Document:

Exhibit

Exhibit 10.1

THIRD AMENDMENT TO SECOND 
AMENDED AND RESTATED CREDIT AGREEMENT
This THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), is dated as of March 23, 2017, by and among PILGRIM’S PRIDE CORPORATION, a Delaware corporation (the “Company”), TO-RICOS, LTD., a Bermuda company, and TO-RICOS DISTRIBUTION, LTD., a Bermuda company, as borrowers (collectively, the “Borrowers”), the other Loan Parties party hereto, each of the various financial institutions which is a signatory hereto, as a Lender, and Coöperatieve RABOBANK U.A., NEW YORK BRANCH (formerly known as COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH), in its capacity as administrative agent and collateral agent (in such capacity, “Administrative Agent”).
W I T N E S S E T H:
WHEREAS, the Borrowers, certain other Subsidiaries of the Company, the financial institutions signatory thereto as “Lenders”, and Administrative Agent are parties to that certain Second Amended and Restated Credit Agreement dated as of February 11, 2015 (as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of April 27, 2016 and that certain Second Amendment to Second Amended and Restated Credit Agreement dated as of October 21, 2016, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and
WHEREAS, the Borrowers have requested that certain terms and conditions of the Credit Agreement be amended as more specifically set forth herein.
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that all capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement, and further agree as follows:
1.Amendments to Credit Agreement.
(a)Section 1.01 of the Credit Agreement, Defined Terms, is hereby modified and amended by deleting the definition of “Available Inventory Amount” in its entirety and inserting in lieu thereof the following:
“Available Inventory Amount” means, as of any time it is to be determined, the sum of:
(a)    the lesser of (i) 65% of the Value of Eligible Inventory consisting of feed grains, prepaid grain in transit, feed and feed ingredients, dressed broiler chickens and commercial eggs and (ii) 85% multiplied by the NOLV Percentage multiplied by the Value of Eligible Inventory consisting of feed grains, prepaid grain in transit, feed and ingredients, dressed broiler chickens and commercial eggs; plus
(b)    85% multiplied by the NOLV Percentage multiplied by the Value of Eligible Inventory consisting of live broiler chickens; plus

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(c)    the lesser of (i) 70% multiplied by the difference of (A) the Value of Eligible Inventory consisting of prepared food products minus (B) Inventory Reserves and (ii) 85% multiplied by the NOLV Percentage multiplied by the Value of Eligible Inventory consisting of prepared food products; plus
(d)    the lesser of (i) 45% of the Value of Eligible Inventory consisting of breeder hens, breeder cockerels, breeder pullets, commercial hens, commercial pullets and hatching eggs and (ii) 85% multiplied by the NOLV Percentage multiplied by the Value of Eligible Inventory consisting of breeder hens, breeder cockerels, breeder pullets, commercial hens, commercial pullets and hatching eggs; plus
(e)    the lesser of (i) 40% of the Value of Eligible Inventory consisting of vaccines on the farm and (ii) 85% multiplied by the NOLV Percentage multiplied by the Value of Eligible Inventory consisting of vaccines on the farm.
The Administrative Agent may, in its Permitted Discretion, reduce the advance rates (including the NOLV Percentage) used in computing the Available Inventory Amount, with any such changes to be effective three Business Days after delivery of notice thereof to the Borrower Representative and the Lenders.”
(b)Section 2.10 of the Credit Agreement, Increase in Commitments, is hereby modified and amended by deleting clause (d) of such section in its entirety and inserting in lieu thereof the following:

“(d)    Any amendment hereto solely for Incremental Commitments shall be in form and substance satisfactory to the Administrative Agent and shall only require the written signatures of the Administrative Agent, the Borrower Representative (on behalf of the Borrowers) and the Lender(s) providing an Incremental Commitment.  As a condition precedent to any such Incremental Commitment, the Borrowers shall deliver to the Administrative Agent (i) a certificate of each Loan Party (in sufficient copies for each Lender) signed by an authorized officer of such Loan Party (x) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such Incremental Commitment; and (y) in the case of the Borrowers, certifying that, before and immediately after giving effect to such increase, (A) the representations and warranties contained in Article III and the other Loan Documents shall be true and correct, except that such representations and warranties that relate solely to an earlier date shall be true and correct in all material respects as of such earlier date; (B) no Default or Event of Default shall have occurred and be continuing or would result from any such Incremental Commitment; and (C) at the time of and immediately after giving effect to each such Incremental Commitment, the Borrowers shall be in compliance with the covenant set forth in Section 6.13 (on a Pro Forma Basis for the Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b) ending immediately preceding such Incremental Commitment), which compliance shall be evidenced by the due completion, execution and delivery of a Compliance Certificate and based on the assumption that such Incremental Commitment was fully drawn on the first day of such Test Period, and (ii) such opinions of counsel, evidence of flood insurance, ratification agreements, amendments to the other Loan Documents (which amendments the Administrative Agent is authorized to execute on behalf of all Lenders), and other documents, certificates and information as the Administrative Agent may reasonably request; provided that flood insurance due diligence and flood insurance compliance shall be reasonably satisfactory to the Lenders.”

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(c)Section 5.09 of the Credit Agreement, Insurance, is hereby modified and amended by deleting such section in its entirety and inserting in lieu thereof the following:

“SECTION 5.09.    Insurance.  Each Loan Party will, and will cause each Subsidiary to, maintain with financially sound and reputable carriers having a financial strength rating of at least A- by A.M. Best Company at the time of the initial bindings or any renewals thereof (a) insurance in such amounts (with no greater risk retention) and against such risks (including loss or damage by fire and loss in transit, theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability) and such other hazards, as is customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations; provided that the Borrowers and the Subsidiaries may self-insure for workmen’s compensation, crime, general liability, auto liability, employee benefits, property risks and live chicken inventory in accordance with applicable industry standards and in a manner consistent with other similarly situated Persons in the same industry; provided, further, that the Borrowers and the Subsidiaries shall not self-insure for general liability, auto liability or property risks in excess of the first $10,000,000 of loss deductible with respect thereto without the consent of the Administrative Agent; (b) if any Improvements on any portion of any Mortgaged Property are located in an area identified by FEMA as an area having special flood hazards pursuant to the Flood Insurance Acts, a policy of flood insurance with financially sound and reputable insurance companies that (i) covers such Improvements of such Mortgaged Property that are located in a flood zone, and (ii) is written in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to Flood Insurance Acts; and (c) all other insurance required pursuant to the Collateral Documents.  The Borrowers will furnish to the Lenders, upon request of the Administrative Agent, information in reasonable detail as to the insurance so maintained.  All such insurance policies, to the extent such insurance policies by their terms insure any portion of the Collateral, shall name the Administrative Agent (for the benefit of the Lender Parties) as an additional insured or as a loss payee, as applicable.”
(d)Section 5.13 of the Credit Agreement, Additional Collateral; Further Assurances; Post-Closing Letter Agreement, is hereby modified and amended by deleting clause (e) of such section in its entirety and inserting in lieu thereof the following:

“(e)    The Borrower Representative will promptly notify the Administrative Agent if any Borrower or any other Loan Party acquires any real or personal property with a fair market value in excess of $25,000,000 (other than assets constituting Collateral under the Security Agreements that are, as a result of actions previously taken, automatically subject to a valid, perfected first priority security interest or mortgage lien (subject to Permitted Liens) in favor of the Administrative Agent (for the benefit of the Lender Parties) upon acquisition thereof), and, if requested by the Administrative Agent or the Required Lenders and subject to the terms and conditions of this Agreement, the Borrowers will promptly cause such assets to be subjected to a valid, perfected first priority security interest or mortgage lien (subject to Permitted Liens) in favor of the Administrative Agent (for the benefit of the Lender Parties) securing the applicable Secured Obligations and will take, and cause, as reasonably practicable, the applicable Loan Parties to take, such actions as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect such Liens, all at the expense of the Loan Parties; provided that it is hereby acknowledged and agreed that, the Administrative 

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Agent shall not request and such Loan Party shall not deliver any Mortgage until the Lenders are reasonably satisfied with flood insurance due diligence and flood insurance compliance.”
(e)Section 6.05 of the Credit Agreement, Asset Sales, is hereby modified and amended by deleting the proviso at the end of such section in its entirety and inserting in lieu thereof the following:

“provided that all sales, transfers, leases and other dispositions permitted hereby shall be made for (x) fair value (other than those permitted by paragraphs (b), (f), (i), (k), (l), (m), (n), (p) and (q) above) and (y) at least 75% cash consideration (other than those permitted by paragraphs (b), (f), (i), (j), (l), (m), (p) and (q) above and other than any such sale, transfer, lease or other disposition (whether in one transaction or a series of related transactions) of assets with a fair market value up to $20,000,000), in each case other than Excluded Transactions (it being understood that the exclusions set forth in this proviso shall not limit the effect of Section 6.09); and provided, further, that no sale, transfer or other disposition shall be permitted under this Section 6.05, if prohibited under Section 6.03).”
2.No Other Amendments.  Except as expressly set forth above, the execution, delivery and effectiveness of this Amendment shall not operate as an amendment, modification or waiver of any right, power or remedy of Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Credit Agreement or any of the other Loan Documents. Except for the amendments set forth above, the text of the Credit Agreement and all other Loan Documents shall remain unchanged and in full force and effect and the Loan Parties hereby ratify and confirm their obligations thereunder. This Amendment shall not constitute a modification of the Credit Agreement or any of the other Loan Documents or a course of dealing with Administrative Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by Administrative Agent or any Lender to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future, except as expressly set forth herein. The Loan Parties acknowledge and expressly agree that Administrative Agent and the Lenders reserve the right to, and do in fact, require strict compliance with all terms and provisions of the Credit Agreement and the other Loan Documents (subject to any qualifications set forth therein), as amended herein.

3.Representations and Warranties.  In consideration of the execution and delivery of this Amendment by Administrative Agent and the Lenders, each Loan Party hereby represents and warrants in favor of Administrative Agent and the Lenders as follows:

(a)The execution, delivery and performance by each Loan Party of this Amendment (i) are all within such Loan Party’s organizational powers, (ii) have been duly authorized, (iii) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (iv) will not violate any Requirement of Law applicable to any Loan Party or any of the Subsidiaries, (v) will not violate or result in a default under any indenture or other agreement or instrument binding upon any Loan Party or any of the Subsidiaries or its assets, or give rise to a right under any such indenture, agreement or instrument (other than a Loan Document) to require any payment to be made by any Loan Party or any of the Subsidiaries, and (vii) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of the Subsidiaries, except Liens created or permitted pursuant to the Loan Documents, except to the extent that any such failure to make or obtain, or any such violation, default or payment, in each case referred to in clauses (iii) through (v), individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect;

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(b)This Amendment has been duly executed and delivered by each Loan Party, and constitutes a legal, valid and binding obligation of each Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;

(c)The representations and warranties of the Loan Parties set forth in the Credit Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date hereof, both before and after giving effect to this Amendment, except that such representations and warranties (i) that relate solely to an earlier date shall be true and correct in all material respects as of such earlier date and (ii) shall be true and correct in all respects to the extent they are qualified by a materiality standard; and

(d)Immediately after giving effect hereto, no event has occurred and is continuing which constitutes a Default or an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse or both.

4.Effectiveness.  This Amendment shall become effective as of the date set forth above upon Administrative Agent’s receipt of each of the following, in form and substance satisfactory to Administrative Agent:
(a)this Amendment duly executed by the applicable Loan Parties, Administrative Agent, and the Required Lenders; and

(b)all other certificates, reports, statements, instruments or other documents as Administrative Agent may have reasonably requested prior to the effectiveness of this Amendment. 

5.Costs and Expenses.  The Borrowers agree to pay on demand all reasonable and documented out-of-pocket costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment and any other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for Administrative Agent with respect thereto).

6.Affirmation of Guaranty/Loan Documents.  Each Loan Party hereby acknowledges that as of the date hereof, the security interests and liens granted to Administrative Agent for the benefit of the Secured Parties under the Loan Documents are in full force and effect and are enforceable in accordance with the terms of the applicable Loan Documents, and will continue to secure the Obligations. Additionally, by executing this Amendment, each U.S. Loan Guarantor and each Bermuda Loan Guarantor hereby acknowledges, consents and agrees that all of its respective obligations and liability under the U.S. Guaranty and Bermuda Guaranty (as applicable) and all other Loan Documents to which such U.S. Loan Guarantor or Bermuda Loan Guarantor is a party remain in full force and effect, and that the execution and delivery of this Amendment and any and all documents executed in connection therewith shall not alter, amend, reduce or modify its obligations and liability under the U.S. Guaranty and Bermuda Guaranty and all other Loan Documents.

7.Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of a signature page hereto by facsimile transmission or by other electronic transmission shall be as effective as delivery of a manually executed counterpart hereof.

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8.Reference to and Effect on the Loan Documents.  Upon the effectiveness of this Amendment, on and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby.

9.Governing Law.  This Amendment shall be construed in accordance with, and this Amendment and all matters arising out of or relating in any way whatsoever to this Amendment (whether in contract, tort or otherwise) shall be governed by, the law of the State of New York, other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction. This governing law election has been made by the parties in reliance (at least in part) on Section 5-1401 of the General Obligation Law of the State of New York, as amended (as and to the extent applicable), and other applicable law.

10.Final Agreement.  This Amendment represents the final agreement between the Loan Parties, Administrative Agent and the Lenders as to the subject matter hereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten oral agreements between the parties.

11.Loan Document.  This Amendment shall be deemed to be a Loan Document for all purposes under the Credit Agreement.

12.No Novation.  This Amendment is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement or an accord and satisfaction in regard thereto. 

[Remainder of this page intentionally left blank.]

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IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized officers or representatives to execute and deliver this Amendment as of the day and year first above written.
	
			
	BORROWERS:
	 
	PILGRIM'S PRIDE CORPORATION

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Fabio Sandri

	 
	 
	Name:  Fabio Sandri

	 
	 
	Title:  Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	 
	TO-RICOS, LTD.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Fabio Sandri

	 
	 
	Name:  Fabio Sandri

	 
	 
	Title:  Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	 
	TO-RICOS DISTRIBUTION, LTD.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Fabio Sandri

	 
	 
	Name: Fabio Sandri

	 
	 
	Title:  Chief Financial Officer

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
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	OTHER LOAN PARTIES:
	 
	PILGRIM'S PRIDE CORPORATION OF WEST

	 
	 
	VIRGINIA, INC.

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Fabio Sandri

	 
	 
	Name:  Fabio Sandri

	 
	 
	Title:  Chief Financial Officer

	 
	 
	 

	 
	 
	JFC LLC

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Fabio Sandri

	 
	 
	Name:  Fabio Sandri

	 
	 
	Title:  Chief Financial Officer

	 
	 
	 

	 
	 
	 

	 
	 
	GOLD'N PLUMP POULTRY, LLC

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Fabio Sandri

	 
	 
	Name: Fabio Sandri

	 
	 
	Title:  Chief Financial Officer

	 
	 
	 

	 
	 
	GOLD'N PLUMP FARMS, LLC

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Fabio Sandri

	 
	 
	Name: Fabio Sandri

	 
	 
	Title:  Chief Financial Officer

	 
	 
	 

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	ADMINISTRATIVE AGENT
	 
	COÖPERATIEVE RABOBANK U.A., NEW YORK

	AND LENDERS:
	 
	BRANCH, as Administrative Agent and a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Eric J Rogowski

	 
	 
	Name:  Eric J Rogowki

	 
	 
	Title:  Executive Director

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Naoko Kojima

	 
	 
	Name:  Naoko Kojima

	 
	 
	Title:  Executive Director

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	AMERICAN AGCREDIT, PCA, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Bradley K. Leafgren

	 
	 
	Name:  Bradley K. Leafgren

	 
	 
	Title:  Vice President

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	BANK OF MONTREAL, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Joan Murphy

	 
	 
	Name:  Joan Murphy

	 
	 
	Title:  Director

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	ING CAPITAL LLC, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Bill Redmond

	 
	 
	Name:  Bill Redmond

	 
	 
	Title:  Managing Director

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Ben Whitehurst

	 
	 
	Name:  Ben Whitehurst

	 
	 
	Title:  Vice President

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	WELLS FARGO BANK, N.A., as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Matthew E Eyrich

	 
	 
	Name:  Matthew E. Eyrich

	 
	 
	Title:  Senior Vice President

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	BANK OF AMERICA, N.A., as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Kory Clark

	 
	 
	Name: Kory Clark

	 
	 
	Title: Senior Vice President

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	SOCIÉTÉ GÉNÉRALE, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Cliff Niebling

	 
	 
	Name:  Cliff Niebling

	 
	 
	Title:  Managing Director

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	ROYAL BANK OF CANADA, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Anthony Pistilli

	 
	 
	Name:  Anthony Pistilli

	 
	 
	Title:  Authorized Signatory

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	CITIBANK, N.A., as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Siddarth Bansal

	 
	 
	Name:  Siddarth Bansal

	 
	 
	Title:  Director

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	U.S. BANK NATIONAL ASSOCIATION, as a 

	 
	 
	Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Brigitte M Sinclair

	 
	 
	Name: Brigitte M Sinclair

	 
	 
	Title:  Vice President

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	BARCLAYS BANK PLC, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Marguerite Sutton

	 
	 
	Name:  Marguerite Sutton

	 
	 
	Title:  Vice President

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	DEUTSCHE BANK AG, NEW YORK

	 
	 
	BRANCH, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Peter Cucchiara

	 
	 
	Name:  Peter Cucchiara

	 
	 
	Title:  Vice President

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Marcus Tarkington

	 
	 
	Name:  Marcus Tarkington

	 
	 
	Title:  Director

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	MORGAN STANLEY SENIOR FUNDING,

	 
	 
	INC., as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Dmitriy Barskiy

	 
	 
	Name:  Dmitriy Barskiy

	 
	 
	Title:  Vice President

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	[INTENTIONALLY OMITTED]

	 
	 
	 

	 
	 
	 

	 
	By:
	 

	 
	 
	Name: 

	 
	 
	Title: 

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	FIFTH THIRD BANK, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Greg Cannon

	 
	 
	Name:  Greg Cannon

	 
	 
	Title:  Managing Director

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	BRANCH BANKING AND TRUST COMPANY,

	 
	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Erron Powers

	 
	 
	Name:  Erron Powers

	 
	 
	Title:  Senior Vice President

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	COBANK, FCB, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Christopher J. Allsteadt

	 
	 
	Name:  Christopher J. Allsteadt

	 
	 
	Title:  Vice President

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	1ST FARM CREDIT SERVICES, FLCA, as a 

	 
	 
	Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Corey J Waldinger

	 
	 
	Name:  Corey J. Waldinger

	 
	 
	Title:  Vice President, Capital Markets Group

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	AGFIRST FARM CREDIT BANK, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Matt Jeffords

	 
	 
	Name:  Matt Jeffords

	 
	 
	Title:  Vice President

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	AGSTAR FINANCIAL SERVICES, FLCA, as a

	 
	 
	Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Graham J. Dee

	 
	 
	Name:  Graham J. Dee

	 
	 
	Title:  VP Capital Markets

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	BADGERLAND FINANCIAL, FLCA, as a

	 
	 
	Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Terry A. McMahon

	 
	 
	Name:  Terry A. McMahon

	 
	 
	Title:  Chief Credit Officer

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	FARM CREDIT BANK OF TEXAS, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Alan Robinson

	 
	 
	Name:  Alan Robinson

	 
	 
	Title:  Vice President

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	FARM CREDIT EAST, ACA, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Kerri B. Sears

	 
	 
	Name:  Kerri B. Sears

	 
	 
	Title:  Vice President

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	FARM CREDIT MID-AMERICA, FLCA, as a

	 
	 
	Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Aaron T. Miller

	 
	 
	Name:  Aaron T. Miller

	 
	 
	Title:  Credit Officer

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	FARM CREDIT WEST, FLCA, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Barbara J. Bartlett

	 
	 
	Name:  Barbara J. Bartlett

	 
	 
	Title:  Assistant Vice President

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	UNITED FCS, FLCA D/B/A  FCS

	 
	 
	COMMERCIAL FINANCE GROUP,  as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Daniel J. Best

	 
	 
	Name:  Daniel J. Best

	 
	 
	Title:  Vice President

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	FARM CREDIT SERVICES OF AMERICA, 

	 
	 
	FLCA, as a Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Bruce Dean

	 
	 
	Name:  Bruce Dean

	 
	 
	Title:  Vice President

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	GREENSTONE FARM CREDIT SERVICES, 

	 
	 
	FLCA, as a Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Jeff Pavlik

	 
	 
	Name:  Jeff Pavlik

	 
	 
	Title:  SVP/Managing Director

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	NORTHWEST FARM CREDIT SERVICES, 

	 
	 
	FLCA, as a Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Paul Hadley

	 
	 
	Name:  Paul Hadley

	 
	 
	Title:  Vice President

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	YOSEMITE LAND BANK, FLCA, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Leslie C. Crutcher

	 
	 
	Name:  Leslie C. Crutcher

	 
	 
	Title:  Executive Vice President, CCO

THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
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 Exhibit 10.2 

RESTRICTED STOCK AWARD AGREEMENT 

UNDER THE CEDAR REALTY TRUST, INC. 

2017 STOCK INCENTIVE PLAN 
  

							
	 Name of Grantee:
	 	  
	 	
				
	 No. of Shares:
	 	  
	 		 	
				
	 Grant Date:
	 	  
	 		 	

 Pursuant to the Cedar Realty Trust, Inc. 2017 Stock Incentive Plan (the “Plan”) as amended through
the date hereof, Cedar Realty Trust, Inc. (the “Company”) hereby grants a Restricted Stock Award (an “Award”) to the Grantee named above. Upon acceptance of this Award, the Grantee shall receive the number of shares of Common
Stock, par value $0.06 per share (the “Stock”), of the Company specified above, subject to the restrictions and conditions set forth herein and in the Plan. The Company acknowledges the receipt from the Grantee of consideration with
respect to the par value of the Stock in the form of cash, past or future services rendered to the Company by the Grantee or such other form of consideration as is acceptable to the Committee. 

1. Award. The shares of Restricted Stock awarded hereunder shall be issued and held by the Company’s transfer agent in book entry
form, and the Grantee’s name shall be entered as the stockholder of record on the books of the Company. Thereupon, the Grantee shall have all the rights of a stockholder with respect to such shares, including voting and dividend rights,
subject, however, to the restrictions and conditions specified in Paragraph 2 below. The Grantee shall (i) sign and deliver to the Company a copy of this Award Agreement and (ii) deliver to the Company a stock power endorsed in blank.

 2. Restrictions and Conditions. 

(a) Any book entries for the shares of Restricted Stock granted herein shall bear an appropriate legend, as determined by the Committee in its
sole discretion, to the effect that such shares are subject to restrictions as set forth herein and in the Plan. 
 (b) Shares of Restricted
Stock granted herein may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of by the Grantee prior to vesting. 

(c) If the Grantee’s employment or other service relationship with the Company and its Subsidiaries is voluntarily or involuntarily
terminated for any reason (including death) prior to vesting of shares of Restricted Stock granted herein, all shares of Restricted Stock shall immediately and automatically be forfeited and returned to the Company. 

3. Vesting of Restricted Stock. The restrictions and conditions in Paragraph 2 of this Agreement shall lapse in full on the
[third] anniversary of the Grant Date (the “Vesting Date”) so long as the Grantee remains an employee, Non-Employee Director or Consultant of the Company or a Subsidiary on such Dates.
Subsequent to such Vesting Date, the shares of Stock 

 
on which all restrictions and conditions have lapsed shall no longer be deemed Restricted Stock. The Committee may at any time accelerate the vesting schedule specified in this Paragraph 3
in accordance with Section 2 of the Plan. 
 4. Dividends. Dividends on shares of Restricted Stock shall be paid currently to
the Grantee. 
 5. Incorporation of Plan. Notwithstanding anything herein to the contrary, this Award shall be subject to and
governed by all the terms and conditions of the Plan, including the powers of the Committee set forth in Section 2(b) of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is
specified herein. 
 6. Transferability. This Agreement is personal to the Grantee, is
non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 

7. Tax Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for
Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Committee for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. Except in the case where an
election is made pursuant to Paragraph 8 below, the Company shall have the authority to cause the required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued or released by the transfer
agent a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due; provided, however, that to the extent necessary to avoid adverse accounting treatment such share withholding may be limited to the
minimum required tax withholding obligation. 
 8. Election Under Section 83(b). The Grantee and the Company hereby agree that the
Grantee may, within 30 days following the Grant Date of this Award, file with the Internal Revenue Service and the Company an election under Section 83(b) of the Internal Revenue Code. In the event the Grantee makes such an election, he or she
agrees to provide a copy of the election to the Company. The Grantee acknowledges that he or she is responsible for obtaining the advice of his or her tax advisors with regard to the Section 83(b) election and that he or she is relying solely on
such advisors and not on any statements or representations of the Company or any of its agents with regard to such election. 
 9. No
Obligation to Continue Service. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Grantee in employment or service and neither the Plan nor this Agreement shall interfere in any
way with the right of the Company or any Subsidiary to terminate the employment or service of the Grantee at any time. 
 10.
Integration. This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

11. Data Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the
Company, its subsidiaries and affiliates and 

  
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certain agents thereof (together, the “Relevant Companies”) may process any and all personal or professional data, including but not limited to Social Security or other identification
number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or this Agreement (the “Relevant Information”). By entering into this Agreement, the
Grantee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Grantee may have with respect to the Relevant Information;
(iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The
Grantee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law. 

12. Notices. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or
delivered to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing. 

 

			
	Cedar Realty Trust, Inc.
		
	By:	 	  

		 	Title:

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.
Electronic acceptance of this Agreement pursuant to the Company’s instructions to the Grantee (including through an online acceptance process) is acceptable. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	Grantee’s Signature
				
		 		 		 	Grantee’s name and address:
		 		 		 	  

		 		 		 	  

		 		 		 	  

  
 3

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