Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT 
 This FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this
“Amendment”), dated as of July 7, 2019, is by and among PetIQ, LLC, an Idaho limited liability company (the “Buyer”), L. Perrigo Company, a Michigan corporation (the “Seller”), Perrigo Company
plc, an Irish public limited company (the “Seller Parent”), and PetIQ, Inc., a Delaware corporation (the “Buyer Guarantor”). 

WHEREAS, the Buyer, the Seller, the Seller Parent and the Buyer Guarantor entered into that certain Purchase and Sale Agreement, dated
as of May 8, 2019 (the “Purchase Agreement”), pursuant to which, among other things, the Buyer has agreed to purchase and acquire all of the Purchased Interests from the Seller; and 

WHEREAS, the Parties desire to amend the Purchase Agreement as provided below. 

NOW THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, covenants and agreements
contained in this Amendment, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 1.
Amendment. Effective as of the date of this Amendment: 
 (a) Section 3.18(a)(i) of the Disclosure Schedule is hereby deleted
in its entirety and replaced with the items set forth on Exhibit A hereto. 
 (b) Section 5.2 of the Disclosure Schedule is hereby
amended to remove the following language: “Sale of an approximately 10 acre open lot to a third party or the sale or transfer of such lot to an Affiliate of the Seller”. 

(c) Section 3.14(a)(ii) of the Disclosure Schedule is hereby amended to add the following individuals: Neal Wilmore and Stephen McKernan.

 (d) Section 2.3(b)(ix) of the Disclosure Schedule is hereby amended to remove the following item: “Master Equipment Lease Agreement
dated May 30, 2014, between Bank of the West and Sergeant’s Pet Care Products, Inc. (for equipment used in material handling and distribution activities in the warehouse located at 8701 S. 126th Street, Omaha, NE 68138)”. 

(e) Schedule 1 of the Transition Services Agreement is hereby amended and restated in its entirety as set forth on Exhibit B
attached hereto. 
 2. Satisfaction of Closing Conditions. The Parties hereby agree that the Closing pursuant to the
Purchase Agreement shall be consummated on July 8, 2019. Notwithstanding the foregoing, the Parties hereby acknowledge and agree that all of the conditions to Closing set forth in Article VI of the Purchase Agreement have been satisfied as of
July 3, 2019 and that neither Party may refuse to consummate the transactions contemplated by the Purchase Agreement by claiming that a condition to Closing has not been satisfied; provided that (a) the Parties acknowledge and agree
that the foregoing shall not limit the Parties’ obligation to comply with the covenants applicable to the Interim Period and (b) solely for the purposes of Article VIII of the Purchase Agreement and under the R&W Policy, the Parties
will bring down their representations, warranties and covenants as of the Closing Date. 
 3. Capitalized Terms.
Capitalized terms used but not defined shall have the meanings assigned to them in the Purchase Agreement. 

  
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 4. Effect of this Amendment. In accordance with
Section 9.10 of the Purchase Agreement, this Amendment shall constitute an amendment to the Purchase Agreement. As of and after the date of this Amendment, each reference in the Purchase Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein”, “hereby” or words of like import referring to the Purchase Agreement shall mean and be a reference to the Purchase Agreement as amended by this Amendment. The Parties
acknowledge and agree that the Purchase Agreement, together with the schedules and exhibits thereto, remains in full force and effect and, except as expressly provided in this Amendment, the Purchase Agreement shall not be amended or otherwise
modified. In the event there is a conflict between the terms of the Purchase Agreement and the terms of this Amendment, the terms of this Amendment shall control. 

5. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. 

(a) This Amendment shall be governed by and interpreted and enforced in accordance with the Laws of the State of New York, without giving
effect to any choice of Law or conflict of Laws rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of New York. 

(b) This Amendment shall be governed in all respects in accordance with the provisions of Section 9.5 of the Purchase Agreement. 

6. Counterparts. This Amendment may be executed in counterparts, and any Party may execute any such
counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. This Amendment shall become effective when each Party shall have
received a counterpart of this Amendment signed by the other Parties. The Parties agree that the delivery of this Amendment, and the other documents, agreements and instruments to be delivered in connection with this Amendment, may be effected by
means of an exchange of electronically transmitted signatures (including by electronic mail in .pdf format). 
 7.
Headings. All headings contained in this Amendment are for convenience of reference only, do not form a part of this Amendment and shall not affect in any way the meaning or interpretation of this Amendment. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment on the date first above
written. 
  

			
	BUYER:
	
	PETIQ, LLC
		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title: Chief Executive Officer
	
	BUYER GUARANTOR:
	
	PETIQ, INC.
		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title: Chief Executive Officer

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT] 

 
			
	SELLER:
	
	L. PERRIGO COMPANY
		
	By:	 	 /s/ Todd Kingma

		 	Name: Todd Kingma
		 	Title: EVP & Secretary
	
	SELLER PARENT:
	
	PERRIGO COMPANY PLC
		
	By:	 	 /s/ Todd Kingma

		 	Name: Todd Kingma
		 	Title: EVP, General Counsel & Secretary

 [SIGNATURE PAGE TO FIRST
AMENDMENT TO PURCHASE AND SALE AGREEMENT]EX-10.2

 Exhibit 10.2 

THIRD AMENDMENT TO AMENDED AND RESTATED 

CREDIT AGREEMENT 
 THIS
THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of July 8, 2019, is entered into by and among PETIQ, LLC, an Idaho limited liability company (“PetIQ”), the other Credit
Parties signatory hereto (collectively with PETIQ, the “Borrowers”), the LENDERS signatory hereto, and EAST WEST BANK, a California banking corporation, as Administrative Agent for the Lenders (in such capacity,
“Administrative Agent”), with reference to the following facts: 
 RECITALS 

A. The Borrowers, the Lenders, and Administrative Agent are parties to an Amended and Restated Credit Agreement dated as of January 17,
2018, as amended by the First Amendment to Amended and Restated Credit Agreement and Joinder dated as of August 9, 2018 and the Second Amendment to Amended and Restated Credit Agreement dated as of March 25, 2019, and as supplemented by
the Consent Agreement dated as of October 17, 2018, the Joinder No. 1 to Amended and Restated Credit Agreement dated as of December 10, 2018 and the consent letter dated May 7, 2019 from Administrative Agent to Borrower
Representative (collectively, the “Credit Agreement”) and certain other related Loan Documents, pursuant to which the Lenders provide the Borrowers a revolving credit facility with sub-facilities for letters of credit and swing line
loans. 
 B. The parties hereto desire to amend the Credit Agreement as set forth below. 

NOW, THEREFORE, the parties hereby agree as follows: 

1. Defined Terms. All initially capitalized terms used in this Amendment (including in the recitals hereto) without definition shall
have the respective meanings set forth for such terms in the Credit Agreement. 
 2. Reduction of Applicable Margin for Eurodollar Rate
Loans. Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Applicable Margin” so that it reads in full as follows: 

“Applicable Margin” means (a) with respect to Revolving Credit Loans that are Base Rate Loans, 0.00% and (b) with
respect to Revolving Credit Loans that are Eurodollar Rate Loans, 1.75%. 
 3. Extension of Maturity Date. Section 1.01 of
the Credit Agreement is hereby amended by amending and restating the definition of “Maturity Date” so that it reads in full as follows: 

“Maturity Date” means July 8, 2024. 

  
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 4. Increase in Revolving Credit Commitments. 

(a) Amendment of Definition of Revolving Credit Facility. Section 1.01 is hereby amended by amending and restating the
definition of “Revolving Credit Facility” so that it reads in full as follows: 
 “Revolving Credit Facility”
means, at any time, the aggregate amount of the Revolving Credit Commitments at such time. As of the Third Amendment Effective Date, the Revolving Credit Facility is $110,000,000. 

(b) Amendment of Schedule of Commitments. Schedule 2.01 to the Credit Agreement is hereby amended and restated to read in
full as set forth on Schedule 2.01 to this Amendment. 
 (c) Amendment of Borrowing Base Certificate. Exhibit F to
the Credit Agreement is hereby amended and restated to read in full as set forth on Exhibit F to this Amendment. 
 5. Amendment of
Early Termination Fee. Section 1.01 of the Credit Agreement is hereby amended by amending and restating the definition of “Early Revolving Credit Facility Termination Fee” so that it reads in full as follows: 

“Early Revolving Credit Facility Termination Fee” means an early termination fee that the Borrowers shall pay to the Revolving
Credit Lenders concurrently with the reduction or termination of Revolving Credit Commitments and related payment of Revolving Credit Loans prior to the Maturity Date of the Revolving Credit Facility, whether as a result of acceleration, whether
voluntary or mandatory or otherwise, in an amount equal to, as applicable: (a) 1.50% of the principal amount of the Revolving Credit Commitments reduced or terminated and the related payment of Revolving Credit Loans to the extent such
reduction or termination occurs on or before the one-year anniversary of the Third Amendment Effective Date; (b)1.00% of the principal amount of the Revolving Credit Commitments reduced or terminated and the related payment of Revolving Credit Loans
to the extent such payment, reduction or termination occurs after the one-year anniversary of the Third Amendment Effective Date and prior to the second-year anniversary of the Third Amendment Effective Date; (c) 0.50% of the principal amount
of the Revolving Credit Commitments reduced or terminated and the related payment of Revolving Credit Loans to the extent such payment, reduction or termination occurs or or after the second-year anniversary of the Third Amendment Effective Date and
prior to the third-year anniversary of the Third Amendment Effective Date; or (d) 0.25% of the principal amount of the Revolving Credit Commitments reduced or terminated and the related payment of Revolving Credit Loans to the extent such
payment, reduction or termination occurs on or after the third-year anniversary of the Third Amendment Effective Date; provided, that such payment shall be accompanied by a commensurate permanent reduction or termination of the Revolving
Credit Facility and provided, further, that no such fee shall be due in the event the Revolving Credit Facility is refinanced in full with East West Bank or an Affiliate thereof. 

6. Increase in Accordion Facility. Section 2.22(a) of the Credit Agreement is hereby amended by deleting the reference
therein to “$75,000,000” and by adding therein a reference to “$125,000,000.” 

  
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 7. Addition of Definition of Third Amendment Effective Date. Section 1.01
of the Credit Agreement is hereby amended and supplemented by adding therein a definition of “Third Amendment Effective Date” as follows: 

“Third Amendment Effective Date” means July 8, 2019. 

8. Amendment of Trigger for Weekly Collateral Reporting. Section 1.01 of the Credit Agreement is hereby amended by amending
and restating the definition of “Weekly Collateral Reporting Trigger Period” so that it reads in full as follows: 

“Weekly Collateral Reporting Trigger Period” means the period (a) commencing upon the day that Overall Excess
Availability has been less than $11,000,000 for three (3) consecutive Business Days and (b) continuing until the day that both (i) no Event of Default has occurred and is continuing and (ii) Overall Excess Availability has been
greater than $11,000,000 for thirty (30) consecutive calendar days. 
 9. Springing Fixed Charge Coverage Ratio Covenant. 

(a) Addition of Definition of Financial Covenant Testing Period. Section 1.01 of the Credit Agreement is hereby amended
and supplemented by adding therein a definition of “Financial Covenant Testing Period” as follows: 
 “Financial Covenant
Testing Period” means the period (a) commencing upon the day that Overall Excess Availability has been less than $22,000,000 for three (3) consecutive Business Days and (b) continuing until the day that both (i) no Event
of Default has occurred and is continuing and (ii) Overall Excess Availability has been greater than $22,000,000 for thirty (30) consecutive calendar days. 

(b) Amendment to Fixed Charge Coverage Ratio Covenant. Section 7.13 of the Credit Agreement is hereby amended and
restated to read in full as follows: 
 “7.13 Fixed Charge Coverage Ratio. During a Financial Covenant Testing Period only, the
Credit Parties shall not permit the Consolidated Fixed Charge Coverage Ratio, determined as of the last day of any Fiscal Quarter during such Financial Covenant Testing Period, to be less than 1.10 to 1.00. 

10. Elimination of First Lien Net Leverage Ratio Covenant. 

(a) Deletion of Definition of First Lien Net Leverage Ratio. Section 1.01 of the Credit Agreement is hereby amended by
deleting the definition of “First Lien Net Leverage Ratio” in its entirety. 
 (b) Deletion of First Lien Net Leverage
Ratio Covenant. Section 7.15 of the Credit Agreement is hereby amended and restated to read in full as follows: 

“7.15 [Reserved].” 

  
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 11. Amendment of Definition of Terrm Credit Agreement. Section 1.01 of
the Credit Agreement is hereby amended by amending and restating the definition of “Term Credit Agreement” so that it reads in full as follows: 

“Term Credit Agreement” means that certain Amended and Restated Term Loan Credit Agreement, dated as of the Third Amendment
Effective Date among PETIQ, Ares Capital Corporation, as administrative agent, and each other party thereto from time to time, as may be amended, amended and restated or otherwise modified from time to time in accordance with the terms thereof. 

12. Amendment of Indebtedness Negative Covenant. Section 7.02(c) of the Credit Agreement is hereby amended and restated to
read in full as follows: 
 “(c) Indebtedness of the Credit Parties under the Term Credit Agreement and any Permitted Refinancing
thereof;” 
 13. Amendment of Form of Compliance Certificate. Exhibit D to the Credit Agreement is hereby amended and
restated to read in full as set forth on Exhibit D to this Amendment ((changes to the text of Exhibit D are indicated with a strikethrough or in bold, italicized and underscored type). 
 14. Commitment Fee. In
consideration of the agreement of the Lenders to increase their respective Revolving Credit Commitments pursuant to this Amendment, on the date hereof, the Borrowers shall pay to the Administrative Agent, for the ratable benefit of the Lenders, a
one-time commitment fee of $275,000. 
 15. Conditions Precedent. The effectiveness of this Amendment shall be subject to the
satisfaction of each of the following conditions: 
 (a) This Amendment. Administrative Agent shall have received this Amendment,
duly executed by the Borrowers, the Lenders, and Administrative Agent; 
 (b) Officer’s Certificate. Administrative Agent
shall have received certificates attaching resolutions of the respective boards of directors, boards of managers or other applicable governing bodies of the Borrowers that authorize the Borrowers’ incurrence of the additional indebtedness
contemplated hereunder; 
 (c) Term Loan Refinancing Documents. Administrative Agent shall have received a copy of the fully
executed loan documents relating to the Permitted Refinancing of the Term Loan, including, without limitation, the Term Credit Agreement, and the maturity date of the Term Loan shall be at least six (6) months after the Maturity Date of the
Obligations; and 
 (d) Fees. Administrative Agent shall have received payment of (i) the fee payable pursuant to
Section 13 of this Amendment and (ii) the fees set forth in a separate letter agreement between Administrative Agent and the Borrowers dated as of the date hereof. 

  
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 16. General Amendment Provisions. 

A. The Credit Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its terms, and Borrowers hereby
ratify and confirm the Credit Agreement in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, an amendment to, or a consent to a deviation from, any right,
power, or remedy of Administrative Agent or the Lender under the Credit Agreement or any other Loan Document, as in effect prior to the date hereof. 

B. The Borrowers represent and warrant to Administrative Agent and the Lenders that the representations and warranties contained in the Credit
Agreement are true and correct in all material respects as of the date of this Amendment (except for representations and warranties that expressly relate to an earlier date, which are true and correct in all material respects as of such earlier
date) and that no Event of Default has occurred and is continuing. 
 C. This Amendment constitutes the entire agreement of the parties in
connection with the subject matter hereof and cannot be changed or terminated orally. All prior agreements, understandings, representations, warranties and negotiations regarding the subject matter hereof, if any, are merged into this Amendment.

 D. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing this
Amendment (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original hereof. 

E. This Amendment shall be governed by, and construed and enforced in accordance with, the internal laws (as opposed to the conflicts of law
principles) of the State of New York. 
 [Remainder of page intentionally left blank; signature pages follow] 

  
 5 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment by their respective duly
authorized officers as of the date first above written. 
  

			
	The Borrowers:
	
	PETIQ, LLC,
	an Idaho limited liability company
		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer
	
	 TRUE SCIENCE HOLDINGS, LLC,

a Florida limited liability company

		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer
	
	 TRURX LLC,
 an Idaho limited
liability company

		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer
	
	 TRU PRODIGY, LLC,
 a Texas
limited liability company

		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer

  
 Third Amendment to
Amended and Restated Credit Agreement 

 
			
	HBH ENTERPRISES LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer
	
	 COMMUNITY VETERINARY CLINICS, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer
	
	 PET SERVICES OPERATING, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer
	
	 PAWSPLUS MANAGEMENT, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer
	
	 VIP PETCARE, LLC,
 a Delaware
limited liability company

		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer

  
 Third Amendment to
Amended and Restated Credit Agreement 

 
			
	COMMUNITY CLINICS, INC.,
	a California corporation
		
	By:	 	 /s/ McCord Christensen

		 	Name: McCord Christensen
		 	Title:   Chief Executive Officer

  
 Third Amendment to
Amended and Restated Credit Agreement 

 
			
	The Agent, L/C Issuer and Swingline Lender:
	
	 EAST WEST BANK,
 as
Administrative Agent, LC/Issuer and Swingline Lender

		
	By:	 	 /s/ David A. Lehner

		 	David A. Lehner
		 	Senior Vice President

  
 Third Amendment to
Amended and Restated Credit Agreement 

 
			
	The Syndication Agent:
	
	 KEYBANK NATIONAL ASSOCIATION,

as Syndication Agent

		
	By	 	 /s/ Anthony Alexander

	Name:	 	Anthony Alexander
	Title:	 	Vice President

  
 Third Amendment to
Amended and Restated Credit Agreement 

 
			
	The Lenders:
	
	 EAST WEST BANK,
 as a
Lender

		
	By:	 	 /s/ David A. Lehner

		 	David A. Lehner
		 	Senior Vice President

  
 Third Amendment to
Amended and Restated Credit Agreement 

 
			
	COMERICA BANK,
	as a Lender
		
	By	 	 /s/ Diana Fanoni

	Name:	 	Diana Fanoni
	Title:	 	Assistant Vice President

  
 Third Amendment to
Amended and Restated Credit Agreement 

 
			
	KEYBANK NATIONAL ASSOCIATION,
	as a Lender
		
	By	 	 /s/ Anthony Alexander

	Name:	 	Anthony Alexander
	Title:	 	Vice President

  
 Third Amendment to
Amended and Restated Credit Agreement

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