all other
amounts owing under the lease or sublease are fully paid; (3)&nbsp;neither HS nor HP has assigned to any
other person any of its right, title, and interest in and to the lease or sublease; (4)&nbsp;neither HS
nor HP has violated any applicable statutes, rules, or regulations (including, without limitation,
zoning, land use, and environmental statutes, rules, and regulations) in connection with its use of
the property covered by the lease or sublease; and (5)&nbsp;neither HS nor HP is a party to any disputes
regarding the lease or sublease.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.18 </B><U><B>Ownership and Use of Assets</B></U>. Each of HS and HP is the lawful owner, lessee, or
sublessee of each of the assets that is used in its business. Each of HS and HP owns, leases, or
subleases such assets free and clear of all liens, security interests, or other claims or
encumbrances, except as otherwise described in this Agreement. All such assets that consist of
machinery, equipment, motor vehicles, or other tangible personal property or fixtures are free of
material defects, are commercially usable and are in good operating condition and repair, ordinary
wear and tear excepted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.19 </B><U><B>Bank Accounts</B></U>. The Disclosure Schedule identifies all checking accounts, deposit
accounts, securities accounts, safety deposit boxes, and other accounts and safekeeping
arrangements constituting assets of HS and HP, together with the authorized signatories on each
such account or arrangement.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.20 </B><U><B>Insurance</B></U>. The Disclosure Schedule describes all insurance policies that are
currently maintained by each of HS and HP, listing the insurer, the type and period of coverage,
the scope and amount of coverage, and deductible amounts. Each insurance policy is in full force
and effect, and neither HS nor HP is in default of its obligations under the policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.21 </B><U><B>Guarantees</B></U>. Neither HS nor HP has guaranteed the liabilities or obligations of
any other person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.22 </B><U><B>Loan Agreements</B></U>. The Disclosure Schedule every loan or credit agreement,
promissory note, letter of credit, or other borrowing arrangement under which HS or HP currently
has borrowed any money, or is entitled to borrow, and lists the outstanding principal and accrued
interest thereunder. Neither HS nor HP has made any outstanding loan to any person who is an
officer or director of Calavo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.23 </B><U><B>Supplier and Customer Relationships</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Disclosure Schedule lists (1)&nbsp;the top ten suppliers of agricultural products to HS and
HP for the year ended December&nbsp;31, 2007 and (2)&nbsp;the top ten customers of HS and HP for the year
ended December&nbsp;31, 2007. No such supplier or customer within the past twelve months has terminated
its business relationship with HS or HP, and no such supplier or customer has threatened to
terminate its business relationship with HS or HP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The HS Shareholders and the HP Owners have not received written or oral notice that any
supplier or customer of HS or HP intends to terminate its business relationship with HS or HP prior
to or after the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.24 </B><U><B>Other Agreements</B></U>. In addition to agreements that are described in the Disclosure
Schedule pursuant to any other section of this Article&nbsp;2, the Disclosure Schedule describes each of
the following agreements (written or oral) to which HS or HP is a party or is otherwise bound: (1)
each agreement involving total payments by HS or HP over its term of more than $50,000; (2)&nbsp;each
agreement under which the consequences of a default would have a material adverse effect on HS or
HP; (3)&nbsp;each agreement with a term of over one year unless the agreement is terminable without
penalty by HS or HP on no more than thirty days&#146; notice; and (4)&nbsp;each agreement not entered into by
HS or HP in the ordinary course of business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.25 </B><U><B>Absence of Defaults</B></U>. With respect to each lease, sublease, license, loan
agreement, promissory note, deed of trust, mortgage, supply agreement, sales agreement, and other
agreement to which HS or HP is a party or is otherwise subject: (1)&nbsp;neither HS nor HP is in
default or breach of its obligations thereunder; and (2)&nbsp;no claim of default or breach has been
made against HS or HP thereunder, and no event has occurred which, with the passage of time or the
giving of notice, will result in the occurrence of a default or breach by HS or HP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.26 </B><U><B>Litigation</B></U>. There is no litigation, arbitration, investigation, tax audit, or
other claim or proceeding pending or, to the knowledge of the HS Shareholders and the HP Owners,
threatened against HS or HP. Neither HS nor HP is in default under any judgment, order, writ,
injunction, or decree of any Governmental Authority to which it is bound or otherwise subject. The
HS Shareholders and the HP Owners are not aware of any audit, investigation, review, or other
inquiry (or proposed audit, investigation, review, or inquiry) by any Governmental
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Authority regarding any assets or business of HS or HP, and the HS Shareholders and the HP
Owners are not aware of the existence of any dispute or potential dispute with any Governmental
Authority regarding any aspect of the assets or business of HS or HP. As used in this Acquisition
Agreement, the term &#147;<U><B>Governmental Authority</B></U>&#148; means any federal, state, local, or foreign
governmental department, agency, court, or official and any arbitral body the decrees of which have
the force of law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.27 </B><U><B>Compliance with Laws</B></U>. Each of HS and HP is in compliance with all applicable
statutes, rules, regulations, and other laws pertaining to its assets or the operation of its
business. No claim has been made to HS or HP by any Governmental Authority (and no such claim is
anticipated) to the effect that the business conducted by HS or HP fails to comply with any
statute, rule, regulation, or other law or that a license, permit, certificate, or authorization
(which has not promptly thereafter been obtained) is required with respect to the operation of such
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.28 </B><U><B>Environmental Matters</B></U>. Each of HS and HP is conducting and has at all times
conducted its business and operations (including, without limitation, its use and occupancy of the
real property that it owns, leases, or subleases) in full compliance with all applicable statutes,
rules, regulations, laws, permits, orders, and decrees pertaining to the protection of the
environment, the treatment, emission, and discharge of pollutants and the use, handling,
generation, storage, treatment, removal, transport, spillage, clean up, decontamination, discharge,
or disposal (whether accidental or intentional) of any hazardous, toxic, or radioactive substances,
materials, emissions, or wastes (collectively, &#147;<U><B>Environmental Laws</B></U>&#148;). Neither HS nor HP
has received any written notice of claims or actions pending or threatened against it by any
Governmental Authority or any other person relating to a violation or an alleged violation of any
Environmental Laws, and there is no basis for any such claim or action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.29 </B><U><B>Proprietary Information</B></U>. The Disclosure Schedule describes all copyrights,
service marks, trademarks, trade names, logos, patents, licenses, and royalty rights, and
registrations and applications for the foregoing items, under which the business of HS and HP is
operated or in which either HS or HP possesses an interest (collectively, the &#147;<U><B>Proprietary
Rights</B></U>&#148;). Except as described in the Disclosure Schedule: (1)&nbsp;there are no assignments,
licenses, or sublicenses with respect to any of the Proprietary Rights; (2)&nbsp;there are no pending
or, to the knowledge of the HS Shareholders and the HP Owners, threatened claims by any person with
respect to the use by HS or HP of the Proprietary Rights; (3)&nbsp;no Shareholder or employee of HS or
HP has an ownership interest in any of the Proprietary Rights; (4)&nbsp;to the knowledge of the HS
Shareholders and the HP Owners, the Proprietary Rights do not infringe on the rights of any other
person; and (5)&nbsp;HS and HP own or possess adequate rights to use all intellectual property used by
them in connection with their respective businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.30 </B><U><B>Tax Matters</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;HS and HP have filed, on a timely basis, all tax returns and estimates for all years and
periods for which such tax returns and estimates were due, and all such returns and estimates were
prepared in the manner required by applicable law. Each such tax return properly reflected, and
did not understate, the income, the taxable income, and the liability for taxes of HS or HP in the
relevant taxation period covered by the tax return. HS and HP have paid in full all
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">taxes that are (or were) due and payable by them, and HS and HP have properly accrued all
taxes payable by them and reflected such accrued taxes on their balance sheets. Neither HS nor HP
has ever received written notice from any Governmental Authority in a jurisdiction where it does
not currently file tax returns to the effect that it is or may be subject to taxation by that
jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each of HS and HP has withheld amounts from its employees in compliance with the tax
withholding provisions of applicable law. Each of HS and HP has filed all tax returns and reports
for all years and periods for which any such tax returns and reports were due with respect to
employee income tax withholding and social security and unemployment taxes, and all such tax
returns and reports were prepared in the manner required by applicable law. All payments due from
each of HS and HP as shown on such tax returns and reports on account of employee income tax
withholding or social security and unemployment taxes have been paid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each HS Shareholder and each HP Owner has filed, on a timely basis, all tax returns and
estimates for all years and periods for which such tax returns and estimates were due with respect
to income or other distributions received by such person from HS or HP, and all such returns and
estimates were prepared in the manner required by applicable law. Each such tax return properly
reflected, and did not understate, the income, the taxable income, and the liability for taxes of
such HS Shareholder or HP Owner with respect to the operations of HS or HP, as applicable, in the
relevant taxation period covered by the tax return. Each HS Shareholder and each HP Owner has paid
in full all taxes that are (or were) due and payable by such person with respect to the operations
of HS or HP, as applicable. No HS Shareholder or HP Owner has ever received written notice from
any Governmental Authority in a jurisdiction where such person does not currently file tax returns
to the effect that such person is or may be subject to taxation by that jurisdiction arising out of
the operations of HS or HP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In this Acquisition Agreement, (1) &#147;<U><B>tax</B></U>&#148; means any federal, state, local, or
foreign income, gross receipts, license, payroll, unemployment, excise, severance, stamp,
occupation, premium, windfall profits, environmental (including, without limitation, taxes under
Code Section&nbsp;59A), customs duties, capital stock, franchise, profits, withholding, social security
(or similar), employment, disability, real property, personal property, sales, use, transfer,
registration, value added, alternative, add-on minimum, or estimated tax or other tax, assessment
or charge of any kind whatsoever, including, without limitation, any interest, fine, penalty, or
addition thereto, whether or not disputed, and (2) &#147;<U><B>tax return</B></U>&#148; means any return,
declaration, report, estimate, form, claim for refund, or information or statement relating to
taxes and any exhibit, schedule, attachment, or amendment thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;HS has been a validly electing S corporation within the meaning of Code Sections&nbsp;1361 and
1362 at all times during its existence, and HS will be an S corporation up to and including the
Closing Date. HS will not be liable for any tax under Code Section&nbsp;1374 in connection with the
deemed sale of HS&#146;s assets caused by the Section&nbsp;338(h)(10) Election. During the past ten years,
HS has not (1)&nbsp;acquired assets from another corporation in a transaction in which HS&#146;s tax basis
for the acquired assets was determined, in whole or in part, by reference to the tax basis of the
acquired assets (or any other property) in the hands of the transferor or (2)&nbsp;acquired the stock of
any corporation that is a qualified subchapter S subsidiary.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;At all times during its existence, HP has operated as a limited liability company and has
qualified for taxation as a partnership under the Code and state, local, and foreign tax laws,
rules, and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.31 </B><U><B>Employees</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as described in the Disclosure Schedule, none of the employees of HS or HP is
represented by a labor union or is covered by a collective bargaining, union, or similar agreement.
There are no material controversies, grievances, or complaints pending or threatened between HS or
HP and any of its employees or current or threatened work stoppages, strikes, or other labor
actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each of HS and HP is in compliance with all applicable statutes, rules, regulations, laws,
and judicial and administrative orders, judgments, and decrees respecting employment and employment
practices and the terms and conditions of employment and wages and hours. No current or former
employee of HP or HS has ever been exposed to radiation at hazardous levels, or to any other
dangerous condition, hazardous substance, or hazardous emission, at either the HP Real Estate or at
any other real property owned or leased by HP or HS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Disclosure Schedule lists each director, officer, and employee for each of HS and HP.
Except as described in the Disclosure Schedule: (1)&nbsp;neither HS nor HP has entered into any
employment or severance agreement with any of its directors, officers, or employees; (2)&nbsp;neither HS
nor HP has entered into any agreement with any officer or employee prohibiting or restricting the
termination of his or her employment provided that at least thirty days&#146; notice of termination is
given; (3)&nbsp;neither HS nor HP is subject to any pension plan, retirement plan, profit sharing plan,
stock option plan, deferred compensation plan, or other employee benefit plan; (4)&nbsp;no current
officer or employee of HS or HP will be entitled to any severance payments upon his or her
termination of employment, and no such former officer or employee currently is receiving such
severance payments; and (5)&nbsp;no director, officer, or employee of HS or HP is entitled to receive a
bonus or other compensation payment based upon the completion of the transactions contemplated by
this Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;With respect to each pension plan, retirement plan, profit sharing plan, deferred
compensation plan, or other employee benefit plan maintained by HS or HP, all contributions or
other payments required by such plan or by applicable statutes, rules, regulations, and laws to
have been made have in fact been made, and no funding deficiency exists with respect to any such
plan. Each such plan has been maintained, operated, and administered in accordance with all
applicable statutes, rules, regulations, and laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.32 </B><U><B>Finders and Brokers</B></U>. No person has acted as a finder, broker, or other
intermediary on behalf of HS, HP, or any HS Shareholder or HP Owner in connection with this
Acquisition Agreement or the transactions contemplated hereby, and no person is entitled to any
broker&#146;s or finder&#146;s fee or similar fee with respect to this Acquisition Agreement or such
transactions as a result of actions taken by HS, HP, or any HS Shareholder or HP Owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.33 </B><U><B>Accuracy and Completeness</B></U>. No representation or warranty of any HS Shareholder
or any HP Owner contained in this Acquisition Agreement, in the Disclosure
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Schedule, or in any other schedule, exhibit, agreement, or document delivered pursuant to this
Acquisition Agreement contains, or will contain, any untrue statement of a material fact or omits,
or will omit, to state a material fact necessary to make the statements contained therein, in light
of the circumstances under which they are made, not misleading. The HS Shareholders and the HP
Owners have delivered to Calavo an accurate and complete copy of each agreement and other document
(as fully amended) that is described in or referred to in the Disclosure Schedule.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3</B><BR>
<U><B>REPRESENTATIONS AND WARRANTIES OF CALAVO</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calavo represents and warrants to the HS Shareholders and the HP Owners that the following
representations and warranties (in addition to any representations and warranties made by Calavo
elsewhere in this Acquisition Agreement) are accurate and complete as of the date of this
Acquisition Agreement, and that such representations and warranties will be accurate and complete
as of the Closing Date as though remade on the Closing Date with references to the Closing Date
substituted for references to the date of this Acquisition Agreement throughout this Article&nbsp;3:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.1 </B><U><B>Organization and Good Standing</B></U>. Calavo is a corporation duly incorporated and
organized, validly existing, and in good standing under the laws of the State of California.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.2 </B><U><B>Corporate Powers</B></U>. Calavo has and holds the corporate right and power, and all
licenses, permits, authorizations, and approvals (governmental or otherwise), necessary to entitle
it to use its corporate name, to own and operate its properties, and to carry on its business as
such business exists as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.3 </B><U><B>Authority</B></U>. Calavo has the full right, power, and authority to execute and deliver
this Acquisition Agreement and to consummate the transactions contemplated hereby. All acts and
other proceedings required to be taken by Calavo in order to enable it to carry out this
Acquisition Agreement and the transactions contemplated hereby have been taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.4 </B><U><B>Binding Effect</B></U>. This Acquisition Agreement has been duly executed and delivered
by Calavo and (together with any agreements and instruments to be executed and delivered by Calavo
at the Closing) constitutes its legal, valid, and binding obligation, enforceable in accordance
with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.5 </B><U><B>No Breach</B></U>. Neither the execution and delivery of this Acquisition Agreement nor
the consummation of any transaction contemplated hereby will, with or without notice or the passage
of time, (1)&nbsp;violate any United States statute, rule, regulation, law, or judicial or
administrative order, judgment, or decree applicable to Calavo, (2)&nbsp;result in the breach of, cause
an acceleration of the obligations under, permit the termination of, or otherwise constitute a
default under, any corporate charter, bylaw, lease, license, loan agreement, promissory note, deed
of trust, mortgage, or other instrument, undertaking, commitment, or agreement to which Calavo
currently is subject, or (3)&nbsp;result in the creation of any lien or other encumbrance upon any of
Calavo&#146;s assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.6 </B><U><B>Consents</B></U>. Neither the execution and delivery of this Acquisition Agreement nor
the consummation of any transaction contemplated hereby requires Calavo to obtain any consent,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">permit, or approval, or to make any filing or registration, under any United States statute,
rule, regulation, law, or judicial or administrative order, judgment, or decree applicable to
Calavo or under any corporate charter, bylaw, lease, license, loan agreement, promissory note, deed
of trust, mortgage, or other instrument, undertaking, commitment, or agreement to which Calavo
currently is a party or is otherwise subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.7 </B><U><B>Finders and Brokers</B></U>. There is no investment banker, broker, finder, or other
intermediary retained by Calavo who might be entitled to any fee or commission in connection with
the transactions contemplated by this Acquisition Agreement and for which the HS Shareholders or
the HP Owners would be responsible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.8 </B><U><B>Litigation</B></U>. Except for a proceeding brought by Mexican tax authorities (Hacienda)
that is described in Calavo&#146;s Annual Report on Form 10-K for the year ended October&nbsp;31, 2007 filed
with the Securities and Exchange Commission on January&nbsp;14, 2008, there is no litigation,
arbitration, investigation, tax audit, or other claim or proceeding pending or, to the knowledge of
Calavo, threatened against Calavo that could have a material adverse effect on Calavo&#146;s results of
operations or financial condition. Calavo is not in default under any judgment, order, writ,
injunction, or decree of any Governmental Authority to which it is bound or otherwise subject.
Calavo is not aware of any audit, investigation, review, or other inquiry (or proposed audit,
investigation, review, or inquiry) by any Governmental Authority regarding any assets or business
of Calavo, and Calavo is not aware of the existence of any dispute or potential dispute with any
Governmental Authority regarding any aspect of the assets or business of Calavo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.11 </B><U><B>Accuracy and Completeness</B></U>. No representation or warranty of Calavo contained in
this Acquisition Agreement or in any schedule, exhibit, agreement, or document delivered pursuant
to this Acquisition Agreement contains, or will contain, any untrue statement of a material fact or
omits, or will omit, to state a material fact necessary to make the statements contained therein,
in light of the circumstances under which they are made, not misleading.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4</B><BR>
<U><B>MISCELLANEOUS AGREEMENTS OF THE PARTIES</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to their agreements contained in other sections of this Acquisition Agreement,
Calavo, the HS Shareholders, and the HP Owners agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1 </B><U><B>Access and Confidentiality</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Prior to the Closing, Calavo and its authorized representatives shall have full access to
the premises and the books, records, agreements, and other documents of HS and HP during all
reasonable hours, and Calavo shall be furnished with copies of all such books, records, agreements,
and other documents as may be reasonably requested by it. Prior to the Closing, Calavo shall
maintain the confidentiality of all confidential information about HS or HP that it acquires in
connection with its investigation, except to the extent that disclosure thereof is required by a
court of competent jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Calavo&#146;s investigation of HS and HP and their business, assets, and liabilities shall in
no manner be construed as relieving any HS Shareholder or HP Owner from liability under this Acquisition Agreement for a breach of any representation or warranty made
in this Acquisition Agreement.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.2 </B><U><B>Conduct of HS and HP Prior to the Closing</B></U>. Prior to the Closing, the HS
Shareholders and the HP Owners shall cause HS and HP to conduct their business only in the ordinary
and regular course (that is, reasonably consistent with past custom and practice), except as
otherwise approved in writing by Calavo. Without limiting the generality of the preceding
sentence, except as otherwise approved in writing by Calavo, neither HS nor HP shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Amend its charter documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Issue or purchase any shares of its capital stock or limited liability company membership
interests or grant any options, warrants, subscriptions, commitments, or other rights of any
character to acquire any of its capital stock or limited liability company membership interests;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Declare or pay any dividend, or make any other distribution or payment, with respect to
its capital stock or limited liability company membership interests;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Amend or terminate any of its supply or customer contracts or other agreements, except in
the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Make any capital expenditure or guarantee or incur any indebtedness or other liabilities,
except in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Enter into any supply or customer contract or other agreement, except in the ordinary
course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Sell, lease, license, transfer, pledge, or assign any of its assets, except in the
ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Alter the manner of keeping its books, accounts, or records; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Agree to take any of the actions described above in this Section&nbsp;4.2 or otherwise take any
action (or agree to take any action) that would cause a breach of any of the HS Shareholders&#146; and
the HP Owners&#146; representations and warranties contained in this Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.3 </B><U><B>Preservation of the Business</B></U>. Prior to the Closing, the HS Shareholders and the
HP Owners shall cause HS and HP to use their best efforts to preserve their business, agreements,
and relationships with suppliers and customers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.4 </B><U><B>Transfer of HS Shares or HP LLC Interests</B></U>. Prior to the Closing, (1)&nbsp;no HS
Shareholder shall sell, assign, encumber, or otherwise transfer any of such shareholder&#146;s HS Shares
or agree to take any of such actions, and (2)&nbsp;no HP Owner shall sell, assign, encumber, or
otherwise transfer any of such person&#146;s HP LLC Interests or agree to take any of such actions.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.5 </B><U><B>Consents from Third Parties; Governmental Filings; Cooperation; Estoppel Letters</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The HS Shareholders and the HP Owners, with the cooperation of Calavo, shall use their
commercially reasonable efforts to obtain all consents, permits, and approvals from lessors,
lenders, Governmental Authorities, and other third parties that Calavo determines are required in
order to prevent Calavo&#146;s acquisition of the HS Shares and the HP LLC Interests from (1)&nbsp;violating
any statute, rule, regulation, law, or judicial or administrative order, judgment, or decree
applicable to Calavo, HS, or HP or (2)&nbsp;resulting in the breach of, default under, or acceleration
of the obligations under, any lease, loan agreement, license, deed of trust, mortgage, or other
agreement to which HS or HP is a party or is otherwise subject.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Calavo and the HS Shareholders and the HP Owners shall cooperate in complying fully and on
a timely basis with any and all filings with Governmental Authorities that are required as a result
of this Acquisition Agreement and the consummation of the transactions contemplated by this
Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Calavo, on the one hand, and the HS Shareholders and the HP Owners, on the other hand,
shall cooperate with each other in the performance of all obligations under this Acquisition
Agreement and shall use its (or their) reasonable efforts to satisfy or cause to be satisfied, at
or prior to the Closing, the conditions to the Closing obligations of the other party or parties
under this Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each party to this Acquisition Agreement shall promptly notify the other parties to this
Acquisition Agreement upon learning that (1)&nbsp;any third party has alleged that its consent is
required in connection with the transactions contemplated by this Acquisition Agreement or (2)&nbsp;a
claim or legal proceeding is pending or threatened before any Governmental Authority that presents
a substantial risk of the restraint or rescission of the transactions contemplated by this
Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If requested by Calavo, the HS Shareholders and the HP Owners shall obtain, prior to the
Closing, an estoppel letter in form and substance reasonably satisfactory to Calavo from each
lessor of real property that is leased or subleased by HS or HP and from each holder of secured
debt on the HP Real Estate. Among other things, each estoppel letter shall state that neither HS
nor HP is in default under the lease, sublease, or agreement regarding the secured debt and that no
default shall occur thereunder as a result of the consummation of the transactions contemplated by
this Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.6 </B><U><B>Publicity</B></U>. Prior to the Closing, except as otherwise required by law, no party to
this Acquisition Agreement shall publicly disseminate any statement concerning this Acquisition
Agreement without the prior written consent of Calavo (if the statement is to be made by the HS
Shareholders or the HP Owners) or the HS Shareholders and the HP Owners (if the statement is to be
made by Calavo). However, the parties agree that Calavo is entitled to make public announcements
of the execution of this Acquisition Agreement and of the Closing through press releases and the
filing with the Securities and Exchange Commission of Current Reports on Form 8-K and Quarterly
Reports on Form 10-Q. Calavo shall provide the HS Shareholders and the HP Owners with an
opportunity to review and comment upon such documents.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.7 </B><U><B>Contribution of Loans</B></U>. Prior to the Closing, Mr.&nbsp;Cole shall make a capital
contribution to HP consisting of the loan made by Mr.&nbsp;Cole to HP that is secured by the Cole
Mortgage and, prior to the Closing, any and all other loans that have been made by Mr.&nbsp;Cole or
other HS Shareholders or HP Owners to HS or HP shall also be contributed to HS or HP, as
applicable. HS and HP shall have no further liability under any such loans after the Closing Date.
HS and HP shall provide Calavo with written evidence of (1)&nbsp;the contribution of such loans and (2)
the cancellation and re-conveyance to HP of the Cole Mortgage and the termination of the Cole
Financing Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.8 </B><U><B>Employees</B></U>. The HS Shareholders and HP Owners acknowledge and agree that Calavo is
not making any representation or agreement regarding whether, or the terms on which, any current
officers and employees of HS and HP will continue as officers and employees after the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.9 </B><U><B>No Solicitation of Other Transactions</B></U>. Prior to the Closing, neither Mr.&nbsp;Cole
nor any other HS Shareholder or HP Owner shall directly or indirectly solicit or initiate
negotiations, or engage in negotiations or enter into a sale agreement, with any person other than
Calavo regarding the acquisition of HS, HP, or the 727 Acres or any portion of HS, HP, or the 727
Acres or regarding the acquisition of any of the HS Shares or HP LLC Interests.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.10 </B><U><B>Tax Matters</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U><B>Section&nbsp;338(h)(10) Election for HS</B></U>. Prior to December&nbsp;31, 2008, Calavo shall
determine whether or not the Section&nbsp;338(h)(10) Election shall be made with respect to Calavo&#146;s
purchase of the HS Shares, and Calavo shall notify the HS Shareholders of its determination. At
the Closing, Calavo and each HS Shareholder shall complete, execute, and deliver to each other an
Internal Revenue Service Form&nbsp;8023, Elections Under Section&nbsp;338 for Corporations Making Qualified
Stock Purchases (the &#147;<U><B>Form&nbsp;8023</B></U>&#148;), evidencing the Section&nbsp;338(h)(10) Election. Each HS
Shareholder shall also complete, execute, and deliver to Calavo any comparable election forms under
state, local, and foreign tax law, either at the Closing or within ten days after a request for the
executed form is made by Calavo after the Closing Date. If Calavo determines to make the Section
338(h)(10) Election, Calavo shall file the Form&nbsp;8023 with the Internal Revenue Service as promptly
as practicable after Calavo has determined to make the Section&nbsp;338(h)(10) Election and Calavo shall
file such state, local, and foreign tax election forms as promptly as practicable. If Calavo makes
the Section&nbsp;338(h)(10) Election, the HS Shareholders shall include any and all income, gain, loss,
deduction, or other tax items resulting from the Section&nbsp;338(h)(10) Election (and comparable
elections under state, local, and foreign tax law) on their tax returns to the extent required by
applicable law. Prior to the Closing, the HS Shareholders shall not take any action that would
revoke HS&#146;s election to be taxed as an S corporation or that would result in the termination of
HS&#146;s status as a validly existing S corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U><B>Reimbursement by Calavo of Additional Taxes Paid by the HS Shareholders</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;If, but only if, Calavo elects to make the Section&nbsp;338(h)(10) Election, then Calavo
shall be obligated to make a payment to each HS Shareholder equal to the amount
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by which (A)&nbsp;the federal and state income taxes that were paid by the HS Shareholder upon the
receipt of the portion of the Purchase Price that is attributable to Calavo&#146;s purchase of the HS
Shares exceeds (B)&nbsp;the federal and state income taxes that would have been paid by the HS
Shareholder upon the receipt of such Purchase Price if Calavo had not required the Section
338(h)(10) Election to be made. The purpose of Calavo&#146;s covenant set forth in the preceding
sentence is to reimburse each HS Shareholder in an amount equal to any additional federal and state
income taxes that are paid by the HS Shareholder as a result of the taxation of a portion of the
Purchase Price at ordinary income tax rates rather than at capital gains tax rates arising from the
Section&nbsp;338(h)(10) Election, including, without limitation, by reason of Code Section&nbsp;1245, and
regulations thereunder, regarding &#147;deprecation recapture.&#148; Calavo&#146;s covenant is not intended to
reimburse any HS Shareholder for taxes that the HS Shareholder would have been required to pay in
the absence of the Section&nbsp;338(h)(10) Election.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;An HS Shareholder shall be entitled to the tax reimbursement payment described in
Section&nbsp;4.10(b)(1) only following delivery by the HS Shareholder to Calavo of (A)&nbsp;a copy of the
relevant portions of the HS Shareholder&#146;s federal and state tax returns showing the federal and
state income taxes paid by the HS Shareholder upon the receipt of the Purchase Price attributable
to the sale of the HS Shareholder&#146;s HS Shares and (B)&nbsp;a calculation setting forth in reasonable
detail the federal and state income taxes that would have been paid by the HS Shareholder on such
Purchase Price if Calavo had not required the Section&nbsp;338(h)(10) Election to be made and if the
sale of the HS Shares had therefore been treated as a sale of stock rather than as a sale of
assets. Calavo shall make the reimbursement payment to the HS Shareholder within thirty days after
reaching agreement with the HS Shareholder regarding the additional income taxes that were paid by
the HS Shareholder as a result of the Section&nbsp;338(h)(10) Election. An HS Shareholder shall be
entitled to seek reimbursement from Calavo each time that the HS Shareholder files federal and
state tax returns for a tax year in which taxes were paid upon the receipt of the portion of the
Purchase Price that is attributable to the sale of the HS Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;If Calavo and the HS Shareholder are unable to reach agreement on the amount of
Calavo&#146;s reimbursement obligation within thirty days after the date that Calavo receives the
documents described in Section&nbsp;4.10(b)(2) from the HS Shareholder, then the matter shall be
submitted for resolution to an accountant selected by Calavo and the HS Shareholder. The
accountant shall make his determination within sixty days after appointment, and Calavo and the HS
Shareholder shall each be entitled to make presentations and deliver supporting documents to the
accountant, whose determination shall be final and binding upon the parties absent evidence of
gross negligence, fraud, or other misconduct by the accountant in making the determination. The
fees and expenses of the accountant shall be borne by Calavo. Calavo and the HS Shareholder shall
each bear the fees and expenses of its own tax advisors and accountants in connection with
determining the amount of Calavo&#146;s tax reimbursement obligation under this Section&nbsp;4.10(b). If
Calavo and the HS Shareholder are unable to agree upon the selection of an accountant within sixty
days after the date that Calavo receives the documents described in Section&nbsp;4.10(b)(2), the matter
shall be submitted to arbitration pursuant to Section&nbsp;8.14 of this Acquisition Agreement, in which
event the matter shall be resolved in accordance with the terms of Sections&nbsp;8.13, 8.14, and 8.15 of
this Acquisition Agreement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U><B>Section&nbsp;754 Election for HP</B></U>. Following its purchase of the HP LLC Interests,
Calavo shall be entitled to make an election under Code Section&nbsp;754 on behalf of HP regarding a
step-up in the basis of HP&#146;s assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U><B>Tax Returns</B></U>. Calavo shall prepare and file (or cause to be prepared and filed)
all tax returns for HS and HP for all periods ending on, prior to, or after the Closing Date that
are to be filed after the Closing Date, and all refunds attributable to such tax returns shall
belong to Calavo. With respect to their own tax returns that are required to be filed after the
Closing Date, each of Calavo, each HP Shareholder, and each HS Owner agrees to prepare each such
tax return in a manner that is consistent with the provisions of this Section&nbsp;4.10, including,
without limitation, Section&nbsp;4.10(a) pertaining to the Section&nbsp;338(h)(10) Election for HS and
Section&nbsp;4.10(e) regarding the allocation of the Purchase Price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U><B>Allocation of the Purchase Price; Form&nbsp;8594</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;As promptly as practicable after the Closing, Calavo shall allocate the Purchase Price
in accordance with Code Sections&nbsp;755 and 1060 among the HS Shares and the HP LLC Interests
(including among the assets and liabilities of HS and HP), and Calavo shall advise Mr.&nbsp;Cole of the
allocation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Calavo shall prepare and file an Internal Revenue Service Form&nbsp;8594, Asset Acquisition
Statement Under Section&nbsp;1060 (&#147;<U><B>Form&nbsp;8594</B></U>&#148;), that is consistent with the allocation of the
Purchase Price described in this Section&nbsp;4.10(e). Upon the request of Calavo, the HS Shareholders
and the HP Owners shall execute the Form&nbsp;8594 and deliver it to Calavo within ten days after a
request for the executed Form&nbsp;8594 is made by Calavo. If required by applicable law, Calavo shall
also prepare and file amendments to Form&nbsp;8594 after the exact amount of the Earn-Out Payments has
been determined and, within ten days after receiving Calavo&#146;s request, the HS Shareholders and the
HP Owners shall execute and deliver to Calavo each such amended Form&nbsp;8594.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Calavo, the HS Shareholders, and the HP Owners agree to be bound Calavo&#146;s allocation of
the Purchase Price described in this Section&nbsp;4.10(e) in the preparation, filing, and audit of all
tax returns, and each party agrees that (if required by applicable law) it shall file the Form&nbsp;8594
with its tax return for the taxable year that includes the Closing Date and, if required by
applicable law, each party shall file an amended Form&nbsp;8594 consistent with the allocation
principles described in this Section&nbsp;4.10(e) with respect to the allocation of the Earn-Out
Payments after the exact amount of the Earn-Out Payments has been determined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U><B>Cooperation on Tax Matters</B></U>. Calavo, the HS Shareholders, and the HP Owners shall
cooperate with each other in connection with the filing of tax returns described in this Section
4.10 and in connection with any audit, litigation, or other proceeding brought by any Governmental
Authority with respect to such tax returns or with respect to the allocations described in this
Section&nbsp;4.10. Such cooperation shall include the retention and, upon another party&#146;s request, the
provision of records and other information reasonably relevant to any such audit, litigation, or
other proceeding.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U><B>Indemnification</B></U>. As provided in Article&nbsp;7, the HS Shareholders and the HP Owners
shall be liable to Calavo for breaches of their representations and warranties in this Acquisition
Agreement regarding taxes. Subject to Section&nbsp;4.10(b), the HS Shareholders and the HP Owners shall
be responsible for paying any and all taxes that are incurred as a result of the transfer of the HS
Shares and HP LLC Interests to Calavo.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5</B><BR>
<U><B>CLOSING</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1 </B><U><B>Time, Place, and Date</B></U>. The Closing shall take place at Calavo&#146;s principal
business office in Santa Paula, California, on May&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2 </B><U><B>Calavo&#146;s Closing Deliveries</B></U>. At the Closing, Calavo shall deliver to the HS
Shareholders and the HP Owners a certificate, in form and substance reasonably satisfactory to the
HS Shareholders and the HP Owners, stating that (1)&nbsp;each representation and warranty of Calavo
contained in this Acquisition Agreement (including any exhibit, schedule, or other agreement or
document delivered pursuant hereto) is true and correct in all respects on and as of the Closing
Date with the same effect as if such representation and warranty had been made on and as of the
Closing Date, and (2)&nbsp;Calavo has performed in all material respects all agreements required by this
Acquisition Agreement to be performed by it prior to or at the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3 </B><U><B>Shareholders&#146; Closing Deliveries</B></U>. At the Closing, the HS Shareholders and the HP
Owners shall deliver to Calavo the following instruments, agreements, and documents, duly executed
where applicable, each of which must be in form and substance reasonably satisfactory to Calavo:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Certificates evidencing all of the HS Shares, together with stock assignments duly
executed by the HS Shareholders transferring to Calavo their entire right, title, and interest in
and to all of the HS Shares and any other documents requested by Calavo that are required or
appropriate in order to transfer the HS Shares to Calavo in the manner contemplated by this
Acquisition Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Assignments to Calavo of the HP LLC Interests, executed by the HP Owners;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Evidence of (1)&nbsp;the contribution to HS or HP, as applicable, of all outstanding principal
and interest on all loans that have been made by Mr.&nbsp;Cole and the other HS Shareholders and the HP
Owners to HS or HP (including, without limitation, the loan to HP that is secured by the Cole
Mortgage), (2)&nbsp;the cancellation and re-conveyance to HP of the Cole Mortgage, and (3)&nbsp;the
termination of the Cole Financing Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All resignations from the Board of Directors of HS or the Management Committee or other
governing body of HP that are requested by Calavo;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;A certificate stating that (1)&nbsp;each representation and warranty of the HS Shareholders and
the HP Owners contained in this Acquisition Agreement (including any exhibit, schedule, or other
agreement or document delivered pursuant hereto) is true and correct in all respects on and as of
the Closing Date with the same effect as if such representation and
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">warranty had been made on and as of the Closing Date, and (2)&nbsp;each HS Shareholder and HP Owner
has performed in all material respects all agreements required by this Acquisition Agreement to be
performed by each such person prior to or at the Closing; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Form&nbsp;8023 regarding the Section&nbsp;338(h)(10) Election, to be filed by Calavo if it
elects to make the Section&nbsp;338(h)(10) Election, executed by each HS Shareholder, and any comparable
election forms requested by Calavo under state, local, and foreign tax law, executed by each HS
Shareholder.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6</B><BR>
<U><B>POST-CLOSING CONFIDENTIALITY AND NON-COMPETITION COVENANTS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.1 </B><U><B>Confidentiality</B></U>. No HS Shareholder or HP Owner shall at any time after the
Closing use or disclose to any person, directly or indirectly, any confidential information
concerning the business of Calavo, HS, or HP, including, without limitation, any business secret,
trade secret, financial information, proprietary software, internal procedure, business plan,
marketing plan, pricing strategy or policy, supplier list, or customer list, except to the extent
that such use or disclosure is (x)&nbsp;necessary to the performance of the HS Shareholder&#146;s or HP
Owner&#146;s employment with Calavo during the period that he or she is so employed, (y)&nbsp;required by an
order of a court of competent jurisdiction (provided that the HS Shareholder or HP Shareholder must
promptly give Calavo written notice of such order), or (z)&nbsp;authorized in writing by the Chief
Financial Officer of Calavo. The prohibition that is contained in the preceding sentence shall not
apply to any information that is disclosed to the public by Calavo or that otherwise becomes
generally available to the public other than through a disclosure by an HS Shareholder or an HP
Owner or by a person acting in concert with such person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2 </B><U><B>Non-Competition and Unfair Competition Covenant</B></U>. To provide Calavo the full value
of its acquisition of the HS Shares and the HP LLC Interests, and as a material inducement to
Calavo to enter into this Acquisition Agreement and to consummate the transactions contemplated
hereby, each HS Shareholder and HP Owner agrees to refrain from competing with Calavo to the extent
provided in this Article&nbsp;6. Without the prior written consent of Calavo, no HS Shareholder or HP
Owner shall, at any time during the period described in Section&nbsp;6.3, directly or indirectly
(whether as owner, principal, agent, partner, officer, employee, independent contractor,
consultant, or otherwise):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Solicit for the purpose of hiring, or cause any person to solicit for the purpose of
hiring, any officer or employee of Calavo, HS, or HP; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Compete with (or have any ownership interest in any corporation, limited liability
company, partnership, or other entity that competes with) any business that is conducted by Calavo,
HS, or HP (1)&nbsp;in any county, city, or other geographic area in the United States (including,
without limitation, each county in the States of California and Hawaii) or foreign country in which
Calavo, HS, or HP has conducted its business prior to the date of this Acquisition Agreement so
long as Calavo, HS, or HP carry on such business or a similar business in such place or places, or
(2)&nbsp;in any other domestic or foreign geographic area in which Calavo, HS, or HP subsequently
conducts its business; provided, however, that the provisions of this Section&nbsp;6.2 shall not be
construed as prohibiting any HS Shareholder or HP Owner from acquiring and passively owning up to one percent of the outstanding securities of any
corporation whose common shares are traded on a national securities exchange.
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.3 </B><U><B>Duration</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;With respect to each HS Shareholder and HP Owner who is not employed by Calavo, HS, or HP
as of the Closing Date, the non-competition and unfair competition covenant of Section&nbsp;6.2 shall be
effective for a period beginning on the Closing Date and ending on the third anniversary of the
Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;With respect to Mr.&nbsp;Cole and every other HS Shareholder and HP Owner who is employed by
Calavo, HS, or HP as of the Closing Date, the non-competition and unfair competition covenant of
Section&nbsp;6.2 shall be effective for a period beginning on the Closing Date and ending on the later
to occur of (1)&nbsp;the third anniversary of the Closing Date or (2)&nbsp;the first anniversary of the date
of the termination for any reason of Mr.&nbsp;Cole&#146;s or such other HS Shareholder&#146;s or HP Owner&#146;s
employment with Calavo, HS, or HP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.4 </B><U><B>Scope and Reasonableness</B></U>. Calavo, the HS Shareholders, and the HP Owners agree
that it is not their intention to violate any public policy or statutory or common law. The
parties intend that the non-competition and unfair competition covenant contained in Sections&nbsp;6.2
and 6.3 shall be construed as a series of separate covenants by each HS Shareholder and HP Owner,
one for each area included in the geographical scope described in Section&nbsp;6.2 and for each year (or
portion thereof) described in Section&nbsp;6.3. Except for geographical coverage and duration, each
such covenant of each HS Shareholder and HP Owner shall contain all of the terms of the covenants
of this Article&nbsp;6. If any arbitrator or court of competent jurisdiction refuses to enforce any
covenant contained in this Article&nbsp;6, then such unenforceable covenant shall be deemed to have been
deleted from this Acquisition Agreement to the extent necessary to permit the remaining separate
covenants to be enforceable. Each HS Shareholder and HP Owner has considered the nature and extent
of the restrictions upon competition set forth in this Article&nbsp;6 and agrees that they are
reasonable with respect to duration and geographical scope and in all other respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.5 </B><U><B>Calavo&#146;s Remedies</B></U>. Each HS Shareholder and HP Owner agrees that the provisions of
this Article&nbsp;6 are reasonable and necessary to protect the legitimate business interests of Calavo.
If an HS Shareholder or an HP Owner breaches any of the provisions of Section&nbsp;6.1 or 6.2, Calavo
may, among its other remedies, retain all Earn-Out Payments that are otherwise owed to the HS
Shareholder or HP Owner under this Acquisition Agreement, and Calavo shall be relieved of any
obligation to make such payments to the HS Shareholder or HP Owner. Furthermore, each HS
Shareholder and HP Owner agrees and acknowledges that damages and such termination of payments
would be an inadequate remedy for his or her breach of any of the provisions of Section&nbsp;6.1 or 6.2,
and that his or her breach of any of such provisions will result in immeasurable and irreparable
harm to Calavo. Therefore, in addition to any other remedy to which Calavo may be entitled by
reason of the HS Shareholder&#146;s or HP Owner&#146;s breach of any such provision, Calavo shall be entitled
to seek and obtain temporary, preliminary, and permanent injunctive relief from any court of
competent jurisdiction restraining the HS Shareholder or HP Owner from committing or continuing any
breach of any provision of Section&nbsp;6.1 or 6.2.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.6 </B><U><B>Venue</B></U>. For purposes of injunctive relief, each HS Shareholder and HP Owner agrees
to submit to the jurisdiction of the courts located in the jurisdiction or jurisdictions where it
is alleged that Calavo is at the time being damaged by an alleged breach or violation of the
provisions of this Article&nbsp;6.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 7</B><BR>
<U><B>INDEMNIFICATION</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.1 </B><U><B>Survival of Representations, Warranties, and Agreements</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as otherwise described in this Section&nbsp;7.1(a), all representations and warranties
of the parties that are contained in this Acquisition Agreement shall survive the Closing Date for
a period of eighteen months, and any claim for indemnification pursuant to Section&nbsp;7.2(a) or 7.3(a)
that is based upon the alleged breach of a representation or warranty must be brought not later
than eighteen months after the Closing Date. Notwithstanding the foregoing:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Representations and warranties that are made fraudulently by a party shall survive
forever;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The HS Shareholders&#146; and the HP Owners&#146; representations and warranties that are
contained in the following sections of this Acquisition Agreement shall survive forever: Sections
2.1 (Organization and Good Standing of HS and HP), 2.2 (Capitalization of HS), 2.3 (Capitalization
of HP), 2.4 (Corporate Powers), 2.5 (Authority of HS Shareholders and HP Owners), 2.6 (Binding
Effect), 2.26 (Litigation), 2.27 (Compliance with Laws), 2.28 (Environmental Matters), 2.30 (Tax
Matters), 2.31 (Employees), and 2.32 (Finders and Brokers); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Calavo&#146;s representations and warranties that are contained in the following sections of
this Acquisition Agreement shall survive forever: Sections&nbsp;3.1 (Organization and Good Standing),
3.2 (Corporate Powers), 3.3 (Authority), 3.4 (Binding Effect), and 3.7 (Finders and Brokers).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A claim for indemnification made by any party that alleges that a representation or warranty
was made fraudulently may be brought at any time after the Closing, and a claim for indemnification
made by any party that alleges a breach of a representation or warranty contained in one or more of
the sections of this Agreement described above in paragraph (2)&nbsp;or (3)&nbsp;may be brought at any time
after the Closing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A claim with respect to a breach of a representation or a warranty shall not be foreclosed
if the maker of such claim shall have made such claim in writing to the other party prior to the
expiration of the survival period described in Section&nbsp;7.1(a). Each representation or warranty
made by any HS Shareholder or HP Owner shall be deemed to have been made jointly and severally by
all of the HS Shareholders and the HP Owners.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All agreements of the parties made in this Acquisition Agreement to perform obligations
before, at, or after the Closing shall survive forever except for those agreements, that, by their
terms, contemplate a shorter survival period. All representations,
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">warranties, and agreements of the parties that are contained in the Disclosure Schedule or in
any exhibit or other schedule to this Acquisition Agreement or in any other agreement or document
that is delivered pursuant to this Acquisition Agreement shall be deemed to be contained in this
Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.2 </B><U><B>Indemnification by the HS Shareholders and the HP Owners</B></U>. Subject to the
provisions of this Article&nbsp;7, the HS Shareholders and the HP Owners jointly and severally shall
indemnify, defend, and hold harmless Calavo (including HS and HP) from and against any and all
losses, damages, obligations, liabilities, and other costs and expenses, including, without
limitation, settlement costs, judgments, interest, penalties and reasonable attorneys&#146; fees,
accountants&#146; fees, and other costs and expenses for investigating or defending any actions, claims,
and proceedings (all of the foregoing being collectively referred to herein as &#147;<U><B>Losses</B></U>&#148;)
that Calavo (including HS and HP) may incur based upon, arising out of, relating to, or resulting
from:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any breach of any representation or warranty of any HS Shareholder or HP Owner made in
this Acquisition Agreement (including any exhibit, schedule, or other agreement or document
delivered pursuant to this Acquisition Agreement);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any breach of, or failure to perform, any agreement of any HS Shareholder or HP Owner that
is contained in this Acquisition Agreement (including any exhibit, schedule, or other agreement or
document delivered pursuant to this Acquisition Agreement);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any liability of HS or HP as of the Closing that is not reflected and fully and adequately
reserved against on the balance sheet for HS or HP which is contained in the HS Financial
Statements or the HP Financial Statements, except for liabilities incurred subsequent to the date
of such balance date and prior to the Closing in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;With respect to the agreements to which HS or HP is a party or is otherwise bound as of
the Closing, any breaches or defaults (or events giving rise to such breaches or defaults) by HS or
HP that occurred prior to the Closing or that occur as a result of the Closing; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any litigation, arbitration, investigation, or other claim or legal proceeding (including,
without limitation, any claims and legal proceedings that are described in the Disclosure Schedule)
whether brought before or after the Closing, that is based upon or arises out of any actions or
omissions made or taken by any HS Shareholder or HP Owner or HS or HP prior to the Closing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.3 </B><U><B>Indemnification by Calavo</B></U>. Subject to the provisions of this Article&nbsp;7, Calavo
shall indemnify, defend, and hold harmless the HS Shareholders and the HP Owners from and against
any and all Losses that the HS Shareholders and the HP Owners may incur based upon, arising out of,
relating to, or resulting from:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any breach of any representation or warranty of Calavo made in this Acquisition Agreement
(including any exhibit, schedule, or other agreement or document delivered pursuant to this
Acquisition Agreement); or
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any breach of, or failure to perform, any agreement of Calavo that is contained in this
Acquisition Agreement (including any exhibit, schedule, or other agreement or document delivered
pursuant to this Acquisition Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.4 </B><U><B>Notice of Claims; Contest of Claims</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any indemnified party believes that it has incurred any Losses, or if any claim or
legal proceeding is instituted by a third party with respect to which any indemnified party intends
to claim any Losses under this Article&nbsp;7, the indemnified party shall notify the indemnifying
party. The notice shall describe the Losses, the amount of the Losses, if known, and the method of
computation of the Losses, all with reasonable particularity and shall contain a reference to the
provisions of this Acquisition Agreement in respect of which the Losses shall have been incurred;
and, in the case of a claim or legal proceeding by a third party, shall include a copy of all
documents received by the indemnified party in connection therewith and any other information known
to the indemnified party with respect to the claim or legal proceeding. The notice shall be given
promptly after the indemnified party becomes aware of each such Loss, claim, or legal proceeding,
but failure to give such prompt notice shall not affect an indemnifying party&#146;s obligations
hereunder except to the extent (if any) that the indemnifying party has suffered Losses as a result
of such notification failure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;With respect to any indemnification notice that does not involve a claim or legal
proceeding by a third party, the indemnifying party shall, within ten days after receipt of such
notice of Losses, pay or cause to be paid to the indemnified party the amount of Losses incurred by
the indemnified party and described in the notice. With respect to an indemnification notice that
involves a claim or legal proceeding by a third party, the indemnifying party shall, within ten
days after receipt of such notice, notify the indemnified party if it elects to conduct and control
the defense of the claim or legal proceeding, provided that any such election must be accompanied
by a written acknowledgement by the indemnifying party of its obligation to indemnify the
indemnified party with respect to all elements of such claim or legal proceeding. If the
indemnifying party does not so notify the indemnified party of its election to conduct and control
the defense of the claim or legal proceeding, the indemnified party shall have the right to defend,
contest, settle, or compromise the claim or legal proceeding, and the indemnifying party shall,
within ten days after receipt of notice from the indemnified party, pay to the indemnified party
the amount of any Losses resulting from the indemnified party&#146;s liability to the third-party
claimant.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Subject to the provisions of Section&nbsp;7.4(b), the indemnifying party shall have the right
to undertake, conduct, and control, through counsel of its own choosing (if such counsel is
reasonably acceptable to the indemnified party) and at the sole expense of the indemnifying party,
the defense of a claim or legal proceeding brought by a third party. At the expense and request of
the indemnifying party, the indemnified party shall cooperate in connection with such defense; the
indemnified party shall otherwise be entitled to participate in (but not control) the defense of
the claim or legal proceeding at its own expense. So long as the indemnifying party is defending
the claim or legal proceeding in good faith and on a reasonable basis, and so long as the
indemnified party does not incur any Losses by reason of the defense of the claim or legal
proceeding, the indemnified party shall not pay or settle the claim or legal proceeding.
Notwithstanding the foregoing, the indemnified party shall have the right to pay or
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">settle the claim or legal proceeding at any time, provided that in such event the indemnified
party shall waive any right to indemnity therefor by the indemnifying party. The indemnifying
party shall not settle the claim or legal proceeding without the written consent of the indemnified
party, which shall not be unreasonably withheld; provided, however, that the indemnified party
shall not be required to give its consent unless the third-party claimant delivers to the
indemnified party an unconditional release of all liability with respect to the claim or legal
proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.5 </B><U><B>Additional Indemnification Limitations</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The maximum aggregate indemnification obligation of any HS Shareholder or HP Owner shall
not exceed the sum of the amount of the Purchase Price payable to such person on the date of this
Acquisition Agreement plus the aggregate amount of Earn-Out Payments to which such person is
entitled. For example, if Mr.&nbsp;Cole is entitled to Purchase Price payments of $3,212,500 (an
initial payment of $899,500 plus Earn-Out Payments of $2,313,000) and if the Cole Trust is entitled
to Purchase Price payments of $6,075,000 (an initial payment of $1,701,000 plus Earn-Out Payments
of $4,374,000), then Mr.&nbsp;Cole&#146;s maximum aggregate indemnification obligation shall be $3,212,500
and the Cole Trust&#146;s maximum aggregate indemnification obligation shall be $6,075,000. The maximum
aggregate indemnification obligation of Calavo shall not exceed the amount of the Purchase Price
payable by Calavo under this Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No claims shall be made by Calavo for indemnification from Eric Weinert for Losses that do
not relate to HP. Calavo acknowledges and agrees that Mr.&nbsp;Weinert has not been not involved in the
operations of HS during the period prior to the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No claims shall be made by Calavo for indemnification from the HS Shareholders and the HP
Owners pursuant to Section&nbsp;7.2(a), 7.2(c), and/or 7.2(d) unless and until the aggregate amount of
the Losses incurred by Calavo exceeds $50,000, in which event Calavo shall become entitled to full
indemnification for all of its Losses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No claims shall be made by the HS Shareholders and the HP Owners for indemnification from
Calavo pursuant to Section&nbsp;7.3(a) unless and until the aggregate amount of the Losses incurred by
the HS Shareholders and the HP Owners exceeds $50,000, in which event the HS Shareholders and the
HP Owners shall become entitled to full indemnification for all of their Losses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The indemnification limitations described in Sections&nbsp;7.5(c) and 7.5(d) shall not apply to
a claim that is made under Section&nbsp;7.2(b) or 7.3(b) based upon an alleged breach of, or failure to
perform, any agreement of Calavo or any HS Shareholder or HP Owner or to a claim made under Section
7.2(e).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The amount of any recovery by an indemnified party pursuant to this Article&nbsp;7 shall be net
of any insurance proceeds actually received by the indemnified party (but not to the extent that
such proceeds are repaid by the indemnified party through increased insurance premiums). Any
indemnification payment made pursuant to this Acquisition Agreement shall be treated by the parties to this Acquisition Agreement as an adjustment to
the Purchase Price for tax purposes.</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;This Article&nbsp;7 and Section&nbsp;1.6 of this Acquisition Agreement set forth the sole and
exclusive remedies of Calavo, on the one hand, and of the HS Shareholders and the HP Owners, on the
other hand, for monetary damages after the Closing arising out of a breach of this Acquisition
Agreement by the other party or parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;If Calavo becomes entitled to receive an indemnification payment under the terms of this
Article&nbsp;7, Calavo shall have the right to apply any unpaid Earn-Out Payments that are otherwise
payable to the HS Shareholders and the HP Owners pursuant to Section&nbsp;1.6 above as an offset
against, and in full or partial satisfaction of, the amounts that are owed to Calavo pursuant to
the indemnification provisions of this Article&nbsp;7. However, the amount or duration of the
indemnification obligations pursuant to this Article&nbsp;7 shall not be limited to the Earn-Out
Payments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.6 </B><U><B>Shareholder Representative</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Mr.&nbsp;Cole is hereby designated by the HS Shareholders and the HP Owners to serve as their
&#147;<U><B>Shareholder Representative</B></U>&#148; under this Acquisition Agreement with respect to the matters
set forth in this Article&nbsp;7 and, by his signature below, Mr.&nbsp;Cole hereby acknowledges such
appointment and agrees to serve in such capacity on the terms set forth herein. Effective only
upon the Closing, the Shareholder Representative shall act as the representative of the HS
Shareholders and the HP Owners with respect to the matters set forth in this Article&nbsp;7 and shall be
authorized to act on behalf of such persons and to take any and all actions required or permitted
to be taken by the HS Shareholders and the HP Owners under this Article&nbsp;7 with respect to any
claims (including the settlement thereof) made by Calavo for indemnification pursuant to this
Article&nbsp;7 (including, without limitation, the exercise of the power to agree to, negotiate, enter
into settlements and compromises of, and comply with orders of courts and arbitrators with respect
to, any claims for indemnification). Mr.&nbsp;Cole, during the period that he serves as the Shareholder
Representative, shall be the only party entitled to assert the rights of the HS Shareholders and
the HP Owners under this Article&nbsp;7 after the Closing. Any person shall be entitled to rely on all
statements, representations, and decisions of the Shareholder Representative.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The HS Shareholders and the HP Owners shall be bound by all actions taken by the
Shareholder Representative in his capacity as such. The Shareholder Representative shall promptly,
and in any event within ten days, provide written notice to the HS Shareholders and the HP Owners
of any action taken on behalf of them by the Shareholder Representative pursuant to the authority
delegated to the Shareholder Representative under this Article&nbsp;7. The Shareholder Representative
shall not be liable to any HS Shareholder or HP Owner for any error of judgment, or any action
taken, or omitted to be taken, under this Acquisition Agreement, except in the case of its gross
negligence or willful misconduct. The Shareholder Representative shall not be entitled to any
compensation for his services. Mr.&nbsp;Cole agrees not to resign his position as the Shareholder
Representative except by reason of his disability or death.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8</B><BR>
<U><B>GENERAL PROVISIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.1 </B><U><B>Notices</B></U>. All notices and other communications required or permitted by this
Acquisition Agreement to be given by one party to another party shall be delivered in writing, by
registered or certified United States mail (postage prepaid and return receipt requested), by
reputable overnight delivery service, or by facsimile transmission, to the address for the party
appearing in Exhibit&nbsp;8.1 (or such other address or facsimile number as the party may designate to
the other parties to this Acquisition Agreement). Any such notice or communication that is sent in
the foregoing manner shall be deemed to have been delivered upon actual receipt by facsimile
transmission, or three days after deposit in the United States mail, or one day after delivery to
an overnight delivery service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.2 </B><U><B>Amendments and Termination; Entire Agreement</B></U>. This Acquisition Agreement may be
amended or terminated only by a writing executed by each party to this Acquisition Agreement.
Together with the Disclosure Schedule and any and all exhibits and schedules to this Acquisition
Agreement, this Acquisition Agreement constitutes the entire agreement of the parties relating to
the subject matter hereof and supersedes all prior oral and written understandings and agreements
relating to such subject matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.3 </B><U><B>Incorporation of Exhibits and Schedules</B></U>. Any and all exhibits and schedules that
are attached to this Acquisition Agreement are incorporated into this Acquisition Agreement and
shall be deemed to be part of this Acquisition Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.4 </B><U><B>Successors and Assigns</B></U>. This Acquisition Agreement shall be binding upon, and
shall benefit, the parties hereto and their respective successors and assigns. Notwithstanding the
foregoing, (1)&nbsp;the rights and obligations of the HS Shareholders and the HP Owners are not
assignable to another person without Calavo&#146;s prior written consent, and (2)&nbsp;the rights and
obligations of Calavo hereunder are not assignable to another person without Mr.&nbsp;Cole&#146;s prior
written consent, except that Calavo may assign its rights and obligations hereunder without
obtaining such consent in connection with Calavo&#146;s merger with and into another corporation or in
connection with the sale of all or substantially all of Calavo&#146;s assets or capital stock to another
person, provided that such other person assumes in a writing delivered to the HS Shareholders and
the HP Owners all of the obligations of Calavo set forth in this Acquisition Agreement. Subject
to the preceding sentences of this paragraph, this Acquisition Agreement is not intended to benefit
any person, or to be enforceable by any person, other than the parties to this Acquisition
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.5 </B><U><B>Calculation of Time</B></U>. Wherever in this Acquisition Agreement a period of time is
stated in a number of days, unless otherwise stated it shall be deemed to mean calendar days
starting with the first day after the event or delivery of notice and ending at the end of the last
day of the applicable time period. However, when any period of time so stated would end upon a
Saturday, Sunday, or legal holiday, such period shall be deemed to end upon the next day following
that is not a Saturday, Sunday, or legal holiday.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.6 </B><U><B>Further Assurances</B></U>. Each party to this Acquisition Agreement shall perform any
further acts and execute and deliver any further documents that may be requested by another
party and that are reasonably necessary to carry out the provisions of this Acquisition
Agreement.</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.7 </B><U><B>Provisions Subject to Applicable Law</B></U>. All provisions of this Acquisition
Agreement shall be applicable only to the extent that they do not violate any applicable law, and
are intended to be limited to the extent necessary so that they will not render this Acquisition
Agreement invalid, illegal, or unenforceable under any applicable law. If any provision of this
Acquisition Agreement or any application thereof shall be held to be invalid, illegal, or
unenforceable, the validity, legality, and enforceability of other provisions of this Acquisition
Agreement or of any other application of such provision shall in no way be affected thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.8 </B><U><B>Waiver of Rights</B></U>. No party to this Acquisition Agreement shall be deemed to have
waived any right or remedy that it has under this Acquisition Agreement unless this Acquisition
Agreement expressly provides a period of time within which such right or remedy must be exercised
and such period has expired or unless such party has expressly waived the same in writing. The
waiver by any party of a right or remedy hereunder shall not be deemed to be a waiver of any other
right or remedy or of any subsequent right or remedy of the same kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.9 </B><U><B>Headings; Gender and Number; Interpretation</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The headings contained in this Acquisition Agreement are for reference purposes only and
shall not affect in any manner the meaning or interpretation of this Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Where appropriate to the context of this Acquisition Agreement, use of the singular shall
be deemed also to refer to the plural, and use of the plural to the singular, and pronouns of one
gender shall be deemed to comprehend either or both of the other genders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The terms &#147;hereof,&#148; &#147;herein,&#148; &#147;hereby,&#148; and variations thereof shall, whenever used in
this Acquisition Agreement, refer to this Acquisition Agreement as a whole and not to any
particular section hereof. The term &#147;person&#148; refers to any natural person, corporation,
partnership, limited liability company, or other association or entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The words &#147;include,&#148; &#147;includes,&#148; and &#147;including&#148; as used in this Acquisition Agreement
shall be deemed to be followed by the words &#147;without limitation.&#148; Any statute, rule, or regulation
defined or referred to in this Acquisition Agreement means such statute, rule, or regulation as
from time to time amended, including by successor statutes, rules, and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.10 </B><U><B>Expenses</B></U>. Except as otherwise provided in this Acquisition Agreement, each party
to this Acquisition Agreement shall bear its own costs and expenses incurred in connection with
this Acquisition Agreement. Without limiting the generality of the preceding sentence, Calavo
shall not be responsible for the payment of costs and expenses (including attorneys&#146; fees) incurred
by any party other than Calavo in negotiating, interpreting, or enforcing this Acquisition
Agreement, except as provided otherwise in Section&nbsp;8.15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.11 </B><U><B>Counterparts</B></U>. This Acquisition Agreement may be executed in two or more
counterparts, and by each party on a separate counterpart, each of which shall be deemed an
original but all of which taken together shall constitute but one and the same instrument.
This Acquisition Agreement may be executed by facsimile.</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.12 </B><U><B>Representation by Counsel</B></U>. The HS Shareholders and the HP Owners understand and
acknowledge that: (1)&nbsp;TroyGould PC (&#147;<U><B>TroyGould</B></U>&#148;) has served as counsel to Calavo (and not
to them) in connection with this Acquisition Agreement; (2)&nbsp;they have been advised to consult with
their personal attorneys about this Acquisition Agreement and have had a sufficient opportunity to
do so; and (3)&nbsp;no representations have been made to them by Calavo or TroyGould regarding the tax
consequences to them of the consummation of the transactions contemplated by this Acquisition
Agreement. In the event of any dispute between any parties to this Acquisition Agreement, no
presumption or burden of proof shall be imposed on or against a party as a result of the
preparation of this Acquisition Agreement by its counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.13 </B><U><B>Governing Laws</B></U>. This Acquisition Agreement shall be governed by, and construed
and enforced in accordance with, the internal laws of the State of California without giving effect
to such state&#146;s conflict-of-law principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.14 </B><U><B>Arbitration of Disputes; Jury Trial Waiver</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To the fullest extent permitted by applicable law, all disputes arising at any time
between two or more parties to this Acquisition Agreement concerning the interpretation or
enforcement of this Acquisition Agreement shall be submitted to final and binding confidential
arbitration, before one arbitrator, in accordance with the JAMS arbitration rules and procedures
that are in effect on the date of such arbitration including, without limitation, any discovery
rights that are expressly provided by such rules. If JAMS is not in operation as of the date of
such dispute, references in this Section&nbsp;8.14 to JAMS shall instead mean the American Arbitration
Association.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All arbitration proceedings shall be conducted in Los Angeles, California and shall be
administered by JAMS. Each party to this Acquisition Agreement consents to such venue and
jurisdiction and agrees that personal jurisdiction over such party for purposes of the arbitration
proceeding or for any court action that is permitted by this Acquisition Agreement may be effected
by service of process addressed and delivered as provided in Section&nbsp;8.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;A party shall be entitled to initiate an arbitration proceeding if a dispute cannot be
resolved amicably within thirty days after the other party has been notified in writing of the
existence of the dispute. The parties to the dispute shall attempt to agree upon the arbitrator,
who shall be a retired California state or federal court judge from the Los Angeles, California
office of JAMS. If the parties cannot agree upon an arbitrator within fifteen days after the
matter is submitted for arbitration, a retired California state or federal court judge from the Los
Angeles, California office of JAMS promptly shall be appointed in accordance with the applicable
rules of JAMS to serve as the sole arbitrator. Each party shall have the right to be represented
by counsel in the arbitration proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The arbitrator hereby is instructed to interpret and enforce this Acquisition Agreement in
strict accordance with its terms, and the arbitrator shall not have the right or power to alter or
amend any term of this Acquisition Agreement except to the limited extent expressly
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided above in Section&nbsp;8.7, entitled Provisions Subject to Applicable Law. The arbitrator
is required to apply applicable substantive law in making an award, and the arbitrator is required
to issue a written decision that summarizes the findings and conclusions upon which the award is
based. The arbitrator&#146;s award shall be final and binding and may be enforced in any court having
jurisdiction over the matter; provided, however, that an award of the arbitrator that is in
violation of the requirements of either of the two immediately preceding sentences shall constitute
an action that exceeds the arbitrator&#146;s power under this Acquisition Agreement and may be vacated
by a court of competent jurisdiction to the extent permitted by applicable California law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Notwithstanding the preceding provisions of this Section&nbsp;8.14, each party to this
Acquisition Agreement is entitled to bring an action for temporary or preliminary injunctive relief
at any time in any court of competent jurisdiction in order to prevent immeasurable and irreparable
injury that might result from a breach of this Acquisition Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Each party hereto agrees that all rights to a trial by a jury of any claim arising out
of or relating to this Acquisition Agreement are forever and absolutely waived</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.15 </B><U><B>Attorneys&#146; Fees and Other Expenses</B></U>. To the fullest extent permitted by
applicable law, the unsuccessful party to any arbitration proceeding or to any court action that is
permitted by this Acquisition Agreement shall pay to the prevailing party all costs and expenses,
including, without limitation, reasonable attorneys&#146; fees, incurred in the arbitration proceeding
or the court action by the successful party, all of which shall be included in and as a part of the
award rendered in the proceeding or action. For purposes of this Section&nbsp;8.15, attorneys&#146; fees
shall include, without limitation, fees incurred in connection with post-judgment and post-award
actions.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;signature page follows&#093;
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Calavo, the HS Shareholders, and the HP Owners have executed and delivered
this Acquisition Agreement as of the date first written above.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CALAVO GROWERS, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Arthur J. Bruno&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arthur J. Bruno</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Egidio Carbone&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Egidio Carbone</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Chairman of the Special Committee of the
Board of Directors</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/ LECIL E. COLE&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">LECIL E. COLE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/ ERIC WEINERT&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ERIC WEINERT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/ SUZANNE COLE-SAVARD&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SUZANNE COLE-SAVARD</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/ GUY COLE&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GUY COLE</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/ LECIL E. COLE&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">LECIL E. COLE, AS TRUSTEE OF THE LECIL E. AND MARY JEANETTE COLE REVOCABLE
TRUST DATED OCTOBER 19, 1993</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">/s/ MARY JEANETTE COLE&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MARY JEANETTE COLE, AS TRUSTEE OF THE LECIL E. AND MARY JEANETTE COLE REVOCABLE
TRUST DATED OCTOBER 19, 1993</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT 1.6</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>EARN-OUT PAYMENTS EXAMPLE</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">Estimated - 12 Months Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Financial Forecast Combined Operations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">May 31, 2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">May 31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minimum EBITDA (from Hawaiian Fruit Only)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,333,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,400,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Payments if Minimums are Met</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">May 19, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Total</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase land fee simple</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of Operating Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase Contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-competes etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Closing Payments for Operating Businesses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EBITDA Multiple on business only</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="center" nowrap>Approx. 2.5</TD>
    <TD>X</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Payments based on EBITDA multiple</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Payments including Land</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="left">&#147;Floor and &#147;Cap&#148; Provisions on Earn-Out Payments (not including land)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="left"><DIV style="margin-left:30px; text-indent:-15px">Total
Payments including the first payment cannot be Less Than</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="left"><DIV style="margin-left:30px; text-indent:-15px">Total
Payments including the first payment cannot be More Than</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">What &#147;If&#148; Scenarios</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">If EBITDA falls to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Then Payments to Cole would be</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">If EBITDA rises to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Then Payments to Cole would be</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">If EBITDA falls to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">750,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Then Payments to Cole would be</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">If EBITDA rises to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Then Payments to Cole would be</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,500,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT 8.1</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ADDRESSES FOR NOTICES</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Calavo Growers, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Calavo Growers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1141A Cummings Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santa Paula, California 93060</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: (805)&nbsp;921-3223</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Any HS Shareholder or HS Owner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Lecil E. Cole</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1750 Orcutt Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santa Paula, California 93060</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: (805)&nbsp;525-5439</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Table of Contents</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 1 PURCHASE OF THE HS SHARES AND HP LLC INTERESTS; PURCHASE PRICE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Purchase and Sale of the HS Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.2 Purchase and Sale of the HP LLC Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.3 The Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.4 Purchase Price for the HS Shares and HP LLC Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.5 Initial Purchase Price Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.6 Earn-Out Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 2 REPRESENTATIONS AND WARRANTIES OF THE HS SHAREHOLDERS AND THE
HP OWNERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.1 Organization and Good Standing of HS and HP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.2 Capitalization of HS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.3 Capitalization of HP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.4 Corporate Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.5 Authority of the HS Shareholders and HP Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.6 Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.7 No Breach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.8 Consents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.9 Subsidiaries and Other Equity Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.10 Interests of Owners of HS and HP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.11 Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.12 Undisclosed Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.13 Absence of Certain Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.14 Internal Control Over Financial Reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.15 Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.16 Real Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.17 Leases of Personal Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.18 Ownership and Use of Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.19 Bank Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.20 Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.21 Guarantees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.22 Loan Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.23 Supplier and Customer Relationships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.24 Other Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.25 Absence of Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.26 Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.27 Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.28 Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.29 Proprietary Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.30 Tax Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.31 Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.32 Finders and Brokers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Table of Contents</U><br>(continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2.33 Accuracy and Completeness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF CALAVO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Organization and Good Standing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Corporate Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Authority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 No Breach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Consents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.7 Finders and Brokers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.8 Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.11 Accuracy and Completeness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 4 MISCELLANEOUS AGREEMENTS OF THE PARTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Access and Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Conduct of HS and HP Prior to the Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Preservation of the Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Transfer of HS Shares or HP LLC Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Consents from Third Parties; Governmental Filings; Cooperation;
Estoppel Letters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.6 Publicity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.7 Contribution of Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.8 Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.9 No Solicitation of Other Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.10 Tax Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 5 CLOSING</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Time, Place, and Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Calavo&#146;s Closing Deliveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.3 Shareholders&#146; Closing Deliveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 6 POST-CLOSING CONFIDENTIALITY AND NON-COMPETITION COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Non-Competition and Unfair Competition Covenant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.3 Duration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.4 Scope and Reasonableness</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.5 Calavo&#146;s Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.6 Venue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 7 INDEMNIFICATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Survival of Representations, Warranties, and Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Indemnification by the HS Shareholders and the HP Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 Indemnification by Calavo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Notice of Claims; Contest of Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Table of Contents</U><br>(continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.5 Additional Indemnification Limitations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.6 Shareholder Representative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE 8 GENERAL PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.1 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.2 Amendments and Termination; Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.3 Incorporation of Exhibits and Schedules</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.4 Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.5 Calculation of Time</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.6 Further Assurances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.7 Provisions Subject to Applicable Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.8 Waiver of Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.9 Headings; Gender and Number; Interpretation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.10 Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.11 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.12 Representation by Counsel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.13 Governing Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.14 Arbitration of Disputes; Jury Trial Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">8.15 Attorneys&#146; Fees and Other Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Index to Definitions</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">727 Acres</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Calavo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Closing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Closing Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Code</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cole Financing Statement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cole Mortgage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cole Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Disclosure Schedule</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earn-Out Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Environmental Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Form&nbsp;8023</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Form&nbsp;8594</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Governmental Authority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HP Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HP LLC Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HP Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HP Real Estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HS Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HS Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">HS Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mr.&nbsp;Cole</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proprietary Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real Estate Contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;338(h)(10) Election</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholder Representative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Special Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">tax return</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TroyGould</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->iv<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>v41085exv2w2.htm
<DESCRIPTION>EXHIBIT 2.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv2w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 2.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AGREEMENT AND ESCROW INSTRUCTIONS FOR</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>PURCHASE AND SALE OF REAL PROPERTY (FARMLAND)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BY AND BETWEEN</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LECIL E. AND MARY JEANETTE COLE, as Trustees<BR>
(Singly and Collectively, As Seller)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AND</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALAVO GROWERS, INC.<BR>
(As Buyer)</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURCHASE AND SALE OF PROPERTY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">PURCHASE PRICE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Purchase Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>3.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">TITLE MATTERS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Permitted Exceptions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Monetary Liens</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gap Closing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>4.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BUYER AND SELLER REPRESENTATIONS, ACKNOWLEDGEMENTS,
AND AGREEMENTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Diligence Materials</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Assigned and Assumed Rights and Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tax-Deferred Exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seller's Activities Prior to the Close of Escrow</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reporting Person</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delivery of Property Materials</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>5.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">POSSESSION AND RISK OF LOSS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>6.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">SELLER&#146;S REPRESENTATIONS AND WARRANTIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brokerage Fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Foreign Person</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seller Authority</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Violation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Litigation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Condemnation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compliance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adverse Title or Possession Claims</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Environmental Matters</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Due Diligence Materials Complete</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seller Bankruptcy; Insolvency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Use or Zoning Changes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Land Access to Public Road</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Assessments or Deferred Taxes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.16</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Taxes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.17</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Improvement Contracts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.18</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plant and Equipment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.19</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wetlands</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.20</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Historic Sites</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.21</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Endangered Species</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.22</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disability Access</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>7.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BUYER&#146;S REPRESENTATIONS AND WARRANTIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brokerage Fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buyer's Authority</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Buyer Bankruptcy; Insolvency</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>8.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BUYER&#146;S CONDITIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Owner's Title Policy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>9.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">INDEMNIFICATION</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnification by Seller</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indemnification by Buyer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival of Indemnities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Matters Involving Third Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>10.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">ESCROW AND ESCROW INSTRUCTIONS; CLOSING DELIVERIES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Escrow</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opening of Escrow</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Escrow Instructions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Closing Date</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller Deposits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer's Deposits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Closing Costs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Prorations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Close of Escrow</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>11.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GENERAL PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorneys' Fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Binding Effect; Assignment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Time of Essence</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Days and Business Days</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entire Agreement; Modifications</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Assurances</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Titles and Headings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution in Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exhibits</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invalidity of Certain Provisions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jurisdiction; Hawaiian Courts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Parties-in-Interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.16</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fair Construction</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.17</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.18</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nonwaiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.19</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Recording</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">SIGNATURES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>AGREEMENT AND ESCROW INSTRUCTIONS FOR</B></U><BR>
<U><B>PURCHASE AND SALE OF REAL PROPERTY (FARMLANDS)</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS AGREEMENT </B>(&#147;<U>Agreement</U>&#148;) is made (for document identification purposes only) as of
May&nbsp;19, 2008, by and between <B>CALAVO GROWERS, INC.</B>, a California corporation, or Assignee
(&#147;<U>Buyer</U>&#148;), and <B>LECIL E. AND MARY JEANETTE COLE</B>, acting jointly and severally hereunder as
Trustees of the Lecil E. and Mary Jeanette Cole Revocable 1993 Trust (singly and collectively,
&#147;<U>Seller</U>&#148;).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>W I T N E S S E T H</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Buyer wishes to purchase, and Seller wishes to sell, in accordance with the terms and
conditions set forth herein, the real and personal property and fixtures more particularly
described and defined herein as the Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, Buyer and Seller (sometimes individually the &#147;<U>Party</U>&#148;, and sometimes
collectively the &#147;<U>Parties</U>&#148;) hereby agree as follows:
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>PURCHASE AND SALE OF PROPERTY</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with, and subject to, the terms and conditions hereinafter set forth, Seller
shall sell and convey to Buyer, and Buyer shall purchase and accept from Seller, that certain real
property consisting of approximately 727.22&#043;/- acres of agricultural land on the Island and in the
County of Hawaii, State of Hawaii, described in the legal descriptions attached to the Title Report
(as defined below) (the &#147;<U>Land</U>&#148;), and the following (collectively, along with the Land, the
&#147;<U>Property</U>&#148;): (a)&nbsp;all rights, privileges and easements appurtenant to such Land; (b)&nbsp;all
plants, vines, trees and crops now or hereafter existing thereon; (c)&nbsp;all improvements and fixtures
on said Land, including, without limitation, any buildings, structures, irrigation equipment,
non-portable fencing, wells, casings, pumping plants, pumping equipment, pipelines, levees, drain
lines, ditches and canals, sumps, ponds, storage, transport and drainage facilities; (d)&nbsp;all rights
(if any) to receive or produce water on said Land, including all ground-water pumping credits or
exchange pumping credits, permits, licenses, entitlements, water stock and any other ownership
interests (if any) in any water company and all rights (if any) to receive irrigation water,
including, without limitation, all water entitlements and allocations pertaining to water used by
or on said Land, to be transferred by deed, assignment or such other written instruments as may be
necessary or appropriate; (e)&nbsp;such agreements, contracts, licenses, leases and other rights as may
be assignable by Seller and as Buyer elects to assume under the provisions of this Agreement; (f)
all permits, licenses, approvals and authorizations issued by any governmental authority for the
benefit of the Property or the operation thereof; and (g)&nbsp;all personal property, if any, owned by
Seller located on the Land and used in connection therewith (the &#147;<U>Personal Property</U>&#148;).
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>PURCHASE PRICE</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Purchase Price</U>. The purchase price (the &#147;<U>Purchase Price</U>&#148;) for the
Property is <B>ONE MILLION FIVE HUNDRED THOUSAND DOLLARS ($1,500,000), </B>payable all in cash to Seller
as set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Payment of Purchase Price</U>. In sufficient time to allow for the disbursement of
funds to the Seller on May&nbsp;19, 2008, Buyer shall deposit into Escrow in immediately available funds
the Purchase Price, as adjusted by any prorations and additional fees payable by the Buyer, as
shown on the Settlement Statement for Buyer prepared by Escrow Holder. On May&nbsp;19, 2008, Escrow
Holder shall deliver the Purchase Price to Seller, adjusted by any prorations, tax withholdings, or
additional fees payable by the Seller, as shown on the Settlement Statement for Seller as prepared
by Escrow Holder.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>TITLE MATTERS</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Permitted Exceptions</U>. Buyer acknowledges and confirms that Buyer has received the
preliminary title reports dated as of December&nbsp;31, 2007 (order nos. 200800526 and 200800527) for
the Property, along with a copy of the documentation that may evidence or underlie any of the title
exceptions shown in Schedule&nbsp;B thereto (collectively, the &#147;<U>Title Report</U>&#148;) from Title
Guaranty of Hawaii, Inc. (the &#147;<U>Title Company</U>&#148;). By its execution of this Agreement, Buyer
agrees to accept title to the Property at the Close of Escrow subject to the following matters and
exceptions (collectively, the &#147;<U>Permitted Exceptions</U>&#148;): (a)&nbsp;liens for nondelinquent real
property taxes; (b)&nbsp;all matters and exceptions shown in Schedule&nbsp;B of the Title Report; (c)&nbsp;any
matters affecting the Property resulting from the Buyer&#146;s acts or omissions; (d)&nbsp;all standard
printed matters and exceptions contained in the Owner&#146;s Title Policy (as defined in Section&nbsp;8.1
hereof); and (e)&nbsp;any facts, rights, interests or claims that could be ascertained by a physical
inspection of the Property, or that an accurate survey of the Property would disclose, including,
without limitation, any discrepancies or conflicts in boundary lines, shortages in area or
encroachments, except to the extent known to Seller and not disclosed to Buyer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Monetary Liens</U>. Notwithstanding anything to the contrary expressed or implied
herein, on or before the Close of Escrow, all trust deeds, mortgages, mechanic&#146;s liens, financing
statements, and other monetary liens (other than liens for nondelinquent real property taxes)
(collectively, &#147;<U>Monetary Liens</U>&#148;), shall be removed as encumbrances on title to the
Property, and as exceptions to the Owner&#146;s Title Policy for the Property, it being understood that
any and all such Monetary Liens have been disapproved by Buyer and are not Permitted Exceptions.
Furthermore, Seller shall not cause or allow any title matter not shown in the Title Report to
become of record prior to the Close of Escrow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Gap Closing</U>. Buyer and Seller have delivered to the Title Company a recordable
Memorandum of Agreement and Escrow Instructions for Purchase and Sale of Real Property and a
Memorandum of Acquisition Agreement (collectively, the &#147;Memoranda&#148;) and a Mutual Termination and
Release. The Title Company is hereby authorized and directed to record the Memoranda on May&nbsp;19,
2008 and to record the Mutual Termination and Release on the Close of Escrow. Buyer and Seller
have also delivered to the Title Company an Indemnity Agreement, for the benefit of the Title
Company. In connection with its receipt of the Indemnity Agreement
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and recordation of the Memoranda, the Escrow Holder shall disburse to the Seller the Purchase
Price (adjusted as described in Section&nbsp;2.2) on May&nbsp;19, 2008, and the Title Company shall insure
title to the Property in accordance with the Title Company&#146;s pro forma, which is to be updated as
of May&nbsp;19, 2008.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>BUYER AND SELLER REPRESENTATIONS, ACKNOWLEDGEMENTS, AND AGREEMENTS</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Due Diligence Materials</U>. Seller represents that it has provided to Buyer one
complete and legible copy of any and all information and documents known to Seller that in any way
affect the Property or the use, operation, occupancy or possession thereof or title thereto
(collectively &#147;<U>Due Diligence Materials</U>&#148;), including, without limitation, any governmental
permits or licenses; any leases, easements, rights-of-way, contracts or agreements; any historical
financial information; any notices, claims or lawsuits pertaining to the Property; any surveys,
maps, aerial photographs or diagrams of the Land; and any environmental, soils or geological
reports, studies or notices, or results of investigations or assessments. In addition, Seller has
provided Buyer with access to and copies of such other of Seller&#146;s books, records and files
pertaining to the Property as Buyer requested.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>No Assigned and Assumed Rights and Obligations</U>. The Parties have determined that
there were no rights or obligations included in the Due Diligence Materials that Seller would
assign to Buyer and that Buyer would assume from Seller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>Tax-Deferred Exchange</U>. Either Party may, at its option, elect to have the
Property transferred as part of a tax-deferred exchange pursuant to U.S. Internal Revenue Code
Section&nbsp;1031. In order to facilitate such an exchange, each Party shall cooperate with the other
Party, shall execute, acknowledge and deliver any and all documents that the requesting Party may
reasonably request, and shall deal with any intermediary as the requesting Party may direct;
<B>provided however, that </B>no Party shall be required to (a)&nbsp;incur any escrow or title cost or any
other out-of-pocket cost or expense in connection with the exchange; (b)&nbsp;take title to any property
other than the Property; or (c)&nbsp;incur any additional material liability as the result of said
cooperation, and each Party&#146;s right and ability to enforce each and every term of this Agreement
against the other Party, including, without limitation, any rights with respect to warranties and
representations, shall not be in any way materially diminished or impaired by said cooperation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>Seller&#146;s Activities Prior to the Close of Escrow</U>. From the date of this Agreement
through the Close of Escrow, Seller shall (a)&nbsp;operate and maintain the Property in a manner that is
consistent with its past practices and in accordance with Seller&#146;s normal course of operation; (b)
maintain Seller&#146;s current insurance coverages; and (c)&nbsp;not knowingly take or permit to be taken any
action that would render any of the representations or warranties of Seller set forth in this
Agreement incorrect or untrue as of the Close of Escrow; and Seller shall not (i)&nbsp;enter into any
new agreements or obtain any new permits or licenses that affect the Property, or (ii)&nbsp;amend,
extend or terminate any existing agreements or permits or licenses that affect the Property, or
(iii)&nbsp;take (or fail to take) any action if such action (or failure) might alter the existing land
use and zoning or legally allowed uses of the Property.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <U>Reporting Person</U>. Seller and Buyer hereby designate Escrow Holder as the
"<B>Reporting Person</B>&#148; for the transaction pursuant to Section 6045(e) of the Internal Revenue Code and
the regulations promulgated thereunder and agree to execute such documentation as is reasonably
necessary to effectuate such designation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <U>Delivery of Property Materials</U>. Seller shall deliver to Buyer at Close of Escrow,
outside of Escrow, all keys to the Property in the possession of Seller, its employees, agents or
contractors; all booklets, manuals, warranties and other documents relating to the Property or any
part thereof (if any and if in Seller&#146;s possession); and originals of such Due Diligence Materials
as Buyer may reasonably request.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>POSSESSION AND RISK OF LOSS</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Possession of the Property shall be delivered to Buyer at Close of Escrow. Risk of loss with
respect to the Property shall remain with Seller until the Close of Escrow, but shall pass to Buyer
at the Close of Escrow.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>SELLER&#146;S REPRESENTATIONS AND WARRANTIES</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller hereby warrants, represents and covenants to Buyer (and no one else) as of the date of
execution of this Agreement and as of the Close of Escrow that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Brokerage Fees</U>. Seller has not engaged, and owes no fees, commissions or the like
to, any broker, finder or similar agent in connection with this Agreement or the transactions
contemplated by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Foreign Person</U>. Seller is not a &#147;foreign person&#148; as that term is defined in
Section&nbsp;1445 of the Internal Revenue Code of 1986, as amended, and applicable regulations, and is
not a &#147;nonresident person&#148; as that term is used in Section&nbsp;235-68 of the Hawaii Revised Statutes,
as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <U>Seller Authority</U>. (a)&nbsp;Seller has full legal right and authority to enter into
this Agreement and the other documents to be delivered by Seller hereunder, and to consummate the
transactions contemplated herein; (b)&nbsp;each natural person executing this Agreement on behalf of
Seller is authorized to do so; and (c)&nbsp;this Agreement constitutes a valid and legally binding
obligation of Seller enforceable in accordance with its terms, subject to bankruptcy and similar
laws of general application with respect to creditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <U>No Violation</U>. Neither the execution or delivery of this Agreement nor the
performance of Seller&#146;s obligations under this Agreement violate, or will violate, any contract,
agreement or instrument to which Seller is a party or by which Seller or the Property is bound or
result in or constitute a violation or breach of any judgment, writ, order, injunction or decree
applicable to Seller or the Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <U>Litigation</U>. There are no actions, suits, claims or other proceedings that have
been served against Seller or the Property, or that to Seller&#146;s knowledge, are otherwise pending,
contemplated or threatened against Seller or the Property, that could materially and adversely
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">affect the Property, its use or value, or Seller&#146;s ability to perform its obligations as and
when required under the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <U>Consent</U>. No consent of any third party or governmental agency or governmental
authority is required for the execution of this Agreement by Seller or the consummation by Seller
of the transactions contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <U>Condemnation</U>. Seller has received no notice of any pending condemnation or
similar proceeding or assessment by any governmental agency affecting the Property or any part
thereof, and, to Seller&#146;s knowledge, no such proceeding is pending, contemplated or threatened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <U>Compliance</U>. The Property is in full compliance with all applicable permits,
approvals, licenses, certificates, covenants, conditions, restrictions, leases, easements and
agreements of any kind or nature affecting the Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <U>Adverse Title or Possession Claims</U>. Except for Permitted Exceptions, Seller is
the legal fee simple title holder of the Property and has good, marketable and insurable title to
the Property, free and clear of all occupancies, liens, encumbrances, claims, covenants, leases,
licenses, conditions, restrictions, easements, rights of way, options, judgments or other matters.
There have been no tenants and there are no tenants that have been using or have had the right to
use the Property during the period in which the Seller owned the Property, and the Seller has not
executed any leases, license agreements, or rental agreements, and has collected no revenues in
connection with its ownership of the Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <U>Environmental Matters</U>. To Seller&#146;s actual knowledge, except as disclosed in any
written environmental reports in the Due Diligence Materials, no portion of the Land is filled
land, and there are no underground or other storage tanks on the Property and there are no
Hazardous Materials (as defined below) in existence on, under or about the Property in violation of
any Environmental Laws (as defined below). For purposes of this Agreement, &#147;<B>Hazardous Materials</B>&#148;
means inflammable materials, petroleum products, explosives, radioactive materials, asbestos,
polychlorinated biphenyls, lead, lead-based paint and any other substance or material that is
listed in or regulated under any applicable federal, state or local laws pertaining to the
protection of health or the environment, including, without limitation, the Federal Water Pollution
Act, as amended (33 U.S.C. &#167; 1251 <I>et seq.</I>), the Resource Conservation and Recovery Act, as amended
(42 U.S.C. &#167; 6901 <I>et seq.</I>), and the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended (42 U.S.C. &#167; 9601 <I>et seq.</I>), the Hazardous Materials
Transportation Act, as amended (49 U.S.C. &#167; 1801 <I>et seq</I>.) (collectively, &#147;<B>Environmental Laws</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <U>Due Diligence Materials Complete</U>. The Due Diligence Materials constitute all of
the information and documents that affect the Property in any material way, and contain no material
misstatements or omissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <U>Seller Bankruptcy; Insolvency</U>. Seller has not (a)&nbsp;made a general assignment for
the benefit of creditors; (b)&nbsp;filed any voluntary petition in bankruptcy or suffered the filing of
any involuntary petition by Seller&#146;s creditors; (c)&nbsp;suffered the appointment of a receiver to take
possession of all, or substantially all, of Seller&#146;s assets; (d)&nbsp;suffered the attachment or other
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">judicial seizure of all, or substantially all, of Seller&#146;s assets; (e)&nbsp;admitted in writing its
inability to pay its debts as they come due; or (f)&nbsp;made an offer of settlement, extension or
composition to its creditors generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <U>No Use or Zoning Changes</U>. Seller has not been advised of any plan, study or
effort by any governmental agency or authority that would materially adversely affect the present
use or zoning of any portion of the Property or that would modify or realign any street or highway
adjacent to the Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <U>Land Access to Public Road</U>. The Land is not land-locked, and has legal and
perpetual access to a public two-way road.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <U>No Assessments or Deferred Taxes</U>. To Seller&#146;s actual knowledge, there are no
outstanding, pending or proposed special assessments or special real property related taxes,
including any deferred money payments or performances on account of any subdivision or change in
zoning or land use classification, affecting the Land or any acts or omissions of Seller that would
result in the imposition of any deferred or &#147;roll back&#148; taxes with respect to the Land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <U>Payment of Taxes.</U> Seller has filed, on a timely basis, all tax returns and
estimates for all years and periods for which such tax returns and estimates were due with respect
to income or revenue generated by its ownership of the Property (including, without limitation,
returns related to the Hawaii Gross Excise Tax), and all such returns and estimates were prepared
in the manner required by applicable law. Each such tax return properly reflected, and did not
understate, the gross revenue, the taxable income, and the liability for taxes of the Seller in the
relevant taxation period covered by the tax return. The Seller has paid in full all taxes that are
(or were) due and payable by the Seller with respect to the operations of the Seller on the
Property. The Seller has not ever received written notice from any governmental agency or
authority in a jurisdiction where the Seller does not currently file tax returns to the effect that
the Seller is or may be subject to taxation by that jurisdiction arising out of the operations of
the Seller on the Property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <U>Improvement Contracts</U>. There are no outstanding contracts for the construction
of improvements on the Land that have not been fully paid for, there are no mechanics&#146; or
materialmen&#146;s liens applicable to the Land arising from any labor or materials furnished to the
Land, and Seller has not authorized any actions on the Land that would give rise to the right to a
mechanic&#146;s or materialmen&#146;s lien on the Land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <U>Plant and Equipment</U>. To Seller&#146;s actual knowledge, the electrical, plumbing,
irrigation, heating and cooling systems and appliances, if any, in the improvements on the Land are
in good working order; the roofs, structural components and foundations of the improvements, if
any, on the Land are performing the function for which they were intended and are not in need of
repair; there are no unusual drainage conditions or evidence of mold, mildew or excessive moisture
adversely affecting the Land and improvements thereon; and the electrical, telephone, gas, water
and waste disposal systems serving the Land and the improvements are adequate, not in need of
repair and are performing the functions for which there were intended.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 <U>Wetlands</U>. To Seller&#146;s actual knowledge, there are no areas of the Land subject
to wetlands regulation or the jurisdiction of any federal, state or county agency regulating and
controlling wetlands, and no such agency has made a determination that any wetland exists on the
Land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 <U>Historic Sites</U>. To Seller&#146;s actual knowledge, the Land does not contain and
buildings, structures, objects, districts, areas or sites of prehistoric, historic or archeological
interest or significance of any site eligible for listing on the National Register of Historic
Places.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 <U>Endangered Species</U>. To Seller&#146;s actual knowledge, the Land does not contain any
aquatic life, wildlife or plant defined as or include in the definition of &#147;endangered species&#148;
under any federal, state, or local laws, ordinances or regulations relating to the conservation,
preservation, management or protection of any endangered species or critical habitat upon which any
endangered species depends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 <U>Disability Access</U>. To Seller&#146;s actual knowledge, all improvements within the
Land comply with all governmental requirements regarding access of disabled persons including,
without limitation, Titles III and V of the Americans With Disabilities Act of 1990, 42 U.S.C. &#167; &#167;
12101, <I>et seq</I>. or any other similar federal, state or local laws or ordinances and regulations
promulgated thereunder.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>BUYER&#146;S REPRESENTATIONS AND WARRANTIES</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer hereby warrants, represents and covenants to Seller (and no one else) as of the Opening
of Escrow and the Close of Escrow that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Brokerage Fees</U>. Buyer has not engaged, and owes not fees, commissions or the like
to, any broker, finder or similar agent in connection with this Agreement or the transactions
contemplated by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Buyer&#146;s Authority</U>. (a)&nbsp;Buyer has full legal right and authority to enter into
this Agreement and to consummate the transactions contemplated herein; (b)&nbsp;each natural person
executing this Agreement on behalf of Buyer is authorized to do so; and (c)&nbsp;this Agreement
constitutes a valid and legally binding obligation of Buyer enforceable in accordance with its
terms, <B>subject </B>to bankruptcy and similar laws of general application with respect to creditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Buyer Bankruptcy; Insolvency</U>. Buyer has not (a)&nbsp;made a general assignment for the
benefit of creditors; (b)&nbsp;filed any voluntary petition in bankruptcy or suffered the filing of any
involuntary petition by Buyer&#146;s creditors; (c)&nbsp;suffered the appointment of a receiver to take
possession of all, or substantially all, of Buyer&#146;s assets; (d)&nbsp;suffered the attachment or other
judicial seizure of all, or substantially all, of Buyer&#146;s assets; (e)&nbsp;admitted in writing its
inability to pay its debts as they come due; or (f)&nbsp;made an offer of settlement, extension or
composition to its creditors generally.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>BUYER&#146;S CONDITIONS</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buyer&#146;s obligation to complete the purchase of the Property as contemplated herein is subject
to each of the conditions contained in this Article&nbsp;8.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Owner&#146;s Title Policy</U>. Upon the Close of Escrow, Escrow Holder shall be in a
position to deliver to Buyer a standard coverage owner&#146;s policy of title insurance (including a
non-imputation endorsement re Mr.&nbsp;Cole, and such access, subdivision, zoning and other endorsements
as Buyer may reasonably request) with a liability limit equal to the Purchase Price, insuring
record title to the Property in Buyer, subject only to the Permitted Exceptions (the &#147;<U>Owner&#146;s
Title Policy</U>&#148;), as of the pro forma issued to Buyer on and as of May&nbsp;19, 2008.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>INDEMNIFICATION</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <U>Indemnification by Seller</U>. Seller shall indemnify, protect, defend (with counsel
reasonably acceptable to Buyer) and hold Buyer and Buyer&#146;s officers, directors, members, employees
and agents harmless from and against any and all claims, fines, assessments, demands, liabilities,
losses, damages, costs and expenses (including, but not limited to, interest, awards, judgments,
penalties, reasonable attorneys&#146;, accountants&#146; or other professionals&#146; fees, court or other
proceeding fees or costs, or expenses of every kind and nature whatsoever) all the foregoing
collectively &#147;<U>Losses</U>&#148;) that Buyer shall incur or suffer and that arise or result from or
relate to any breach of any representation, warranty, covenant, agreement or obligation of Seller
contained in this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <U>Indemnification by Buyer</U>. Buyer shall indemnify, protect, defend (with counsel
reasonably acceptable to Seller) and hold Seller and Seller&#146;s officers, directors, members,
employees and agents harmless from and against any and all Losses that Seller shall incur or suffer
and that arise or result from or relate to any of the following: (a)&nbsp;any breach of any
representation, warranty, covenant, agreement or obligation of Buyer contained in this Agreement;
(b)&nbsp;any and all statutory or common law liens or other encumbrances for labor or materials
furnished in connection with any tests, samplings, studies, surveys or other activities as Buyer
may conduct on or with respect to the Property; or (c)&nbsp;any injury to or death of persons or damage
to the Property or any other property occurring in, on or about the Property as a result of Buyer&#146;s
acts or omissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <U>Survival of Indemnities.</U> The indemnities set forth in Sections&nbsp;9.1 and 9.2 above
shall survive the Closing and shall not be merged into the Deed (as defined in Section&nbsp;10.5.1).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <U>Matters Involving Third Parties</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any third party shall notify a Party (the &#147;<U>Indemnified Party</U>&#148;) with respect to any
matter which may give rise to a claim for indemnification against the other Party (the
&#147;<U>Indemnifying Party</U>&#148;) under this Article&nbsp;9, then the Indemnified Party shall promptly
notify the Indemnifying Party thereof in writing; <B>provided, however, that </B>no delay on the part of
the Indemnified Party in notifying the Indemnifying Party shall relieve the Indemnifying Party from
any obligation hereunder unless (and then solely to the extent) the Indemnifying Party thereby is
prejudiced.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>10.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>ESCROW AND ESCROW INSTRUCTIONS; CLOSING DELIVERIES</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <U>Escrow</U>. The purchase and sale of the Property shall be conducted through an
escrow (the &#147;<U>Escrow</U>&#148;) with Title Guaranty Escrow Services, Inc. (&#147;<U>Escrow Holder</U>&#148;)
at the Escrow Holder&#146;s address indicated in Section&nbsp;11.11 hereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <U>Opening of Escrow</U>. The opening of Escrow (the &#147;<U>Opening of Escrow</U>&#148;) shall
occur when Escrow Holder possesses a copy or copies of this Agreement executed in counterparts or
otherwise by the Parties. Escrow Holder&#146;s signature below shall constitute the agreement of Escrow
Holder to serve hereunder in such capacity, and Escrow Holder shall insert the date of the Opening
of Escrow where indicated at the end of this Agreement. Escrow Holder shall promptly return to
each Party counterparts of this Agreement executed by the other Party and Escrow Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <U>Further Escrow Instructions</U>. The Parties shall promptly execute and deliver to
Escrow Holder such additional instructions, resolutions and other documents as Escrow Holder may
reasonably require that are not inconsistent with or contrary to the provisions hereof. In the
event of any inconsistency or conflict between said instructions and the provisions of this
Agreement, this Agreement shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <U>Closing Date</U>. The &#147;<U>Closing Date</U>&#148; shall mean the date that the Close of
Escrow occurs, which date shall occur on May&nbsp;30, 2008. The Close of Escrow shall mean the date on
which the Warranty Deed is recorded by the Title Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <U>Documents</U>. On or before the Business Day immediately prior to the Closing Date,
the Parties shall do the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.1 <U>Seller Deposits</U>. Seller shall deposit into Escrow the following documents
(each fully executed and, as to the Deed and the Recordable Documents, notarized): (a)&nbsp;a full
warranty deed (the &#147;<U>Deed</U>&#148;); (b)&nbsp;a certificate (&#147;<U>Seller&#146;s Certificate</U>&#148;), in form and
substance reasonably satisfactory to the Buyer, stating that (1)&nbsp;each representation and warranty
of Seller contained in this Agreement (including any exhibit, schedule, or other agreement or
document delivered pursuant hereto) is true and correct in all respects on and as of the Closing
Date with the same effect as if such representation and warranty had been made on and as of the
Closing Date, and (2)&nbsp;Seller has performed in all material respects all agreements required by this
to be performed by it prior to or at the Closing; (c)&nbsp;a certificate satisfying requirements of
Section&nbsp;1445 of the Internal Revenue Code (the &#147;<U>FIRPTA Certificate</U>&#148;), an executed
Conveyance Tax Certificate (Form P-64A) for the Deed, a certificate certifying whether Seller is or
is not a &#147;nonresident person&#148;, as that term is used in Section&nbsp;235-68 of the Hawaii Revised
Statutes, as amended (the &#147;<U>HARPTA Certificate</U>&#148;), and a bulk sale or transfer certificate
for Seller issued by the State of Hawaii under Section&nbsp;237-43 of the Hawaii Revised Statutes, as
amended (the &#147;<U>Tax Clearance Certificate</U>&#148;); (d)&nbsp;such other documents and affidavits as may
be reasonably required by the Escrow Holder or by the Title Company in connection with the issuance
of the Owner&#146;s Title Policy; (e)&nbsp;such evidence of Seller&#146;s authority to enter into and consummate
this transaction as the Escrow Holder may reasonably require; (f)&nbsp;Memorandum of Agreement and
Escrow Instructions for Purchase and Sale of Real Property, Memorandum of Acquisition Agreement,
and Mutual Termination and Release of Acquisition Agreement (collectively, the &#147;<U>Recordable
Documents</U>&#148;); and (g)&nbsp;such other documents as Buyer may reasonably require to effectuate the
transfer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.2 <U>Buyer&#146;s Deposits</U>. Buyer shall deposit into Escrow the following funds and the
following documents (each fully executed, and as to the Recordable Documents, notarized): (a)&nbsp;the
Balance of the Purchase Price, plus funds for such prorations and additional
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">charges are required by the Escrow Officer; (b)&nbsp;a certificate (&#147;Buyer&#146;s Certificate&#148;), in form
and substance reasonably satisfactory to the Seller, stating that (1)&nbsp;each representation and
warranty of Buyer contained in this Agreement (including any exhibit, schedule, or other agreement
or document delivered pursuant hereto) is true and correct in all respects on and as of the Closing
Date with the same effect as if such representation and warranty had been made on and as of the
Closing Date, and (2)&nbsp;Buyer has performed in all material respects all agreements required by this
to be performed by it prior to or at the Closing; (c)&nbsp;Buyer&#146;s notice to Seller and Escrow Holder
that the Property (including, without limitation, the Title Report or any other aspect of title) is
satisfactory to Buyer in all aspects; (d)&nbsp;the Recordable Documents; and (e)&nbsp;such other documents
and affidavits as may be reasonably required by the Escrow Holder or the Title Company in
connection with the issuance of the Owner&#146;s Title Policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <U>Closing Costs</U>. The costs of consummating the purchase and sale contemplated
herein (collectively, the &#147;<U>Closing Costs</U>&#148;) shall be paid through Escrow as follows: (a)
Seller and Buyer shall each pay one-half (<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>) of Escrow Holder&#146;s fees and expenses; (b)&nbsp;Seller shall
pay the real-estate documentary transfer taxes arising in connection with the recordation of the
Deed, and the costs of the Owner&#146;s Title Policy (collectively, the &#147;<U>Title Policy Costs</U>&#148;);
(c)&nbsp;Buyer shall pay all recording fees; and (d)&nbsp;Buyer shall pay for any title insurance costs for
any endorsements or other coverages that Buyer may request of the Title Company and that are beyond
those customarily included in a standard coverage owner&#146;s policy of title insurance. <B>Except </B>as
specifically set forth in this Section or elsewhere in this Agreement, each Party shall pay its own
fees and expenses incurred by it or on its behalf in connection with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <U>Prorations</U>. Real-estate taxes and assessments shall be prorated between Buyer
and Seller at and as of the Close of Escrow based upon the most recent available information in the
tax assessor&#146;s office. Rents, fees and other items of income or expense from the Property shall
also be prorated between Buyer and Seller at and as of the Close of Escrow. On or before five (5)
Business Days prior to the Closing Date, Escrow Holder shall advise Buyer and Seller of Escrow
Holder&#146;s estimate of the net credit to Buyer or Seller, as the case may be, resulting from such
prorations. If such prorations result in a net credit to Seller, Buyer shall deposit in Escrow in
immediately available funds, along with the Balance of the Purchase Price, the amount of such
credit estimated by Escrow Holder. If the tax proration is based on tax bills for the calendar year
immediately preceding the year of the Close of Escrow and the actual amount of taxes for the year
of the Close of Escrow differs from the amount upon which the prorations were based, then Buyer and
Seller, promptly upon receipt by either of them of the notice or bill for the taxes actually
pertaining to the year of the Close of Escrow, shall between themselves (and outside Escrow) adjust
the prorations made at the Close of Escrow to accurately reflect the taxes actually payable for the
year of the Close of Escrow, with the taxes to be computed with the maximum discount for prompt
payment, if any. Seller shall be solely responsible for any and all taxes payable for any period
preceding the Close of Escrow, including but not limited to any &#147;roll back&#148; or other taxes assessed
or payable after the Close of Escrow with respect to any ownership or actions on the Property for
any period prior to Close of Escrow; <B>provided, however, that </B>Buyer (not Seller) shall be entirely
responsible for any increase in post-Close of Escrow real-property taxes that may occur by reason
of the sale of the Property to Buyer by reason of any reappraisal of the Property for tax purposes
or otherwise.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <U>Close of Escrow</U>. As soon as:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Seller has deposited into Escrow all of the documents specified in Section&nbsp;10.5.1 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Buyer has deposited into Escrow (i)&nbsp;the Balance of the Purchase Price, (ii)&nbsp;any additional
funds required to pay the estimated net credit to Seller for the required prorations, (iii)&nbsp;any
additional funds required to pay Buyer&#146;s share of the Closing Costs, and (iv)&nbsp;the documents
specified in Section&nbsp;10.5.2 hereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;As soon as Escrow Holder is prepared to deliver to Buyer, upon recordation of the Deed,
the Owner&#146;s Title Policy insuring title to the Property subject only to the Permitted Exceptions,
Escrow Holder shall do the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cause the Title Company to record
the Deed in the Bureau of Conveyances of the State of Hawaii;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver to Buyer Seller&#146;s
Certificate, the FIRPTA Certificate, the Tax Clearance
Certificate, copies of the HARPTA Certificate and the Conveyance
Tax Certificate, the Owner&#146;s Title Policy and any other
documents which Seller is to deliver and Buyer is to receive
hereunder through Escrow at the Close of Escrow;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver to Seller Buyer&#146;s
Certificate and any other documents which Buyer is to deliver
and Seller is to receive hereunder through Escrow at the Close
of Escrow;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver, record or file any other
documents deposited into Escrow as required by such documents or
hereunder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disburse to Seller, by wire
transfer to an account designated by Seller in writing, the
Purchase Price less (A)&nbsp;the amount of any net credit to Buyer
resulting from the prorations required hereunder and (B)
Seller&#146;s share of the Closing Costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disburse to the Title Company the
Title Policy Costs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disburse Escrow Holder&#146;s fees to
Escrow Holder;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disburse to Buyer any funds remaining in Escrow after the
foregoing payments; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain for each Party conformed
copies of all documents recorded in connection with the
transactions contemplated hereunder.</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Escrow Holder&#146;s performance of the foregoing actions shall be deemed to occur simultaneously. The
taking of such actions and the moment thereof are hereinabove and hereinafter called the &#147;<U>Close
of Escrow</U>&#148;. The Close of Escrow shall occur immediately following the closing of the
transactions described in that certain Acquisition Agreement (the &#147;<U>Acquisition Agreement</U>&#148;)
dated as of the date hereof, by and among Buyer and the shareholders of Hawaiian Sweet, Inc., a
California corporation, and CW Hawaii Pride LLC, a Hawaii limited liability company.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>11.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>GENERAL PROVISIONS</B>.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <U>Attorneys&#146; Fees</U>. Should either Party institute any action or proceeding to
enforce any provision of this Agreement, or for damages by reason of an alleged breach of any
provision of this Agreement, or for a declaration of rights hereunder, or for any other relief
arising out of or related to the transaction contemplated by this Agreement, the prevailing Party
in any such action shall be entitled to receive from the other Party all costs and expenses,
including its reasonable attorneys&#146; and expert witness fees, incurred by the prevailing Party in
connection with such action or proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <U>Binding Effect; Assignment</U>. Either Party may assign all or any portion of its
rights and obligations under this Agreement to anyone, including, without limitation, any officer,
director, shareholder, partner, manager, member, trustee, executor, administrator, subsidiary,
parent company other related entity or other fiduciary of the assigning Party, and this Agreement
shall be binding upon and inure to the benefit of each of the Parties and their respective
successors and assigns; <B>provided, however, that </B>no assignment of a Party&#146;s rights or obligations
hereunder (whether in whole or in part) shall relieve such assigning Party of its obligations
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <U>Time of Essence</U>. Time is of the essence of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <U>Days and Business Days</U>. The term &#147;<U>day</U>&#148; means a calendar day, and the
term &#147;<U>Business Day</U>&#148; means any day other than a Saturday, Sunday or legal holiday under the
laws of the United States or the State of Hawaii. Any period of time specified in this Agreement,
which would otherwise, end upon a non-Business Day shall be extended to, and shall end upon, the
next following Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <U>Entire Agreement; Modifications</U>. This Agreement constitutes the entire agreement
between the Parties hereto pertaining to the subject matter hereof and supersedes all prior
negotiations, agreements and understandings of the Parties with respect to the subject matter
hereof, including, without limitation, the letter agreement dated October&nbsp;25, 2007 between the
Parties. This Agreement may not be modified, amended, supplemented or otherwise changed except by
a writing executed by all of the Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <U>Further Assurances</U>. Each Party and Escrow Holder shall from time to time
execute, acknowledge and deliver such further instruments and perform such additional acts as the
other Party or Escrow Holder may reasonably request to effectuate the intent of this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <U>Titles and Headings</U>. Titles and headings of Sections in this Agreement are for
convenience of reference only and shall not affect the construction of any provision of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <U>Execution in Counterparts</U>. This Agreement, and any amendment hereto, may be
executed in two or more counterparts, each of which when so executed and delivered shall be deemed
an original, but all of which taken together shall constitute but one and the same instrument. To
expedite the transaction contemplated herein, signatures appearing on e-mailed, faxed or telecopied
transmissions may be used in place of original signatures on this Agreement. Seller and Buyer
intend to be bound by the signatures on the e-mailed, faxed or telecopied transmission, are aware
that the other Party will rely on the e-mailed, faxed or telecopied signatures, and hereby waive
any defenses to the enforcement of the terms of this Agreement based on the fact that a signature
may be in e-mailed, faxed or telecopied form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <U>Governing Law</U>. This Agreement shall be deemed to be a contract made under the
laws of the State of Hawaii and for all purposes shall be governed and construed in accordance with
the laws of said State (without regard to such State&#146;s conflicts-of-law rules or laws).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <U>Exhibits</U>. Each of the exhibits referred to herein and attached hereto is
incorporated herein by this reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <U>Notices</U>. Except as expressly provided to the contrary herein, any notice,
consent, report, demand, document or other item to be delivered to Buyer, Seller or Escrow Holder
hereunder shall be deemed delivered and received (a)&nbsp;when given in writing and personally delivered
to the person designated below for the applicable party; (b)&nbsp;one (1)&nbsp;day after delivery to Federal
Express or other nationally known &#147;<U>next-day</U>&#148; delivery service with delivery charges prepaid
for delivery the following Business Day to the person designated below for the applicable party;
(c)&nbsp;upon delivery by the United States Postal Service, first-class registered or certified mail,
postage prepaid, return receipt requested, at the time of delivery shown upon such receipt; or (d)
when received by facsimile with confirmation of transmission by the sender; and in any such case
shall be delivered to the address or addresses indicated for such party below, and/or to such other
person or address as such party may from time to time by written notice designate to the other:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>If to Buyer:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Calavo Growers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1141-A Cummings Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santa Paula, CA 93060</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Art Bruno, Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax No.: (805)&nbsp;921-3287</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel. No.: (805)&nbsp;525-1245</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>with a copy to:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TroyGould</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1801 Century Park East</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Los Angeles, CA 90067-2367</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Sandra Slon, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax No.: (310)&nbsp;789-1492</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel. No.: (310)&nbsp;789-1392</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Carlsmith Ball LLP</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">P.O. Box 656</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honolulu, HI 96809-0656</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Robert Strand, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax No.: (808)&nbsp;523-0842</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel. No.: (808)&nbsp;523-2525</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>If to Seller:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lecil E. Cole</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C/o Calavo Growers, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1141-A Cummings Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Santa Paula, CA 93060</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax No.: (805)&nbsp;921-3287</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel. No.: (805)&nbsp;525-1245</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>If to Escrow Holder:</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title Guaranty Escrow Services, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">235 Queen Street</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Honolulu, HI 96813</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Barbara Paulo, Asst. Vice President,
Escrow Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax No.: (808)&nbsp;521-0209</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tel. No. (808)&nbsp;521-0280</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Escrow No.: A8-101-0270</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <U>Invalidity of Certain Provisions</U>. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of any other provision
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 <U>Survival</U>. All covenants, obligations, indemnities, rights, remedies,
representations and warranties contained in this Agreement shall survive the Close of Escrow, and
shall not be merged into, or otherwise extinguished by the Deed, it being understood that such
covenants, obligations, indemnities, rights, remedies, representations and warranties shall control
in the event that any of them may conflict (or be inconsistent) with any implied covenants in the
Deed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 <U>Jurisdiction; Hawaiian Courts</U>. BUYER AND SELLER HEREBY CONSENT AND SUBMIT TO
THE EXCLUSIVE JURISDICTION OF ALL FEDERAL AND STATE COURTS IN THE STATE OF HAWAII FOR PURPOSES OF
ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY. EACH PARTY AGREES THAT SUCH COURTS SHALL HAVE EXCLUSIVE JURISDICTION FOR ALL LEGAL
PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 <U>Parties-in-Interest</U>. All the conditions and covenants of this Agreement are
imposed only for the benefit of the Parties hereto and their successors and assigns as provided
herein. No other person shall have standing to require satisfaction or performance under any of
the terms hereof, and no such person shall be deemed, under any circumstances, to be a beneficiary
of the conditions and covenants of this Agreement, or have a right of subrogation hereunder unless
the Parties hereto expressly waive this Section and agree to same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 <U>Fair Construction</U>. This Agreement shall be given a fair and reasonable
construction in accordance with the intention of the Parties without regard to the Party
responsible chiefly for the drafting of this Agreement. All references to Section numbers in this
Agreement are references to Sections of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 <U>Other Definitions</U>. Terms defined in any other part of this Agreement shall have
the defined meanings wherever capitalized herein. As used in this Agreement, the terms
&#147;<U>herein,</U>&#148; &#147;<U>hereof</U>&#148; and &#147;<U>hereunder</U>&#148; refer to this Agreement in its entirety
and are not limited to any specific sections; and the term &#147;<U>person</U>&#148; means any natural
person, other legal entity, or combination of natural persons and/or other legal entities.
Wherever appropriate in this Agreement, the singular shall be deemed to refer to the plural and the
plural to the singular, and pronouns of certain genders shall be deemed to comprehend either or
both of the genders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 <U>Nonwaiver</U>. Unless otherwise expressly provided herein, no waiver by Seller or
Buyer of any provision hereof shall be deemed to have been made unless expressed in writing and
signed by the waiving Party. No delay or omission in the exercise of any right or remedy accruing
to Seller or Buyer upon any breach under this Agreement or otherwise shall impair such right or
remedy or be construed as a waiver of any such right, remedy or breach theretofore or thereafter
occurring. The waiver by Seller or Buyer of any breach of any term, covenant or condition herein
stated shall not be deemed to be a waiver of any other breach, or of a subsequent breach of the
same or any other term, covenant or condition herein contained. Except as otherwise expressly
provided herein to the contrary, (a)&nbsp;all rights, powers, options, or remedies afforded to either
Seller or Buyer hereunder or by law shall be cumulative and not alternative, and (b)&nbsp;the exercise
of one right, power, option, or remedy shall not bar other rights, powers, options or remedies
allowed herein or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 <U>Recording</U>. The Parties agree that the Recordable Documents described in Section
10.5.1 and 10.5.2 shall be recorded.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Buyer and Seller have caused this Agreement to be executed and delivered
by their respective representatives, thereunto duly authorized, as of the date first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U><B>BUYER</B></U><B>:<BR><BR>
CALAVO GROWERS, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
/s/ Eugene Carbone&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Eugene Carbone,</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><B>Chairman of the Special Committee of the Board of Directors</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U><B>SELLER</B></U><B>:</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="center"><b>/s/
Lecil E. Cole</b>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center"><B>Lecil E. Cole, as Trustee of the Lecil E. and Mary Jeanette Cole 1993 Revocable Trust</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="center"><b>/s/
Mary Jeanette Cole</b>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="center"><B>Mary Jeanette Cole, as Trustee of the Lecil E. and Mary Jeanette Cole 1993 Revocable Trust</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U><B>ESCROW HOLDER</B></U><B>:<BR><BR>
TITLE GUARANTY ESCROW SERVICES, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Barbara Paulo
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Barbara Paulo&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Asst. Vice President,<BR>
Escrow Officer</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" valign="top">
Escrow No.: A8-101-0270</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date of Opening of Escrow: May&nbsp;19, 2008.

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /Folio -->
</DIV>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>v41085exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Calavo Growers, Inc. (Nasdaq-GM: CVGW)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt">Lee Cole, Calavo Growers, Inc., (805)&nbsp;921-3243<BR>
or<BR>
Jerry Freisleben, Foley/Freisleben LLC, (213)&nbsp;955-0020
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALAVO GROWERS ACQUIRES HAWAII-BASED PAPAYA AND<BR>
TROPICAL-PRODUCT PACKING, PROCESSING OPERATIONS;<BR>
COMPANY ALSO HIRES VETERAN SECURITIES ANALYST FOR<BR>
STRATEGIC DEVELOPMENT POST</B>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Transaction Highlights:</B>
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    <TD> <B>Brings Papaya Packing Under Direct Calavo Control</B></TD>
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    <TD><B>Expands Footprint in Tropical Products Category</B></TD>
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    <TD><B>Provides Immediate Increase in Revenues and Earnings</B></TD>
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    <TD><B>Extends Papaya Relationship Dating Back to 1949</B></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SANTA PAULA, Calif. (May&nbsp;20, 2008)&#151;Calavo Growers, Inc. (Nasdaq-GM: CVGW) today announced that it
has acquired Hawaiian Sweet Inc. and Hawaii Pride LLC, papaya and tropical-product packing and
processing operations on the Big Island owned by Calavo&#146;s Chairman, President and Chief Executive
Officer, Lee E. Cole. The company also reported that it has appointed Michael R. Lippold, CFA, a
food-industry securities analyst, as director of strategic development, a newly created position.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A worldwide leader in avocado marketing and an expanding provider of other
fresh-commodity-produce items, Calavo said that both the papaya acquisition and Lippold hire are
consistent with its CEO&#146;s declared business agenda targeting 25&nbsp;percent compound annual revenue
growth through fiscal 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under terms of the transaction, Calavo acquires fresh operations which pack an estimated 65-70
percent of all Hawaiian-grown papayas and 80&nbsp;percent of the mainland supply originating from the
islands. The purchase brings under company ownership two fresh-papaya packinghouses and cooling
facilities, papaya and guava puree operations (sold in bulk to food manufacturers) and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Calavo Acquires Hawaiian Papaya Operations/2-2-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S.D.A.-approved electronic-beam-irradiation technology used for processing Hawaiian sweet
potatoes, papayas, and other tropical fruits bound for export. Calavo also gains approximately
3,000 acres on the eastern slopes of the Big Island&#151;more than 725 owned and the remainder under
lease&#151;which, in turn, are sublet to farmers under contract for their harvests with Hawaiian Sweet.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An all-cash transaction, the total purchase consideration ranges from $10 to $14&nbsp;million,
subject to meeting certain operating-performance targets through May&nbsp;31, 2009. Calavo indicated
that it will finance the acquisition under existing credit facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calavo Chief Operating Officer Arthur J. Bruno said that he is very optimistic about the
purchase, which brings both Hawaiian operations under direct company control. Since 1949, Calavo
has sold and marketed Hawaiian papayas, a relationship that continued following Cole&#146;s acquisition
of Hawaiian Sweet in the early 1990s.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>COO Bruno Cites Benefits to Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Calavo transitions from simply being paid a commission on its papaya sales to collecting full
margin based on its ownership of the papaya and tropical-product operations,&#148; said Bruno. &#147;We are
confident that our company&#146;s depth of financial and operational resources, along with a growing
position in the tropical-produce category, can propel these acquired assets to the next level.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;The company anticipates increasing Hawaiian Sweet and Hawaiian Pride revenues and earnings,
which we believe offer room for substantial growth as we further invest in the category. The
company also expects to achieve efficiencies through elimination of certain duplicative overhead
functions. With respect to the balance sheet, Calavo estimates gaining more than $8&nbsp;million in
tangible assets from the collective packing and processing facilities, as well as 725-plus prime
agriculture acres,&#148; Bruno continued.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Calavo Acquires Hawaiian Papaya Operations/3-3-3</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruno indicated that Calavo presently ships approximately 200,000 lbs. of
fresh papayas to the mainland each week, a figure that offers ample room for growth. &#147;We possess
sufficient capacity in the acquired packinghouses to ratchet up volumes substantially as we work to
expand the revenue base in the category,&#148; he said.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egidio Carbone, Jr., the independent Calavo director who led the special board committee
overseeing the transaction, stated: &#147;The board committee carefully evaluated this acquisition on
its merits to Calavo and we believe the value&#151;both immediately and over time&#151;will add
substantially to the company. Mindful of the inherent potential for conflict, we took
extraordinary care to ensure the transaction was completed with independent oversight and reflected
the board&#146;s dedication to proper corporate governance.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A fairness opinion on the acquisition was rendered to the company and its board committee by
Key and Company LLC, an investment banking firm focused on the food and agribusiness industries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carbone added: &#147;In the independent committee&#146;s view, the Hawaiian Sweet and Hawaii Pride
assets are uniquely suited for Calavo. For clear strategic and competitive reasons, we believed it
was vitally important to ensure that the company&#146;s market position in the papaya category remained
secure.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>New Hire to Assist in Identifying Future Acquisition Targets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lippold, who holds the Chartered Financial Analyst designation, will join the company from
Craig-Hallum Capital Group LLC, a Minneapolis-based institutional research and investment bank
where he had been since last year a senior research analyst in the consumer sector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In his new post at the company, Lippold will undertake a wide range of responsibilities that
include identifying potential mergers and acquisitions, valuations, new product identification and
assessment, and capital-markets outreach, among other duties, according to CEO Cole.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Calavo Acquires Hawaiian Papaya Operations/4-4-4</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Mike Lippold brings a perspective honed in capital markets to Calavo at a unique juncture in
our evolution,&#148; Cole said. &#147;Our management is laying the foundation for driving Calavo sales
toward $1&nbsp;billion and beyond by fiscal 2013 and strategic acquisitions are going to play an
integral part of the growth plan. Having followed the company as an analyst, he possesses good
insight to Calavo and our industry, knows our strategy and understands management&#146;s growth mandate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Mike&#146;s primary charter will be to rigorously evaluate the universe of fresh and processed
food and agribusiness companies suitable for our consideration. We welcome him to the team and
look forward to his many and varied contributions as we move ahead,&#148; Cole said.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lippold spent seven years in the investment-management business before joining Craig-Hallum.
Prior to that, he was a quantitative portfolio manager for Telluride Asset Management LLC, where he
had oversight and traded a fundamental equity portfolio for two years. From 2000-2005, he served
first as a research analyst and subsequently co-managed a small-cap stock portfolio with Rocket
Capital Management LLC. Both Telluride and Rocket are based in Wayzata, Minn. Lippold earned his
B.A. degree in financial economics from Gustavus Adolphus College, Saint Peter, Minn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Calavo</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calavo Growers, Inc. is a worldwide leader in the procurement and marketing of fresh avocados
and other perishable foods, as well as the manufacturing and distribution of processed avocado
products. Founded in 1924, Calavo&#146;s expertise in marketing and distributing avocados, processed
avocados and other perishable foods allows the company to deliver a wide array of fresh and
processed food products to food distributors, produce wholesalers, supermarkets and restaurants on
a global basis.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Calavo Acquires Hawaiian Papaya Operations/5-5-5</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Safe Harbor Statement</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This news release contains statements relating to future events and results of Calavo
(including certain projections and business trends) that are &#147;forward-
looking statements&#148; as defined in the Private Securities Litigation Reform Act of
1995. Actual results and events may differ from those projected as a result of certain risks and
uncertainties. These risks and uncertainties include but are not
limited to: increased competition, conducting substantial amounts of business internationally,
pricing pressures on agricultural products, adverse weather and growing conditions confronting
avocado growers, new governmental regulations, as well as other risks and uncertainties detailed
from time to time in the company&#146;s Securities and Exchange Commission filings, including, without
limitation, the company&#146;s Report on Form 10-K for the year ended October&nbsp;31, 2007. These
forward-looking statements are made only as of the date hereof, and the company undertakes no
obligation to update or revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"># # #
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