Document:

Resignation Settlement

 Exhibit 10.28 
 RESIGNATION SETTLEMENT 
 This Resignation Settlement (this
“Agreement”), effective as of December 31, 2010 (“Effective Date”), is executed by ACCENTIA BIOPHARMACEUTICALS, INC. (“Company”), a Florida Corporation, and ALAN M. PEARCE,
(“Pearce”), residing at 13766 E. Yucca Street, Scottsdale, AZ, 85259, to record their following agreement: 
 1. Retirement from Employment . It is hereby agreed by and between Company and Pearce that Pearce has notified Company of his voluntary retirement from his position as CFO of Company
and from employment with the Company effective December 31, 2010, and the parties hereto acknowledge and agree that this Agreement shall resolve and govern any and all issues which may have arisen and/or concerning matters which took place
during the course of Pearce’s employment by Company. 
 2. Settlement. Company shall issue to
Pearce on December 31, 2010 a final paycheck for employment through December 31, 2010 at his regular base pay and benefits together with any salary benefits held in arrears pursuant to Company’s payroll practices. In settlement of all
claims including but not limited to claims under or arising out of the Employment Agreement, Company shall issue to Pearce sixty-six thousand (66,000) shares of restricted common stock of the Company, which shall be delivered to Pearce within
five (5) days of the Effective Date of this Agreement. The restricted shares of the Company’s common stock shall be restricted as to resale in accordance with the provisions of the Securities Act of 1933, with an issuance date of
January 1, 2011. Pearce acknowledges that he has full knowledge of the Company and its risks and that independent auditors for the Company have issued an opinion as of September 30, 2010 with regard to the ability of the Company to
continue as a going concern and recognizes when the restricted shares become available for resale in accordance with the provisions of the Securities Act of 1933 the value and marketability of said shares may be substantially diminished. 

3. Covenant Not To Compete. Pearce hereby covenants and agrees that he will not engage in any activity,
become employed by or otherwise act or provide services for or on behalf of any entity or individual engaged in the same or substantially similar business as the Company for a period of one year from the Effective Date of this Agreement and Pearce
further agrees that he will not engage in any activity, become employed by or otherwise act or provide services for or on behalf of any entity that is developing a cancer vaccine or a treatment for autoimmune disease for a period of five years from
the Effective Date. 
 4. Confidentiality. Pearce acknowledges that he and Company entered
into a Confidentiality Agreement (“CA”) dated July 23, 2008, and the provisions of the CA are not changed or superseded by this Agreement and that the CA is binding and enforceable in accordance with its terms notwithstanding this
Agreement. Pearce agrees that all matters learned through his employment or as a result of his association with the Company, including without limitations matters related to the Company or its business or financial dealings are Confidential
Information under the CA and shall be held by Pearce in strict confidence. Company and Pearce agrees that the terms of this Agreement are strictly confidential and that they shall not, except to the extent required to enforce its terms, by court
order or by applicable law, disclose its terms to any individual or entity. The Company or Pearce may, however, disclose the terms of this Agreement to their respective attorneys, accountants and tax preparers. Pearce acknowledges that the Company
will be required to file an 8-K announcing his retirement as CFO of the Company and/or file other periodic reports with the SEC which may require the Company to disclose the terms of and/or attach a copy of this agreement. 

  
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 5. Legal Matters. The validity, enforcement, construction, and
interpretation of this Agreement are governed by the laws of the State of Florida and the federal laws of the United States of America, excluding the laws of those jurisdictions pertaining to resolution of conflicts with laws of other jurisdictions.

 6. Waiver; Modification; Severability; Survival. A waiver, discharge, amendment, or
modification of this Agreement will be valid and effective only if evidenced by a writing that is signed by or on behalf of both Pearce and Company. Whenever possible, each provision of this Agreement should be construed and interpreted so that it
is valid and enforceable under applicable law. If a court determines that a provision of this Agreement is unenforceable, that provision will be deemed separable from the remaining provisions of this Agreement and will not affect the validity,
interpretation, or effect of the other provisions of this Agreement or the application of that provision to other circumstances to which it is enforceable. 
 7. Counterparts; Effective Date. The parties may execute this Agreement by facsimile and in counterparts. Each executed counterpart of this Agreement will constitute an original
document, and all executed counterparts, together, will constitute the same agreement. This Agreement will become effective, as of its stated date of execution, when both Pearce and Company sign it. 

8. General Release. Pearce hereby releases and forever discharges the Company, its present owners,
stockholders, agents, directors, officers, employees, affiliates, predecessors, successors, attorneys, lessors, lessees, licensors and licensees (collectively referred to as “Releasees”) from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, rights, demands, losses, debts, expenses, and attorney fees and costs of any nature whatsoever, known or unknown, with regard to any transaction or
event occurring in connection with Pearce’s employment with the Company and the voluntary termination of that employment from the beginning of time through the Effective Date of this Agreement. Pearce agrees and understands that this release
includes, but is not limited to, any causes of action or claims for unlawful employment discrimination arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000 et. seq., as amended, the Americans with Disabilities Act of 1990,
42 U.S.C. § 12101 et. seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et. seq., the Age Discrimination in Employment Act of 1967, as amended 29 U.S.C. § 621 et. seq., and all other federal or state laws and statutes or
common law claims arising out of, or relating to his employment with the Company, or the termination thereof, or with regard to any other transactions or events occurring prior to the date of this Agreement. This includes, without limitations, any
claims relating to or arising out of Pearce’s prior Employment Agreement with the Company (including without limitation any claims regarding vacation, severance, expense reimbursement, personal injury, stress or mental anguish or employment
compensation of any type) and including without limitation any claim or causes of action for return of principal or losses of use of money with regard to any funds directly or indirectly invested in the Company or for any claims arising out of
misrepresentation, fraud or securities fraud. Nothing in this Agreement shall effect or in any way impair Pearce’s right to purchase shares of stock of the Company through the exercise of stock options and/or warrants issued by Company to
Pearce during his employment in accordance with the terms of said option grants and/or warrants. Pearce further agrees that he will not file, commence, prosecute or participate in any charge, claim or lawsuit against the Company or any of the
Releasees based on or arising from the matters released herein provide the settlement shares are delivered to Pearce 

  
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promptly in accordance with paragraph 2 above. It is expressly agreed and understood that the release contained herein is a GENERAL RELEASE. 

Company hereby releases and forever discharges Pearce from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of action, rights, demands, losses, debts, expenses, and attorney fees and costs of any nature whatsoever, known or unknown, including without limitation with regard to any
transaction or event occurring in connection with Pearce’s employment with the Company and the voluntary termination of that employment on the date of this Agreement. This includes, without limitations, any claims relating to or arising out of
Company’s prior Employment Agreement with the Pearce, as well as Pearce’s right to purchase any shares of stock of the Company, including without limitation any claim for misrepresentation, fraud or securities fraud. It is expressly agreed
and understood that the release contained herein is a GENERAL RELEASE. 
 9. Company Stock and
Options. Company agrees to immediately provide instructions to Pearce for the removal of all restrictions on shares of its common stock issued to Pearce prior to the Company’s IPO and, promptly upon written request from Pearce or his
brokers pursuant to said instructions to facilitate the removal of said restrictions. 
 At any time when the applicable
provisions of Rule 144 (including without limitation any holding period requirements) have been satisfied by Pearce, Company agrees upon written request from the Company’s Transfer Agent, Pearce or his broker, promptly to take any necessary and
appropriate actions to facilitate the removal of any restrictions on resale under the Securities Act in connection with the 750,000 shares of common stock issued to Pearce on November 23, 2010 

Company agrees that Pearce’s termination on the Effective Date of this Agreement shall constitute Qualified Retirement under the
provisions of the Company’s Equity Incentive Plans pursuant to which Pearce has been granted options to purchase stock and as a consequence of such Qualified Retirement Pearce shall be entitled to vesting and exercise rights under all options
as specified in the Qualified retirement provisions under the applicable Employee Stock Option Plan. 
 Company agrees that to
the extent Pearce exercises options during a time for which shares are subject to lock-up and escrow pursuant to the terms of Company’s Plan of Reorganization Company shall promptly release said shares to Pearce upon the full satisfaction of
all applicable conditions of such applicable lock-up. 
 Company agrees if it decides at any time during the twelve-month period
following the Effective Date of this Agreement that in accordance with the provisions of the Company’s Equity Incentive Plans the Company will grant option holders a replacement option if qualifying owned shares are used to exercise options
then Pearce will be granted under the same terms and conditions as granted to other option holders the right to receive replacement options should Pearce decide to use qualifying owned shares to exercise his options. To the extent the Company
decides to allow for the provision of replacement options to option holders using qualifying stock 

  
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to exercise their stock options Company agrees to notify Pearce in writing within three days of such decision. 

10. Complete Agreement. The headings of the sections of this Agreement are solely for convenient reference
and neither constitutes a part of this Agreement nor impact in any manner its meaning, interpretation, or effect. This Agreement records the entire understanding of Pearce and Company with respect to the terms of this Agreement and the restrictions
stated in it and supersedes any previous or contemporaneous agreement, representation, or understanding, oral or written, by either of them. 
 The foregoing Separation Settlement is executed as of the date first above written. 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	By:	 	      /s/ Samuel S. Duffey

	Name: Samuel S. Duffey, Esq.
	 Title:     President

	               324 S. Hyde Park Ave. Suite
350

	               Tampa, Florida
33606

	               Telephone:
(813) 864-2554

	               Telecopy:
(813) 258-6912

	
	ALAN M. PEARCE
	
	             /s/ Alan M
Pearce

	Address:   13766 E. Yucca Street
	                   Scottsdale, AZ 85259
	Telephone:   (480) 656-9592

  
 4Amendment No. 1 to the Credit Agreement dated as of December 28, 2009

 EXHIBIT 10.20 
 [EXECUTION COPY] 
 AMENDMENT NO. 1 

TO 

CREDIT AGREEMENT 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of November 29, 2010 (this “Agreement”), among PILGRIM’S PRIDE CORPORATION, a Delaware corporation (the
“Company”), TO-RICOS, LTD., a Bermuda company, TO-RICOS DISTRIBUTION, LTD., a Bermuda company (collectively, the “Borrowers”), the various Subsidiaries (such capitalized term and all other capitalized
terms not defined herein shall have the meanings provided for in Article I of the Company parties hereto, the various financial institutions parties hereto (collectively, the “Lenders”), and COBANK, ACB, as
administrative agent (in such capacity, the “Administrative Agent”) for the Lenders. 
 W I T N E S S E T H:

 WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to the Credit Agreement, dated as of
December 28, 2009 (the “Existing Credit Agreement”), and the other Loan Documents; 
 WHEREAS, in
connection with this Agreement the Company is issuing certain senior unsecured notes in an original aggregate principal amount of not less than $350,000,000 and not greater than $500,000,000 (the “Senior Notes”); and 

WHEREAS, the Borrowers have requested that, as of the Effective Date, in connection with the issuance of the Senior Notes the
Existing Credit Agreement be amended as herein provided; and 
 WHEREAS, the Lenders are willing, subject to the terms
and conditions hereinafter set forth, to make such amendments; 
 NOW, THEREFORE, in consideration of the agreements
herein contained, the parties hereto hereby agree as follows: 
 ARTICLE I  

DEFINITIONS 
 SECTION 1.1.    Certain Definitions. The following terms (whether or not underscored) when used in this Agreement shall have the following meanings: 

“Administrative Agent” is defined in the preamble. 

“Agreement” is defined in the preamble. 

 “Amended Credit Agreement” means the Existing Credit Agreement as amended
by this Agreement as of the Effective Date. 
 “Borrowers” is defined in the preamble. 

“Company” is defined in the preamble. 
 “Effective Date” is defined in Section 5.1. 

“Existing Credit Agreement” is defined in the first recital. 

“Lenders” is defined in the preamble. 
 “Senior Notes” is defined in the second recital. 

SECTION 1.2.    Other Definitions. Unless otherwise defined or the context otherwise requires, terms
used herein (including in the preamble and recitals hereto) have the meanings provided for in the Existing Credit Agreement. 

ARTICLE II  
 AMENDMENTS 
 Effective on (and subject to the occurrence of) the
Effective Date, the Existing Credit Agreement is amended as follows: 
 SECTION 2.1.    Amendments to
Section 1.1. (a) The following defined terms in the Existing Credit Agreement are amended and restated as follows: 
 (i)    “EBITDA” means, for any period, the sum of (a) Net Income (or net loss) for such period, plus (b) without duplication and solely to the extent
deducted in determining Net Income (or net loss) for such period, the sum of (i) Interest Expense for such period, (ii) provisions for Taxes based on income, profits or capital for such period, including, without limitation, State,
foreign, franchise and similar Taxes, and Tax Distributions made by the Company on a consolidated basis during such period, (iii) consolidated depreciation expense of the Company for such period, (iv) consolidated amortization expense of
the Company for such period, (v) consolidated Restructuring Charges of the Company for such period, (vi) any extraordinary, unusual or non-recurring non-cash charges, expenses or losses for such period (but excluding any non-cash charges,
expenses or losses that relate to the write-down or write-off of Inventory), (vii) all non-cash charges, expenses or losses with respect to the Company’s adoption of “fresh start” accounting policies and (viii) the aggregate
principal amount of Plan Sponsor Subordinated Indebtedness incurred or deemed to be incurred during such period (other than the payment of any interest thereon in the form of additional Plan Sponsor Subordinated Indebtedness), minus
(c) without duplication and solely to the extent included in determining Net Income, the sum of (i) any extraordinary, unusual or non-recurring income or gains which were included in the calculation of Net Income (or net loss) for such
period, and (ii) cash expenditures incurred during such period, the effect of which is to reduce balance sheet provisions previously booked and treated as an extraordinary, unusual or non-recurring non-cash expense, in each case determined in
accordance with GAAP for such period; provided, however, that (A) aggregate 

  
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principal amount of Plan Sponsor Subordinated Indebtedness (other than the payment of any interest thereon in the form of additional Plan Sponsor Subordinated Indebtedness) included in
calculating EBITDA during the term of this Agreement shall not exceed $100,000,000 and (B) Plan Sponsor Subordinated Indebtedness shall not be included in EBITDA for purposes of calculating “Excess Cash Flow”. 

(ii)    “Fixed Charges” means, as of any date, in each case calculated for the Company on a
consolidated basis, without duplication, the sum of: 
 (a)    all amounts that are required to be paid by
the Company on a consolidated basis during the eight Fiscal Quarters following such date in respect of (i) scheduled principal payments on Indebtedness and (ii) Capital Lease Obligations (excluding unamortized balloon payments on
Indebtedness other than in respect of Capital Lease Obligations); plus 
 (b)    all amounts that
are paid in cash by the Company on a consolidated basis during the eight Fiscal Quarters preceding such date in respect of (i) cash Interest Expense, (ii) dividends or distributions, (iii) contributions to any Plan in excess of any
such contributions previously expensed and (iv) operating lease expenses not included in the calculation of EBITDA. 

(iii)    “Maturity Date” means (a) with respect to the Revolving Loans (including Swingline
Loans), December 28, 2014 or any earlier date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof; (b) with respect to the Term A Loans, December 28, 2012; and (c) with
respect to the Term B Loans, December 28, 2014. 
 (b)    The following new defined terms are added in
the appropriate alphabetical order to Section 1.1 of the Existing Credit Agreement: 

(i)    “Amendment No. 1 Effective Date” means the “Effective Date” as defined in
Amendment No. 1 to Credit Agreement. 
 (ii)    “Amendment No. 1 to Credit
Agreement” means Amendment No. 1 to Credit Agreement, dated as of November 29, 2010, among the parties thereto. 
 (iii)    “Plan Sponsor Subordinated Indebtedness” has the meaning assigned to such term in Section 6.01(x). 

(iv)    “Senior Indebtedness” means, at any date, the aggregate principal amount of all
Indebtedness (other than unsecured Indebtedness) of the Company at such date, determined on a consolidated basis, to the extent required to be reflected in the “Liabilities” section of the consolidated balance sheet of the Company (it
being understood that all current intercompany liabilities shall be excluded whether shown on the consolidated balance sheet or excluded therefrom on a net basis). 
 (v)    “Senior Leverage Ratio” means, on any date, the ratio of (a) Senior Indebtedness on such date to (b) EBITDA for the period of four consecutive Fiscal
Quarters ended on such date. 

  
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 (vi)    “Senior Notes” means the certain senior
unsecured notes in an original aggregate principal amount of not less than $350,000,000 and not greater than $500,000,000, which Senior Notes are entered into in connection with, and in accordance with the requirements of, Amendment No. 1 to
Credit Agreement. 
 (vii)    “Senior Note Documents” means, collectively, (a) the
Senior Notes, (b) each indenture that is entered into in connection with the purchase of the Senior Notes and (c) all the guarantees and other material agreements entered into in connection with the foregoing. 

(c)    The term “Leverage Ratio” set forth in Section 1.1 of the Existing Credit Agreement is deleted.

 SECTION 2.2.    Amendments to Section 2.10. Section 2.10 of the Existing Credit
Agreement is amended by (a) changing the reference to “$100,000,000” in Section 2.10(b)(i)(B) to read “$250,000,000” and (b) adding the following clause (i) at the end thereof: 

“(i)    Notwithstanding any of the other terms of this Section 2.10, each Incremental Term B
Commitment shall require the approval of each Term B Lender, each such approval not to be unreasonably withheld.” 

SECTION 2.3.    Amendments to Section 2.13. Section 2.13(a) of the Existing Credit Agreement
is amended and restated in entirety as follows: 
 “(a)     Fees. The Borrowers agree to pay to
the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at a per annum rate of .50% on the average daily amount of the Available Revolving Commitment of such Lender during the period from and including the
Effective Date to but excluding the date on which the Lenders’ Revolving Commitments terminate. Commitment fees accrued through and including the last day of each calendar quarter shall be payable on the 15th day of each April, July, October and January of each year and on the
date on which the Revolving Commitments terminate, commencing on the first such date to occur after the Effective Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed. Solely for purposes of determining the Available Revolving Commitment in connection with the computation of commitment fees, the Aggregate Revolving Exposure shall be deemed not to include the aggregate principal amount of Swingline
Loans.” 
 SECTION 2.4.    Amendments to Section 6.01. Section 6.01 of the
Existing Credit Agreement is amended by (a) deleting “and” at the end of paragraph 6.01(v), (b) deleting the period at the end of paragraph 6.01(w) and replacing it with “:” and (c) adding new paragraphs 6.01(x)
and (y) as follows: 
 “(x)    additional unsecured Indebtedness owed to the Plan Sponsor or any
Affiliate thereof, provided that (A) (x) no principal or interest payment or prepayment shall be made under such Indebtedness prior to six months following the Maturity Date in effect on the date of the incurrence of such
Indebtedness and (y) the stated maturity date of such Indebtedness shall not be earlier than six months following the Maturity Date in effect on the date of the incurrence of such Indebtedness, (B) no such Indebtedness may be created or incurred
unless both before and after the incurrence of such Indebtedness, on a Pro Forma Basis (1) no Default or Event of 

  
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Default shall exist or result therefrom, (2) the Borrowers shall be in compliance with the covenants set forth in Section 6.13 for the Test Period for which financial statements
have been delivered pursuant to Section 5.01(a) or (b) ending immediately prior to the incurrence or the deemed incurrence of such Indebtedness and (C) such Indebtedness shall be on terms (including terms subordinating
repayment thereof to the payment of the Obligations) reasonably satisfactory to the Administrative Agent and Rabobank (the foregoing Indebtedness being the ‘Plan Sponsor Subordinated Indebtedness’); provided that if the Plan
Sponsor Subordinated Indebtedness is incurred during the period beginning as of the first day of any Fiscal Quarter and prior to the date a certificate of a Financial Officer of the Company is required to be delivered pursuant to
Section 5.01(c) and such certificate states that such Plan Sponsor Subordinated Indebtedness is being incurred to cure any prospective Event of Default with respect to any financial covenant set forth in Section 6.13(a) or
(b) that is being reported on in such certificate, such Plan Sponsor Subordinated Indebtedness shall be deemed to have been incurred on the last day of the prior Fiscal Quarter; and 

(y)    the Senior Notes that were entered into in connection with, and in accordance with the requirements of,
Amendment No.1 to Credit Agreement.” 
 SECTION 2.5.    Amendments to Section 6.09.
Section 6.09(c)(i) of the Existing Credit Agreement is amended and restated in its entirety as follows: 

“(i)    any Indebtedness permitted under Section 6.01(b), (c), (d), (j), (k), (r) and (x) and any
refinancing, refunding, extension, renewal or replacement of any of the foregoing permitted under Section 6.01;” 

SECTION 2.6.    Amendments to Section 6.11. Section 6.11 of the Existing Credit Agreement is
amended and restated in entirety as follows: 
 “SECTION 6.11.    Amendment of Material
Documents. No Loan Party will, nor will it permit any of the Subsidiaries to, amend, modify or waive any of its rights under (a) any agreement relating to any Indebtedness the payment of which is subordinated to payment of the Obligations
(including the Plan Sponsor Subordinated Indebtedness); (b) its certificate of incorporation, by-laws, operating, management or partnership agreement or other organizational documents; (c) any Material Agreement; (d) the Merit
Revolver; (e) the Guarantee by the Company of the Mexican Credit Facility; or (f) any Senior Note Document, in each case to the extent any such amendment, modification or waiver: 

“(i)    could reasonably be expected to be materially adverse to the rights, interests or privileges of the
Administrative Agent or the other Lender Parties or their ability to enforce the same; 

“(ii)    solely with respect to Section 6.11(a) and (d), results in the imposition or
expansion in any material respect of any restriction or burden on the Borrowers or any of the Subsidiaries; or 

“(iii)    individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Effect.” 

  
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 SECTION 2.7.    Amendments to Section 6.13.
Section 6.13(a) and (b) of the Existing Credit Agreement is amended and restated in entirety as follows: 

“(a)    Minimum Fixed Charge Coverage Ratio. The Borrowers will not permit the Fixed Charge Coverage
Ratio, determined on the last day of each Fiscal Quarter, to be less than 1.20:1.00, for any period prior to Amendment No. 1 Effective Date, 1.05:1.00, for any period from and after Amendment No. 1 Effective Date until December 31,
2012, and 1.10:1.00 for any period from any after January 1, 2013; provided that the Fixed Charge Coverage Ratio shall initially be calculated on December 27, 2009 and shall be based solely on the financial performance of the
Company for the period from and after March 29, 2009 (the calculation as of such date being based on the preceding and following three Fiscal Quarters’ financial performance of the Company (as contemplated by the definition of ‘Fixed
Charge Coverage Ratio’)); the calculation as of March 28, 2010 being based on the preceding and following four Fiscal Quarters’ financial performance of the Company (as contemplated by the definition of ‘Fixed Charge Coverage
Ratio’); and so on until the calculation as of March 27, 2011 and each Fiscal Quarter thereafter being based on the preceding and following eight Fiscal Quarters’ financial performance of the Company (as contemplated by the definition
of ‘Fixed Charge Coverage Ratio’). 
 “(b)    Senior Leverage Ratio. The Borrowers
will not permit the Senior Leverage Ratio, determined for any period of four consecutive Fiscal Quarters ending on the last day of each Fiscal Quarter, to be greater than (i) 4.00:1.00, for the period from Amendment No. 1 Effective Date
until December 31, 2012, (ii) 3.75:1.00, for the period from January 1, 2013 until December 31, 2013, and (iii) 3.50:1.00, for each period thereafter.” 

ARTICLE III  
 REPRESENTATIONS AND WARRANTIES 
 In order to induce the Lenders to
make the amendments provided for in Article II, each Borrower hereby (a) represents and warrants that (i) each of the representations and warranties of the Loan Parties contained in the Existing Credit Agreement and in the other
Loan Documents is true and correct in all material respects on and as of the date hereof, except that such representations and warranties (A) that relate solely to an earlier date shall be true and correct in all material respects as of such
earlier date and (B) shall be true and correct in all respects to the extent they are qualified by a materiality standard and (ii) no Default or Event of Default has occurred and is continuing; and (b) agrees that the incorrectness in
any respect of any representation and warranty contained in the preceding clause (a) shall constitute an immediate Event of Default. Without limiting the foregoing, each Borrower hereby (x) ratifies and confirms all of the terms,
covenants and conditions set forth in the Loan Documents and hereby agrees that it remains unconditionally liable to the Administrative Agent and the Lenders in accordance with the respective terms, covenants and conditions set forth in the Loan
Documents, and all the Collateral thereto in favor of the Administrative Agent (for the benefit of the Lender Parties) continues unimpaired and in full force and effect, and (y) waives all defenses, claims, counterclaims, rights of recoupment
or set-off against any of its Obligations. 

  
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 ARTICLE IV  

ACKNOWLEDGMENT OF SUBSIDIARIES 
 By executing this Agreement, each Subsidiary of the Company that is a party hereto hereby confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and
effect and is hereby ratified and confirmed in all respects, except that on and after the Effective Date each reference therein to the Credit Agreement shall refer to the Existing Credit Agreement after giving effect to this Agreement. Without
limiting the foregoing, each such Subsidiary waives all defenses, claims, counterclaims, rights of recoupment or set-off with respect to any of such Subsidiary’s Obligations. 

ARTICLE V  
 CONDITIONS TO EFFECTIVENESS; EXPIRATION 
 SECTION
5.1.    Effective Date. This Agreement shall become effective on such date (the “Effective Date”) when the conditions set forth in this Section have been satisfied. 

SECTION 5.1.1    Execution of Agreement. The Administrative Agent shall have received counterparts of
this Agreement duly executed and delivered on behalf of the Borrowers, each of the Subsidiaries of the Company parties to the Existing Credit Agreement, the Administrative Agent, each affected Lender and Voting Participant (in the case of the
amendments to the Credit Agreement referred to in Sections 2.1(a)(iii) and 2.3), and the Required Lenders (in the case of all the other amendments to the Credit Agreement referred to in Article II). 

SECTION 5.1.2    Representations and Warranties. The representations and warranties made by the
Borrowers pursuant to Article III as of the Effective Date shall be true and correct. 
 SECTION
5.1.3    Senior Notes. (a) All the terms of the Senior Notes, each indenture that is entered into in connection with the purchase of the Senior Notes and all the guarantees and other material agreements entered
into in connection therewith shall be on terms in form and substance satisfactory to the Administrative Agent and Rabobank. 

(b)    Substantially concurrently with the occurrence of the Effective Date, all the proceeds of the Senior Notes
(after accounting for transaction costs, fees and expenses relating to the issuance of the Senior Notes and the execution of this Agreement) shall have been applied, to the extent required by, Section 2.12(e) of the Amended Credit Agreement, to
prepay the Loans. 
 SECTION 5.1.4    Fees. Each Lender (including in its capacity as an
Agent) that has executed and delivered a copy of this Agreement to the Administrative Agent shall have received on the Effective Date the fees required to be paid pursuant to the fee letters that have been entered into in connection with this
Agreement, including, without limitation, the following: 
 (a)    to each Revolving Lender that enters
into this Agreement on or prior to the Effective Date a one-time extension fee, earned and payable in full severally on the Effective Date, equal to (i) 0.250% of each such Revolving Lender’s aggregate Revolving Commitment on the Effective
Date, in the case of each such Lender whose aggregate Revolving Commitment on 

  
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the Effective Date is equal to or greater than $25,000,000, and (ii) 0.125% of each such Revolving Lender’s aggregate Revolving Commitment on the Effective Date, in the case of each
such Revolving Lender whose aggregate Revolving Commitment on the Effective Date is less than $25,000,000; and 

(b)    to each Lender that enters into the Agreement on or prior to the Effective Date a one-time amendment fee,
earned and payable in full severally on the Effective Date, equal to 0.125% of each such Lender’s aggregate Revolving Commitment (if such Lender is a Revolving Lender) and 0.125% of each such Lender’s aggregate principal amount of Term
Loans (if such Lender is a Term Lender) on the Effective Date. 
 The foregoing extension fee and amendment fee shall be
calculated based upon the aggregate outstanding principal amount of the Term Loans of each Term Lender and the Revolving Loan Commitment of each Revolving Lender, in each case after giving effect to any prepayment made on the Effective Date from the
proceeds of the Senior Notes. 
 SECTION 5.2.    Expiration. If the Effective Date has not
occurred on or prior to 10:00 a.m. (New York, New York time) on January 31, 2011, the agreements of the parties contained in this Agreement shall terminate immediately on such date and without further action. 

ARTICLE VI  
 MISCELLANEOUS 
 SECTION
6.1.    Cross-References. References in this Agreement to any Article or Section are, unless otherwise specified, to such Article or Section of this Agreement. 

SECTION 6.2.    Loan Document Pursuant to Amended Credit Agreement. This Agreement is a Loan Document
executed pursuant to the Amended Credit Agreement. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions contained in the Existing Credit Agreement and each other Loan Document shall remain
unamended or otherwise unmodified and in full force and effect. 
 SECTION 6.3.    Limitation of
Amendments. The amendments set forth in Article II shall be limited precisely as provided for herein and shall not be deemed to be a waiver of, amendment of, consent to or modification of any other term or provision of the Existing
Credit Agreement or of any term or provision of any other Loan Document or of any transaction or further or future action on the part of any Borrower or any other Loan Party which would require the consent of any of the Lenders under the Existing
Credit Agreement or any other Loan Document. 
 SECTION 6.4.    Counterparts. This Agreement
may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. 

SECTION 6.5.    Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. 

  
 -8-

 SECTION 6.6.    Further Assurances. The Borrowers shall
execute and deliver, and shall cause each other Loan Party to execute and deliver, from time to time in favor of the Administrative Agent and the Lenders, such documents, agreements, certificates and other instruments as shall be necessary or
advisable to effect the purposes of this Agreement. 
 SECTION 6.7.    Costs and Expenses. The
Borrowers agree to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, including the reasonable and documented out-of-pocket fees, charges and disbursements of legal counsel for the Administrative Agent,
that are incurred in connection with the execution and delivery of this Agreement and the other agreements and documents entered into in connection herewith. 
 SECTION 6.8.    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT
OF LAWS PRINCIPLES THEREOF. 
 SECTION 6.9.    WAIVER OF JURY TRIAL. EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. 
 SECTION 6.10.    Entire Agreement. This Agreement constitutes the
entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. 

SECTION 6.11.    Section 6.01(e) Clarifications. For the avoidance of doubt, the Administrative
Agent and the Lenders acknowledge and agree that, in addition to industrial revenue bonds, municipal bonds or similar bonds described in Section 6.01(e)(i) of the Credit Agreement, the Borrowers and their Subsidiaries shall be permitted to
incur Indebtedness in respect of sale and leaseback transactions with state, county, city or other municipal Governmental Authorities and other similar financing arrangements that are otherwise in accordance with Section 6.01(e) of the Credit
Agreement. 

  
 -9-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers hereunto duly authorized as of the day and year first above written. 
  

			
	BORROWERS:
	
	 PILGRIM’S PRIDE CORPORATION

		
	By 	 	 /s/  Gary D. Tucker

		 	Name:  Gary D. Tucker
		 	Title:  Principal Financial Officer
	
	TO-RICOS, LTD.
		
	By	 	 /s/  Gary D. Tucker

		 	Name:  Gary D. Tucker
		 	Title:  Principal Financial Officer
	
	TO-RICOS DISTRIBUTION, LTD.
		
	By	 	 /s/  Gary D. Tucker

		 	Name:  Gary D. Tucker
		 	Title:  Principal Financial Officer
	
	OTHER LOAN PARTIES:
	
	PILGRIM’S PRIDE CORPORATION OF WEST VIRGINIA, INC.
		
	By	 	 /s/  Gary D. Tucker

		 	Name:  Gary D. Tucker
		 	Title:  Principal Financial Officer

 
			
	ADMINISTRATIVE AGENT:
	
	COBANK, ACB,
	    as Administrative Agent
		
	By 	 	 /s/  Brian J. Klatt

		 	Name:  Brian J. Klatt
		 	Title:  Senior Vice President

 
			
	LENDERS:
	
	COBANK, ACB, as Lender
		
	By 	 	 /s/  Brian J. Klatt

		 	Name:  Brian J. Klatt
		 	Title:  Senior Vice President

 
			
	 COÖPERATIEVE CENTRALE RAIFFEISEN-
 BOERENLEENBANK B.A., “RABOBANK

INTERNATIONAL”, NEW YORK BRANCH, as
 Lender

		
	By 	 	 /s/  Michalene Donegan

		 	Name:  Michalene Donegan
		 	Title:  Executive Director
		
	By	 	 /s/  Brett Delfino

		 	Name:  Brett Delfino
		 	Title:  Executive Director

 
			
	BANK OF MONTREAL, as Lender
		
	By 	 	 /s/  Philip Langheim

		 	Name:  Philip Langheim
		 	Title:  Managing Director

 
			
	BARCLAYS BANK PLC, as Lender
		
	By 	 	 /s/  Diane Rolfe

		 	Name:  Diane Rolfe
		 	Title:  Director

 
			
	MORGAN STANLEY SENIOR FUNDING, INC.,
as Lender
		
	By 	 	 /s/  Sherrese Clarke

		 	Name:  Sherrese Clarke
		 	Title:  Vice President

 
			
	 AGRILAND, FARM CREDIT SERVICES ACA,
 as Lender

		
	By 	 	 /s/  Roger Brist

		 	Name:  Roger Brist
		 	Title:  CEO

 
			
	ING CAPITAL LLC, as Lender
		
	By 	 	 /s/  Dan Lamprecht

		 	Name:  Dan Lamprecht
		 	Title:  Managing Director

 
			
	 AMERICAN INTERNATIONAL GROUP, INC.,
 as Lender

		
	By 	 	  

		 	Name:
		 	Title:

 
			
	THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK, as Lender
		
	 By 
	 	  

		 	Name:
		 	Title:

 
			
	 WESTERN NATIONAL LIFE INSURANCE
 COMPANY, as Lender

		
	 By 
	 	  

		 	Name:
		 	Title:

 
			
	MERIT LIFE INSURANCE COMPANY, as
Lender
		
	 By 
	 	  

		 	Name:
		 	Title:

 
					
	THE VARIABLE ANNUITY LIFE INSURANCE COMPANY, as Lender
		
	 By 
	 	 /s/  William H. Hasson

		 	Name:  William H. Hasson
		 	Title:  Managing Director

 
			
	METROPOLITAN LIFE INSURANCE COMPANY, as Lender
		
	 By 
	 	  

		 	Name:
		 	Title:

 
			
	 JOHN HANCOCK LIFE INSURANCE
 COMPANY (U.S.A.), as successor by merger to John Hancock Life Insurance Company and to John Hancock Variable Life Insurance Company, as Lender

		
	By 	 	 /s/  Dwayne Bertrand

		 	Name:  Dwayne Bertrand
		 	Title:  Managing Director

 
			
	 JOHN HANCOCK LIFE & HEALTH
 INSURANCE COMPANY, as Lender

		
	 By 
	 	 /s/  Dwayne Bertrand

		 	Name:  Dwayne Bertrand
		 	Title:  Managing Director

 
			
	 TRANSAMERICA LIFE INSURANCE
     COMPANY, as Lender

		
	 By 
	 	 /s/  Stephen Noonan

		 	Name:  Stephen Noonan
		 	Title:  Transamerica Life Insurance Company

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Lender
		
	By 	 	 /s/  Harry J. Brown

		 	Name:  Harry J. Brown
		 	Title:  Vice President

 
			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, as Lender
		
	By 	 	 /s/  Stephen J. Collins

		 	Name:  Stephen J. Collins
		 	Title:  Vice President

 
			
	BANK OF THE WEST, as Lender
		
	By 	 	 /s/  Michael D. Hogg

		 	Name:  Michael D. Hogg
		 	Title:  Vice President

 
			
	FARM CREDIT EAST, ACA formerly known as FIRST PIONEER FARM CREDIT, ACA as Lender
		
	By 	 	 /s/  James M. Papai

		 	Name:  James M. Papai
		 	Title:  Senior Vice President

 
			
	CONTINENTAL CASUALTY COMPANY
		
	By 	 	 /s/  Lynne Gugenheim

		 	Name:  Lynne Gugenheim
		 	Title:  Senior Vice President and
		 	     Deputy General Counsel

 
			
	 BLACK DIAMOND CLO 2005-1 LTD
 By: Black Diamond CLO 2005-1 Adviser, L.L.C.,
 As its Collateral
Manager, as Lender

		
	By 	 	 /s/  Stephen H. Deckoff

		 	Name:  Stephen H. Deckoff
		 	Title:  Managing Principal

 
			
	 BLACK DIAMOND CLO 2005-2 LTD
 By: Black Diamond CLO 2005-2 Adviser, L.L.C.,
 As its Collateral
Manager, as Lender

		
	By 	 	 /s/  Stephen H. Deckoff

		 	Name:  Stephen H. Deckoff
		 	Title:  Managing Principal

 
			
	 BLACK DIAMOND CLO 2006-1 (CAYMAN) LTD

By: Black Diamond CLO 2006-2 Adviser, L.L.C.,
 As its Collateral Manager, as Lender

		
	By 	 	 /s/  Stephen H. Deckoff

		 	Name:  Stephen H. Deckoff
		 	Title:  Managing Principal

 
			
	BANK OF AMERICA, N.A., as Lender
		
	By 	 	 /s/  W. Ashley Allen

		 	Name:  W. Ashley Allen
		 	Title:  Senior Vice President

 
			
	BANK OF NOVA SCOTIA, as Lender
		
	By 	 	 /s/  Michelle Phillips

		 	Name:  Michelle Phillips
		 	Title:  Director

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