Document:

EX-10.1

 

Exhibit 10.1

SECOND AMENDMENT TO NOTE PURCHASE AGREEMENTS

     THIS SECOND AMENDMENT, dated as of May 27, 2004 (this “Amendment”) to those certain separate
Note Purchase Agreements, each dated as of June 16, 1999 (as amended by that certain First
Amendment to Note Purchase Agreements, dated as of November 30, 2001, and as in effect immediately
prior to the effectiveness of this Amendment, collectively, 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 6.77%
Senior Notes due June 1, 2009 in the aggregate principal amount of $75,000,000 (collectively, the
"Notes”).

RECITALS:

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

     B. 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.

     C. 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.

     D. All requirements of law have been fully complied with and all other acts and things
necessary to make this Amendment a legal, valid and binding instrument according to its terms for
the purposes herein expressed have been done or performed.

     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 7.1(a); Quarterly Statements.

     Section 7.1(a) of the Existing Note Purchase Agreement is hereby amended by inserting in the
first line thereof the phrase “(or within 10 days after such earlier date as the Company’s
quarterly report is required to be filed with the U.S. Securities and Exchange Commission under the
Exchange Act, with written notice of such earlier filing to be delivered to each holder of Notes
simultaneously with such filing)” immediately following the phrase “within 90 days.”

	 	1.2.	 	Amendment to Section 7.1(b); Annual Statements.

     Section 7.1(b) of the Existing Note Purchase Agreement is hereby amended by inserting in the
first line thereof the phrase “(or within 10 days after such earlier date as the Company’s annual
report is required to be filed with the U.S. Securities and Exchange Commission under the Exchange
Act, with written notice of such earlier filing to be delivered to each holder of Notes
simultaneously with such filing)” immediately following the phrase “within 120 days.”

 

 

	 	1.3.	 	Amendment to Section 7.1; Bank Credit Agreement.

     Section 7.1 of the Existing Note Purchase Agreement is hereby amended by (i) deleting the
phrase “and” at the end of Section 7.1(e)(iii) thereof, (ii) inserting new clauses (f) and (g)
immediately following Section 7.1(e)(iii) to read in their entirety as follows:

     “(f) Bank Credit Agreement — promptly, and in any event within five Business
Days of the execution thereof, a copy of the Bank Credit Agreement, certificated as true and
correct by a Responsible Officer;”

     “(g) Acquisition  — promptly, and in any event within five Business Days of
the consummation of the Acquisition, evidence that International Multifoods Corporation has
been merged with and into MIX and all of the property, real, personal and mixed, of
International Multifoods Corporation shall be vested in MIX; and”

and (iii) deleting in its entirety the existing Section 7.1(f) (“Requested Information”) and
inserting in its place the following:

     “(h) Requested Information — with reasonable promptness and to the extent not
prohibited by applicable law, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of the Company or any of its
Subsidiaries or relating to the ability of any Obligor to perform its obligations under the
Financing Documents to which it is a party, as from time to time may be reasonably requested
by any such holder of Notes.”

	 	1.4.	 	Amendment to Section 9; Financial Covenant Standards.

     Section 9 of the Existing Note Purchase Agreement is hereby amended by inserting a new Section
9.8 at the end thereof, to read in its entirety as follows:

	 	 	 	“9.8 Financial Covenant Standards.

          If at any time and from time to time after the Second Amendment Effective Date, the
Company enters into the Bank Credit Agreement or any modification thereof, and the Bank
Credit Agreement or such modification contains one or more Financial Covenants that are
either not contained in this Agreement or are contained in this Agreement but are more
favorable to the lender or lenders under the Bank Credit Agreement than are the terms of
this Agreement to the holders of the Notes, this Agreement shall, without any further action
on the part of the Company or any of the holders of the Notes, be deemed to be amended
automatically (effective simultaneously with the effectiveness of the Bank Credit Agreement
or such modification) to include each such additional or more favorable Financial Covenant,
unless the Required Holders provide written notice to the Company to the contrary within 30 days after having received written notice from the
Company of the effectiveness of such additional or more favorable Financial Covenant (in
which event such Financial Covenant shall be deemed not to have been included in this
Agreement at any time). No modification or amendment of the Bank Credit Agreement that
results in any Financial Covenant becoming less restrictive on the Company shall be
effective as a modification, amendment or waiver under this

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Agreement. The Company further
covenants promptly to execute and deliver at its expense (including, without limitation, the
fees and expenses of counsel for the holders of the Notes) an amendment to this Agreement in
form and substance satisfactory to the Required Holders to reflect such additional or more
favorable Financial Covenant, provided that the execution and delivery of such amendment
shall not be a precondition to the effectiveness of such additional or more favorable
Financial Covenant as provided for in this Section 9.8. The provisions of this Section 9.8
shall apply successively to each change in a Financial Covenant contained in the Bank Credit
Agreement.

          “Financial Covenant” means any covenant or equivalent provision (including,
without limitation, any default or event of default provision and definitions of
defined terms used therein) requiring the Company:

     (a) to maintain any level of financial performance (including, without
limitation, a specified level of net worth, total assets, cash flow or net
income),

     (b) not to exceed any maximum level of indebtedness,

     (c) to maintain any relationship of any component of its capital
structure to any other component thereof (including, without limitation, the
relationship of indebtedness, senior indebtedness or subordinated
indebtedness to total capitalization or to net worth), or

     (d) to maintain any measure of its ability to service its indebtedness
(including, without limitation, falling below any specified ratio of
revenues, cash flow or net income to interest expense, rental expense,
capital expenditures and/or scheduled payments of indebtedness).”

	 	1.5.	 	Amendment to Section 10.2; Merger Consolidation, etc.

     Section 10.2 of the Existing Note Purchase Agreement is hereby deleted in its entirety, and a
new Section 10.2 is hereby inserted in its place, to read as follows:

	 	 	 	“10.2 Merger, Consolidation, etc.

          The Company will not, and will not permit any Subsidiary Guarantor to, consolidate with
or merge with any other Person or convey, transfer or lease all or substantially all of its
assets in a single transaction or series of transactions to any Person unless:

     (a) the successor formed by such consolidation or the survivor of such merger
or the Person that acquires by conveyance, transfer or lease substantially all of
the assets of the Company or such Subsidiary Guarantor, as the case may be, as an
entirety (the “Survivor”), as the case may be, shall be a solvent corporation
organized and existing under the laws of the United States, any state thereof or the
District of Columbia, and, if the Company or such Subsidiary

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Guarantor is not the
Survivor, the Survivor shall have expressly assumed in writing the due and punctual
payment of the principal of and Make-Whole Amount, if any, and interest on all of
the Notes according to their tenor and the due and punctual performance and
observance of each covenant and condition of such Obligor under the applicable
Financing Documents, pursuant to such agreements and instruments as shall be
reasonably satisfactory to the Required Holders;

     (b) to the extent the Company is not the Survivor of such transaction, each
Subsidiary Guarantor shall have executed and delivered to each holder of Notes its
reaffirmation of its obligations under its Guaranty Agreement in form and substance
reasonably satisfactory to the Required Holders; and

     (c) immediately after giving effect to such transaction, no Default or Event of
Default shall have occurred and be continuing.

          No such conveyance, transfer or lease of all or substantially all of the assets of
either the Company or any Subsidiary Guarantor shall have the effect of releasing the
Company or any Subsidiary Guarantor, as applicable, or any Survivor that shall theretofore
have become such in the manner prescribed in this Section 10.2 from its liability under the
applicable Financing Documents.”

	 	1.6.	 	Amendment to Section 11(d); Events of Default.

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

          “(d) any Obligor defaults in the performance of or compliance with any term contained
herein (other than those referred to in Section 11(a)), Section 11(b) or Section 11(c)) and
such default is not remedied within 30 days after the earlier of (i) a Responsible Officer
obtaining actual knowledge of such default and (ii) the Company receiving written notice of
such default from any holder of a Note (any such written notice to be identified as a
“notice of default” and to refer specifically to this Section 11(d)); or”

	 	1.7.	 	Amendment to Section 11(e); Events of Default.

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

          “(e) any representation or warranty made in writing by or on behalf of any Obligor or
by any officer of such Obligor in any Financing Document or in any writing furnished in connection with the transactions contemplated hereby proves to have been
false or incorrect in any material respect on the date as of which made; or”

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	 	1.8.	 	Amendment to Section 11; Events of Default.

     Section 11 of the Existing Note Purchase Agreement is hereby amended by (i) deleting the
period at the end of Section 11(j) and inserting in its place the phrase “; or”, and (ii) inserting
a new paragraph (k) and a new paragraph (l) at the end of such Section 11, each to read in its
entirety as follows:

          “(k) any Subsidiary Guarantor fails or neglects to observe, perform or comply
with any term, provision, condition or covenant contained in its respective Guaranty
Agreement; or

             (l) any Guaranty Agreement is not or ceases to be effective against the
applicable Subsidiary Guarantor or is alleged by the Company or any Subsidiary
Guarantor to be ineffective against a Subsidiary Guarantor for any reason other than
in the event that the applicable Subsidiary Guarantor is merged with and into the
Company.”

	 	1.9.	 	Amendment to Section 12; Remedies on Default, etc.

     Section 12 of the Existing Note Purchase Agreement is hereby amended by inserting a new
Section 12.5 at the end thereof, to read in its entirety as follows:

	 	 	 	“12.5 Notice of Acceleration or Rescission.

          Whenever any Note shall be declared immediately due and payable pursuant to Section
12.1 or any such declaration shall be rescinded or annulled pursuant to Section 12.3, the
Obligors shall forthwith give written notice thereof to the holders of each Note at the time
outstanding.”

	 	1.10.	 	Amendment to Section 15.1; Transaction Expenses.

     Section 15.1 of the Existing Note Purchase Agreement is hereby deleted in its entirety, and a
new Section 15.1 is hereby inserted in its place, to read as follows:

	 	 	 	“15.1 Transaction Expenses.

          Whether or not the transactions contemplated hereby are consummated, the Company will
pay all out-of-pocket costs and expenses (including reasonable attorneys’ fees of a special
counsel and, if reasonably required, local or other counsel) incurred by you and each Other
Purchaser or holder of a Note in connection with such transactions and in connection with
any amendments, waivers or consents under or in respect of this Agreement, the Notes or any
Guaranty Agreement (whether or not such amendment, waiver or consent becomes effective),
including, without limitation: (a) the costs and expenses incurred in enforcing or defending
(or determining whether or how to enforce or defend) any rights under this Agreement, the
Notes or any Guaranty Agreement as against any Obligor or in responding to any subpoena or
other legal process or informal investigative demand issued in connection with this
Agreement, the Notes or any Guaranty Agreement, or by reason of being a holder of any Note,
and (b) the costs and

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expenses, including financial advisors’ fees, incurred in connection with the
insolvency or bankruptcy of any Obligor or any Subsidiary or in connection with any work-out
or restructuring of the transactions contemplated hereby and by the Notes. The Company will
pay, and will save you and each other holder of a Note harmless from, all claims in respect
of any fees, costs or expenses if any, of brokers and finders (other than those retained by
you).”

	 	1.11.	 	Amendment to Section 17.2(b); Payment.

     Section 17.2(b) of the Existing Note Purchase Agreement is hereby amended by (i) inserting the
phrase “or issue any guaranty” immediately following the phrase “or grant any security” in the
third line thereof, and (ii) inserting the phrase “or guaranty” immediately following the phrase
“or security” in the fifth line thereof.

	 	1.12.	 	Amendment to 20; Confidential Information.

     Section 20(d)(viii)(z) of the Existing Note Purchase Agreement is hereby amended by inserting
the phrase “, any Guaranty Agreement” immediately preceding the phrase “and this Agreement” in the
last line thereof.

	 	1.13.	 	Amendments to Schedule B; Defined Terms.

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

     (a) “Acquisition” means the acquisition by the Company of International Multifoods
Corporation pursuant to the Agreement and Plan of Merger, dated March 7, 2004, by and among
the Company, MIX and International Multifoods Corporation.

     (b) “Agreement” is defined in Section 17.3.

     (c) “Bank Credit Agreement” means that certain unsecured revolving credit facility by
and among the Company, Key Bank National Association, as Agent, and the lenders named
therein, to be entered into on or about June 17, 2004, as such agreement may be amended or
restated from time to time.

     (d) “Financing Documents” means this Agreement, the Notes and any Guaranty Agreement,
as each may be amended, restated or otherwise modified from time to time, and all other
documents to be executed and/or delivered in favor of any holders of Notes, or all of them,
by the Company, any of its Subsidiaries, or any other Person in connection with this
Agreement.

     (e) “Guaranty Agreement” means, collectively, (a) that certain guaranty agreement,
executed and delivered by MIX in favor of the holders of Notes on the Second Amendment
Effective Date, in form and substance satisfactory to the Required Holders, and (b) any
Guaranty executed and delivered in favor of the holders of Notes, in form and substance
satisfactory to the Required Holders.

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     (f) “MIX” means MIX Acquisition Corporation, a Delaware corporation and Wholly-Owned
Subsidiary of the Company.

     (g) “Obligor(s)” means, collectively, the Company and each Subsidiary Guarantor.

     (h) “Second Amendment” means that certain Second Amendment to Note Purchase Agreement,
dated as of the Second Amendment Effective Date, among the Company and each of the holders
of Notes signatory thereto, amending certain provisions of this Agreement.

     (i) “Second Amendment Effective Date” means the date upon which the Second Amendment is
executed and delivered by the Company and the holders of Notes and becomes effective
pursuant to the terms thereof.

     (j) “Subsidiary Guarantor” means, collectively, MIX and any Subsidiary that has
executed and delivered to the holders of Notes a Guaranty Agreement together with an opinion
of counsel to such Subsidiary in form and substance satisfactory to the Required Holders,
evidence of proper corporate authorization and such other documents and instruments as may
be reasonably requested by the Required Holders.

     (k) “2000 Note Agreement” means, collectively, those certain Note Purchase Agreements,
each dated as of August 23, 2000, among the Company and each of the Persons listed on
Schedule A thereto.

     (l) “2004 Note Agreement” means that certain Note Purchase Agreement, dated as of May
27, 2004, among the Company and each of the Persons listed on Schedule A thereto.

	 	1.14.	 	Amendment to Schedule B; Change in Control Definition.

     The definition of “Change in Control” set forth in Schedule B to the Existing Note Purchase
Agreement is hereby deleted in its entirety, and a new definition is hereby inserted in its place,
to read as follows:

     ““Change in Control” means any of:

(a) (i) the failure of the Smucker Family to hold, in the aggregate, not
less than the greater of (A) 7.5% of the Special Voting Power of all classes
of Voting Stock of the Company and (B) not less than the amount of the
Special Voting Power of all classes of the Voting Stock of the Company
possessed by the Largest Other Shareholder, or

     (ii) the failure of the Smucker Family to hold, in the aggregate, not
less than the greater of (A) 5% of the Ordinary Voting Power of all classes
of the Voting Stock of the Company and (B) not less than the amount of
Ordinary Voting Power of all classes of the Voting Stock of the Company
possessed by the Largest Other Shareholder; or

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     (b) all or substantially all of the assets of the Company are sold or otherwise
transferred, in a single transaction or a series of related transactions, to any
person (as such term is used in section 13(d) and section 14(d)(2) of the Exchange
Act as in effect on the date of the Closing) or related persons constituting a group
(as such term is used in Rule 13d-5 under the Exchange Act as in effect on the date
of the Second Amendment Effective Date); or

     (c) if, for any reason whatsoever, either Timothy P. Smucker or Richard K.
Smucker (or both) shall fail to serve on the board of directors of the Company at
any time; provided, that if either Timothy P. Smucker or Richard K. Smucker (but not
both) shall fail to serve on the board of directors of the Company at any time, then
with respect to this clause (c) only, it shall not be deemed to constitute a Change
of Control if such individual is replaced as a director of the Company within one
hundred twenty (120) days of such event by an individual reasonably satisfactory to
the Required Holders.”

	 	1.15.	 	Amendment to Schedule B; Material Adverse Effect.

     The definition of “Material Adverse Effect” set forth in Schedule B to the Existing Note
Purchase Agreement is hereby deleted in its entirety, and a new definition is hereby inserted in
its place, to read as follows:

     ““Material Adverse Effect” means a material adverse effect on (a) the business,
operations, affairs, financial condition, assets or properties of the Company and its
Subsidiaries taken as a whole, (b) the ability of the Company to perform its obligations
under this Agreement and the Notes, (c) the ability of any Subsidiary Guarantor to perform
its obligations under its respective Guaranty Agreement or (d) the validity or
enforceability of this Agreement, the Notes or any Guaranty Agreement.”

	 	1.16.	 	Amendment to Schedule B; Priority Debt Definition.

     The definition of “Priority Debt” set forth in Schedule B to the Existing Note Purchase
Agreement is hereby deleted in its entirety, and a new definition is hereby inserted in its place,
to read as follows:

     ““Priority Debt” means the sum of (a) all Debt of the Company secured by Liens
permitted by Section 10.7(g), (b) all Debt of Subsidiaries (other than (x) Debt held by the
Company or a Wholly-Owned Subsidiary or (y) Debt of MIX under the Guaranty Agreement
executed and delivered by MIX in favor of the holders of Notes on the Second Amendment
Effective Date and any Guaranty by a Subsidiary Guarantor of the Debt evidenced by (1) this
Agreement, (2) the Bank Credit Agreement, so long as such Debt is subject to an
intercreditor agreement in form and substance satisfactory to the Required Holders, and so
long as the holders of Notes have the benefit of such intercreditor agreement with respect
to such Debt, (3) the 2000 Note Agreement, and (4) the 2004 Note Agreement) and (c)
Consolidated Attributable Debt.”

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	 	1.17.	 	Amendment to Schedule B; Significant Subsidiary Definition.

     The definition of “Significant Subsidiary” set forth in Schedule B to the Existing Note
Purchase Agreement is hereby amended by deleting the period at the end of such definition, and
inserting in its place the phrase “; provided that each Subsidiary Guarantor shall at all times be
deemed a Significant Subsidiary.”

	 	1.18.	 	Amendment to Schedule B; Smucker Family Definition.

     The definition of “Smucker Family” set forth in Schedule B to the Existing Note Purchase
Agreement is hereby amended by deleting the reference to “Lorraine E. Smucker,” in the first line
thereof.

	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 Agreements” 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) the Company is a corporation duly organized, validly existing and in good standing
under the laws of the state of Ohio;

     (b) the Subsidiary Guarantor is a corporation duly organized, validly existing and in
good standing under the laws of the state of Delaware;

     (c) this Amendment and the Guaranty Agreement have been duly authorized, executed and
delivered by the Company and the Subsidiary Guarantor, respectively, and this Amendment and
the Guaranty Agreement each constitutes a legal, valid and binding obligation, contract and
agreement of the Company and the Subsidiary Guarantor, respectively, 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;

     (d) the Existing Note Purchase Agreement, as amended by this Amendment, constitutes the
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;

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     (e) the execution, delivery and performance by each of the Company and the Subsidiary
Guarantor of this Amendment and the Guaranty Agreement, respectively, (i) have 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 or bylaws, (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 (e);

     (f) as of the date hereof and after giving effect to this Amendment, no Default or
Event of Default has occurred which is continuing;

     (g) neither the Company nor any Subsidiary (a) is or will become a blocked Person
described by section 1 of Executive Order 13224 of September 24, 2001, Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism
(31 CFR Part 595 et seq.) or (b) to the knowledge of the Company, engages or will engage in
any dealings or transactions, or is otherwise associated, with any such Person; and

     (h) neither the Company nor any Subsidiary is in violation of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) Act of 2001 of the United States of America.

	4.	 	EFFECTIVENESS.

     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 and each of the Noteholders.

	 	4.2.	 	Representations and Warranties.

     The representations and warranties of the Company made in Section 3 of this Amendment and of
the Subsidiary Guarantor in the Guaranty Agreement 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.

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	 	4.4.	 	Guaranty Agreement.

     MIX Acquisition Corporation, a Delaware corporation and Wholly-Owned Subsidiary of the Company
(the “Subsidiary Guarantor”), shall have executed and delivered to each Noteholder a guaranty
agreement (as may be amended, restated or modified from time to time, the “Guaranty Agreement”) in
respect of the obligations evidenced by the Existing Note Purchase Agreement and the Notes, in form
and substance satisfactory to each Noteholder.

	 	4.5.	 	Subsidiary Guarantor Secretary’s Certificate.

     The Subsidiary Guarantor shall have delivered to each Noteholder a certificate of an officer
of the Subsidiary Guarantor certifying as to the resolutions attached thereto and other corporate
or other proceedings relating to the authorization, execution and delivery by the Subsidiary
Guarantor of the Guaranty Agreement.

	 	4.6.	 	Opinion of Counsel.

     Each Noteholder shall have received a legal opinion in form and substance satisfactory to it,
dated the Effective Date, from M. Ann Harlan, counsel for the Company and the Subsidiary Guarantor,
with respect to the due authorization and enforceability of each of this Amendment and the
Guaranty Agreement.

	 	4.7.	 	Amendment to 2000 Note Purchase Agreement.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain
Second Amendment to Note Purchase Agreement, dated as of May 27, 2004, 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, each certified as true and correct by
a Responsible Officer.

	 	4.8.	 	2004 Note Purchase Agreement.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain Note
Purchase Agreement, dated as of May 27, 2004, by and among the Company and each of the Persons
listed on Schedule A thereto, pursuant to which the Company has issued to such Persons its 4.78%
Senior Notes due May 27, 2014 in the aggregate principal amount of $100,000,000, together with each
of the other instruments and agreements executed and/or delivered in connection therewith, each
certified as true and correct by a Responsible Officer.

	 	4.9.	 	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.

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	5.	 	MISCELLANEOUS.

     5.1. 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.

     5.2. 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.

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

     5.4. This Amendment shall be governed by and construed in accordance with the internal laws of
the state of New York.

     5.5. This Amendment shall become effective in accordance with the provisions of Section 4 of
this Amendment.

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

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     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/ Mark R. Belgya
 	 
	 	Name:	  	Mark R. Belgya 	 
	 	Title:	  	Vice President and Treasurer 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

Accepted and Agreed to:

	 	 	 	 	 
	 	HARTFORD LIFE INSURANCE COMPANY

By: Hartford Investment Services, Inc., its Agent and Attorney-in-Fact

 
	 	By:  	/s/ Ronald A. Mendel
 	 
	 	Name:	  	Ronald A. Mendel 	 
	 	Title:	  	Managing Director 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

	 	 	 	 	 
	 	NATIONWIDE LIFE INSURANCE COMPANY

 	 
	 	By:  	/s/ Joseph P. Young
 	 
	 	Name:	  	Joseph P. Young 	 
	 	Title:	  	Authorized Signatory 	 
	 
	 	NATIONWIDE INDEMNITY COMPANY

 	 
	 	By:  	/s/ Joseph P. Young
 	 
	 	Name:	  	Joseph P. Young 	 
	 	Title:	  	Authorized Signatory 	 
	 
	 	AMCO INSURANCE COMPANY

 	 
	 	By:  	/s/ Joseph P. Young
 	 
	 	Name:	 	Joseph P. Young 	 
	 	Title:	 	Authorized Signatory 	 
	 
	 	NATIONWIDE INSURANCE COMPANY OF FLORIDA

 
	 	By:  	/s/ Joseph P. Young
 	 
	 	Name:	  	Joseph P. Young 	 
	 	Title:	  	Authorized Signatory 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

	 	 	 	 	 
	 	CONNECTICUT GENERAL LIFE INSURANCE COMPANY

By: CIGNA Investments, Inc. (authorized agent)

 
	 	      By:  	/s/ Debra J. Height
 	 
	 	      Name:	  	Debra J. Height 	 
	 	      Title:	  	Managing Director 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

	 	 	 	 	 
	 	THE TRAVELERS INSURANCE COMPANY

 	 
	 	By:  	/s/ Denise T. Duffee
 	 
	 	Name:	  	Denise T. Duffee 	 
	 	Title:	  	Investment Officer 	 
	 
	 	THE TRAVELERS LIFE AND ANNUITY COMPANY

 
	 	By:  	/s/ Denise T. Duffee
 	 
	 	Name:	  	Denise T. Duffee 	 
	 	Title:	  	Investment Officer 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

	 	 	 	 	 
	 	MTL INSURANCE COMPANY

(formerly MUTUAL TRUST LIFE INSURANCE COMPANY)

By: Advantus Capital Management, Inc.

 
	 	By:  	/s/ Thomas B. Houghton
 	 
	 	Name:	  	Thomas B. Houghton 	 
	 	Title:	  	Vice President 	 
	 
	 	EQUITRUST LIFE INSURANCE COMPANY

(formerly held by NATIONAL TRAVELERS LIFE COMPANY)

By: Advantus Capital Management, Inc.

 
	 	By:  	/s/ Thomas B. Houghton
 	 
	 	Name:	  	Thomas B. Houghton 	 
	 	Title:	  	Vice President 	 
	 
	 	THE CATHOLIC AID ASSOCIATION

By: Advantus Capital Management, Inc.

 
	 	By:  	/s/ Thomas B. Houghton
 	 
	 	Name:	  	Thomas B. Houghton 	 
	 	Title:	  	Vice President 	 
	 
	 	THE RELIABLE LIFE INSURANCE COMPANY

By: Advantus Capital Management, Inc.

 
	 	By:  	/s/ Thomas B. Houghton
 	 
	 	Name:	  	Thomas B. Houghton 	 
	 	Title:	  	Vice President 	 
	 
	 	GREAT WESTERN INSURANCE COMPANY

By: Advantus Capital Management, Inc.

 
	 	By:  	/s/ Thomas B. Houghton
 	 
	 	Name:	  	Thomas B. Houghton 	 
	 	Title:	  	Vice President 	 
	 
	 	INDUSTRIAL ALLIANCE PACIFIC LIFE INSURANCE COMPANY

(formerly THE NORTH WEST LIFE ASSURANCE COMPANY OF CANADA)

By: Advantus Capital Management, Inc.

 
	 	By:  	/s/ Thomas B. Houghton
 	 
	 	Name:	  	Thomas B. Houghton 	 
	 	Title:	  	Vice President 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

	 	 	 	 	 
	 	MODERN WOODMEN OF AMERICA

 	 
	 	By:  	/s/ Nick S. Coin
 	 
	 	Name:	  	Nick S. Coin 	 
	 	Title:	  	Treasurer and Investment Manager 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

	 	 	 	 	 
	 	PROTECTED HOME MUTUAL LIFE INSURANCE COMPANY

By: National Guardian Life Insurance Company (successor to PHML)

 
	 	By:  	/s/ R. A. Mucci
 	 
	 	Name:	  	R.A. Mucci 	 
	 	Title:	  	Vice President and Treasurer 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]

 

 

	 	 	 	 	 
	 	PIONEER MUTUAL LIFE INSURANCE COMPANY

By: American United Life Insurance Company (authorized agent)

 
	 	By:  	/s/ Christopher Pahlke
 	 
	 	Name:	  	Christopher Pahlke 	 
	 	Title:	  	VP Private Placement 	 
	 

[Signature Page to Second Amendment to Note Purchase Agreements (1999)]EX-10.2

 

Exhibit 10.2

THIRD AMENDMENT TO NOTE PURCHASE AGREEMENTS

     THIS THIRD AMENDMENT, dated as of May 31, 2007 (this “Amendment”) to those certain separate
Note Purchase Agreements, each dated as of June 16, 1999 (as amended by that certain First
Amendment to Note Purchase Agreements, dated as of November 30, 2001, and that certain Second
Amendment to Note Purchase Agreements, dated as of May 27, 2004, and as in effect immediately prior
to the effectiveness of this Amendment, collectively, 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 6.77% Senior Notes due June 1, 2009 in
the aggregate principal amount of $75,000,000 (collectively, the “Notes”).

RECITALS:

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

     B. 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.

     C. 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; WAIVER.

1.1. Amendment to Section 7.1(a) (Quarterly Statements).

     Section 7.1(a) of the Existing Note Purchase Agreement is hereby deleted in its entirety, and
a new Section 7.1(a) is hereby inserted in its place, to read as follows:

     (a) Quarterly Statements — within 90 days (or within 10 days after such
earlier date as the Company’s quarterly report is required to be filed with the Securities
and Exchange Commission under the Exchange Act, with written notice of such earlier filing
to be delivered to each holder of Notes simultaneously with such filing) after the end of
each quarterly fiscal period in each fiscal year of the Company (other than the last
quarterly fiscal period of each such fiscal year), duplicate copies of,

     (i) a consolidated balance sheet of the Company and its Subsidiaries as at the
end of such quarter, and

     (ii) consolidated statements of income, changes in shareholders’ equity and
cash flows of the Company and its Subsidiaries, for such quarter and (in the case of
the second and third quarters) for the portion of the fiscal year ending with such
quarter,

 

 

setting forth in each case in comparative form the figures for the corresponding periods in
the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP
applicable to quarterly financial statements generally, and certified by a Senior Financial
Officer as fairly presenting, in all material respects, the financial position of the
companies being reported on and their results of operations and cash flows, subject to
changes resulting from year-end adjustments, provided that delivery within the time period
specified above of copies of the Company’s Quarterly Report on Form 10-Q prepared in
compliance with the requirements therefor and filed with the Securities and Exchange
Commission shall be deemed to satisfy the requirements of this Section 7.1(a), and provided,
further, that the Company shall be deemed to have made such delivery of such Form 10 Q if it
shall have timely made such Form 10 Q available on “EDGAR” and on its home page on the
worldwide web (at the date of this Agreement located at: http//www.smucker.com) and shall
have given such holder prior notice of such availability on EDGAR and on its home page in
connection with each delivery (such availability and notice thereof being referred to as
“Electronic Delivery”);

1.2. Amendment to Section 7.1(b) (Annual Statements).

     Section 7.1(b) of the Existing Note Purchase Agreement is hereby deleted in its entirety, and
a new Section 7.1(b) is hereby inserted in its place, to read as follows:

     (b) Annual Statements — within 120 days (or within 10 days after such earlier
date as the Company’s annual report is required to be filed with the U.S. Securities and
Exchange Commission under the Exchange Act, with written notice of such earlier filing to be
delivered to each holder of Notes simultaneously with such filing) after the end of each
fiscal year of the Company, duplicate copies of,

     (i) a consolidated balance sheet of the Company and its Subsidiaries, as at the
end of such year, and

     (ii) consolidated statements of income, changes in shareholders’ equity and
cash flows of the Company and its Subsidiaries, for such year,

setting forth in each case in comparative form the figures for the previous fiscal year, all
in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion
thereon of independent certified public accountants of recognized national standing, which
opinion shall state that such financial statements present fairly, in all material respects,
the financial position of the companies being reported upon and their results of operations
and cash flows and have been prepared in conformity with GAAP, and that the examination of
such accountants in connection with such financial statements has been made in accordance
with generally accepted auditing standards, and that such audit provides a reasonable basis
for such opinion in the circumstances, provided that the delivery within the time period
specified above of the Company’s Annual Report on Form 10-K for such fiscal year (together
with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3
under the Exchange Act) prepared in accordance with the requirements therefor and filed with
the Securities and Exchange

2

 

Commission shall be deemed to satisfy the requirements of this Section 7.1(b), and provided,
further, that the Company shall be deemed to have made such delivery of such Form 10 K if it
shall have timely made Electronic Delivery thereof;

1.3. Amendment to Section 7.2 (Officer’s Certificate).

     The first sentence of Section 7.2 of the Existing Note Purchase Agreement is hereby deleted in
its entirety, and a new first sentence of Section 7.2 is hereby inserted in its place, to read as
follows:

     7.2. Officer’s Certificate.

     Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or
Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth
(which, in the case of Electronic Delivery of any such financial statements, shall be by separate
concurrent delivery of such certificate to each holder of Notes):

1.4. Amendment to Section 8.3(e) (Prepayment).

     Section 8.3(e) of the Existing Note Purchase Agreement is hereby deleted in its entirety, and
a new Section 8.3(e) is hereby inserted in its place, to read as follows:

     (e) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section
8.3 shall be at 100% of the principal amount of such Notes, plus the Make-Whole Amount
determined for the date of prepayment with respect to such principal amount, together with
interest on such Notes accrued to the date of prepayment. Two Business Days preceding the
date of prepayment, the Company shall deliver to each holder of Notes being prepaid a
certificate of a Senior Financial Officer specifying the calculation of the Make-Whole
Amount due in connection with such prepayment (for the avoidance of doubt, in respect of any
prepayment to be made under this Section 8.3 the date of which has been deferred pursuant to
Section 8.3(f) below, any calculation of accrued interest or Make-Whole Amount owing to the
holders of the Notes to be prepaid shall be made with reference to the date such prepayment
is actually made, rather than the original Proposed Prepayment Date in respect thereof).
The prepayment shall be made on the Proposed Prepayment Date except as provided in Section
8.3(f).

1.5. Amendment to Section 9.6 (Pari Passu Ranking).

     Section 9.6 of the Existing Note Purchase Agreement is hereby deleted in its entirety, and a
new Section 9.6 is hereby inserted in its place, to read as follows:

     9.6. Pari Passu Ranking.

     The Notes shall at all times rank pari passu, without preference or priority, with all other
outstanding, unsecured, unsubordinated Indebtedness of the Company, present and future, that have
not been accorded preferential rights. The obligations of each Subsidiary Guarantor under the
Guaranty Agreement to which such Subsidiary Guarantor is a party shall at all times rank pari
passu, without preference or priority, with all other outstanding, unsecured, unsubordinated

3

 

Indebtedness of such Subsidiary Guarantor, present and future, that have not been accorded
preferential rights.

1.6. Amendment to Section 10.2(a) (Merger, Consolidation, etc.)

     Section 10.2(a) of the Existing Note Purchase Agreement is hereby amended by inserting the
following phrase after the words “solvent corporation”:

     , limited liability company or (in the case of a Subsidiary Guarantor) limited partnership.

1.7. Amendment to Section 10.3 (Consolidated Net Worth).

     Section 10.3 of the Existing Note Purchase Agreement is hereby deleted in its entirety, and a
new Section 10.3 is hereby inserted in its place, to read as follows:

     10.3 Consolidated Net Worth.

     The Company will not, at any time, permit Consolidated Net Worth to be less than One Billion
Dollars ($1,000,000,000).

1.8. Amendment to Section 10 (Negative Covenants).

     Section 10 of the Existing Note Purchase Agreement is hereby amended by inserting a new
Section 10.11 at the end thereof, to read in its entirety as follows:

     10.11 Terrorism Sanctions Regulations.

     The Company will not and will not permit any Subsidiary to (a) become a Person described or
designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign
Assets Control or in Section 1 of the Anti-Terrorism Order or (b) engage in any dealings or
transactions with any such Person.

1.9. Amendment to Section 15.1 (Transaction Expenses).

     Section 15.1 of the Existing Note Purchase Agreement is hereby amended by inserting the phrase
“, the Intercreditor Agreement” after the word “Notes” on the fifth and 11th line of such section.

1.10. Amendment to Section 21.6 (Governing Law).

     Section 21.6 of the Existing Note Purchase Agreement entitled “Governing Law” is hereby
renumbered as Section 21.7 and the following new Section 21.6 entitled “Accounting Terms” and new
Section 21.8 entitled “Jurisdiction and Process; Waiver of Jury Trial” are hereby added to the
Existing Note Purchase Agreement so that Section 21.6, Section 21.7 and Section 21.8 read as
follows:

4

 

     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.

     21.7. Governing Law.

     THIS AGREEMENT 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.

     21.8. Jurisdiction and Process; Waiver of Jury Trial.

     (a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York
State or federal court sitting in the Borough of Manhattan, The City of New York, over any
suit, action or proceeding arising out of or relating to this Agreement or the Notes. To
the fullest extent permitted by applicable law, the Company irrevocably waives and agrees
not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject
to the jurisdiction of any such court, any objection that it may now or hereafter have to
the laying of the venue of any such suit, action or proceeding brought in any such court and
any claim that any such suit, action or proceeding brought in any such court has been
brought in an inconvenient forum.

     (b) The Company consents to process being served by or on behalf of any holder of Notes
in any suit, action or proceeding of the nature referred to in Section 21.8(a) by mailing a
copy thereof by registered or certified mail (or any substantially similar form of mail),
postage prepaid, return receipt requested, to it at its address specified in Section 18 or
at such other address of which such holder shall then have been notified pursuant to said
Section. The Company agrees that such service upon receipt (i) shall be deemed in every
respect effective service of process upon it in any such suit, action or proceeding and (ii)
shall, to the fullest extent permitted by applicable law, be taken and held to be valid
personal service upon and personal delivery to it. Notices hereunder shall be conclusively
presumed received as evidenced by a delivery receipt furnished by the United States Postal
Service or any reputable commercial delivery service.

     (c) Nothing in this Section 21.8 shall affect the right of any holder of a Note to
serve process in any manner permitted by law, or limit any right that the holders of any of
the Notes may have to bring proceedings against the Company in the courts of any appropriate
jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in
any other jurisdiction.

5

 

     (d) The parties hereto hereby waive trial by jury in any action brought on or with
respect to this Agreement, the Notes or any other document executed in connection herewith
or therewith.

1.11. Deletion of Defined Terms; MIX Acquisition Company.

     The definitions of “Largest Other Shareholder”, “MIX” and “Special Voting Power” are each
hereby deleted from Schedule B to the Existing Note Purchase Agreement. All references to “MIX” in
the Existing Note Purchase Agreement shall hereinafter refer to “Smucker LLC”.

1.12. Amendments to Schedule B.

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

     “Anti-Terrorism Order” means Executive Order No. 13,224 of September 23, 2001, Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support
Terrorism, 66 U.S. Fed. Reg. 49079 (2001), as amended.

     “Electronic Delivery” is defined in Section 7.1(a).

     “Intercreditor Agreement” means that certain Amended and Restated Intercreditor Agreement,
dated as of May 31, 2007, by and among the Purchasers, the 2000 Noteholders, the 2004 Noteholders,
the 2007 Noteholders and the Agent (each as defined therein) and acknowledged and agreed to by the
Company and Smucker LLC (as the same may be amended, restated, supplemented or otherwise modified
and in effect from time to time).

     “Material Indebtedness Agreement” means any debt instrument, lease (capital, operating or
otherwise), guaranty, contract, commitment, agreement or other arrangement evidencing any
Indebtedness of the Company in excess of the amount of Fifteen Million Dollars ($15,000,000).

     “Smucker LLC” means J.M. Smucker LLC, an Ohio limited liability company.

     “2007 Note Agreement” means, that certain Note Purchase Agreement, dated as of May 31, 2007,
among the Company and each of the Persons listed on Schedule A thereto, as the same may be amended,
restated, modified or otherwise supplemented and in effect from time to time.

1.13. Amendment and Restatement of Defined Terms; Schedule B.

     The definitions of “Bank Credit Agreement”, “Change in Control”, “Priority Debt”, “Responsible
Officer”, “2000 Note Agreement”, “2004 Note Agreement” and “USA Patriot Act” set forth in Schedule
B to the Existing Note Purchase Agreement are hereby deleted in their entirety, and the following
new definitions are hereby inserted in their place, to read as follows:

     “Bank Credit Agreement” means that certain unsecured revolving credit facility by and among
the Company, Key Bank National Association, as Agent, and the lenders named therein, dated as of
June 18, 2004, as such agreement may be amended or restated from time to time.

6

 

     “Change in Control” means:

     (a) the acquisition of, or, if earlier, the shareholder or director approval of the
acquisition of, ownership or voting control, directly or indirectly, beneficially (as a
“beneficial owner” as such term is used in Rule 13d-3 under the Exchange Act as in effect on
the date of the Closing) or of record, on or after the date of the Closing, by any person
(within the meaning of section 13(d) and section 14(d)(2) of the Exchange Act as in effect
on the date of the Closing) or related persons constituting a group (within the meaning of
Rule 13d-5 of the SEC under the Exchange Act, as in effect on the date of the Closing) of shares representing more than forty-five percent (45%) of the aggregate Ordinary Voting
Power represented by the issued and outstanding capital stock of the Company (calculated on
a fully diluted basis); provided that the foregoing restriction shall not apply to
acquisitions of capital stock by the Smucker Family if the acquisition by the Smucker Family
of such Ordinary Voting Power shall not result, directly or indirectly, in a “going private
transaction” within the meaning of the Exchange Act;

     (b) during any period of twenty-four (24) consecutive calendar months, individuals who
were directors of the Company on the first day of such period (together with any new
director whose election by the board of directors of the Company or whose nomination for
election by the stockholders of the Company was approved by a vote of at least a majority of
the directors then still in office who either were directors at the beginning of such period
or whose election or nomination for election was previously so approved) shall cease to
constitute a majority of the board of directors of the Company;

     (c) the sale or transfer of all or substantially all of the assets of the Company, in a
single transaction or a series of related transactions, to any person (within the meaning of
section 13(d) and section 14(d)(2) of the Exchange Act, as in effect on the date of the
Closing) or related persons constituting a group (within the meaning of Rule 13d-5 of the
SEC under the Exchange Act, as in effect on the date of the Closing);

     (d) the occurrence of a change in control, or other similar provision, as defined in
any Material Indebtedness Agreement, which causes any Indebtedness or other obligations
incurred under such Material Indebtedness Agreement to become due prior to its stated
maturity or other due date thereof or to cause the holders of Indebtedness or other
obligations thereunder to have the right to require any Indebtedness or other obligations
incurred under such Material Indebtedness Agreement to be purchased or prepaid prior to the
stated maturity or other due date thereof; or

     (e) the failure of at least one of Timothy P. Smucker or Richard K. Smucker to serve as
a director of the Company if such failure to serve as a director is due to: (i) the
voluntary resignation as a director of such person prior to his 70th birthday (unless such
resignation is due to poor health, in which case such resignation will not be deemed to be
“voluntary” for purposes of this definition), (ii) the voluntary decision of such person not
to stand for reelection as a director unless such re-election would be for a term commencing
after his 70th birthday or such decision is attributable to poor health, (iii) a
determination of the directors of the Company not to nominate such person to stand for
re-election for any term commencing prior to his 70th birthday (unless such decision was

7

 

attributable to such person’s poor health), or (iv) the failure of the shareholders to
elect such person for any term commencing prior to his 70th birthday. For purposes of
clarity, it shall not constitute a Change in Control (1) so long as either Timothy P.
Smucker or Richard K. Smucker is serving as director of the Company, or (2) if neither
Timothy P. Smucker or Richard K. Smucker is serving as a director, the Remaining Director is
no longer serving as a director as a result of an event other than one described in clause
(i), (ii), (iii), or (iv) of the preceding sentence. For purposes of this definition
“Remaining Director” means the last one of Richard K. Smucker or Timothy P. Smucker to serve
as a director of the Company.

     “Priority Debt” means the sum of (a) all Debt of the Company secured by Liens permitted by
Section 10.7(g), (b) all Debt of Subsidiaries (other than (x) Debt held by the Company or a
Wholly-Owned Subsidiary or (y) Debt of any Subsidiary Guarantor, so long as such Debt is subject to
the terms of the Intercreditor Agreement) and (c) Consolidated Attributable Debt.

     “Responsible Officer” means any Senior Financial Officer and any other officer of the Company
or any Subsidiary Guarantor with responsibility for the administration of the relevant portion of
this Agreement.

     “2000 Note Agreement” means, collectively, those certain Note Purchase Agreements, each dated
as of August 23, 2000, among the Company and each of the Persons listed on Schedule A thereto, as
the same may be amended, restated, modified or otherwise supplemented and in effect from time to
time.

     “2004 Note Agreement” means that certain Note Purchase Agreement, dated as of May 27, 2004,
among the Company and each of the Persons listed on Schedule A thereto, as the same may be amended,
restated, modified or otherwise supplemented and in effect from time to time.

     “USA Patriot Act” means United States Public Law 107-56, the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act
of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from
time to time in effect.

1.14. Waiver of Event of Default.

     Effective as of June 30, 2006, and in reliance upon the amendment and restatement as
contemplated by Section 4.4 below, by J.M. Smucker LLC, an Ohio limited liability company (“Smucker
LLC”), as successor in interest to MIX Acquisition Corporation, of that certain guaranty agreement,
dated as of May 27, 2004, by MIX Acquisition Corporation in respect of the obligations of the
Company under the Existing Note Purchase Agreement and the Notes, the Noteholders hereby waive any
Default or Event of Default that exists as the result of the failure of Smucker LLC to deliver,
pursuant to the provisions of Section 10.2(a) of the Existing Note Agreement, an assumption in
writing of the obligations of MIX Acquisition Corporation under such guaranty agreement.

8

 

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 Agreements” 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);

     (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) this Amendment and the Guaranty Agreement (as defined below) have been duly
authorized, executed and delivered by the Company and Smucker LLC, respectively, and this
Amendment and the Guaranty Agreement each constitutes a legal, valid and binding obligation,
contract and agreement of the Company and Smucker LLC, respectively, 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;

     (d) the Existing Note Purchase Agreement, as amended by this Amendment, constitutes the
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 execution, delivery and performance by each of the Company and Smucker LLC of
this Amendment and the Guaranty Agreement, respectively, (i) have been duly authorized by
all requisite corporate or limited liability company, as applicable, 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

9

 

or both) a default under any indenture, agreement or other instrument referred to in
clause (iii)(A)(3) of this paragraph (e);

     (f) as of the date hereof and after giving effect to this Amendment, no Default or
Event of Default has occurred which is continuing;

     (g) neither the Company nor any Subsidiary (i) is a Person described or designated in
the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets
Control or in Section 1 of the Anti-Terrorism Order or (ii) engages in any dealings or
transactions with any such Person; and

     (h) neither the Company nor any Subsidiary is in violation of the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) Act of 2001 of the United States of America.

4. EFFECTIVENESS.

     The amendments and waiver set forth in 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 and each of the Noteholders.

     4.2. Representations and Warranties.

     The representations and warranties of the Company made in Section 3 of this Amendment and of
Smucker LLC in the Guaranty Agreement 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. Guaranty Agreement.

     Smucker LLC, a Wholly-Owned Subsidiary of the Company, shall have executed and delivered to
each Noteholder an amended and restated guaranty agreement (as may be amended, restated or modified
from time to time, the “Guaranty Agreement”) in respect of the obligations evidenced by the
Existing Note Purchase Agreement and the Notes, in form and substance satisfactory to each
Noteholder.

10

 

     4.5. Smucker LLC Secretary’s Certificate.

     Smucker LLC shall have delivered to each Noteholder a certificate of an officer of Smucker LLC
certifying as to the resolutions attached thereto and other corporate or other proceedings relating
to the authorization, execution and delivery by Smucker LLC of the Guaranty Agreement.

     4.6. Amendment to 2000 Note Purchase Agreements.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain
Third Amendment to Note Purchase Agreements, dated as of May 31, 2007, 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, each certified as true and correct by
a Responsible Officer.

     4.7. Amendment to 2004 Note Purchase Agreement.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain
First Amendment to Note Purchase Agreement, dated as of May 31, 2007, 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, each certified as true and correct by a Responsible Officer.

     4.8. 2007 Note Purchase Agreement.

     The Company shall have delivered to the Noteholders a fully executed copy of that certain Note
Purchase Agreement, dated as of May 31, 2007, by and among the Company and each of the Persons
listed on Schedule A thereto, pursuant to which the Company has issued to such Persons its 5.55%
Senior Notes due April 1, 2022 in the aggregate principal amount of $400,000,000, together with
each of the other instruments and agreements executed and/or delivered in connection therewith,
each certified as true and correct by a Responsible Officer.

     4.9. Amendment and Restatement of Intercreditor Agreement.

     The Company shall have delivered to each Noteholder a fully-executed original of an Amended
and Restated Intercreditor Agreement, dated as of May 31, 2007, by and among the Noteholders, the
2000 Noteholders, the 2004 Noteholders, the 2007 Noteholders and the Agent (each as defined
therein) and acknowledged and agreed to by the Company and Smucker LLC.

     4.10. 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.

11

 

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, negotiations 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
transmission shall be effective as delivery of a manually signed counterpart of this Amendment.

     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.]

12

 

     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:

Name:
	 	/s/ Mark R. Belgya
 

Mark R. Belgya
	 	 
	 

	 	Title:
	 	Vice President and Treasurer	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 	 	 
	Accepted and Agreed to:	 	 
	 
	 	 	 	 	 	 
	HARTFORD LIFE INSURANCE COMPANY	 	 
	 
	By:	 	Hartford Investment Management Company	 	 
	 	 	Its Agent and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Daniel C. Leimbach
 

Daniel C. Leimbach
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	PHYSICIANS LIFE INSURANCE COMPANY	 	 
	 
	By:	 	Hartford Investment Management Company,	 	 
	 	 	Its Investment Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Daniel C. Leimbach
 

Daniel C. Leimbach
	 	 
	 

	 	Title:
	 	Senior Vice President	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 
	NATIONWIDE LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Joseph P. Young
 

Joseph P. Young
	 	 
	Title:

	 	Authorized Signatory	 	 
	 
	 	 	 	 
	NATIONWIDE INDEMNITY COMPANY	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Joseph P. Young
 

Joseph P. Young
	 	 
	Title:

	 	Authorized Signatory	 	 
	 
	 	 	 	 
	AMCO INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Joseph P. Young
 

Joseph P. Young
	 	 
	Title:

	 	Authorized Signatory	 	 
	 
	 	 	 	 
	NATIONWIDE INSURANCE COMPANY OF FLORIDA	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Joseph P. Young
 

Joseph P. Young
	 	 
	Title:

	 	Authorized Signatory	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 	 	 
	PRUDENTIAL RETIREMENT INSURANCE	 	 
	   AND ANNUITY COMPANY	 	 
	 
	 	 	 	 	 	 
	By:	 	Prudential Investment Management, Inc.,	 	 
	 	 	as investment manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ William S. Engelking
 

William S. Engelking
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	MTL INSURANCE COMPANY	 	 
	 
	 	 	 	 	 	 
	By:

	 	Prudential
	 	Private Placement Investors,	 	 
	 

	 	L.P. (as Investment Advisor)
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Prudential Private Placement Investors, Inc.	 	 
	 

	 	 	 	(as its General Partner)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ William S. Engelking
 

William S. Engelking
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 
	METLIFE INSURANCE COMPANY OF CONNECTICUT	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Judith A. Gulotta
 

Judith A. Gulotta
	 	 
	Title:

	 	Director	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 	 	 
	EQUITRUST LIFE INSURANCE COMPANY	 	 
	(formerly held by NATIONAL TRAVELERS LIFE COMPANY)	 	 
	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James W. Tobin
 

James W. Tobin
	 	 
	 

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

	 	By:

Name:
	 	/s/ James W. Tobin
 

James W. Tobin
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	THE RELIABLE LIFE INSURANCE COMPANY	 	 
	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James W. Tobin
 

James W. Tobin
	 	 
	 

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

	 	By:

Name:
	 	/s/ James W. Tobin
 

James W. Tobin
	 	 
	 

	 	Title:
	 	Vice President	 	 
	 
	 	 	 	 	 	 
	INDUSTRIAL ALLIANCE PACIFIC LIFE INSURANCE COMPANY	 	 
	(formerly THE NORTH WEST LIFE ASSURANCE COMPANY OF CANADA)	 	 
	 
	By:	 	Advantus Capital Management, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ James W. Tobin
 

James W. Tobin
	 	 
	 

	 	Title:
	 	Vice President	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 
	MODERN WOODMEN OF AMERICA	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ Michael E. Dau
 

Michael E. Dau
	 	 
	Title:

	 	Manager, Fixed Income Division	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 
	NATIONAL GUARDIAN LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ R. A. Mucci
 

R.A. Mucci
	 	 
	Title:

	 	Senior Vice President & Treasurer	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

 

 

	 	 	 	 	 	 	 
	PIONEER MUTUAL LIFE INSURANCE COMPANY	 	 
	 
	By:	 	American United Life Insurance Company (authorized agent)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Kent R. Adams
 

Kent R. Adams
	 	 
	 

	 	Title:
	 	V.P. Fixed Income Securities	 	 

[Signature page to Third Amendment to The J. M. Smucker Company 1999 Note Purchase Agreements]

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