EX-10.1



 Exhibit 10.1 

FOURTH AMENDMENT TO 
 RECEIVABLES
LOAN, SECURITY AND SERVICING AGREEMENT 
 THIS FOURTH AMENDMENT TO RECEIVABLES LOAN, SECURITY AND SERVICING AGREEMENT dated as of
September 30, 2016 (this “Amendment”) is entered into among FLOWERS FINANCE II, LLC, a Delaware limited liability company (the “Borrower”), FLOWERS FOODS, INC., a Georgia corporation (the
“Servicer”), NIEUW AMSTERDAM RECEIVABLES CORPORATION B.V., COÖPERATIEVE RABOBANK U.A. (f/k/a Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank”), as Facility Agent for the Nieuw Amsterdam Lender
Group and as a Committed Lender, PNC BANK, NATIONAL ASSOCIATION, as Facility Agent for the PNC Bank Lender Group and as a Committed Lender, and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH (f/k/a Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A., “Rabobank”, New York Branch), as administrative agent (the “Administrative Agent”) for each of the Lenders. 

RECITALS 
 WHEREAS,
reference is made to that certain Receivables Loan, Security and Servicing Agreement dated as of July 17, 2013, as amended by First Amendment to Receivables Loan, Security and Servicing Agreement dated as of August 7, 2014, by Second
Amendment to Receivables Loan, Security and Servicing Agreement dated as of December 17, 2014 and by Third Amendment and Waiver to Receivables Loan, Security and Servicing Agreement dated as of August 20, 2015 (as so amended, the
“Existing Loan Agreement” and, as amended by this Amendment and as otherwise amended, supplemented or modified from time to time, the “Loan Agreement”) among the parties to this Amendment. Unless otherwise provided
elsewhere herein, capitalized terms used herein shall have the respective meanings assigned thereto in the Loan Agreement; and 
 WHEREAS,
the parties to this Amendment have agreed to amend the Existing Loan Agreement, all on the terms and subject to the conditions set forth in this Amendment; 

NOW, THEREFORE, the parties to this Amendment hereby agree as follows: 

SECTION 1. Amendments to Existing Loan Agreement. Effective as of the Effective Date (as defined below), subject to the satisfaction of
the conditions precedent set forth in Section 3 below, the Existing Loan Agreement is hereby amended as follows: 
 (a) the
definition of “Facility Termination Date” appearing in Annex I to the Existing Loan Agreement is hereby amended and restated as follows: 

“Facility Termination Date” means the earlier to occur of September 28, 2018 and the Early Termination
Date. 
 (b) the definition of “Eligible Receivable” appearing in Annex I to the Existing Loan Agreement is hereby amended by
(i) deleting the period at the end of clause (w) and substituting, in lieu thereof, “, and” and (ii) adding the following as clause (x): 







 (x) which is an “eligible asset” under and as defined in Rule 3a-7
under the United States Investment Company Act of 1940, as amended (17 CFR 270.3a-7). 
 (c) Annex I to the Existing Loan Agreement is hereby
amended by adding the following definitions in the appropriate alphabetical order: 
 “Bail-In Action” means
the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive
2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent; 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor person), as in effect from time to time. 
 “Write-Down and Conversion Powers”
means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule. 
 (d) Article X of the Existing Loan Agreement is hereby amended by adding the
following as Section 10.26: 
 SECTION 10.26 Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Transaction Document or in 

  
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any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Transaction
Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-in Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part or cancellation of any
such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Transaction Document; or 
 (iii) the variation of the terms
of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 SECTION 2.
Conditions Precedent. The amendments set forth in Section 1 above shall become effective as of the date hereof (the “Effective Date”) upon (a) the receipt by the Administrative Agent of counterpart signature
pages to this Amendment executed by each of the parties to this Amendment, (b) the receipt by the Administrative Agent of counterpart signature pages to the Third Amended and Restated Fee Letter dated as of the date hereof (the “Amended
Fee Letter”) between the Borrower and the Administrative Agent executed by each of the parties thereto, and (c) the receipt by each Committed Lender of the amendment fee as set forth in the Amended Fee Letter. Each Lender hereby
consents to the amendment and restatement of the Fee Letter pursuant to the Amended Fee Letter. 
 SECTION 3. Representations and
Warranties of the Borrower. Each of the Borrower and the Servicer hereby represents and warrants to each Lender, each Facility Agent and the Administrative Agent that, on and as of the date hereof: 

(a) this Amendment has been duly executed and delivered by it, and this Amendment and the Existing Loan Agreement as amended hereby constitute,
the legal, valid and binding obligations of it enforceable against it in accordance with their respective terms, subject to bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and to general
equitable principles (regardless of whether considered in a proceeding in equity or at law); and 

  
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 (b) the representations and warranties of it contained in the Loan Agreement or in the other
Transaction Documents to which it is a party are true and correct in all material respects as of the date hereof, with the same effect as though made on such date (after giving effect to this Amendment), except to the extent such representation or
warranty expressly relates only to a prior date; and 
 (c) immediately after giving effect to this Amendment, no Amortization Event or Event
of Default shall have occurred and be continuing. 
 SECTION 4. Miscellaneous. 

(a) This Amendment may be amended, modified, terminated or waived only as provided in Section 10.05 of the Loan Agreement. 

(b) Except as expressly modified as contemplated hereby, the Loan Agreement is hereby confirmed to be in full force and effect in accordance
with its terms and is hereby ratified and confirmed. This Amendment is intended by the parties to constitute an amendment and modification to, and otherwise to constitute a continuation of, the Loan Agreement, and is not intended by any party and
shall not be construed to constitute a novation thereof or of any obligation of any party thereunder. This Amendment shall constitute a Transaction Document. 

(c) This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns
under the Loan Agreement. 
 (d) This 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 when taken together shall constitute one and the same agreement. Delivery of an executed signature page to this Amendment by facsimile transmission or
other electronic image scan transmission shall be effective as delivery of a manually signed counterpart of this Amendment. 
 (e) The
provisions of this Amendment are intended to be severable. If any provision of this Amendment shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent
of such invalidity or unenforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions hereof in any jurisdiction. 

(f) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Each party hereto hereby
irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to this Amendment, and each party hereto hereby irrevocably agrees that all
claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the fullest extent they may
effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. 

  
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 (g) EACH OF THE BORROWER, THE SERVICER, THE ADMINISTRATIVE AGENT, THE FACILITY AGENTS AND THE
LENDERS HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR THE
ACTIONS OF THE ADMINISTRATIVE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF. 

[Signature pages follow] 

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

			
	 COÖPERATIEVE RABOBANK U.A., NEW

YORK BRANCH, as Administrative Agent

		
	By:	 	/s/ Thomas McNamara
		 	Name: Thomas McNamara
		 	Title: Vice President
		
	By:	 	/s/ Christopher Lew
		 	Name: Christopher Lew
		 	Title: Executive Director
	
	 COÖPERATIEVE RABOBANK U.A., as

Committed Lender and Nieuw Amsterdam Facility
 Agent

		
	By:	 	/s/ E. van Esveld
		 	Name: E. van Esveld
		 	Title: Mananging Director
		
	By:	 	/s/ Jennifer Vervoorn
		 	Name: Jennifer Vervoorn
		 	Title: Director



  
 [Signature Page to
Fourth Amendment to Receivables Loan, Security and Servicing Agreement] 








 
			
	 NIEUW AMSTERDAM RECEIVABLES

CORPORATION B.V.

		
	By:	 	/s/ P.D. Haverkamp-Idema
		 	Name: P.D. Haverkamp-Idema
		 	Title: Proxyholder
		
	By:	 	/s/ L.F. van der Sman
		 	Name: L.F. van der Sman
		 	Title: Proxyholder



  
 [Signature Page to
Fourth Amendment to Receivables Loan, Security and Servicing Agreement] 








 
			
	PNC BANK, NATIONAL ASSOCIATION, as Committed Lender and PNC Bank Facility Agent
		
	By:	 	/s/ Eric Bruno
		 	Name: Eric Bruno
		 	Title: Senior Vice President



  
 [Signature Page to
Fourth Amendment to Receivables Loan, Security and Servicing Agreement] 








 
			
	 FLOWERS FINANCE II, LLC,
 as
Borrower

		
	By:	 	/s/ Kirk L. Tolbert
		 	Name: Kirk L. Tolbert
		 	Title: President
	
	 FLOWERS FOODS, INC.,
 as
Servicer

		
	By:	 	/s/ Karyl H. Lauder
		 	Name: Karyl H. Lauder
		 	Title: SVP& CAO



  
 [Signature Page to
Fourth Amendment to Receivables Loan, Security and Servicing Agreement]