Document:

Exhibit 4.4

 Exhibit 4.4 
 AGREEMENT FOR FINANCIAL AND REGISTERED PLEDGES 
 OVER THE SHARES IN PRIMA FARMS SP. Z O.O.

 26 OCTOBER 2007 
 SMITHFIELD FOODS, INC. 
 as a Pledgor 
 and 
 SOCIETE GENERALE 
 as a Pledgee 
 

 
 Allen & Overy, 
 A. Pędzich spółka komandytowa 

 CONTENTS 
  

					
	 Clause
	 	 	  	Page
			
	1.	 	Interpretation	  	1
	2.	 	Creation of Security	  	3
	3.	 	Release from Security	  	6
	4.	 	Representations and Warranties of the Pledgor	  	6
	5.	 	General Undertakings	  	7
	6.	 	Voting Rights	  	8
	7.	 	Enforcement of the Security Interest	  	8
	8.	 	Application of Proceeds	  	10
	9.	 	Indemnity	  	10
	10.	 	Delegation	  	10
	11.	 	Exclusion of Subrogation	  	10
	12.	 	Amendments	  	10
	13.	 	Expenses and indemnity	  	10
	14.	 	Notices	  	11
	15.	 	Language and Counterparts	  	11
	16.	 	Governing Law and Jurisdiction	  	11
		
	 Schedule
	  	 
			
	1.	 	Form of Notice of new shares	  	12
	2.	 	Form of Notice of establishment of the pledges	  	13
	3.	 	Form of Power of attorney	  	14
		
	Signatories	  	15

 THIS AGREEMENT is made on 26 October 2007 BETWEEN: 
  

	(1)	SMITHFIELD FOODS, INC., a company formed under the laws of Virginia, USA, with its seat in Smithfield, 200 Commerce Street, Smithfield, Virginia 23430, USA (the
Pledgor), represented in this Agreement by Lech Najbauer – acting on the basis of the power of attorney; 

 and

  

	(2)	SOCIETE GENERALE a bank duly established under French law, with registered address at 29 boulevard Haussmann, 75009 Paris, France, acting by and through its branch
established in the City and State of New York, United States of America, with its registered office located at 1221 Avenue of the Americas, New York, New York 10021, registration no. 552 120 222 R.C.S. Paris (the Pledgee),
represented in this Agreement by Patryk Laskorzyński – acting on the basis of the power of attorney. 

 The Pledgee
and the Pledgor are referred to jointly as the Parties. 
 BACKGROUND: 
  

	(A)	A Euro 300,000,000 multicurrency revolving facility agreement (the Credit Agreement) has been entered into on 22 August 2006 between, among others, Smithfield Capital
Europe BV, as Borrower, Smithfield Foods Inc. and other companies of the Group as Guarantors, BNP Paribas and Société Générale Corporate & Investment Banking as Arrangers and Société
Générale as Agent and Security Agent (all these terms as defined under the Credit Agreement); 

  

	(B)	Pursuant to the terms set forth under the Credit Agreement, the Pledgor has undertaken to create a pledge in favour of the Pledgee over all of their shares in the Company as
security for the Borrower’s compliance with the obligations, whether present or future, undertaken under the Credit Agreement and other Finance Documents, together with all costs and expenses which arise from the protection, conservation and
execution of the Pledgee respective rights deriving from the Credit Agreement and from the other Finance Documents; 

  

	(C)	The Pledgee is a bank organized under the law of France; 

  

	(D)	Pursuant to Clause 27.2 (Security Agent as creditor) of the Credit Agreement, the Pledgee is acting in its capacity as an independent and separate creditor of the Borrower in
relations to all pecuniary claims and rights under the Credit Agreement. 

 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 
 Borrower means SMITHFIELD CAPITAL EUROPE B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)
incorporated under the laws of the Netherlands, having its registered office (statutaire zetel) in Amsterdam, the Netherlands and its business office at Naritaweg 165, 1043 BW Amsterdam, the Netherlands, registered with the Commercial
Register under number 34253508 
 Catalogue means the catalogue of methods of description of the objects of pledge attached as a
schedule to the Ordinance of the Minister of Justice of 15th October, 1997 on the detailed organization and method of maintaining the pledge register (Dz.U. no. 134, item 892). 
  

 1 

 Commercial Companies Code means Commercial Companies Code of 15 September, 2000 (Dz. U. No
94;Iitem 1037 as amended). 
 Company means Prima Farms Sp. z o.o., limited liability company with its seat in Poznań, at
Marcelińska Street 92/94, 60-324 Poznań, entered into the register of entrepreneurs maintained by the District Court for Poznań, XXI Commercial Division of the National Court Register under no. KRS 0000109157. 
 Enforcement Notice means a notice as defined in Clause 7.1 (Rights of the Pledgee). 
 Financial Pledge means the financial pledge over the Shares established pursuant to Clause 2.5 (Establishment of the Financial Pledge). 

Indemnifiable Person means the Pledgee and each of its agents, directors and employees. 
 New Shares means all shares in the share capital of the Company which the Pledgor subscribes for after the date of this Agreement following an
increase of the share capital of the Company or in any other way acquires. 
 Pledges means the Registered Pledge and the Financial
Pledge jointly or each of them separately, as the context requires. 
 Pledge Law means the Law on Registered Pledge and Pledge
Register of 6 December, 1996 (Dz. U. No 149, Item 703 as amended). 
 Property Rights means all claims attributable to
the Pledgor to which it is entitled as a shareholder of the Company to the extent they are not subject to any of the Pledges, including, without limitation, the claims to receive: 
  

	 	(a)	dividends in relation to the Shares or New Shares (as the case may be); 

  

	 	(b)	any amounts payable by way of redemption of the Shares or New Shares (as the case may be). 

 Registered Pledge means registered pledge over Shares established pursuant to Clause 2.1 (Establishment of the Registered Pledge). 
 Secured Claims means all present and future pecuniary claims (whether actual or contingent or whether owed jointly or severally or in any other
capacity whatsoever) of the Pledgee against each Obligor pursuant to Clause 27.2 (Security Agent as creditor) of the Credit Agreement. 
 Security Interest means any pledge (including ordinary, registered and financial pledge), lien, charge, assignment, transfer of title by way of security or any other agreement or arrangement having a similar effect. 
 Security Period means the period beginning on the date of this Agreement and ending on the date on which the Secured Claims have been irrevocably
and unconditionally paid and discharged in full. 
 Shares means 139 665 shares in the share capital of the Company of the nominal
value of PLN 1000 each and the total nominal value of 139 665 000 PLN, held by the Pledgor at the date of this Agreement constituting 100 per cent of the share capital of the Company. 
  

 2 

 Specific Financial Collateral Act means Specific Financial Collateral Act of 2nd April, 2004
(Official Journal of Laws (Dziennik Ustaw) No. 91 of 2004, item 871). 
  

	1.2	Construction 

  

	(a)	In this Agreement, unless the contrary intention appears, a reference to: 

  

	 	(i)	an amendment includes a supplement, novation or re-enactment and amended is to be construed accordingly; 

  

	 	(ii)	assignable in relation to any right or claim means either: 

  

	 	(A)	there is no prohibition on assignment of rights under a given contract imposed by law or arising from an agreement between the parties to such contract, the nature of the
obligation, or other impediment to the assignment hereunder; or 

  

	 	(B)	there is such a prohibition or impediment arising from an agreement between the parties to such contract and any consent required to remove such prohibition or impediment has been
obtained, 

  

	 	(iii)	an authorization includes an authorization, consent, license, resolution, filing, registration or notarization; 

  

	 	(iv)	a provision of a law or regulation is a reference to that provision or regulation as amended or re-enacted; 

  

	 	(v)	a Clause, a Subclause or a Schedule is a reference to a clause or a subclause of, or a schedule to, this Agreement; 

  

	 	(vi)	a person includes any individual, legal entity or an entity without legal personality and such reference shall also include a reference to its successors, transferees and
assigns; 

  

	 	(vii)	a document is a reference to that document as amended, novated or supplemented; and 

  

	 	(viii)	an Event of Default being outstanding means that it has not been waived. 

  

	(b)	The words and expressions in plural shall include singular and vice versa. 

  

	(c)	The contents page of, and headings in, this Agreement are for convenience only and are to be ignored in construing this Agreement. 

  

	(d)	The capitalized terms used herein and not otherwise defined herein shall have the same meaning as set forth in the Credit Agreement. 

  

	2.	CREATION OF SECURITY 

  

	2.1	Establishment of the Registered Pledge 

  

	(a)	In order to secure the repayment of the Secured Claims, the Pledgor hereby establishes in favour of the Pledgee the registered pledge over Shares up to the maximum secured amount of
Euro 450,000,000.00 (the “Maximum Secured Amount”). 

  

	(b)	The Pledgee hereby consents to the establishment of the Registered Pledge. 

  

	(c)	The Registered Pledge established in this Clause shall be a first ranking registered pledge. 

  

 3 

	2.2	Value of the Shares 

 The Parties estimate the net
value of the Shares as at the date of this Agreement at their nominal value. 
  

	2.3	Description of the object of Registered Pledge 

 An
application for registration of the Registered Pledge shall be submitted on the official form and, for that purpose, the Shares shall be classified in accordance with item G1 of the Catalogue (share in a limited liability company).

  

	2.4	Registration of the Registered Pledge 

  

	(a)	The Pledgor shall procure that the Registered Pledge is entered into the register of pledges kept by the relevant registration court within six months of the date of this Agreement.

  

	(b)	The application for entering the Registered Pledge in the register of pledges shall be submitted to the relevant registration court by the Pledgor within seven Business Days of the
date of this Agreement and copies of such application - together with the evidence of its filing with the relevant registration court and due payment of all court fees - shall be simultaneously sent to the Pledgee. The court fees payable upon
entering the Registered Pledge in the register of pledges shall be borne by the Pledgor. 

  

	2.5	Establishment of the Financial Pledge 

  

	(a)	In order to secure the repayment of the Secured Claims, the Pledgor hereby establishes in favour of the Pledgee, in accordance with the relevant provisions of the Specific Financial
Collateral Act, the Financial Pledge over the Shares. 

  

	(b)	The Pledgee hereby consents to the establishment of the Financial Pledge. 

  

	(c)	The Financial Pledge shall expire and be released upon the entry of the Register Pledge to the register of pledges kept by the relevant registration court. 

 

	2.6	New Shares 

  

	(a)	The Pledgor shall: 

  

	 	(i)	notify the Pledgee upon acquiring any New Shares, in the form of Schedule 1 (Form of Notice of New Shares); and 

  

	 	(ii)	enter into a pledge agreement with the Pledgee on substantially the same terms as set out in this Agreement, 

 within fourteen days of the date of the acquisition of the New Shares. 
  

	(b)	The Pledgor shall procure that the Registered Pledge established in accordance with this Agreement is entered in the register of pledges kept by the relevant registration court
within three months of the date of this Agreement. 

  

	(c)	The Pledgee shall cooperate with the Pledgor to determine the feasible date for execution of the agreement referred to in Clause 2.6 (a)(ii) above. 

  

 4 

	2.7	Assignment 

  

	(a)	As additional security for the repayment of the Secured Claims, the Pledgor hereby assigns by way of security to the Pledgee all the Property Rights (the Assignment). The
Pledgee hereby accepts the Assignment. 

  

	(b)	The Pledgor undertakes to assign to the Pledgee the Property Rights attached to the New Shares within the scope referred to in Subclause (a) above within fourteen days from the
acquisition of such New Shares. 

  

	2.8	Notice of Registered Pledge and Assignment 

  

	(a)	The establishment of the Financial Pledge and execution of the Assignment shall be notified to the Company by attaching one copy of this Agreement to a notice. Such notice (in form
of Schedule 2) shall be served by the Pledgor, with a copy to the Pledgee, within seven Business Days of the date of this Agreement and the Pledgor shall procure that the Company’s management promptly registers the establishment of the
Financial Pledge in the book of shares. The Pledgor shall provide the Pledgee, after entry into the book of shares, with a certified copy of an extract form the book of shares confirming it, immediately after the Pledgor received such certified copy
of an extract form the book of shares from the Company, not later then within seven Business Days after entry into the book of shares. 

  

	(b)	The establishment of the Registered Pledge shall be notified to the Company. Such notice (in the form of Schedule 2) shall be served by the Pledgor, with a copy to the Pledgee,
within seven Business Days of the date of receipt by the Pledgor of the court’s decision on registration of the Registered Pledge in the pledges register and the Pledgor shall procure that the Company’s management promptly registers the
establishment of the Registered Pledge in the book of shares. The Pledgor shall provide the Pledgee, after entry into the book of shares, with a certified copy of an extract from the book of shares confirming it, immediately after the Pledgor
received such certified copy of an extract form the book of shares from the Company, not later then within seven Business Days after entry into the book of shares. 

  

	2.9	Power of Attorney 

 In order to perform the
provisions set out in Clause 6.2 (The voting rights and other non-property rights) the Pledgor shall, by way of security, on the date of this Agreement, grant to the Pledgee a power of attorney in the form of Schedule 3 (Form of Power of Attorney),
authorising the Pledgee to exercise on behalf of the Pledgor the voting rights over the Shares, as long as such voting rights cannot be exercised by the Pledgee under the Company’s Articles of Association, in accordance with Article 187 §
2 of the Commercial Companies Code, and to exercise other non-property rights to which the Pledgor is entitled as a shareholder of the Company. Such power of attorney shall be irrevocable during the Security Period. The Pledgee accepts the power of
attorney granted pursuant to this Clause. At the request of the Pledgee, the Pledgor shall grant to the Pledgee all other powers of attorney required in order to exercise the rights for the Shares. The Pledgee shall be authorised to act on the basis
of such powers of attorney only following the occurrence and continuation of an Event of Default. 
  

	2.10	Right to enforce the Security Interest 

 The Pledgee
(or any person acting on its behalf) is not obliged to proceed against or enforce any other rights or Security Interest or claim payment from any person before enforcing the Security Interest constituted by this Agreement. 
  

 5 

	2.11	Continuing security 

 The Pledgor hereby agrees that
the Security Interest constituted by this Agreement shall be continuing and will extend to the ultimate balance of the Secured Claims, regardless of any novation of the Secured Claims made pursuant to the Credit Agreement. 
  

	2.12	Additional security 

 The Security Interest
constituted by this Agreement is in addition to, and not in any way prejudiced by, any other security now or subsequently held by the Pledgee. 
  

	3.	RELEASE FROM SECURITY 

  

	(a)	Unless this Agreement provides otherwise, upon expiry of the Security Period, the Pledgee, at the written request and expense of the Pledgor: 

  

	 	(i)	shall take whatever action is necessary to release the Shares from the Registered Pledge established under this Agreement; and 

  

	 	(ii)	procure automatic re-assignment of all the Property Rights so that they are free and clear of any security created by the Pledgee and otherwise without representation or warranty on
the part of the Pledgee or termination of the conditional assignment of the Property Rights by way of security contemplated in Clause 2.7 (Assignment), as the case may be. 

  

	(b)	Any amounts received by the Pledgee, when exercising the assigned Property Rights, and applied towards satisfying the Secured Claims, or any other liabilities of the Pledgor under
this Agreement will not be repaid or reimbursed to the Pledgor or the Company. 

  

	(c)	Unless otherwise agreed in this Agreement, the power of attorney granted to the Pledgee under the Clause 2.9 (Power of Attorney) shall expire upon expiry of the Security Period.

  

	(d)	The Pledgee shall not be obliged to take such actions as requested under Subclauses (a) and (c) above, if any payment received by it in respect of the Secured Claims is
ineffective or invalid pursuant to mandatory provisions of law. 

  

	4.	REPRESENTATIONS AND WARRANTIES OF THE PLEDGOR 

  

	(a)	The Pledgor hereby represents and warrants to the Pledgee that: 

  

	 	(i)	the Company’s share capital amounts to PLN 139 665 000 and is divided into 139 665 shares, each having a nominal value of PLN 1 000; 

  

	 	(ii)	it is the owner of all issued shares in the share capital of the Company, which represents 100 per cent. of the Company's share capital; 

  

	 	(iii)	the Shares are fully paid up and, subject to Subclause 5.2 (b) (Negative covenants), are free from any pledges, encumbrances and third party rights, unless permitted under the
Credit Agreement; 

  

	 	(iv)	the Company’s Articles of Association contains a prohibition on a pledgee exercising voting rights; 

  

	 	(v)	it is authorized to enter into and perform this Agreement and it has obtained all consents required for entering into and performing this Agreement; 

  

 6 

	 	(vi)	this Agreement constitutes a valid and legally binding obligation of the Pledgor enforceable in accordance with its provisions; 

  

	 	(vii)	there is no restriction on disposal other than, until the Company’s Articles of Association are amended in accordance with Clause 6.3, the supervisory board must grant its
consent to the sale of the Shares, except for the sale of Shares to the other shareholder of the Company; and 

  

	 	(viii)	this Agreement constitutes a valid Security Interest over the Shares and the Property Rights in favour of the Pledgee and is not liable to be avoided or otherwise set aside on the
declaration of bankruptcy of the Pledgor or otherwise, subject to mandatory provisions of the law. 

  

	(b)	These representations are made on the date of this Agreement and will be deemed to be repeated on each date that any representation in Clause 20 (Representations) of the Credit
Agreement is made or deemed repeated. 

  

	5.	GENERAL UNDERTAKINGS 

  

	5.1	Duration 

 The undertakings in this Clause 5 shall
remain in force throughout the Security Period. 
  

	5.2	Negative covenants 

 Unless the Credit Agreement
states otherwise or without the prior written consent of the Pledgee, the Pledgor shall not: 
  

	 	(i)	sell, assign or otherwise dispose of the Shares; and 

  

	 	(ii)	encumber the Shares with any third party rights. 

  

	5.3	Book of shares 

 The Pledgor shall procure that the
Pledgee shall have the right to, upon no less than fourteen days prior written notice, inspect the book of shares of the Company. 
  

	5.4	Property Rights 

 The Pledgor shall exercise all
reasonable actions necessary to make any payments to the Pledgee under the Property Rights pursuant to Clause 2.7 (Assignment) following the occurrence and continuation of an Event of Default which is outstanding. 
  

	5.5	Exercising the Pledgee’s rights 

  

	 	(a)	The Pledgor shall, at its own expense, execute and deliver to the Pledgee any documents and take whatever action the Pledgee may reasonably require for: 

  

	 	(i)	perfecting, protecting or maintaining the Security Interests intended to be established under this Agreement and release of such Security Interest in accordance with Clause 3
(Release from security); or 

  

	 	(ii)	exercising the Property Rights or taking any actions the Pledgee is authorized to exercise or take in accordance with this Agreement. 

  

 7 

	 	(b)	The Pledgor shall procure, no later then on the date of this Agreement, supervisory board consent to encumbrance, seizure and sale of the Shares. 

  

	5.6	Obligations under the Shares 

 The Pledgor shall
remain liable to observe and perform all conditions and obligations assumed by it in respect of the Shares and the Pledgee shall not be under any obligation or liability arising out of the Shares. 
  

	6.	VOTING RIGHTS 

  

	6.1	Exercise of the voting rights 

 Unless previously
otherwise agreed in writing, the Pledgor shall not exercise the voting rights under the Shares in any manner that would: 
  

	 	(i)	adversely affect the scope of rights attached to the Shares; 

  

	 	(ii)	diminish the proportion of the Shares in the Company’s share capital; 

  

	 	(iii)	result in a merger, takeover or transformation of the Company; or 

  

	 	(iv)	adversely affect the Security Interest created by this Agreement. 

  

	6.2	The voting rights and other non-property rights 

  

	(a)	From the occurrence and continuation of an Event of Default, the Pledgee shall have the right to exercise the voting rights under the Shares, and other non-property rights vested to
the Pledgor as a Company’s shareholder and in particular the right to request the call of an extraordinary meeting of shareholders of the Company. All pecuniary rights to dividends will be vested in the Pledgor until occurrence and continuation
of an Event of Default. 

  

	(b)	Until the date of occurrence of an Event of Default, the Pledgor shall be obliged to notify the Pledgee about each meeting of shareholders within seven days prior to such meeting,
unless the shareholders meeting shall take place without formal convocation. The Pledgee shall have the right to participate in the meeting of shareholders as a spectator. 

  

	6.3	Amendments of Articles of Association 

 The Pledgor
shall procure that the Shareholder’s resolution amending the Company’s Articles of Association is adopted in order to allow the Pledgee to attend and exercise the voting right under the Shares at the Company’s shareholder’s
meeting in accordance with Article 187 § 2 of the Commercial Companies Code and remove any limitation on disposal of the Shares within twenty one days of the date of this Agreement. The Pledgor shall procure that the above amendments to the
Company’s Articles of Association are registered by the competent registration court as soon as practically possible. 
  

	7.	ENFORCEMENT OF THE SECURITY INTEREST 

  

	7.1	Rights of the Pledgee 

  

	(a)	 The Pledgee shall have the right to enforce the Pledges established under this Agreement upon the occurrence and continuation of an Event of Default. If the Event
of Default occurs and is continuing, upon written notice (Enforcement Notice) being given by the Pledgee to the Pledgor, the Pledgee may, in its absolute discretion and subject to the provisions of the Pledge Law and as appropriate, the

  

 8 

	 	 
Specific Financial Collateral Act, enforce the Security Interest established under this Agreement through court enforcement proceedings or, only with respect
to the Registered Pledge, in the methods specified in Clause 7.2 (Sale of the Shares in a public auction) or Clause 7.3 (Seizure of title to the Shares) or, with respect to the Financial Pledge, in the ways provided in the Specific Financial
Collateral Act. The Enforcement Notice should specify the method of enforcement of the Security Interest selected by the Pledgee. 

  

	(b)	The Pledgee may at any time enforce its rights over all or any part of the Shares pledged in favour of it, and any enforcement of its rights over any part of the pledged Shares
shall not affect the remaining pledged Shares, which shall continue to be subject to the Registered Pledge. 

  

	7.2	Sale of the Shares in a public auction 

 The
Registered Pledge may be enforced by the sale of the Shares in a public auction carried out by a notary or public bailiff, pursuant to Article 24 of the Pledge Law, within 14 days of the Pledgee’s application for such sale. 
  

	7.3	Seizure of title to the Shares 

  

	(a)	The Registered Pledge may be enforced by the seizure of title to the Shares by the Pledgee, pursuant to Article 22 of the Pledge Law. 

  

	(b)	Without prejudice to other rights of the Pledgee and enforcement methods available under the Specific Financial Collateral Act, the Financial Pledge may be enforced by the seizure
of title to the Shares by the Pledgee, pursuant to Article 10 of the Specific Financial Collateral Act. 

  

	(c)	The Parties agree that the value of one share for the purpose of seizing title to the Shares pursuant to Clause 7.3(a) or (b) amounts to its value being [1] PLN.

  

	(d)	The seizure of title to the Shares shall be effected by a written statement of the Pledgee on the seizure of title to the Shares served on the Pledgor no earlier than seven days
after receipt by the Pledgor of the Enforcement Notice in accordance with Clause 7.1 (Rights of the Pledgee). 

  

	7.4	Disposal after seizure of Shares 

  

	(a)	Following the enforcement of the Registered Pledge by the seizure of title to the Shares pursuant to Clause 7.3 (Seizure of title to the Shares), the Pledgee will endeavour to sell
at the Choice of the Pledgee the Shares and/or the Property Rights provided: 

  

	 	(i)	no warranties will be provided by the Pledgee as the seller in the sale agreement in respect of the Shares or the Company; and 

  

	 	(ii)	the sale shall take place on arm’s length terms. 

  

	(b)	The Pledgor shall be entitled to seek offers for the purchase of the Shares and/or Property Rights for market price and the Pledgee shall in good faith take into account any such
offer introduced by the Pledgor. The Pledgee will use reasonable efforts to select the best offer which, in his reasonable opinion, will satisfy the Secured Claim to the utmost degree. 

  

	(c)	The Pledgee shall apply any proceeds from the sale of the Shares and/or the Property Rights effected pursuant to this Clause 7.4 against the Secured Claim in accordance with Clause
8 (Application of proceeds). 

  

 9 

	(d)	The Pledgee shall not be allowed to sell or otherwise dispose or encumber the Shares and/or Property Rights after the Secured Claims have been irrevocably and unconditionally paid
and discharged in full. In such a case the Pledgee shall immediately transfer the title to the Shares back to the Pledgor , without any encumbrances. 

  

	7.5	Currency of enforcement 

 For the purposes of
Article 28 of the Pledge Law, the Secured Claim may be satisfied in Euro. 
  

	8.	APPLICATION OF PROCEEDS 

 Any money received by the
Pledgee as a result of enforcement of the Security Interest constituted by this Agreement including proceeds from the sale of the seized Shares and or Property Rights shall be applied against the outstanding Secured Claims in accordance with the
provisions of Clause 31 (Payment Mechanics) of the Credit Agreement. In case the amounts received by the Pledgee exceed the value of the Secured Claims, the Pledgee shall pay the excess back to the bank account indicated by the Pledgor in writing
within seven days from the receipt of such amount. 
  

	9.	INDEMNITY 

  

	(a)	The Pledgor will indemnify each Indemnifiable Person and keep it at all times (whether during or after the Security Period) harmless from and against all liabilities, costs, claims,
damages, demands and expenses incurred by it in the execution and/or enforcement of any rights vested in it pursuant hereto except that an Indemnifiable Person shall not be indemnified in respect of liabilities and expenses incurred by it as a
result of its own negligence or willful misconduct. 

  

	(b)	Any Indemnifiable Person shall not be liable for any losses, costs, claims, damages or demands arising in connection with the exercise of any of its rights hereunder except where
such losses, costs, claims, damages or demands arise as a result of its own negligence or willful misconduct and in accordance with the provisions of the Polish Civil Code. 

  

	10.	DELEGATION 

 The Pledgee may delegate by power of
attorney to the Security Agent as defined under the Credit Agreement. 
  

	11.	EXCLUSION OF SUBROGATION 

 The Pledgor shall not
step into the rights of the satisfied creditor by virtue of enforcement of the Secured Claims by the Pledgee from the Security Interest established under this Agreement. The Pledgor shall forthwith pay or transfer to the Pledgee any payment or
distribution received by it due to any such subrogation. This clause shall expire upon the lapse of the Security Period. 
  

	12.	AMENDMENTS 

 Any amendments to this Agreement shall
be null and void unless made in writing and signed by the Pledgor and the Pledgee with signatures certified by a notary. 
  

	13.	EXPENSES AND INDEMNITY 

 The Pledgor must, within
fourteen days of demand, pay to the Pledgee all reasonable incurred costs and expenses (including reasonable legal fees) incurred by the Pledgee, attorney, manager, delegate, sub-delegate, agent or other person appointed by the Pledgee under this
Agreement, in connection with the enforcement or preservation of the security created by this Agreement. 
  

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	14.	NOTICES 

  

	14.1	Giving of notices 

 Subject to Clause 14.2
(Addresses for court’s notices) below, Clause 33 (Notices) of the Credit Agreement shall apply to all notices given under or in connection with this Agreement. 
  

	14.2	Addresses for court’s notices 

  

	(a)	The address and facsimile number of the Pledgor are: 

 SMITHFIELD FOODS, INC. 
 Address: Hogan & Hartson Jamka Galos sp.k., Al. Jana Pawła II 25, 02-854 Warsaw

 Fax: +48-22-653-4250 
 Attn:
Piotr Pilzak 
 or such other as the Pledgor may notify to the Pledgee by not less than five days notice. 
  

	(b)	The address and facsimile number of the Pledgee are: 

 SOCIETE GENERALE 
 Address: Allen & Overy, A. Pędzich sp.k., Rondo ONZ 1, 00-124 Warsaw 
 Fax: +48-22-492-6199 
 Attn: Patryk
Laskorzyński 
 or such other as the Pledgee may notify to the Pledgor by not less than five days notice. 
  

	15.	LANGUAGE AND COUNTERPARTS 

  

	(a)	This Agreement is executed in Polish language version in four identical copies, one to be retained by each party and two copies for the registration court and in English language
version in two identical copies, one to be retained by each party. 

  

	(b)	The parties agree that the English language version shall prevail for the purposes of interpretation of this Agreement. 

  

	16.	GOVERNING LAW AND JURISDICTION 

  

	(a)	This Agreement shall be governed by Polish law. 

  

	(b)	The disputes arising out of or in relation to this Agreement shall be settled by the common courts in Poland. 

  

 11 

 SCHEDULE 1 
 FORM OF NOTICE OF NEW SHARES 
 (on the letterhead of the Pledgor) 
  

			
	To:	  	SOCIETE GENERALE
		
	Attn:	  	[                    ]
		
	Subject:	  	New Shares 

 Dear Sirs, 
  

	1.	We submit this notice in connection with the Credit Agreement dated 22 August 2006 (the Credit Agreement) between you, the Arrangers and the undersigned company and the
agreement for the financial and registered pledge over shares dated 26 October 2007 (the Agreement for Financial and Registered Pledges over the Shares in Prima Farms Sp. z o.o.) executed pursuant to the Credit Agreement.

  

	2.	In accordance with Clause 2.6 of the Agreement for Financial and Registered Pledges over the Shares in Prima Farms Sp. z o.o., we hereby notify you of the acquisition of New Shares,
as defined in the Agreement for Financial and Registered Pledges over the Shares in Prima Farms Sp. z o.o. 

  

	3.	On [date], by virtue of [subscribing to a share capital increase]/[describe other method of acquisition] we acquired [number] of the New Shares. 

  

	4.	We hereby notify our willingness to enter into shares pledge agreement concerning the New Shares described in point 3 of this notice, on terms identical with the Agreement for
Financial and Registered Pledges over the Shares in Prima Farms Sp. z o.o. 

  

	
	Yours faithfully,
	
	  

	For and on behalf of SMITHFIELD FOODS, INC.

  

 12 

 SCHEDULE 2 
 FORM OF NOTICE OF ESTABLISHMENT OF THE PLEDGES 
 [ON THE LETTERHEAD OF THE PLEDGOR] 

 

			
	To:	  	PRIMA FARMS Sp. z o.o. (Company)
		
	Attn:	  	[                    ]
		
	Subject:	  	Pledges over Shares 

 Dear Sirs, 
 We hereby
give you notice that by the Agreement for Financial and Registered Pledge over Shares in the Company dated 26 October 2007 (Agreement for Financial and Registered Pledges over the Shares in Prima Farms Sp. z o.o.), the copy of which is
attached hereto, SMITHFIELD FOODS, INC. (Pledgor) has established financial/registered pledges over the shares in the Company in favour of SOCIETE GENERALE, acting as a pledgee (Pledgee). 
 The Pledgee is entitled to exercise the voting rights attached to the pledged shares upon the occurrence of an Event of Default as defined in the Credit Agreement dated
22 August 2006. 
 Please confirm your acknowledgement of the above by signing the acknowledgement attached to the enclosed duplicate copy of this
notice and returning the duplicate together with the duly signed acknowledgement to us with a copy to the Pledgor. 
  

	
	  

	SMITHFIELD FOODS, INC.

 We acknowledge receipt of the above notice of which this is a copy and a copy of the Shares Pledge Agreement.

  

	
	  

	On behalf of The Company

  

 13 

 SCHEDULE 3 
 FORM OF POWER OF ATTORNEY 
 Power of Attorney 
 granted on 26 October 2007 in Warsaw by SMITHFIELD FOODS, INC. (the Pledgor) the sole shareholder of PRIMA FARMS Sp. z o.o. (the Company), to
SOCIETE GENERALE a bank duly established under French law, with registered address at 29 boulevard Haussmann, 75009 Paris, France, acting by and through its branch established in the City and State of New York, United States of America, with
its registered office located at 1221 Avenue of the Americas, New York, New York 10021, registration no. 552 120 222 R.C.S. Paris (the Pledgee). 
 This Power of Attorney is granted pursuant to Clause 2.9 of the Agreement for Registered Pledge over Shares in PRIMA FARMS Sp. z o.o., dated 26 October 2007 (the Shares Pledge Agreement) between the Pledgor and the Pledgee.

  

	1.	The Pledgor hereby grants to the Pledgee an irrevocable Power of Attorney with a power of substitution to exercise at any time upon occurrence and continuation of an Event of
Default in the Pledgor’s name all and any voting rights and other non-property rights which the Pledgor, as a shareholder of the Company, has or might have pursuant to the Company’s Articles of Association and Polish law.

  

	2.	In particular, but without limitation, the Pledgee shall have the following rights: 

  

	 	(a)	the right to demand an extraordinary shareholders’ meeting to be convened by the management board of the Company; 

  

	 	(b)	the right to be informed about each ordinary and extraordinary shareholders’ meeting called by the management board of the Company and upon its request to be present
at any shareholders’ meeting; 

  

	 	(c)	the right to vote over all the shares in the Company pledged in favour of the Pledgee pursuant to the Shares Pledge Agreement as the Pledgor’s proxy pursuant to Article
243 §1 of the Polish Companies Code, as long as such voting rights cannot be exercised under the Company’s Articles of Association, in accordance with Article 187 § 2 of the Companies Code; 

  

	 	(d)	the right to give any consent or authorisation that is required from a shareholder under the Polish Companies Code and the Company’s Articles of Association.

  

	3.	This Power of Attorney remains irrevocable during the Security Period (as that term is defined in the Shares Pledge Agreement). The Pledgee shall be authorised to act on the basis
of this Power of Attorney following the occurrence and continuation of an Event of Default (as that term is defined in the Shares Pledge Agreement). 

  

	
	  

	On behalf of the Pledgor

  

 14 

 SIGNATORIES 
  

							
	Pledgor:	  		 	
			
	SMITHFIELD FOODS, INC.	  		 	
				
	By:	 	 /s/ Lech Najbauer
	  		 	
			
	Pledgee:	  		 	
			
	SOCIETE GENERALE	  		 	
				
	By:	 	 /s/ Patryk Laskorzynski
	  	By:	 	  

  

 15Exhibit 4.5

 Exhibit 4.5 
 Execution copy 
 SHARES PLEDGE AGREEMENT 
 This Shares Pledge Agreement (the “Agreement”) has been executed today 26 October 2007, by and between the following parties: 
  

	1.	Smithfield International Investments, Inc., a company duly incorporated and existing under the laws of the State of Delaware, with corporate address in 103, Baynard Build.
Wilmington, 3411 Silverside Road Delaware; and 

  

	2.	Cold Field Investments LLC, a limited liability company duly formed and existing under the laws of the State of Delaware, with corporate address in 103, Baynard Build.
Wilmington, 3411 Silverside Road Delaware, 

 (hereinafter Smithfield International Investments, Inc. and Cold Field Investments
LLC shall be jointly referred to as the “Pledgors”), 
 and 
  

	3.	Société Générale, a bank duly established under the French law, with registered address at 29 boulevard Haussmann, 75009 Paris, France, acting by
and through its branch established in the City and State of New York, United States of America, with its registered office located at 1221 Avenue of the Americas, New York, New York 10021, registration no. 552 120 222 R.C.S. Paris, as agent and
trustee for the Secured Creditors (hereinafter the “Security Agent”), 

 (hereinafter the Pledgors and the Security Agent
shall be jointly referred to as the “Parties”), 
 and 
 for the purposes of acknowledging and agreeing to comply with the terms of this Agreement, 
  

	4.	Smithfield Romania S.R.L., a company duly incorporated and existing under the laws of Romania, with corporate address in Timişoara, Str. Polonă nr. 4, Etaj 1,
Camera 4, Judeţul Timiş, registered in Timiş Trade Registry under No. J35/2260/2004, Unique Registration Code 14842327 (the “Subsidiary”), 

 PREAMBLE 
 Whereas: 
  

	(A)	A Euros 300,000,000 multicurrency revolving facility agreement (the Facility Agreement) has been entered into on 22 August 2006 between, among others, Smithfields Foods,
Inc. as the Company, Smithfield Capital Europe BV, as Borrower and other companies of the Group as Guarantors, BNP Paribas and Société Générale Corporate & Investment Banking as Arrangers and
Société Générale as Agent and Security Agent (all these terms as defined under the Facility Agreement); 

 Execution copy 
  

	(B)	Smithfield International Investments, Inc. is the owner of 15,235,719 shares in the Subsidiary, representing 99.99999% of the share capital of the Subsidiary;

  

	(C)	Cold Field Investments LLC. is the owner of 1 share in the Subsidiary, representing 0.00001% of the share capital of the Subsidiary; 

  

	(D)	The Pledgors are together the owners of 15,235,720 shares in the Subsidiary, representing 100% of the share capital of the Subsidiary; 

  

	(E)	The Parties entered or may enter into other agreements designated in the Facility Agreement as the Finance Documents (which include this Agreement and the Facility Agreement);

  

	(F)	Pursuant to the terms set forth under the Facility Agreement, the Pledgors have undertaken to create a pledge in favour of the Secured Creditors over all of their shares in the
Subsidiary as security for the Obligors’ full and punctual compliance with their obligations, whether present or future, under the Facility Agreement, together with all costs and expenses which arise from the protection, conservation and
execution of the Secured Creditors’ respective rights deriving from the Facility Agreement, 

 in accordance with the provisions of the
Facility Agreement, the Romanian Civil Code, the Romanian Civil Procedure Code and the provisions of the Security Interests Law, as such term is defined below, it is hereby agreed as follows: 
  

	1.	Definitions and Interpretations 

  

	1.1	Wherever used in this Agreement (including the Preambles and description of the Parties above), the capitalised terms used herein shall have the following meanings:

  

			
	“Additional Shares”	    	means all the Shares issued by the Subsidiary after the date hereof to the Pledgors or acquired by the Pledgors after the date hereof;
		
	“Archive”	    	means the Electronic Archive for Security Interests in Personal Property of Romania;
		
	“Event of Default”	    	means any one of the events specified in Clause 24 of the Facility Agreement which become an event of default as per the terms set forth thereunder;
		
	“Facility Agreement”	    	has the meaning ascribed thereto in Preamble (A) of the Agreement;
		
		    	
		
	“Maximum Secured Amount”	    	has the meaning ascribed thereto in Article 2.3 of this Agreement;

  

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 Execution copy 
  

			
	“Pledge”	    	means the pledge created under Article 3 of this Agreement;
		
	“Related Rights”	    	means any dividend or interest paid or payable in relation to any of the Shares and any rights, money or property accruing or offered at any time in relation to any of the
Shares;
		
	“Secured Creditors”	    	means the Finance Parties;
		
	“Security Interests Law”	    	means Title VI of Romanian Law No. 99/1999 regarding security interests in personal property, as such law may be amended from time to time;
		
	“Security Period”	    	means the period commencing on the date hereof and ending, subject to Article 16.2 of this Agreement, on the date on which all Secured Obligations shall have been unconditionally and irrevocably
paid or discharged in full;
		
	“Secured Obligations”	    	means each and every obligation, whether present and future, of each Obligor under the Facility Agreement, together with all costs and expenses which arise from the protection, conservation and
execution of the Secured Creditors’ respective rights deriving from the Facility Agreement, or which may arise under this Agreement;
		
	“Shares”	    	means the ownership interests (shares) owned by the Pledgors in the capital of the Subsidiary as evidenced by an excerpt from the relevant Romanian Trade Registry issued no earlier than three
(3) Business Days prior to the date of execution hereof, attached hereto as Annex A (or the most recent Annex A substituted therefore pursuant to Article 4.4, if any has been so substituted) and registered in the register of shares maintained by the
Subsidiary as evidenced by the certified copy of the excerpt from the register of shares of the Subsidiary attached hereto as Annex B (or the most recent Annex B substituted therefore pursuant to Article 4.4, if any has been so
substituted).

  

	1.2.	Any other capitalized term used but not otherwise defined herein shall have the meaning ascribed to them in the Facility Agreement. 

  

					
	1.3	 	    (a)	    	In this Agreement, unless the context otherwise requires, words denoting the singular include the plural and vice versa.

  

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	 	(b)	In this Agreement, a reference to a specified Article or Annex shall be construed as a reference to the relevant Article or Annex in this Agreement. 

  

	 	(c)	In this Agreement, a reference (i) to an amendment or to an agreement being amended includes a supplement, variation, assignment, novation, restatement or re-enactment, and
(ii) to an agreement shall be construed as a reference to such agreement as it may be amended from time to time. 

  

	 	(d)	In this Agreement, any reference to “law” without mentioning a specific law means any law, treaty, constitution, statute, legislation, decree, normative act, rule,
regulation, or other legislative enactment in any jurisdiction, which has the force of law or the compliance with which is in accordance with general practice in such jurisdiction. 

  

	 	(e)	In this Agreement, any reference to a provision of law is a reference to that provision as from time to time amended or re-enacted. 

  

	 	(f)	In this Agreement, a reference to a “person” includes any person, natural or judicial entity, firm, company, corporation, government, state or agency of a state or any
association, trust or partnership (whether or not having separate legal personality) or two or more of the foregoing and references to a “person” include its successors in title, permitted transferees and permitted assigns.

  

	 	(g)	In this Agreement, “including” and “include” shall be deemed to be followed by “without limitation”. 

  

	2.	General Covenants on Execution of Secured Obligations 

  

	2.1	Each of the Pledgors hereby irrevocably and unconditionally waives: 

  

	 	(a)	any right to require the Secured Creditors or the Security Agent on their behalf to (i) proceed first against the other Pledgor, any of the Obligors, the Subsidiary or any
other person whatsoever, or (ii) proceed against or exhaust any security or guarantee given to or held by the Secured Creditors or the Security Agent in connection with the Secured Obligations, or (iii) pursue any other remedy in the
Secured Creditors’ or the Security Agent’s power whatsoever; and 

  

	 	(b)	any other rights of objections and defence and all other suretyship defences under applicable law, to the extent permitted by the applicable law. 

  

	2.2	 Notwithstanding any other provision of this Agreement, in case of any enforcement by the Security Agent, the obligation of paying and discharging the Secured
Obligations undertaken under this Agreement will be however limited to the value of the proceeds resulting from the sale of the Shares and, if applicable, of the Additional Shares. For the avoidance of doubt, if the value of 

  

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such proceeds is less than the value of the Secured Obligations, the Secured Obligations shall remain due and payable by the relevant Obligors to the extent
they are not paid and discharged with such proceeds. 

  

	2.3	For the purpose of Article 15 of the Security Interests Law, the Parties hereby establish in good-faith and further agree that, without limitation on the rights of the Secured
Creditors to receive in full the payment of the Secured Obligations, the maximum value of the amount secured and guaranteed pursuant to this Agreement is € 450,000,000 (it being acknowledged that such limit is inserted for the purposes of
Romanian law and is not intended to in any way limit or vary the amount recoverable from the Pledgors/Obligors under any Finance Documents in accordance with the terms of such Finance Document) (the “Maximum Secured Amount”).

  

	3.	The Pledge 

  

	3.1.	As irrevocable and unconditional security for the payment and performance in full of all Secured Obligations, each of the Pledgors hereby creates in favour of the Security Agent a
first rank priority pledge over its Shares, as well as over any Additional Shares issued to or acquired by it (the “Pledge”). 

  

	3.2.	The Pledge includes any and all present and future rights, title and interests of each Pledgor in relation to its Shares and to its Additional Shares at any time during the Security
Period. 

  

	3.3.	The Pledge established hereunder shall remain in full force and effect during the entire Security Period. 

  

	3.4.	The obligations of the Pledgors under this Agreement are jointly undertaken. 

  

	4.	Registration of the Pledge 

  

	4.1	Within three (3) Business Days of the date of this Agreement, the Pledgors shall submit to the Archive all notices, applications and statements necessary for registering the
Pledge as a first ranking priority pledge over the Shares in favour of the Security Agent and shall provide the Security Agent with evidence that this obligation has been complied with in the form of a security standard notice issued by the Archive,
to be delivered within five (5) Business Days of the date of this Agreement. 

  

	4.2	Notwithstanding Article 4.1 above, the Pledgors shall ensure that, within three (3) Business Days of the date of this Agreement, the Pledge shall also be registered with the
register of Shares maintained by the Subsidiary, and the Security Agent shall receive a certified copy of the relevant excerpt from such register of Shares evidencing the establishment of the Pledge, within five (5) Business Days of the date of
this Agreement. 

  

	4.3	Without prejudice to any provision of the Facility Agreement on costs and expenses, the Pledgors agree to pay for, within three Business Days of demand of the Security Agent, all
costs and expenses reasonably incurred by the Security Agent in connection with any registration and filing of this Agreement. 

  

 5 

 Execution copy 
  

	4.4	Within ten (10) Business Days of any of the Pledgors becoming the holder of any Additional Shares in the Subsidiary, the Pledgors shall execute and deliver to the Security
Agent an amendment agreement in the form attached hereto as Annex C (the “Amendment Agreement”) to which shall be attached: 

  

	 	(i)	an original excerpt from the relevant Romanian Trade Registry evidencing all of the Shares in the Subsidiary held by the Pledgors (including the Additional Shares which have most
recently triggered the operation of this Article 4.4) (the “Substitute Annex A”); and 

  

	 	(ii)	a certified copy of the excerpt from the register of Shares maintained by the Subsidiary evidencing all of the Shares in the Subsidiary held by the Pledgors (including the
Additional Shares which have most recently triggered the operation of this Article 4.4) (the “Substitute Annex B”), 

 and, upon the execution of such Amendment Agreement by the Security Agent Annex A and Annex B shall be replaced in their entirety by the Substitute Annex A and the Substitute Annex B respectively. The Pledgors further agree that:

  

	 	(a)	within three (3) Business Days of the Security Agent executing and delivering to the Pledgors an Amendment Agreement (the “Relevant Date”), the Pledgors shall
submit to the Archive all notices, applications and statements (e.g. the request for extension of guarantee – in Romanian, aviz de extindere a garantie) necessary for registering the Pledge as a first ranking priority pledge over the
Shares (as the same shall have been amended by the Amendment Agreement and substitution of the relevant Substitute Annex A for Annex A) in favour of the Security Agent and shall provide to the Security Agent relevant evidence that this obligation
has been complied with in the form of a security standard notice issued by the Archive, such notice to be delivered within five (5) Business Days of the Relevant Date; 

  

	 	(b)	notwithstanding Article 4.4(a) above, the Pledgors shall ensure that, within three (3) Business Days of the Relevant Date, the Pledge (as amended by the Amendment Agreement)
shall be registered into the register of Shares maintained by the Subsidiary, and the Security Agent shall receive from the Pledgors a certified copy of the relevant excerpt from such register of Shares evidencing the establishment of the Pledge
within five (5) Business Days of the Relevant Date; 

  

	 	(c)	any Substitute Annex A attached to an Amendment Agreement executed by the Security Agent shall become an integral part hereof to the exclusion of the then current Annex A or
Substitute Annex A (as the case may be); and 

  

	 	(d)	any Substitute Annex B attached to an Amendment Agreement executed by the Security Agent shall become an integral part hereof to the exclusion of the then current Annex B or
Substitute Annex B (as the case may be). 

  

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 Execution copy 
  

	5.	Exercise of the Related Rights 

 Before an Event
of Default 
 As long as this Agreement is in full force and effect and provided that no Event of Default has occurred and is continuing,
the Pledgors shall not exercise their voting rights in any manner that would or be likely to (i) cause the Subsidiary to take actions that would be in violation of any applicable law, (ii) to amend or supplement the Constitutional Document
of the Subsidiary without having the prior approval of the Security Agent, (iii) pass any resolution to increase the number of the Shares of the Subsidiary or to change the type, rights or form of the Shares or create a new class or type of
Shares, (iv) pass any resolution to transform, merge, amalgamate, de-merge, wind up or liquidate the Subsidiary or to reorganize the Subsidiary into another corporate form or the acquisition of any other person, (v) pass any resolution to
approve the redemption of any Share, and/ or (vi) pass any resolution or cause any other action that could adversely affect or jeopardize in any way the Pledge or the rights of the Security Agent under this Agreement. 
  

	6.	Continuing security 

  

	6.1	The Pledge constituted by this Agreement shall: 

  

	 	(i)	be a continuing encumbrance for the due payment and discharge in full of the Secured Obligations and such encumbrance shall not be considered as satisfied or discharged or
prejudiced by any intermediate payment, satisfaction or settlement of any part of the Secured Obligations or any other matter or thing whatsoever; 

  

	 	(ii)	extend to cover the ultimate balance due at any time by the Pledgors/Obligors under or in respect of the Facility Agreement; and 

  

	 	(iii)	not be prejudiced by any time or indulgence granted to any person, or any abstention or delay by the Secured Creditors or the Security Agent in perfecting or enforcing any
encumbrance, securities, guarantees, or rights or remedies whatsoever. 

  

	7.	Additional Security 

  

	7.1	The Pledge constituted by this Agreement is in addition to and is not in any way prejudiced or affected by any security, encumbrance, guarantee, indemnity or other right whatsoever
now or subsequently held by the Secured Creditors or the Security Agent in respect of all or any of the Secured Obligations. 

  

	7.2	 The powers conferred to the Security Agent by this Agreement in relation to the Secured Obligations and the Shares, or any part thereof, shall be in addition to and
not in substitution for the rights conferred to the Secured 

  

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 Execution copy 
  

	 	 
Creditors or the Security Agent by applicable law except in so far as they are expressly excluded in this Agreement and, where there is any ambiguity or
conflict between such rights contained in any such laws and regulations and those conferred by this Agreement, then the terms of this Agreement shall, to the extent permitted by such laws and regulations, prevail. 

  

	8.	Obligations Unconditional 

 The obligations of the
Pledgors under this Agreement are unconditional and shall continue until the expiration of the Security Period and will not be affected by any act, omission, or event which, but for this provision, would reduce, release or prejudice any of their
obligations under this Agreement or prejudice or diminish those obligations in whole or in part. 
  

	9.	Representations and Warranties 

 In addition to and
not as substitute of the representation and warranties given under the Facility Agreement, each Pledgor hereby represents and warrants to each Secured Creditor that, as of the date hereof and on each occasion representations are repeated under the
Facility Agreement, all of the following representations and warranties are true and accurate: 
  

	 	(a)	Status 

 it is duly organised, validly existing and
in good standing under the laws of the jurisdiction of its organisation and has all requisite power and authority to carry on its business as now conducted; 
  

	 	(b)	Binding obligations 

 (i) this Agreement has been
duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable in accordance with its terms, subject to: 
 (A) applicable bankruptcy, insolvency, reorganisation, moratorium or other laws affecting creditors’ rights generally; and 
 (B) any qualifications as to the legal matters contained in the legal opinions issued to the Secured Creditors and the Security Agent in relation to this Agreement; 
 (ii) this Agreement creates first ranking priority Security over the Shares and that Security is valid and effective, subject to any qualifications as to
the legal matters contained in the legal opinions issued to the Secured Creditors and the Security Agent in relation to this Agreement; 
 (iii) the execution, delivery and performance by it of this Agreement: 
 (A) do not and will not violate any applicable law or
regulation or its charter, by laws or other organisational documents or any order of any Governmental Authority; 
  

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 (B) do not and will not violate or result in a default under any indenture, agreement or other
instrument binding upon it or its assets, or give rise to a right under any such document to require any payment to be made by it; and 
 (C)
except for the Security created under this Agreement, do not and will not result in: 
 I. the creation or imposition of any Security on, or
in respect of, any of its assets; 
 II. an obligation on it to grant any Security on, or in respect of, any of its assets; or 
 III. an obligation on it to enter, or procure that any Finance Party enters, into a security sharing intercreditor or other similar agreement with any
other creditor of any member of the Group; 
  

	 	(c)	Power and authority 

 the execution, delivery and
performance by it of this Agreement are within its corporate powers and have been duly authorised by all necessary corporate and, if required, shareholder action; 
  

	 	(d)	Validity and admissibility in evidence 

 all
Authorisations required or desirable: 
 (i) to enable it lawfully to enter into, exercise its rights and comply with its obligations in this
Agreement; and 
 (ii) to make this Agreement admissible in evidence in its jurisdiction of incorporation, 
 have been obtained or effected and are in full force and effect; 
  

	 	(e)	Governing law and enforcement 

 (i) subject to any
qualifications as to the legal matters contained in the legal opinions issued to the Senior Creditors and the Security Agent in relation to this Agreement, the choice of the governing law of this Agreement will be recognised and enforced in its
jurisdiction of incorporation; 
 (ii) subject to any qualifications as to the legal matters contained in the legal opinions issued to the
Senior Creditors and the Security Agent in relation to this Agreement, any judgment obtained in Romania will be recognised in its jurisdiction of incorporation; 
  

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	 	(f)	No filing or stamp taxes 

 (i) the execution,
delivery and performance by it of this Agreement do not require registration or filing with any Governmental Authority, except for filings referred to in this Agreement; 
 (ii) under the law of its jurisdiction of incorporation it is not necessary that any stamp, registration or similar tax be paid on or in relation to this Agreement or the transactions contemplated by this Agreement;

  

	 	(g)	Shares 

 (i) it has full title to and ownership of
all the Shares it holds in the Subsidiary, free and clear of any lien; 
 (ii) the Shares are fully paid and not subject to any other
Security, option to purchase, right of first refusal to purchase or similar rights; 
 (iii) it has not and will not hold any shares in the
Subsidiary other than Shares or Additional Shares; 
 (iv) the Shares and the Additional Shares shall at any time represent 100% of the issued
share capital of the Subsidiary; 
 (v) no Taxes related to the Shares which are due for payment are unpaid or in dispute unless: 

(A) such Taxes that are being contested in good faith by appropriate proceedings and for which it has set aside on its books adequate reserves; or

 (B) to the extent that the failure to pay such Taxes could not reasonably be expected to result in a Material Adverse Effect; 

 

	 	(h)	No proceedings 

 there are no actions, suits or
proceedings by or before any arbitral body, arbitrator, court or Governmental Authority pending against or, to its knowledge, threatened against or affecting it that involve this Agreement, the execution, delivery and performance by it of this
Agreement or the Shares. 
  

	10.	Covenants 

  

	10.1	The Pledgors hereby acknowledge and agree that any of the acts and facts enumerated below puts or may put the Pledge in jeopardy and creates or may create an objective risk that the
enforcement of the Pledge be impaired and/or the prospect of the payment be hindered, as contemplated by the provisions of Article 22 paragraph 1 of the Security Interests Law. Therefore, unless otherwise expressly permitted by this Agreement or the
Facility Agreement, the Pledgors shall not and hereby covenant that they shall not: 

  

	 	(i)	create or permit to subsist any lien whatsoever on any of the Shares, except for Permitted Encumbrances; 

  

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	 	(ii)	sell, transfer, assign or otherwise dispose of or confer upon any person any other right whatsoever in relation to the Shares or the Additional Shares; or 

 

	 	(iii)	waive any rights in any of the Shares or the Additional Shares, or otherwise do or permit to be done any act or thing which would, or would be likely to, have a Material Adverse
Effect or otherwise jeopardise the interests and/or rights of the Security Agent in relation to the Shares and the Additional Shares. 

  

	10.2	The Pledgors further covenant: 

  

	 	(a)	to warrant and maintain the Security Agent’s rights hereunder against the claims and demands of any third party and to inform promptly the Security Agent of any claim or demand
of any persons in relation to all or any part of the Shares; 

  

	 	(b)	at their expense and at no cost to the Security Agent, to comply with and satisfy all of the provisions of any applicable governmental and exchange control regulations and obtain,
comply with and maintain in full force and effect all Authorisations required in connection with this Agreement and/or the transfer of funds hereunder or pursuant hereto; 

  

	 	(c)	to duly and promptly pay any and all Tax incurred or to be incurred in the future on the Shares; 

  

	 	(d)	to duly and within three Business Days of demand pay and/or refund on demand to the Security Agent’s (i) any and all costs and expenses (including legal fees) reasonably
incurred by it in connection with the negotiation, preparation, printing, execution and registration of this Agreement and (ii) any and all costs and expenses reasonably incurred by it in connection with the enforcement of, or the preservation
of any rights under, this Agreement (whether arising in or out of court, including but not limited to the costs incurred in the legal representation of the Security Agent with respect to the enforcement of, or the preservation of rights under, this
Agreement) and further, to pay any and all Taxes (including stamp taxes and duties) connected with the preparation, execution, registration or enforcement of, or the preservation of rights under, this Agreement, it being understood that the Pledge
shall be created without costs to the Security Agent and any present or future Taxes, deductions, withholdings or other charges arising in connection with this Agreement or the security created hereunder shall be borne by the Pledgors; and

  

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	 	(e)	to promptly and duly execute and deliver to the Security Agent any and all such further instruments and documents as the Security Agent may, acting reasonably, determine that are
necessary or required to give effect to the provisions of this Agreement and the rights and powers herein granted to the Security Agent and, to the extent required for the purposes of the foregoing or by applicable law, to cause this Agreement to be
duly registered and/or notarised in any applicable jurisdiction (which additional documents and instruments shall themselves constitute Finance Documents). In addition, the Pledgors agree that they will take all steps necessary to keep current the
registration of this Agreement with the register of Shares maintained by the Subsidiary. 

  

	10.3	The Pledgors hereby irrevocably appoint and constitute the Security Agent as the Pledgors’ true and lawful attorney with right of substitution (in the name of the Pledgors or
otherwise) to execute such documents and instruments and to do such acts and things in the name of and on behalf of the Pledgors in order to carry out the provisions hereof. 

  

	10.4	The covenants contained in this Article 10 shall remain in full force and effect during the entire Security Period. 

  

	11.	Enforcement 

  

	11.1	Upon or at any time after the occurrence and continuation of an Event of Default, the Security Agent shall have the right upon notice to the Pledgors and without further demand to
enforce all of its rights hereunder and any other rights to which a pledgee may be entitled under the laws of Romania and shall in any case, without limitation to the foregoing, have the right: 

  

	 	(a)	to enforce this Agreement either through (i) a judicial sale of the Shares or any interest therein in accordance with the Romanian Civil Procedure Code without being liable for
any losses occasioned by such sale or resulting from postponement thereof (other than for losses resulting directly from its gross negligence), or (ii) through the relevant procedure established by the Security Interests Law; and

  

	 	(b)	to recover from the Pledgors, on demand, all expenses, payments and disbursements, including legal fees, whatsoever incurred by the Security Agent in connection with the
preservation or exercise by it of any of its rights under this Agreement, together with interest thereon, from the date when such expense, payment or disbursement was incurred by the Security Agent until the date of actual payment.

  

	11.2	In case the Security Agent chooses to enforce the Pledge under the relevant procedure established by the Security Interests Law, without limitation to the foregoing, the Security
Agent shall have the right to: 

  

	 	(a)	 take possession of the Shares and of the Additional Shares by transfer of title on the Shares and Additional Shares or in any other way 

  

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permitted under the Romanian law to allow the Security Agent to complete the enforcement against the Pledgors. This provision constitutes an irrevocable
consent of the Pledgors to the transfer of the Shares and of the Additional Shares and such transfer will be allowed for the Security Agent to either have the Shares and the Additional Shares appropriated by it or to proceed to a subsequent transfer
to third parties. In order to ensure the validity of the transfer, the Parties agree that such transfer shall be deemed to be made at the Fair Market Value of the Shares and Additional Shares as defined in Article 11.3 below.

 Notwithstanding the foregoing, it is hereby understood that should the Shares and the Additional Shares be appropriated
by the Security Agent the value of the Shares and of the Additional Shares applied in or towards satisfaction of the Secured Obligations shall be the Fair Market Value established by the Valuer appointed in accordance with Article 11.3(b).

 In case of transfer to third parties, the value of the Shares and of the Additional Shares applied in or towards satisfaction of the
Secured Obligations shall be the price obtained for the Shares and the Additional Shares respectively, based on the Fair Market Value of the Share or Additional Share respectively, as starting point of the sale. 
  

	 	(b)	subject to five (5) days prior written notification to the Pledgors and following initiation of the self-enforcement procedure of the Shares and of the Additional Shares in
accordance with the art. 71 of the Security Interests Law, at their discretion: 

  

	 	(i)	sell or otherwise dispose of the Shares and of the Additional Shares (or any of them) by public auction, private tender, private sale or otherwise, as may be determined by the
Security Agent and whether or not any of the Shares and the Additional Shares are in the possession of any third party; or 

  

	 	(ii)	appropriate the whole or any part of the Shares and the Additional Shares in or towards the satisfaction of the Secured Obligations. The Parties hereby agree for the purposes of the
art. 73 of Title VI, Chapter V of the Security Interests Law that the Security Agent may appropriate the Shares and the Additional Shares, without first giving the opportunity to third parties to participate in the sale; and

  

	 	(c)	recover from the Pledgors, on demand all expenses, payments and disbursements whatsoever reasonably incurred by the Security Agent in or about or in connection with the exercise by
them of any of their rights under this Agreement together with interest thereon at the default interest rate, as established in the Facility Agreement, from the date when such expense payments or disbursements were incurred by the Security Agent
until the date of payment. 

  

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	11.3	If the Security Agent elects to appropriate the Shares and the Additional Shares pursuant to Article 11.2(b)(ii), the fair market value (hereunder, the “Fair Market
Value”) of the Shares and of the Additional Shares applied in or towards satisfaction of the Secured Obligations shall be determined: 

  

	 	(a)	by agreement between the Security Agent and the Pledgor within 30 days of the notice giving in accordance with Article 11.2(b); 

  

	 	(b)	failing agreement between the Parties contemplated by Article 11.3(a), by a Valuer nominated jointly by the Parties within 5 days following the expiry of the period for agreement
between the Parties provided in Article 11.3(a); or 

  

	 	(c)	if the Parties cannot agree on the identity of the Valuer, by an internationally recognised Valuer appointed by the Security Agent in its sole discretion. 

 

	11.4.	IN CASE OF DEFAULT THE CREDITOR (THE SECURITY AGENT) MAY USE ITS OWN MEANS IN ORDER TO TAKE POSSESION OF THE PLEDGED ASSET (THE SHARES), in Romanian:

 “IN CAZ DE NEEXECUTARE CREDITORUL (SECURITY AGENT) POATE FOLOSI MIJLOACELE PROPRII PENTRU LUAREA IN POSESIE A
BUNULUI AFECTAT GARANTIEI (PARTILE SOCIALE).” 
  

	12.	Successors and Assignment 

 The Pledgors may not
assign or otherwise transfer any rights or obligations under this Agreement, in whole or in part, to any other person or entity. 
  

	13.	Indemnity from third party actions 

 The Pledgors
shall indemnify the Security Agent and hold them harmless from and against any and all claims, charges and lawsuits raised and/or submitted by third parties in respect of or relating to the Shares, this Agreement and its enforcement, except to the
extent such claim, charge or lawsuit arises out of the Security Agent’s gross negligence or wilful misconduct. 
  

	14.	Remedies 

  

	14.1.	No failure on the part of the Security Agent to exercise, and no delay on its part in exercising any right or remedy under this Agreement will operate as a waiver thereof, nor will
any single or partial exercise of any right or remedy preclude any other or further exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by
applicable law or otherwise. 

  

	14.2.	 The rights and remedies of the Security Agent in relation to any misrepresentations or breach of warranty on the part of the Pledgors shall not 

  

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be prejudiced by any investigation by or on behalf of the Security Agent into the affairs of the Pledgors, by the execution or the performance of this
Agreement or by any other act or thing which may be done by or on behalf of the Security Agent in connection with this Agreement and which might, apart from this Article, prejudice such rights or remedies. 

  

	15.	Notices 

 Any notice, request or other communication
to be given or made under this Agreement shall be in writing and must be given in the manner hereafter specified. Except as otherwise provided in this Agreement, such notice, request or other communication shall be deemed to have been given or made
when it shall be delivered by hand, airmail or facsimile to the Party to which it is required or permitted to be given or made, at such party’s address specified below or at such other address as such party designates by notice to the party
giving or making such notice, request or other communication (these addresses shall also be set out in the standard registration notice form delivered to the Archive, pursuant to the Security Interests Law): 
 For the Pledgors: 
 103 Baynard
Building 
 3411 Silverside Road 
 Wilmington, DE 19810 
 Attention: Charles McCarrick 
 Fax: +1 302 477 1332 
 For the Security Agent 
 Société Générale 
 Commodity and Trade Finance Operations 
 1221 Avenue of America, New York, NY 10020 
 Attention: Salvador Rodriguez 
 Vice President

 Fax: + 1 212 787417 
  

	16.	Release of the Pledge 

  

	16.1	Subject to Article 16.2 hereunder, promptly after the expiry of the Security Period (but not otherwise, and, in any case, no later than 40 days thereafter), the Security Agent
shall, at the cost of the Pledgors, release the Shares from the Pledge. 

  

	16.2	The Security Agent shall not be obliged to release the Shares from the Pledge if any payment received by them in respect of the Secured Obligations or any part thereof might be
declared ineffective or invalid or repayable (to the Pledgors or any other person). 

  

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	17.	Governing Law 

 This Agreement shall be governed by
and construed in accordance with Romanian law. 
  

	18.	Jurisdiction 

 Any dispute, controversy or claim
arising out of or relating to this Agreement, or the breach, termination or invalidity hereof, shall be settled by the competent Romanian courts. 
  

	19.	Severability 

 In the event that any of the
provisions of this Agreement is or becomes thereafter illegal, invalid or unenforceable under the applicable law, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or prejudiced by it. The
Parties shall use their best efforts in order to perform those acts and/or modifications as are necessary to generate the same legal and/or economic result that was intended upon the conclusion of this Agreement. 
  

	20.	Counterparts 

 This Agreement may be executed in any
number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 
  

	21.	Final provisions 

  

	21.1	This Agreement represents an enforceable title (in Romanian: “titlu executoriu”). 

  

	21.2	This Agreement was executed in English language. 

  

	21.3	Annexes A and B are incorporated in and form part of this Agreement. 

  

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	Smithfield International Investments, Inc.
	
	 /s/ Michael D. Flemming

	
	Cold Field Investments LLC
	
	 /s/ Michael D. Flemming

	
	Société Générale
	
	 /s/ Sebastien Ribatto

	
	Smithfield Romania S.R.L.
	
	 /s/ Michael D. Flemming

  

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 ANNEX A 
 Certified excerpt issued by the Trade Registry of Timiş 
 evidencing the due registration of the Shares owned by the
Pledgors 
  

 18 

 Exhibit 4.5 
 Execution copy 
  

 ANNEX B 
 Certified excerpt of the register of Shares maintained by the Subsidiary 
 evidencing the ownership of the Pledgors over
the Shares 

 Exhibit 4.5 
 Execution copy 
  

 ANNEX C 
 Amendment Agreement 
 This Amendment Agreement (the “Amendment”) has been executed today [X] [X] [X] in Bucharest, Romania,
by and between the following parties: 
 [the parties] 
 each hereinafter called the “Party” and collectively the “Parties”, 
 and 
 for the purposes of acknowledging and agreeing to comply with the terms of this Amendment, 
 Smithfield Romania S.R.L., a company duly incorporated and existing under the laws of Romania, with corporate address in Timişoara, Str.
Polonă nr. 4, Etaj 1, Camera 4, Judeţul Timiş, registered in Timiş Trade Registry under No. J35/2260/2004, Unique Registration Code 14842327 (the “Subsidiary”), 
 in furtherance of the provisions of Article 4.4. of the Shares Pledge Agreement dated [date] (the “Pledge Agreement”). 

 

	1.	Definitions 

 When used in this Amendment, unless
specifically defined herein, all terms defined in the Pledge Agreement shall have the meanings ascribed to them therein. 
  

	2.	Amendment 

 With effect from the Effective Date as
defined in Article 5 below, Appendix A of the Pledge Agreement shall be replaced in its entirety by the excerpt from the relevant Romanian Trade Registry evidencing all of the Shares in the Subsidiary held by the Pledgors (including the Additional
Shares which have most recently triggered the execution of this amendment) (the “Substitute Annex A”) set out as Schedule 1 hereto. 
 With effect from the Effective Date as defined in Article 5 below, Appendix B of the Pledge Agreement shall be replaced in its entirety by the certified copy of the excerpt from the register of shares of the Subsidiary maintained by the
Subsidiary evidencing all of the Shares in the Subsidiary held by the Pledgors (including the Additional Shares which have most recently triggered the execution of this Amendment) (the “Substitute Annex B”) set out as Schedule 2
hereto. 
  

	3.	Incorporation of Terms 

 This Amendment shall be
governed and construed in accordance with Romanian law and the provisions of the Pledge Agreement shall be deemed to be incorporated in this Amendment mutatis mutandis. 

 Execution copy 
  

	4.	Pledge Agreement to Remain in Full Force and Effect 

 Save as expressly amended by this Amendment, the Pledge Agreement shall continue to be in full force and effect, and this Amendment and the Pledge Agreement shall be construed as one instrument. 
  

	5.	Effective Date 

 This Amendment shall become
effective on the date on which it stands executed by both of the Parties (such date the “Effective Date”). 
  

	6.	Counterparts 

 This Agreement may be executed in any number of
counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 
 [signatures]

  

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 Schedule 1 
 Original excerpt issued by the Trade Registry of [X], evidencing the due registration 
 of the Shares owned by
the Pledgors 
  

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 Execution copy 
  

 Schedule 2 
 Certified excerpt of the register of Shares maintained by the Subsidiary, evidencing 
 the ownership of the
Pledgors over the Shares 
  

 23

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