Document:

Exhibit

Exhibit 10.2

SECOND AMENDMENT TO SECOND 
AMENDED AND RESTATED CREDIT AGREEMENT AND CONSENT
This SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEEMNT AND CONSENT (this “Amendment”), is dated as of October 21, 2016, 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”), 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 as may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); and
WHEREAS, the Borrowers have requested that (i) certain terms and conditions of the Credit Agreement be amended as more specifically set forth herein and (ii) Administrative Agent and the Required Lenders consent to the release of certain Mortgaged Properties described on Schedule A and all Liens related thereto and the Administrative Agent and the Required Lenders have agreed to the requested amendments and to give such consent on the terms and conditions 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.Amendment to Credit Agreement.  Section 5.08 of the Credit Agreement, Use of Proceeds is hereby modified and amended by deleting such section in its entirety and inserting in lieu thereof the following:

“SECTION 5.08.  Use of Proceeds.  The proceeds of the Loans will be used (a) on the Effective Date, (i) for the PPC Refinancing, and (ii) to pay the fees and expenses incurred in connection with the Transactions and (b) on and after the Effective Date, to pay the Dividend to the extent permitted under Section 6.08(a)(iv), and to finance the general corporate purposes of the Borrowers (including Capital Expenditures, Permitted Acquisitions, the Tyson Acquisition, payments of principal and interest on the Loans, and any refinancing(s) of or modifications to Indebtedness permitted in this Agreement, subject to the relevant limitations contained in this Agreement).  No part of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X.  No Loan Party will, directly or indirectly, 

use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, (i) to fund in violation of Sanctions any activities or business of or with any Person, or in any country, region, or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, including, without limitation, currently the Region of Crimea, Cuba, Iran, North Korea, Sudan and Syria, or (ii) in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, or otherwise). No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any Anti-Corruption Laws that may be applicable.
2.Consent.  The Lenders party hereto hereby consent to the release by Administrative Agent of the Mortgaged Property described on Schedule A and all Liens related thereto.  The Administrative Agent hereby agrees to execute and to promptly deliver to Borrowers (at the sole expense of the Borrowers), all  documents, releases of liens, mortgage satisfactions, discharges, terminations or other release documentation reasonably requested by Borrowers and to take all additional steps as may be necessary to release or terminate its security interests in such Mortgaged Property or to evidence this consent.  The parties hereto further agree that from and after the date of this Amendment, unless otherwise agreed to by the Administrative Agent and the Borrowers, the Mortgaged Property described on Schedule A shall be deemed not to be included as Mortgaged Property for purposes of the Credit Agreement and other Loan Documents.
3.No Other Amendments or Consents.  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 and consents 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.
4.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 

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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;
(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.
5.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 (the “Consent Effective Date”):
(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 Consent. 
6.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).
7.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.
8.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 

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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.
9.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.
10.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.
11.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.
12.Loan Document.  This Amendment shall be deemed to be a Loan Document for all purposes under the Credit Agreement.
13.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

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND CONSENT
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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

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	ADMINISTRATIVE AGENT
	 
	COÖPERATIEVE RABOBANK U.A., NEW YORK

	AND LENDERS:
	 
	BRANCH, as Administrative Agent and Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Eric J. Rogowski

	 
	 
	Name:  Eric J. Rogowski

	 
	 
	Title:  Executive Director

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Eric Hurshman

	 
	 
	Name:  Eric Hurshman

	 
	 
	Title:  Managing 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/ Josh Hovermale

	 
	 
	Name:  Josh Hovermale

	 
	 
	Title:  Vice President

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	ING CAPITAL LLC, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Bill Redmond

	 
	 
	Name:  Bill Redmond

	 
	 
	Title:  Managing Director

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Bennett Whitehurst

	 
	 
	Name:  Bennett Whitehurst

	 
	 
	Title:  Vice President

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

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Michelle White

	 
	 
	Name:  Michelle White

	 
	 
	Title:  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/ Barbara Paulsen

	 
	 
	Name:  Barbara Paulsen

	 
	 
	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/ Mathew Cybul

	 
	 
	Name:  Mathew Cybul

	 
	 
	Title:  Assistant Vice President

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	DEUTSCHE BANK AG, NEW YORK

	 
	 
	BRANCH, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Benjamin Souh

	 
	 
	Name:  Benjamin Souh

	 
	 
	Title:  Vice President

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Anca Trifan

	 
	 
	Name:  Anca Trifan

	 
	 
	Title:  Managing Director

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	MORGAN STANLEY SENIOR FUNDING,

	 
	 
	INC., as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Lisa Vieira

	 
	 
	Name:  Lisa Vieira

	 
	 
	Title:  Vice President

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	JPMORGAN CHASE BANK, N.A., as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Christophe Vohmann

	 
	 
	Name:  Christophe Vohmann

	 
	 
	Title:  Executive Director

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	FIFTH THIRD BANK, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ James A. Bosco

	 
	 
	Name:  James A. Bosco

	 
	 
	Title:  SVP

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	BRANCH BANKING AND TRUST COMPANY,

	 
	 
	as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Bradford F. Scott

	 
	 
	Name:  Bradford F. Scott

	 
	 
	Title:  Senior Vice President

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	COBANK, FCB, as a Lender

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ James H. Matzat

	 
	 
	Name:  James H. Matzat

	 
	 
	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:  Matthew H Jeffords

	 
	 
	Title:  Vice President

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	AGSTAR FINANCIAL SERVICES, FLCA, as a

	 
	 
	Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Troy Mostaert

	 
	 
	Name:  Troy Mostaert

	 
	 
	Title:  VP Capital Markets

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	BADGERLAND FINANCIAL, FLCA, as a

	 
	 
	Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Anthony G. Endres

	 
	 
	Name:  Anthony G. Endres

	 
	 
	Title:  AVP - Capital Markets

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	FARM CREDIT BANK OF TEXAS, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Chris M. Levine

	 
	 
	Name:  Chris M. Levine

	 
	 
	Title:  Vice President

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	FARM CREDIT EAST, ACA, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Scott G. Kenney

	 
	 
	Name:  Scott G. Kenney

	 
	 
	Title:  SVP

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	FARM CREDIT MID-AMERICA, FLCA, as a

	 
	 
	Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Jay Carter

	 
	 
	Name:  Jay Carter

	 
	 
	Title:  Vice President

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	FARM CREDIT WEST, FLCA, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Robert Stornetta

	 
	 
	Name:  Robert Stornetta

	 
	 
	Title:  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

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND CONSENT
S-29

	
			
	 
	 
	GREENSTONE FARM CREDIT SERVICES, 

	 
	 
	FLCA, as a Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Curtis Flammini

	 
	 
	Name:  Curtis Flammini

	 
	 
	Title:  Vice President

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND CONSENT
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	NORTHWEST FARM CREDIT SERVICES, 

	 
	 
	FLCA, as a Voting Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Paul Hadley

	 
	 
	Name:  Paul Hadley

	 
	 
	Title:  Vice President

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND CONSENT
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	YOSEMITE LAND BANK, FLCA, as a Voting

	 
	 
	Participant

	 
	 
	 

	 
	 
	 

	 
	By:
	/s/ Leslie C. Crutcher

	 
	 
	Name:  Leslie C. Crutcher

	 
	 
	Title:  E.V.P.

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SCHEDULE A

Mortgaged Property to be Released

	
				
	City
	State
	Address
	Type of Property

	Athens
	AL
	1004 East Pryor Street
	Fresh Processing 

	Boaz
	AL
	1 Gold Kist Street
	Fresh Plant/Further Processing Plant/Warehouse

	Nashville
	AR
	1602 South 4th Street
	Hatchery

	Carrollton
	GA
	616 Kingsbridge Road
	Division Office & Processing Plant W. GA

	Ellijay
	GA
	125 Industrial Blvd.
	Division Office & Processing Plant N.W. GA

	Live Oak
	FL
	1306 West Howard St.
	Feed MillExhibit

FORM OF CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENT
This Confidentiality and Restrictive Covenant Agreement (“Agreement”) is entered into between Santander Consumer USA Inc., Santander Consumer USA Holdings, Inc. (collectively “Santander” or the “Company”), and _________________________ (“Employee”). In exchange for the mutual promises and obligations in this Agreement, Santander and Employee agree as follows:
1.NO ALTERATION OF EMPLOYMENT RELATIONSHIP. Nothing in this Agreement is intended to alter the nature of the relationship between Employee and the Company. The terms and conditions of employment for employees that have executed separate, specific employment agreements will continue to be governed by such agreements except to the extent altered herein. Employment for employees that have not signed separate, specific employment agreements remains “at will,” and either the employee or the Company may terminate the employee’s employment at any time, with or without notice, for any or no reason and with or without cause. Nothing in this Agreement shall constitute a promise or contract of employment for any particular duration, for any specified rate of pay, under any specified terms and conditions, or for any specific job function.
2.AGREEMENT TO PROVIDE CONFIDENTIAL INFORMATION. Santander agrees to furnish Employee with Confidential Information related to Santander during Employee’s employment. Employee acknowledges that this Confidential Information is furnished for the purpose of enabling Employee to access and provide service to the Company and its customers. Employee acknowledges and agrees that the Company’s business is to a large extent based upon Confidential Information, and that the Company’s provision of this Confidential Information justifies the restrictions provided for in this Agreement.
For purposes of this Agreement, the term “Confidential Information” shall mean information that Santander owns or possesses, that Santander has developed, that it uses or that is potentially useful in the business of the Company, and/or that the Company treats as proprietary, private, or confidential. Confidential Information includes, but is not limited to, (a) inventions, ideas, processes, formulas, data, lists, programs, internal memos, other works of authorship, know-how, improvements, discoveries, trade secrets, developments, designs, and techniques relating to the business or proposed business of Santander; (b) information regarding plans for research, development, new products and services, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers, customer lists, cost structures, customer needs/preferences, the identity of Santander’s automotive dealer partners, and the terms of the relationship between Santander and the automotive dealerships; and (c) information regarding the skills and capabilities of other employees, consultants, vendors, and contractors for Santander that the Company desires to protect against disclosure or competitive use.
3.NON-DISCLOSURE OF CONFIDENTIAL INFORMATION. Employee agrees not to, either during or after Employee’s employment, use or disclose such Confidential Information for any reason other than in the performance of Employee’s duties.
Employee’s obligation not to disclose Confidential Information does not apply to information that: (a) is or becomes generally available to the public other than as a result of disclosure by Employee; or (b) Employee is legally required by law, subpoena, or judicial/regulatory process, provided, however, that in the event Employee is legally required to disclose such information, Employee agrees to provide the Company with prompt notice thereof so that the Company may, in the Company’s sole discretion, seek an appropriate protective order. 
4.RESTRICTIVE COVENANTS. Employee acknowledges that: (a) during Employee’s employment with Santander, Employee will obtain Confidential Information; (b) the Confidential Information has been developed and created by Santander at substantial expense and the Confidential Information constitutes valuable proprietary assets of the Company; (c) Santander will suffer substantial damage which will be difficult to compute if Employee should solicit or interfere with the Company’s employees, clients, customers, vendors, or suppliers or should divulge Confidential Information relating to the business of the Company; (d) the provisions of this Agreement are reasonable and necessary for the protection of Santander’s business and the Confidential Information; (e) Santander would not have provided Employee with Confidential Information unless Employee agreed to be bound by the terms hereof; and (f) the provisions of this Agreement will not preclude Employee from other gainful employment.
For these reasons, Employee agrees to the following restrictive covenants designed to protect the Confidential Information:
		
	(i)
	Non-Competition: Employee shall not, during the Restricted Period, without the prior written consent of Santander, directly or indirectly, on Employee’s behalf or on behalf of or in conjunction with others, as a contractor, agent, shareholder, owner, partner, director, officer, principal, member, employee, or in any other capacity or manner whatsoever, for Employee’s own benefit or for the benefit of any other person or entity, render services or advice to, accept employment with, lend Employee’s name or credit to, work for, participate in the ownership, management, operation, financing, or control of, an entity currently engaged in, or desiring to become engaged in, Competing Activities in the Restricted Area. Notwithstanding the foregoing, nothing in this Agreement restricts Employee from owning less than 1% of any class of securities of such entity as a passive investor, if such securities are listed on a national securities exchange. Employee understands that this provision does not restrict Employee from accepting any employment with any entity that does not engage in Competing Activities.

		
	(ii)
	Non-Solicitation: Employee shall not, during the Restricted Period, without the prior written consent of Santander, directly or indirectly, on Employee’s behalf or on behalf of or in conjunction with others, as a contractor, agent, shareholder, owner, partner, director, officer, principal, member, employee, or in any other capacity or manner whatsoever, solicit business from, attempt to transact business with, transact business with, or interfere with the Company’s relationship with any Customer or Prospective Customer, vendor, supplier, or contractor of the Company. This restriction applies only to business that is a Competitive Activity.

		
	(iii)
	Anti-Raiding: Employee shall not, during the Restricted Period, without the prior written consent of the Company, directly or indirectly, on Employee’s behalf or on behalf of or in conjunction with others, as a contractor, agent, shareholder, owner, partner, director, officer, principal, member, employee, or in any other capacity or manner whatsoever, directly or indirectly solicit for employment, employ, or otherwise engage as an employee, independent contractor, or otherwise, any person who is, or within the 12-month period immediately preceding the date of any such activity was, an employee or contractor engaged by the Company.

The term “Restricted Period” means during Employee’s employment with the Company and for a period of 12 months thereafter.
The term “Restricted Area” means the United States.
The term “Competing Activity” means any business activity that involves or is related to providing vehicle finance and/or unsecured consumer lending products. 
The term “Customer or Prospective Customer” means any client or customer of the Company, or any person or entity with whom the Company has attempted to do business, within the 24-month period prior to the end of Employee’s employment. This term is limited to those clients, customers, persons, or entities: (1) with whom Employee had contact; or (2) about whom Employee received Confidential Information.
5.REMEDIES. Employee acknowledges and agrees that if Employee breaches any of the provisions of this Agreement, the Company will suffer immediate and irreparable harm for which monetary damages alone will not be a sufficient remedy, and that, in addition to all other remedies that the Company may have, the Company shall be entitled to seek injunctive relief, specific performance, and any other form of equitable relief to remedy a breach or threatened breach of this Agreement and to enforce the provisions of this Agreement. The existence of this right shall not preclude or otherwise limit the applicability or exercise of any other rights and remedies that the Company may have at law or in equity. Santander shall further be entitled to attorneys’ fees and costs associated with obtaining any legal or equitable remedies.
If Employee violates the restrictive covenants of this Agreement and the Company brings legal action for injunctive or other relief, then the Company will not be deprived of the benefit of the full Restricted Period as a result of the time involved in obtaining the relief. Accordingly, Employee agrees that the Restricted Period will have duration of 12 months after termination of employment, and the regularly scheduled expiration date of such Restricted Period will be extended by the same amount of time that Employee is determined to have violated such covenant.
It is further agreed that such covenant will be regarded as divisible, and if any part of such covenant is declared invalid, unenforceable, or void as to time, area, or scope of activities, a court with appropriate jurisdiction shall be authorized to rewrite, substitute, and enforce provisions which are valid; and the validity and enforceability of this Agreement as modified will not be affected.
6.EXCLUSIVITY AND DUTY OF LOYALTY TO THE COMPANY’S INTEREST. Employee agrees that, during Employee’s employment with the Company, Employee shall:
		
	(a)
	Work for the best interest of the Company and make Employee’s services available only to the Company and not to Employee’s own account or for any other person or entity without the prior written consent of the Company;

		
	(b)
	Not engage in any activity which conflicts or interferes with the performance of any of the duties and/or responsibilities assigned to Employee by the Company;

		
	(c)
	Promptly disclose to the Company, and not divert, any business opportunities or prospective customers of which Employee becomes aware;

		
	(d)
	Promptly disclose any solicitation of any of the Company’s current, former, or prospective customers or employees by any competitor of the Company of which Employee becomes aware;

		
	(e)
	Not act to antagonize or oppose the interests of the Company; and

		
	(f)
	Not take advantage of any opportunity that Employee’s position may provide to profit beyond the agreed compensation and benefits.

7.OWNERSHIP OF WORK PRODUCT. Employee acknowledges that all discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications, copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related thereto, all other proprietary information, and all similar or related information (whether or not patentable) that relate to Santander’s actual or anticipated business, research and development, or existing or future products or services and that are conceived, developed, contributed to, made, or reduced to practice by Employee (either solely or jointly with others) while engaged or employed by the Company (including any of the foregoing that constitutes any proprietary information or records) (“Work Product”) belong to the Company, and Employee hereby assigns, and agrees to assign, all of the above Work Product to the Company. Any copyrightable work prepared in whole or in part by Employee in the course of Employee’s work for any of the foregoing entities shall be deemed a “work made for hire” under the copyright laws, and Santander shall own all rights therein. To the extent that any such copyrightable work is not a “work made for hire,” Employee hereby assigns and agrees to assign to Santander all right, title, and interest, including without limitation, copyright in and to such copyrightable work. Employee shall promptly disclose such Work Product and copyrightable work to the Company and perform all actions reasonably requested by the Company (whether during or after the term of Employee’s employment with the Company) to establish and confirm the Company’s ownership (including, without limitation, assignments, consents, powers of attorney, and other instruments).
8.RETURN OF MATERIALS. Upon the termination of Employee’s employment for any reason or upon the Company’s request at any time, Employee shall immediately return to Santander all of the Company’s property, including, but not limited to, mobile phone, personal digital assistant (PDA), keys, pass cards, credit cards, confidential or proprietary lists (including, but not limited to, customer, supplier, licensor, and client lists), rolodexes, tapes, laptop computer, software, computer files, marketing and sales materials, and any other property, record, document, or piece of equipment belonging to the Company. Employee will not (a) retain any copies of the Company’s property, including any copies existing in electronic form, which are in Employee’s possession, custody, or control or (b) destroy, delete, or alter any property of the Company, including, but not limited to, any files stored electronically, without the Company’s prior written consent. The obligations contained in this paragraph shall also apply to any property which belongs to a third party, including, but not limited to, the Company’s customers, licensors, or suppliers.
9.EMPLOYEE REPRESENTATIONS. Employee represents and warrants that: (a) Employee has full right, power, legal capacity and authority to enter into this Agreement; (b) neither the execution and delivery of this Agreement nor the performance of Employee’s duties as an employee of the Company, will breach, violate or (whether immediately or with the lapse of time or the giving of notice or both) constitute an event of default under, or require any consent or the giving of any notice under, any contract or instrument to which Employee is a party or by which Employee may be bound; and (c) Employee has disclosed to the Company all legal obligations, if any, owed to previous employers, and agrees not to improperly use or disclose any confidential information or trade secrets of any previous employers.
10.MISCELLANEOUS.
		
	(a)
	Governing Law. This Agreement is made under and shall be construed according to the laws of the State of Texas.

		
	(b)
	Construction. The parties understand and agree that, should any portion of any clause or paragraph of this Agreement be deemed too broad to permit enforcement to its fullest extent, or should any portion of any clause or paragraph of this Agreement be deemed unreasonable, then said clause or paragraph shall be reformed and enforced to the maximum extent permitted by law. In the event that such portion of any clause or paragraph is deemed incapable of reform, the offending language shall be severed, and the remaining terms and provisions of this Agreement shall remain unaffected, valid, and enforceable for all purposes.

		
	(c)
	Waiver. The waiver by either party of the breach of any of the terms and conditions of, or any right under this Agreement, shall not be deemed to constitute the waiver of any similar right. No such waiver shall be binding or effective unless expressed in writing and signed by the party giving such waiver. 

		
	(d)
	Entire Agreement. This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof. No oral statements or prior written material not specifically incorporated herein shall be of any force and effect, and no changes in or additions to this Agreement shall be recognized unless incorporated herein by written amendment, such amendment to become effective on the date stipulated therein. Employee acknowledges and represents that in executing this Agreement, Employee did not rely, and has not relied, on any communications, promises, statements, inducements, or representation(s), oral or written, by the Company, except as expressly contained in this Agreement. This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, legal representatives and permitted assigns (if any).

I, _______________________________, acknowledge that I have carefully read this entire Agreement and understand the nature and extent of the obligations I am assuming hereunder.

________________________________________            __________________
EMPLOYEE SIGNATURE                                 DATE

FOR SANTANDER

__________________
DATE
Name:                        

Title:                         

_____________________________________________________________________________________________________________________
CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENT    PAGE 1

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