Document:

<PAGE>

                                                                    EXHIBIT 10.1

WITHOUT PREJUDICE

April 15, 2005

Michael J. Doty

----------------

----------------

----------------

Dear Mike,

We confirm that we have mutually agreed that your employment with QLT will end
effective April 15, 2005.

In consideration of your commitments described below, QLT will pay to you the
amounts, and provide to you the benefits, set out in Section 5.2 and 5.3 of the
Employment Agreement entered into between you and QLT and dated October 9, 2001
(the "Employment Agreement"). The payment of those amounts and the provision of
those benefits is subject to Sections 5.4 and 5.5 of the Employment Agreement
and to your compliance with certain other obligations set out in Sections 7 and
8 the Employment Agreement and outlined below. Until accepted by you, the offer
set out in this letter agreement is made on a "without prejudice" basis.

      1.  SALARY AND BENEFITS TO DEPARTURE DATE. You will continue to receive
          your regular base salary and benefits from the date of this letter up
          to and including April 15, 2005. Payment of your base salary will be
          made at the times and in the manner as it is presently paid.

      2.  PAYMENT IN LIEU OF FUTURE SALARY. Subject to adjustment pursuant to
          Section 5.5 of the Employment Agreement (which is described in
          paragraph 17 below), QLT will pay to you up to Cdn.$515,863.45 (less
          applicable statutory withholding taxes), being equivalent to 15
          months' base salary. That amount will be paid in 30 equal bi-monthly
          installments of Cdn.$17,195.45 each (less applicable statutory
          withholdings), with the first installment being paid on April 30,
          2005. Each of the bi-monthly payments made to you during the calendar
          year 2005 will be increased by 10% to compensate you for the tax
          differential payment you would otherwise have been entitled to had you
          remained employed by QLT through 2005.

      3.  PRORATED 2005 BONUS. QLT will pay you an amount equal to Cdn.$54,165
          (less applicable statutory withholding taxes) to compensate you for
          the cash incentive compensation that you would have been eligible to
          receive for the period from January 1, 2005 to April 15, 2005. This
          has been calculated as if 100% of your personal and the corporate
          goals for 2005 had been achieved.

      4.  HEALTH BENEFITS AND COMPENSATION IN LIEU. QLT will continue all of
          your health-related benefits, other than short-term and long-term
          disability, until May 15, 2005. You will not be entitled to the full
          amount of your life insurance and accidental death and disability
          policies. Until May 15, 2005, the value of those policies will be
          limited by QLT's insurer to $250,000 each, which is less than the
          amount of insurance that you currently enjoy. Therefore, if you
          determine that you require coverage in excess of those amounts, you
          will be responsible to obtain that additional coverage yourself with
          an insurer of your choice and at your own cost.

          In addition, subject to Section 5.5 of the Employment Agreement, QLT
          will pay to you an amount equal to Cdn.$48,147.30 (less applicable
          statutory withholding taxes) to allow you to obtain, at your
          discretion, replacement health-related benefits. That amount will be
          paid in 28 equal bi-monthly

<PAGE>

Page 2

          installments of Cdn.$1,719.54 each (less applicable statutory
          withholdings), with the first installment being paid on May 31, 2005.

      5.  VACATION PAY. QLT will pay to you an amount equal to any then
          remaining accumulated vacation to which you may be entitled up to and
          including April 15, 2005.

      6.  PAYMENT IN LIEU OF RRSP MATCHING PAYMENT. To compensate you for the
          RRSP matching payments you would otherwise have been eligible to
          receive from January 1 to April 15, 2005, QLT will pay to you an
          amount equal to Cdn.$8,250 less any amounts already contributed by QLT
          to you in 2005 under the QLT Sun-Life Group RRSP Plan and applicable
          statutory withholding taxes.

      7.  STOCK OPTIONS. As we have mutually agreed to your departure, we
          consider your departure to be a "termination without cause" for the
          purpose of the vesting provisions in the stock option agreements
          previously entered into between you and QLT. As a result, 50% of your
          unvested stock options as of April 15, 2005 will automatically vest on
          that date. In addition, we agree to extend the period during which you
          may exercise your vested stock options to 12 months after termination
          of your employment. As a result, you will have until April 15, 2006 to
          exercise any stock options that are vested as of April 15, 2005.
          Except as modified by this paragraph 7 with respect to the exercise
          period of the stock options, the terms of the Stock Option Agreements
          and QLT's Employee Incentive Stock Option Plan will govern the vesting
          and exercise of any stock options which you may hold. We confirm that
          we have previously advised you to seek independent tax advice with
          respect to the personal tax consequences of the extension of the
          exercise period on the stock options and with respect to the holding
          and exercising of those stock options.

      8.  OUTPLACEMENT ASSISTANCE. At QLT's cost, QLT will reimburse you for
          outplacement assistance to a maximum of Cdn.$10,000 to assist you in
          seeking alternate employment. The outplacement counseling provider
          must be reasonably satisfactory to QLT and, in order to be eligible
          for reimbursement, such services must be rendered before April 15,
          2006.

      9.  EXPENSE REIMBURSEMENT. QLT will reimburse you for all reasonable
          business related promotion, entertainment and/or travel expenses
          properly incurred by you up to and including April 15, 2005, provided
          such expenses are in accordance with QLT's policies and procedures and
          you maintain and remit to QLT proper accounts and documentation of
          those expenses upon request.

      10. CONFIDENTIALITY, IP AND RECORDS. You acknowledge and agree that you
          are currently bound by obligations of confidentiality and other
          obligations relating to QLT's intellectual property and records under
          Section 7 of the Employment Agreement and that such obligations
          survive the cessation of your employment with QLT and the termination
          of the Employment Agreement. You further acknowledge and agree that,
          prior to April 15, 2005, you will return to QLT all records or copies
          of records concerning QLT's activities, business interests or
          investigations made or received by you during your employment with
          QLT.

      11. NON-COMPETITION AND NON-SOLICIT. You agree that, until April 15, 2007,
          you will be bound by the non-competition and non-solicitation
          restrictions set out in Section 8.1 of the Employment Agreement.

      12. GOODWILL. You will at all times refrain from making any statement or
          taking any action which may reasonably be expected to have a negative
          impact on the goodwill, ongoing business, products, management of QLT
          or its subsidiaries or litigation in which QLT or its subsidiaries may
          be involved. QLT agrees to refrain from making any statement or taking
          any action which may be reasonably expected to have a negative impact
          on your goodwill or your ability to secure other employment.

<PAGE>
Page 3

      13. TRANSITION PRIOR TO APRIL 15, 2005. Before the end of the day on April
          15, 2005, you will complete the transition activities separately
          agreed to between you and the President and Chief Executive Officer of
          QLT and otherwise transition any ongoing work and work contacts in the
          manner directed by the President and Chief Executive Officer of QLT.
          In addition, until April 15, 2005, you will continue to act in the
          best interests of QLT and refrain from making any commitments,
          decisions or external communications on behalf of QLT without the
          prior express consent of the President and Chief Executive Officer of
          QLT.

      14. TRANSITION SUPPORT. To the extent permitted by our external
          telecommunications provider, we will transfer to you the phone number
          currently associated with your QLT blackberry. We will also assist you
          in transferring your personal information, contact lists and address
          books, from your QLT laptop computer to a computer owned by you. We
          confirm that we have agreed upon an out-of-office and phone message
          that will be automatically sent to any persons attempting to contact
          you by e-mail. That out-of-office message will continue to be sent
          until June 15, 2005.

      15. LETTER OF REFERENCE. We confirm that we will provide you with a
          positive letter of reference in the form mutually agreed to between
          us. We also confirm that any verbal responses to reference enquiries
          that we receive from prospective employers will be consistent with
          that letter of reference.

      16. LOCKOUT PERIODS. After April 29, 2005, you will no longer be subject
          to QLT's employee lockout periods. However, you acknowledge that you
          will remain subject to the short-swing profit recovery and filing
          requirements of Section 16 of the Securities and Exchange Act through
          October 15, 2005 and will be subject to the applicable laws and
          regulations regarding insider trading.

      17. MITIGATION AND REDUCTION OF SEVERANCE AND BENEFIT PAYMENTS. Section
          5.5 of the Employment Agreement requires that you seek and, if
          available, accept, suitable alternate employment or contract(s) for
          services. If you obtain new employment or contract(s) for services of
          four weeks or longer, you are required to notify QLT of that fact in
          writing (referred to in Section 5.5 as the "New Employment Notice")
          within 5 working days of such an event and the following will apply:

          (a)      Your entitlement to the compensation referred to in
          paragraphs 2 and 4 will cease as of the date on which your new
          employment or contract(s) for services commences;

          (b)      Within 10 working days of receipt of the New Employment
          Notice, QLT will pay to you a lump sum amount equivalent to 50% of the
          amounts referred to in paragraphs 2 and 4 that would otherwise be
          owing to you for the period from the date of the New Employment Notice
          to June 30, 2006.

          We confirm that, absent an employment relationship or a contract to
          provide services other than as a director, we do not consider your
          acceptance of a director position on a board of directors of a company
          (including acceptance of corresponding directors fees) to constitute
          alternate employment or a contract for service within the meaning of
          Section 5.5.

ALL PAYMENTS MADE BY QLT TO YOU PURSUANT TO YOUR EMPLOYMENT AGREEMENT AND THIS
LETTER AGREEMENT WILL BE SUBJECT TO ANY APPLICABLE STATUTORY WITHHOLDING TAXES.

As a condition of QLT making the above payments and providing the above benefits
to you, you must sign and return to QLT on or before 4:00 p.m. on April 15,
2005, this letter and the Final Release attached as APPENDIX A to this letter
agreement to acknowledge, as contemplated in Section 5.4 of the Employment
Agreement, that QLT has no further obligations to you in respect of the
Employment Agreement or your employment with QLT.

On behalf of QLT, I wish to thank you for your service to QLT and wish you the
best of luck in your future endeavors.

<PAGE>

Page 4

Yours very truly

QLT INC.

/s/ PAUL J. HASTINGS

Paul J. Hastings
President and Chief Executive Officer

In consideration of the payments to be made to me by QLT, I hereby agree to the
foregoing terms this 15th day of April, 2005. I also confirm that I have
received independent legal advice in connection with this letter.

/s/ Michael J. Doty
---------------------------
MICHAEL J. DOTYEXHIBIT 10.1

 

	 	 	 	 	 

Exhibit 10.1

FIRST AMENDMENT TO

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

     This First Amendment (this “Amendment”) is dated as of April 20, 2005 and amends that certain
Amended and Restated Loan and Security Agreement dated as of April 9, 2004 (as amended, modified,
supplemented, renewed or restated from time to time, the “Loan Agreement”) by and among PREMIUM
STANDARD FARMS, INC., a Delaware corporation (“Premium”), PREMIUM STANDARD FARMS OF NORTH CAROLINA,
INC., a Delaware corporation, and a wholly-owned subsidiary of Premium (“PSF-NC”), LUNDY
INTERNATIONAL, INC., a North Carolina corporation and a wholly owned subsidiary of PSF-NC (“Lundy
International”), and LPC TRANSPORT, INC., a Delaware corporation and a wholly-owned subsidiary of
Premium (“LPC”, and collectively with Premium, PSF-NC, and Lundy International, “Borrower”, or if
the context so requires, any of them), the financial institutions listed on the signature page
hereof (collectively the “Lenders” and individually a “Lender”) and U.S. BANK NATIONAL ASSOCIATION,
a national banking association (“U.S. Bank”), as a Lender and in its capacity as Agent for the
Lenders (in such capacity, the “Agent”).

RECITALS

     Capitalized terms used and not defined in this Amendment shall have the meanings given to such
terms in the Loan Agreement, as amended by this Amendment. Premium plans to pursue an initial
public offering that will be a pro-rata, secondary offering of Premium’s shares (referred to herein
as the “IPO”). Related to the IPO, Premium plans to merge Parent (PSF Group Holdings) into
Premium, with Premium as the surviving entity (referred to herein as the “PSF Merger”). Related to
the IPO and the Merger, Premium plans to make various amendments to its Articles of Incorporation
and By-Laws (the “Reorganization Amendments”). Premium also plans to refinance its existing 9 1/4%
Senior Notes due 2011 (the “Notes”) by making a tender offer for the Notes, and financing the
tender offer with a combination of the issuance of a smaller amount of less expensive public debt
and Line of Credit Advances (referred to herein as the “Note Refinancing”). Borrower has requested
that the Lenders release their liens on real property in Texas and North Carolina and their
security interests in equipment in Texas and North Carolina (the “Collateral Release”). Borrower
has requested that that the Agent and the Lenders waive and/or amend certain terms of the Loan
Agreement to allow for the IPO, the PSF Merger, the Reorganization Amendments, the Note Refinancing
and the Collateral Release, and amend certain other terms of the Loan Agreement, including, but not
limited to, amendments to reduce the Applicable Margin and to eliminate the requirement that CGC
maintain at all times, directly or indirectly, ownership of not less than 25% of Premium’s stock.
The Agent and the Lenders agree to these waivers and amendments on the terms and conditions herein
set forth.

     NOW THEREFORE, in consideration of the foregoing and of the terms and conditions contained in
the Loan Agreement and this Amendment, and of any loans or extensions of credit or other financial
accommodations heretofore, now or hereafter made to or for the benefit of Borrower by the Agent and
the Lenders, Borrower, the Agent and the Lenders agree as follows:

4

 

     1. Waivers and Consents. The Lenders acknowledge that the IPO and the PSF Merger are
permitted under Section 8.2 of the Loan Agreement, Consolidations, Mergers,
Acquisitions or Change in Ownership. Absent consent of the Lenders, the Reorganization
Amendments either might or would constitute a violation of Section 8.10 of the Loan
Agreement, Amendment of Organizational Documents. The Lenders hereby consent to the
Reorganization Amendments and waive their rights powers and remedies with respect to the violations
of Section 8.10 of the Loan Agreement that either might or would occur as a result of the
Reorganization Amendments. Absent consent of the Lenders, the Note Refinancing either might or
would constitute a violation of Section 2.4 of the Loan Agreement, Purpose,
Section 7.9 of the Loan Agreement, Use of Proceeds, Section 8.3 of the Loan
Agreement, Deposits, Investments, Advances or Loans, Section 8.4 of the Loan
Agreement, Indebtedness, and Section 8.9 of the Loan Agreement, Distributions
in Respect of Equity, Prepayment of Debt. The Lenders hereby consent to the Note Refinancing
and waive their rights powers and remedies with respect to the violations of Section 2.4,
Section 7.9, Section 8.3, Section 8.4 and Section 8.9 of the Loan
Agreement that either might or would occur as a result of the Note Refinancing. Absent consent of
the Lenders, the Collateral Release would not be permitted. The Lenders hereby consent to the
Collateral Release. By execution of this Amendment, the Lenders hereby empower and direct the
Agent, on behalf of the Lenders, to execute, deliver, file and record any and all documents
reasonably required to complete the IPO, the PSF Merger, the Reorganization Amendments, the Note
Refinancing and the Collateral Release, including but not limited to the release of the Guaranty of
Parent dated May 13, 1998 and releases of the liens and security interests held by the Agent for
the ratable benefit of the Lenders upon and in the real property and equipment located in Texas and
North Carolina. Notwithstanding the foregoing waivers and consents, it is expressly understood and
agreed that the Lenders shall have the right at all times hereafter to require strict performance
by Borrower of all terms of the Loan Agreement or any other Financing Agreement, including without
limitation, the terms of the aforementioned Sections of the Loan Agreement, that the Lenders do not
waive, affect or diminish any right, power or remedy of the Lenders under the Loan Agreement or any
other Financing Agreement except as expressly set forth herein and that except as expressly set
forth herein, the Loan Agreement and each other Financing Agreement shall continue in full force
and effect in accordance with their respective terms.

     2. Amended Defined Terms. Section 1.1 of the Loan Agreement,
Definitions, shall be amended to amend the following definitions, which shall read in full
as follows:

          “Applicable Margin” shall mean with respect to Swing Line Advances or
Line of Credit Advances, which are Base Rate Loans or LIBOR Rate Loans, or with
respect to Letters or fees for non-use of the Line of Credit Loan Commitments, the
rates per annum set forth below for the then applicable Financial Performance Level:

5

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Financial	 	 	 	 	 	 	 	        LIBOR Rate	 	 	 	 	 	 
	 	Performance Level	 	 	Base Rate	 	 	 	Letters	 	 	 	Non-Use Fee	 	 
	 	Level 1
	 	 	 	1.50	%	 	 	 	3.00	%	 	 	 	0.625	%	 
	 	Level 2
	 	 	 	1.25	%	 	 	 	2.75	%	 	 	 	0.500	%	 
	 	Level 3
	 	 	 	1.00	%	 	 	 	2.50	%	 	 	 	0.375	%	 
	 	Level 4
	 	 	 	0.75	%	 	 	 	2.25	%	 	 	 	0.375	%	 
	 	Level 5
	 	 	 	0.50	%	 	 	 	2.00	%	 	 	 	0.250	%	 
	 	Level 6
	 	 	 	0.25	%	 	 	 	1.75	%	 	 	 	0.250	%	 
	 	Level 7
	 	 	 	0.00	%	 	 	 	1.50	%	 	 	 	0.250	%	 
	 	Level 8
	 	 	 	0.00	%	 	 	 	1.25	%	 	 	 	0.175	%	 
	 	Level 9
	 	 	 	0.00	%	 	 	 	1.00	%	 	 	 	0.175	%	 
	 	Level 10
	 	 	 	0.00	%	 	 	 	0.75	%	 	 	 	0.175	%	 
	 

The current Financial Performance Level shall be Level 8. The Agent will review
Borrower’s financial performance as of each fiscal quarter end, beginning with fiscal
quarter end March, 2005, after its receipt of Borrower’s financial statements and
Compliance Certificate as of the end of such fiscal quarter, and will confirm
Borrower’s determination as to Borrower’s Financial Performance Level based on such
fiscal quarter. As so confirmed by the Agent, Borrower’s Financial Performance Level
will determine the Applicable Margin effective for Swing Line Advances or Line of
Credit Advances, which are Base Rate Loans or LIBOR Rate Loans, or with respect to
fees for non-use of the Line of Credit Loan Commitments for the three month period
beginning on the tenth day of the month following the month in which the Agent
receives such quarter end financial statements if the Agent receives such quarter end
financial statements prior to the last five (5) Business Days of the month following
the end of such fiscal quarter. If the Agent receives such quarter end financial
statements on or after fifth Business Day prior to the end of the month following the
end of such fiscal quarter but on or before the date they are due in accordance with
Section 7.1, any reduction in the Applicable Margin will be delayed until the
tenth day of the second month following the month in which the Agent receives such
quarter end financial statements, but any increase in the Applicable Margin will be
effective on the tenth day of the month following the month in which the Agent
receives such quarter

6

 

end financial statements. If the Agent does not receive such quarter end statements
on or before the date they are due in accordance with Section 7.1, Borrower’s
Financial Performance Level shall be deemed to be Level 1 beginning with the tenth
day of the second month following the end of such fiscal quarter and shall remain at
Level 1 until the 15th Business Day after such financial statements are
received by the Agent and a determination by the Agent that a different Financial
Level shall apply during the remainder of the three month period.

     “Financial Performance Level” shall mean the applicable level of
Borrower’s financial performance determined in accordance with the table and
paragraph set forth below, with Leverage Ratio being determined using the EBITDA
calculations referred to in Section 7.6(c).

	 	 	 
	Financial	 	 
	Performance	 	 
	Level	 	Leverage Ratio
	Level 1

	 	Greater than or equal to 4.50 to 1.0
	Level 2

	 	Less than 4.50 to 1.0 but greater than or equal to 4.00 to 1.0
	Level 3

	 	Less than 4.00 to 1.0 but greater than or equal to 3.50 to 1.0
	Level 4

	 	Less than 3.50 to 1.0 but greater than or equal to 3.00 to 1.0
	Level 5

	 	Less than 3.00 to 1.0 but greater than or equal to 2.50 to 1.0
	Level 6

	 	Less than 2.50 to 1.0 but greater than or equal to 2.00 to 1.0
	Level 7

	 	Less than 2.00 to 1.0 but greater than or equal to 1.50 to 1.0
	Level 8

	 	Less than 1.50 to 1.0 but greater than or equal to 1.00 to 1.0
	Level 9

	 	Less than 1.00 to 1.0 but greater than or equal to 0.75 to 1.0
	Level 10

	 	Less than 0.75 to 1.0

     “Permitted Acquisition” shall mean an acquisition by Borrower of another
legal entity or entities (collectively the “Target”) by merger with the Target, by
acquisition of ownership interests in the Target or by acquisition of all or
substantially all of the assets of the Target, in a transaction or related
transactions, that meet the following criteria: (a) the aggregate purchase price
(including any indebtedness, other than the Liabilities, incurred or assumed) does
not exceed $25,000,000 and (i) the Target is in the same line of business as
Borrower, (ii) in the case of a merger a Borrower is the surviving entity, (iii) in
the case of an acquisition of ownership interests, 100% of such ownership interests
are owed by one or more of Borrowers and the Target becomes a Borrower under this
Agreement, and (iv) the acquisition would not otherwise result in a Default or a
Matured Default; or (b) the aggregate purchase price (including any
indebtedness, other than the Liabilities, incurred or assumed) exceeds $25,000,0000
but does not exceed $50,000,000 and (i) the criteria set forth in (a) (i) through
(iv) above are met, (ii) not later than 15 Business Days prior to the consummation of
the acquisition, Borrower has provided the Agent with acceptable pro forma financial
statements through the Termination Date, giving effect to the acquisition, which
demonstrate that the Leverage Ratio, using the EBITDA calculations referred to in
Section 7.6(c), will not at any time exceed 3.00 to 1.00 and which
demonstrate

7

 

continuing compliance with the other terms of Section 7.6, (relating to
other Financial Covenants and Ratios).

     3. Reorganization Expenses Excluded from EBITDA. To the extent they are deducted from
net consolidated income of Borrower, the costs and expenses incurred in pursuit of the IPO, the PSF
Merger, the Reorganization Amendments and the Note Refinancing, shall be added to net consolidated
income of Borrower in the calculation of EBITDA, as defined in Section 1.1 of the Loan
Agreement, General Definitions.

     4. Form of Compliance Certificate. The Compliance Certificate referred to in
Section 7.1(b) of the Loan Agreement, Financial and Other Information, shall be in
the form attached hereto as Exhibit 7A-1.

     5. Amendment of Covenant to Eliminate CGC Ownership Requirement. Section 8.2
of the Loan Agreement, Consolidations, Mergers, Acquisitions or Change in Ownership, shall
be amended to read in full as follows:

          8.2 Consolidations, Mergers, or Acquisitions. Borrower shall not
recapitalize or consolidate with, merge with, or otherwise acquire all or
substantially all of the assets or properties of any other Person, or acquire or
create new subsidiaries except that: (a) Borrower may make Permitted Acquisitions,
(b) Premium may enter into any transaction to raise equity capital, (c) Premium may
merge with Parent or another Borrower, provided that Premium is the survivor of the
merger, and (d) subject to the foregoing, any Borrower may merge with any other
Borrower.

     6. Amendment of Covenant to Increase Permitted Indebtedness. Section 8.4 of
the Loan Agreement, Indebtedness, shall be amended to read in full as follows:

          8.4 Indebtedness. Except for those obligations and that indebtedness
presently in existence and reflected in Borrower’s financial statements referred to
in Section 6.14 or referred to in Section 6.7, Borrower shall not
incur, create, assume, become or be liable in any manner with respect to, or permit
to exist, any obligations or indebtedness, direct or indirect fixed or contingent,
including obligations under capitalized leases, except: (a) the Liabilities; (b)
obligations secured by liens or security interests permitted under Section
8.1 or contingent obligations permitted under Section 8.5; and (c) trade
obligations, Producer Payables and normal accruals in the ordinary course of
Borrower’s business not yet due and payable, or with respect to which Borrower is
contesting in good faith the amount or validity thereof by appropriate proceedings,
and then only to the extent that Borrower has set aside on Borrower’s books adequate
reserves therefor, if appropriate under GAAP; (d) indebtedness incurred or assumed as
part of a Permitted Acquisition; and (e) other indebtedness not exceeding $20,000,000
in the aggregate at any one time outstanding.

8

 

     7. Amendment of Covenant to Permit Dispositions. Section 8.6 of the Loan
Agreement, Disposition of Property, shall be amended to read in full as follows:

          8.6 Disposition of Property. Except as set forth on Exhibit
8A-2, as permitted by Section 5.14, and except for the disposition of
obsolete or worn out property in the ordinary course of business, Borrower shall not
sell, lease, transfer or otherwise dispose of any of Borrower’s properties, assets or
rights. The Agent, on behalf of the Lenders, shall be empowered to execute, deliver,
file and record any and all documents reasonably required to release the liens and
security interests held by the Agent for the ratable benefit of the Lenders upon and
in the Borrower’s properties, assets or rights that are disposed of in accordance
with this Section 8.6.

     8. Amendment of Covenant to Permit Increased Dividends. Section 8.9 of the
Loan Agreement, Distributions in Respect of Equity, Prepayment of Debt, shall be amended to
read in full as follows:

          8.9 Distributions in Respect of Equity, Prepayment of Debt. Borrower
shall not directly or indirectly: (a) redeem any of Borrower’s shares of capital
stock or pay dividends on any class of Borrower’s capital stock, provided
however, that a Borrower may pay dividends to another Borrower in any amount,
Premium may issue stock dividends and, provided that no Default or Matured Default
has occurred and is continuing or would be caused thereby, Premium may pay dividends
or redeem stock in any one Fiscal Year of not more than $15,000,000 in the aggregate;
or (b) prepay any principal, interest or other payments on or in connection with any
Interest Bearing Debt of Borrower other than the Liabilities.

     9. Amendment of Covenant to Increase Permitted Lease Obligations. Section
8.11 of the Loan Agreement, Lease Limitations, shall be amended to read in full as
follows:

          8.11 Lease Limitations. Borrower’s financial obligations under all
operating leases, synthetic leases and similar agreements, other than capitalized
leases, shall not exceed $20,000,000 in the aggregate for any fiscal year of
Borrower.

     10. General Representations and Warranties. To induce the Agent and the Lenders to
enter into this Amendment, the Borrower represents and warrants to the Agent and the Lenders that
(a) the factual information taken as a whole in the materials furnished by or on behalf of the
Borrower to the Agent or any Lender for purposes of or in connection with this Amendment, does not
contain any untrue statement of a material fact or omit to state any material fact necessary to
keep the statements contained therein from being misleading as of the date of this Amendment, and
(b) except as described in this Amendment, a previous amendment of the Loan Agreement or as
previously disclosed in writing to the Agent by the submission of a Compliance Certificate or
otherwise, each and every representation and warranty set forth in the Loan

9

 

Agreement is true and correct as of the date hereof, and shall be deemed remade by the
Borrower as of the date hereof.

     11. Conditions; Documentation. This Amendment shall be effective upon the execution
and/or delivery of this Amendment to the Agent by the Borrower and each of the Lenders.

     12. Incorporation of Loan Agreement. The parties agree that this Amendment shall be
an integral part of the Loan Agreement, that all of the terms set forth therein are incorporated in
this Amendment by reference, and that all terms of this Amendment are incorporated therein as of
the date of this Amendment. All of the terms and conditions of the Loan Agreement, which are not
modified in this Amendment, shall remain in full force and effect. To the extent the terms of this
Amendment conflict with the terms of the Loan Agreement, the terms of this Amendment shall control.

     13. Counterparts & Facsimile. This document may be executed in several counterparts,
each of which shall be construed together as one original. Facsimile signatures on this document
shall be considered as original signatures.

{The rest of this page is intentionally left blank – Signature pages follow}

10

 

     IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written.

	 	 	 	 	 	 	 
	 	 	 	 	PREMIUM STANDARD FARMS, INC.,
	 	 	 	 	a Delaware corporation
	 
	 	 	 	 	 	 
	ATTEST:	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/Dennis D. Rippe
	 	By:
	 	      /s/ Stephen A. Lightstone
	

	 	 
	 	 	 	 
	Its:

	 	Vice President and Controller
	 	Its:
	 	      Executive Vice President
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	LUNDY INTERNATIONAL, INC., a
	 	 	 	 	North Carolina corporation
	 
	 	 	 	 	 	 
	ATTEST:	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/Dennis D. Rippe
	 	By:
	 	      /s/ Stephen A. Lightstone
	

	 	 
	 	 	 	 
	Its:

	 	Vice President and Controller
	 	Its:
	 	       Executive Vice President
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	PREMIUM STANDARD
FARMS OF NORTH CAROLINA, INC., a Delaware corporation
	 	 	 	 	 
	ATTEST:	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/Dennis D. Rippe
	 	By:
	 	      /s/ Stephen A. Lightstone
	

	 	 
	 	 	 	 
	Its:

	 	Vice President and Controller
	 	Its:
	 	      Executive Vice President
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	LPC TRANSPORT, INC., a Delaware corporation
	 
	 	 	 	 	 	 
	ATTEST:	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/Dennis D. Rippe
	 	By:
	 	     /s/ Stephen A. Lightstone
	

	 	 
	 	 	 	 
	Its:

	 	Vice President and Controller
	 	Its:
	 	      Executive Vice President
	

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	U.S. BANK NATIONAL
ASSOCIATION, as Agent and as a Lender
	 	 	 	 	950 17th Street, Suite 350
	 	 	 	 	Denver, Colorado 80202
	 
	 	 	 	 	 	 
	

	 	 	 	By:
	 	      /s/ Alan Schuler
	

	 	 	 	 	 	 
	

	 	 	 	Its:
	 	      Senior Vice President
	

	 	 	 	 	 	 

{Signature Page to First Amendment of Amended and Restated Loan and Security Agreement Dated as of
April 20, 2005}

11

 

	 	 	 	 	 
	 	 	FARM CREDIT SERVICES OF MISSOURI, PCA
	 
	 	 	 	 
	

	 	By:
	 	     /s/ Terry Eidson
	

	 	 	 	 
	

	 	Its:
	 	     Senior Vice President
	

	 	 	 	 
	 
	 	 	 	 
	 	 	HARRIS TRUST AND SAVINGS BANK
	 
	 	 	 	 
	

	 	By:
	 	     /s/ John R. Carley
	

	 	 	 	 
	

	 	Its:
	 	     Vice President
	

	 	 	 	 
	 
	 	 	 	 
	 	 	FARM CREDIT SERVICES OF AMERICA, FLCA
	 
	 	 	 	 
	

	 	By:
	 	     /s/ Kent E. Bang
	

	 	 	 	 
	

	 	Its:
	 	     Vice President
	

	 	 	 	 
	 
	 	 	 	 
	 	 	FIRST NATIONAL BANK OF OMAHA
	 
	 	 	 	 
	

	 	By:
	 	     /s/ Brian Frebert
	

	 	 	 	 
	

	 	Its:
	 	     Vice President
	

	 	 	 	 
	 
	 	 	 	 
	 	 	COOPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK
	 	 	INTERNATIONAL”, NEW YORK BRANCH
	 
	 	 	 	 
	

	 	By:
	 	     /s/ Robert Mandula
	

	 	 	 	 
	

	 	Its:
	 	     Managing Director
	

	 	 	 	 
	 
	 	 	 	 
	

	 	By:
	 	     /s/ Rebecca O. Morrow
	

	 	 	 	 
	

	 	Its:
	 	     Executive Director
	

	 	 	 	 

{Signature Page to First Amendment of Amended and Restated Loan and Security Agreement Dated as of
April 20, 2005}

12

 

Exhibit 7A-1

To

Amended and Restated Loan Agreement

Compliance Certificate

Attached

13

 

Exhibit 8A-2 to

Loan and Security Agreement

Permitted Dispositions of Property

Boneless Hams Plant located in Dunn, North Carolina and related real and personal
property, including equipment and inventory.

Facilities located in Texas and related real and personal property, including equipment
and inventory.

Upon the prior written consent of the Agent, other property with a cumulative book value
of up to $2,000,000 in any Fiscal Year of Borrower.

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]