<SEC-DOCUMENT>0001193125-13-455104.txt : 20131126
<SEC-HEADER>0001193125-13-455104.hdr.sgml : 20131126
<ACCEPTANCE-DATETIME>20131126165059
ACCESSION NUMBER:		0001193125-13-455104
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131120
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131126
DATE AS OF CHANGE:		20131126

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
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-33385
		FILM NUMBER:		131244750

	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>d636762d8k.htm
<DESCRIPTION>8-K
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report: November&nbsp;26, 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of earliest event reported: November&nbsp;20, 2013 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CALAVO GROWERS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>California</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>000-33385</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>33-0945304</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1141-A Cummings Road, Santa Paula, California 93060 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices)&nbsp;(Zip Code) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (805)&nbsp;525-1245 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;20, 2013, Calavo Growers,
Inc. (&#147;Calavo&#148; or &#147;we&#148;), Renaissance Food Group, LLC (&#147;RFG&#148;) and Liberty Fresh Foods, LLC, Kenneth J. Catchot, Cut Fruit, LLC, James S. Catchot, James Gibson, Jose O. Castillo, Donald L. Johnson and the RFG Nominee
Trust (collectively, the &#147;Sellers&#148;) entered into Amendment No.&nbsp;2 , dated as of October&nbsp;1, 2013 (the &#147;Second Amendment&#148;), to the Agreement and Plan of Merger described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Calavo, RFG and the Sellers are parties to an Agreement and Plan of Merger dated as of May&nbsp;25, 2011, as amended by Amendment No 1
thereto, dated July 28, 2013 (as so amended the &#147;Merger Agreement&#148;), pursuant to which, among other things, Calavo acquired RFG from the Sellers and Calavo agreed to make Earn-Out Payments to the Sellers upon the satisfaction of certain
performance requirements specified in the Merger Agreement. Except as otherwise defined in this Current Report on Form 8-K, capitalized terms used in this report have the meanings given to them in the Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Merger Agreement provides that, upon the attainment of the Stage 3 Maximum Earn-Out Trigger or the Stage 3 Scale Earn-Out Trigger, as
applicable, Calavo shall be obligated to make a Stage 3 Earn-Out Payment to the Sellers consisting of either the Stage&nbsp;3&nbsp;Maximum Earn-Out Consideration or the Stage 3 Scale Earn-Out Consideration, each of which shall consist of a specified
amount of cash and a specified number of Merger Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Second Amendment, Calavo, RFG and the Sellers amended the Merger
Agreement to provide, among other things, that: (1)&nbsp;with respect to the portion of the Stage 3 Maximum Earn-Out Consideration or the Stage 3 Scale Earn-Out Consideration, as applicable, that is currently required by the Merger Agreement to be
paid in cash to the Sellers, Calavo shall have the right to elect to pay all or a portion of such cash amount by delivery of additional Merger Shares to the RFG Nominee Trust (the &#147;Trust&#148;), for the benefit of the Sellers; (2)&nbsp;the
Sellers shall receive specified price protection from Calavo with respect to the Trust&#146;s sale of shares of Common Stock on the Nasdaq Stock Market, up to the total number of shares of Common Stock issued to the Trust pursuant to this Second
Amendment; and (3)&nbsp;Calavo shall file with the SEC a Registration Statement on Form S-3 covering the Trust&#146;s resale on the Nasdaq Stock Market of any additional Merger Shares issued pursuant to the Second Amendment for sales that occur
during the period specified in this Second Amendment. Any additional Merger Shares issued by Calavo in lieu of cash payments to the Sellers will be valued for this purpose at the closing price of Calavo Common Stock as reported on the Nasdaq Stock
Market at the time of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The preceding summary of the Second Amendment is qualified by the full text of the Second Amendment,
which is filed as Exhibit 10.1 to this report. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;3.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Unregistered Sales of Equity Securities. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All of the shares of common stock described in
Item&nbsp;1.01 will be issued by Calavo to the Trust in reliance upon the securities registration exemption contained in Section&nbsp;4(2) of the Securities Act of 1933 as a transaction by an issuer not involving a public offering. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Amendment No. 2 to Agreement and Plan of Merger, dated as of October&nbsp;1, 2013, among Calavo Growers, Inc., Renaissance Food Group, LLC and Liberty Fresh Foods, LLC, Kenneth J. Catchot, Cut Fruit, LLC, James S. Catchot, James
Gibson, Jose O. Castillo, Donald L. Johnson and the RFG Nominee Trust.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calavo Growers, Inc.</P></TD></TR>


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<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">November&nbsp;26, 2013</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
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<TD VALIGN="bottom" ALIGN="right">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lecil E. Cole</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lecil E. Cole</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chairman of the Board of
Directors, Chief Executive Officer and President</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD></TR>
</TABLE>
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<TYPE>EX-10.1
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<FILENAME>d636762dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AMENDMENT NO. 2 TO AGREEMENT AND PLAN OF MERGER </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Amendment No.&nbsp;2 to Agreement and Plan of Merger (this &#147;<U>Second Amendment</U>&#148;) is made and entered into as of
October&nbsp;1, 2013 by and among Calavo Growers, Inc., a California corporation (&#147;<U>Calavo</U>&#148;), Renaissance Food Group, LLC, a Delaware limited liability company (&#147;<U>RFG</U>&#148;), Liberty Fresh Foods, LLC, Kenneth J. Catchot,
James S. Catchot, James Gibson, Cut Fruit, LLC, Jose O. Castillo, Donald L. Johnson and the RFG Nominee Trust (the &#147;<U>Trust</U>&#148;). Liberty Fresh Foods, LLC, Kenneth J. Catchot, James S. Catchot, James Gibson, Cut Fruit, LLC, Jose O.
Castillo, Donald L. Johnson and the Trust collectively are referred to in this Second Amendment as the &#147;<U>Sellers</U>&#148; and individually as a &#147;<U>Seller</U>.&#148; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECITALS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Calavo, RFG and the
Sellers are parties to an Agreement and Plan of Merger dated as of May&nbsp;25, 2011 (the &#147;<U>Merger Agreement</U>&#148;) pursuant to which, among other things, Calavo acquired RFG from the Sellers and Calavo agreed to make Earn-Out Payments to
the Sellers upon the satisfaction of certain performance requirements specified in the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Section&nbsp;2.12 of the
Merger Agreement states that, upon the attainment of the Stage 2 Maximum Earn-Out Trigger prior to the end of the Earn-Out Period, Calavo is obligated to pay the Stage 2 Maximum Earn-Out Consideration to the Sellers. Section&nbsp;2.12(c) of the
Merger Agreement states that &#147;[t]he Stage 2 Maximum Earn-Out Consideration shall be $5,000,000 in cash and 827,000 Merger Shares.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. Pursuant to Amendment No.&nbsp;1 to Agreement and Plan of Merger dated as of July&nbsp;31, 2013 (the &#147;<U>First Amendment</U>&#148;),
Calavo, RFG and the Sellers amended the Merger Agreement to provide, among other things, that: (1)&nbsp;Calavo would issue shares of its common stock, par value $0.001 per share (&#147;<U>Common Stock</U>&#148;), with a value of $5,000,000 to the
Trust, for the benefit of the Sellers, as part of the Stage 2 Maximum Earn-Out Consideration instead of delivering $5,000,000 of cash to the Sellers; (2)&nbsp;the Sellers would receive specified price protection from Calavo with respect to the
Trust&#146;s sale of such Common Stock; and (3)&nbsp;Calavo would file with the Securities and Exchange Commission (the &#147;<U>SEC</U>&#148;) a Registration Statement on Form S-3 covering the public resale of such Common Stock by the Trust during
the period specified in the First Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. Section&nbsp;2.13 of the Merger Agreement states that, upon the attainment of the Stage 3
Maximum Earn-Out Trigger or the Stage 3 Scale Earn-Out Trigger, as applicable, Calavo shall be obligated to make a Stage 3 Earn-Out Payment to the Sellers consisting of either the Stage 3 Maximum Earn-Out Consideration or the Stage 3 Scale Earn-Out
Consideration, each of which shall consist of a specified amount of cash and a specified number of Merger Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. Calavo, RFG and the
Sellers desire to amend the Merger Agreement by this Second Amendment to provide, among other things, that: (1)&nbsp;with respect to the portion of the Stage 3 Maximum Earn-Out Consideration or the Stage 3 Scale Earn-Out Consideration, as
applicable, that is currently required by the Merger Agreement to be delivered in cash to the Sellers, Calavo shall be given the right to elect to deliver all or a portion of such cash amount in newly issued shares of Common Stock to the Trust, for
the benefit of the Sellers; (2)&nbsp;the Sellers shall receive specified price protection from Calavo with respect to the Trust&#146;s sale of shares of Common Stock on the Nasdaq Stock Market, up to the total number of shares of Common Stock issued
to the Trust pursuant to this Second Amendment; and (3)&nbsp;Calavo shall file with the SEC a Registration Statement on Form S-3 </P>

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(the &#147;<U>Registration Statement</U>&#148;) which shall cover the Trust&#146;s resale on the Nasdaq Stock Market of the shares of Common Stock issued pursuant to this Second Amendment for
sales that occur during the period specified in this Second Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing and other good
and valuable consideration and the provisions set forth below, Calavo, RFG and the Sellers hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Defined
Terms</U>. Except as expressly defined in this Second Amendment, capitalized terms used in this Second Amendment shall have the meanings ascribed to them in the Merger Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Calavo&#146;s Option to Issue Common Stock Instead of Cash in the Stage 3 Earn-Out Payment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. Section&nbsp;2.13(c) of the Merger Agreement hereby is amended to read in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;(c) The &#147;<U>Stage 3 Maximum Earn-Out Consideration</U>&#148; shall consist of (1)&nbsp;434,783 Merger Shares and
(2)&nbsp;$50,000,000, which amount of $50,000,000 shall be paid, at Calavo&#146;s election, (a)&nbsp;entirely in cash, (b)&nbsp;entirely in an additional number of Merger Shares having a value of $50,000,000, or (c)&nbsp;partially in cash and
partially in an additional number of Merger Shares, with such cash and additional Merger Shares to have a combined value of $50,000,000. An Amendment No.&nbsp;2 to Agreement and Plan of Merger made and entered into as of October&nbsp;1, 2013 (the
&#147;<U>Second Amendment</U>&#148;) among the Parties sets forth terms governing the valuation of such additional Merger Shares, if any, that Calavo elects to issue and related matters pertaining to such additional Merger Shares.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. The next-to-last sentence of Section&nbsp;2.13(f) of the Merger Agreement hereby is amended to read in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;The Stage 3 Scale Earn-Out Consideration shall be payable (1)&nbsp;$10,000,000 in Merger Shares, valued at the Merger Shares Value, and
(2)&nbsp;the remainder in cash, provided, however, that instead of paying such cash component of the Stage 3 Scale Earn-Out Consideration entirely in cash, Calavo is entitled to elect to pay such amount (a)&nbsp;entirely in an additional number of
Merger Shares having a value equal to the cash that Calavo is otherwise required to deliver as the cash component of the Stage 3 Scale Earn-Out Consideration or (b)&nbsp;partially in cash and partially in an additional number of Merger Shares, with
such cash and additional Merger Shares to have a combined value equal to the amount of cash that Calavo is otherwise required to deliver as the cash component of the Stage 3 Scale Earn-Out Consideration. Such additional Merger Shares, if any, that
Calavo elects to issue in lieu of part or all of the cash component of the Stage 3 Scale Earn-Out Consideration shall be valued in accordance with the terms of the Second Amendment.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Determination of the Number of Additional Shares to be Issued by Calavo</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. The additional Merger Shares, if any, to be issued by Calavo instead of cash pursuant to Section&nbsp;2 of this Second Amendment and amended
Section&nbsp;2.13(c)(2) and Section&nbsp;2.13(f)(2) of the Merger Agreement are referred to in this Second Amendment as the &#147;<U>Additional Shares</U>.&#148; Within 10 days after the delivery of the Earn-Out Statement showing that the Stage 3
Maximum Earn-Out Trigger or the Stage 3 Scale Earn-Out Trigger has been met or, if such Earn-Out Payment is subject to dispute, within 10 days after the resolution of any such dispute, Calavo shall advise the Trust of the portion, if any, of the
Stage 3 Maximum Earn-Out Consideration or the Stage 3 Scale Earn-Out Consideration, as applicable, that Calavo has elected to pay in Additional Shares rather than in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. The Additional Shares (and the First-Stage Price Protection Shares, Second-Stage Price Protection Shares and Section&nbsp;7.h Shares
described below in Sections 4, 5 and 7) constitute &#147;Merger Shares,&#148; as defined in Section&nbsp;1.1 of the Merger Agreement, for purposes of the Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c. As provided in Section&nbsp;2.16 of the Merger Agreement, within 30 days after the delivery of the Earn-Out Statement showing that the
Stage 3 Maximum Earn-Out Trigger or the Stage 3 Scale Earn-Out Trigger has been met or, if such Earn-Out Payment is subject to dispute, within 30 days after the resolution of any such dispute, Calavo shall cause its transfer agent to issue a stock
certificate in the name of the Trust, and to be delivered to the Trust, to evidence the Additional Shares, if any, that Calavo has elected to issue instead of making a cash payment. However, Calavo is entitled to elect in its sole discretion to
instead issue the Additional Shares to the Trust in book entry form by providing appropriate instructions to its transfer agent. Any portion of the Stage 3 Maximum Earn-Out Consideration or Stage 3 Scale Earn-Out Consideration that Calavo has not
elected to pay in Additional Shares will instead be paid in cash by Calavo to the Trust, in the form of a wire transfer to the Trust in accordance with the written delivery instructions of the Trust, by the 30th day described in the first sentence
of this paragraph. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d. The total number of Additional Shares required to be issued by Calavo shall be determined by dividing (1)&nbsp;the
cash amount of the Stage 3 Maximum Earn-Out Consideration or the Stage 3 Scale Earn-Out Consideration, as applicable, that Calavo has elected to pay in Additional Shares rather than in cash by (2)&nbsp;the closing price of the Common Stock on the
Nasdaq Stock Market on the last business day preceding the date that Calavo sends stock issuance instructions for the Additional Shares to its transfer agent (such closing price being referred to in this Second Amendment as the &#147;<U>Earn-Out
Valuation Price</U>&#148;). If the Common Stock is traded primarily on another stock exchange as of such date, then references in this Second Amendment to the Nasdaq Stock Market shall instead be deemed to refer to such other primary stock exchange.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e. Notwithstanding any provision to the contrary in this Second Amendment, in no event shall Calavo make an election to issue Additional
Shares instead of cash pursuant to this Second Amendment if such election would result in the issuance by Calavo of more than 5,000,000 shares of Common Stock in satisfaction of the Stage 3 Maximum Earn-Out Consideration or the Stage 3 Scale
Earn-Out Consideration that is payable to the Sellers. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>First-Stage Price Protection</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. The Sellers shall have the following first-stage price protection for any Additional Shares and/or other shares of Common Stock owned by the
Trust that are sold by the Trust on the Nasdaq Stock Market during the 120-day period starting on the later of the date that the Additional Shares are issued to the Trust or the date that the Registration Statement is declared effective by the SEC
(the &#147;<U>First-Stage Price Protection Period</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. Calavo shall be obligated to issue additional shares of Common Stock
(the &#147;<U>First-Stage Price Protection Shares</U>&#148;) to the Trust only if and to the extent that the total sales price received by the Trust for its sale on the Nasdaq Stock Market of Additional Shares and/or other shares of Common Stock
owned by the Trust during the First-Stage Price Protection Period is less than the total Earn-Out Valuation Price for such Additional Shares and/or other shares of Common Stock sold by the Trust. However, such price protection shall apply only with
respect to a total number of Additional Shares and/or other shares of Common Stock sold by the Trust that does not exceed the total number of Additional Shares issued to the Trust pursuant to this Second Amendment, and such price protection shall
not apply with respect to Additional Shares and/or other shares of Common Stock that are sold by the Trust after such limit has been reached. The dollar value of the First-Stage Price Protection Shares required to be issued by Calavo shall equal the
amount by which (1)&nbsp;the total sales price of all Additional Shares and/or other shares of Common Stock sold by the Trust on the Nasdaq Stock Market during the First-Stage Price Protection Period, up to a total number of shares of Common Stock
equal to the number of Additional Shares issued to the Trust, is less than (2)&nbsp;the total sales price that the Trust would have received for such Additional Shares and/or other shares of Common Stock if they had been sold for the Earn-Out
Valuation Price. The amount calculated pursuant to the immediately preceding sentence is referred to in this Second Amendment as the &#147;<U>First-Stage Shortfall</U>.&#148; Notwithstanding the foregoing, if the amount of the First-Stage Shortfall
is less than $50,000, Calavo shall have sole discretion to elect to deliver cash, instead of First-Stage Price Protection Shares, to the Trust in the amount of the First-Stage Shortfall. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c. Within 20 days after Calavo and the Trust have agreed upon the amount of the First-Stage Shortfall, Calavo shall cause its transfer agent
to issue a stock certificate in the name of the Trust, and to be delivered to the Trust, to evidence the First-Stage Price Protection Shares. However, Calavo is entitled to elect in its sole discretion to instead issue the First-Stage Price
Protection Shares to the Trust in book entry form by providing appropriate instructions to its transfer agent. The total number of First-Stage Price Protection Shares required to be issued by Calavo shall be determined by dividing the First-Stage
Shortfall by the closing price of the Common Stock on the Nasdaq Stock Market on the last business day preceding the date that Calavo sends stock issuance instructions for the First-Stage Price Protection Shares to its transfer agent (such closing
price being referred to in this Second Amendment as the &#147;<U>First-Stage Price Protection Valuation Price</U>&#148;). Calavo shall not be required to issue First-Stage Price Protection Shares more than once as a result of sales of Additional
Shares and/or other shares of Common Stock by the Trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d. For example, assume that: (1)&nbsp;800,000 Additional Shares were issued by
Calavo based upon an Earn-Out Valuation Price of $30 per share; and (2)&nbsp;during the 120-day First-Stage Price Protection Period, the Trust sells 300,000 Additional Shares and 100,000 other shares of Common Stock on the Nasdaq Stock Market for a
total sales price of $11,200,000, representing at an average sales price of $28 per share and a total First-Stage Shortfall of $800,000 compared to the total Earn-Out Valuation Price of $12,000,000. Calavo shall issue to the Trust $800,000 of
First-Stage Price Protection Shares valued at the closing price of the Common Stock on the last business day preceding the date that Calavo gives stock issuance instructions to its transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e. Private sales, or other transfers, of Additional Shares, First-Stage Price Protection Shares,
Second Stage Price Protection Shares and/or other shares of Common stock that are not made on the Nasdaq Stock Market shall not receive the price protection described in this Second Amendment. Furthermore, (1)&nbsp;the Trust&#146;s sale of shares of
Common Stock that are not Additional Shares, First-Stage Price Protection Shares or Second-Stage Price Protection Shares shall qualify for the price protection described in this Second Amendment only if such sales are made on the Nasdaq Stock Market
in compliance with the terms of Rule 144 under the Securities Act of 1933, as amended (the &#147;<U>Securities Act</U>&#148;), and (2)&nbsp;Calavo shall not be obligated to provide price protection for sales of any shares of Common Stock except to
the extent described in this Second Amendment during the period and with respect to the number of shares of Common Stock described in this Second Amendment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Second-Stage Price Protection</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. The Sellers shall have the following second-stage price protection for any First-Stage Price Protection Shares, Additional Shares and/or
other shares of Common Stock owned by the Trust that are sold by the Trust on the Nasdaq Stock Market during the 120-day period starting on the date that the First-Stage Price Protection Shares are issued to the Trust (the &#147;<U>Second-Stage
Price Protection Period</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. Calavo shall be obligated to issue additional shares of Common Stock (the &#147;<U>Second-Stage
Price Protection Shares</U>&#148;) to the Trust under this Section&nbsp;5 only if and to the extent that the total sales price received by the Trust for its sale on the Nasdaq Stock Market of First-Stage Price Protection Shares, Additional Shares
and/or other shares of Common Stock owned by the Trust during the Second-Stage Price Protection Period is less than the total First-Stage Price Protection Valuation Price for such First-Stage Price Protection Shares, Additional Shares and/or other
shares of Common Stock sold by the Trust. However, such price protection shall apply only with respect to a total number of First-Stage Price Protection Shares, Additional Shares and/or other shares of Common Stock sold by the Trust that does not
exceed the total number of First-Stage Price Protection Shares issued to the Trust pursuant to this Second Amendment, and such price protection shall not apply with respect to First-Stage Price Protection Shares, Additional Shares and/or other
shares of Common Stock that are sold by the Trust after such limit has been reached. The dollar value of the Second-Stage Price Protection Shares required to be issued by Calavo shall equal the amount by which (1)&nbsp;the total sales price of all
First-Stage Price Protection Shares, Additional Shares and/or other shares of Common Stock sold by the Trust on the Nasdaq Stock Market during the Second-Stage Price Protection Period, up to a total number of shares of Common Stock equal to the
number of First-Stage Price Protection Shares issued to the Trust, is less than (2)&nbsp;the total sales price that the Trust would have received for such First-Stage Price Protection Shares, Additional Shares and/or other shares of Common Stock if
they had been sold for the First-Stage Price Protection Valuation Price. The amount calculated pursuant to the immediately preceding sentence is referred to in this Second Amendment as the &#147;<U>Second-Stage Shortfall</U>.&#148; Notwithstanding
the foregoing, if the amount of the Second-Stage Shortfall is less than $50,000, Calavo shall have sole discretion to elect to deliver cash, instead of Second-Stage Price Protection Shares, to the Trust in the amount of the Second-Stage Shortfall.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c. Within 20 days after Calavo and the Trust have agreed upon the amount of the Second-Stage
Shortfall, Calavo shall cause its transfer agent to issue a stock certificate in the name of the Trust, and to be delivered to the Trust, to evidence the Second-Stage Price Protection Shares. However, Calavo is entitled to elect in its sole
discretion to instead issue the Second-Stage Price Protection Shares to the Trust in book entry form by providing appropriate instructions to its transfer agent. The total number of Second-Stage Price Protection Shares required to be issued by
Calavo shall be determined by dividing the Second-Stage Shortfall by the closing price of the Common Stock on the Nasdaq Stock Market on the last business day preceding the date that Calavo sends stock issuance instructions for the Second-Stage
Price Protection Shares to its transfer agent (such closing price being referred to in this Second Amendment as the &#147;<U>Second-Stage Price Protection Valuation Price</U>&#148;). Calavo shall not be required to issue Second-Stage Price
Protection Shares more than once as a result of sales of First-Stage Price Protection Shares, Additional Shares and/or other shares of Common Stock by the Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d. For example, assume that: (1)&nbsp;100,000 First-Stage Price Protection Shares were issued by Calavo based upon a First-Stage Price
Protection Valuation Price of $28 per share; and (2)&nbsp;during the 120-day Second-Stage Price Protection Period, the Trust sells 30,000 First-Stage Price Protection Shares, 10,000 Additional Shares and 10,000 other shares of Common Stock on the
Nasdaq Stock Market for a total sales price of $1,300,000, representing an average sales price of $26 per share and a total Second-Stage Shortfall of $100,000 compared to the total First-Stage Price Protection Valuation Price of $1,400,000. Calavo
shall issue to the Trust $100,000 of Second-Stage Price Protection Shares valued at the closing price of the Common Stock on the last business day preceding the date that Calavo gives stock issuance instructions to its transfer agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Subsequent Price Protection Payable in Cash</U>. If and to the extent that the total sales price received by the Trust for its sale on
the Nasdaq Stock Market of Second-Stage Price Protection Shares, Additional Shares, First-Stage Price Protection Shares and/or other shares of Common Stock during the 120-day period immediately following the Trust&#146;s receipt of the Second-Stage
Price Protection Shares is less than the total Second-Stage Price Protection Valuation Price for such Second-Stage Price Protection Shares, Additional Shares, First-Stage Price Protection Shares and/or other shares of Common Stock sold by the Trust,
Calavo shall be obligated to deliver to the Trust a cash payment equal to the amount by which (a)&nbsp;the total sales price of all Second-Stage Price Protection Shares, Additional Shares, First-Stage Price Protection Shares and/or other shares of
Common Stock sold by the Trust on the Nasdaq Stock Market during such 120-day period is less than (b)&nbsp;the total sales price that the Trust would have received for such Second-Stage Price Protection Shares, Additional Shares, First-Stage Price
Protection Shares and/or other shares of Common Stock if they had been sold for the Second-Stage Price Protection Valuation Price. However, such price protection shall apply only with respect to a total number of Second-Stage Price Protection
Shares, Additional Shares, First-Stage Price Protection Shares and/or other shares of Common Stock sold by the Trust that does not exceed the total number of Second-Stage Price Protection Shares issued to the Trust pursuant to this Second Amendment,
and such price protection shall not apply with respect to Second-Stage Price Protection Shares, Additional Shares, First-Stage Price Protection Shares and/or other shares of Common Stock that are sold by the Trust after such limit has been reached.
The cash payment required by this Section&nbsp;6 shall be made by Calavo within 20 days after Calavo and the Trust have agreed upon the amount of the shortfall described in this Section&nbsp;6. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Calavo&#146;s Registration Statement Obligations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. Calavo shall file the Registration Statement with the SEC as promptly as practicable after the number of Additional Shares, if any, to be
issued by Calavo to the Trust as a result of meeting the Stage 3 Maximum Earn-Out Trigger or the Stage 3 Scale Earn-Out Trigger has been determined, and Calavo shall thereafter use its commercially reasonable efforts to have the Registration
Statement declared effective by the SEC as promptly as practicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. The Registration Statement shall register the Trust&#146;s resale
of the Additional Shares and shall name the Trust as the selling shareholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c. If permitted by applicable securities laws, rules and
regulations, the Registration Statement shall also register the Trust&#146;s resale of the First-Stage Price Protection Shares and the Second-Stage Price Protection Shares, provided that Calavo shall not be required to include the First-Stage Price
Protection Shares or the Second-Stage Price Protection Shares in the Registration Statement if the SEC advises Calavo (or if Calavo otherwise determines) that the First-Stage Price Protection Shares or the Second-Stage Price Protection Shares cannot
be included in the Registration Statement because the number of First-Stage Price Protection Shares or Second-Stage Price Protection Shares is unknown at the time of filing the Registration Statement. If the First-Stage Price Protection Shares or
the Second-Stage Price Protection Shares are not included in the Registration Statement, then (1)&nbsp;the 120-day price protection period that is described above in Section&nbsp;5.a shall begin on the date that the Trust first becomes eligible to
sell the First-Stage Price Protection Shares pursuant to Rule 144 under the Securities Act and shall end on the 120th-day thereafter, and (2)&nbsp;Calavo shall pay any Second-Stage Shortfall to the Trust in cash rather than in shares of Common
Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d. The Registration Statement shall not register the resale or issuance of any Merger Shares or other securities except for the
Additional Shares and, to the extent described above in Section&nbsp;7.c, the First-Stage Price Protection Shares and the Second-Stage Price Protection Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e. Calavo shall instruct its transfer agent not to place the Securities Act restrictive legend described in Section&nbsp;4.7 of the Merger
Agreement on any stock certificates that evidence Additional Shares, First-Stage Price Protection Shares or Second-Stage Price Protection Shares that the Trust sells pursuant to the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">f. Calavo is entitled to withdraw and terminate the Registration Statement at any time on or after the date that the Trust has owned the
Additional Shares for at least six months and is eligible to sell the Additional Shares pursuant to Rule 144 under the Securities Act. However, if First-Stage Price Protection Shares and Second-Stage Price Protection Shares are registered on the
Registration Statement and if such First-Stage Price Protection Shares and/or Second-Stage Price Protection Shares are issued to the Trust, Calavo shall not be entitled to withdraw and terminate the Registration Statement until on or after the date
that the Trust has owned all such issued First-Stage Price Protection Shares and Second-Stage Price Protection Shares for at least six months and is eligible to sell such shares of Common Stock pursuant to Rule 144 under the Securities Act.
Furthermore, in addition to its rights described in the preceding two sentences, Calavo is entitled to withdraw and terminate the Registration Statement at any time after the date that the Trust has sold or otherwise transferred all of the
Additional Shares, First-Stage Price Protection Shares (if the Trust acquires, or has the right to acquire, any First-Stage Price Protection Shares) and Second-Stage Price Protection Shares (if the Trust acquires, or has the right to acquire, any
Second-Stage Price Protection Shares). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">g. If Calavo is for any reason ineligible to file a Registration Statement on Form S-3 with the
SEC as of the date that the number of Additional Shares to be issued by Calavo to the Trust is determined, Calavo shall instead file a Registration Statement on Form S-1 (or any applicable successor form) with the SEC, and references in this Second
Amendment to the Registration Statement on Form S-3 shall instead be deemed to refer to a Registration Statement on Form S-1 (or any applicable successor form). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">h. If, for any reason, the Registration Statement is not declared effective by the SEC within 90 days after the date that Calavo files the
Registration Statement with the SEC, Calavo&#146;s Registration Statement obligations described in this Second Amendment shall automatically terminate on such 90th day and the Sellers shall have the following price protection in lieu of the price
protection provisions that are contained in Sections 4, 5 and 6 of this Second Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) If and to the extent that the total sales
price received by the Trust for its sale of Additional Shares and/or other shares of Common Stock owned by the Trust, up to an total number of shares of Common Stock equal to the number of Additional Shares issued to the Trust, on the Nasdaq Stock
Market during the 120-day period starting on the date that the Trust becomes eligible to sell Additional Shares pursuant to Rule 144 under the Securities Act is less than the total Earn-Out Valuation Price for such Additional Shares and/or other
shares of Common Stock sold by the Trust, Calavo shall issue additional shares of Common Stock to the Trust with a dollar value equal to the amount by which (1)&nbsp;the total sales price of all such Additional Shares and/or other shares of Common
Stock sold by the Trust on the Nasdaq Stock Market during such 120-day period, up to a total number of shares of Common Stock equal to the total number of Additional Shares issued to the Trust, is less than (2)&nbsp;the total sales price that the
Trust would have received for such Additional Shares and/or other shares of Common Stock if they had been sold for the Earn-Out Valuation Price. The amount calculated pursuant to the immediately preceding sentence is referred to in this
Section&nbsp;7.h as the &#147;<U>Section 7.h Shortfall</U>,&#148; and the additional shares of Common Stock required to be issued by Calavo to the Trust pursuant to the terms of this Section&nbsp;7.h are referred to as the &#147;<U>Section 7.h
Shares</U>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) Within 20 days after Calavo and the Trust have agreed upon the amount of the Section&nbsp;7.h Shortfall, Calavo
shall cause its transfer agent to issue a stock certificate in the name of the Trust, and to be delivered to the Trust, to evidence the Section&nbsp;7.h Shares. However, Calavo is entitled to elect in its sole discretion to instead issue the
Section&nbsp;7.h Shares to the Trust in book entry form by providing appropriate instructions to its transfer agent. The total number of Section&nbsp;7.h Shares required to be issued by Calavo shall be determined by dividing the Section&nbsp;7.h
Shortfall by the closing price of the Common Stock on the Nasdaq Stock Market on the last business day preceding the date that Calavo sends stock issuance instructions for the Section&nbsp;7.h Shares to its transfer agent. Calavo shall not be
required to issue Section&nbsp;7.h Shares more than once as a result of sales of Additional Shares and/or other shares of Common Stock by the Trust, and neither the issuance of the Section&nbsp;7.h Shares nor the resale of the Section&nbsp;7.h
Shares shall be registered under the Securities Act. Notwithstanding the foregoing, if the amount of the Section&nbsp;7.h Shortfall is less than $50,000, Calavo shall have sole discretion to elect to deliver cash, instead of Section&nbsp;7.h Shares,
to the Trust in the amount of the Section&nbsp;7.h Shortfall. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Sellers&#146; Registration Statement Obligations</U>. The Trust and the other Sellers agree
that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. The Trust and the other Sellers shall sell or otherwise transfer Additional Shares, First-Stage Price Protection Shares,
Second-Stage Price Protection Shares, Section&nbsp;7.h Shares and other shares of Common Stock owned by the Trust or the other Sellers only in compliance with all applicable securities laws, rules and regulations including, if applicable, Rule 144
under the Securities Act. Only the Trust shall be entitled to sell Additional Shares, First-Stage Price Protection Shares and Second-Stage Price Protection Shares pursuant to the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. The Trust shall not offer or sell any Additional Shares, First-Stage Price Protection Shares or Second-Stage Price Protection Shares
pursuant to the Registration Statement until Calavo has advised the Trust that the Registration Statement has been declared effective by the SEC. The Trust shall not offer or sell any Additional Shares, First-Stage Price Protection Shares or
Second-Stage Price Protection Shares pursuant to the Registration Statement during any period in which (1)&nbsp;Calavo has advised the Trust that the SEC has issued a stop order or similar order prohibiting the use of the Registration Statement or
(2)&nbsp;Calavo has advised the Trust that the Registration Statement must be amended in order to correct any untrue statement of a material fact in the Registration Statement or any omission to state a material fact required to be stated in the
Registration Statement, provided that Calavo agrees to amend the Registration Statement as promptly as practicable to correct such statement or omission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c. Calavo is entitled to file a Current Report on Form 8-K that summarizes this Second Amendment, and Calavo is entitled to file this Second
Amendment with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d. The Trust shall use the prospectus that is contained in the Registration Statement (the
&#147;<U>Prospectus</U>&#148;) solely for purposes of making open-market sales of Additional Shares, First-Stage Price Protection Shares and Second-Stage Price Protection Shares (if First-Stage Price Protection Shares and Second-Stage Price
Protection Shares are included in the Registration Statement) on the Nasdaq Stock Market, and Calavo shall not be required to name any underwriter in the Registration Statement or to identify in the Registration Statement any other method of selling
or otherwise transferring the Additional Shares, the First-Stage Price Protection Shares or the Second-Stage Price Protection Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e.
If required by applicable securities laws, rules and regulations, the Trust shall deliver on a timely basis a copy of the Prospectus in connection with sales of Additional Shares, First-Stage Price Protection Shares or Second-Stage Price Protection
Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">f. The Trust shall promptly provide Calavo with such information about itself as Calavo notifies the Trust is required to be
disclosed in the Registration Statement and, at Calavo&#146;s request, the Trust shall promptly complete and deliver to Calavo a selling shareholder&#146;s questionnaire in customary form. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">g. If Calavo determines that applicable securities laws, rules and regulations require the Registration Statement to include information about
the beneficial ownership of the Trust (including, without limitation, about the percentage interest of each Seller other than the Trust in the Additional Shares, the First-Stage Price Protection Shares and the Second-Stage Price Protection Shares),
the Trust and the other Sellers shall promptly provide such information to Calavo and, at Calavo&#146;s request, all of the Sellers shall promptly complete and deliver to Calavo selling </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
shareholders&#146; questionnaires in customary form. Notwithstanding anything to the contrary in this Second Amendment, Calavo shall not be required to file the Registration Statement with the
SEC until it has received all required information from the Sellers described in this Section&nbsp;8.g and in Section&nbsp;8.f above. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.
<U>Lock-Up Period Restrictions; References to the Registration of the Merger Shares</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. The six-month contractual Lock-Up Period
restriction that is described in the first sentence of Section&nbsp;2.23 of the Merger Agreement shall not apply to any Additional Shares, First-Stage Price Protection Shares or Second-Stage Price Protection Shares that are issued by Calavo pursuant
to this Second Amendment, provided that the Trust and the other Sellers shall remain obligated to sell or otherwise transfer Additional Shares, First-Stage Price Protection Shares and Second-Stage Price Protection Shares in full compliance with all
applicable securities laws, rules and regulations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. The second sentence in the definition of the Merger Shares in Section&nbsp;1.1 of
the Merger Agreement states that &#147;[n]either the issuance nor the resale of the Merger Shares shall be registered by Calavo under the Securities Act or any state securities law or regulation.&#148; The last sentence of Section&nbsp;4.6 of the
Merger Agreement states that Calavo does not intend to register the resale of any Merger Shares. Such two sentences shall not be deemed to negate or otherwise limit Calavo&#146;s registration obligations that are described above in Section&nbsp;7.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Calavo&#146;s Reimbursement of Attorneys&#146; Fees and Brokerage Commissions</U>. Calavo shall reimburse the Sellers for
(a)&nbsp;their reasonable and customary brokerage commissions incurred in connection with the Trust&#146;s sale of any and all Additional Shares, First-Stage Price Protection Shares, Second-Stage Price Protection Shares and Section&nbsp;7.h Shares
(but not for brokerage commissions incurred in connection with the sale of any other Merger Shares, except as provided in the First Amendment) and (b)&nbsp;their reasonable attorneys&#146; fees, in an amount not to exceed $5,000, incurred in
connection with the review and negotiation of this Second Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>No Other Amendment of the Merger Agreement</U>. Other than as
is specifically set forth in this Second Amendment, no other provisions of the Merger Agreement or the First Amendment shall be amended by this Second Amendment. In the event of any conflict between any provision of this Second Amendment and any
provision of the Merger Agreement or the First Amendment, the provision in this Second Amendment shall govern. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature page follows]
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, Calavo, RFG and the Sellers have executed and delivered this Second Amendment
as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">CALAVO GROWERS, INC.</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lecil E. Cole</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Lecil E. Cole, Chief Executive Officer</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">RENAISSANCE FOOD GROUP, LLC</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Lecil E. Cole</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Lecil E. Cole, Chief Executive Officer</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">RFG NOMINEE TRUST</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth J. Catchot</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Kenneth J. Catchot, Trustee</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">LIBERTY FRESH FOODS, LLC</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth J. Catchot</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Kenneth J. Catchot, Managing Member</TD></TR>
<TR>
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kenneth J. Catchot</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">KENNETH J. CATCHOT</TD></TR>
<TR>
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James S. Catchot</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">JAMES S. CATCHOT</TD></TR>
<TR>
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James Gibson</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">JAMES GIBSON</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">CUT FRUIT, LLC</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="right">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Teresa J. Spada</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">By: Teresa J. Spada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">Its: Member</TD></TR>
<TR>
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jose O. Castillo</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">JOSE O. CASTILLO</TD></TR>
<TR>
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-bottom:1pt; margin-top:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Donald L. Johnson</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3">DONALD L. JOHNSON</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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