EXHIBIT 10.1
EXECUTION COPY
FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT
This FIRST AMENDMENT AND WAIVER TO CREDIT AGREEMENT (this “Amendment”) is dated
as of May 14, 2012 and is entered into by and among POST HOLDINGS, INC., a
Missouri corporation, (the “Borrower”), BARCLAYS BANK PLC, in its capacity as
Administrative Agent (in such capacity, the “Administrative Agent”), acting with
the consent of the Required Lenders, the Required Lenders and the Guarantor, and
is made with reference to that certain CREDIT AGREEMENT, dated as of February 3,
2012 (the “Credit Agreement”), by and among the Borrower, the Lenders, the
Administrative Agent, and the other Agents named therein. Capitalized terms used
herein without definition shall have the same meanings herein as set forth in
the Credit Agreement after giving effect to this Amendment.
SECTION I.
WAIVER

A.    Waiver. On the terms and subject to the conditions set forth herein and in
reliance on the representations and warranties set forth herein, the Required
Lenders hereby waive:
(a)    any Default that may have arisen or may arise in connection with the
representations and warranties in Sections 5.05(a), 5.05(b) and 5.05(d) of the
Credit Agreement and the covenants in Sections 6.01(a) and 6.01(b) of the Credit
Agreement, including any certification relating thereto, but in each case solely
to the extent that such Default may have arisen or may arise as a result of
errors in the financial statements required to be delivered pursuant to Sections
6.01(a) and 6.01(b) of the Credit Agreement for the fiscal year ended September
30, 2011 and fiscal quarter ended December 31, 2011 (or in the Pro Forma
Financial Statements which were derived therefrom), which errors are described
in the Borrower’s press release dated and filed with the SEC on Form 8-K on May
7, 2012;
(b)    any Default that may have arisen or may arise in connection with Section
6.03(a) of the Credit Agreement by not delivering a notice of Default with
respect to any Default described in clause (a) above; and
(c)    any Event of Default that may have arisen or may arise under Sections
8.01(b) and 8.01(d) of the Credit Agreement, but solely to the extent any such
Event of Default is a result of a Default described in clauses (a) or (b) above.
B.    Effective Period. The waiver set forth in Section I.A. above shall be
effective during the period beginning on the First Amendment and Waiver
Effective Date and ending upon the occurrence, if any, of a Waiver Termination
Event. As used herein, “Waiver Termination Event” shall mean the failure by the
Borrower to deliver to the Administrative Agent on or prior to June 14, 2012,
the Borrower’s annual financial statements for the fiscal year ended September
30, 2011, and the Borrower’s quarterly financial statements for the quarter
ended December 31, 2011, in each case restated to correct any error in such
financial statements as previously delivered, and otherwise in accordance with
the requirements of Section 6.01(a) or 6.01(b) of the Credit Agreement, as
applicable.
SECTION II.
AMENDMENT TO SECTION 6.01 OF THE CREDIT AGREEMENT

Section 6.01 of the Credit Agreement is hereby amended as follows: the words
“but in any event within 45 days after the end of each such fiscal quarter” in
Section 6.01(b)(ii) of the Credit Agreement are hereby deleted in their entirety
and replaced with “but in any event within 75 days after the end of the fiscal
quarter ending March 31, 2012, and within 45 days after the end of each other
such fiscal quarter”.

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SECTION III.
CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective as of the date hereof only upon the
satisfaction of all of the following conditions precedent (the date of
satisfaction of such conditions being referred to herein as the “First Amendment
and Waiver Effective Date”):
A.    Execution. The Administrative Agent shall have received a counterpart
signature page of this Amendment duly executed by the Borrower, the Guarantor
and the Required Lenders.
B.    Representations and Warranties. The representations and warranties set
forth in Section IV of this Amendment shall be true and correct.
C.    Fees and Expenses. The Administrative Agent shall have received all fees
required to be paid, and all expenses for which invoices have been presented
(including reasonable fees, disbursements and other charges of counsel to the
Administrative Agent), in accordance with the Credit Agreement, on or before the
First Amendment and Waiver Effective Date.
D.    Other Documents. The Administrative Agent and Lenders shall have received
a secretary’s certificate attaching the applicable Organization Documents and
resolutions or other forms of organizational action of the Loan Parties
authorizing the execution, delivery and performance of this Amendment, together
with applicable incumbency certificates and such other documents, instruments or
certificates as it may reasonably request.
SECTION IV.
REPRESENTATIONS AND WARRANTIES

In order to induce the Lenders to enter into this Amendment and to grant the
waivers set forth herein and amend the Credit Agreement in the manner provided
herein, each Loan Party which is a party hereto represents and warrants to the
Lenders that the following statements are true and correct in all material
respects:
A.    Corporate Power and Authority. Each Loan Party has all requisite power and
authority to enter into this Amendment and to carry out the transactions
contemplated by, and perform its obligations under, the Credit Agreement as
amended by this Amendment (the “Amended Agreement”).
B.    Due Authorization; No Contravention. The execution and delivery by each
Loan Party of this Amendment and the performance by each Loan Party of the terms
hereof have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any
of such Person’s Organization Documents; (b) conflict with or result in any
breach or contravention of, or the creation of any Lien (other than any Lien
Permitted by Section 7.01 of the Credit Agreement) under, or require any payment
to be made under (i) any material contract to which such Person is a party or
affecting such Person or the properties of such Person or any of its
Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject;
or (c) violate any Law.
C.    Governmental Authorization; Other Consents. No material approval, consent,
exemption, authorization, or other action by, or notice to, or filing with, any
Governmental Authority or any other Person is necessary or required in
connection with the execution, delivery or performance by, or enforcement
against, any Loan Party of this Amendment or the Amended Agreement, except for
the approvals, consents, exemptions, authorizations, actions, notices and
filings which have been duly obtained, taken, given or made and are in full
force and effect.

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D.    Binding Effect. Each of this Amendment and the Amended Agreement
constitutes a legal, valid and binding obligation of each Loan Party,
enforceable against each Loan Party in accordance with its terms, except to the
extent that the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement
is sought in equity or at law).
E.    Incorporation of Representations and Warranties from Credit Agreement. The
representations and warranties contained in Article V of the Amended Agreement
are and will be true and correct on and as of the First Amendment and Waiver
Effective Date to the same extent as though made on and as of that date, except
to the extent such representations and warranties specifically relate to an
earlier date, in which case they were true and correct in all respects on and as
of such earlier date, in each case after giving effect to this Amendment.
F.    Absence of Default. No event has occurred and is continuing or will result
from the consummation of the transactions contemplated by this Amendment that
would constitute an Event of Default or a Default, in each case after giving
effect to this Amendment.
SECTION V.
ACKNOWLEDGMENT AND CONSENT

The Borrower hereby confirms its pledges, grants of security interests and other
obligations, as applicable, under and subject to the terms of each of the Loan
Documents to which it is party, and agrees that, notwithstanding the
effectiveness of this Amendment or any of the transactions contemplated thereby,
such pledges, grants of security interests and other obligations, and the terms
of each of the Loan Documents to which it is a party, as supplemented in
connection with this Amendment and the transactions contemplated hereby, are not
impaired or affected in any manner whatsoever and shall continue to be in full
force and effect and shall continue to secure all the Obligations.
The Guarantor hereby acknowledges that it has reviewed the terms and provisions
of the Credit Agreement and this Amendment and consents to the amendment of the
Credit Agreement effected pursuant to this Amendment. The Guarantor hereby
confirms its respective guarantees, pledges, grants of security interests and
other obligations, as applicable, under and subject to the terms of each of the
Loan Documents to which it is party, and agrees that, notwithstanding the
effectiveness of this Amendment or any of the transactions contemplated thereby,
such guarantees, pledges, grants of security interests and other obligations,
and the terms of each of the Loan Documents to which it is a party, as
supplemented in connection with this Amendment and the transactions contemplated
hereby, are not impaired or affected in any manner whatsoever and shall continue
to be in full force and effect and shall continue to secure all the Obligations.
The Guarantor acknowledges and agrees that each Loan Document to which it is a
party or otherwise bound shall continue in full force and effect and that all of
its obligations thereunder shall be valid and enforceable and shall not be
impaired or limited by the execution or effectiveness of this Amendment.
The Guarantor acknowledges and agrees that (i) notwithstanding the conditions to
effectiveness set forth in this Amendment, the Guarantor is not required by the
terms of the Credit Agreement or any other Loan Document to consent to the
amendments to the Credit Agreement effected pursuant to this Amendment and (ii)
nothing in the Credit Agreement, this Amendment or any other Loan Document shall
be deemed to require the consent of the Guarantor to any future amendments to
the Credit Agreement.

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SECTION VI.
MISCELLANEOUS

A.    Limited Waiver. The waiver set forth in Section I.A. hereof is effective
solely for the purposes as set forth herein and shall be limited precisely as
written. The execution, delivery and performance of this Amendment shall not
constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of any Agent or Lender under, the Credit Agreement or any of the
other Loan Documents, except as expressly stated herein, or constitute a course
of dealing among the parties. Except as expressly stated herein, the
Administrative Agent and the Lenders reserve all rights, privileges and remedies
under the Loan Documents.
B.    Reference to and Effect on the Credit Agreement and the Other Credit
Documents.
(i)    On and after the First Amendment and Waiver Effective Date, each
reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import referring to the Credit Agreement, and each
reference in the other Loan Documents to the “Credit Agreement,” “thereunder,”
“thereof” or words of like import referring to the Credit Agreement shall mean
and be a reference to the Amended Agreement.
(ii)    Except as specifically amended by this Amendment, the Credit Agreement
and the other Loan Documents shall remain in full force and effect and are
hereby ratified and confirmed.
C.    Loan Document. This Amendment shall constitute a Loan Document under the
terms of the Amended Agreement.
D.    Headings. Section and Subsection headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose or be given any substantive effect.
E.    Applicable Law. THIS AMENDMENT AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER
IN CONTRACT, TORT OR OTHERWISE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE
IN ANY WAY HERETO OR THE NEGOTIATION, EXECUTION OR PERFORMANCE HEREOF OR THE
TRANSACTIONS CONTEMPLATED HEREBY, SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. The provisions of Section
10.14(a), (b), (c) and (d), Section 10.15 and 10.16 of the Credit Agreement are
incorporated by reference herein and made a part hereof.
F.    Counterparts. This Amendment may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single agreement. Delivery of an executed counterpart of a signature page of
this Amendment by facsimile or other electronic imaging means shall be effective
as delivery of a manually executed counterpart of this Amendment.
[Signature pages follow.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their respective officers thereunto duly authorized as
of the date first written above.

 
Borrower:
 
 
 
POST HOLDINGS, INC.
 
 
 
 
 
By:
/s/ Robert V. Vitale
 
Name:
Robert V. Vitale
 
Title:
Chief Financial Officer

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POST FOODS, LLC
 
 
 
 
 
By:
/s/ Robert V. Vitale
 
Name:
Robert V. Vitale
 
Title:
Vice President

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ACKNOWLEDGED:
 
 
 
BARCLAYS BANK PLC, 
as Administrative Agent
 
 
 
 
 
By:
/s/ Craig J. Malloy
 
Name:
Craig J. Malloy
 
Title:
Director

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Barclays Bank PLC
 
 
 
 
 
By:
/s/ Craig J. Malloy
 
Name:
Craig J. Malloy
 
Title:
Director

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JPMORGAN CHASE BANK, N.A. 
As Documentation Agent and Lender
 
 
 
 
 
By:
/s/ Brendan Korb
 
Name:
Brendan Korb
 
Title:
Vice President

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AgFirst Farm Credit Bank
 
 
 
 
 
By:
/s/ Steven J O’Shea
 
Steven J O’Shea
 
Vice President

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THE HUNTINGTON NATIONAL BANK
 
 
 
 
 
By:
/s/ Lori Cummins-Meyer
 
Name:
Lori Cummins-Meyer
 
Title:
Vice President

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Wells Fargo Bank, National Association
 
 
 
 
 
By:
/s/ Daniel R. Van Aken
 
Name:
Daniel R. Van Aken
 
Title:
Director

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CREDIT SUISSE AG. CAYMAN ISLANDS BRANCH
 
 
 
 
 
By:
/s/ Ari Bruger
 
Name:
Ari Bruger
 
Title:
Vice President
 
 
 
 
 
By:
/s/ Kevin Buddhdew
 
Name:
KEVIN BUDDHDEW
 
Title:
ASSOCIATE

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Farm Credit Services of America, PCA
 
 
 
 
 
By:
/s/ Steve Moore
 
Name:
Steve Moore
 
Title:
Vice President

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FCS Financial, FLCA
 
 
 
 
 
By:
/s/ Laura Roessler
 
Name:
Laura Roessler
 
Title:
Senior Lending Officer

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Union Bank, N.A.
 
 
 
 
 
By:
/s/ Michael Gardner
 
Name:
Michael Gardner
 
Title:
Vice President

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Regions Bank
 
 
 
 
 
By:
/s/ John Holland
 
Name:
John Holland
 
Title:
Senior Vice President

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GreenStone Farm Credit Services, ACA/FLCA
 
 
 
 
 
By:
/s/ Jeff Pavlik
 
Name:
Jeff Pavlik
 
Title:
Vice President

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BANK OF THE WEST
 
 
 
 
 
By:
/s/ Roger Lumley
 
Name:
Roger Lumley
 
Title:
Senior Vice President

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COOPERATIEVE CENTRALE RAIFFEISEN-
BOERENLEENBANK B.A.,
“RABOBANK NEDERLAND” NEW
YORK BRANCH
 
 
 
 
 
By:
/s/ Brad Peterson
 
Name:
Brad Peterson
 
Title:
Executive Director
 
 
 
 
 
By:
/s/ Brett Delfino
 
Name:
Brett Delfino
 
Title:
Executive Director

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PNC Bank, National Association
 
 
 
 
 
By:
/s/ Daniel Miller
 
Name:
Daniel Miller
 
Title:
Vice President

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CoBank, ACB
 
 
 
 
 
By:
/s/ Hal Nelson
 
Name:
Hal Nelson
 
Title:
Vice President

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SunTrust Bank
 
 
 
 
 
By:
/s/ Tesha Winslow
 
Name:
Tesha Winslow
 
Title:
Vice President