Document:

First Amendment to Amended and Restated Limited Liability Company Agreement

 Exhibit 10.41 
 FIRST AMENDMENT TO MICHAEL FOODS INVESTORS, LLC 
 AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 This FIRST AMENDMENT TO MICHAEL FOODS INVESTORS, LLC AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Amendment”) is entered into and made effective as of this April 2, 2007, by and among Michael Foods
Investors, LLC (f/k/a THL-MF Investors, LLC), a Delaware limited liability company (the “Company”), and the holders of a majority of the outstanding Class A Units of the Company. Capitalized terms used herein which are not
otherwise defined herein shall have the meanings given to such terms in the Michael Foods Investors Amended and Restated Limited Liability Company Agreement dated as of November 20, 2003 entered into by the Company, the undersigned and the
other parties thereto (the “LLC Agreement”). 
 WHEREAS, the Company wishes to establish as a new class of units of the
Company designated as Class D Units having the benefits and rights and subject to the terms of the LLC Agreement, as amended hereby; 
 WHEREAS, concurrently herewith the Company is issuing Class D Units of the Company to David S. Johnson and admitting Mr. Johnson as a Member of the Company; and 
 WHEREAS, the parties hereto wish to amend the LLC Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby covenant and agree as follows: 
 1. Definitions.

 a. Section 1.1 of the LLC Agreement is hereby amended by adding the following definitions in the appropriate alphabetical
order: 
 “Class D Applicable Percentage” shall mean 1.554%. 
 “Class D Distribution Threshold Amount” means an amount equal to (i) $570,000,000, plus (ii) any additional
Capital Contributions after the Class D Effective Date. 
 “Class D Distribution Amount” shall mean the
amount equal to (i) the Class D Applicable Percentage multiplied by (ii) the Distributable Assets to be distributed 

 
to the Unitholders in excess of (x) the Class D Distribution Threshold Amount and (y) the aggregate amount of Capital Contributions of the Class D
Unitholders returned to such Unitholders under Section 4.4(a). 
 “Class D Effective Date” means
April 2, 2007. 
 “Class D Unitholder” means David S. Johnson and his permitted assigns and transferees
under this Agreement and the Securityholders Agreement, and any other Person (and such Person’s permitted assigns and transferees) issued Class D Units by the Company hereafter. 
 “Class D Units” means the Class D Units of the Company. The rights and privileges associated with such Class D Units are
intended to constitute a “profits interest” in the Company within the meaning of Revenue Procedure 93-27, 1993-2 C.B. 343, or any successor Internal Revenue Service or Treasury Department regulation or other pronouncement applicable at the
date of issuance of Class D Units. 
 b. Section 1.1 of the LLC Agreement is hereby amended by deleting the following
definitions and replacing them in their entirety as follows: 
 “Holdings” means M-Foods Holdings, Inc., a
Delaware corporation. 
 “Unitholder” means a Member or Assignee who holds an Economic Interest in
Class A Units, Class B Units, Class C Units or Class D Units. 
 “Unpaid Preferred Return” with respect
to each holder of Class A Units and Class B Units means the excess, if any, of (i) such Unitholders Preferred Return as of the date of any such determination over (ii) the aggregate amount of all distributions made to
such Unitholder pursuant to or in accordance with Section 4.4(a)(ii). 
 “Unreturned Capital”
with respect to each Unitholder means the excess, if any, of (i) such Unitholder’s aggregate Capital Contributions over (ii) the aggregate amount of all distributions made to such Unitholder pursuant to or in accordance
with Section 4.4(a). 
  

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 2. Name. Section 2.2 of the LLC Agreement is hereby amended by replacing the
name of the Company referenced therein from “MF Investors, LLC” to “Michael Foods Investors, LLC”. 
 3. Issuance
of Additional Units. Section 2.9 of the LLC Agreement is hereby amended by: 
 a. Deleting the first sentence
thereof in its entirety and replacing it with the following sentence: 
 “The Management Committee shall have the right to cause the
Company to create and issue preferred units in connection with the exercise of the Company’s rights and/or obligations to purchase Class A Units, Class B Units, Class C Units and Class D Units from certain Members, each of whom is also a
party to a Management Unit Subscription Agreement by and between such Member and the Company (collectively, the “Management Unit Subscription Agreements”).”; and 
 b. Deleting the last sentence thereof in its entirety and replacing it with the following sentence: 
 “In addition, the holders of a majority of Class A Units shall have the right to cause the Company to create and issue additional units;
provided that (i) no such issuance shall adversely affect the relationship among the Class A Units, Class B Units and Class C Units as set forth herein without the consent of the holders of a majority in interest of the Units
of each Class so affected, or (ii) adversely affect the relationship among the Class A Units, Class B Units and Class C Units, on the one hand, and the Class D Units, on the other hand without the consent of the holders of a majority in
interest of the Units of each Class so affected.” 
 4. Management. 
 a. Section 3.2(a) of the LLC Agreement is hereby amended by deleting “five (5)” in the second line thereof and replacing it with
“seven (7)”. 
 b. Section 3.7(e) of the LLC Agreement is hereby amended by deleting the last sentence thereof
in its entirety and replacing it with the following sentence: 
 “The president shall be David S. Johnson effective April 2, 2007
and shall continue to be Mr. Johnson during the period during which he is President of Michael Foods.” 
 5.
Distributions. Section 4.4 of the LLC Agreement is hereby amended by: 
 a. Deleting Section 4.4(a)
(excluding subparagraphs (i) through (vii)) and replacing it with the following: 
 “(a) Priority. Distributable Assets will
be distributed (or set aside for the benefit of the applicable Unitholder in the discretion of the Management Committee) as soon as reasonably practical after such Distributable Assets become available to the Company, subject to Sections 4.4(b) and
(c), as outlined in this Section 4.4(a). 
  

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 Until the aggregate amount of distributions to Unitholders pursuant to this Section 4.4(a),
taking into account only the current distribution and any previous distributions made after the Class D Effective Date, equal the Class D Distribution Threshold Amount, 100% of Distributable Assets shall be distributed in accordance with
subparagraphs (i) through (vii) below; provided that, no distributions under subparagraph (i) below shall be made to the Class D Unitholders. 
 After the aggregate of all distributions made after the Class D Effective Date equal the Class D Distribution Threshold Amount, then 100% of the Distributable Assets shall be made as follows: 
 (A) first, 100% of the Distributable Assets shall be distributed to the Class D Unitholders pro rata in accordance with each Class D
Unitholder’s Unreturned Capital until each such Class D Unitholder’s Unreturned Capital has been reduced to zero; 
 (B) next, an
amount equal to the Class D Distribution Amount shall be distributed to the Class D Unitholders pro rata in accordance with number of Class D Units held; provided, however, no distribution shall be made with respect to that
percentage of the Class D Units that have not vested in accordance with the vesting provisions of such holder’s Management Unit Subscription Agreement. Any amount that would otherwise be distributed to a Class D Unitholder pursuant to this
Section 4.4(a) but for the application of the preceding sentence shall instead be retained by the Company and paid to such a Class D Unitholder if, as and when the unvested units to which such retained amounts relates vests pursuant to
the applicable Management Unit Subscription Agreement. Items of income, gain, loss and deduction attributable to amounts retained by the Company pursuant to this Section 4.4(a) shall be allocated among the Class D Unitholders holding
unvested units in a manner, determined in the Board’s discretion, that equitably reflects each such Class D Unitholders share of the amounts to which such items relate. If any unvested units are forfeited, amounts retained by the Company
pursuant to this Section 4.4(a) on account of such unvested units shall be distributed in accordance with subparagraphs (i) through (vii) below; and 
 (C) next, following the distributions pursuant to the immediately preceding clauses (A) and (B), 100% of the remaining Distributable Assets shall be distributed in accordance with subparagraphs (i) through
(vii) below.” 
 6. Amendments. Section 7.5 of the LLC Agreement is hereby amended by adding a reference to the
Class D Units to the tenth line thereof, before the proviso. 
  

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 7. Interpretation. Except as otherwise expressly provided in the LLC Agreement, the use of
the term “as of the date of this Agreement” shall mean the date of the LLC Agreement and not this Amendment. 
 8.
Miscellaneous. 
 8.1. Complete Agreement. Unless another agreement is expressly referenced, this Amendment and the LLC
Agreement embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof, and terminate, supersede, and preempt any prior understandings, agreements, or representations by or among the parties,
written or oral, which may have related to the subject matter hereof in any way. Except as amended hereby, the LLC Agreement remains unchanged and in full force and effect. 
 8.2. Severability. Whenever possible, each provision of this Amendment will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Amendment is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this
Amendment. 
 8.3. Counterparts. This Amendment may be executed in two or more counterparts, any one of which need not contain the
signatures of more than one party hereto, but each of which will be considered an original and all of which taken together will constitute one and the same Amendment. 
 8.4. Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Amendment will be governed by, and construed in accordance with, the laws of the
State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State
of Delaware. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first written above.

  

			
	 MICHAEL FOODS INVESTORS, LLC

		
	By:	 	 /s/ John Reedy

	Name:	 	John Reedy
	Title:	 	EVP & CFO
	
	CLASS A UNITHOLDERS:
	
	THOMAS H. LEE EQUITY FUND V, L.P.
		
	By:	 	 THL Equity Advisors V, LLC, its
 general
partners

		
	By:	 	 Thomas H. Lee Partners, L.P., its sole
 member

		
	By:	 	 Thomas H. Lee Advisors LLC, its
 general
partner

		
	By:	 	 /s/ Anthony J. DiNovi

	Name:	 	Anthony J. DiNovi
	Title:	 	Managing Director
	
	THOMAS H. LEE PARALLEL FUND V, L.P.
		
	By:	 	 THL Equity Advisors V, LLC, its
 general
partner

		
	By:	 	 Thomas H. Lee Partners, L.P., its sole
 member

		
	By:	 	 Thomas H. Lee Advisors LLC, its
 general
partner

		
	By:	 	 /s/ Anthony J. DiNovi

	Name:	 	Anthony J. DiNovi
	Title:	 	Managing Director

  

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 COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

 

			
	THOMAS H. LEE CAYMAN FUND V, L.P.
		
	By:	 	THL Equity Advisors V, LLC, its general partner
		
	By:	 	Thomas H. Lee Partners, L.P., its sole member
		
	By:	 	Thomas H. Lee Advisors LLC, its general partner
		
	By:	 	 /s/ Anthony J. DiNovi

	Name:	 	Anthony J. DiNovi
	Title:	 	Managing Director
	
	1997 THOMAS H. LEE NOMINEE TRUST
		
	By:	 	US Bank, N.A., not personally, but solely as Trustee under the 1997 Thomas H. Lee Nominee Trust
		
	By:	 	 /s/ Paul D. Allen

	Name:	 	Paul D. Allen
	Title:	 	Vice President
	
	THOMAS H. LEE INVESTORS LIMITED PARTNERSHIP
		
	By:	 	THL Investment Management Corp., its general partner
		
	By:	 	 /s/ Charles Holden

	Name:	 	 Charles Holden 

	Title:	 	 Assistant Treasurer

	
	 /s/ Gregg A. Ostrander

	Gregg A. Ostrander

  

 - 7 -First Amendment to Securityholders Agreement

 Exhibit 10.42 
 FIRST AMENDMENT TO MICHAEL FOODS INVESTORS, LLC 
 SECURITYHOLDERS AGREEMENT 
 This FIRST AMENDMENT TO MICHAEL FOODS INVESTORS, LLC SECURITYHOLDERS AGREEMENT (this “Amendment”) is entered into and made effective as
of this April 2, 2007, by and among Michael Foods Investors, LLC (f/k/a THL-MF Investors, LLC), a Delaware limited liability company (the “Company”), and the holders of (i) a majority of the outstanding Class A Units
of the Company, and (ii) the holders of a majority of the Employee Securities. Capitalized terms used herein which are not otherwise defined herein shall have the meanings given to such terms in the Securityholders Agreement dated as of
November 20, 2003 entered into by the Company, the undersigned and the other parties thereto (the “Securityholders Agreement”). 
 WHEREAS, the Company has established a new class of units of the Company designated as Class D Units; 
 WHEREAS, concurrently herewith the Company is issuing Class D Units of the Company to David S. Johnson and admitting Mr. Johnson as a Member of the Company; and 
 WHEREAS, the parties hereto wish to amend the Securityholders Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby covenant and agree as follows: 
 1. Definitions.

 a. Section 8.1 of the Securityholders Agreement is hereby amended by adding the following definition in the
appropriate alphabetical order: 
 “Class D Units” has the meaning set forth in the LLC Agreement.

 b. Section 8.1 of the Securityholders Agreement is hereby amended by deleting clause (a) of the definition of
“Employee Securities” and replacing it with the following: 
 “(a) the Preferred Units, Class A Units,
Class B Units, Class C Units and Class D Units acquired on or after November 20, 2003 under the Management Subscription Agreements.” 

 c. Section 8.1 of the Securityholders Agreement is hereby amended by deleting the
definition of “Holdings” in its entirety and replacing it with the following: 
 “Holdings” means M-Food Holdings,
Inc., a Delaware corporation. 
 d. Section 8.1 of the Securityholders Agreement is hereby amended by deleting the
definition of “LLC Agreement” in its entirety and replacing it with the following: 
 “LLC Agreement” means the
Amended and Restated Limited Liability Company Agreement dated as of November 20, 2003 among the Company, THL, and the other parties thereto, as amended or amended and restated from time to time.” 
 e. Section 8.1 of the Securityholders Agreement is hereby amended by deleting the definition of “Preferred Units” in
its entirety and replacing it with the following: 
 “Preferred Units” means the Preferred Units of the Company which may be issued
as part of the repurchase price for Units pursuant to the Management Subscription Agreements.” 
 f. Section 8.1 of
the Securityholders Agreement is hereby amended by deleting the definition of “Units” in its entirety and replacing it with the following: 
 “Units” means the Company’s Class A Units, Class B Units, Class C Units or Class D Units.” 
  

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 2. Section 2.1 (Election of Management Committee Members and Directors). 

a. Section 2.1(a) of the Securityholders Agreement is hereby amended by deleting the number “five” in the seventh line thereof
and replacing it with the number “seven”. 
 b. Section 2.1(a)(i) of the Securityholders Agreement is hereby amended by
deleting “one (1)” in the first line thereof and replacing it with “three (3)”. 
 3. Miscellaneous.

 3.1. Complete Agreement. Unless another agreement is expressly referenced, this Amendment and the Securityholders Agreement embody
the complete agreement and understanding among the parties hereto with respect to the subject matter hereof, and terminate, supersede, and preempt any prior understandings, agreements, or representations by or among the parties, written or oral,
which may have related to the subject matter hereof in any way. Except as amended hereby, the Securityholders Agreement remains unchanged and in full force and effect. 
 3.2. Severability. Whenever possible, each provision of this Amendment will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Amendment is held to be
prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Amendment. 
 3.3. Counterparts. This Amendment may be executed in two or more counterparts, any one of which need not contain the signatures of more than one
party hereto, but each of which will be considered an original and all of which taken together will constitute one and the same Amendment. 
 3.4. Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Amendment will be governed by, and construed in accordance with, the laws of the State of Delaware,
without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 - 3 - 

 IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as of the date first written above.

  

			
	 MICHAEL FOODS INVESTORS, LLC

		
	By:	 	 /s/ John Reedy

	Name:	 	John Reedy
	Title:	 	EVP & CFO
	
	CLASS A UNITHOLDERS:
	
	THOMAS H. LEE EQUITY FUND V, L.P.
		
	By:	 	THL Equity Advisors V, LLC, its general partners
		
	By:	 	Thomas H. Lee Partners, L.P., its sole member
		
	By:	 	Thomas H. Lee Advisors LLC, its general partner
		
	By:	 	 /s/ Anthony J. DiNovi

	Name:	 	Anthony J. DiNovi
	Title:	 	Managing Director
	
	THOMAS H. LEE PARALLEL FUND V, L.P.
		
	By:	 	THL Equity Advisors V, LLC, its general partner
		
	By:	 	Thomas H. Lee Partners, L.P., its sole member
		
	By:	 	Thomas H. Lee Advisors LLC, its general partner
		
	By:	 	 /s/ Anthony J. DiNovi

	Name:	 	Anthony J. DiNovi
	Title:	 	Managing Director

  

 - 4 - 

 COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
  

			
	THOMAS H. LEE CAYMAN FUND V, L.P.
		
	By:	 	THL Equity Advisors V, LLC, its general partner
		
	By:	 	Thomas H. Lee Partners, L.P., its sole member
		
	By:	 	Thomas H. Lee Advisors LLC, its general partner
		
	By:	 	 /s/ Anthony J. DiNovi

	Name:	 	Anthony J. DiNovi
	Title:	 	Managing Director
	
	1997 THOMAS H. LEE NOMINEE TRUST
		
	By:	 	US Bank, N.A., not personally, but solely as Trustee under the 1997 Thomas H. Lee Nominee Trust
		
	By:	 	 /s/ Paul D. Allen

	Name:	 	Paul D. Allen
	Title:	 	Vice President
	
	THOMAS H. LEE INVESTORS LIMITED PARTNERSHIP
		
	By:	 	THL Investment Management Corp., its general partner
		
	By:	 	 /s/ Charles Holden

	Name:	 	 Charles Holden 

	Title:	 	 Assist. Treasurer

  

 - 5 - 

			
	EMPLOYEE SECURITIES:
	  
 /s/ Gregg A. Ostrander
  

	Gregg A. Ostrander
	  
 /s/ John D. Reedy
  

	John D. Reedy
	
	 Ostrander Irrevocable Trust
 f/b/o David
Ashton Ostrander

		
	By:	 	 /s/ Kristen K. Ostrander

	Name:	 	
	Title:	 	
	
	 Ostrander Irrevocable Trust
 f/b/o Joseph
Gregory Ostrander

		
	By:	 	 /s/ Kristen K. Ostrander

	Name:	 	
	Title:	 	
	
	 Ostrander Irrevocable Trust
 f/b/o Gregory
Christian Ostrander

		
	By:	 	 /s/ Kristen K. Ostrander

	Name:	 	
	Title:	 	

  

 - 6 -

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