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**Exhibit 10.1**

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**FOURTH AMENDMENT**

**TO**

**MEMBERSHIP INTEREST PURCHASEAGREEMENT**

 

This Fourth Amendment(“Amendment”) to the Membership Interest Purchase Agreement dated as ofFebruary 29, 2008 (as amended, supplemented or otherwise modified from time totime, the “MIPA”) among JBS S.A., National Beef Packing Company, LLC, U.S.Premium Beef, LLC, French Basin Land and Cattle Co., LLC, TKK Investments, LLC,S-B Enterprises V, LLC, TMKCO, LLC, John R. Miller, Timothy M. Klein and NBPCOHoldings, LLC is effective as of February 19, 2009 (the “Effective Date”). Unless otherwise defined in this Amendment, terms used in this Amendment shallhave the meanings assigned in the MIPA (as amended by this Amendment) andincludes JBS S.A. which is defined as “Buyer.”

**WITNESSETH:**

WHEREAS, Buyerand Sellers agree that the transactions under the MIPA will not be consummated,the Closing will not occur and the MIPA will be terminated under Section7.1(i), and Buyer will pay the Termination Fee to Sellers as provided inSection 7.3, as amended below.

WHEREAS,concurrently with the execution of this Amendment, Sellers have executed anddelivered a termination notice to Buyer terminating the MIPA under Section7.1(i), with such notice and termination to be effective as of February 23, 2009(which notice may not be withdrawn, modified or amended without the priorconsent of the Buyer) (the “Termination Notice”), which date is 360 days afterthe date of execution of the MIPA; and

WHREAS, theParties now wish to amend Section 7.3 of the MIPA regarding the TerminationFee.

NOW,THEREFORE, in consideration of the premises and the mutual covenants containedin this Amendment, the Parties agree as follows:

**1.**    **Amendment to Section 7.3**.  The Parties agree to amendSection 7.3 of the MIPA, as previously amended, with existing language strickenand new language underlined as provided below:  **          **

**Termination Fee**.  Notwithstanding anything in this Agreement to thecontrary, if:

(a)      the Closing does not occur and this Agreement is terminated;

(b)      Buyer fails to provide to Sellers the Financing Representation asprovided in Section 7.1(c) by March 31, 2008 or a later date asextended by Sellers in their sole discretion; or 

(c)      Buyer provides the Financing Representation to Sellers and then Buyerdoes not have adequate financing to pay amounts due at the Closing underSection 7.1(d);

**SIGNATURECOPY**

 

 

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| **NBPMEMBERS/BUYER S.A. ** | **FOURTH AMENDMENT TO MIPA**
                                                                                                                                                           

 

 

then Buyer shallpay or cause to be paid to Sellers ~~in proportion to their respectiveholdings of National Interests as set forth on Exhibit B, by 60 days~~onFebruary 23, 2009, assuming that Buyer has received the TerminationNotice (by electronic or physical delivery) prior to such termination ~~after~~pursuant to the occurrence of ~~an~~the event in Section7.3(a),~~(b), or (c),~~ a cash amount allocated in proportion to eachSeller’s respective holdings of National Interests as set forth in theTermination Notice equal to $25,000,000 or a lesser amount agreed to bySellers in the executed Termination Notice (the “Termination Fee”).  Paymentshall be made by Buyer to Sellers by wire transfer of funds in United States dollars to the Sellers’ accounts stated in the Termination Notice.  If theTermination Fee is not paid as prescribed above, then Buyer shall be requiredto pay the Termination Fee plus all costs of National and Sellers incurredin the United States related to the negotiation and implementation of thetransactions under this Agreement included in a written notice from Sellers toBuyer including costs of legal counsel, consultants, advisors, data room, duediligence, and printing plus any costs to collect the Termination Fee fromBuyer within five business days after the receipt of written notice of thecosts from Sellers (such costs, but for the avoidance of doubt, not includingthe Termination Fee, the "Reimbursable Costs")~~(the “TerminationFee”)~~, provided, however, that the Termination Fee shall not be paid byBuyer in the event that:

(i)     this Agreement is terminated pursuant to Section 7.1(a) (MutualTermination) or Section 7.1(e) (Buyer’s Termination);

(ii)    the Members of USPB fail to approve this Agreement and the contemplatedtransactions under this Agreement by 30 days after execution of theAgreement;

(iii)   the shareholders of JBS fail to approve this Agreement and thecontemplated transactions under this Agreement by 30 days after executionof this Agreement; 

(iv)   the FTC or DOJ, in response to the notifications required underSection 5.10(a), unconditionally disapprove the transactions contemplatedin the Transaction Documents such that no possible appeal or remedy, includingany sale, divestiture of disposition of assets or businesses, remains availableto Buyer to effect the resolution of objections or concerns by the FTC or DOJ;

(v)    Sellers terminate this Agreement after acceptance of a SuperiorProposal; or 

(vi)   an Act of God occurs and Buyer terminates this Agreement pursuant toSection 7.1(f).

                                                                            
 
2

**SIGNATURECOPY**
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**NBPMEMBERS/BUYER S.A. **

**FOURTH AMENDMENT TO MIPA**
 

 

**2.         Effectof Termination**.  The Parties agree that after full payment of theTermination Fee and Reimbursable Costs (solely to the extent and in the eventsuch costs are required to be paid by Buyer to Sellers), in each case asprovided in and subject to the terms and conditions of Section 7.3 of the MIPA,notwithstanding anything to the contrary contained in the MIPA, includingwithout limitation Section 7.2, the MIPA will become void and of no furtherforce or effect with no liability or obligation of the Parties under the MIPA,except that each Party (the “Receiving Party”) shall return all documentationof the other Party (the “Disclosing Party”) currently in the  Receiving Party’spossession as provided with respect to Buyer under Section 7.4 of the MIPA andthe obligations of the Parties under the Confidentiality Agreement as definedin the MIPA shall continue. 
**3.         Mutual Release.** Notwithstanding anything to the contrary contained in the MIPA, includingwithout limitation Section 7.2, upon payment by Buyer of the Termination Feeand Reimbursable Costs (solely to the extent and in the event such costs arerequired to be paid  by Buyer to Sellers), in each case as provided in andsubject to the terms and conditions of Section 7.3 of the MIPA, Buyer, on the one hand, and the Sellers and National on theother, for and on its behalf, and on behalf of their respective principals, partners,shareholders, members, officers, directors, agents, attorneys, employees, insurers,successors, representatives and assigns, shall fully and forever release anddischarge the other~~ ~~and its principals, partners, shareholders, members, officers, directors,agents, attorneys, employees, insurers, successors, representatives andassigns, from any and all claims, liabilities, demands, damages, rights,actions or causes of action, whether fixed or contingent, liquidated orunliquidated, direct or indirect, known or unknown, whether arising incontract, tort or otherwise, which arise out of the transactions contemplatedby the MIPA, including, but not limited to, claims with respect to or arisingout of i) any and all negotiations culminating in the execution of the MIPA,ii) the Parties’ efforts to obtain approval of the MIPA by their respectiveShareholder Assembly or members, and iii) the Parties’ efforts to obtainregulatory approval of and to complete the transactions contemplated by theMIPA, and all claims that any Party might have against any other Party relatedto or arising from such matters, whether asserted or not, as of the date ofpayment of the Termination Fee and Reimbursable Costs are paid in full (solelyto the extent and in the event such costs are required to be paid by Buyer toSellers), in each case, as provided in and subject to the terms and conditionsof Section 7.3.  The consideration for this mutual release is a) the mutual agreement of the Buyer, and theSellers and National, to forgo their respective legalrights with reference to any disputes or differences that have arisen or mayarise in connection with the MIPA or the transactions contemplated by the MIPA,b) payment of the Termination Fee pursuant to Section 2 of this Agreement, andc) other good and valuable consideration.
**4.         Governing Law; Counterparts. **

(a)        This Amendment and the rights andobligations of the Parties shall be governed by, and construed and interpretedin accordance with, the laws of the State of Delaware.

(b)        This Amendment may be executed by one or more of the Partieson any number of separate counterparts, and all of said counterparts takentogether shall be deemed to constitute one and the same instrument.  ThisAmendment may be delivered by facsimile transmission or PDF electronictransmission of the relevant signature pages of this Amendment.

 

 

**[The remainder ofthis page intentionally left blank.]**

                                                                       
 
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**SIGNATURECOPY**
**                                                                                                                                                                                                               **

 

 

 

**NBPMEMBERS/BUYER S.A. **

**FOURTH AMENDMENT TO MIPA**
 

 

 

IN WITNESSWHEREOF, the Parties have caused this Amendment to be duly executed anddelivered as of the Effective Date.

 
**SELLERS:**
U.S. PREMIUM BEEF, LLC
 
 
 
 
 
By:       /s/ Steven D. Hunt                                            
 
            Name: Steven D. Hunt                         
 
            Title:    CEO                                                    
 
 
 
 
 
 
 
FRENCH BASIN LAND &CATTLE CO., LLC
 
 
 
 
 
By:       /s/ John R. Miller                                              
 
            Name:                                                             
 
            Title:                                                                
 
 
 
 
 
 
 
TKK INVESTMENTS, LLC
 
 
 
 
 
By:       /s/ Timothy M. Klein                                         
 
            Name:                                                             
 
            Title:                                                                
 
 
 
 
 
 
 
TMKCo, LLC
 
 
 
 
 
By:       /s/ Timothy M. Klein                                         
 
            Name:                                                             
 
            Title:                                                                

 

 

                                                                                                  
 
S-1

**SIGNATURECOPY**
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**NBPMEMBERS/BUYER S.A. **

**FOURTH AMENDMENT TO MIPA**
 

 

 
 
S-BENTERPRISES V, LLC
 
 
 
 
 
By:       /s/Scott H. Smith                                             
 
            Name:  Scott H. Smith                                      
 
            Title:     Manager                                               
 
 
 
 
 
 
 
            /s/ John R. Miller                                              
 
JOHN R. MILLER
 
 
 
 
 
 
 
            /s/ Timothy M.Klein                                         
 
TIMOTHY M. KLEIN
 
 
 
 
 
 
 
NBPCO HOLDINGS, LLC
 
 
 
 
 
By:       /s/ Rich Jochum                                                
 
            Name: Rich Jochum                                         
 
            Title:    VP, Gen Counsel & Corp. Admin.        
 
 
 
 
 
 
**BUYER:**
JBS  S.A.
 
 
 
 
 
By:       /s/ Wesley MendoncaBatista                            
 
            Name:                                                             
 
            Title:                                                                
 
 
 
            
 
 
**NATIONAL:**
NATIONALBEEF PACKING COMPANY, LLC
 
 
 
 
 
By:       /s/ John R. Miller                                              
 
            Name:                                                             
 
            Title:                                                                

 

                                                                                                
 
S-2

**SIGNATURECOPY**
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