Document:

Exhibit 4.6(f)

 Exhibit 4.6(f) 
 Execution Version 
 WAIVER 
 WAIVER, dated as of June 22, 2009 (this “Waiver”), to the Revolving Credit Agreement, dated as of August 19, 2005 (as the same
may be amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among SMITHFIELD FOODS, INC., a Virginia corporation (the “Borrower”); each of the Subsidiaries of the Borrower from
time to time party to the Credit Agreement (each individually, a “Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors” and, together with the Borrower, the “Obligors”), the lenders
from time to time party to the Credit Agreement (the “Lenders”), CALYON NEW YORK BRANCH, COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK INTERNATIONAL”, NEW YORK BRANCH and SUNTRUST BANK, as co-documentation
agents (in such capacities, the “Co-Documentation Agents”), CITICORP USA, INC., as syndication agent (in such capacity, the “Syndication Agent”) and JPMORGAN CHASE BANK, N.A., as administrative agent (in such
capacity, the “Administrative Agent”). 
 W I T N E S S E T
H : 
 WHEREAS, the Borrower, the Subsidiary Guarantors, the Lenders, the Syndication Agents, the Co-Documentation Agents and the
Administrative Agent are parties to the Credit Agreement; 
 WHEREAS, the Borrower has
issued certain debt securities outstanding on the date hereof, including the Borrower’s 8% Senior Notes due 2009 (the “2009 Notes”), the Borrower’s 7% Senior Notes due 2011 (the “2011 Notes”), the
Borrower’s 7  3/4% Senior Notes due 2013 (the “2013 Notes”), the Borrower’s 7  3/4% Senior Notes due 2017 (the “2017 Notes”) and the Borrower’s 4% Convertible Senior Notes due 2013 (the
“Convertible Notes”; together with the 2009 Notes, 2011 Notes, 2013 Notes and 2017 Notes, the “Covered Notes”); 
 WHEREAS, the agreements and instruments governing or evidencing the Covered Notes (each individually a “Covered Notes Document” and, collectively, the “Covered Notes Documents”)
restrict the ability of the Borrower and its Subsidiaries, subject to certain exceptions, to enter into consensual encumbrances or restrictions on the ability of any Subsidiary to pay dividends or to make certain intercompany transfers; 

WHEREAS, the Borrower and certain of its Foreign Subsidiaries are parties to various lines of credit, loans and similar agreements pursuant to which
certain Foreign Subsidiaries are subject to restrictions (the “Restrictions”) on their ability to make intercompany transfers, certain of which may be in violation of the Covered Notes Documents, and the Borrower has requested that
the Administrative Agent and the Lenders waive any Default or Event of Default under the Credit Agreement that may result therefrom, if any, as more fully set forth herein; and 
 WHEREAS, the Lenders are willing to agree to such requested waiver but only on the terms and conditions contained in this Waiver. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

 2 
  

 SECTION 2. Waiver under the Credit Agreement. The Lenders hereby waive, during the Waiver Period
(as defined below), any Default or Event of Default that may have occurred and be continuing under the Credit Agreement resulting from any default or event of default under any Covered Notes Document, solely to the extent arising out of the
existence of the Restrictions. For purposes of this Waiver, the “Waiver Period” shall mean the period from and including the Effective Date (as defined below) until the earliest to occur of (a) the receipt by the Borrower of any
notice from any trustee (or any required percentage of holders entitled to delivery such notice) under any Covered Notes Document of a default under such Covered Notes Document arising out of the existence of the Restrictions and (b) the date
that is three Business Days following the Effective Date in the event any Restrictions that would result in a default under any Covered Notes Document are in effect on such date. 
 SECTION 3. Conditions to Effectiveness. This Waiver shall become effective upon the date (the “Effective Date”) on which the
following conditions are satisfied: (i) the Administrative Agent shall have received counterparts of this Waiver, executed and delivered by a duly authorized officer of each of the Obligors and Lenders constituting the Required Lenders and
(ii) no Default or Event of Default shall have occurred and be continuing as of the Effective Date (after giving effect to this Waiver). 
 SECTION 4. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and the Lenders that as of the Effective Date, after giving effect to this Waiver, no Default or Event of Default has
occurred and is continuing and the representations and warranties made by the Borrower in or pursuant to the Credit Agreement or any other Loan Document are true and correct in all material respects on and as of the Effective Date (after giving
effect to this Waiver) as if made on such date (except to the extent that any such representations and warranties expressly relate to an earlier date, in which case such representations and warranties were true and correct in all material respects
on and as of such earlier date). 
 SECTION 5. Effect of Waiver. (a) This Waiver shall not constitute an amendment or waiver of
or consent to any provision of the Credit Agreement and the other Loan Documents not expressly referred to herein and shall not be construed as an amendment, waiver or consent to any action on the part of the Borrower that would require an
amendment, waiver or consent of the Administrative Agent or the Lenders except as expressly stated herein. Except as expressly provided for herein, the provisions of the Credit Agreement and the other Loan Documents are and shall remain in full
force and effect in accordance with its terms. 
 (b) On and after the Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein”, or words of like import, and each reference to the Credit Agreement in any other Loan Document shall be deemed a reference to the Credit Agreement after giving effect to
this Waiver. This Waiver shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 

 3 
  

 SECTION 6. Costs and Expenses. The Borrower agrees to reimburse the Administrative Agent for its
reasonable out-of-pocket expenses in connection with this Waiver, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent. 
 SECTION 7. Headings. The headings of this Waiver are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
 SECTION 8. Counterparts. This Waiver may be executed by one or more of the parties to this Waiver on any number of separate counterparts
(including by facsimile or other electronic transmission), each of which when so executed and delivered shall be deemed an original and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 SECTION 9. GOVERNING LAW. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 [The remainder of this page is intentionally left blank.] 

			
	Smithfield Foods, Inc.
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President
	
	 Iowa Quality Meats, Ltd.
 North Side Foods
Corp.
 John Morrell & Co.
 Patrick Cudahy
Incorporated
 QTF Liquidation Corp.,
     formerly known as Quik-To-Fix Foods, Inc.
 Stefano Foods, Inc.

	Murphy Farms of Texhoma, Inc.
	Smithfield Global Products, Inc.
	Fannland Foods, Inc.
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President
	
	 The Smithfield Packing Company, Incorporated, formerly known as Gwaltney of Smithfield, Ltd.,
 and successor by merger of

		 	Coddle Roasted Meats, Inc.
		 	 Hancock’s Old Fashioned Country Ham, Inc.
 Lykes
Meat Group, Inc.

		 	Premium Pork, Inc.
		 	Stadler’s Country Hams, Inc.
		 	Sunnyland, Inc.
		 	The Smithfield Companies, Inc.
		 	The Smithfield Packing Company, Incorporated
		 	The Smithfield Ham and Products Company, Incorporated
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

			
	Murphy-Brown LLC, successor by merger of
	Brown’s of Carolina LLC
	Carroll’s Foods LLC
	Carroll’s Foods of Virginia LLC
	Central Plains Farms LLC
	Circle Four LLC
	Murphy Farms LLC
	Quarter M Farms LLC
	Murphy-Brown Holdings LLC
		
	By:	 	John Morrell & Co., as its sole member
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President
	
	John Morrell & Co., successor by merger of
	Dakota Acquisition Company
	John Morrell of Japan, Inc.
		
	By:	 	 /s/ Carey J. Dubois

	Name:	 	Carey J. Dubois
	Title:	 	Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

			
	JPMORGAN CHASE BANK, N.A., as
	Administrative Agent and as a Lender
		
	By:	 	 /s/ Barbara R. Marks

		 	Name: BARBARA R. MARKS
		 	Title: EXECUTIVE DIRECTOR

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

					
	AgFirst Farm Credit Bank, as a Lender
			
		 	By:	 	 /s/ Matt Jeffords

		 		 	Name: Matt Jeffords
		 		 	Title: Assistant Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 
  

					
	Bank of America, N.A., as a Lender
			
		 	By:	 	 /s/ William F. Sweeney

		 		 	Name: William F. Sweeney
		 		 	Title: Senior Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	 COOPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK B.A..
 “RABOBANK NEDERLAND”,
 NEW YORK BRANCH, as a Lender

			
		 	By:	 	 /s/ Jeff P. Geisbauer

		 		 	Name: JEFF P. GEISBAUER
		 		 	Title: Vice President
			
		 	By:	 	 /s/ Rebecca O. Morrow

		 		 	Name: Rebecca O. Morrow
		 		 	Title: Executive Director

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	 Farm Credit Services of America, PCA as a Lender

			
		 	By:	 	 /s/ Bruce Dean

		 		 	Name: Bruce Dean
		 		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	 FARM CREDIT SERVICES OF MID-AMERICA, FLCA

			
		 	By:	 	 /s/ Ralph M. Bowman

		 		 	Name: Ralph M. Bowman
		 		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	 FARM CREDIT BANK OF TEXAS, as a Lender

			
		 	By:	 	 /s/ Chris M. Levine

		 		 	Name: Chris M. Levine
		 		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	 FARM CREDIT WEST, FLCA, as a Lender

			
		 	By:	 	 /s/ Ben Madonna

		 		 	Name: Ben Madonna
		 		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	FCS FINANCIAL, PCA, as a Lender
			
		 	By:	 	 /s/ Lee Fuchs

		 		 	Name: Lee Fuchs
		 		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	First Pioneer Farm Credit, ACA, as a Lender
			
		 	By:	 	 /s/ James M. Papai

		 		 	Name: James M. Papai
		 		 	Title: Senior Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

					
	GENERAL ELECTRIC CAPITAL CORPORATION
			
		 	By:	 	 /s/ Marie G. Mollo

		 		 	Name: Marie G. Mollo
		 		 	Title: Duly Authorized Signatory

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

					
	 GOLDMAN SACHS CREDIT PARTNERS, L.P.
as a Lender

		
	 By:
	 	 /s/ Andrew Caditz

		 	Name: Andrew Caditz
		 	Title: Authorized Signatory

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

					
	HARRIS N.A., as a Lender
		
	 By:
	 	 /s/ Corey Noland

		 	Name: Corey Noland
		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

							
	 ING CAPITAL LLC, as a Lender

			
		 	By:	 	 /s/ James Latimer

		 		 	Name: James Latimer
		 		 	Title: Managing Director

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 
  

							
	MidAtlantic Farm Credit, ACA, as a Lender
			
		 	By:	 	 /s/ William J. Rutter

		 		 	Name: William J. Rutter
		 		 	Title: Vice President
			
		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

					
	NORTHWEST FARM CREDIT SERVICES, FLCA     as a Lender
			
		 	By:	 	 /s/ Carol L. Sobson

		 		 	Name: Carol L. Sobson
		 		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

					
	The Royal Bank of Scotland PLC, as a Lender
			
		 	By:	 	 /s/ Bhavin Shah

		 		 	Name: Bhavin Shah
		 		 	Title: Managing Director

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

					
	SUNTRUST BANK, as a Lender
			
		 	By:	 	 /s/ M. Gabe Bonfield

		 		 	Name: M. Gabe Bonfield
		 		 	Title: Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit Agreement 

			
	United FCS, FLCA, d/b/a FCS Commercial Finance Group
		
	By:	 	 /s/ Lisa Caswell

		 	Name: Lisa Caswell
		 	Title: Assistant Vice President

 Signature Page to Waiver to 
 Smithfield Foods, Inc. Revolving Credit AgreementExhibit 10.6

 EXHIBIT 10.6 
 COMPENSATION FOR NON-EMPLOYEE DIRECTORS 
 As of May 3, 2009 
 Directors who are not employees of the Company or any of its subsidiaries receive an annual retainer of $50,000, an additional annual retainer of $10,000 for the
chairperson of the Audit Committee, an additional annual retainer of $5,000 for each director serving as chairperson of any committee other than the Audit Committee, and $2,000 for each board and committee meeting attended. 
 Each non-employee director has the ability to participate in the Company’s 2008 Incentive Compensation Plan (the “2008 Plan”) which allows participating
non-employee directors to defer receipt of a portion or all of the retainer and meeting fees the Company provides for Board services and receive such retainer and meeting fees in the future as shares of the Company’s common stock. In addition,
non-employee directors are eligible for a deferred stock grant under the 2008 Plan consisting of a number of stock units determined by the Board of Directors. Each stock unit awarded will entitle the participant to receive one share of Common Stock.
Deferred stock grants of 1,500 stock units are made to each non-employee director immediately after each annual meeting of shareholders. The Board of Directors may modify the amount or timing of such additional deferred stock grants at any time.
Distributions from the accounts will commence on the director’s separation from service from the Board of Directors for any reason (including resignation or death) or a specified number of years (between one and five) following the
director’s separation from service. A director may also elect to have distributions commence upon a change of control (as defined in the 2008 Plan). Distributions will be made in a single lump sum or in annual installments of up to 10 years, as
previously elected by the director. While a non-employee director is a member of the Board of Directors, all of the director’s benefits under the 2008 Plan will be maintained in stock units. Following separation from service, a director may
elect to transfer all or any part of his or her stock units into one or more deemed investments approved from time to time by the Nominating and Governance Committee. Such transfers and any further reallocations among stock units and deemed
investments may be made subject to restrictions determined appropriate by the Nominating and Governance Committee.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]