Document:

Exhibit 10.3

 

Fifth Amended Exhibit 3.1 to LLC Agreement

 

EXHIBIT
3.1

 

	
  Member

  	
   

  	
  Class A Units

  	
   

  	
  Contribution

  	
   

  	
  Total Class

  A %

  	
   

  	
  Class B-1 Units

  	
   

  	
  Contribution

  	
   

  	
  Total Class

  B-1 %

  	
   

  
	
  USPB

  	
   

  	
  94,680,681

  	
   

  	
  $

  	
  94,680,681.00

  	
   

  	
  46.4143

  	
  %

  	
  10,664,475

  	
   

  	
  $

  	
  10,664,475.00

  	
   

  	
  69.3340

  	
  %

  
	
   

  	
   

  	
  55,841,342 

  	
  (1)

  	
  $

  	
  55,841,342.00

  	
   

  	
  27.3745

  	
  %

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  NBPCo

  	
   

  	
  31,553,956

  	
   

  	
  $

  	
  31,553,956.00

  	
   

  	
  15.4684

  	
  %

  	
  3,810,044

  	
   

  	
  $

  	
  3,810,044.00

  	
   

  	
  24.7706

  	
  %

  
	
   

  	
   

  	
  19,642,729 

  	
  (1)

  	
  $

  	
  19,642,729.00

  	
   

  	
  9.6293

  	
  %

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TKK

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  760,542 

  	
  (2)

  	
  $

  	
  760,542

  	
   

  	
  4.9446

  	
  %

  
	
  TMK

  	
   

  	
  2,271,428

  	
   

  	
  $

  	
  2,271,428.00

  	
   

  	
  1.1135

  	
  %

  	
  146,256 

  	
  (2)

  	
  $

  	
  146,256

  	
   

  	
  0.9509

  	
  %

  
	
  Total

  	
   

  	
  203,990,136

  	
   

  	
  $

  	
  203,990,136.00

  	
   

  	
  100

  	
  %

  	
  15,381,317

  	
   

  	
  $

  	
  15,381,317

  	
   

  	
  100

  	
  %

  

 

(1)  The 55,841,342
new Class A Units held by USPB and 19,642,729 new Class A Units held
by NBPCo (referred to as “Class A1 Units”) have additional Class A
rights and preferences consisting of: (a) the Members agree that the
Priority Return under the Company’s limited liability company agreement under Section 5.7.2(b) shall
be seven percent (7%) per annum for Class A1 Units rather than five
percent (5%) per annum; and (b) for purposes of determining Class B-1
ownership for liquidation or the redemption of Units, the Class A1 Units
shall be deemed converted to Class B-1 Units at a ratio of one (1) Class B-1
Unit for 29.8214 Class A1 Units and then shall remain Class A1 Units
after the determination.  Subject to
lending covenants, the Board of Managers may redeem capital, including Class A1
Units after making tax distributions. 
Without any redemption of Class A1 Units, the determination of Class B-1
ownership and rights for purposes of a redemption or liquidation event would be
as follows:

 

	
  Members

  	
   

  	
  New Class B-1 Units

  	
   

  	
  Total Class B-1

  Units

  	
   

  	
  Total Class B-1 %

  	
   

  
	
  TKK

  	
   

  	
   

  	
   

  	
  760,542

  	
   

  	
  4.2459

  	
  %

  
	
  TMK

  	
   

  	
   

  	
   

  	
  146,256

  	
   

  	
  0.8165

  	
  %

  
	
  Total Klein

  	
   

  	
   

  	
   

  	
  906,798

  	
   

  	
  5.0624

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  USPB

  	
   

  	
  1,872,526.0612

  	
   

  	
  12,537,001.0612

  	
   

  	
  69.9901

  	
  %

  
	
  NBPCo

  	
   

  	
  658,679.0518

  	
   

  	
  4,468,723.0518

  	
   

  	
  24.9475

  	
  %

  

 

(2)  For purposes of
redemption or liquidation of the 760,542 Class B-1 Units held by TKK
Investments, LLC and the 146,256 Class B-1 Units held by TMKCo, LLC, as
part of the consideration paid to TKK Investments, LLC or TMKCo, LLC there
shall be paid by the Company a premium (“Non-Dilution Premium”).  The Non-Dilution Premium shall be determined
by agreement of the Company and TMKCo, LLC and TKK Investments, LLC, which 

 

 

shall provide with the
current Class B-1 Unit ownership, the Non-Dilution Premium will not exceed
$4,323,902 and would be up to $4.76832 per Class B-1 Unit that TMKCo, LLC
and TKK Investments, LLC hold after the redemption of Class B Units
contemplated by this Agreement.

 

This Schedule 3.1 is
hereby agreed to as the statement of the Members ownership interests in the
Company which shall amend the Company’s Limited Liability Company Agreement (“LLC
Agreement”) to the extent rights, restrictions and preferences of the ownership
interests are provided in this Schedule 3.1. 
In cases where the provisions of this Schedule 3.1 conflict with the LLC
Agreement, the provisions of this Schedule 3.1 shall control.

 

This Schedule 3.1 may be
executed in counterparts with the effect of the counterparts being considered
as one executed document.

 

 

	
  National Beef Packing Company,
  LLC

  	
   

  	
  U.S. Premium Beef, LLC

  
	
   

  	
   

  	
   

  
	
  /s/ Steven D. Hunt

  	
   

  	
  /s/ Steven D. Hunt

  
	
  By Steven D. Hunt,

  	
   

  	
  By Steven D. Hunt

  
	
  Its Chair

  	
   

  	
  Its CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  TKK Investments, LLC

  	
   

  	
  NBPCO HOLDINGS, LLC

  
	
   

  	
   

  	
   

  
	
  /s/ Timothy M. Klein

  	
   

  	
  /s/ Eldon Roth

  
	
  By Timothy M. Klein

  	
   

  	
  By Eldon Roth

  
	
  Its
  President

  	
   

  	
  Its
  President

  
	
   

  	
   

  	
   

  
	
  TMKCo, LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Timothy M. Klein

  	
   

  	
   

  
	
  By
  Timothy M. Klein

  	
   

  	
   

  
	
  Its
  PresidentExhibit 10.1

 

 

	
   

  	
  Lawrence
  D. Stern

  
	
   

  	
  Chairman
  and CEO

  
	
   

  	
  Talecris
  Biotherapeutics, Inc.

  
	
   

  	
  79
  TW Alexander Drive

  
	
   

  	
  4101
  Research Commons

  
	
   

  	
  Research
  Triangle Park, NC 27709

  

 

June 3, 2010

 

John
M. Hanson

[                    ]

[                    ]

 

Dear John:

 

Your employment agreement (“Agreement”)
dated as of September 14, 2005 and amended and restated as of October 10,
2008 between you and Talecris Biotherapeutics Holdings Corp. (the
“Company”) expires as of October 9, 2010.

 

The Compensation Committee of
the Board of Directors has authorized me to give you notice of renewal pursuant
to Section 2 of the Agreement to extend the Agreement through October 9,
2011,on the same terms as contained in the Agreement, except as follows:

 

(1)          The first sentence of Section 4.1
of the Agreement shall be amended to read:

 

“
The Company will pay to the Executive an annual base salary of four hundred and
twenty-five thousand dollars ($425,000) payable in accordance with the
customary payroll practices (which shall not be less often than monthly) of the
Company (“Base Salary”). ”

 

(2)          The second sentence of Section 4.2
of the Agreement shall be amended to read:

 

“The
Executive’s target bonus shall be 80% of base salary (the “Target Bonus”), with
the actual amount of each Bonus being determined under the Bonus Plan in effect
at that time as approved by the Board.”

 

(3)          Section 5.4 shall be
amended to read:

 

“Termination
Due to Completion of Term Without Renewal 
If the contract lapses due to non-renewal by the Company, the Executive
or the Executive’s legal representatives (as appropriate) shall be entitled to
receive the benefits set forth in Section 5.3, but specifically excluding
the benefits set forth in Section 5.3.2.

 

 

If
you agree with the terms of this renewal, please sign both copies of this
letter in the space provided below and return one copy to me.

 

	
  Very
  truly yours,

  	
   

  	
  AGREED:

  
	
   

  	
   

  	
   

  
	
  /s/
  Lawrence Stern

  	
   

  	
   

  
	
  Lawrence
  Stern

  	
   

  	
  /s/ John M.
  Hanson

  
	
  Chairman
  and Chief Executive Officer

  	
   

  	
  John
  M. Hanson

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  June
  6, 2010

  
	
   

  	
   

  	
  Date

  

 

cc:           Kari Heerdt,
SVP Human Resources

File

 

2Exhibit
10.2

 

 

	
   

  	
  Lawrence
  D. Stern

  
	
   

  	
  Chairman
  and CEO

  
	
   

  	
  Talecris
  Biotherapeutics, Inc.

  
	
   

  	
  79
  TW Alexander Drive

  
	
   

  	
  4101
  Research Commons

  
	
   

  	
  Research
  Triangle Park, NC 27709

  

 

June 3, 2010

 

John
F. Gaither, Jr.

[                    ]

[                    ]

 

Dear John:

 

Your employment agreement (“Agreement”)
dated as of September 05, 2006 and amended and restated as of September 5,
2008 and again as of November 6, 2008, between you and
Talecris Biotherapeutics Holdings Corp. (the “Company”) expires as of September 4,
2010.

 

The Compensation Committee
of the Board of Directors has authorized me to give you notice of renewal
pursuant to Section 2 of the Agreement to extend the Agreement through September 4,
2011,on the same terms as contained in the Agreement, except as follows:

 

(1)          The first sentence of Section 4.1
of the Agreement shall be amended to read:

 

“
The Company will pay to the Executive an annual base salary of four hundred
thousand dollars ($400,000) as of the September 5, 2010 Renewal Date,
payable in accordance with the customary payroll practices of the Company (“Base
Salary”). ”

 

(2)          The second sentence of Section 4.2
of the Agreement shall be amended to read:

 

“The
Executive’s target bonus as of the September 5, 2010 Renewal Date shall be
75% of base salary (the “Target Bonus”), with the actual amount of each Bonus
being determined under the Bonus Plan in effect at that time as approved by the
Board.”

 

(3)          Section 5.3.4 shall be
amended to read:

 

“5.3.4
in the event of termination following a Change in Control, Executive shall be
entitled to: (a) protection on the actual losses he reasonably incurs on
the sale of his primary residence located in the Raleigh area in an amount up
to $200,000 (the calculation of such loss to include the difference between the
Executive’s cost of purchase including any renovation expenses which are
completed within 18 months of relocation and which are included in the taxable
basis of the property and the sale proceeds net of selling expenses and
mortgage interest following the termination event) and (b) a relocation
allowance of $50,000 provided he is relocating his primary residence at least
100 miles from the then

 

 

current
residence in Raleigh and the relocation occurs within six months of the
termination event.

 

(4)          Section 5.4 shall be
amended to read:

 

“Termination
Due to Completion of Term Without Renewal 
If the contract lapses due to non-renewal by the Company, the Executive
or the Executive’s legal representatives (as appropriate) shall be entitled to
receive the benefits set forth in Section 5.3, but specifically excluding
the benefits set forth in Section 5.3.2.

 

If
you agree with the terms of this renewal, please sign both copies of this
letter in the space provided below and return one copy to me.

 

	
  Very
  truly yours,

  	
   

  	
  AGREED:

  
	
   

  	
   

  	
   

  
	
  /s/
  Lawrence Stern 

  	
   

  	
   

  
	
  Lawrence
  Stern 

  	
   

  	
  /s/
  John F. Gaither, Jr.

  
	
  Chairman
  and Chief Executive Officer

  	
   

  	
  John F. Gaither, Jr.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  6/4/2010

  
	
   

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  

 

cc:           Kari Heerdt,
SVP Human Resources

File

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00174-of-00352.parquet"}]]