** **

** **

 

 

 

 

**Exhibit 2.9**

** **

**THIRD AMENDMENT**

**OF**

**MEMBERSHIP INTEREST PURCHASEAGREEMENT**

 

 

THIS THIRD AMENDMENT (this“Amendment”) to the Membership Interest Purchase Agreement, dated as ofFebruary 29, 2008 (as amended, supplemented or otherwise modified from time to time,the “MIPA”), among JBS S.A., National Beef Packing Company, LLC, U.S. PremiumBeef, LLC, French Basin Land and Cattle Co., LLC, TKK Investments, LLC, S-BEnterprises V, LLC, TMKCO, LLC, John R. Miller, Timothy M. Klein and NBPCOHoldings, LLC is dated effective as of October 31, 2008.  Unless otherwisedefined in this Amendment, terms used in this Amendment shall have the meaningsassigned in the MIPA and includes JBS S.A. which is defined as “Buyer”.

**W I T N E S S E T H :**

WHEREAS,Section 1.2 of the MIPA states that NBPCO will sell its National Interests toBuyer for the Seller’s Purchase Price in Exhibit B to be paid in cash and BuyerStock, provided that NBPCO and Buyer anticipate entering into a separateunrelated transaction at or about the time of the execution of the MIPAproviding for the payment by Buyer of all cash and no Buyer Stock for NBPCO’sNational Interests;

WHEREAS, ascontemplated under Section 1.2 of the MIPA, NBPCO and Buyer have agreed thatNBPCO will receive all cash and no Buyer Stock for NBPCO’s National Interests; 

WHEREAS,Section 1.2 of the MIPA states that TMK, TKK, and Klein each will sell theirNational Interests to Buyer for the Seller’s Purchase Price in Exhibit B to bepaid in cash and Buyer Stock;

WHEREAS, TKKand Klein have requested that Buyer pays TKK’s and Klein’s Seller’s PurchasePrice in all cash, and TMK has requested that Buyer pays TMK’s Seller’sPurchase Price in all Buyer Stock;

WHEREAS, theParties wish to amend Section 1.2, Section 1.3 and Exhibit B to the MIPA tostate that Buyer will make an all cash payment to NBPCO, TKK and Klein at theClosing, and a payment in all Buyer Stock to TMK at Closing; and

WHEREAS, theParties wish to amend Section 7.3 to provide that the Termination Fee shall bepaid to Sellers, instead of National, in proportion to Sellers’ respectiveholdings of National Interests as set forth on Exhibit B.

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

**1.**    **Amendmentto Section 1.2**.  The Parties agree to amend Section 1.2 with existinglanguage stricken and new language underlined as provided below:  

**SIGNATURE  COPY**

**                                                                                                                                                                                                               **

 

----

 

 

 

**NBPMembers/JBS S.A.**

** **

 

**Purchase Price**

.  Buyer agreesto pay to each Seller at the Closing the purchase price of the National Intereststo be sold by each Seller based on an aggregate value of $560,000,000 for allof the issued and outstanding National Interests at the time of Closing.  (Theaggregate amount payable to all Sellers hereunder is referred to as the “**PurchasePrice**”; the amount payable to each Seller is sometimes referred to hereinas each “**Seller’s Purchase Price.**”)  Buyer and Sellers acknowledge andagree that certain Sellers other than USPB~~, NBPCO,~~and TMK~~,TKK, and Klein,~~ will sell all of their National Interests for cash in whichcase the amount in **Exhibit B** is the cash amount to be paid to thoseSellers at Closing.  ~~NBPCO,~~ USPB~~,~~and TMK~~, TKK andKlein~~ each will sell their National Interests to Buyer for the Seller’sPurchase Price in **Exhibit B** to be paid to (a) USPB in cashand Buyer Stock in proportion of 80% to be paid in cash and 20% to be paid inBuyer Stock and (b) TMK in 100% Buyer Stock as provided in Section 1.3~~;provided, however, NBPCO and Buyer anticipate entering into a separateunrelated transaction at or about the time of execution of this Agreementpursuant to which Buyer will agree that NBPCO will receive all cash and noBuyer Stock for NBPCO’s National Interests~~.

**2.         Amendmentto Section 1.3**.  The Parties agree to amend the second sentence of Section1.3 with existing language stricken and new language underlined as providedbelow:  

The total U.S.Dollar value of the Buyer Stock to be issued to Sellers from **Exhibit B**is $~~94,964,869~~71,599,664(referred to as the “**JBS Stock Payment Amount**”).

 

**3.         Amendmentto Section 7.3. **The Parties agree to amend Section 7.3 with existinglanguage stricken and 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);

then Buyer shallpay or cause to be paid to ~~National~~Sellers in proportion to theirrespective holdings of National Interests as set forth on Exhibit B, by 60days after occurrence of an event in Section 7.3(a), (b), or (c) a cash amountequal to $25,000,000 plus all costs of National and Sellers incurred in theUnited States related to the negotiation and implementation of the transactionsunder this Agreement included in a written notice from Sellers to Buyerincluding costs of legal counsel, consultants, advisors, data room, duediligence, and printing (the “**Termination Fee**”), provided, however, thatthe Termination Fee shall not be paid by Buyer in the event that:
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**SIGNATURE COPY**

**                                                                                                                                                                                                               **

 

 

 

 

**NBPMembers/JBS S.A.**

 

 

(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 under Section 5.10(a),unconditionally disapprove the transactions contemplated in the TransactionDocuments such that no possible appeal or remedy, including any sale,divestiture of disposition of assets or businesses, remains available to Buyerto 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).

**4.         Amendment to Exhibit B**.  The Parties agree to amend **ExhibitB** with existing language stricken and new language underlined as providedbelow:  

**           **

**Seller**

**National Interests To Be Sold**

**Sellers’ Purchase Price**

 

**Class A Units**

**Class B‐1 Units**

**Class B‐2 Units**

**Class C Units**

**Cash**

**Buyer Stock**

**Total**

USPB

94,680,681

10,664,475

 

 

$261,128,788

$65,282,197 

$326,410,985

NBPCO

31,553,956

3,810,044

 

 

$~~91,474,472~~

114,343,090

~~$22,868,618~~

$114,343,090

French Basin 

 

2,247,619

 

 

$48,838,919

 

$48,838,919

Miller

6,057,143

 

609,524

609,524

$19,301,600

 

$19,301,600

TKK

 

1,123,810

 

 

$~~19,535,576~~

24,419,470

$~~4,883,894~~

$24,419,470

Klein

3,028,571

 

 

304,762

$~~2,666,666~~

3,333,333

$~~666,667~~

$3,333,333

S-B

1,514,286

714,286

 

 

$17,035,136

 

$17,035,136 

TMK

 

 

304,762

 

$~~5,053,974~~

$~~1,263,493~~

6,317,467

$6,317,467

**Total**

**136,834,637**

**18,560,234**

**914,286**

**914,286**

** **

**$~~465,035,131~~**

**488,400,336**

** **

**$~~94,964,869~~**

**71,599,664**

** **

**$560,000,000**

                                                                    

**                                                                                                                                                                                                               **
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**SIGNATURE COPY**

 

 

 

 

**NBPMembers/JBS S.A.**

 

** **

 

**5.         Limited Effect**. The execution, delivery and effectiveness of this Amendment shall not, except asexpressly provided in this Amendment, operate as a waiver of anyright, power or remedy of the Sellers or National under the MIPA, norconstitute a waiver of any other provision of the MIPA or any other TransactionDocument.  Except as expressly amended, waived, modified and supplemented inthis Amendment, all of the provisions and covenants of the MIPA and the otherTransaction Documents are and shall continue to remain in full force and effectin accordance with their terms and are in all respects ratified and confirmed. Each reference to the “MIPA” contained in the MIPA and in each of theTransaction Documents shall be deemed to refer to the MIPA, as amended fromtime to time.

**6.         GoverningLaw; Counterparts. **

(a) ThisAmendment and the rights and obligations of the Parties shall be governed by,and construed and interpreted in accordance with, the laws of the State of Delaware.

(b) ThisAmendment may be executed by one or more of the Parties on any number ofseparate counterparts, and all of said counterparts taken together shall bedeemed to constitute one and the same instrument.  This Amendment may bedelivered by facsimile transmission or PDF electronic transmission of therelevant signature pages of this Amendment.

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

 

 

 

 

 

 

 
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**SIGNATURE COPY**

 

 

 

**NBPMembers/JBS S.A.**

**3rd Amendment MIPA**
 

 

 

IN WITNESS WHEREOF, the Partieshave caused this Amendment to be duly executed and delivered as of the day andyear first above written.

 

**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-B ENTERPRISES V, LLC

 

 

By:      /s/ Scott H. Smith                                             

            Name:  Scott H. Smith                                    

            Title:   Manager                                             

                                                                                                    

 
     S-1
**SIGNATURE COPY**

 

 

 

**NBPMembers/JBS S.A.**

**3rd Amendment MIPA**
 

 

 

 

 

 

 

/s/ John R. Miller                                                        

JOHN R. MILLER

 

 

 

/s/ Timothy M. Klein                                                   

TIMOTHY M. KLEIN

 

 

 

NBPCO HOLDINGS, LLC

 

 

By:      /s/ Richard A. Jochum                                      

            Name:                                                            

            Title:                                                               

 

 

 

**BUYER:**                                                        JBS  S.A.

 

 

By:      /s/ Wesley MendoncaBatista                           

            Name:                                                           

            Title:                                                              

 

 

 

**NATIONAL:                                                **NATIONALBEEF PACKING COMPANY, LLC

 

 

By:      /s/ John R. Miller                                             

            Name:                                                           

            Title:                                                             

 

 

 

                                                                                                   
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**SIGNATURE COPY**

 

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