Exhibit 10.1

EXECUTION VERSION

FIRST AMENDMENT TO CREDIT AGREEMENT

FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of
February 14, 2014, among FLOWERS FOODS, INC., a Georgia corporation (the
“Borrower”), the lenders party to the Credit Agreement referred to below (the
“Lenders”) and DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent (in
such capacity, the “Administrative Agent”). Capitalized terms used herein and
not otherwise defined herein shall have the meanings given to them in the Credit
Agreement referred to below, as amended by this First Amendment. References to
Sections or Schedules are references to Sections of, or Schedules to, the Credit
Agreement, as applicable, unless otherwise stated.

W I T N E S S E T H:

WHEREAS, the parties hereto are parties to a Credit Agreement, dated as of
April 5, 2013 (and as amended, amended and restated, modified and/or
supplemented to, but not including, the date hereof, the “Credit Agreement”),
among the Borrower, the Lenders party thereto and the Administrative Agent; and

WHEREAS, the parties hereto desire to amend the Credit Agreement pursuant to the
terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
agree as follows:

 

I. Amendments and Agreements With Respect to the Credit Agreement.

(a) The definition of “Applicable Margin” appearing in Section 11.01 of the
Credit Agreement is hereby amended by replacing in its entirety the first
paragraph thereof and the pricing table appearing therein with the following:

“Applicable Margin” shall mean (a) from and after the First Amendment Effective
Date until the date of delivery of any certificate in accordance with the first
sentence of the following paragraph for any fiscal quarter or fiscal year, as
the case may be, of the Borrower ending on or after December 28, 2013, a
percentage per annum equal to (i) as to any Base Rate Loans, 0.75% and (ii) any
Eurodollar Loans, 1.75% and (b) from and after each day of delivery of any
certificate in accordance with the first sentence of the following paragraph for
any fiscal quarter or fiscal year, as the case may be, of the Borrower ending on
or after December 28, 2013 (each, a “Start Date”), to and including the
applicable End Date described below, the Applicable Margins for all Term Loans
shall (subject to any adjustment pursuant to the immediately succeeding
paragraph) be those set forth below in the table under the caption “Pricing
Table”, in each case opposite the Leverage Ratio indicated to have been achieved
in any certificate delivered in accordance with the following sentence:

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Pricing Table

 

Leverage Ratio

   Applicable Margin for Term
Loans maintained as Base
Rate Loans     Applicable Margin for Term
Loans maintained as
Eurodollar Loans  

Equal to or less than 0.50:1.00

     0.00 %      1.00 % 

Greater than 0.50:1.00 but less than or equal to 1.00:1.00

     0.125 %      1.125 % 

Greater than 1.00:1.00 but less than or equal to 1.50:1.00

     0.25 %      1.25 % 

Greater than 1.50:1.00 but less than or equal to 1.75:1.00

     0.375 %      1.375 % 

Greater than 1.75:1.00 but less than or equal to 2.25:1.00

     0.50 %      1.50 % 

Greater than 2.25:1.00 but less than or equal to 2.75:1.00

     0.75 %      1.75 % 

Greater than 2.75:1.00

     1.25 %      2.25 % 

(b) Section 11.01 of the Credit Agreement is hereby amended by inserting in the
appropriate alphabetical order the following new definitions:

“First Amendment” shall mean that certain First Amendment to this Agreement,
dated as of February 14, 2014, by and among the Borrower, the Lenders party
thereto and the Administrative Agent.

“First Amendment Effective Date” shall mean February 14, 2014.

(c) Notwithstanding anything to the contrary in this First Amendment or the
Credit Agreement, all accrued and unpaid interest with respect to the Term Loans
extended prior to the First Amendment Effective Date shall be calculated at the
rates set forth in the definition of “Applicable Margin” without giving effect
to the First Amendment.

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(d) Section 1.10(c) of the Credit Agreement is hereby amended by inserting the
word “liquidity” after the words “capital adequacy,” and before the words “or
any change in interpretation or administration thereof”.

 

II. Conditions Precedent to Effectiveness.

This First Amendment shall become effective on the date (the “First Amendment
Effective Date”) when each of the following conditions shall have been
satisfied; provided that if the following conditions are not satisfied by
February 14, 2014, this First Amendment shall not become effective and shall be
of no force or effect with respect to the Credit Agreement:

1. The Borrower, the Administrative Agent and each other Lender shall have
signed a counterpart hereof (whether the same or different counterparts) and
shall have delivered (including by way of facsimile, pdf or other electronic
transmission) the same to the Administrative Agent.

2. The Administrative Agent shall have received favorable customary legal
opinion of Jones Day, counsel to the Credit Parties addressed to the
Administrative Agent and each of the Lenders party to the Credit Agreement on
the First Amendment Effective Date and dated the First Amendment Effective Date
covering such matters incidental to this First Amendment and the transactions
contemplated hereby as the Administrative Agent may reasonably request.

3. The Administrative Agent shall have received (A) true and complete copies of
resolutions of the board of directors of the Borrower approving and authorizing
the execution, delivery and performance of the Credit Agreement and the Credit
Documents, in each case as modified by this First Amendment, certified as of the
First Amendment Effective Date by an Authorized Representative and attested to
by another Authorized Representative of the Borrower as being in full force and
effect without modification or amendment and (B) good standing certificates for
the Borrower from the jurisdiction in which the Borrower is organized.

4. All of the representations and warranties made pursuant to Part III hereof
shall be true and correct in all material respects on the First Amendment
Effective Date, both before and after giving effect to this First Amendment,
with the same effect as though such representations and warranties had been made
on and as of the First Amendment Effective Date (it being understood and agreed
that (x) any representation or warranty which by its terms is made as of a
specified date shall be required to be true and correct in all material respects
only as of such specified date and (y) any representation or warranty that is
qualified as to “materiality,” “Material Adverse Effect” or similar language
shall be true and correct in all respects on such specified date).

5. Since December 29, 2012, nothing shall have occurred (and neither the
Administrative Agent nor the Required Lenders shall have become aware of any
facts or conditions not previously known) which the Administrative Agent or the
Required Lenders shall determine has had, or could reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect.

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6. No litigation by any entity (private or governmental) shall be pending or
threatened in writing with respect to the Credit Agreement, any other Credit
Document or any other documentation executed in connection herewith and
therewith or the transactions contemplated hereby and thereby, or which the
Administrative Agent shall determine has had, or could reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect.

7. The Administrative Agent shall have received payment from the Borrower, for
the account of each Lender that executes and delivers a counterpart signature
page to this Amendment prior to 10:00 A.M., New York City time, on February 14,
2014 (the “Term Loan Consent Deadline”), a non-refundable consent fee payable in
Dollars in an amount equal to 0.05% of the Term Loan Commitment of each such
existing Lender in effect as of the First Amendment Effective Date and in
connection with each new Lender, the rate separately agreed with such new
Lender.

8. The Borrower shall have paid reasonable and documented out-of-pocket expenses
of the Administrative Agent required to be paid or reimbursed pursuant to
Section 13.01 of the Credit Agreement, including the reasonable and documented
fees, charges and disbursements of counsel for the Administrative Agent.

9. The Administrative Agent shall have received such other documents,
information or agreements regarding the Borrower as the Administrative Agent
shall reasonably request.

 

III. Representations and Warranties.

The Borrower represents and warrants to the Administrative Agent and the Lenders
that, as of the date of and after giving effect to this First Amendment:

1. The execution, delivery and performance of this First Amendment has been duly
authorized by all necessary action on the part of the Borrower.

2. This First Amendment is a legal, valid and binding obligation of the
Borrower, enforceable against the Borrower in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws generally affecting creditors’ rights and to general principles of
equity.

3. All of the representations and warranties contained in the Credit Agreement
and the other Credit Documents are true and correct in all material respects on
the First Amendment Effective Date, both before and after giving effect to this
First Amendment, with the same effect as though such representations and
warranties had been made on and as of the First Amendment Effective Date (it
being understood and agreed that (x) any representation or warranty which by its
terms is made as of a specified date shall be required to be true and correct in
all material respects only as of such specified date and (y) any representation
or warranty that is qualified as to “materiality,” “Material Adverse Effect” or
similar language shall be true and correct in all respects on such specified
date).

4. No Default or Event of Default has occurred and is continuing.

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5. The Credit Agreement and all other Credit Documents are and remain legal,
valid, binding and enforceable obligations in accordance with the terms thereof,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws generally affecting creditors’ rights and to general
principles of equity.

6. This First Amendment (i) does not require any order, consent, approval,
license, authorization or validation of, or filing, recording or registration
with or exemption by, any governmental or public body or authority, or
subdivision thereof, (ii) will not violate any applicable law, statute, rule or
regulation or any applicable order, writ, injunction or decree of any court or
governmental instrumentality, (iii) will not conflict with or result in any
breach of any of the terms, covenants, conditions or provisions of, or
constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any Lien (other than Permitted Liens) upon any
of the material properties or assets of the Borrower or any of its Subsidiaries
pursuant to the terms of any indenture, mortgage, deed of trust, credit
agreement or loan agreement, or any other material agreement, contract or
instrument, to which the Borrower or any of its Subsidiaries is a party or by
which it or any of its property or assets is bound or to which it may be subject
and (iv) will not violate any provision of the Certificate or Articles of
Incorporation or By-Laws (or equivalent organizational documents) of the
Borrower or its Subsidiaries.

 

IV. General Provisions.

1. Governing Law. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
LAW OF THE STATE OF NEW YORK.

2. Execution in Counterparts. This First Amendment may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this First Amendment by facsimile or
other electronic transmission shall have the same effect as delivery of a
manually executed counterpart of this First Amendment.

3. Severability. Any provision hereof which is held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without
rendering the remaining provisions hereof invalid, illegal or unenforceable in
such jurisdiction and without affecting the validity, legality or enforceability
of any provision in any other jurisdiction.

4. Successors; Assignment. The terms of this First Amendment shall be binding
upon, and shall inure for the benefit of, the parties hereto and their
respective successors and assigns; provided that the Borrower may not assign or
transfer any of its rights, obligations or interest hereunder without the prior
written consent of each Lender.

5. Effect on Credit Documents. (i) Except as expressly set forth herein, this
First Amendment shall not by implication or otherwise limit, impair, constitute
a waiver of or

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otherwise affect the rights and remedies of the Lenders or the Agents under the
Credit Agreement or any other Credit Document, and shall not alter, modify,
amend or in any way affect any of the terms, conditions, obligations, covenants
or agreements contained in the Credit Agreement or any other provision of the
Credit Agreement or of any other Credit Document, all of which are ratified and
affirmed in all respects and shall continue in full force and effect. Nothing
herein shall be deemed to entitle the Borrower to receive consent to, or a
waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Credit Document in similar or different circumstances.

6. Reference to Amendment. On and after the First Amendment Effective Date, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein”, or words of like import, and each reference to the Credit Agreement in
any other Credit Document shall be deemed a reference to the Credit Agreement as
modified hereby. This First Amendment shall constitute a “Credit Document” for
all purposes of the Credit Agreement and the other Credit Documents.

[The remainder of this page is intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this First Amendment as of the date first above
written.

 

1919 Flowers Circle

Thomasville, GA 31757

Telephone: (229) 226-9110

Facsimile: (229) 225-3808

Attention: Secretary and General Counsel

    

FLOWERS FOODS, INC.

 

     By:  

/s/ R. Steve Kinsey

Name: R. Steve Kinsey

Title: Executive Vice President and

          Chief Financial Officer

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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DEUTSCHE BANK AG NEW YORK
BRANCH, as Administrative Agent and a Lender

By:  

/s/ Ming K. Chu

Name: Ming K. Chu

Title: Vice President

By:  

/s/ Heidi Sandquist

Name: Heidi Sandquist

Title: Director

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

 

Bank of America, N.A.

 

By:  

/s/ David L. Catherall

  Name: David L. Catherall   Title: Managing Director

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

 

BRANCH BANKING AND TRUST COMPANY

 

By:  

/s/ Brantley Echols

  Name: Brantley Echols   Title: SeniorVice President

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

 

COÖOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW
YORK BRANCH

 

By:  

/s/ Vikram Malkanl

  Name: Vikram Malkanl   Title: Managing Director By:  

/s/ Chris G. Kortlandt

  Name: Chris G. Kortlandt   Title: Managing Director

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

 

REGIONS BANK

 

By:

 

 

/s/ Donald Q. Dalton

  Name: Donald Q. Dalton   Title: Executive Vice President

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT The Northern Trust Company, By:  

/s/ Kathryn Schad Reuther

  Name: Kathryn Schad Reuther   Title: SVP

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

PNC Bank, National Association

By:  

/s/ Susan J. Dimmick

  Name: Susan J. Dimmick   Title: Senior Vice President

[Signature Page to First Amendment to Flowers Term Credit Agreement

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

ROYAL BANK OF CANADA

By:  

/s/ Gordon MacArthur

  Name: Gordon MacArthur   Title: Authorized Signatory

[Signature Page to First Amendment to Flowers Term Credit Agreement

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT

Wells Fargo Bank, National Association

By:  

/s/ Virginia S. Singletary

  Name: Virginia S. Singletary   Title: Vice President

[Signature Page to First Amendment to Flowers Term Credit Agreement

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT AgFirst Farm Credit Bank By:  

/s/ Steven J. O’Shea

  Name: Steven J. O’Shea   Title: Vice President

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT CoBank, ACB By:  

/s/ Natalya Rivkin

  Name: Natalya Rivkin   Title: Vice President

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT Farm Credit Services of America, PCA By:  

/s/ Curt A. Brown

  Name: Curt A. Brown   Title: Vice President

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT GreenStone Farm Credit Services, ACA/FLCA, By:  

/s/ Alfred S. Compton, Jr.

  Name: Alfred S. Compton, Jr.   Title: SVP/Managing Director

[Signature Page to First Amendment to Flowers Term Credit Agreement]

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SIGNATURE PAGE TO THE FIRST AMENDMENT, DATED AS OF THE DATE FIRST ABOVE WRITTEN,
TO THE CREDIT AGREEMENT, DATED AS OF APRIL 5, 2013, AMONG FLOWERS FOODS, INC.,
THE VARIOUS LENDERS PARTY THERETO AND DEUTSCHE BANK AG NEW YORK BRANCH, AS
ADMINISTRATIVE AGENT [INSERT LEGAL NAME OF INSTITUTION]

SunTrust Bank

By:  

/s/ Tesha Winslow

  Name: Tesha Winslow   Title: Vice President

[Signature Page to First Amendment to Flowers Term Credit Agreement]