Common use of Corporate Securities Law Clause in Contracts

Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. [Signature Pages Follow] The parties have executed this Series A Preferred Stock Purchase Agreement as of the date first written above. COMPANY: LANDEC CORPORATION By: /s/ Xxxx X. Xxxxxx ------------------------------------ Xxxx X. Xxxxxx, President and CEO Address: Landec Corporation 0000 Xxxxx Xxxxxx Xxxxx Xxxx, XX 00000 Tel: (000) 000-0000 Fax: (000) 000-0000 PURCHASER: /s/ Xxxxxxxxx Xxxxx ----------------------------------------- Xxxxxxxxx Xxxxx Address: 000 Xxxx 00xx Xxxxxx Xxx Xxxx, XX 00000 Tel: (000) 000-0000 Fax: (000) 000-0000

Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. [Signature Pages Follow] The parties have executed this Series A Preferred Stock Secured Convertible Note Purchase Agreement as of the date first written above. COMPANY: LANDEC CORPORATION ACCRUE SOFTWARE, INC. By: /s/ Xxxx X. Xxxxxx ------------------------------------ Xxxx X. Xxxxxx, President and CEO Jonathan D. Becher Presidexx xxx XXX Name: Jonathan D. Becher Address: Landec Corporation 0000 40000 Xxxxxxx Xxxxx Xxxxxx Xxxxx XxxxFxxxxxx, XX 00000 Tel00000-0000 Xxxxxxxxx Xxxxxx: (000) 000-0000 Fax4501 PURCHASERS: (000) 000-0000 PURCHASERRS ORPHAN FUND, LP By: /s/ Xxxxxxxxx Xxxxx ----------------------------------------- Xxxxxxxxx Xxxxx Paul H. Stephens Name: Paux X. Xxxxxxxx Title: Invxxxxxxx Xxxxxxxx General Partner Address: 000 Xxxx 00xx Xxxxxx Xxx Xxxx388 Market St. San Frxxxxxxx, XX 00000 TelXxxxxxxxx Xxxxxx: (000) PURCHASERS: RS ORPHAN OFFSHORE FUND, LP By: /s/ Paul H. Stephens Name: Paux X. Xxxxxxxx Title: Invxxxxxxx Xxxxxxxx General Partner Address: 388 Market St. San Frxxxxxxx, XX 00000 Xxxxxxxxx Xxxxxx: STERLING PAYOT CAPITAL, LP By: /s/ Robert M. Smelick Name: Roxxxx X. Xxxxxxx Title: Gexxxxx Xxxxxxx Address: 65 Cloudview Rd. Sausxxxxx, XX 00000 Xxxxxxxxx Xxxxxx: ROBERT M. SMELICK /s/ Robert X. Xxxxxxx Robert M. Sxxxxxx Address: 65 Xxxxxxxxx Xx. Sausxxxxx, XX 00000 Xxxxxxxxx Xxxxxx: PURCHASERS: ELIZABETH W. KORRELL /s/ Elizxxxxx X. Xxxxxxx Elizabetx X. Xxxxxxx Address: 0000 Xxxxx Xxxxxx Xest Xxxxxxx, XX 00000 Xxxxxxxxx Xxxxxx: 000-0000 Fax: (000) 000-00000060 SIGNATURE PAGE TO SECURED CONVERTIBLE NOTE XXXXXXXX XXXEEMENT Exhibit A - Schedule of Purchasers Exhibit B - Form of Promissory Note Exhibit C - Purchaser Withholding Exemptions EXHIBIT A SCHEDULE OF PURCHASERS FIRST CLOSING TYPE OF ORIGINAL PRINCIPAL PURCHASER NAME AND ADDRESS CONSIDERATION AMOUNT OF NOTE -------------------------- ------------- -------------- RS Orphan Fund, LP Cash $ 79,000 388 Market Street San Francisco, CA 94111 RS Orphan Offshore Fund, LP Xxxx $ 00,000 388 Market Street San Francisco, CA 94111 Sterling Payot Capital, LP Xxxxxxxxxxx xx $000,000.07(1) 65 Cloudview Rd. indebtedness Sausalito, CA 94956 Xxxxxx X. Xxxxxxx Xxxxxxxxxxx xx $ 00,000.02(0) 00 Xxxxxxxxx Xd. indebtedness Sausalito, CA 94956 Xxxxxxxxx X. Xxxxxxx Xxxx $ 0,000.00 0000 Xxxxx Xxxxxx Xxst Seattle WA 98119 ------------------

Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. [Signature Pages Followpage follows] The parties have executed this Series A Preferred Stock Warrant Purchase Agreement as of the date first written above. COMPANY: LANDEC CORPORATION REDENVELOPE, INC. By: /s/ Xxxx X. Xxxxxx ------------------------------------ Xxxx X. XxXxxxxx ----------------------------------- Name: Xxxxxx XxXxxxxx (print) Title: Chief Executive Officer Address: 000 Xxxxx Xxxxxx, President and CEO Address: Landec Corporation 0000 Xxxxx Xxxxxx Xxxxx XxxxXxx Xxxxxxxxx, XX 00000 TelFacsimile Number: (000) 000-0000 FaxLENDER: (000) 000-0000 PURCHASERCAMELOT VENTURES, LLC By: /s/ Xxxxxxxxx Xxxxx ----------------------------------------- Xxxxxxxxx Xxxxxxx ----------------------------------- Name: Xxxxx Xxxxxxx (print) Title: Manager Address: 000 Xxxx 00xx Xxxxxx Xxx XxxxXxxxxxxx Xxxxxxxxxx Xxxxx 000 Xxxxxxxxxx, XX 00000 TelAttn: (000) 000-0000 FaxXxxxxxxx X. Xxxxx Facsimile Number: (000) 000-0000

Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. [Signature Pages Follow] The parties have executed this Series A B Preferred Stock Purchase Agreement as of the date first written above. COMPANY: LANDEC CORPORATION By: /s/ Xxxx XXXX X. Xxxxxx XXXXXX ------------------------------------ Xxxx X. Xxxxxx, President and CEO Address: Landec Corporation 0000 Xxxxx Xxxxxx Xxxxx Xxxx, XX 00000 Tel: (000) 000-0000 Fax: (000) 000-0000 PURCHASER: SEAHAWK RANCH IRREVOCABLE TRUST By: /s/ Xxxxxxxxx Xxxxx ----------------------------------------- Xxxxxxxxx Xxxxx XXXXXXX X. XXXXX ------------------------------------ Xxxxxxx X. Xxxxx, Trustee Address: 000 Xxxx 00xx Xxxxxxx Xxxxx, Xxxxx X Xxxxxx Xxx Xxxx, XX 00000 Tel: (000) 000-0000 Fax: (000) 000-000000000

Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. [Signature Pages Follow] The parties have executed this Series A Preferred Stock Secured Convertible Note Purchase Agreement as of the date first written above. COMPANY: LANDEC CORPORATION ACCRUE SOFTWARE, INC. By: /s/ Xxxx Xxxxxxxx X. Xxxxxx ------------------------------------ Xxxx X. Xxxxxx, President and CEO Name: Xxxxxxxx X. Xxxxxx Address: Landec Corporation 0000 00000 Xxxxxxx Xxxxx Xxxxxx Xxxxx XxxxXxxxxxx, XX 00000 Tel00000-0000 Facsimile Number: (000) 000-0000 FaxPURCHASERS: (RS Orphan Fund, LP By: /s/ Xxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxx Title: Investment Advisory General Partner Address: 000 Xxxxxx Xx. Xxx Xxxxxxxxx, XX 00000 Facsimile Number: PURCHASERS: RS Orphan Offshore Fund, LP By: /s/ Xxxx X. Xxxxxxxx Name: Xxxx X. Xxxxxxxx Title: Investment Advisory General Partner Address: 000 Xxxxxx Xx. Xxx Xxxxxxxxx, XX 00000 Facsimile Number: Sterling Payot Capital, LP By: /s/ Xxxxxx X. Xxxxxxx Name: Xxxxxx X. Xxxxxxx Title: General Partner Address: 00 Xxxxxxxxx Xx. Xxxxxxxxx, XX 00000 Facsimile Number: Xxxxxx X. Xxxxxxx /s/ Xxxxxx X. Xxxxxxx Xxxxxx X. Xxxxxxx Address: 00 Xxxxxxxxx Xx. Xxxxxxxxx, XX 00000 Facsimile Number: PURCHASERS: XXXXXXXXX X. XXXXXXX /s/ Xxxxxxxxx X. Xxxxxxx Xxxxxxxxx X. Xxxxxxx Address: 0000 Xxxxx Xxxxxx Xxxx Xxxxxxx, XX 00000 Facsimile Number: 000) -000-0000 PURCHASER: /s/ Xxxxxxxxx Xxxxx ----------------------------------------- Xxxxxxxxx Xxxxx Address: Exhibit A - Schedule of Purchasers Exhibit B - Form of Promissory Note Exhibit C - Purchaser Withholding Exemptions EXHIBIT A SCHEDULE OF PURCHASERS FIRST CLOSING Purchaser Name and Address Type of Consideration Original Principal Amount of Note RS Orphan Fund, LP 000 Xxxx 00xx Xxxxxx Xxxxxx Xxx XxxxXxxxxxxxx, XX 00000 Tel: (000) 000-RS Orphan Offshore Fund, LP 000 Xxxxxx Xxxxxx Xxx Xxxxxxxxx, XX 00000 Cash Cash $79,000 $21,000 Sterling Payot Capital, LP 00 Xxxxxxxxx Xx. Xxxxxxxxx, XX 00000 Forgiveness of indebtedness $335,573.57 Xxxxxx X. Xxxxxxx 00 Xxxxxxxxx Xx. Xxxxxxxxx, XX 00000 Forgiveness of indebtedness $60,349.72 Xxxxxxxxx X. Xxxxxxx 0000 Fax: (000) 000-0000Xxxxx Xxxxxx Xxxx Xxxxxxx XX 00000 Cash $5,000.00 EXHIBIT B FORM OF SECURED CONVERTIBLE PROMISSORY NOTE EXHIBIT C

Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. [Signature Pages Follow] The parties have executed this Series A B Preferred Stock Purchase Agreement as of the date first written above. COMPANY: LANDEC CORPORATION By: /s/ Xxxx X. Xxxxxx ------------------------------------ Xxxx X. Xxxxxx, President and CEO Address: Landec Corporation 0000 Xxxxx Xxxxxx Xxxxx Xxxx, XX 00000 Tel: (000) 000-0000 Fax: (000) 000-0000 PURCHASER: /s/ Xxxxxxxxx Xxxxx ----------------------------------------- Xxxxxxxxx Xxxxx SEAHAWK RANCH IRREVOCABLE TRUST By: Xxxxxxx X. Xxxxx, Trustee Address: 000 Xxxx 00xx Xxxxxxx Xxxxx, Xxxxx X Xxxxxx Xxx Xxxx, XX 00000 Tel: (000) 000-0000 Fax: (000) 000-000012 EXHIBITS Exhibit A Form of Certificate of Determinatione Exhibit B Form of Standstill Agreement Exhibit C Form of Legal Opinion of Xxxxxx, Xxxxxxxxxx & Xxxxxxxxx LLP EXHIBIT A FORM OF CERTIFICATE OF DETERMINATION [see tab 4] EXHIBIT B FORM OF STANDSTILL AGREEMENT [see tab 3] EXHIBIT C FORM OF LEGAL OPINION OF XXXXXX, XXXXXXXXXX & XXXXXXXXX LLP [see tab 7] QuickLinks Exhibit 4.2

Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM THE QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED UNLESS THE SALE IS SO EXEMPT. [Signature Pages FollowPage Follows] The parties have executed this Series A Preferred Stock Purchase Agreement as of the date first written above. COMPANY: LANDEC CORPORATION CLEAN ENERGY By: /s/ Xxxx X. Xxxxxx ------------------------------------ Xxxxxxx Name: Xxxx X. XxxxxxXxxxxxx Title: Chief Financial Officer 0000 Xxx Xxxxx Xxxxxxx, President and CEO Address: Landec Corporation 0000 Xxxxx Xxxxxx Xxxxx Xxxx000 Xxxx Xxxxx, XX Xxxxxxxxxx 00000 TelFacsimile: (000) 000-0000 FaxPURCHASER By: /s/ Xxxxx Xxxxxxx Xxxxx Xxxxxxx x/x XX Xxxxxxx 000 Xxxxxxx Xxxxxxx Xxxx 0000 Xxxxxxx Xxx Xxxxxx, Xxxxx 00000 Telephone: (000) 000-0000 PURCHASER: /s/ Xxxxxxxxx Xxxxx ----------------------------------------- Xxxxxxxxx Xxxxx Address: 000 Xxxx 00xx Xxxxxx Xxx Xxxx, XX 00000 TelFacsimile: (000) 000-0000 Fax: Form of Warrant to Purchase Common Stock (000See Behind) 000-00006 EXHIBIT B Hedge Position Contracts PURCHASE DATE DESCRIPTION QUANTITY CONTRACT NUMBER 8/2/2006 BOT CAL 08 NG 2,000 49933340 8/2/2006 BOT CAL 09 NG 2,500 49933430 8/2/2006 BOT CAL 10 NG 2,500 49933650 8/2/2006 BOT CAL 11 NG 2,500 49933790 7 QuickLinks Exhibit 10.27