EXHIBIT 10.1

FIRST AMENDMENT TO SHAREHOLDERS AGREEMENT
This FIRST AMENDMENT TO SHAREHOLDERS AGREEMENT, dated March 8, 2018 (this
“Amendment”), is by and among (a) Americold Realty Trust, a Maryland real estate
investment trust (the “Company”), (b) YF ART Holdings, L.P. (the “Yucaipa
Party”), (c) GS Capital Partners VI Fund, L.P., GS Capital Partners VI Parallel,
L.P., GSCP VI Offshore IceCap Investment, L.P., GSCP VI GmbH IceCap Investment,
L.P. and IceCap2 Holdings, L.P. (the “GSCP Parties”), (d) CF Cold LP (the
“Fortress Investor”) and (e) YF ART Holdings Aggregator, LLC (the “Yucaipa
Investor”), and amends that certain Shareholders Agreement, dated January 18,
2018 (the “Shareholders Agreement”), by and among (i) the Company, (ii) the
Yucaipa Party, (iii) the GSCP Parties, (iv) Charm Progress Investment Limited,
(v) the Fortress Investor, and (vi) the Yucaipa Investor.
WHEREAS, the Company and the other parties hereto intend to amend through this
Amendment certain provisions of the Shareholders Agreement pursuant to Section
7.12 thereof in connection with the entry into that certain Margin Loan
Agreement, dated as of March 8, 2018, by and among the Yucaipa Party, the
lenders party thereto, Morgan Stanley Senior Funding, Inc., as Administrative
Agent, and Morgan Stanley & Co. LLC, as Collateral Agent and Calculation Agent
(the “Margin Loan Agreement”).
NOW THEREFORE, in consideration of the premises and the representations,
warranties, covenants and agreements contained in this Amendment and other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, and intending to be legally bound hereby, the parties hereto agree
as follows:
1.Definitions. All capitalized terms used in this Amendment but not otherwise
defined herein are given the meanings ascribed to them in the Shareholders
Agreement.
2.Definition of Transfer. The definition of “Transfer” shall exclude the
Excluded Transfers as such term is defined in the Notice to the Coordination
Committee, dated of even date herewith, delivered by the Yucaipa Party which
references this Amendment (the “Notice”). Notwithstanding the foregoing, the
Yucaipa Party agrees to notify the Coordination Committee (x) promptly, but in
no event more than two (2) business days, after any Excluded Transfer initiated
by the Yucaipa Party and (y) promptly after the Yucaipa Party receives a
Collateral Call Notice (as defined in the Margin Loan Agreement). The parties
hereto acknowledge that the Yucaipa Party is not permitted to consent to a
modification of such definition of Excluded Transfer or any other modification
with a similar effect without the prior written consent of the Administrative
Agent so long as the obligations under the Margin Loan Agreement remain
outstanding.
3.Captions. The headings or titles to the sections and paragraphs of this
Amendment and the title of this instrument are not part of this Amendment but
are inserted for convenience only and have no effect upon the construction or
interpretation of any part of this Amendment.
4.Counterparts. This Amendment may be executed by facsimile or .pdf signatures
and in any number of counterparts with the same effect as if all signatory
parties had signed the same document. All counterparts shall be construed
together and shall constitute one and the same instrument.
5.Governing Law. This Amendment shall in all respects be governed by, and
construed in accordance with, the laws (excluding conflict of laws rules and
principles) of the State of New York applicable to agreements made and to be
performed entirely within such State, including all matters of construction,
validity and performance.

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6.Incorporation by Reference. Sections 7.2, 7.3, 7.4, 7.5, 7.7, 7.11, and 7.12
of the Shareholders Agreement are incorporated by reference as if fully set
forth herein.

[Signature pages follow]
IN WITNESS WHEREOF, the undersigned have caused their duly authorized
representatives to execute this Amendment as of the date first above written.

COMPANY:

AMERICOLD REALTY TRUST

By: /s/ Daniel C. Deckbar            
Name:     Daniel C. Deckbar            
Title:     Vice President, Deputy General Counsel

[Signatures continue on following page]

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THE YUCAIPA PARTY:

YF ART HOLDINGS, L.P.

By: YF ART Holdings GP, LLC,
its general partner

By: /s/ Henry E. Orren            
Name:     Henry E. Orren            
Title:     Assistant Vice President & Secretary    

[Signatures continue on following page]

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GSCP PARTIES:

GS CAPITAL PARTNERS VI FUND, L.P.
By: GSCP VI Advisors, L.L.C.,
its general partner

By: /s/ Bradley Gross                
Name: Bradley Gross
Title: Vice President

GS CAPITAL PARTNERS VI PARALLEL, L.P.
By: GS Advisors VI, L.L.C.,
its general partner

By: /s/ Bradley Gross                
Name: Bradley Gross
Title: Vice President

GSCP VI OFFSHORE ICECAP INVESTMENT, L.P.
By: GSCP VI Offshore IceCap Holdings Entity GP, Ltd.,
its general partner

By: /s/ Bradley Gross                
Name: Bradley Gross
Title: Vice President

GSCP VI GMBH ICECAP INVESTMENT, L.P.
By: GSCP VI GmbH IceCap Holdings Entity GP, Ltd.,
its general partner

By: /s/ Bradley Gross                
Name: Bradley Gross
Title: Vice President

ICECAP2 HOLDINGS, L.P.
By: IceCap2 Holdings Entity GP, Ltd.,
its general partner

By: /s/ Bradley Gross                
Name: Bradley Gross
Title: Vice President

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FORTRESS INVESTOR:

CF COLD, LP

By: CF Cold GP LLC, its general partner

By: /s/ Constantine M. Dakolias        
Name:     Constantine M. Dakolias        
Title: President                

[Signatures continue on following page]

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YUCAIPA INVESTOR:

YF ART HOLDINGS AGGREGATOR, LLC

By: /s/ Henry E. Orren            
Name:     Henry E. Orren            
Title: Assistant Vice President & Secretary    

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