Document:

exv10w4

Exhibit 10.4

SECOND AMENDMENT TO

NOTE PURCHASE AGREEMENT

     THIS SECOND AMENDMENT TO NOTE PURCHASE AGREEMENT, dated as of June 11, 2010 (this
“Amendment”), to that certain Note Purchase Agreement, dated as of October 23, 2008 (as amended by
that certain First Amendment to Note Purchase Agreement dated as of November 6, 2008 and as in
effect immediately prior to the effectiveness of this Amendment, the “Existing Note Purchase
Agreement”), among The J. M. Smucker Company, an Ohio corporation (the “Company”), and the
purchasers signatory thereto (together with their successors, transferees and assigns,
collectively, the “Noteholders”) pursuant to which the Company issued to the Noteholders its (i)
6.63% Senior Notes due November 1, 2018 in the aggregate principal amount of $376,000,000 and (ii)
6.12% Senior Notes due November 1, 2015 in the aggregate principal amount of $24,000,000
(collectively, the “Notes”). Capitalized terms used herein shall have the respective meanings
ascribed thereto in the Existing Note Purchase Agreement unless herein defined or the context shall
otherwise require.

RECITALS:

     A. The Noteholders are the holders of all of the outstanding Notes.

     B. The Company and the Noteholders now desire to amend the Existing Note Purchase Agreement in
the respects, but only in the respects, hereinafter set forth.

     NOW THEREFORE, for good and valuable consideration the receipt and sufficiency of which are
hereby acknowledged, the Company and the Noteholders do hereby agree as follows:

1. AMENDMENTS.

1.1. Amendment to Section 21.6 (Accounting Terms).

     Section 21.6 of the Existing Note Purchase Agreement is hereby deleted in its entirety, and a
new Section 21.6 is hereby inserted in its place, to read as follows:

     “21.6 Accounting Terms.

     All accounting terms used herein which are not expressly defined in this Agreement have the
meanings respectively given to them in accordance with GAAP. Except as otherwise specifically
provided herein, (a) all computations made pursuant to this Agreement shall be made in accordance
with GAAP, and (b) all financial statements shall be prepared in accordance with GAAP.
Notwithstanding the foregoing or any other provision of this Agreement, for purposes of determining
compliance with the financial covenants contained in this Agreement, any election by the Company to
measure any portion of a non-derivative financial liability at fair value (as permitted by
Financial Accounting Standards Board Accounting Standards Codification Section 825-10 or any
similar accounting standard), other than to reflect a hedge of such non-derivative

 

financial liability (including both interest rate and foreign currency hedges), shall be
disregarded and such determination shall be made as if such election had not been made.”

1.2. Amendment to Section 11 (Events of Default).

     Section 11(f) of the Existing Note Purchase Agreement is hereby deleted in its entirety, and a
new Section 11(f) is hereby inserted in its place, to read as follows:

          “(f) the Company or any Significant Subsidiary

     (i) is in default (as principal or as guarantor or other surety) in the payment
of any principal of or premium or Make-Whole Amount or interest on any Indebtedness
(other than Indebtedness under this Agreement and the Notes) that is outstanding in
an aggregate principal amount of at least $5,000,000 beyond any period of grace
provided with respect thereto (after giving effect to any consents or waivers in
respect thereof); or

     (ii) is in default in the performance of or compliance with any term of any
evidence of any Indebtedness under (x) the Bank Credit Agreement, (y) the 2009 Bank
Credit Agreement or (z) any other Indebtedness with an outstanding principal amount
of at least $40,000,000 individually or, together with other Indebtedness, with an
aggregate principal amount of at least $75,000,000 or, in the case of each of
clauses (x), (y) and (z), of any mortgage, indenture or other agreement relating
thereto or any other condition exists, and as a consequence of such default or
condition such Indebtedness has become, or has been declared (or one or more Persons
are entitled at such time to declare such Indebtedness to be), due and payable
before its stated maturity or before its regularly scheduled dates of payment; or

     (iii) as a consequence of the occurrence or continuation of any event or
condition (other than the passage of time or the right of the holder of Indebtedness
to convert such Indebtedness into equity interests), (x) the Company or such
Significant Subsidiary has become obligated to purchase or repay Indebtedness under
(1) the Bank Credit Agreement, (2) the 2009 Bank Credit Agreement or (3) any other
Indebtedness with an outstanding principal amount of at least $40,000,000
individually or, together with other Indebtedness, with an aggregate principal
amount of at least $75,000,000 before its regular maturity or before its regularly
scheduled dates of payment, or (y) one or more Persons have the right at such time
to require the Company or such Significant Subsidiary so to purchase or repay such
Indebtedness; or”

     1.2. Amendment to Schedule B.

     Schedule B to the Existing Note Purchase Agreement is hereby amended by inserting the
following new definition into such Schedule, in its proper alphabetical order, to read as follows:

-2-

 

     ““2009 Bank Credit Agreement” means that certain unsecured revolving credit facility by and
among the Company, Smucker Foods of Canada Corp. (formerly known as Smucker Foods of Canada Co.),
the guarantors party thereto from time to time, Bank of Montreal, as Agent, and the lenders party
thereto from time to time, dated as of October 29, 2009, as such agreement may be amended or
restated from time to time.”

2. NO OTHER MODIFICATIONS; CONFIRMATION.

     All the provisions of the Notes, and, except as expressly amended, modified and supplemented
hereby, all the provisions of the Existing Note Purchase Agreement, are and shall remain in full
force and effect. As of the Effective Date (defined below), all references in the Notes to the
“Note Purchase Agreement” shall be references to the Existing Note Purchase Agreement, as modified
by this Amendment and as hereafter amended, modified or supplemented in accordance with its terms.

3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

     To induce the Noteholders to execute and deliver this Amendment (which representations shall
survive such execution and delivery), the Company represents and warrants to the Noteholders that:

     (a) all of the representations and warranties contained in Section 5 of the Existing
Note Purchase Agreement are correct with the same force and effect as if made by the Company
on the date hereof (or, if any representation or warranty is expressly stated to have been
made as of a specific date, as of such date), except that the representations contained in
Sections 5.4, 5.5 and 5.15 of the Note Purchase Agreement were true and correct as of the
date of the Closing;

     (b) Smucker LLC is a limited liability company duly organized, validly existing and in
good standing under the laws of the state of Ohio;

     (c) The Folgers Coffee Company (“Folgers”) is a corporation duly organized, validly
existing and in good standing under the laws of the state of Delaware;

     (d) this Amendment has been duly authorized, executed and delivered by the Company and
constitutes a legal, valid and binding obligation, contract and agreement of the Company,
enforceable against it in accordance with its terms, except as enforcement may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles
relating to or limiting creditors’ rights generally;

     (e) the Existing Note Purchase Agreement and the Guaranty Agreements of Smucker LLC and
Folgers each constitute a legal, valid and binding obligation, contract and agreement of the
Company, Smucker LLC and Folgers, respectively, enforceable against them in accordance with
their respective terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally;

-3-

 

     (f) the execution, delivery and performance by the Company of this Amendment (i) has
been duly authorized by all requisite corporate action and, if required, shareholder action,
(ii) does not require the consent or approval of any governmental or regulatory body or
agency or registration, filing or declaration with, any Governmental Authority, and (iii)
will not (A) violate (1) any provision of law, statute, rule or regulation or its
certificate of incorporation, bylaws or operating agreement, (2) any order of any court or
any rule, regulation or order of any other agency or government binding upon it, or (3) any
provision of any material indenture, agreement or other instrument to which it is a party or
by which its properties or assets are or may be bound, or (B) result in a breach of or
constitute (alone or with due notice or lapse of time or both) a default under any
indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this paragraph
(f); and

     (g) as of the date hereof, no Default or Event of Default has occurred which is
continuing.

4. EFFECTIVENESS.

     The amendments set forth in Section 1 of this Amendment shall become effective only upon the
date of the satisfaction in full of the following conditions precedent (which date shall be the
“Effective Date”):

4.1. Execution and Delivery of this Amendment.

     The Company shall have delivered to each Noteholder a counterpart hereof, duly executed and
delivered by the Company, Smucker LLC, Folgers and the Required Holders.

4.2. Representations and Warranties.

     The representations and warranties of the Company made in Section 3 of this Amendment shall
remain true and correct in all respects as of the Effective Date.

4.3. No Injunction, etc.

     No injunction, writ, restraining order or other order of any nature prohibiting, directly or
indirectly, the consummation of the transactions contemplated herein shall have been issued and
remain in force by any Governmental Authority.

4.4. Amendment to 2000 Note Purchase Agreement.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain
Sixth Amendment to Note Purchase Agreements, dated as of the date hereof, by and among the Company
and each of the Persons signatory thereto with respect to those certain separate Note Purchase
Agreements, each dated as of August 23, 2000, together with each of the other instruments and
agreements executed and/or delivered in connection therewith, in each case in form and substance
reasonably satisfactory to the Required Holders.

-4-

 

4.5. Amendment to 2004 Note Purchase Agreement.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain
Fourth Amendment to Note Purchase Agreement, dated as of the date hereof, by and among the Company
and each of the Persons signatory thereto with respect to that certain Note Purchase Agreement,
dated as of May 27, 2004, together with each of the other instruments and agreements executed
and/or delivered in connection therewith, in each case in form and substance reasonably
satisfactory to the Required Holders.

4.6. Amendment to 2007 Note Purchase Agreement.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain
Third Amendment to Note Purchase Agreement, dated as of the date hereof, by and among the Company
and each of the Persons signatory thereto with respect to that certain Note Purchase Agreement,
dated as of May 31, 2007, together with each of the other instruments and agreements executed
and/or delivered in connection therewith, in each case in form and substance reasonably
satisfactory to the Required Holders.

4.7. Payment of Special Counsel Fees.

     The Company shall have paid on or before the Effective Date the reasonable fees, charges and
disbursements of Bingham McCutchen LLP, the Noteholders’ special counsel, to the extent reflected
in a statement of such counsel rendered to the Company at least one Business Day prior to the
Effective Date.

5. EXPENSES.

     Whether or not this Amendment shall become effective, the Company will promptly (and in any
event within thirty (30) days of receiving any statement or invoice therefor) pay all fees,
expenses and costs relating to this Amendment, including, but not limited to, the reasonable fees
of the Noteholders’ special counsel, Bingham McCutchen LLP, incurred in connection with the
preparation, negotiation and delivery of this Amendment and any other documents related thereto.
In addition, the Company will pay all such fees, expenses and costs set forth in any subsequent
statement within 30 days of its receipt thereof. Nothing in this Section 5 shall limit the
Company’s obligations pursuant to Section 15.1 of the Existing Note Purchase Agreement.

6. MISCELLANEOUS.

     6.1. This Amendment constitutes a contract between the Company and the Noteholders for the
uses and purposes hereinabove set forth, and may be executed in any number of counterparts, each
executed counterpart constituting an original, but all together only one agreement. Each
counterpart may consist of a number of copies hereof, each signed by less than all, but together
signed by all, of the parties hereto. Delivery of an executed signature page by facsimile or other
electronic transmission shall be effective as delivery of a manually signed counterpart of this
Amendment.

-5-

 

     6.2. Whenever any of the parties hereto is referred to, such reference shall be deemed to
include the successors and assigns of such party, and all the promises and agreements contained in
this Amendment by or on behalf of the Company and the Noteholders shall bind and inure to the
benefit of the respective successors and assigns of such parties, whether so expressed or not.

     6.3. This Amendment constitutes the final written expression of all of the terms hereof and is
a complete and exclusive statement of those terms.

     6.4. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE
PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES
OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER
THAN SUCH STATE.

[Remainder of page intentionally left blank. Next page is signature page.]

-6-

 

     IN WITNESS WHEREOF, the parties hereto have caused the execution of this Amendment by duly
authorized officers of each as of the date hereof.

	 	 	 	 	 	 	 

	 	 	THE J. M. SMUCKER COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Debra A. Marthey	 	 
	 

	 	Name:
	 	 

Debra A. Marthey
	 	 
	 

	 	Title:
	 	Treasurer	 	 

Accepted and Agreed to:

	 	 	 	 	 

	METROPOLITAN LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	NEW ENGLAND LIFE INSURANCE COMPANY

by Metropolitan Life Insurance Company, its Investment Manager	 	 
	 
	 	 	 	 
	FIRST METLIFE INVESTORS INSURANCE COMPANY

by Metropolitan Life Insurance Company, its Investment Manager	 	 
	 
	 	 	 	 
	By:

	 	/s/ Judith A. Gulotta	 	 
	Name:

	 	 

Judith A. Gulotta
	 	 
	Title:

	 	Managing Director	 	 
	(executed by Metropolitan Life Insurance Company (i) as to itself
as a Purchaser and (ii) as investment manager to MetLife Insurance
Company of Connecticut as a Purchaser and MetLife Investors Insurance
Company as a Purchaser)	 	 
	 
	 	 	 	 
	THE NORTHWESTERN MUTUAL LIFE INSURANCE 

COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ David A. Barras	 	 
	Name:

	 	 

David A. Barras
	 	 
	Its:

	 	Authorized Representative	 	 

 

 

	 	 	 	 	 	 	 

	THE NORTHWESTERN MUTUAL LIFE INSURANCE 

COMPANY FOR ITS GROUP ANNUITY SEPARATE 

ACCOUNT	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ David A. Barras	 	 
	 	 	 	 	 
	Name:	 	David A. Barras	 	 
	Its:	 	Authorized Representative	 	 
	 
	 	 	 	 	 	 
	HARTFORD LIFE INSURANCE COMPANY

HARTFORD INSURANCE COMPANY OF ILLINOIS

HARTFORD CASUALTY INSURANCE COMPANY

HARTFORD LIFE AND ANNUITY INSURANCE COMPANY	 	 
	By:	 	Hartford Investment Management Company 

Their Agent and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ralph D. Witt	 	 
	 

	 	Name:
	 	 

Ralph D. Witt
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	STATE FARM LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Julie Hoyer	 	 
	 	 	 	 	 
	Name:	 	Julie Hoyer	 	 
	Title:	 	Senior Investment Officer	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Jeffrey T. Attwood	 	 
	 	 	 	 	 
	Name:	 	Jeffrey T. Attwood	 	 
	Title:	 	Investment Officer	 	 

 

 

	 	 	 	 	 	 	 

	STATE FARM LIFE AND ACCIDENT ASSURANCE 

COMPANY	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Julie Hoyer	 	 
	 	 	 	 	 
	Name:	 	Julie Hoyer	 	 
	Title:	 	Senior Investment Officer	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Jeffrey T. Attwood	 	 
	 	 	 	 	 
	Name:	 	Jeffrey T. Attwood	 	 
	Title:	 	Investment Officer	 	 
	 
	 	 	 	 	 	 
	UNUM LIFE INSURANCE COMPANY OF AMERICA	 	 
	By:	 	Provident Investment Management, LLC	 	 
	Its:	 	Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ben Vance	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Ben Vance	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	COLONIAL LIFE & ACCIDENT INSURANCE COMPANY	 	 
	By:	 	Provident Investment Management, LLC	 	 
	Its:	 	Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Ben Vance	 	 
	 

	 	Name:
	 	 

Ben Vance
	 	 
	 

	 	Title:
	 	Managing Director	 	 
	 
	 	 	 	 	 	 
	CINCINNATI LIFE INSURANCE COMPANY	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert W. Thompson
 

	 	 
	 

	 	Name:
	 	Robert W. Thompson	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 

	THE MUTUAL SAVINGS LIFE INSURANCE COMPANY	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert W. Thompson	 	 
	 

	 	Name:
	 	 

Robert W. Thompson
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	FARM BUREAU LIFE INSURANCE COMPANY 

OF MICHIGAN	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Robert W. Thompson
 

Robert W. Thompson
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	GREAT WESTERN INSURANCE COMPANY	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert W. Thompson	 	 
	 

	 	Name:
	 	 

Robert W. Thompson
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	THE CATHOLIC AID ASSOCIATION	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert W. Thompson	 	 
	 

	 	Name:
	 	 

Robert W. Thompson
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	AMERICAN REPUBLIC INSURANCE COMPANY	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Rose A. Lambros	 	 
	 

	 	Name:
	 	 

Rose A. Lambros
	 	 
	 

	 	Title:
	 	Vice President	 	 

 

 

	 	 	 	 	 	 	 

	UNITED INSURANCE COMPANY OF AMERICA	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Rose A. Lambros	 	 
	 

	 	Name:
	 	 

Rose A. Lambros
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	SECURITY NATIONAL LIFE INSURANCE COMPANY	 	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Rose A. Lambros	 	 
	 

	 	Name:
	 	 

Rose A. Lambros
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	AXA EQUITABLE LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Amy Judd	 	 
	 	 	 	 	 
	Name:	 	Amy Judd	 	 
	Title:	 	Investment Officer	 	 
	 
	 	 	 	 	 	 
	ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA	 	 
	By:	 	Allianz of America, Inc. as the authorized signatory
and investment manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Gary Brown	 	 
	 

	 	Name:
	 	 

Gary Brown
	 	 
	 

	 	Title:
	 	Chief Investment Officer – Fixed Income	 	 
	 
	 	 	 	 	 	 
	THE GUARDIAN LIFE INSURANCE COMPANY 

OF AMERICA	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Barry Scheinholtz	 	 
	 	 	 	 	 
	Name:	 	Barry Scheinholtz	 	 
	Title:	 	Senior Director	 	 

 

 

	 	 	 	 	 	 	 

	THE TRAVELERS INDEMNITY COMPANY	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ David D. Rowland	 	 
	 	 	 	 	 
	Name:	 	David D. Rowland	 	 
	Title:	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	MODERN WOODMEN OF AMERICA	 	 
	 
	 	 	 	 	 	 
	By:	 	/s/ Douglas A. Pannier	 	 
	 	 	 	 	 
	Name:	 	Douglas A. Pannier	 	 
	Title:	 	Portfolio Manager – Private Placements	 	 
	 
	 	 	 	 	 	 
	THE UNION CENTRAL LIFE INSURANCE COMPANY	 	 
	By:	 	Summit Investment Advisors, Inc., as Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Andrew S. White
 

Andrew S. White
	 	 
	 

	 	Title:
	 	Managing Director — Private Placements	 	 
	 
	 	 	 	 	 	 
	AMERITAS LIFE INSURANCE CORP.	 	 
	By:	 	Summit Investment Advisors, Inc., as Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Andrew S. White
 

Andrew S. White
	 	 
	 

	 	Title:
	 	Managing Director — Private Placements	 	 
	 
	 	 	 	 	 	 
	ACACIA LIFE INSURANCE COMPANY	 	 
	By:	 	Summit Investment Advisors, Inc., as Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Andrew S. White	 	 
	 

	 	Name:
	 	 

Andrew S. White
	 	 
	 

	 	Title:
	 	Managing Director — Private Placements	 	 

 

 

	 	 	 	 	 

	LIFE INSURANCE COMPANY OF THE SOUTHWEST	 	 
	 
	 	 	 	 
	By:

	 	/s/ R. Scott Higgins	 	 
	Name:

	 	 

R. Scott Higgins
	 	 
	Title:

	 	Senior Vice President

Sentinel Asset Management	 	 
	 
	 	 	 	 
	STANDARD INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ Floyd Chadee	 	 
	Name:

	 	 

Floyd Chadee
	 	 
	Title:

	 	Senior Vice President & Chief Financial Officer	 	 
	 
	 	 	 	 
	COUNTRY LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ John Jacobs	 	 
	Name:

	 	 

John Jacobs
	 	 
	Title:

	 	Director – Fixed Income	 	 
	 
	 	 	 	 
	COUNTRY MUTUAL INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ John Jacobs	 	 
	Name:

	 	 

John Jacobs
	 	 
	Title:

	 	Director – Fixed Income	 	 
	 
	 	 	 	 
	COTTON STATES LIFE INSURANCE	 	 
	 
	 	 	 	 
	By:

	 	/s/ John Jacobs	 	 
	Name:

	 	 

John Jacobs
	 	 
	Title:

	 	Director – Fixed Income	 	 
	 
	 	 	 	 
	NATIONAL GUARDIAN LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ R.A. Mucci	 	 
	Name:

	 	 

R.A. Mucci
	 	 
	Title:

	 	Senior Vice President & Treasurer	 	 

 

 

GUARANTOR ACKNOWLEDGEMENT

     The undersigned hereby acknowledges and agrees to the terms of the Second Amendment to Note
Purchase Agreement, dated as of June 11, 2010 (the “Amendment”), amending that certain Note
Purchase Agreement, dated as of October 23, 2008, as amended by that certain First Amendment to
Note Purchase Agreement dated as of November 6, 2008 (as amended, the “Note Purchase Agreement”),
among The J. M. Smucker Company, an Ohio corporation, and the holders of Notes party thereto. The
undersigned hereby confirms that the Guaranty Agreement to which the undersigned is a party remains
in full force and effect after giving effect to the Amendment and continues to be the valid and
binding obligation of the undersigned, enforceable against the undersigned in accordance with its
terms, subject to any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditor’s rights generally or by equitable principles.

     Capitalized terms used herein but not defined are used as defined in the Note Purchase
Agreement.

[Reminder of page intentionally left blank. Next page is a signature page.]

 

 

Dated as of June 11, 2010

	 	 	 	 	 	 	 

	 	 	J.M. SMUCKER LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Debra A. Marthey	 	 
	 

	 	Name:
	 	 

Debra A. Marthey
	 	 
	 

	 	Title:
	 	Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	THE FOLGERS COFFEE COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Debra A. Marthey	 	 
	 

	 	Name:
	 	 

Debra A. Marthey
	 	 
	 

	 	Title:
	 	Treasurerexv10w6

Exhibit 10.6

THE J. M. SMUCKER COMPANY

DEFERRED STOCK UNITS AGREEMENT

(For Non-U.S. Taxpayers)

[(With Dividend Equivalents)]

     WHEREAS,
                     (the “Grantee”) is an employee of The J. M. Smucker Company, an Ohio
corporation (the “Company”); and

     WHEREAS, the execution of an agreement in the form hereof (this “Agreement”) has been
authorized by a resolution of the Executive Compensation Committee (the “Committee”) of the Board
of Directors of the Company, pursuant to
                    
(the “Plan”), as of                      (the “Date of
Grant”);

     NOW, THEREFORE, the Company hereby grants to the Grantee                      Deferred Stock Units (as
defined in the Plan) (the “Deferred Stock Units”), effective as of the Date of Grant, subject to
the terms and conditions of the Plan and the following additional terms, conditions, limitations
and restrictions.

ARTICLE I

DEFINITIONS

     All terms used herein with initial capital letters and not otherwise defined herein that are
defined in the Plan shall have the meanings assigned to them in the Plan.

ARTICLE II

CERTAIN TERMS OF THE DEFERRED STOCK UNITS

	1.	 	     Grant of Deferred Stock Units. The Deferred Stock Units covered by this Agreement
are granted to the Grantee effective on the Date of Grant and are subject to and granted upon
the terms, conditions and restrictions set forth in this Agreement and in the Plan. The
Deferred Stock Units shall become vested in accordance with Section 3 hereof. Each Deferred
Stock Unit shall represent one hypothetical share of Common Stock, without par value of the
Company (the “Common Stock”) and shall at all times be equal in value to one share of Common
Stock. The Deferred Stock Units will be credited to the Grantee in an account established for
the Grantee until payment in accordance with Section 4 hereof.
	 
	2.	 	     Restrictions on Transfer of Deferred Stock Units. Neither the Deferred Stock Units
granted hereby [(and any applicable dividend equivalents) ]nor any interest therein or in the
Common Stock related thereto shall be transferable prior to payment other than by will or
pursuant to the laws of descent and distribution (or to a designated beneficiary in the event
of the Grantee’s death).

 

 

	3.	 	     Vesting of Deferred Stock Units.

	 	(a)	 	     The Deferred Stock Units shall become vested on the fourth anniversary of
the Date of Grant, which such date will be ___ (the “Vesting Date”) if the
Grantee shall have remained in the continuous employ of the Company or a Subsidiary
during that four (4) year period. Any Deferred Stock Units not vested will be
forfeited, except as provided in Section 3(b) below, if the Grantee ceases to be
continuously employed by the Company prior to the Vesting Date. Deferred Stock Units
may also be forfeited in the event the Board determines the Grantee has engaged in
Detrimental Activity as such term is defined in the Plan.
	 
	 	(b)	 	     Notwithstanding the provisions of Section 3(a), all of the Deferred Stock
Units shall immediately become nonforfeitable (each, a “Vesting Event”) (i) if the
Grantee dies or becomes permanently disabled while in the employ of the Company or a
Subsidiary during the four-year period from the Date of Grant, (ii) if, at any time
during the four-year period from the Date of Grant, the Grantee is age 60 with at
least ten years of service with the Company, or (iii) if a Change in Control occurs
during the four-year period from the Date of Grant while the Grantee is employed by
the Company or a Subsidiary.

	4.	 	     Issuance of the Common Stock.

	 	(a)	 	     The Company will issue to the Grantee the Common Stock underlying the
vested Deferred Stock Units on the Vesting Date or, if earlier, upon the occurrence
of a Vesting Event.
	 
	 	(b)	 	     Except to the extent permitted by the Company and the Plan, no Common Stock
may be issued to the Grantee at a time earlier than otherwise expressly provided in
this Agreement.
	 
	 	(c)	 	     The Company’s obligations to the Grantee with respect to the Deferred Stock
Units will be satisfied in full upon the issuance of shares of Common Stock
corresponding to such Deferred Stock Units.

	5.	 	     Dividend, Voting and Other Rights.

	 	(a)	 	     The Grantee shall have no rights of ownership in the Deferred Stock Units
[except for a right to dividend equivalents payable in cash on a current basis on the
Common Stock underlying the Deferred Stock Units as provided in Section 5(b) below
(“dividend equivalents”), ]and shall have [no right to dividends and ]no right to
vote Deferred Stock Units until the date on which the Common Stock underlying the
Deferred Stock Units is transferred to the Grantee pursuant to Section 4 above.

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	 	[(b) 	 	     Subject to the forfeiture of Deferred Stock Units as provided for in this
Agreement, the Company shall pay the Grantee dividend equivalents on the Common Stock
underlying the Deferred Stock Units on a current basis in cash as if such Common
Stock were actually issued to the Grantee.]
	 
	 	([c])	 	      The obligations of the Company under this Agreement will be merely that of
an unfunded and unsecured promise of the Company to deliver shares of Common Stock in
the future, and the rights of the Grantee will be no greater than that of an
unsecured general creditor. No assets of the Company will be held or set aside as
security for the obligations of the Company under this Agreement.

ARTICLE III

GENERAL PROVISIONS

	1.	 	     Adjustments. The number of shares of Common Stock issuable pursuant to the Deferred
Stock Units is subject to adjustment as provided in Section 13 of the Plan.
	 
	2.	 	     Compliance with Law. The Company shall make reasonable efforts to comply with all
applicable federal and state securities laws; provided, however,
notwithstanding any other provision of this Agreement, the Company shall not be obligated to
issue any shares of Common Stock pursuant to this Agreement if the issuance thereof would
result in a violation of any such law.
	 
	3.	 	     Compliance with Section 409A of the Code. To the extent that the Grantee is or
becomes subject to payment of U.S. tax, then appropriate adjustments may be made if necessary
to make the awards comply with Section 409A of the Code. Reference to Section 409A of the
Code will also include any proposed, temporary or final regulations, or any other guidance,
promulgated with respect to such Section by the U.S. Department of the Treasury or the
Internal Revenue Service.
	 
	4.	 	     Withholding Taxes. To the extent that the Company or any Subsidiary is required to
withhold any federal, state, local or foreign tax in connection with the Deferred Stock
Units[, any applicable dividend equivalents] or the issuance of Common Shares pursuant to this
Agreement, and the amounts available to the Company or such Subsidiary are insufficient, it
shall be a condition to the issuance of such Common Shares that the Grantee make arrangements
satisfactory to the Company or such Subsidiary for payment of the balance of such taxes
required to be withheld. This tax withholding obligation shall or may be satisfied by the
Company withholding Common Shares otherwise issuable pursuant to this award in order to
satisfy the minimum tax withholding amount permissible under the method that results in the
least amount withheld.
	 
	5.	 	     Continuous Employment. For purposes of this Agreement, the continuous employment of
the Grantee with the Company or a Subsidiary shall not be deemed to have been interrupted, and
the Grantee shall not be deemed to have ceased to be an employee of the Company or Subsidiary,
by reason of the (i) transfer of his employment

3

 

	 	 	among the Company and its Subsidiaries or (ii) a leave of absence approved by an officer of
the Company or a Subsidiary.
	 
	6.	 	     Right to Terminate Employment. No provision of this Agreement shall limit in any way
whatsoever any right that the Company or a Subsidiary may otherwise have to terminate the
employment of the Grantee at any time. Nothing herein shall be deemed to create a contract or
a right to employment with respect to the Grantee.
	 
	7.	 	     Relation to Other Benefits. Any economic or other benefit to the Grantee under this
Agreement or the Plan shall not be taken into account in determining any benefits to which the
Grantee may be entitled under any profit-sharing, retirement, or other benefit or compensation
plan maintained by the Company or a Subsidiary and shall not affect the amount of any life
insurance coverage available to any beneficiary under any life insurance plan covering
employees of the Company or a Subsidiary.
	 
	8.	 	     Amendments. Any amendment to the Plan shall be deemed to be an amendment to this
Agreement to the extent that the amendment is applicable hereto; provided,
however, that no amendment shall impair the rights of the Grantee under this Agreement
without the Grantee’s consent.
	 
	9.	 	     Severability. In the event that one or more of the provisions of this Agreement
shall be invalidated for any reason by a court of competent jurisdiction, any provision so
invalidated shall be deemed to be separable from the other provisions hereof, and the
remaining provisions hereof shall continue to be valid and fully enforceable.
	 
	10.	 	     Relation to Plan. This Agreement is subject to the terms and conditions of the Plan.
In the event of any inconsistency between the provisions of this Agreement and the Plan, the
Plan shall govern. The Board acting pursuant to the Plan, as constituted from time to time,
shall, except as expressly provided otherwise herein, have the right to determine any
questions which arise in connection with the grant of the Deferred Stock Units.
	 
	11.	 	     Governing Law. This Agreement is made under, and shall be governed by and construed
in accordance with the internal substantive laws of the State of Ohio.
	 
	 	 	     This Agreement is executed by
the Company as of the
                     day of 20     .

	 	 	 

	 

	 	THE J. M. SMUCKER COMPANY
	 
	 	 
	 

	 	By:
	 

	 	Title:

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     The undersigned hereby acknowledges receipt of an executed original of this Deferred Stock
Units Agreement, together with a copy of the Plan Prospectus, dated                     , summarizing key
provisions of the Plan, and accepts the award of Deferred Stock Units granted hereunder on the
terms and conditions set forth herein and in the Plan.

	 	 	 	 	 

	Date:                     , 20     

	 	 

Grantee:                    
	 	 

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