Document:

Form of Employment Agreement with Angie Plesiotis

 EXHIBIT 10.6 
 EMPLOYMENT AGREEMENT 
 This Agreement (“Agreement”) is made by and between Ben Franklin
Bank of Illinois, a federal savings bank (the “Bank”), with its principal office in Arlington Heights, Illinois, and Angie Plesiotis (“Executive”) and shall be effective as of
[                ], provided, however, that under no circumstances shall this Agreement be effective prior to the completion of its mutual holding company
reorganization. 
 WHEREAS, in order to induce Executive to remain in the employ of the Bank and to provide further incentive to
achieve the financial and performance objectives of the Bank, the parties desire to enter into this Agreement upon the terms and conditions hereof; and 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree as follows: 
 1. POSITION AND RESPONSIBILITIES. 
 The Executive
agrees to serve as the Vice President and Chief Operations Officer of the Bank and as such, the Executive shall be responsible for overseeing the teller, branches and retail deposit operations of the Bank and report to such persons as the Chief
Executive Officer shall designate. Failure to reappoint Executive as Vice President and Chief Operations Officer of the Bank without the consent of Executive during the term of this Agreement (except for any termination for Just Cause or Retirement,
as defined herein) shall constitute a breach of this Agreement. 
 2. TERM AND DUTIES. 
 (a) The term of this Agreement and the period of Executive’s employment hereunder will begin as of the Effective Date and will continue for a period
of twelve (12) full calendar months thereafter. On each anniversary date of the Effective Date (the “Anniversary Date”), this Agreement shall renew for an additional year such that the remaining term shall be twelve (12) full
calendar months provided, however, that the Board shall at least sixty (60) days before such Anniversary Date conduct a comprehensive performance evaluation and review of Executive for purposes of determining whether to extend this Agreement.
The Board shall give Executive notice of its decision whether or not to renew this Agreement at least thirty (30) days and not more than sixty (60) days prior to the Anniversary Date. 
 (b) During the period of her employment hereunder, except for periods of absence occasioned by illness, reasonable vacation periods, and reasonable
leaves of absence approved by the Board, Executive shall devote substantially all her business time, attention, skill, and efforts to the faithful performance of her duties hereunder including activities and services related to the organization,
operation and management of the Bank; provided, however, that with the approval of the Board, Executive may serve, or continue to serve, on the boards of directors of, and hold any other offices or positions in, business, social, religious,
charitable or similar organizations which will not present any conflict of interest with the Bank or materially affect the performance of Executive’s duties pursuant to this Agreement. 

 3. COMPENSATION, BENEFITS AND REIMBURSEMENT. 
 (a) The compensation specified under this Agreement shall constitute the salary and benefits paid for the duties described in Section 2. The Bank
shall pay Executive as compensation a salary of not less than [$                ] per year (“Base Salary”). Such Base Salary shall be payable biweekly,
or with such other frequency as officers and employees are generally paid. During the period of this Agreement, Executive’s Base Salary shall be reviewed at least annually. Such review shall be conducted by a committee designated by the Board,
and the Bank may increase, but not decrease (except a decrease that is generally applicable to all employees) Executive’s Base Salary (with any increase in Base Salary to become “Base Salary” for purposes of this Agreement). Base
Salary shall not include any director’s fees that the Executive is entitled to receive as a director of the Bank or any affiliate of the Bank. Such director’s fees shall be separately paid to the Executive. 
 (b) Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans,
supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or arrangement made available by the Bank currently or in the future to its senior
executives and key management employees. Executive will be entitled to participate in any incentive compensation and bonus plans offered by the Bank in which Executive is eligible to participate. Nothing paid to Executive under any such plan or
arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement. 
 (c) In addition to the
Base Salary provided for by paragraph (a) of this Section 3, the Bank shall pay or reimburse Executive for all reasonable travel and other reasonable expenses incurred by Executive performing her obligations under this Agreement and may
provide such additional compensation in such form and such amounts as the Board may from time to time determine. The Bank shall reimburse Executive for her ordinary and necessary business expenses including, without limitation, fees for memberships
in such clubs and organizations as Executive and the Board shall mutually agree are necessary and appropriate for business purposes, and travel and entertainment expenses, incurred in connection with the performance of her duties under this
Agreement. 
 4. PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 
 (a) Upon the occurrence of an Event of Termination (as herein defined) during Executive’s term of employment under this Agreement, the provisions of this Section 4 shall apply. As used in this Agreement, an
“Event of Termination” shall mean and include any of the following: 
  

	 	(i)	the termination by the Bank of Executive’s full-time employment hereunder for any reason other than termination governed by Section 5 (Termination for Cause) or
termination governed by Section 6 (Termination for Disability or death) or termination governed by Section 7 (Termination Upon Retirement); or 

  

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	 	(ii)	Executive’s resignation from the Bank’s employ for any of the following reasons: 

  

	 	(A)	the failure to appoint or reappoint Executive to the position set forth under Section 1; 

  

	 	(B)	a material change in Executive’s functions, duties, or responsibilities with the Bank, which change would cause Executive’s position to become one of lesser
responsibility, importance, or scope from the position and attributes thereof described in Section 1, above; 

  

	 	(C)	a relocation of Executive’s principal place of employment by more than forty-five (45) miles from its location at the Effective Date of this Agreement;

  

	 	(D)	a material reduction in the benefits and perquisites to Executive from those being provided as of the later of the Effective Date or any subsequent Anniversary Date of this
Agreement, other than an employee-wide reduction in pay or benefits; 

  

	 	(E)	a liquidation or dissolution of the Bank; or 

  

	 	(F)	a material breach of this Agreement by the Bank or the Holding Company. 

 Upon the occurrence of any event described in clauses (A), (B), (C), (D), (E) or (F), above, Executive shall have the right to elect to terminate her employment under this Agreement by resignation upon not less
than thirty (30) days prior written Notice of Termination, as defined in Section 9(a), given within ninety (90) days after the event giving rise to said right to elect. Notwithstanding the preceding sentence, in the event of a
continuing breach of this Agreement by the Bank, Executive, after giving due notice within the prescribed time frame of an initial event specified above, shall not waive any of her rights under this Agreement and this Section solely by virtue of the
fact that Executive has submitted her resignation, provided Executive has remained in the employment of the Bank and is engaged in good faith discussions to resolve any occurrence of an event described in clauses (A), (B), (C), (D) or
(F) above. 
  

	 	(iii)	(A) Executive’s involuntary termination by the Bank (or any successor thereto) on the effective date of, or at any time following, a Change in Control, or
(B) Executive’s resignation from the employment with the Bank (or any successor thereto) following a Change in Control as a result of any event described in Section 4(a)(ii)(A), (B), (C), (D), or (F) above. For these purposes, a
“Change in Control” shall mean a change in control of the Bank or, its holding company as of the date hereof (the “Holding Company”) of a nature that: (i) would be required to be reported in 

  

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 response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) without limitation such a Change in Control shall be deemed to have occurred at such time as (a) any “person” (as the term
is used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Holding Company or Bank representing 25% or
more of the combined voting power of the Holding Company’s or Bank’s outstanding securities except for any securities purchased by the Bank’s employee stock ownership plan or trust; or (b) individuals who constitute the Board of
Directors of the Bank or the Holding Company on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to the date hereof whose
election was approved by a vote of at least a majority of the directors of the Board, shall be, for purposes of this clause (b), considered as though she were a member of the Incumbent Board; or (c) a plan of reorganization, merger,
consolidation, sale of all or substantially all the assets of the Bank or the Holding Company or similar transaction in which the Bank or Holding Company is not the surviving institution occurs; provided, however, that, to the extent necessary to
comply with Code Section 409A, “Change in Control” shall instead have the meaning set forth in Code Section 409A and the regulations and other guidance published thereunder; and provided further that a Change in Control shall not
be deemed to have occurred solely as a result of the conversion of the Holding Company’s mutual holding company parent to stock form or a reorganization used to effect such a conversion. 
 (b) Upon the occurrence of an Event of Termination under Sections 4(a) (i) or (ii), on the Date of Termination, as defined in
Section 9(b), the Bank shall be obligated to pay Executive, or, in the event of her subsequent death, her beneficiary or beneficiaries, or her estate, as the case may be, as severance pay or liquidated damages, or both, an amount equal to the
sum of: (i) her earned but unpaid salary as of the date of her termination of employment with the Bank; (ii) the benefits, if any, to which she is entitled as a former employee under the employee benefit plans and programs and compensation
plans and programs maintained for the benefit of the Bank’s officers and employees; (iii) the remaining payments that Executive would have earned, in accordance with Sections 3(a) and 3(b), if she had continued her employment with the
Bank for the remainder of the term of this Agreement (but in any event, such term shall not exceed twelve (12) months), and had earned the maximum bonus or incentive award in the calendar year that ends during such term; and (iv) the
annual contributions or payments that would have been made on Executive’s behalf to any employee benefit plans of the Bank as if Executive had continued her employment with the Bank for the remainder of the term of this Agreement (but in any
event, such term shall not exceed twelve (12) months), based on contributions or payments made (on an annualized basis) at the Date of Termination. Any payments hereunder shall be made in a lump sum within thirty (30) days after the Date
of Termination, or in the event that Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) applies, no later than the first day of the seventh month following the Date of Termination. Such payments shall not be
reduced in the event Executive obtains other employment following termination of employment. 
  

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 (c) Upon the occurrence of an Event of Termination under Section 4(a)(iii), on the Date of
Termination, as defined in Section 9(b), the Bank shall be obligated to pay Executive, or, in the event of her subsequent death, her beneficiary or beneficiaries, or her estate, as the case may be, as severance pay or liquidated damages, or
both, an amount equal to the sum of: (i) her earned but unpaid salary as of the date of her termination of employment with the Bank; (ii) the benefits, if any, to which she is entitled as a former employee under the employee benefit plans
and programs and compensation plans and programs maintained for the benefit of the Bank or Holding Company’s officers and employees; (iii) the remaining payments that Executive would have earned, in accordance with Sections 3
(a) and (b), if she had continued her employment with the Bank for a twelve (12) month period following her termination of employment, and had earned the maximum bonus or incentive award in each calendar year that ends during such term;
and (iv) the annual contributions or payments that would have been made on Executive’s behalf to any employee benefit plans of the Bank or the Company as if Executive had continued her employment with the Bank for a twelve (12) month
period following her termination of employment, based on contributions or payments made (on an annualized basis) at the Date of Termination. Any payments hereunder shall be made in a lump sum within thirty (30) days after the Date of
Termination, or in the event that Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) applies, no later than the first day of the seventh month following the Date of Termination. Such payments shall not be reduced
in the event Executive obtains other employment following termination of employment. 
 (d) Upon the occurrence of an Event of Termination
under Section 4(a)(i), (ii) or (iii), the Bank will cause to be continued, at the Bank’s expense, medical coverage substantially identical to the coverage maintained by the Bank for Executive and her family prior to Executive’s
termination. Such coverage shall continue at the Bank’s expense for the remainder of the term of this Agreement following the Date of Termination. 
 (e) Notwithstanding anything in this Agreement to the contrary, in no event shall the aggregate payments or benefits to be made or afforded to Executive under this Section constitute an “excess parachute
payment” under Section 280G of the Internal Revenue Code of 1986, as amended, (“Code”) or any successor thereto, and in order to avoid such a result, Executive’s benefits hereunder shall be reduced, if necessary, to an
amount, the value of which is one dollar ($1.00) less than an amount equal to three (3) times Executive’s “base amount,” as determined in accordance with Section 280G. The allocation of the reduction required hereby shall be
determined by Executive. 
 (f) In the event the Executive resigns for any reason other than an Event of Termination (as described in
Section 4), Termination for Just Cause (as described in Section 5), Termination for Disability or Death (as described in Section 6) or Termination Upon Retirement (as described in Section 7), all obligations of the Bank hereunder
shall immediately cease upon the date of such resignation. 
 (g) Notwithstanding the foregoing, to the extent required by regulations or
interpretations of the Office of Thrift Supervision, all severance payments under the Agreement shall not exceed three (3) times the Executive’s average annual compensation (as defined in such regulations or interpretations) over the most
recent five (5) taxable years. 
  

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 5. TERMINATION FOR JUST CAUSE. 
 (a) The term “Termination for Just Cause” shall mean termination because of the Executive’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit,
intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. 
 (b) Notwithstanding Section 5(a), the Bank may not terminate Executive for Just Cause unless and until there shall have been delivered to her a
Notice of Termination which shall include a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for that purpose, finding that in the
good faith opinion of the Board, Executive was guilty of conduct justifying Termination for Just Cause and specifying the particulars thereof in detail. Executive shall not have the right to receive compensation or other benefits for any period
after Termination for Just Cause. During the period beginning on the date of the Notice of Termination for Just Cause pursuant to Section 5 hereof through the Date of Termination, any unvested stock options and related rights granted to
Executive under any stock option plan of the Bank or the Holding Company (or any affiliate) shall not be exercisable nor shall any unvested awards granted to Executive under any stock benefit plan of the Bank or Holding Company (or affiliate
thereof) vest. At the Date of Termination, any such unvested stock options and related rights and any such unvested awards shall become null and void and shall not be exercisable by or delivered to Executive at any time subsequent to such
Termination for Just Cause. In the Event of Executive’s Termination for Just Cause, Executive shall resign immediately as a director of the Bank and as a director and/or officer of any affiliate of the Bank. 
 6. TERMINATION FOR DISABILITY OR DEATH. 
 (a) The Bank
or Executive may terminate Executive’s employment after having established Executive’s Disability. For purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability to
substantially perform her duties under this Agreement and that results in Executive’s becoming eligible for long-term disability benefits under a long-term disability plan of the Bank (or, if the Bank has no such plan in effect, that impairs
Executive’s ability to substantially perform her duties under this Agreement for a period of one hundred eighty (180) consecutive days). The Board shall determine in good faith, based upon competent medical advice and other factors that
they reasonably believe to be relevant, whether or not Executive is and continues to be disabled for purposes of this Agreement. As a condition to any benefits, the Board may require Executive to submit to such physical or mental evaluations and
tests as it deems reasonably appropriate, at the Bank’s expense. 
 (b) In the event of such Disability, Executive’s obligation to
perform services under this Agreement will terminate. In the event of such termination, Executive shall receive benefits under any disability program sponsored by the Bank, provided such benefit is not less than the 
  

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 benefits provided in the following sentence of this Section 6(b). In the event the Bank does not sponsor any
disability programs, the Executive shall continue to receive her Base Salary, as defined in Section 3(a), at the rate in effect on the Date of Termination through the earliest to occur of (i) the date of Executive’s death;
(ii) the date the Executive recovers from such Disability; (iii) the date Executive attains age 65; or (iv) the expiration of twelve (12) months following the Date of Termination. 
 (c) In the event of Executive’s death during the term of this Agreement, her estate, legal representatives or named beneficiary or beneficiaries (as
directed by Executive in writing) shall be paid Executive’s Base Salary, as defined in Section 3, at the rate in effect at the time of Executive’s death for a period of one (1) year from the date of Executive’s death.

 7. TERMINATION UPON RETIREMENT 
 Termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s employment at age 65, unless extended by the Board. Upon termination of Executive’s employment based on Retirement,
no amounts or benefits shall be due Executive under this Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party. 
 8. RESIGNATION FROM BOARDS OF DIRECTORS 
 In
the event of Executive’s termination of employment for any reason other than upon a Change in Control, Executive shall, if applicable, resign as a director of the Bank, and as a director and/or officer of any affiliate of the Bank including the
Holding Company. 
 9. NOTICE 
 (a)
Any notice required hereunder shall be in writing and hand-delivered to the other party. Hand delivery to the Bank shall be made to the Chairman or the Secretary of the Board of Directors. Any termination by the Bank or by Executive shall be
communicated by Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a written notice which shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. 
 (b) “Date of Termination” shall mean (A) if Executive’s employment is terminated for Disability, thirty (30) days after a Notice
of Termination is given (provided that she shall not have returned to the performance of her duties on a full-time basis during such thirty (30) day period), and (B) if her employment is terminated for any other reason, the date specified
in the Notice of Termination. 
 (c) If the party receiving a Notice of Termination desires to dispute or contest the basis or reasons for
termination, the party receiving the Notice of Termination must notify the other party within thirty (30) days after receiving the Notice of Termination that such a dispute exists, and shall pursue the resolution of such dispute in good faith
and with reasonable diligence 
  

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 pursuant to Section 19 of this Agreement. During the pendency of any such dispute, the Bank shall not be obligated
to pay Executive compensation or other payments beyond the Date of Termination. 
 10. SOURCE OF PAYMENTS. 
 All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. 
 11. EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 
 This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement between the Bank or any predecessor of the Bank and Executive. No provision of this Agreement shall be interpreted to
mean that Executive is subject to receiving fewer benefits than those available to her without reference to this Agreement. 
 12. NO ATTACHMENT; BINDING
ON SUCCESSORS. 
 (a) Except as required by law or as otherwise provided in this Agreement, no right to receive payments under this
Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary
or involuntary, to effect any such action shall be null, void, and of no effect. 
 (b) This Agreement shall be binding upon, and inure to
the benefit of, Executive and the Bank and their respective successors and assigns. 
 13. MODIFICATION AND WAIVER. 
 (a) This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 
 (b) No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel against the enforcement of any provision
of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 
 14. REQUIRED PROVISIONS. 
 (a) The Bank may terminate Executive’s employment at any time, but any termination by the
Board other than Termination for Just Cause as defined in Section 5 hereof shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other
benefits for any period after Termination for Cause. 
  

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 (b) If Executive is suspended from office and/or temporarily prohibited from participating in the conduct
of the Bank’s affairs by a notice served under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act (the “FDI Act”), the Bank’s obligations under this
Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while its
contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 
 (c) If
Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the FDI Act, all
obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 
 (d) If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)] of the FDI Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph
shall not affect any vested rights of the contracting parties. 
 (e) All obligations under this Agreement shall be terminated, except to the
extent determined that continuation of this Agreement is necessary for the continued operation of the Bank, (i) by the Director of the OTS or her or her designee, at the time the FDIC enters into an agreement to provide assistance to or on
behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the FDI Act; or (ii) by the Director or her or her designee at the time the Director or her or her designee approves a supervisory merger to
resolve problems related to operation of the Bank or when the Bank is determined by the Director to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

(f) Notwithstanding anything herein contained to the contrary, any payments to Executive by the Bank, whether pursuant to this Agreement or otherwise,
are subject to and conditioned upon their compliance with Section 18(k) of the FDI Act, 12 U.S.C. Section 1828(k), and the regulations promulgated thereunder in 12 C.F.R. Part 359. 
 15. NON-COMPETITION AND POST-TERMINATION OBLIGATIONS. 
 (a) All payments and benefits to Executive under this Agreement shall be subject to Executive’s compliance with paragraph (b), (c) and (d) of this Section 15. 
 (b) Executive shall, upon reasonable notice, furnish such information and assistance to the Bank as may reasonably be required by the Bank in connection
with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or assistance with respect to any litigation between the Executive
and the Bank or any of its subsidiaries or affiliates. 
 (c) Executive recognizes and acknowledges that the knowledge of the business
activities and plans for business activities of the Bank and affiliates thereof, as it may exist from time to time, is a valuable, special and unique asset of the business of the Bank and affiliates 
  

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 thereof. Executive will not, during or after the term of her employment, disclose any knowledge of the past, present,
planned or considered business activities of the Bank or affiliates thereof to any person, firm, corporation, or other entity for any reason or purpose whatsoever (except for such disclosure as may be required to be provided to the Office of Thrift
Supervision (“OTS”), the Federal Deposit Insurance Corporation (“FDIC”), or other regulatory agency with jurisdiction over the Bank or Executive). Notwithstanding the foregoing, Executive may disclose any knowledge of banking,
financial and/or economic principles, concepts or ideas which are not solely and exclusively derived from the business plans and activities of the Bank, and Executive may disclose any information regarding the Bank which is otherwise publicly
available or which Executive is otherwise legally required to disclose. In the event of a breach or threatened breach by Executive of the provisions of this Section 15, the Bank will be entitled to an injunction restraining Executive from
disclosing, in whole or in part, her knowledge of the past, present, planned or considered business activities of the Bank or any of its affiliates, or from rendering any services to any person, firm, corporation or other entity to whom such
knowledge, in whole or in part, has been disclosed or is threatened to be disclosed. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to them for such breach or threatened breach, including the
recovery of damages from Executive. 
 (d) Upon any termination of Executive’s employment hereunder for any reason other than
(i) pursuant to Section 4(a)(iii); (ii) pursuant to Section 6; or (iii) any termination of Executive’s employment hereunder as a result of the expiration of Executive’s employment term following a notice of
non-renewal pursuant to Section 2, Executive agrees not to compete in the banking and lending business with the Bank and any of its affiliates for a period of one (1) year following such termination in any city or town in which the Bank
has an office or has filed an application for regulatory approval to establish an office, determined as of the effective date of such termination, except as agreed to pursuant to a resolution duly adopted by the Board. Executive agrees that during
such period and within said cities and towns, Executive shall not work for or advise, consult or otherwise serve with, directly or indirectly, any entity whose business materially competes with the depository, lending or other business activities of
the Bank. The parties hereto, recognizing that irreparable injury will result to the Bank, its business and property in the event of Executive’s breach of this Section 15(d) agree that in the event of any such breach by Executive, the Bank
will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive, Executive’s partners, agents, servants, employers, employees and all persons acting for or with
Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Bank, and that the enforcement of a
remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank from pursuing any other remedies available to them for such breach or threatened breach, including the
recovery of damages from Executive. 
 (e) Upon any termination of Executive’s employment hereunder for any reason other than
(i) pursuant to Section 4(a)(iii); (ii) pursuant to Section 6; or (iii) any termination of Executive’s employment hereunder as a result of the expiration of Executive’s employment term following a notice of
non-renewal pursuant to Section 2, Executive agrees that Executive will not, in any manner whatsoever, for a period of one (1) year following the termination of Executive’s employment with the Bank either as an individual or as a
partner, stockholder, 
  

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 director, officer, principal, employee, agent, consultant, or in any other relationship or capacity, with any person,
firm, corporation or other business entity, either directory or indirectly, solicit or induce or aid in the solicitation or inducement of any employees of the Bank to leave their employment with the Bank. Executive further agrees that the Executive
will not, in any manner whatsoever, for a period of one (1) year following the termination of Executive’s employment with the Bank, either as an individual or as a partner, stockholder, director, officer, principal, employee, agent,
consultant or in any other relationship or capacity with any person, firm, corporation or other business entity, either directly or indirectly, solicit the business of any customers or clients of the Bank at the time of termination of
Executive’s employment with the Bank. 
 16. SEVERABILITY. 
 If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not affect any other provision of this Agreement or any part of such provision not held so
invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 
 17. HEADINGS
FOR REFERENCE ONLY. 
 The headings of sections and paragraphs herein are included solely for convenience of reference and shall not
control the meaning or interpretation of any of the provisions of this Agreement. 
 18. GOVERNING LAW. 
 This Agreement shall be governed by the laws of the State of Illinois but only to the extent not superseded by federal law. 
 19. ARBITRATION. 
 Any dispute or controversy arising
under or in connection with this Agreement shall be settled exclusively by binding arbitration, conducted before a single arbitrator selected by the Bank and Executive sitting in a location selected by the Bank and Executive within twenty-five
(25) miles of Arlington Heights, Illinois in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
 20. PAYMENT OF LEGAL FEES. 
 All reasonable legal fees
paid or incurred by Executive pursuant to any dispute or question of interpretation relating to this Agreement shall be paid or reimbursed by the Bank, provided that the dispute or interpretation has been settled by Executive and the Bank or
resolved in Executive’s favor. 
  

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 21. INDEMNIFICATION. 
 (a) The Bank shall provide Executive (including her heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense, and shall indemnify
Executive (and her heirs, executors and administrators) for the term of this Agreement and for a period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by her in
connection with or arising out of any action, suit or proceeding in which she may be involved by reason of her performance of services as a director or officer of the Bank (whether or not she continues to be a director or officer at the time of
incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the Board);
provided, however, the Bank shall not be required to indemnify or reimburse Executive for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive. Any
such indemnification shall be made consistent with OTS Regulations and Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359. 
 (b) Notwithstanding the foregoing, no indemnification shall be made unless the Bank gives the OTS at least 60 days’ notice of its intention to make
such indemnification. Such notice shall state the facts on which the action arose, the terms of any settlement, and any disposition of the action by a court. Such notice, a copy thereof, and a certified copy of the resolution containing the required
determination by the Board shall be sent to the Regional Director of the OTS, who shall promptly acknowledge receipt thereof. The notice period shall run from the date of such receipt. No such indemnification shall be made if the OTS advises the
Bank in writing within such notice period, of its objection thereto. 
  

 12 

 IN WITNESS WHEREOF, the Bank has caused this Agreement to be executed by its duly authorized
representative, and Executive has signed this Agreement, effective as of the day and date first above written. 
  

							
	ATTEST:	 		 	BEN FRANKLIN BANK OF ILLINOIS
				
	  
	 		 	By:	 	  

	Corporate Secretary	 		 		 	Chairman of the Board
			
	WITNESS:	 		 	EXECUTIVE:
			
	  
	 		 	  

		 		 	Angie Plesiotis

  

 13Joint Venture Agreement

 EXHIBIT 10.1 
 CONTRIBUTION AGREEMENT 
 BY AND AMONG 
 TARVALÓN, S.L., 
 SFDS GLOBAL HOLDINGS BV 
 AND 
 OCM LUXEMBOURG EPOF SARL

 AND 
 SMITHFIELD
FOODS, INC. (FOR THE PURPOSES OF ARTICLE VII ONLY) 
 JUNE 29, 2006 

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS
	  	1
	 1.1
	  	 Accounts
	  	1
	 1.2
	  	 Affiliate
	  	1
	 1.3
	  	 Agreement
	  	2
	 1.4
	  	 Approval
	  	2
	 1.5
	  	 Assets
	  	2
	 1.6
	  	 Books and Records
	  	2
	 1.7
	  	 Closing
	  	2
	 1.8
	  	 Closing Date
	  	2
	 1.9
	  	 Company
	  	2
	 1.10
	  	 Confidentiality and Exclusivity Agreement
	  	2
	 1.11
	  	 Constituent Documents
	  	2
	 1.12
	  	 Contracts
	  	2
	 1.13
	  	 Contributed Shares
	  	2
	 1.14
	  	 Debt
	  	2
	 1.15
	  	 Earn-Out Agreement
	  	2
	 1.16
	  	 Effective Time of Closing
	  	3
	 1.17
	  	 Employment Regulations
	  	3
	 1.18
	  	 Environment
	  	3
	 1.19
	  	 Environmental Consents
	  	3
	 1.20
	  	 Environmental Laws
	  	3
	 1.21
	  	 Environmental Matters
	  	3
	 1.22
	  	 Equipment
	  	3
	 1.23
	  	 Exchange Act
	  	3
	 1.24
	  	 Expenses
	  	3
	 1.25
	  	 Financial Statements
	  	3
	 1.26
	  	 FrenchCo Business
	  	3
	 1.27
	  	 FrenchCo Intellectual Property Rights
	  	3
	 1.28
	  	 GAAP
	  	3
	 1.29
	  	 Governmental Authority
	  	4
	 1.30
	  	 Hazardous Materials
	  	4
	 1.31
	  	 Industry Wide Plan
	  	4
	 1.32
	  	 Intellectual Property
	  	4
	 1.33
	  	 Inventory
	  	4
	 1.34
	  	 Knowledge of Smithfield
	  	4
	 1.35
	  	 Law
	  	4
	 1.36
	  	 Lien
	  	4
	 1.37
	  	 Losses
	  	4
	 1.38
	  	 Material Adverse Effect
	  	5
	 1.39
	  	 OCM
	  	5
	 1.40
	  	 OCM Cash Contribution
	  	5
	 1.41
	  	 OCM Indemnified Parties
	  	5
	 1.42
	  	 OCM Initial Shares
	  	5
	 1.43
	  	 Permits
	  	5
	 1.44
	  	 Person
	  	5

  

 (i) 

					
	 1.45
	  	 Properties
	  	5
	 1.46
	  	 Purchase Agreement
	  	5
	 1.47
	  	 Retirement Benefit
	  	5
	 1.48
	  	 Shares
	  	5
	 1.49
	  	 Site
	  	6
	 1.50
	  	 SLE
	  	6
	 1.51
	  	 Smithfield
	  	6
	 1.52
	  	 Smithfield Cash Contribution
	  	6
	 1.53
	  	 Smithfield France
	  	6
	 1.54
	  	 Smithfield Indemnified Parties
	  	6
	 1.55
	  	 Smithfield Initial Shares
	  	6
	 1.56
	  	 State Social Security Plan
	  	6
	 1.57
	  	 Stockholders Agreement
	  	6
	 1.58
	  	 Subsidiaries
	  	6
	 1.59
	  	 Target Company IT Systems
	  	6
	 1.60
	  	 Target Employee Benefit Plan
	  	6
	 1.61
	  	 Third-Party Intellectual Property Rights
	  	6
	 1.62
	  	 Tax
	  	6
	 1.63
	  	 Tax Regulations
	  	7
	 1.64
	  	 Tax Return
	  	7
	 1.65
	  	 Third Party Right
	  	7
	 1.66
	  	 Transaction Material Adverse Effect
	  	7
		
	 ARTICLE II CONTRIBUTION AND SHARE ISSUANCE
	  	7
	 2.1
	  	 Contribution and Share Issuance
	  	7
	 2.2
	  	 Deliveries at Closing
	  	8
		
	 ARTICLE III WARRANTIES OF SMITHFIELD
	  	9
	 3.1
	  	 Organization of Smithfield
	  	9
	 3.2
	  	 Smithfield Authorization; Execution and Delivery; Enforceability
	  	9
	 3.3
	  	 No Violation or Conflict by Smithfield
	  	10
	 3.4
	  	 Title to Contributed Shares
	  	10
	 3.5
	  	 Organization of the Company
	  	10
	 3.6
	  	 Company Authorization; Execution and Delivery; Enforceability
	  	10
	 3.7
	  	 No Violation or Conflict by the Company
	  	10
	 3.8
	  	 Organization and Authority of Smithfield France
	  	11
	 3.9
	  	 Capitalization
	  	11
	 3.10
	  	 No Violation or Conflict by Smithfield France
	  	11
	 3.11
	  	 Subsidiaries
	  	11
	 3.12
	  	 Sufficiency of Assets
	  	11
	 3.13
	  	 Financial Statements
	  	11
	 3.14
	  	 Liabilities at Effective Time of Closing
	  	12
	 3.15
	  	 Authorizations, Valid Obligations, Filings and Consents
	  	12
	 3.16
	  	 Smithfield, the Shares and Smithfield France and Subsidiaries
	  	12
	 3.17
	  	 Organizational Documents of Smithfield France and the Subsidiaries
	  	12
	 3.18
	  	 Absence of Changes
	  	12
	 3.19
	  	 Statutory Books
	  	13

  

 (ii) 

					
	 3.20
	  	 Accounting Records
	  	13
	 3.21
	  	 Securities Exchange Act
	  	13
	 3.22
	  	 Borrowings and Mortgages
	  	14
	 3.23
	  	 Sureties
	  	14
	 3.24
	  	 Grants
	  	14
	 3.25
	  	 Licenses
	  	15
	 3.26
	  	 Compliance
	  	15
	 3.27
	  	 The Business Assets
	  	15
	 3.28
	  	 Consents, Approvals and Compliance with Laws
	  	17
	 3.29
	  	 No Broker
	  	17
	 3.30
	  	 Contractual Matters
	  	17
	 3.31
	  	 Litigation
	  	19
	 3.32
	  	 Investigations
	  	19
	 3.33
	  	 Insolvency, etc.
	  	19
	 3.34
	  	 IP/IT
	  	20
	 3.35
	  	 Real Estate
	  	21
	 3.36
	  	 Environmental
	  	22
	 3.37
	  	 Employment
	  	24
	 3.38
	  	 Retirement Benefits
	  	26
	 3.39
	  	 Tax Matters
	  	27
		
	 ARTICLE IV WARRANTIES OF OCM
	  	27
	 4.1
	  	 Organization
	  	27
	 4.2
	  	 Authorization; Execution and Delivery; Enforceability
	  	27
	 4.3
	  	 No Violation or Conflict by OCM
	  	27
	 4.4
	  	 No Broker
	  	28
		
	 ARTICLE V COVENANTS
	  	28
	 5.1
	  	 Conduct of Business of Smithfield France and the Subsidiaries
	  	28
	 5.2
	  	 Access to Information
	  	28
	 5.3
	  	 Commercially Reasonable Efforts
	  	28
	 5.4
	  	 Public Announcements
	  	28
	 5.5
	  	 Confidentiality and Exclusivity Agreement
	  	28
		
	 ARTICLE VI CONDITIONS PRECEDENT TO CLOSING
	  	29
	 6.1
	  	 Conditions Precedent to Obligations of OCM
	  	29
	 6.2
	  	 Conditions Precedent to Obligations of Smithfield
	  	29
		
	 ARTICLE VII INDEMNITIES AND ADDITIONAL COVENANTS
	  	30
	 7.1
	  	 Smithfield’s Indemnity
	  	30
	 7.2
	  	 OCM’s Indemnity
	  	32
	 7.3
	  	 Additional OCM Indemnity
	  	33
	 7.4
	  	 Company Indemnity
	  	33
	 7.5
	  	 Further Assurances
	  	33
		
	 ARTICLE VIII TERMINATION; WAIVER
	  	33
	 8.1
	  	 Termination
	  	33

  

 (iii) 

					
	 8.2
	  	 Effect of Termination
	  	34
	 8.3
	  	 Waiver; Extension
	  	34
		
	 ARTICLE IX MISCELLANEOUS
	  	34
	 9.1
	  	 Entire Agreement; Amendment
	  	34
	 9.2
	  	 Expenses
	  	35
	 9.3
	  	 Governing Law; Consent to Jurisdiction
	  	35
	 9.4
	  	 Assignment
	  	35
	 9.5
	  	 Notices
	  	36
	 9.6
	  	 Counterparts; Headings
	  	37
	 9.7
	  	 Specific Performance
	  	37
	 9.8
	  	 Interpretation
	  	37
	 9.9
	  	 Severability
	  	37
	 9.10
	  	 No Reliance
	  	37
	 9.11
	  	 Survival; Exhibits
	  	37

  

 (iv) 

 EXHIBITS 
  

			
		
	Exhibit 1.15	  	Earn-Out Agreement
	Exhibit 1.57	  	Stockholders Agreement
	Exhibit 3.9	  	Capitalization
	Exhibit 3.11	  	Subsidiaries

  

 (v) 

 CONTRIBUTION AGREEMENT 
 CONTRIBUTION AGREEMENT, made as of the 29th day of June, 2006, by and among Tarvalón, S.L., a private limited company organized under the
laws of Spain (the “Company”), SFDS Global Holdings BV, a private limited liability company organized under the laws of the Netherlands (“Smithfield”), and OCM Luxembourg EPOF SARL, a société à
responsibilité limitée organized under the laws of Luxembourg (“OCM”) and, for the purposes of Article VII only, Smithfield Foods, Inc. (“Parent”). 
 RECITALS 
 WHEREAS, Smithfield
has organized the Company solely for the purpose of consummating the transactions contemplated by that certain Agreement (the “Purchase Agreement”), dated June 26, 2006, among Parent, the Company and Sara Lee Corporation
(“SLE”), providing for the purchase by the Company of SLE’s and its Affiliates’ European meats business, and is the holder of 3,200 Shares (as defined herein); and 
 WHEREAS, Smithfield desires to contribute to the Company (a) all of the shares of capital stock of Smithfield France SAS (“Smithfield
France”) held by Smithfield and its Affiliates (with a deemed gross enterprise value of €120 million, which includes €20 million of debt (the “Debt”)) and (b) €50 million in cash (the “Smithfield
Cash Contribution”) in exchange for an aggregate 50% ownership interest in the Company; and 
 WHEREAS, OCM desires to
(a) contribute to the Company €108.89 million in cash (the “OCM Cash Contribution”) and (b) enter into the Earn-Out Agreement (as defined herein) in exchange for an aggregate 50% ownership interest in the Company.

 NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants, conditions and agreements set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, it hereby is agreed that: 
 ARTICLE I

 DEFINITIONS 
 When
used in this Agreement, the following terms shall have the meanings specified: 
 1.1 Accounts. “Accounts” shall mean all
accounts receivable, notes receivable and associated rights owned by Smithfield France and the Subsidiaries. 
 1.2 Affiliate.
“Affiliate” shall mean, with respect to any Person, any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with such Person. As used in this definition of the term
“Affiliate” and elsewhere herein with respect to any Affiliate of any Person, “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of
the power to direct or cause the direction of the management policies of a Person, whether through the ownership of voting securities, by voting trust, contract or similar arrangement, as trustee or executor, or otherwise. 

 1.3 Agreement. “Agreement” shall mean this Contribution Agreement, together with the
Exhibits attached hereto, as the same may be amended from time to time in accordance with the terms hereof. 
 1.4 Approval.
“Approval” shall mean approval or qualification by and/or due registration with the appropriate taxation, social security, supervisory, fiscal or other applicable regulatory authorities in the relevant state or jurisdiction, in order to
obtain tax approved, favored or qualified status in the relevant jurisdiction, and Approved shall be construed accordingly. 
 1.5
Assets. “Assets” shall mean all of the assets of Smithfield France and the Subsidiaries, including, without limitation, the Accounts, Books and Records, Contracts, Equipment, Intellectual Property, Inventory, Permits and Real
Property. 
 1.6 Books and Records. “Books and Records” shall mean original or true and complete copies of all of the books,
records, ledgers, files, data and information of Smithfield France and the Subsidiaries. 
 1.7 Closing. “Closing” shall
mean the conference to be held at 10:00 a.m., local time, on the Closing Date, at the offices of Hunton & Williams LLP located at 200 Park Avenue, New York, New York 10166, or at such other time and place as the parties may mutually agree.

 1.8 Closing Date. “Closing Date” shall mean the date on which the transactions contemplated by the Purchase Agreement are
consummated. 
 1.9 Company. “Company” shall have the meaning given to such term in the Preamble hereto. 
 1.10 Confidentiality and Exclusivity Agreement. “Confidentiality and Exclusivity Agreement” shall mean the letter agreement, dated
May 4, 2006, between Smithfield Foods, Inc. and OCM. 
 1.11 Constituent Documents. “Constituent Documents” shall mean
the articles of association and bylaws (or similar organizational documents) of any entity. 
 1.12 Contracts. “Contracts”
shall mean all material contracts, agreements, leases, licenses, relationships and commitments, written or oral, to which Smithfield France or any of the Subsidiaries are a party or by which any of them are bound, and that are required to conduct
the business of Smithfield France and the Subsidiaries. 
 1.13 Contributed Shares. “Contributed Shares” shall mean all of
the shares of capital stock of Smithfield France held by Smithfield. 
 1.14 Debt. “Debt” shall have the meaning given to
such term in the Recitals hereto. 
 1.15 Earn-Out Agreement. “Earn-Out Agreement” shall mean that certain Earn-Out
Agreement to be entered into between Smithfield, OCM and the Company, substantially in the form of Exhibit 1.15 attached hereto. 
  

 - 2 - 

 1.16 Effective Time of Closing. “Effective Time of Closing” shall mean 12:01 AM, local
time, on the Closing Date. 
 1.17 Employment Regulations. “Employment Regulations” shall mean the Transfer of Undertaking
(Protection of Employment) Regulations 1981. 
 1.18 Environment. “Environment” shall mean all or part of any of the
following media, namely air (including the air within buildings or other natural or man-made structures above or below ground), water and land and any living organisms or systems supported by those media. 
 1.19 Environmental Consents. “Environmental Consents” shall mean any material permit, license, authorization, approval or consent
required under Environmental Laws for the carrying on of the FrenchCo Business or the use of, or any activities or operations carried out at, any Site owned or occupied by Smithfield France or the Subsidiaries. 
 1.20 Environmental Laws. “Environmental Laws” shall mean all international, European Union, national, state, federal, regional or local
laws (including common law, statute law, civil and criminal law and including codes of practice and guidance notes which are of mandatory effect) which are in force and binding at the date of this Agreement, to the extent that they relate to
Environmental Matters. 
 1.21 Environmental Matters. “Environmental Matters” shall mean all matters relating to the
pollution, protection of or prevention of harm to the Environment. 
 1.22 Equipment. “Equipment” shall mean all machinery,
vehicles, equipment, furniture, fixtures, furnishings, parts, tools, engineering and other items of tangible personal property owned or leased by Smithfield France and the Subsidiaries and that are required to conduct the business of Smithfield
France and the Subsidiaries. 
 1.23 Exchange Act. “Exchange Act” shall have the meaning set forth in
Section 3.22. 
 1.24 Expenses. “Expenses” shall have the meaning set forth in Section 9.2.

 1.25 Financial Statements. “Financial Statements” shall mean the unaudited financial statements of the FrenchCo Business
for the three fiscal years ended April 27, 2003, May 2, 2004 and May 1, 2005 containing consolidated statements of operations for the fiscal years 2003, 2004 and 2005 and consolidated balance sheets as of April 27,
2003, May 2, 2004 and May 1, 2005. 
 1.26 FrenchCo Business. “FrenchCo Business” shall mean the business of
Smithfield France and the Subsidiaries. 
 1.27 FrenchCo Intellectual Property Rights. “FrenchCo Intellectual Property Rights
shall have the meaning give to such term in Section 3.34 hereof. 
 1.28 GAAP. “GAAP” shall mean generally
accepted accounting principles as in effect in the United States as of the date of the subject financial statement. 
  

 - 3 - 

 1.29 Governmental Authority. “Governmental Authority” means the government of any
nation, state, city, locality or other political subdivision thereof, any multinational organization, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any executive
official thereof. 
 1.30 Hazardous Materials. “Hazardous Materials” shall have the meaning set forth in Section 3.37.

 1.31 Industry Wide Plan. “Industry Wide Plan” means any scheme, plan, fund or arrangement which provides Retirement
Benefits to or in respect of employees in which employers may participate even if they are not within the same corporate group as the other participating employers whether under a collective bargaining agreement or otherwise, other than state social
security plans in any relevant jurisdiction. 
 1.32 Intellectual Property. “Intellectual Property” shall mean all material
(a) inventions (whether patentable or unpatentable and whether or not reduced to practice), improvements thereto and patents, patent applications and patent disclosures, together with reissuances, continuations, continuations-in-part,
revisions, extensions and reexaminations thereof, (b) trademarks, service marks, trade dress, logos, trade names and corporate names, together with translations, adaptations, derivations and combinations thereof and including all goodwill
associated therewith and applications, registrations and renewals in connection therewith, (c) copyrightable works, copyrights and applications, registrations and renewals in connection therewith, (d) trade secrets and confidential
business information (including ideas, research and development, know-how, formulas, compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and
cost information and business and marketing plans and proposals), (e) computer software (including data and related documentation), (f) other proprietary rights, (g) rights as a licensee or authorized user of the intellectual property
of any third party and (h) copies and tangible embodiments thereof (in whatever form or medium). 
 1.33 Inventory.
“Inventory” shall mean all raw materials, work in progress and finished goods, wherever located, owned by Smithfield France and the Subsidiaries in connection with the FrenchCo Business. 
 1.34 Knowledge of Smithfield. “Knowledge of Smithfield” shall mean the actual knowledge of, after all reasonable inquiry by, C. Larry
Pope, Richard J. M. Poulson, Dan G. Stevens and Robert Sharpe I. 
 1.35 Law. “Law” shall mean any federal, state, local or
other law or governmental requirement of any kind, and the rules, regulations and orders promulgated thereunder. 
 1.36 Lien.
“Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien (statutory or other) or preference, priority, right of first refusal, restriction on transfer, right or other security interest or
preferential arrangement or adverse claim of any kind or nature whatsoever. 
 1.37 Losses. “Losses” shall have the meaning
given to such term in Section 7.1 hereof. 
  

 - 4 - 

 1.38 Material Adverse Effect. “Material Adverse Effect” shall mean a material adverse
change in or effect on the financial condition, business, properties, results of operations or prospects of Smithfield France and the Subsidiaries, taken as a whole; provided, however, that “Material Adverse Effect” shall not
include the effect of any change or effect arising out of or attributable to (a) the markets in which Smithfield France and the Subsidiaries operate generally, (b) general economic or political conditions (including those effecting the
securities markets), (c) the public announcement of this Agreement or the Purchase Agreement or of the consummation of the transactions contemplated hereby and thereby, (d) any change arising in connection with acts of war (whether or not
declared), sabotage or terrorism, military actions or the escalation thereof or other force majeure events occurring after the date hereof or (e) changes in Laws or accounting rules. 
 1.39 OCM. “OCM” shall have the meaning given to such term in the Preamble hereto. 
 1.40 OCM Cash Contribution. “OCM Cash Contribution” shall have the meaning given to such term in the Recitals hereto. 
 1.41 OCM Indemnified Parties. “OCM Indemnified Parties” shall have the meaning given to such term in Section 7.1 hereof.

 1.42 OCM Initial Shares. “OCM Initial Shares” shall have the meaning given to such term in Section 2.1(d) hereof.

 1.43 Permits. “Permits” shall have the meaning set forth in Section 3.26. 
 1.44 Person. “Person” shall mean any individual, sole proprietorship, trust, estate, executor, legal representative, unincorporated
association, association, institution, corporation, company, partnership, limited liability company, limited liability partnership, joint venture, government, Governmental Authority, and any regulatory or self-regulatory authority or agency or other
entity. 
 1.45 Properties. “Properties” shall mean all real property owned or leased by Smithfield France or any
Subsidiary, together with the improvements located thereon, including all appurtenant rights, claims and interests, which is used in and is material to the conduct of the FrenchCo Business. 
 1.46 Purchase Agreement. “Purchase Agreement” shall have the meaning given to such term in the Recitals hereto. 
 1.47 Retirement Benefit. “Retirement Benefits” means any pension, allowance, lump sum, gratuity or similar benefit provided or to be
provided on or after retirement, death, disability or leaving service (whether voluntary or not) in respect of an employee’s employment. This does not include post retirement medical and dental and other healthcare and welfare benefits,
termination indemnities and any benefits provided under an arrangement the sole purpose of which is to provide benefits on the accidental injury or death of an employee. 
 1.48 Shares. “Shares” shall mean the shares of capital stock of the Company. 
  

 - 5 - 

 1.49 Site. “Site” shall have the meaning set forth in Section 3.36.

 1.50 SLE. “SLE” shall have the meaning given in the Recitals hereto. 
 1.51 Smithfield. “Smithfield” shall have the meaning given to such term in the Preamble hereto. 
 1.52 Smithfield Cash Contribution. “Smithfield Cash Contribution” shall have the meaning given to such term in the Recitals hereto.

 1.53 Smithfield France. “Smithfield France” shall have the meaning given to such term in the Recitals hereto. 

1.54 Smithfield Indemnified Parties. “Smithfield Indemnified Parties” shall have the meaning given to such term in
Section 7.2 hereof. 
 1.55 Smithfield Initial Shares. “Smithfield Initial Shares” shall mean the Shares owned
by Smithfield prior to the sale of the OCM Initial Shares to OCM. 
 1.56 State Social Security Plan. “State Social Security
Plan” means any Retirement Benefit plans that are operated by state entities to which Smithfield France or any of the Subsidiaries are required to contribute under Law. 
 1.57 Stockholders Agreement. “Stockholders Agreement” shall mean that certain Stockholders Agreement, to be entered into as of the
Closing Date, among the Company, Smithfield and OCM, substantially in the form of Exhibit 1.57. 
 1.58 Subsidiaries.
“Subsidiaries” shall mean, collectively, Jean Caby SAS and Dispranor SARL and “Subsidiary” shall mean either one of the foregoing. 
 1.59 Target Company IT Systems. “Target Company IT Systems” shall mean all computer hardware (including network and communications equipment) and software (including associated preparatory materials,
user manuals and other related documentation) owned, used, leased or licensed by Smithfield France and the Subsidiaries. 
 1.60 Target
Employee Benefit Plan. “Target Employee Benefit Plan” means, in any jurisdiction, any scheme, fund, arrangement, plan or agreement, custom or practice (whether funded or unfunded) under which Smithfield or Smithfield France or any of
the Subsidiaries provides, is liable or contingently liable to provide or has agreed to provide (or to which Smithfield or Smithfield France or any of the Subsidiaries contributes, is liable or contingently liable to contribute or has agreed to
contribute to the provision) of any Retirement Benefits for or in respect of any employee but excluding any State Social Security or Industry-Wide Plan . 
 1.61 Third-Party Intellectual Property Rights. “Third Party Intellectual Property Rights” shall have the meaning give to such term in Section 3.34 hereof. 
 1.62 Tax. “Tax” shall mean any tax (including income tax, profit tax, withholding tax, précompte, capital gains tax, value-added
tax, sales tax, property tax, gift tax, real estate tax, 

  

 - 6 - 

 
excise tax, retirement, unemployment, CSG, CRDS and social security contributions in any applicable jurisdiction), tariff or duty (including any stamp or
customs duty) and any fine, penalty, interest or addition to tax imposed, assessed or collected by or under the authority of any governmental body; and Taxes shall be construed accordingly. 
 1.63 Tax Regulations. “Tax Regulations” shall mean any Tax or custom law, statute, decree, ordinance, rule, order or other text of
application of the said law applicable in a given country as well as any international treaty (including the derivative law – directive, regulations or others – of this treaty). 
 1.64 Tax Return. “Tax Return” shall mean any return, report, information return, statement, declaration or other document (including any
related or supporting information) filed or required to be filed with any Governmental Authority in connection with any determination, assessment or collection of any Tax or other administration of any laws, regulations or administrative
requirements. 
 1.65 Third Party Right. “Third Party Right” shall mean any interest or equity of any person (including any
right to acquire, option or right of pre emption or conversion or similar rights or agreements) or any mortgage, charge, pledge, lien, assignment, hypothecation, security interest, title retention, right of set off, trust arrangement for the purpose
of providing security or any other security agreement or arrangement of any kind, or any agreement to create any of the above. 
 1.66
Transaction Material Adverse Effect. “Transaction Material Adverse Effect” shall mean a material adverse change in or effect on the financial condition, business, properties, results of operations or prospects of (i) the
European Business (as defined in the Purchase Agreement) and (ii) Smithfield France and the Subsidiaries, taken as a whole; provided, however, that “Transaction Material Adverse Effect” shall not include the effect of
any change or effect arising out of or attributable to (a) the markets in which the European Business or Smithfield France and the Subsidiaries operate generally, (b) general economic or political conditions (including those effecting the
securities markets), (c) the public announcement of this Agreement or the Purchase Agreement or of the consummation of the transactions contemplated hereby and thereby, (d) any change arising in connection with acts of war (whether or not
declared), sabotage or terrorism, military actions or the escalation thereof or other force majeure events occurring after the date hereof or (e) changes in Laws or accounting rules. 
 ARTICLE II 
 CONTRIBUTION AND SHARE ISSUANCE 
 2.1 Contribution and Share Issuance. 
 (a) At the Closing, Smithfield shall (i) contribute or cause to be contributed to the Company (x) the Smithfield Cash Contribution, by wire transfer of immediately payable funds, and (y) the Contributed
Shares and (ii) enter into the Earn-Out Agreement. 
 (b) At the Closing, OCM shall (i) contribute or cause to be
contributed to the Company the OCM Cash Contribution, by wire transfer of immediately payable funds, and (ii) enter into the Earn-Out Agreement. 
  

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 (c) At the Closing, Smithfield in its capacity as shareholder of the Company will call a
general shareholders meeting and will resolve to increase the Company’s share capital in order to issue the following shares (“participaciones sociales”), first, to Smithfield and, second, following completion of the first
step, to OCM: 
 (i) in consideration of Smithfield’s contribution pursuant to Section 2.1(a), Smithfield
will subscribe for and receive new ordinary Shares with a nominal value of €1 each of the same class and series as the Shares currently owned by Smithfield, free and clear of all Liens, other than as contemplated by the Stockholders Agreement
or in the By-laws of the Company; and 
 (ii) immediately following the transaction in Section 2.1(c)(i), in
consideration of OCM’s contribution pursuant to Section 2.1(b), OCM will subscribe for and receive a number of new ordinary Shares equal to the number received by Smithfield pursuant to Section 2.1(b)(i) with a nominal
value of €1 each of the same class and series as the Shares currently owned by Smithfield, free and clear of all Liens, other than as contemplated by the Stockholders Agreement or in the By-laws of the Company. 
 The increase in share capital of the Company pursuant to this Section 2.1(c) shall be documented by a notarial public deed. 
 (d) At the Closing, Smithfield shall sell to OCM and OCM will acquire from Smithfield, free and clear of all Liens, 1,600 shares
(“participaciones sociales”) (“OCM Initial Shares”), equivalent to 50% of the share capital of the Company before the share capital increase contemplated by Section 2.1(c), with a nominal value of
€1 per share. Such sale shall documented by a notarial public deed. The price for the OCM Initial Shares will be the nominal value of such shares (i.e., €1,600). The Company shall acknowledge such transfer at the Closing. 
 (e) After completion of the matters described in this Section 2.1, Smithfield and OCM shall each own 50% of the outstanding
Shares, with each party owning Shares that confer the same rights and obligations upon each shareholder. 
 2.2 Deliveries at Closing.

 (a) By Smithfield. At the Closing, Smithfield shall deliver to the Company and/or OCM, as appropriate, the following
items, each (where applicable) properly executed and dated as of the Closing Date and in form and substance reasonably satisfactory to the Company: (i) the Contributed Shares, along with duly-executed stock powers therefore to convey the
Contributed Shares to the Company and documentary evidence that the internal approvals of Smithfield France for the transfer of the Contributed Shares have been obtained and that there are no legal or corporate restrictions for such transfer;
(ii) the Smithfield Cash Contribution; (iii) the Earn-Out Agreement; (iv) the Stockholders Agreement, (v) a certificate of the Secretary (or equivalent officer) of Smithfield in customary form; and (vi) the certificate
contemplated by Section 6.1(d) hereof. 
 (b) By OCM. At the Closing, OCM shall deliver to the Company
and/or Smithfield, as appropriate, the following items, each (where applicable) properly executed and 

  

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dated as of the Closing Date and in a form reasonably satisfactory to the Company: (i) the OCM Cash Contribution; (ii) the Earn-Out Agreement;
(iii) the Stockholders Agreement, (iv) a certificate of the Secretary (or equivalent officer) of OCM in customary form; and (v) the certificate contemplated by Section 6.2(c) hereof. 
 (c) By the Company. 
 (i) At the Closing, the Company shall deliver to Smithfield the following items, each (where applicable) properly executed and dated as of the Closing Date and in a form reasonably satisfactory to Smithfield:
(A) a certificate issued by the Chairman and the Secretary of the Board of the Company confirming (1) the terms of the share capital increase described under Section 2.1(c) above and (2) that Smithfield owns the Shares
contemplated by Section 2.1(c)(i) and the Smithfield Initial Shares (but less the OCM Initial Shares) and that such ownership of Shares by Smithfield is recorded in the Registry Book of Shares of the Company; (B) a certificate of
the Secretary (or equivalent officer) of the Company in customary form; (C) the Earn-Out Agreement; (D) the Stockholders Agreement, (E) a closing certificate of the Company in customary form; and (F) a copy of the notarial public
deed documenting the share capital increase described under Section 2.1(c) above. 
 (ii) At the Closing, the
Company shall deliver to OCM the following items, each (where applicable) properly executed and dated as of the Closing Date and in a form reasonably satisfactory to OCM: (A) a certificate issued by the Chairman and the Secretary of the Board
of the Company confirming (1) the terms of the share capital increase described under Section 2.1(c) above and (2) that OCM owns the Shares contemplated by Section 2.1(c)(ii) and the OCM Initial Shares and that such
ownership of Shares by OCM is recorded in the Registry Book of Shares of the Company; (B) a certificate of the Secretary (or equivalent officer) of the Company in customary form; (C) the Earn-Out Agreement; (D) the Stockholders
Agreement, (E) a closing certificate of the Company in customary form; and (F) a copy of the notarial public deed documenting the share capital increase described under Section 2.1(c) above. 
 (iii) Immediately after OCM becomes a shareholder of the Company, Smithfield and OCM, in their capacity as shareholders of the Company,
will constitute a general shareholders’ meeting which will resolve, inter alia, (A) to appoint the nominees of OCM as new members of the Board of the Company pursuant to the terms of the Stockholders Agreement and (B) to amend
the By-Laws of the Company to reflect, as applicable, the terms and provisions of the Stockholders Agreement to the extent permitted or required by Law. 
 ARTICLE III 
 WARRANTIES OF SMITHFIELD 
 Smithfield hereby warrants to OCM and the Company that: 
 3.1 Organization of Smithfield. Smithfield is a private limited liability company duly organized, validly existing and in good standing under the laws of the Netherlands and has full corporate power to enter
into this Agreement and to perform its obligations hereunder. 
 3.2 Smithfield Authorization; Execution and Delivery; Enforceability.
The execution, delivery and performance by Smithfield of this Agreement, and of all of the other documents and 

  

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instruments required hereby from Smithfield, are within the corporate power of Smithfield and have been duly authorized by all necessary corporate action of
Smithfield. This Agreement has been duly executed and delivered by Smithfield. This Agreement is, and the other documents and instruments required hereby to which Smithfield is a party will be, when executed and delivered by the parties thereto, the
valid and binding obligations of Smithfield, enforceable against Smithfield in accordance with their respective terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws
relating to or affecting generally the enforcement of creditors’ rights and (b) the availability of equitable remedies (whether in a proceeding in equity or at law). 
 3.3 No Violation or Conflict by Smithfield. The execution, delivery and performance of this Agreement, and the consummation of the transactions
contemplated herein, do not and will not conflict with or violate (a) any material Law, judgment, order or decree binding on Smithfield or (b) the Constituent Documents of Smithfield. 
 3.4 Title to Contributed Shares. Smithfield owns, or will at the Closing own, of record and beneficially good and valid title to the Contributed
Shares, free and clear of any and all Liens. Upon delivery of the certificates representing the Contributed Shares to the Company at the Closing and upon Smithfield’s receipt of the consideration contemplated by Section 2.1(a)
hereof therefor, good and valid title to the Contributed Shares, free and clear of all Liens, will pass to the Company. 
 3.5
Organization of the Company. The Company is a private limited company duly organized, validly existing and in good standing under the laws of Spain and has full corporate power to enter into this Agreement and to perform its obligations
hereunder. Other than as contemplated by this Agreement, (i) the Company has no liabilities in respect of any Person and (ii) prior to entering into this Agreement, the Company has been a dormant Company and has not assumed any obligation
or commitment and has not carried out any activity other than, in each case, entering into the Purchase Agreement. 
 3.6 Company
Authorization; Execution and Delivery; Enforceability. The execution, delivery and performance by the Company of this Agreement, and of all of the other documents and instruments required hereby from the Company, are within the corporate power
of the Company and have been duly authorized by all necessary corporate action of the Company. This Agreement has been duly executed and delivered by the Company. This Agreement is, and the other documents and instruments required hereby to which
the Company is a party will be, when executed and delivered by the parties thereto, the valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as such enforceability may be
limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting generally the enforcement of creditors’ rights and (a) the availability of equitable remedies (whether in a proceeding in
equity or at law). 
 3.7 No Violation or Conflict by the Company. The execution, delivery and performance of this Agreement, and the
consummation of the transactions contemplated herein, do not and will not conflict with or violate any (a) Law, judgment, order or decree binding on the Company or (b) the Constituent Documents of the Company. 
  

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 3.8 Organization and Authority of Smithfield France. Smithfield France is duly organized, validly
existing and in good standing under the laws of France. Smithfield France has full corporate power to carry on its business as it is now being conducted and to own, operate and hold under lease its assets and properties as, and in the places where,
such properties and assets now are owned, operated or held. 
 3.9 Capitalization. The authorized equity capitalization of Smithfield
France is set forth on Exhibit 3.9 attached hereto. The Contributed Shares represent all of the issued and outstanding capital stock of Smithfield France, have been duly and validly authorized and issued and are fully paid and non-assessable. There
are no options, warrants or other rights to subscribe for or purchase any capital stock of Smithfield France or securities convertible into or exchangeable for, or which otherwise confer on the holder any right to acquire, any capital stock of
Smithfield France, nor is Smithfield France committed to issue any such option, warrant or other right. 
 3.10 No Violation or Conflict
by Smithfield France. The execution, delivery and performance of this Agreement, and the consummation of the transactions contemplated herein, do not and will not conflict with or violate any (a) Law, judgment, order or decree binding on
Smithfield France or (b) the Constituent Documents of Smithfield France. 
 3.11 Subsidiaries. All of the outstanding shares of
capital stock and other equity securities of the Subsidiaries have been validly issued and are fully paid and nonassessable, and are owned, directly or indirectly, by Smithfield France, free and clear of all Liens. There are no options, warrants or
other rights to subscribe for or purchase any capital stock of the Subsidiaries or securities convertible into or exchangeable for, or which otherwise confer on the holder any right to acquire, any capital stock of the Subsidiaries, nor are any of
the Subsidiaries committed to issue any such option, warrant or other right. The name and jurisdiction of incorporation or organization of each Subsidiary is set forth on Exhibit 3.11 attached hereto. The Subsidiaries represent all of the
subsidiaries (direct and indirect) of Smithfield France. 
 3.12 Sufficiency of Assets. The Assets constitute, in all material
respects, all tangible and intangible assets, contracts and rights used in the FrenchCo Business as such business is presently conducted. 
 3.13 Financial Statements. The Financial Statements are true and correct in all material respects, present fairly the financial condition of Smithfield France and the Subsidiaries as of the periods presented, and were prepared in
accordance with generally accepted accounting principles as in effect in France as of the date of the subject Financial Statements applied on a basis consistent with Smithfield France’s and the Subsidiaries’ past practice and delivered to
OCM with a reconciliation to GAAP. The statements of operations included in the Financial Statements are true and correct in all material respects, present fairly the results of operations for such periods, and were prepared in accordance with
generally accepted accounting principles as in effect in France as of the date of the subject Financial Statements applied on a basis consistent with Smithfield France’s and the Subsidiaries’ past practice and delivered to OCM with a
reconciliation to GAAP. Neither Smithfield France nor the Subsidiaries were subject to any liability or obligation, whether absolute or contingent, accrued or unaccrued, asserted or unasserted, known or unknown, or otherwise (collectively
“Liabilities”) other than (i) Liabilities 

  

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reflected on the Financial Statements or disclosed in the notes thereto, (ii) Liabilities incurred in the ordinary course of business consistent with
past practice subsequent to the date of the most recent balance sheet included in the Financial Statements and (iii) such other Liabilities as would not reasonably be expected to, individually or in the aggregate, constitute a Material Adverse
Effect. 
 3.14 Liabilities at Effective Time of Closing. Other than the Debt, Smithfield France will be contributed to the Company on
a debt-free basis with no third party or intercompany loans, no underfunded pension obligations and no other liabilities generated outside of the ordinary course of the FrenchCo Business. Smithfield France will be contributed to the Company with
customary levels of working capital. 
 3.15 Authorizations, Valid Obligations, Filings and Consents. 
 (a) Smithfield has obtained all governmental, statutory, regulatory or other consents, licenses or authorizations required to empower it
to enter into and perform its obligations under this Agreement where failure to obtain them would materially and adversely affect its ability to enter into or perform its obligations under this Agreement. 
 (b) Entry into and performance by Smithfield of this Agreement will not breach any contract or agreement by which it is bound where the
breach would materially and adversely affect Smithfield’s ability to enter into or perform its obligations under this Agreement. 
 3.16
Smithfield, the Shares and Smithfield France and Subsidiaries. No person has entered into any agreement or arrangement whereby any person has the right (exercisable now or in the future and whether contingent or not) to call for the creation,
allotment or issue of any share or loan capital in Smithfield France or any of the Subsidiaries (including by way of option or under any right of conversion or pre-emption). There are no commitments by Smithfield France or any of the Subsidiaries to
issue any shares of Smithfield France or any Subsidiary. There are no outstanding obligations of Smithfield France or any of the Subsidiaries to repurchase, redeem or otherwise acquire any Shares. Smithfield is entitled to freely transfer (or
procure the transfer of) the Contributed Shares. 
 3.17 Organizational Documents of Smithfield France and the Subsidiaries. All
material returns, particulars, resolutions and other documents required under the Law of Smithfield France’s or such Subsidiary’s jurisdiction of incorporation to be delivered on behalf of Smithfield France or such Subsidiary to, or to be
registered with, the relevant commercial registry have been made and delivered or registered. 
 3.18 Absence of Changes. Since the
date of the last Financial Statements: 
 (a) and during the period to the date of this Agreement, there has been no Material
Adverse Effect; 
 (b) the operation of the FrenchCo Business and Smithfield France and each of the Subsidiaries has been
carried on only in the ordinary course and no material transaction has been entered into (other than the entering into of that certain Trademark License Agreement 

  

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between Jean Caby SAS and Weight Watchers International), no material liability has been assumed and no material payment has been made which is not in the
ordinary course of business; 
 (c) no dividend or other distribution has been declared, authorized, paid or made, nor has
there been any reduction of paid-up share capital, by Smithfield France or any of the Subsidiaries (except for any dividends provided for in the Financial Statements); 
 (d) neither Smithfield France nor any of the Subsidiaries has issued or agreed to issue any share or loan capital or other securities,
including, without limitation, bonds and profit certificates; 
 (e) neither Smithfield France nor any of the Subsidiaries has
borrowed or raised any money in the nature of a borrowing or taken any borrowing facility (other than (i) the Debt and (ii) through the cash pooling arrangements of Smithfield and its Affiliates); and 
 (f) neither Smithfield France nor any of the Subsidiaries has repaid any borrowing or indebtedness in advance of its stated maturity.

 3.19 Statutory Books. The statutory books (including all registers and minute books) of Smithfield France and each of the
Subsidiaries required to be kept by applicable Laws in its jurisdiction of incorporation have been maintained in all material respects in accordance with such Laws and no notice or allegation that any of them is incorrect or should be rectified has
been received. 
 3.20 Accounting Records. The accounting records of Smithfield France and each of the Subsidiaries required to be
kept by applicable Laws in its jurisdiction of incorporation have been maintained in accordance with such applicable Laws and are up-to-date in all material respects. 
 3.21 Securities Exchange Act. To the Knowledge of Smithfield, the management of Smithfield has: 
 (a) designed and implemented disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) to ensure
that material information relating to the FrenchCo Business is made known to the management of Smithfield by others within the FrenchCo Business; and 
 (b) disclosed in relation to the FrenchCo Business, based on its most recent evaluation prior to the date hereof, to Smithfield’s external auditors and the audit committee of its Board of Directors: 

(i) any significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting (as
defined in Rule 13a-15(f) of the Exchange Act) which are reasonably likely to adversely affect Smithfield’s ability to record, process, summarize and report financial data; and 
  

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 (ii) any fraud, whether or not material, that involves management or other employees who
have a significant role in Smithfield’s internal controls over financial reporting. 
 Since the date of the last Financial Statements,
any material change in internal control over financial reporting relating to the FrenchCo Business required by the Exchange Act to be disclosed in the reports filed by Smithfield with the Securities and Exchange Commission has been so disclosed.

 3.22 Borrowings and Mortgages. Since the date of the last Financial Statements: 
 (a) No guarantee, mortgage, charge, pledge, lien, assignment or other security (other than a lien arising by operation of law in the
ordinary course of business) over or affecting the whole or any material part of the undertaking or assets of Smithfield France or any of the Subsidiaries has been given or entered into by Smithfield France or any of the Subsidiaries and there is no
agreement or commitment to give or create any. 
 (b) Neither Smithfield France nor any of the Subsidiaries has any
outstanding loan capital, has lent any money that has not been repaid, or has any material debts owing to Smithfield France or any of the Subsidiaries other than debts that have arisen in the ordinary course of business. 
 (c) Neither Smithfield France nor any of the Subsidiaries has: 
 (i) factored any of its debts or discounted any of its debts or engaged in any financing of a type which would need to be shown or
reflected in the Financial Statements; or 
 (ii) waived any material right of set-off it may have against any third party,
other than in the ordinary course of business. 
 (d) No indebtedness of Smithfield France or any of the Subsidiaries is due
and payable and no security over any of the assets of Smithfield France or any of the Subsidiaries is now enforceable, whether by virtue of the stated maturity date of the indebtedness having been reached or otherwise. Neither Smithfield France nor
any of the Subsidiaries has received any notice whose terms have not been complied with and/or carried out in all material respects from any creditor requiring any payment to be made and/or intimating the enforcement of any security which it may
hold over the assets of Smithfield France or such Subsidiary. 
 3.23 Sureties. No person has given any guarantee of or security for
any overdraft, loan or loan facility granted to Smithfield France or any of the Subsidiaries that remains in effect. Neither Smithfield France nor any of the Subsidiaries has given, or agreed to give, any guarantee or security for the benefit of any
third party that remains in effect. 
 3.24 Grants. During the period of three years ending on the date of this Agreement, neither
Smithfield France nor any of the Subsidiaries has applied for or received any grant or allowance from any authority or agency. Entry into and performance by Smithfield of this Agreement will not, to the Knowledge of Smithfield, result in a breach or
default by Smithfield 

  

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France or any Subsidiary with respect to any grant or allowance from any authority or agency or trigger any obligation to accelerate the reimbursement of any
grant or allowance. 
 3.25 Licenses. None of Smithfield, Smithfield France or the Subsidiaries has received any written notice in the
three years ending on the date of this Agreement (and for the purposes of Section 6.1, the three years ending on the Closing Date) or any other written notice which is still outstanding, from a Governmental Authority alleging
that Smithfield France or any of the Subsidiaries has not obtained any material license, permission, authorization (public or private) or consent required for carrying on the FrenchCo Business effectively in the places and in the manner in which it
is carried on at the date of this Agreement in accordance with all applicable Laws (each a “Permit” and collectively, “Permits”). A Permit is material for this purpose if failure to obtain it would have either:

 (a) a cost (including, for these purposes, a loss of profit) to the FrenchCo Business of more than €200,000; or

 (b) a cost (including, for these purposes, a loss of profit) to the FrenchCo Business, when added to the cost of any
failure to obtain any other Permit, of more than €500,000. 
 3.26 Compliance. In the 24 months prior to the date of this
Agreement (and for the purposes of Section 6.1, the 24 months prior to the Closing Date), or any such longer period with respect to which a notice of non-compliance remains unresolved as at either such date: 
 (a) Smithfield France and each of the Subsidiaries has conducted its business and corporate affairs in all material respects in accordance
with its Constituent Documents and Permits. 
 (b) There has been no default by Smithfield France or any of the Subsidiaries
under any order, decree or judgment of any court or any Governmental Authority which applies to the FrenchCo Business (or any part of it) where either: 
 (i) any such single default has had or is likely to have a cost (including, for these purposes, a loss of profit) to the FrenchCo Business of more than €200,000; or 
 (ii) any such defaults together have had or are likely to have a cost (including, for these purposes, a loss of profit) to the FrenchCo
Business of more than €500,000. 
 3.27 The Business Assets. For the purposes of this Section 3.27, a “material
asset” shall mean an asset with a book value in the Financial Statements in excess of €200,000 or any two or more assets, whether or not related, with an aggregate book value in the Financial Statements in excess of €500,000.

 (a) Ownership. Smithfield France and the Subsidiaries own (both legally and beneficially) or have a legal
entitlement to use all material assets currently used to carry on the 

  

 - 15 - 

 
FrenchCo Business (the “relevant assets”) and each such owned relevant asset is free from all Liens except for: 
 (i) title retention provisions in respect of goods and materials supplied to Smithfield France or such Subsidiaries in the ordinary course
business; and 
 (ii) Liens arising in the ordinary course of business by operation of Law. 
 Neither Smithfield France nor any of the Subsidiaries has (outside the ordinary and normal course of business) disposed of, or agreed to dispose of, any
material asset of the FrenchCo Business included in the Financial Statements. 
 (b) Possession. All material assets
necessary and/or currently used to carry on the FrenchCo Business as currently carried on are in the possession or under the control of Smithfield France or the Subsidiaries. 
 (c) Insurances. Neither Smithfield France nor any of the Subsidiaries has made any claim in excess of €5,000,000 under any
policy of insurance which is still outstanding. The premia in respect of such insurances have been paid and, to the Knowledge of Smithfield, all the insurance policies held by Smithfield France and the Subsidiaries are in full force and effect and
are not void or voidable and nothing has been done by a beneficiary thereof which has made or is likely to make any of them void or voidable. 
 (d) Product Liability. Other than in the ordinary course of business, neither Smithfield France nor any of the Subsidiaries has manufactured or sold any products which were or are or will become defective in
quality or which did not or do not comply in any material respect with any warranty or representation expressly or implicitly made by or binding on Smithfield France or any of the Subsidiaries or which do not comply in all material respects with all
applicable regulations, standards and requirements. There are no material outstanding claims against Smithfield France or any of the Subsidiaries in respect of defects in quality of any of the products supplied by the FrenchCo Business and, to the
Knowledge of Smithfield, there are no circumstances which are likely to give rise to any such claim, where either: 
 (i) any
such single claim has had or is likely to have a cost (including, for these purposes, a loss of profit) to the FrenchCo Business of more than €200,000; or 
 (ii) any such claims together have had or are likely to have a cost (including, for these purposes, a loss of profit) to the FrenchCo
Business of more than €500,000. 
 Other than in the ordinary course of business, there have been no product recalls in relation to any
of the products of the FrenchCo Business in the three years prior to the date of this Agreement (and for purposes of Section 6.1, the three years ending on the Closing Date) other than in relation to any facts, matters or
circumstances generally affecting the industry in which the FrenchCo Business operates and, to the Knowledge of Smithfield, there are no circumstances which are likely to give rise to any such product recalls. 
  

 - 16 - 

 3.28 Consents, Approvals and Compliance with Laws. Smithfield France and the Subsidiaries have
been granted and there are now in force all Permits necessary for the carrying on of the FrenchCo Business and there are no material breaches of any such Permits and, to the Knowledge of Smithfield, there are no circumstances which indicate that any
of the Permits will or are likely to be revoked or not renewed, in whole or in part, in the ordinary course of events. The FrenchCo Business has been conducted in all material respects in accordance with all material applicable Laws. 
 3.29 No Broker. Neither Smithfield France nor any Subsidiary has any liability to any broker, investment banker or other person for any
broker’s, finder’s or other similar fee or commission in connection with the transactions contemplated herein, based upon arrangements made by or on behalf of Smithfield or any Affiliate thereof. 
 3.30 Contractual Matters. For the purposes of this Section 3.30, a contract is material if it is either: (x) one of the top
ten customer contracts by annual revenue in each jurisdiction in which the FrenchCo Business operates provided it also represents five per cent. (5%) or more of the revenue of the FrenchCo Business in that jurisdiction; or (y) one of the
top ten supplier contracts by annual expenditure in each jurisdiction in which the FrenchCo Business operates provided it also represents five per cent. (5%) or more of the expenditure of the FrenchCo Business in that jurisdiction on inventory
or raw materials or is with a sole source supplier. 
 (a) Material Contracts. 
 (i) No material contract has been terminated, neither Smithfield France nor any of the Subsidiaries has received written notice from any
counterparty to the material contracts of its intention to terminate a material contract and, to the Knowledge of Smithfield, no such counterparties have threatened to terminate a material contract. 
 (ii) Subject to each counterparty to a material contract having the legal right and power to enter into and perform its obligations
thereunder and no counterparty thereto being in default thereunder, each material contract to which Smithfield France or any of the Subsidiaries is a party is in full force and effect in all material respects and is enforceable in all material
respects in accordance with its terms, except as such enforceability may be limited by: 
 (A) bankruptcy, insolvency, reorganization,
moratorium or similar Laws relating to or affecting generally the enforcement of creditors’ rights; 
 (B) the availability of equitable
remedies (whether in a proceeding in equity or at law); and 
 (C) the inclusion in any such material contract of any restraint of trade or
similar protective covenant. 
 (b) Relevant Contracts. Neither Smithfield France nor any of the Subsidiaries is a
party to: 
 (i) any contract which is not in the ordinary course of business; 
  

 - 17 - 

 (ii) any contract which is with Smithfield or any of its Affiliates and is not on an
arm’s length basis; 
 (iii) an agreement for the future purchase or sale of real property; 
 (iv) an agreement which is a profit (or loss) sharing agreement, or any partnership, joint venture or other similar contract providing for
the formation of any such relationship or involving an equity investment by Smithfield France or any of the Subsidiaries; 
 (v) an agreement containing any covenant or provision that materially restricts the operation of the FrenchCo Business as currently carried on or otherwise limits in any material respect the freedom of Smithfield France or any of the
Subsidiaries to compete other than with Smithfield France or any of the Subsidiaries in any line of business or with any Person or in any area or to purchase goods or services from any person; 
 (vi) an agreement relating to the acquisition or disposition of any business or material portion thereof (whether by merger, sale of
shares, sale of assets or otherwise), in each case involving total consideration of €500,000 or more; 
 (vii) an
agreement relating to any settlement of any material litigation or containing any provision providing for an “earn-out”, contingent purchase price or similar contingent payment obligation on the part of Smithfield France or any of the
Subsidiaries under which any such entity has continuing obligations to make aggregate payments in excess of €500,000; 
 (viii) an agreement containing any limitation on the ability of Smithfield France or any Subsidiary to declare or pay dividends; or 
 (ix) any other contract (other than on a purchase order basis in the ordinary course of business) that: 
 (A) involves the payment by any party to such contract of annual consideration in excess of €1,000,000 or, in the case of contracts for the purchase and sale of inventory or raw materials, annual consideration in excess of
€2,500,000; or 
 (B) which cannot be terminated by less than six months’ notice without payment of a material penalty by
Smithfield France or any Subsidiary, 
 other than any such contract or agreement which is also a material contract (each a “relevant
contract”). 
 (c) Purchase Orders. Neither Smithfield France nor any of the Subsidiaries has received notice from
any customer of the FrenchCo Business which does business with any of Smithfield France or the Subsidiaries on a purchase order basis that such customer intends to either (i) terminate its relationship with the FrenchCo Business or
(ii) modify the volume or monetary value of goods or services it purchases from the FrenchCo Business that would, in 

  

 - 18 - 

 
either case, reasonably be expected to, individually or in the aggregate, constitute a Material Adverse Effect. 
 (d) Defaults. 
 (i) Neither Smithfield France nor any of the Subsidiaries is in material default under any material contract or relevant contract to which it is a party and, to the Knowledge of Smithfield, there are no facts, matters or circumstances which
are reasonably likely to give rise to such default. 
 (ii) To the Knowledge of Smithfield, no counterparty to a material
contract or relevant contract did not have the legal right and power to enter into and perform its obligations thereunder or is in material default thereunder. 
 (iii) To the Knowledge of Smithfield, no event has occurred, is subsisting nor is likely to arise which, with the giving of notice and/or
lapse of time, would constitute or result in a material default or the acceleration of any material obligation of Smithfield France or any of the Subsidiaries under any material contract or any relevant contract. 
 3.31 Litigation. Neither Smithfield France nor any of the Subsidiaries is involved as a party in any material litigation, arbitration or
administrative proceedings and no such proceedings have been threatened in writing by or against Smithfield France or any of the Subsidiaries. For this purpose: 
 (a) material means any single proceeding which (if successful) is likely to result in a cost, benefit or value to the FrenchCo Business of
more than €500,000 or two or more proceedings, whether or not related, which (if successful) are likely to result in an aggregate cost, benefit or value of €2,500,000; and 
 (b) any proceedings for collection by Smithfield France or any of the Subsidiaries of debts arising in the ordinary course of business are
excluded. 
 3.32 Investigations. To the Knowledge of Smithfield, neither Smithfield France nor any of the Subsidiaries is subject to
any order, judgment, direction, investigation or other proceedings by any Governmental Authority which may prevent or delay the fulfillment of any of the conditions set forth in Section 6.1. Neither Smithfield, nor Smithfield France or
any of the Subsidiaries has received written notice of any material investigation by a Governmental Authority which is current or pending concerning Smithfield France or any of the Subsidiaries. 
 3.33 Insolvency, etc. 
 (a) Insolvency. Neither Smithfield, nor Smithfield France or any of the Subsidiaries is insolvent or bankrupt under the Laws of its jurisdiction of incorporation or unable to pay its debts as they fall due. 
 (b) Winding Up. Neither Smithfield, nor Smithfield France or any of the Subsidiaries has received any written notice that an order
has been made, petition presented or 

  

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meeting convened for the winding up of Smithfield or Smithfield France or any of the Subsidiaries or for the appointment of any provisional liquidator.

 (c) Administration and Receivership. Neither Smithfield, Smithfield France nor any Subsidiary has received any
written notice concerning the appointment of a receiver (including any administrative receiver or the equivalent to a receiver or administrative receiver in the relevant jurisdiction) in respect of the whole or any material part of the property,
assets and/or undertaking of the FrenchCo Business. 
 (d) Arrangements with Creditors etc. There are no proceedings in
relation to any compromise or arrangement with creditors or any winding up, bankruptcy or insolvency proceedings concerning Smithfield France or any of the Subsidiaries and no events have occurred which, under applicable Laws, would be reasonably
likely to justify any such cases or proceedings. None of Smithfield or any of its Affiliates nor Smithfield France or any Subsidiary has made any voluntary arrangement with any of its creditors in the two years prior to the date of this
Agreement. 
 (e) Enforcement of Security. No steps have been taken to enforce any security over any assets comprising
part of the FrenchCo Business of Smithfield France or any of the Subsidiaries and, to the Knowledge of Smithfield, no event has occurred which would give rise to a right to enforce such security. 
 3.34 IP/IT 
 (a)
Intellectual Property.  
 (i) Except as, individually or in the aggregate, would not constitute a Material
Adverse Effect, there are no bona fide claims pending, or to the Knowledge of Smithfield, threatened against Smithfield France or any Subsidiary (A) to the effect that the manufacture, sale, licensing or use of any product as now used, sold or
licensed or proposed for use, sale or license by Smithfield France or any Subsidiary, infringes on any copyright, patent, trademark, trade name, service mark or trade secret of any third party; (B) against the use by Smithfield France or any
Subsidiary of any copyrights, patents, trademarks, trade names, service marks, trade secrets, technology, know-how or computer software programs and applications used in the FrenchCo Business as currently conducted; (C) challenging the
ownership, validity or effectiveness of any of the FrenchCo Intellectual Property Rights material to Smithfield France and the Subsidiaries, taken as a whole; or (D) challenging the license or legally enforceable right to use of the Third-Party
Intellectual Property Rights by Smithfield France or any Subsidiary. Except as, individually or in the aggregate, would not constitute an Transaction Material Adverse Effect, Smithfield France and each Subsidiary owns, or is licensed to use (in each
case free and clear of any Liens), all Intellectual Property currently used in its business as presently conducted. 
 (ii) As
used in this Agreement, the term (A) “Third-Party Intellectual Property Rights” means any rights to Intellectual Property owned by any third party, and (B) “FrenchCo Intellectual Property Rights” means the
Intellectual Property owned or used by Smithfield France or any Subsidiary. 
  

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 (b) Licenses In. Neither Smithfield France nor any of the Subsidiaries has received written notice
alleging that Smithfield France or any of the Subsidiaries is in breach constituting grounds for termination of any material License In. For the purpose of this Section 3.34(b), a material License In means a license that contains
aggregate payment obligations and/or rights to receive monies by any party of €50,000 or more. 
 (c) Infringement by Third
Parties. To the Knowledge of Smithfield, there has been no infringement by any third party of any of the FrenchCo Intellectual Property Rights, nor any third party breach of confidence, passing off or actionable act of unfair competition
in relation to the FrenchCo Business. 
 (d) Information Technology. 
 (i) The Target Company IT Systems are either owned by, or licensed or leased to, Smithfield France or any of the Subsidiaries and neither
Smithfield France nor any Subsidiary has received written notice from a third party alleging that it is in default under any of those licenses or leases that contain aggregate payment obligations and/or rights to receive monies by any party of
€50,000 or more; and 
 (ii) there has been no material unplanned disruption to, or critical failure in, the operation or
performance of the Target Company IT Systems during the 24 months prior to the date of this Agreement. 
 3.35 Real Estate

 (a) General. The Properties comprise all the land and buildings owned, leased, controlled, occupied or used
by Smithfield or Smithfield France or any of the Subsidiaries in relation to the FrenchCo Business. Smithfield France and the Subsidiaries are legally and beneficially entitled to the Properties. 
 (b) Possession and Occupation. Smithfield France or a Subsidiary is in possession and actual occupation of the whole of each of the
Properties on an exclusive basis, none of which is vacant, and no other person is in or actually or conditionally entitled to possession, occupation, use or control of any of the Properties. 
 (c) Title. There is no material Third Party Right in or over or affecting any of the Properties other than Permitted Liens and
there is no agreement or commitment to give any material Third Party Rights or create any of them. Smithfield France or a Subsidiary is absolutely entitled to each of the Properties and the proceeds of transfer of them. All buildings, structures,
improvements and fixtures located on, under, over or within the Properties, taken as a whole, are, in all material respects, sufficient for the uses for which they are currently used. 
 (d) Adverse Interests 
 (i) None of the Properties is subject to any matter which materially adversely affects Smithfield France’s or the relevant Subsidiary’s ability to continue to carry on its existing business from any Property
substantially in the manner as at present. 
  

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 (ii) Neither Smithfield nor Smithfield France or any Subsidiary has received notice of
breach of any covenant, restriction, condition or obligation (whether statutory or otherwise) which is material and affects the Properties. 
 (e) Outgoings. The Properties are not subject to the payment of any outgoings other than the usual rates and taxes and, in the case of leaseholds, rent, insurance rent and service charge and all outgoings have
been paid when due and neither Smithfield nor Smithfield France or any Subsidiary has received notice that any payments are disputed. 
 (f) Disputes. There are no material unresolved disputes, liabilities, claims, complaints or demands relating to or in respect of the Properties or their use and, to the Knowledge of Smithfield, there is no
matter which could lead to any such dispute, liability, claim, complaint or demand being issued or made. 
 (g)
Planning Matters. The current use of each of the Properties is an authorized use under any legislation intended to control or regulate the construction, demolition, alteration or use of land or buildings or to preserve or protect the
national heritage and any orders, by-laws or regulations made or granted under any of them. 
 (h)
Property Liabilities. Neither Smithfield France nor any of the Subsidiaries has any actual or contingent obligation or liabilities in relation to any freehold or leasehold property other than under its existing title to the Properties.

 (i) Leasehold Properties. In relation to those Properties which are leasehold: 
 (i) the unexpired residue of the term granted by the lease under which each leasehold Property is held is vested in Smithfield France or a
Subsidiary; 
 (ii) in relation to each lease, Smithfield France or the relevant Subsidiary has not received notice of any
breach of covenants, restrictions, stipulations and other encumbrances and none of Smithfield, Smithfield France or any Subsidiary has received notice alleging a material breach of any covenants, conditions and agreements contained in the relevant
leases, whether on the part of the tenant or otherwise, 
 (iii) no rent is currently under review; 
 (iv) neither Smithfield France nor any Subsidiary has commuted any rent or other payment or paid any rent or other payment ahead of the
due date for payment; 
 (v) no surety has been released, expressly or by implication; and 
 (vi) no tenancy is being continued after the contractual expiry date whether pursuant to statute or otherwise. 
 3.36 Environmental 
 For the purpose of this
Section 3.36, material shall be deemed to refer to facts, matters, circumstances, issues or events, which have resulted in, or are likely to result in, a single cost to 

  

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the FrenchCo Business of more than €500,000 or an aggregate cost to the FrenchCo Business of more than €2,500,000. 
 (a) Compliance with Environmental Laws. To the Knowledge of Smithfield: 
 (i) within the period of three years prior to Closing, Smithfield France and each of the Subsidiaries has complied in all material
respects with Environmental Laws and there are no facts or circumstances which may lead to any material breach of any Environmental Laws relating to any activities or operations carried on at any Site owned or occupied by Smithfield France or any of
the Subsidiaries in relation to the FrenchCo Business; 
 (ii) there are no material claims or proceedings pending against
Smithfield France or any of the Subsidiaries with respect to any breach of or liability under Environmental Laws relating to the FrenchCo Business; 
 (iii) neither Smithfield, Smithfield France nor any of the Subsidiaries has received any written statutory complaints or statutory notices alleging or specifying any material breach of or material liability under any
Environmental Laws relating to the FrenchCo Business; 
 (iv) neither Smithfield France nor any of the Subsidiaries has
expressly, or to the Knowledge of Smithfield, by operation of Law, assumed or undertaken or agreed to assume or undertake responsibility for any liability of any other person arising under or relating to Environmental Laws and the FrenchCo Business
or any Site or other property (including properties now or previously owned, operated or leased by Smithfield France or any of the Subsidiaries), including any obligation for investigation, corrective or remedial action; 
 (v) no material work, repairs, remediation, construction or capital expenditure is either: 
 (A) currently required by Environmental Law; or 
 (B) based on current circumstances, likely to be required, under any Environmental Law or in order to carry on lawfully the FrenchCo Business or to use any Site in accordance with applicable Environmental Laws. 
 (b) Hazardous Materials. To the Knowledge of Smithfield: 
 (i) there exists no substance that is listed, defined or regulated as a harmful or hazardous substance under applicable Environmental
Laws, including, without limitation, petroleum and its by-products and friable asbestos (collectively, “Hazardous Materials”), present in, on or under the Sites; and 
 (ii) there are no facts, circumstances, events, or incidents relating to the Sites or any properties previously owned or operated by
Smithfield France or any of the Subsidiaries, including any release of Hazardous Materials, that are likely to: 
 (A) result in any material
environmental liability to the Company or Smithfield France or any of the Subsidiaries after Closing; 
  

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 (B) prevent or materially interfere with the operation of the FrenchCo Business in compliance with all
applicable Environmental Laws by Smithfield prior to Closing and by the Company from and after Closing, in each case as the FrenchCo Business is currently being conducted by Smithfield; or 
 (C) materially impact or affect the use of any of the Sites by Smithfield France or any of the Subsidiaries. 
 (c) Environmental Consents. All material Environmental Consents required in relation to the FrenchCo Business and the Properties
have been obtained and are being complied with in all material respects. 
 3.37 Employment 
 (a) Trade Unions. Neither Smithfield France nor any of the Subsidiaries is involved in any actual or threatened (in writing)
industrial or trade dispute with any trade union or other body. 
 (b) Notice on Termination. Unless applicable Laws do
not permit such notice, there exists no written or unwritten contract of employment with any employee that cannot be terminated by Smithfield France or the relevant Subsidiary on three months notice or less without giving rise to a claim for
material damages or compensation (other than a statutory redundancy payment or the equivalent in any relevant jurisdiction). No executive officer or plant manager has given or received notice terminating his contract of employment where such notice
is due to expire on or after Closing. No person employed in the FrenchCo Business has been dismissed (directly or indirectly) at any time in the three months preceding Closing for a reason related to the transfer under the Employment
Regulations of the FrenchCo Business from Smithfield to the Company at the Closing Date or the transactions contemplated by this Agreement. 
 (c) Records. Smithfield France and each of the Subsidiaries has maintained records regarding the service of each employee (including details of the terms of employment, payments of statutory sick pay and
maternity pay, disciplinary and grievance matters, health and safety matters, income tax and social security contributions, wage and time records) which are current in all material respects. 
 (d) Disclosure of Schemes etc. Except for State Social Security Plans in the relevant jurisdiction, there do not exist any
retirement, superannuation, provident, death or disability schemes for directors or employees or any obligations to or in respect of any present or past directors or employees with regard to redundancy, death, sickness or disability pursuant to
which Smithfield France or any of the Subsidiaries is or may become liable to make any payments. 
  

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 (e) Transaction Payments. No employee, officer, worker or consultant will be
entitled by reason of the transactions contemplated herein to any one-off payment or similar, or to terminate his service in the FrenchCo Business on other than his normal contractual terms and, to the Knowledge of Smithfield, no executive officer
or plant manager who is in receipt of remuneration in excess of €30,000 per annum will give notice terminating his employment as a result of the provisions of this Agreement. Since the date of the last Financial Statements, no agreement has
been reached with any officer, employee, trade union or other body representing employees that will or may on a future date result in a material increase in the level of remuneration or benefits payable to the employees. 
 (f) Previous Transfers. In the 12 months preceding the date of this Agreement, Smithfield France and the Subsidiaries have not
failed to or incurred any liability for failure to provide information or to consult with employees under any employment legislation. 
 (g) Variations to Employment Contracts. Neither Smithfield France nor any of the Subsidiaries has made any offer of employment or engagement to work in the FrenchCo Business that has not yet been accepted, or
that has been accepted but the employment or engagement has not yet started (except to any of the employees) other than in the ordinary course of business. 
 (h) Proceedings. No person working or who have worked for the FrenchCo Business under contracts of employment or contacts for services in the last 6 years have issued or threatened (in writing) to issue any
court, employment tribunal or other proceedings against Smithfield or any of its Affiliates or any officer or employee thereof (i) which actual or threatened proceedings (including any grievance or disciplinary proceedings and any appeal)
remain unresolved at the date of this Agreement and (ii) the liability in connection thereunder is not reserved for in the Financial Statements. 
 (i) Discrimination. There are no terms or conditions under which any officer, worker or employee is employed by the FrenchCo Business, nor to the Knowledge of Smithfield has anything occurred or not occurred
prior to Closing with respect to the FrenchCo Business, that may give rise to any material claim for sex discrimination, race discrimination, sexual orientation discrimination or discrimination on the grounds of religion or belief, disability
discrimination or equal pay under the Laws of any relevant jurisdiction to the extent applicable whether by such officer, worker or employee or a prospective officer, worker or employee or otherwise. In the 12 months preceding this Agreement there
has in relation to the FrenchCo Business been no recommendation made by an employment tribunal nor any investigation by any body responsible for investigating or enforcing matters relating to any form of discrimination. 
 (j) Health and safety. In the 12 months preceding the date of this Agreement no improvement or prohibition notice has been served
in connection with the conduct of the FrenchCo Business by any body responsible for health and safety matters in respect of any employee. Neither Smithfield France nor any Subsidiary has incurred any liability in respect of any accident or injury
which is not fully covered by insurance, subject to any retention or deductible relating thereto. 
  

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 3.38 Retirement Benefits 
 (a) Retirement Benefits/Seller Employee Benefit Plans. Neither Smithfield France nor any of the Subsidiaries provides or
contributes to or is liable to provide or contribute to the provision of Retirement Benefits for or in respect of any employee, other than Retirement Benefits that are customary in their industry. 
 (b) No Proposals. No proposal exists and no agreement has been made to establish any other arrangement for providing any Retirement
Benefits or to continue or increase any Retirement Benefits under any Target Employee Benefit Plan for or in respect of any employee, or to maintain any such Retirement Benefits or the level of any such Retirement Benefits generally for any period.

 (c) Approval. Any Target Employee Benefit Plan that is capable of Approval is Approved on the date of this
Agreement, and nothing has been done or omitted to be done and there are no circumstances which would or might result in any Target Employee Benefit Plan ceasing to have Approval. 
 (d) Due Payment. All amounts which have fallen due to be paid to or in respect of the Target Employee Benefit Plans and/or State
Social Security Plan and/or Industry-Wide Plan by Smithfield France or any of the Subsidiaries on or before the date of this Agreement (including all insurance premiums, taxes and expenses) have been duly paid in full. 
 (e) Compliance. Smithfield France and each of the Subsidiaries are currently in compliance in all material respects with their
respective obligations under the Target Employee Benefit Plans, State Social Security Plans and Industry-Wide Plans, and each Target Employee Benefit Plan is currently administered and operated in all material respects in accordance with all
applicable Laws, guidelines and requirements (including the requirements of any tax, fiscal, social security, supervisory and regulatory authorities) and the provisions of the relevant Target Employee Benefit Plan’s governing documentation.

 (f) Disputes and Investigations. Other than routine claims for benefits, there are no actions, suits, claims,
disputes, complaints or proceedings outstanding, pending or threatened against any Target Employee Benefit Plan or, to the Knowledge of Smithfield, against the trustees, managers, administrators, custodians or fiduciaries of any Target Employee
Benefit Plan or against Smithfield France or any of the Subsidiaries in respect of any act, event, omission or other matter arising out of or in connection with any Target Employee Benefit Plan and/or against Smithfield France or any of the
Subsidiaries in respect of any State Social Security Plan or Industry-Wide Plan which are in each case material and, to the Knowledge of Smithfield, there are no circumstances which could or might give rise to any such action, suit, claim, dispute,
complaint or proceedings. 
 (g) Defined Contribution Seller Employee Plans. Neither Smithfield France nor any of the
Subsidiaries has any unfunded liability (actual or contingent, present or future) to any person under or in connection with any funded defined contribution benefits under any Target Employee Benefit Plan. 
  

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 3.39 Tax Matters. 
 (a) Each of Smithfield France and the Subsidiaries comply and have complied, for periods open for Tax audit or claims under the applicable
statutes of limitation, with the Tax Regulations and, more particularly, and without limitation, have filed on a timely basis all returns and reports in respect of Taxes for which they may be liable. Such Tax Returns have been true and complete in
all material respects and do not contain any significant errors, inaccurate statements or lapses. 
 (b) All Taxes required to
be paid by each of Smithfield France and the Subsidiaries that were due and payable prior to the date hereof have been timely paid or are being contested in good faith by appropriate proceedings. Each of Smithfield France and the Subsidiaries have
made sufficient provisions in the Financial Statements for the payment of all Taxes which may become due in relation to periods prior to December 31, 2005. 
 (c) For the fiscal years ended April 27, 2003, May 2, 2004 and May 1, 2005 and for all other full or partial fiscal
years to and including the date hereof, no deficiencies for any Taxes have been assessed against any of Smithfield France and the Subsidiaries, and (other than one ongoing audit with respect to the deductibility of certain insurance expenses) there
has been no audit or investigation by any Tax authority with respect to any of Smithfield France and the Subsidiaries and, to the Knowledge of Smithfield, no such audit or investigation is currently pending. 
 (d) None of Smithfield France and the Subsidiaries benefits from a specific Tax regime subordinated to compliance with any undertaking
whatsoever. 
 ARTICLE IV 
 WARRANTIES OF OCM 
 OCM hereby warrants to Smithfield and the Company that: 
 4.1 Organization. OCM is a société à responsibilité limitée duly organized, validly existing and in good
standing under the laws of Luxembourg and has full power to enter into this Agreement and to perform its obligations hereunder. 
 4.2
Authorization; Execution and Delivery; Enforceability. The execution, delivery and performance by OCM of this Agreement, and of all of the other documents and instruments required hereby from OCM, are within the power of OCM and have been
duly authorized by all necessary action of OCM. This Agreement has been duly executed and delivered by OCM. This Agreement is, and the other documents and instruments required hereby to which OCM is a party will be, when executed and delivered by
the parties thereto, the valid and binding obligations of OCM, enforceable against OCM in accordance with their respective terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar
laws relating to or affecting generally the enforcement of creditors’ rights and (b) the availability of equitable remedies (whether in a proceeding in equity or at law). 
 4.3 No Violation or Conflict by OCM. The execution, delivery and performance of this Agreement by OCM, and the consummation of the transactions
contemplated herein, do not and will not (a) conflict with or violate any Law, judgment, order or decree binding on OCM or (b) the Constituent Documents of OCM. 
  

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 4.4 No Broker. Other than Tri-Artisan Partners LLC (“Tri-Artisan”), OCM has no liability
to any broker, investment banker or other person for any broker’s, finder’s or other similar fee or commission in connection with the transactions contemplated herein, based upon arrangements made by or on behalf of OCM and, except as
provided for in Section 9.2, all fees and expenses of Tri-Artisan shall be paid solely by OCM. 
 ARTICLE V 
 COVENANTS 
 5.1 Conduct of Business
of Smithfield France and the Subsidiaries. Except as otherwise expressly contemplated by this Agreement, during the period from the date of this Agreement to the Effective Time of Closing, Smithfield shall cause Smithfield France and the
Subsidiaries to conduct their respective operations according to their ordinary and usual course of business and consistent with past practice, and Smithfield shall cause Smithfield France and the Subsidiaries to use their commercially reasonable
efforts to preserve intact their business organization, to keep available the services of their officers and employees and to maintain existing relationships with licensors, licensees, suppliers, contractors, distributors, customers and others
having material business relationships with them. 
 5.2 Access to Information. Between the date of this Agreement and the Effective
Time of Closing, OCM and its authorized representatives will be given reasonable access to (a) Smithfield France and the Subsidiaries and (b) the Books and Records of Smithfield France and the Subsidiaries. Smithfield shall also provide
representatives of OCM with reasonable access upon request to other personnel of Smithfield France and the Subsidiaries and to Smithfield France’s and the Subsidiaries’ premises; provided, however, that any such access shall be conducted
in a mutually satisfactory manner that is intended to preserve the confidentiality of the transactions contemplated herein prior to Closing. All such information shall be kept confidential in accordance with the Confidentiality and Exclusivity
Agreement. 
 5.3 Commercially Reasonable Efforts. Subject to the terms and conditions herein provided, each of the parties hereto
agrees to use its commercially reasonable efforts to take, or cause to be taken, all action, and to do, or cause to be done, all things necessary, proper and advisable under applicable Law that are necessary to consummate and make effective the
transactions contemplated by this Agreement and the Purchase Agreement, including, without limitation, obtaining debt financing for the Company. 
 5.4 Public Announcements. Smithfield and OCM shall consult with each other before the issuance of any press release or the making of any other public statement with respect to this Agreement or any of the transactions contemplated
herein. Neither Smithfield nor OCM shall issue any such press release or make any such public statement prior to such consultation or as to which Smithfield or OCM reasonably objects, except as may be required by Law or by obligations pursuant to
any listing agreement with any national securities exchange or inter-dealer quotation system. 
 5.5 Confidentiality and Exclusivity
Agreement. Notwithstanding the execution of this Agreement, the Confidentiality and Exclusivity Agreement shall remain in full force and effect through the earlier to occur of (a) the expiration of the Confidentiality and Exclusivity

  

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Agreement in accordance with its terms or (b) the Effective Time of Closing, at which time the Confidentiality and Exclusivity Agreement shall terminate
and be of no further force and effect. 
 ARTICLE VI 
 CONDITIONS PRECEDENT TO CLOSING 
 6.1 Conditions Precedent to Obligations of OCM. Each and
every obligation of OCM to be performed at the Closing shall be subject to the satisfaction, or waiver by OCM, at or prior to the Closing, of the following express conditions precedent: 
 (a) the warranties of Smithfield contained in Article III hereof shall be true and correct as of the date hereof and as of the Closing
Date as though made on the Closing Date (without regard to any Material Adverse Effect or materiality qualifiers contained therein), except (i) to the extent such warranties expressly speak as of an earlier date, in which case as of such
earlier date and (ii) for those failures to be true and correct that would not, individually or in the aggregate have, or be reasonably likely to have, a Transaction Material Adverse Effect; 
 (b) Smithfield and/or the Company, as the case may be, shall, in all material respects, have performed all obligations and complied with
all covenants necessary to be performed or complied with by them or it on or before the Effective Time of Closing; 
 (c)
since the date of this Agreement, there shall have occurred no changes, events or circumstances which would, individually or in the aggregate, constitute a Transaction Material Adverse Effect, it being understood that Smithfield shall not waive the
condition contained in Clause 3.1(b) of the Purchase Agreement without OCM’s prior written consent; 
 (d) OCM shall have
received a certificate of the President or any Executive Vice President of Smithfield, in a form reasonably satisfactory to counsel for OCM, certifying fulfillment of the matters referred to in paragraphs (a), (b) and (c) of this
Section 6.1; 
 (e) no investigation, suit, action or other proceeding shall be pending before any Governmental
Authority that seeks restraint, prohibition, damages or other relief in connection with this Agreement or the consummation of the transactions contemplated hereby, or that otherwise questions the validity or legality of this Agreement or the
consummation of the transactions contemplated hereby; and 
 (f) the transactions contemplated by the Purchase Agreement shall
be consummated simultaneously with the Closing. 
 6.2 Conditions Precedent to Obligations of Smithfield. Each and every obligation of
Smithfield to be performed at the Closing shall be subject to the satisfaction, or waiver by Smithfield, at or prior to the Closing, of the following express conditions precedent: 
 (a) the warranties of OCM contained in Article IV hereof shall be true and correct in all respects (as to warranties qualified or
limited by the word “material” or phrases of like import) and in all material respects (as to warranties not so limited or qualified) when made 

  

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and at and as of the date of this Agreement and the Effective Time of Closing with the same force and effect as if those warranties had been made at and as
of such time except to the extent such warranties speak as of a specified earlier date, then as of such earlier date; 
 (b)
OCM shall, in all material respects, have performed all obligations and complied with all covenants necessary to be performed or complied with by it on or before the Effective Time of the Closing; 
 (c) Smithfield shall have received a certificate of the President or any Vice President of OCM, in a form reasonably satisfactory to
counsel for Smithfield, certifying fulfillment of the matters referred to in paragraphs (a) and (b) of this Section 6.2; 
 (d) the transactions contemplated by the Purchase Agreement shall be consummated simultaneously with the Closing; and 
 (e) no investigation, suit, action or other proceeding shall be pending before any Governmental Authority that seeks restraint, prohibition, damages or other relief in connection with this Agreement or the
consummation of the transactions contemplated hereby, or that otherwise questions the validity or legality of this Agreement or the consummation of the transactions contemplated hereby. 
 ARTICLE VII 
 INDEMNITIES AND ADDITIONAL COVENANTS 
 7.1 Smithfield’s Indemnity. 
 (a) Each of Smithfield and Parent hereby indemnifies and holds (x) OCM and its Affiliates (other than the Company) (collectively, the “OCM Indemnified Parties”) and (y) the Company harmless
from and against, and agrees to defend promptly the OCM Indemnified Parties and the Company from and reimburse the OCM Indemnified Parties and the Company for, any and all losses, damages, costs, expenses, liabilities, obligations and claims of any
kind, including, without limitation, reasonable attorneys’ fees and other legal costs and expenses but excluding, except as expressly set forth herein, any claims for punitive, consequential, special or incidental damages (hereinafter referred
to collectively as “Losses”) (including, for the purposes of indemnification of the Company, claims for lost profits, and diminution in value of Smithfield France and the Subsidiaries in reference to the value of Smithfield France
and the Subsidiaries determined for the purposes of Article II of this Agreement), that (A) in the case of any OCM Indemnified Party, that any OCM Indemnified Party and (B) in the case of the Company, the Company may at any time suffer or
incur, or become subject to, as a result of or in connection with (i) any breach or inaccuracy of any of the warranties made by Smithfield in or pursuant to this Agreement without regard to any Material Adverse Effect or materiality qualifier
or monetary threshold therein and (ii) any breach or failure of Smithfield to carry out, perform, satisfy and discharge any of its covenants, agreements, undertakings, liabilities or obligations under this Agreement or under any of the
documents and instruments delivered by Smithfield pursuant to this Agreement; provided, that (1) the OCM Indemnified Parties shall have the right to indemnification pursuant to clause (i) above only for those warranties set forth in
Sections 3.1, 3.2, 3.3, 3.4, 3.5, 3.6, 3.8, 3.9 and 3.29 of this Agreement and (2) in no event shall Smithfield 

  

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and Parent be liable to pay duplicate Losses to each of (x) the OCM Indemnified Parties and (y) the Company in respect of any single claim for
Losses; provided, further, that the Company shall have the first priority to make any claim for indemnification. Neither Smithfield nor Parent shall be required to indemnify, hold harmless, defend or reimburse the OCM Indemnified
Parties or the Company pursuant to Section 7.1(a)(i) hereof in respect of the warranties made by Smithfield unless such right to indemnification is asserted by an OCM Indemnified Party or the Company by notice to Smithfield within the
following time periods: 
 (A) with respect to the warranties set forth in Sections 3.1, 3.2, 3.3, 3.4,
3.5, 3.6, 3.8, 3.9, and 3.29 hereof, without time limitation; and 
 (B) with respect to all other warranties set
forth in Article III hereof, within three (3) years after the Closing Date. 
 Notwithstanding the foregoing, neither Smithfield
nor Parent shall be required to indemnify, hold harmless, defend or reimburse any OCM Indemnified Party or the Company pursuant to this Section 7.1(a) unless and until the amount of all Losses for which indemnification is sought by
either party with respect thereto shall exceed, in the aggregate, €3,000,000, at which point Smithfield and Parent will be obligated to indemnify the OCM Indemnified Parties or the Company, as the case may be, for all additional Losses in
excess thereof; provided, however, that Smithfield’s and Parent’s obligation to indemnify, hold harmless, defend or reimburse the OCM Indemnified Parties and the Company for any Losses incurred in connection with this
Section 7.1(a) shall in no event exceed €24,000,000 in the aggregate in respect thereof. 
 (b) The amounts
for which Smithfield and Parent shall be liable under Section 7.1(a) of this Agreement shall be net of any insurance proceeds received by any OCM Indemnified Party or the Company in connection with the facts giving rise to the right of
indemnification. 
 (c) In the event a claim against any OCM Indemnified Party or the Company arises that is covered by the
indemnity provisions of Section 7.1(a) of this Agreement, notice shall be given promptly by such OCM Indemnified Party or the Company to Smithfield and Parent; provided, however, that the failure to give notice as required
by this Section 7.1(c) shall not result in a waiver of any right to indemnification hereunder except to the extent that Smithfield’s and Parent’s ability to defend against the event with respect to which indemnification is
sought is actually prejudiced by the failure of the OCM Indemnified Party or the Company to give such notice promptly. Provided that Smithfield and Parent admit in writing to the party seeking indemnification that such claim is covered by the
indemnity provisions of Section 7.1(a) hereof, Smithfield and Parent shall have the right to contest and defend by all appropriate legal proceedings such claim and to control all settlements (unless the party seeking indemnification
agrees to assume the cost of settlement and to forgo such indemnity) and to select lead counsel to defend any and all such claims at the sole cost and expense of Smithfield and Parent; provided, however, that neither Smithfield nor
Parent may effect any settlement that could result in any cost, expense or liability to, or have any adverse effect upon, any OCM Indemnified Party or the Company unless such party consents in writing to such settlement and Smithfield and Parent
agree to indemnify such party therefor. The party seeking indemnification 

  

 - 31 - 

 
may select counsel to participate in any defense, in which event such counsel shall be at the sole cost and expense of such party. In connection with any
such claim, action or proceeding, the parties shall cooperate with each other and provide each other with access to relevant books and records in their possession. 
 7.2 OCM’s Indemnity 
 (a) OCM hereby indemnifies and holds (x) Smithfield
and its Affiliates (other than the Company) (the “Smithfield Indemnified Parties”) and (y) the Company harmless from and against, and agrees to defend promptly the Smithfield Indemnified Parties and the Company from and
reimburse the Smithfield Indemnified Parties and the Company for, any and all Losses (including, for the purposes of indemnification of the Company, claims for lost profits and diminution in value) that (A) in the case of the Smithfield
Indemnified Parties, the Smithfield Indemnified Parties or (B) in the case of the Company, the Company may at any time suffer or incur, or become subject to, as a result of or in connection with (i) any breach or inaccuracy of any of the
warranties made by OCM in or pursuant to this Agreement without regard to any materiality qualifier therein and (ii) any breach or failure by OCM to carry out, perform, satisfy and discharge any of its covenants, agreements, undertakings,
liabilities or obligations under this Agreement or under any of the documents and instruments delivered by OCM pursuant to this Agreement; provided, that in no event shall OCM be liable to pay duplicate Losses to each of (x) the
Smithfield Indemnified Parties and (y) the Company in respect of any single claim for Losses; provided, further, that the Company shall have the first priority to make any claim for indemnification. Notwithstanding the foregoing,
OCM shall not be required to indemnify, hold harmless, defend or reimburse Smithfield pursuant to this Section 7.2(a) unless and until the amount of all Losses for which indemnification is sought with respect thereto shall exceed, in the
aggregate, €3,000,000, at which point OCM will be obligated to indemnify the Smithfield Indemnified Parties for all additional Losses with respect thereto; provided, however, that OCM’s obligation to indemnify, hold harmless,
defend or reimburse the Smithfield Indemnified Parties and the Company for any Losses incurred in connection with this Section 7.2(a) shall in no event exceed €24,000,000 in the aggregate in respect thereof. 
 (b) The amounts for which OCM shall be liable under Section 7.2(a) of this Agreement shall be net of any insurance proceeds
received by a Smithfield Indemnified Party or the Company in connection with the facts giving rise to the right of indemnification. 
 (c) In the event a claim against any Smithfield Indemnified Party or the Company arises that is covered by the indemnity provisions of Section 7.2(a) of this Agreement, notice shall be given promptly by such Smithfield
Indemnified Party or the Company to OCM; provided, however, that the failure to give notice as required by this Section 7.2(c) shall not result in a waiver of any right to indemnification hereunder except to the extent that
OCM’s ability to defend against the event with respect to which indemnification is sought is actually prejudiced by the failure of the Smithfield Indemnified Party or the Company to give such notice promptly. Provided that OCM admits in writing
to the party seeking indemnification that such claim is covered by the indemnity provisions of Section 7.2(a) hereof, OCM shall have the right to contest and defend by all appropriate legal proceedings such claim and to control all
settlements (unless the party seeking indemnification agrees to assume the cost of settlement and to forgo such indemnity) and to select lead counsel to defend any and all such claims at the sole 

  

 - 32 - 

 
cost and expense of OCM; provided, however, that OCM may not effect any settlement that could result in any cost, expense or liability to, or
have any adverse effect upon, any Smithfield Indemnified Party or the Company unless such party consents in writing to such settlement and OCM agrees to indemnify such party therefor. The party seeking indemnification may select counsel to
participate in any defense, in which event such counsel shall be at the sole cost and expense of such party. In connection with any such claim, action or proceeding, the parties shall cooperate with each other and provide each other with access to
relevant books and records in their possession. 
 7.3 Additional OCM Indemnity. OCM hereby indemnifies and holds Parent harmless from
and against with respect to, and agrees to reimburse Parent for, one-half (1/2) of any and all Losses that Parent may at any time actually suffer or actually incur pursuant to Clause 36 of the Purchase Agreement or that certain side letter,
dated June 26, 2006, among Parent, the Company and Sara Lee Corporation relating to termination fee matters (the “Termination Fee Letter”); provided, that notwithstanding anything to the contrary in this Agreement, OCM will
have no direct performance obligations under the Purchase Agreement other than the obligations to pay the amounts described in this Section 7.3. For the avoidance of doubt, no third party shall have the right to make any claim against
OCM by operation of this Section 7.3. 
 7.4 Company Indemnity. The Company hereby indemnifies and holds the directors of
the Company harmless from and against, and agrees to reimburse the directors for, any and all Losses that any such Person may at any time suffer or incur, or become subject to, as a result of any claim made by any third party regarding the valuation
of Smithfield France and the Subsidiaries for the purposes of Article II hereof. The directors of the Company shall be third party beneficiaries for the purposes of this Section 7.4. 
 7.5 Further Assurances. In case at any time after the Closing Date any further action is necessary or desirable to carry out the purposes of this
Agreement, each of the parties to this Agreement will take, without additional consideration, such further action (including the execution and delivery of such further instruments and documents) as any other party reasonably may request. 

ARTICLE VIII 
 TERMINATION; WAIVER

 8.1 Termination. This Agreement may be terminated and the transactions contemplated herein may be abandoned at any time prior
to the Effective Time of Closing: 
 (a) by mutual written consent of Smithfield and OCM; 
 (b) by Smithfield at any time following Smithfield becoming aware that OCM has breached any warranty or covenant contained in this
Agreement in any material respect, if Smithfield has notified OCM of the breach and the breach has continued without cure for a period of 20 days after the notice of breach; 
 (c) by OCM at any time following OCM becoming aware that Smithfield has breached any warranty or covenant contained in this Agreement in
any material respect, if OCM 

  

 - 33 - 

 
has notified Smithfield of the breach and the breach has continued without cure for a period of 20 days after the notice of breach; 
 (d) by Smithfield or OCM, if the Purchase Agreement has been terminated in accordance with its terms; 
 (e) by Smithfield or OCM, if any court of competent jurisdiction or other Governmental Authority shall have issued an order, decree or
ruling or taken any other action restraining, enjoining or otherwise prohibiting the transactions contemplated herein and such order, decree, ruling or other action shall have become final and nonappealable; or 
 (f) by OCM if, immediately prior to Closing, OCM, acting reasonably and in good faith, determines that a Material Adverse Change (as
defined in the Purchase Agreement) has occurred and is continuing and OCM (i) provides notice of such determination immediately thereafter to Smithfield and (ii) describes in such notice with specificity the basis for OCM’s
determination. 
 8.2 Effect of Termination. If this Agreement is terminated pursuant to Section 8.1 hereof, this Agreement
shall forthwith become void and have no effect, without any liability on the part of any party or its directors, officers or shareholders; provided, however, that nothing contained in this Section 8.2 shall (a) relieve
any party from liability for any breach of this Agreement or from its obligations under the proviso to Section 9.2 hereof or (b) relieve OCM of its obligations pursuant to Section 7.3 hereof; provided,
further, however, that any termination of this Agreement shall not preclude Smithfield from consummating the transactions contemplated by the Purchase Agreement. 
 8.3 Waiver; Extension. At any time prior to the Effective Time, each of OCM and Smithfield may (a) extend the time for the performance of any
of the obligations or other acts of the other party, (b) waive any inaccuracies in the warranties of the other party contained in this Agreement or in any document delivered pursuant to this Agreement or waive compliance with any of the
covenants, agreements or conditions of the other party contained in this Agreement. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. The
failure of any party to this Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of those rights. 
 ARTICLE IX 
 MISCELLANEOUS 
 9.1 Entire Agreement; Amendment. This Agreement and the documents referred to herein (including the Confidentiality and Exclusivity Agreement) and to be delivered pursuant hereto constitute the entire agreement
between the parties pertaining to the subject matter hereof, and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions of the parties, whether oral or written, and there are no warranties or other
agreements between the parties in connection with the subject matter hereof, except as specifically set forth herein or therein. No amendment, supplement, modification, waiver or termination of this Agreement shall be binding unless executed in
writing by the party to be 

  

 - 34 - 

 
bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision of this Agreement,
whether or not similar, nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 
 9.2 Expenses. The
Company shall promptly reimburse each party following the Closing for all out-of-pocket fees and expenses incurred by such party that are associated with the transactions contemplated hereby and by the Purchase Agreement, including, without
limitation, all actual, out-of-pocket due diligence and related costs and expenses, fees and expenses of legal and accounting advisors, consultants and financing fees and expenses (and, in the case of Smithfield, investment banking advisory fees)
(“Expenses”); provided, that in the event of the termination of this Agreement pursuant to Article VIII, the parties shall each bear 50% of the aggregate Expenses of the parties. 
 9.3 Governing Law; Consent to Jurisdiction. This Agreement shall be construed and interpreted according to the laws of the State of New York,
without regard to the conflicts of law rules thereof; provided, however, that Sections 5-1401 and 5-1402 of the New York General Obligations Law shall apply to this Agreement. Each of the parties hereto, in respect of itself and its
properties, agrees to be subject to (and hereby irrevocably submits to) the nonexclusive jurisdiction of any United States federal court sitting in the Borough of Manhattan, New York City, New York in respect of any suit, action or proceeding
arising out of or relating to this Agreement or the transactions contemplated herein, and irrevocably agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such court. Each of the parties hereto
irrevocably waives, to the fullest extent it may effectively do so under applicable Law, any objection to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. Either party hereto may make service on the other party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for the
giving of notices in Section 9.5 hereof. Nothing in this Section 9.3, however, shall affect the right of any party to bring any action or proceeding arising out of or relating to this Agreement in any other court within the
United States or to serve legal process in any other manner permitted by Law or in equity. 
 9.4 Assignment. This Agreement and each
party’s respective rights hereunder may not be assigned by operation of Law or otherwise at any time except as expressly set forth herein without the prior written consent of the other party; provided, that OCM may assign this Agreement
to one or more of its Affiliates prior to the Closing, including any series of assignments pursuant to which OCM may assign its entire interest in this Agreement to such parties, in which case OCM shall have no further obligation hereunder;
provided, however, that OCM shall remain liable for its obligations pursuant to Section 7.3 hereof and Section 9.2; provided, further, that the parties shall amend the terms of this Agreement, the
form of Stockholders Agreement and the form of Earn-Out Agreement prior to Closing as requested by OCM to the extent necessary to permit each of OCM or any Affiliate of OCM to structure its investment in the Company in a manner which will permit
each such Person to qualify as a “venture capital operating company” pursuant to the Employee Retirement Income Security Act of 1974, so long as any such amendment does not adversely affect the rights of Smithfield hereunder or thereunder.

  

 - 35 - 

 9.5 Notices. All communications, notices and disclosures required or permitted by this Agreement
shall be in writing and shall be deemed to have been given when delivered personally or by messenger or by overnight delivery service, or when mailed by registered or certified United States mail, postage prepaid, return receipt requested, or when
received via telecopy, telex or other electronic transmission, in all cases addressed to the person for whom it is intended at his address set forth below or to such other address as a party shall have designated by notice in writing to the other
party in the manner provided by this Section 9.5: 
  

					
	 If to Smithfield:
	  	SFDS Global Holdings BV
		
		  	c/o Smithfield Foods, Inc.
		  	499 Park Avenue, 6th Floor
		  	New York, New York 10022
		  	Attention:	  	 Richard J. M. Poulson, Esq.

		  		  	 Executive Vice President, General Counsel and

		  		  	 Senior Advisor to the Chairman

		  	Facsimile:	  	 (212) 758-8421

		
	 With a copy to:
	  	Smithfield Foods, Inc.
		  	200 Commerce Street
		  	Smithfield, VA 23430
		  	Attention:	  	 Michael H. Cole, Esq.

		  		  	 Vice President, Secretary and

		  		  	 Deputy General Counsel

		  	Facsimile:	  	 (757) 365-3025

		
	 And to:
	  	Hunton & Williams LLP
		  	Riverfront Plaza, East Tower
		  	951 East Byrd Street
		  	Richmond, VA 23219
		  	Attention:	  	 Gary E. Thompson

		  	Facsimile:	  	 (804) 788-8218

		
	 If to OCM:
	  	OCM Luxembourg EPOF SARL
		  	67 Boulevard Grand-Duchesse Charlotte
		  	L-1331 Luxembourg
		  	Telecopy:	  	 00 352 264 582 94

		  	Attention:	  	 Justin Bickle

		  		  	 Szymon Dec

		
	 With a copy to:
	  	Skadden, Arps, Slate, Meagher & Flom LLP
		  	Four Times Square
		  	New York, New York 10036
		  	Telecopy:	  	 212-735-2000

		  	Attention:	  	 Eileen T. Nugent

  

 - 36 - 

 9.6 Counterparts; Headings. This Agreement may be executed in several counterparts, each of which
shall be deemed an original, but such counterparts shall together constitute but one and the same Agreement. The Table of Contents and Article and Section headings in this Agreement are inserted for convenience of reference only and shall not
constitute a part hereof. Delivery of an executed counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of an executed counterpart to this Agreement. 
 9.7 Specific Performance. The parties hereto agree that irreparable damage would occur in the event any of the provisions of this Agreement were
not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at Law or equity. 
 9.8 Interpretation. Unless the context requires otherwise, all words used in this Agreement in the singular number shall extend to and include the
plural, all words in the plural number shall extend to and include the singular and all words in any gender shall extend to and include all genders. All references to contracts, agreements, leases or other understandings or arrangements shall refer
to oral as well as written matters. The specificity of any warranty contained herein shall not be deemed to limit the generality of any other warranty contained herein. 
 9.9 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to either party. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner, to the end that the
transactions contemplated hereby are fulfilled to the extent possible. 
 9.10 No Reliance. Except as set forth in Sections
7.1, 7.2 and 7.4 hereof with respect to the OCM Indemnified Parties, the Smithfield Indemnified Parties and the directors of the Company, as applicable, no third party is entitled to rely on any of the warranties and agreements
contained in this Agreement. Except as set forth in Sections 7.1, 7.2 and 7.4 hereof with respect to OCM Indemnified Parties, Smithfield Indemnified Parties and the directors of the Company, as applicable, no party to this
Agreement assumes any liability to any third party because of any reliance on the warranties and agreements of the parties hereto contained in this Agreement. 
 9.11 Survival; Exhibits. The warranties of each party hereto shall be deemed to be material and to have been relied upon by the other parties, notwithstanding any investigation heretofore or hereafter made by
the other parties, and shall survive the Closing to the extent and for such time as is necessary to enable the parties to enforce their respective rights to indemnification under this Agreement. Nothing in the Exhibits hereto shall be deemed
adequate to disclose an exception to a warranty made herein, unless such Exhibit identifies the exception with reasonable particularity. 
  

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 [Remainder of Page Intentionally Left Blank] 
  

 - 38 - 

 IN WITNESS WHEREOF, the parties have caused this Contribution Agreement to be duly executed as of
the day and year first above written. 
  

	
	TARVALÓN, S.L.
	
	 /s/ Michael Cole

	 Name: Michael H. Cole

	 Its: Sole Director

	
	SFDS GLOBAL HOLDINGS BV
	
	 /s/ Trust International Management (T.I.M) BV

	 Name: Trust International Management (T.I.M) BV

	 Its: Managing Director

	
	OCM LUXEMBOURG EPOF SARL
	
	 /s/ Justin Bickle

	 Name: Justin Bickle

	 Its: Manager

	
	 For the purposes of Article VII only:

	SMITHFIELD FOODS, INC.
	
	 /s/ Richard J. M. Poulson

	 Name: Richard J. M. Poulson

	 Its: Executive Vice President

  

 - 39 - 

 Exhibit 1.15 
 EARN-OUT AGREEMENT 
 BY AND AMONG 
  

	I.	OCM LUXEMBOURG EPOF SARL, a société à responsibilité limitée organized under the laws of Luxembourg (“OCM”), with registered
address in [    ]. OCM is represented by Mr. [    ], with [    ] passport n. [    ], in his capacity as [    ]. 

  

	II.	SFDS GLOBAL HOLDINGS B.V., a company organized under the laws of the Netherlands (“Smithfield”), with registered address in [    ]. Smithfield
is represented by Mr. [    ], with [    ] passport n. [    ], in his capacity as [    ]. 

  

	III.	TARVALÓN, S.L., a company organized under the laws of Spain (the “Company”), with registered address in Madrid, Calle don Ramón de la Cruz, 17,
1o Izqda. The Company is represented by Mr. [    ], with [    ] passport n. [    ], in his capacity as [    ]. 

 Each of the above mentioned persons or entities shall be hereinafter referred to as a “Party” and, jointly, as the “Parties”.

 WHEREAS 
  

	I.	On June 29, 2006, the Parties entered into that Contribution Agreement (the “Contribution Agreement”) pursuant to which (i) Smithfield agreed to
contribute to the Company the FrenchCo Business (as defined in the Contribution Agreement) and the Smithfield Cash Contribution (as defined in the Contribution Agreement), (ii) OCM agreed to contribute to the Company the OCM Cash Contribution
(as defined in the Contribution Agreement), and (iii) OCM agreed to purchase certain shares of the Company from Smithfield. Following these transactions, OCM (and its Affiliates) and Smithfield each own 50% of the outstanding shares of the
Company. 

  

	II.	OCM (and its Affiliates) and Smithfield are the owners of the 100% share capital of the Company. 

  

	III.	Pursuant to the terms of the Contribution Agreement, each of OCM and Smithfield have agreed to enter into this Earn-Out Agreement (this “Agreement”) pursuant to
which each will agree to cause a capital increase in the Company and to subscribe for additional share capital of the Company. Following such subscription, each of the parties will continue to hold 50% of the outstanding shares in the Company, each
representing 50% of the voting and economic rights of the Company. 

  

	IV.	In connection with such share capital increase and subscription, OCM shall contribute additional premium to the Company in an additional amount up to €40,000,000, based upon
the Company’s achievement of certain levels of EBITDA (as defined below), as further described in Section 3 below. 

  

 1 

 The Parties therefore agree as follows: 
 CLAUSES 
 1. Definitions. As used herein, the following terms shall have the following meanings:

 “Affiliate” means, with respect to any Person, any other Person directly, or indirectly through one or more
intermediaries, controlling, controlled by or under common control with such Person. As used in this definition of the term “Affiliate” and elsewhere herein with respect to any Affiliate of any Person, “control” (including the
terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of a Person, whether through the ownership of voting
securities, by voting trust, contract or similar arrangement, as trustee or executor, or otherwise. 
 “Business” means the
processed meats business carried on by the Company in Europe. 
 “Capital Increase” means the capital increase of the
Company described in Section 2 of this Agreement. 
 “Company’s Target EBITDA” has the meaning of
Section 3(b) of this Agreement. 
 “Constituent Documents” shall mean the articles of association and bylaws (or
similar organizational documents) of any entity. 
 “EBITDA” means the cumulative earnings of the Company’s operations,
as reported in accordance with GAAP, for the Reference Period before deduction of interest, taxes, depreciation and amortization but net of restructuring costs and capital expenditures associated with the restructuring of the Business. 

“Final Company EBITDA” means the Company’s aggregate EBITDA over the Reference Period. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 
 “Governmental Authority” means the government of any nation, state, city, locality or other political subdivision thereof, any
multinational organization, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any executive official thereof. 
 “Person” means any individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint
stock company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
 “Premium” means the premium referred to in Section 3(b) of this Agreement. 
 “Premium Payment” means the amount, if any, due and payable by OCM to the Company as determined in Section 3(b) of this Agreement. 
  

 2 

 “Reference Period” means the period from
                     to and including
                    .1 
 “Shareholders” means OCM and Smithfield. 
 2. Capital Increase. 
 The Shareholders agree as soon as possible following the third anniversary of the
date of this Agreement to, subject to Section 2(d), increase the share capital of the Company, by issuing: 
 (a) One ordinary share
(“participación”) of one euro (1 €) of par value and without Premium, that shall be subscribed and fully paid up by Smithfield, and shall grant to its owner all the rights and obligations granted by law and by the
By-Laws of the Company. 
 (b) One ordinary share (“participación”) of one euro (1 €) of par value and with a
Premium that shall be calculated according to Section 3 below, that shall be subscribed and fully paid up by OCM, and shall grant to its owner all the rights and obligations granted by law and by the By-Laws of the Company. 
 (c) The ordinary shares issued to Smithfield and OCM, respectively, shall be of the same class and character and will grant its holder the same rights
and obligations. 
 (d) In the event that no Premium would be due pursuant to Section 3(b), the Shareholders shall not be required to
effect any Capital Increase. 
 3. Premium (Earn-Out Payment). 
 (a) Calculation of EBITDA. As soon as possible following the end of the Reference Period the Company shall calculate the Final Company EBITDA over the Reference Period. 
 If Smithfield, OCM and the Company are unable to agree upon the calculation of the Final Company EBITDA, an accounting firm mutually acceptable to Smithfield, OCM and
the Company shall be appointed (the “Independent Accounting Firm”) to resolve such dispute. If Smithfield, OCM and the Company cannot mutually agree on the selection of the Independent Accounting Firm, Smithfield, OCM and the
Company shall submit to such other Person’s independent accountants the name of an accounting firm nationally recognized in the United States which does not at the time and has not in the prior two (2) years provided audit or other
attestation services to any of the OCM, Smithfield Foods, Inc. or the Company or any of their respective Affiliates, and the Independent Accounting Firm shall be selected by lot from these three (3) firms by the independent accountants of
Smithfield, OCM and the Company. 
 Each of Smithfield, OCM and the Company and their respective independent accountants shall give the Independent
Accounting Firm reasonable access, during normal business hours upon reasonable notice, to the properties, books, records and personnel of the Company for purposes of calculating the Final Company EBITDA. Smithfield, OCM and the Company will each

  

	1	Period to be the 12 consecutive fiscal quarters beginning with the first full fiscal quarter after the Closing. 

  

 3 

 submit to the Independent Accounting Firm a written statement setting forth such party’s calculation of the Final
Company EBITDA. The Independent Accounting Firm will select one, and only one, party’s calculation as the Final Company EBITDA. The Independent Accounting Firm shall be instructed to use every reasonable effort to perform its services within
thirty (30) days of submission of the calculations to it and, in any case, as promptly as practicable after such submission and the Independent Accounting Firm’s determination of the Final Company EBITDA shall be final and binding on the
parties. Any expenses relating to the engagement of the Independent Accounting Firm shall be paid pro rata by each of the parties whose proposed calculation of the Final Company EBITDA was not chosen by the Independent Accounting Firm as the Final
Company EBITDA. Each party shall pay all advisors’ fees, charges and expenses incurred by such party in connection with the dispute. 
 (b) Determination of the Premium. In the event that the Final Company EBITDA exceeds the Company’s Target EBITDA (as set forth in the table below), OCM shall pay to the Company a Premium (plus any applicable “equity
contribution” tax in an amount not to exceed one percent (1%) of the Premium) for the ordinary share (“participación”) referred to in Section 2(b), as determined by in accordance with the following table:

  

				
	 Company’s Target EBITDA
	  	Premium
	 Less than €260,000,000
	  	 
 	No Premium due
and payable
	 €260,000,000 or more, but less than €280,000,000
	  	€	14,000,000
	 €280,000,000 or more, but less than €300,000,000
	  	€	28,000000
	 €300,000,000 or more
	  	€	40,000,000

 provided that, OCM and the Company hereby agree to negotiate, in consultation with Smithfield, in good faith, to
make any adjustments in the Company’s Target EBITDA set forth above to the extent any such adjustment may be necessary to reflect any acquisition, disposition or restructuring affecting the Company’s operations. 
 4. Interest Rate. The Premium shall be deemed to bear interest from the date hereof until paid in full at a rate of 4.0% per annum, compounded
annually. Such interest shall be due and payable pursuant to the terms of Section 5 of this Agreement. If an Event of Default shall occur, then all amounts then outstanding under the Premium shall thereafter bear interest at 3.0% plus the rate
otherwise in effect immediately upon such Event of Default. Accrued interest shall be computed for actual days elapsed on the basis of a year of 365 days. 
 5. Payments. The outstanding sum of the applicable Premium plus all accrued and unpaid interest thereon shall be due and payable promptly after the determination of the Premium, but in any event no later than ten
(10) days after the final determination of the Final Company EBITDA pursuant to Section 3 (a). For the avoidance of doubt, OCM shall not be obligated to pay the Premium until the shareholders of the Company have approved a resolution
authorizing the Capital Increase. OCM shall vote in favor of the resolution authorizing the Capital Increase. 
  

 4 

 6. Prepayment. At any time prior to the calculation of the Final Company EBITDA, if the Company and OCM
agree on the value of the Premium for the purposes of prepayment, the Capital Increase shall be carried out as soon as possible and OCM shall not have any obligation pursuant to Section 3 or Section 5 to pay any additional amount as
Premium. 
 7. Representations and Warranties. OCM represents and warrants that: 
 (a) Organization. OCM is a société à responsibilité limitée duly organized, validly existing and in good
standing under the laws of Luxembourg and has full power to enter into this Agreement and to perform its obligations hereunder. 
 (b)
Authorization; Execution and Delivery; Enforceability. The execution, delivery and performance by OCM of this Agreement, and of all of the documents and instruments required hereby from OCM, are within the power of OCM and have been duly
authorized by all necessary action of OCM. This Agreement has been duly executed and delivered by OCM. This Agreement is, and the other documents and instruments required hereby to which OCM is a party will be, when executed and delivered by the
parties thereto, the valid and binding obligations of OCM, enforceable against OCM in accordance with their respective terms. 
 (c) No
Violation or Conflict by OCM. The execution, delivery and performance of this Agreement by OCM, and the consummation of the transactions contemplated herein, do not and will not (a) conflict with or violate any Law, judgment, order or
decree binding on OCM or the Constituent Documents of OCM or (b) constitute a violation or breach of any material contract or agreement to which OCM is a party or by which it is bound. 
 8. Events of Default. Each of the following shall constitute an “Event of Default” under this Agreement: 
 (a) Failure to Pay. OCM’s failure to subscribe the one ordinary share (“participación”) referred to in
Section 2(b) and to pay the Premium (if any) together with any interest thereon when due in accordance with Section 4 of this Agreement; provided, that OCM shall have ten (10) days to cure such failure. 
 (b) Involuntary Bankruptcy or Receivership Proceedings. A receiver, conservator, liquidator or trustee of OCM or of its properties is appointed by
order or decree of any court or agency or supervisory authority having jurisdiction; or an order for relief is entered against OCM under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or
receivership law of any jurisdiction, whether now or hereafter in effect; or OCM is adjudicated bankrupt or insolvent; or any material portion of the properties of OCM is sequestered by court order and such order remains in effect for more than
fifty (50) days after OCM obtains knowledge thereof; or a petition is filed against OCM under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction,
whether now or hereafter in effect, and such petition is not dismissed within sixty (60) days. 
  

 5 

 (c) Voluntary Petitions. OCM’s filing of a petition or seeking relief under any provision of
any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any such case or petition against it
under any such law. 
 (d) Assignments for Benefit of Creditors. OCM’s making a general assignment for the benefit of its
creditors, or admission in writing of its inability to pay its debts generally as they become due, or consents to the appointment of a receiver, trustee or liquidator of all or any part of its property. 
 9. Remedies Upon Default. Upon the occurrence of an Event of Default hereunder ( unless such Event of Default is waived or deferred at the option of the
Company) either, at the option of the Company: 
 (a) OCM shall subscribe for and fully pay up one ordinary share
(“participación”) with the Premium as calculated in accordance with Section 3(b) (plus any applicable “equity contribution” tax in an amount not to exceed one percent (1%) of the Premium) together with any
and all interest due on the Premium (including default interest from the date of such Event of Default) in satisfaction of OCM’s obligations pursuant to this Agreement; or 
 (b) OCM shall transfer to the Company for redemption a number of shares (“participaciones”) of the Company having a value equal to the
amount due pursuant to Section 3(b) of this Agreement plus any applicable interest payable with respect to the Premium (including default interest from the date of such Event of Default) in satisfaction of OCM’s obligations pursuant to
this Agreement. 
 Any delay by the Company in exercising or any failure of the Company to exercise the aforesaid remedies with respect to an Event of
Default shall not constitute a waiver of its right to exercise such remedies with respect to that or any subsequent Event of Default. 
 10. No Setoff
or Waiver. No setoff, claim, counterclaim, reduction or diminution of any obligation or any defense of any kind or nature that OCM has or may have against the Company (other than the defense of payment) shall be available against the Company
in any suit or action brought by the Company to enforce this Agreement. The foregoing shall not be construed as a waiver by OCM of any rights or claims that OCM may have against the Company, but any recovery upon such rights and claims shall be had
from the Company separately, it being the intent of this Agreement that OCM shall be obligated to pay, absolutely and unconditionally, all amounts due hereunder. 
 11. Waiver of Jury Trial. THE COMPANY AND OCM IRREVOCABLY WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS NOTE AND THE TRANSACTIONS CONTEMPLATED HEREIN, AND OCM
FURTHER WAIVES ANY RIGHT TO FILE ANY COUNTERCLAIM AS PART OF ANY ACTION OR PROCEEDING FILED OR MAINTAINED BY THE COMPANY TO COLLECT ANY AMOUNT PAYABLE HEREUNDER, AT LAW, IN EQUITY OR OTHERWISE. 
  

 6 

 12. Collection Costs and Expenses. OCM shall pay all reasonable and documented costs, fees and expenses
(including court costs and reasonable attorneys’ fees) incurred by the Company in collecting or attempting to collect any amount that becomes due hereunder or in seeking legal advice with respect to any amendment or modification hereof, any
such collection or an Event of Default hereunder. 
 13. Notices. All notices, demands or other communications provided for or permitted
hereunder shall be made in writing and shall be by registered or certified first class mail, return receipt requested, telecopier, courier service or personal delivery: 
 (i) if to Smithfield: 
  

			
	SFDS Global Holdings BV
	c/o Smithfield Foods, Inc.
	499 Park Avenue
	6th Floor
	New York, New York 10022
	Telecopy:	  	(212) 758-8421
	Attention:	  	Richard J. M. Poulson,
		  	Executive Vice President,
		  	Senior Advisor to the Chairman
		  	and General Counsel
	
	with a copy to:
	
	Hunton & Williams LLP
	Riverfront Plaza, East Tower
	951 E. Byrd Street
	Richmond, Virginia 23219
	Telecopy: (804) 788-8218
	Attention: Gary E. Thompson

 (ii) if to the Company: 
       [Company] 
       Telecopy: 
       Attention: 
       with a copy to: 
       Telecopy: 
       Attention: 

 

 7 

							
	(iii)	 	if to OCM:	 	OCM Luxembourg EPOF SARL
		 		 	67 Boulevard Grand-Duchesse Charlotte
		 		 	L-1331 Luxembourg
		 		 	Telecopy:	  	00 352 264 582 94
		 		 	Attention:	  	Justin Bickle
		 		 		  	Szymon Dec
			
		 		 	with a copy to:
			
		 		 	Skadden, Arps, Slate, Meagher & Flom LLP
			
		 		 	Four Times Square
		 		 	New York, New York 10036
		 		 	Telecopy: 212-735-2000
		 		 	Attention: Eileen T. Nugent

 All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand,
if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied.
Any party may by notice given in accordance with this Section 13 designate another address or Person for receipt of notices hereunder. 
 14.
Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions
hereof. 
 15. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of OCM and the Company, and their
respective successors and assigns; provided, however, that (i) OCM may not assign or delegate its obligations hereunder, by operation of law or otherwise, to any person or entity without the prior written consent of the Company and
(ii) the Company may not assign this Agreement or the right to payment under this Agreement to any person without the prior written consent of OCM. 
 16. Payments. All payments due hereunder shall be made in immediately available funds. 
 17. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of Spain. The parties hereto irrevocably submit to the exclusive jurisdiction of the court sitting in the City of Madrid (Spain) over any suit, action or proceeding arising out
of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject
to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in
any such court has been brought in an inconvenient forum. 
  

 8 

 18. Survival. All agreements, representations and warranties made herein shall survive the delivery of this
Agreement and the disbursement of any amounts hereunder. 
 19. Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof. 
 [Signatures Appear on Following Page] 
  

 9 

 IN WITNESS WHEREOF, the Parties has caused this Agreement to be executed by its duly authorized representatives as
of the day and year first above written. 
  

	
	OCM LUXEMBOURG EPOF SARL,
	a société à responsibilité limitée organized under the laws of Luxembourg
	
	  

	Director
	
	  

	Director
	
	  

	Director
	
	 SFDS GLOBAL HOLDINGS B.V.
 a company organized
under the laws of the Netherlands

	
	  

	[    ]
	
	 TARVALÓN, S.L.
 a company organized under
the laws of Spain

	
	  

	[    ]

  

 10 

 Exhibit 1.57 
  

 STOCKHOLDERS AGREEMENT

 among 
 TARVALÓN, S.L., 
 SFDS GLOBAL HOLDINGS BV 
 and 
 OCM LUXEMBOURG EPOF SARL 
 Dated: [    ], 2006 
  

 TABLE OF CONTENTS 
  

							
	  	  	 	  	 	  	Page
	 1.
	  	DEFINITIONS	  	1
			
	 2.
	  	RESTRICTIONS ON TRANSFER OF SHARES	  	6
		  	2.1	  	Limitation on Transfer	  	6
		  	2.2	  	Permitted Transfers	  	7
		  	2.3	  	Permitted Transfer Procedures	  	7
		  	2.4	  	Transfers in Compliance with Law; Substitution of Transferee	  	7
			
	 3.
	  	AFTER-ACQUIRED SECURITIES	  	7
			
	 4.
	  	REGISTRATION RIGHTS.	  	7
		  	4.1	  	Initial Public Offering	  	7
		  	4.2	  	IPO Registration	  	8
		  	4.3	  	IPO Deadline	  	9
		  	4.4	  	Demand Registrations	  	9
		  	4.5	  	Piggyback Registrations	  	12
		  	4.6	  	S-3 Registrations	  	14
		  	4.7	  	Smithfield Purchase Option.	  	14
		  	4.8	  	Expenses	  	15
		  	4.9	  	European Exchange IPO	  	15
			
	 5.
	  	RULES 144 AND 144A REPORTING	  	16
			
	 6.
	  	REGISTRATION PROCEDURES	  	17
		  	6.1	  	Registration of Shares	  	17
		  	6.2	  	Stockholder Information	  	23
		  	6.3	  	Restriction on Disposition	  	23
			
	 7.
	  	INDEMNIFICATION AND CONTRIBUTION	  	24
		  	7.1	  	Stockholder Indemnification	  	24
		  	7.2	  	Company Indemnification	  	25
		  	7.3	  	Indemnification Procedures	  	25
		  	7.4	  	Insufficiency of Indemnification	  	26
		  	7.5	  	Contribution	  	27
		  	7.6	  	Similar Indemnification	  	27
		  	7.7	  	Liabilities Cumulative	  	28
		  	7.8	  	Periodic Reimbursement	  	28
			
	 8.
	  	MARKET STAND-OFF AGREEMENT	  	28
			
	 9.
	  	TAX MATTERS	  	29
		  	9.1	  	Company Tax Returns	  	29
		  	9.2	  	Designation of Tax Matters Partner	  	29

							
	 10.
	  	TERMINATION OF THE COMPANY’S OBLIGATIONS	  	30
			
	 11.
	  	BUY/SELL AGREEMENT	  	30
		  	11.1	  	Offer	  	30
		  	11.2	  	Alternative Purchase or Sale	  	30
		  	11.3	  	Election of Alternative	  	30
		  	11.4	  	Closing	  	30
			
	 12.
	  	CORPORATE GOVERNANCE	  	31
		  	12.1	  	General	  	31
		  	12.2	  	Stockholder and Company Actions	  	31
		  	12.3	  	Appointment and Election of Directors	  	32
		  	12.4	  	Removal and Replacement of Directors	  	32
		  	12.5	  	Meetings; Quorum; Representatives	  	33
		  	12.6	  	Actions of the Company; Extraordinary Actions	  	34
		  	12.7	  	Annual Operating Plan; Annual Budget	  	38
		  	12.8	  	Books and Records; Financial Information	  	38
		  	12.9	  	Stockholder Management	  	38
		  	12.10	  	Affiliated Transactions	  	38
		  	12.11	  	Corporate Opportunities	  	39
			
	 13.
	  	ADDITIONAL CONTRIBUTIONS	  	41
		  	13.1	  	Capital Contributions	  	41
		  	13.2	  	Declining Contributions	  	41
			
	 14.
	  	STOCK CERTIFICATE LEGEND	  	41
			
	 15.
	  	MISCELLANEOUS	  	42
		  	15.1	  	Notices	  	42
		  	15.2	  	Publicity; Confidentiality	  	43
		  	15.3	  	Successors and Assigns; Third Party Beneficiary	  	44
		  	15.4	  	Amendment and Waiver	  	44
		  	15.5	  	Counterparts	  	44
		  	15.6	  	Specific Performance	  	45
		  	15.7	  	Claims Against Advisors	  	45
		  	15.8	  	Headings	  	45
		  	15.9	  	Governing Law; Consent to Jurisdiction	  	45
		  	15.10	  	Severability	  	45
		  	15.11	  	Rules of Construction	  	45
		  	15.12	  	Entire Agreement	  	45
		  	15.13	  	Further Assurances	  	46

 EXHIBITS 
 Exhibit A        Form of Transfer Agreement 

 STOCKHOLDERS AGREEMENT 
 STOCKHOLDERS AGREEMENT, dated as of [    ], 2006, among Tarvalón, S.L., a private limited company organized under the
laws of Spain (the “Company”), SFDS Global Holdings BV, a private limited liability company organized under the laws of the Netherlands (“Smithfield”), and OCM Luxembourg EPOF SARL, a société à
responsibilité limitée organized under the laws of Luxembourg (“OCM”). 
 WHEREAS, the Company and
Smithfield Foods, Inc. have entered into that certain Agreement (the “Purchase Agreement”), dated June 26, 2006, with Sara Lee Corporation (“SLE”), providing for the purchase by the Company of SLE’s and
its Affiliates’ European meats business; and 
 WHEREAS, each of Smithfield and OCM will contribute, or cause to be contributed,
to the Company certain assets and liabilities in exchange for Shares (as defined herein) pursuant to the terms and conditions of that certain Contribution Agreement, dated June 29, 2006, between Smithfield, OCM, the Company and Smithfield
Foods, Inc.; and 
 WHEREAS, the Company and the Stockholders (as defined herein) desire to enter into this Agreement (as defined
herein) for the purpose of setting forth the agreements of the Company and the Stockholders with respect to, among other things, (a) the affairs of the Company and the conduct of its business and (b) the manner and terms by which Shares
may be transferred. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 1.
Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated: 
 “Affiliate” means, with respect to any Person, any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with such Person. As used in this definition of
the term “Affiliate” and elsewhere herein with respect to any Affiliate of any Person, “control” (including the terms “controlled by” and “under common control with”) means the possession, directly or
indirectly, of the power to direct or cause the direction of the management policies of a Person, whether through the ownership of voting securities, by voting trust, contract or similar arrangement, as trustee or executor, or otherwise. 

“Agreement” means this Agreement as the same may be amended, supplemented or modified in accordance with the terms hereof.

 “Applicable Persons” has the meaning set forth in Section 12.11 of this Agreement. 

 “Average IPO Price Midpoint” has the meaning set forth in Section 4.7 of
this Agreement. 
 “Board of Directors” means the Board of Directors of the Company. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York or
Luxembourg, the Netherlands or Spain are authorized or required by law or executive order to close. 
 “Change in Control”
means, with respect to any Person, (a) any change in the legal or beneficial ownership of the equity share capital of such Person or (b) the entry into any agreement which, in case of either clause (a) or (b), results or will result
in the owners of the equity share capital of such Person on the date hereof ceasing to, directly or indirectly, (i) own more than fifty percent (50%) of the equity share capital of such Person, (ii) own equity share capital
having the right to cast more than fifty percent (50%) of the votes capable of being cast in meetings of shareholders of such Person or (iii) have the ability to appoint a majority of the board of directors of such Person. 

“Charter Documents” means the Bylaws of the Company as in effect on the date hereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor statute. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Company” has the meaning set forth in the preamble to this Agreement. 
 “Controlling Person” has the meaning set forth in Section 7.1 of this Agreement. 
 “Declining Stockholder” has the meaning set forth in Section 13.2 of this Agreement. 
 “Demand Registration” has the meaning set forth in Section 4.4 of this Agreement. 
 “European Exchange IPO” has the meaning set forth in Section 4.9 of this Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
thereunder. 
 “Governmental Authority” means the government of any nation, state, city, locality or other political
subdivision thereof, any multinational organization, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any executive official thereof. 
 “Indemnified Party” has the meaning set forth in Section 7.3 of this Agreement. 
  

 2 

 “Indemnifying Party” has the meaning set forth in Section 7.3 of this
Agreement. 
 “Initiating Holder” has the meaning set forth in Section 4.4 of this Agreement. 
 “IPO” has the meaning set forth in Section 4.1 of this Agreement. 
 “IPO Deadline” means the sixth (6th) anniversary of the closing of the transactions contemplated by the Purchase Agreement; provided that the Stockholders may unanimously agree to toll such deadline to the extent that, at such time
during the one-year period ending on the IPO Deadline, the investment banks would be ready to price an IPO but the then prevailing market conditions would prevent the consummation of such IPO at any price. 
 “IPO Newco” has the meaning set forth in Section 4.2 of this Agreement. 
 “IPO Registration Statement” has the meaning set forth in Section 0 of this Agreement. 
 “Liabilities” has the meaning set forth in Section 7.1 of this Agreement. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien (statutory or other) or preference,
priority, right of first refusal, restriction on transfer, right or other security interest or preferential arrangement or adverse claim of any kind or nature whatsoever. 
 “Midpoint” has the meaning set forth in Section 4.7 of this Agreement. 
 “NASD” means The National Association of Securities Dealers, Inc. 
 “Non-Declining Stockholder”
has the meaning set forth in Section 13.2 of this Agreement. 
 “OCM” has the meaning set forth in the Preamble
to this Agreement. 
 “OCM Directors” has the meaning set forth in Section 12.3(c) of this Agreement.

 “Offer” has the meaning set forth in Section 11.1 of this Agreement. 
 “Offeree Stockholder” has the meaning set forth in Section 11.1 of this Agreement. 
 “Offering Stockholder” has the meaning set forth in Section 11.1 of this Agreement. 
 “Opportunity Stockholders” has the meaning set forth in Section 12.11 of this Agreement. 
 “Permitted Transferee” has the meaning set forth in Section 2.2 of this Agreement. 
  

 3 

 “Person” means any individual, firm, corporation, partnership, trust, incorporated or
unincorporated association, joint venture, joint stock company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger or otherwise) of such entity. 
 “Piggyback Registration” has the meaning set forth in Section 4.5 of this Agreement. 
 “Prospectus” means the prospectus included in any Registration Statement, including any preliminary prospectus and any other prospectus
filed under Rule 424 under the Securities Act, and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference, if any, in
such prospectus. 
 “Purchase Agreement” has the meaning set forth in the Recitals to this Agreement. 
 “Registrable Shares” means each of the Shares upon original issuance thereof and at all times subsequent thereto, and any capital stock
or other securities issued in respect of the Shares by reason of, or in connection with, any stock dividend, stock distribution, stock split, or similar issuance, including upon the transfer thereof by the original holder or any subsequent holder,
until, in the case of any such Shares, the earliest to occur of: 
 (a) the date on which all Registrable Shares have been sold pursuant to a
Registration Statement or sold, transferred or otherwise disposed of pursuant to Rule 144; or 
 (b) the third anniversary of the initial
effective date of the IPO Registration Statement. 
 “Registration Expenses” means any and all expenses incident to the
performance of or compliance with the registration provisions of this Agreement, including, without limitation: (a) all Commission, securities exchange, NASD or other registration, listing, inclusion and filing fees, (b) all fees and
expenses incurred in connection with compliance with international, federal or state securities or “blue sky” laws (including, without limitation, any registration, listing and filing fees and reasonable fees and disbursements of counsel
in connection with “blue sky” qualification of any of the Registrable Shares and the preparation of a “blue sky” memorandum and compliance with the rules of the NASD), (c) all expenses of any Persons in preparing or
assisting in preparing, word processing, duplicating, printing, delivering and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, agreements among underwriters, securities
sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement, (d) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on any
securities exchange or national quotation system pursuant to Section 6.1(o) of this Agreement or otherwise, (e) the fees and disbursements of counsel for the Company and of the independent registered public 
  

 4 

 accounting firm of the Company (including, without limitation, the expenses of any special audit and “cold
comfort” letters required by or incident to such performance), and the reasonable fees and disbursements of one counsel and one accounting firm for the selling Stockholder(s) (each as selected by the unanimous consent of the selling
Stockholders) to review any Registration Statement, and (f) any fees and disbursements customarily paid by issuers in connection with issues and sales of securities (including the fees and expenses of any experts retained by the Company in
connection with any Registration Statement); provided, however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts and commissions and transfer taxes, if any, relating to the sale or disposition of
Registrable Shares by a Stockholder and the fees and disbursements of any counsel to or accounting firm of the Stockholders other than as provided for in subparagraph (e) above. 
 “Registration Statement” means any registration statement, including the Prospectus, amendments and supplements to such registration
statement or Prospectus, including pre-and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement. 
 “Requirements of Law” means, as to any Person, any law, statute, treaty, rule, regulation, right, privilege, qualification, license or
franchise or determination of an arbitrator or a court or other Governmental Authority or stock exchange, in each case applicable or binding upon such Person or any of its property or to which such Person or any of its property is subject or
pertaining to any or all of the transactions contemplated or referred to herein. 
 “Response Notice” has the meaning set
forth in Section 11.3 of this Agreement. 
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to
the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 “Rule 144A” means Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 “S-3 Registration” has the meaning set forth in Section 4.6 of this Agreement. 
 “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 
 “Shares” means the shares of capital stock of the Company. 
 “Share Equivalents” means any
security or obligation which is by its terms, directly or indirectly, convertible into or exchangeable or exercisable for Shares, including, without limitation, any option, warrant or other subscription or purchase right with respect to Shares or
any Share Equivalent. 
  

 5 

 “SLE” has the meaning set forth in the Preamble to this Agreement. 
 “Smithfield” has the meaning set forth in the Preamble to this Agreement. 
 “Smithfield Directors” has the meaning set forth in Section 12.3(b) of this Agreement. 
 “Stockholder Indemnitee” has the meaning set forth in Section 7.1 of this Agreement. 
 “Stockholders” means Smithfield, OCM and any transferee thereof who has agreed to be bound by the terms and conditions of this Agreement
in accordance with Section 2.4 of this Agreement, and the term “Stockholder” shall mean any such Person. 
 “Stockholders Meeting” has the meaning set forth in Section 12.1 of this Agreement. 
 “Suspension Notice” has the meaning set forth in Section 6.3 of this Agreement. 
 “transfer” has the meaning set forth in Section 2.1 of this Agreement. 
 “Underwritten
Offering” means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public pursuant to a Registration Statement. 
 “Value” has the meaning set forth in Section 11.1 of this Agreement. 
 “Withdrawn Demand Registration” has the meaning set forth in Section 4.4 of this Agreement. 
 “Written Consent” has the meaning set forth in Section 12.1 of this Agreement. 
 2. Restrictions on
Transfer of Shares. 
 2.1 Limitation on Transfer. Subject to Section 4.1, until the fifth (5th) anniversary of the closing of the transactions contemplated by the Purchase Agreement, no Stockholder shall sell, give,
assign, hypothecate, pledge, encumber, grant a security interest in or otherwise dispose of, directly or indirectly (whether by operation of law or otherwise) (each a “transfer”), any Shares or any right, title or interest therein
or thereto, except in accordance with the provisions of this Agreement, including, without limitation, Section 2.3 hereof. Following the fifth (5th) anniversary of the closing of the transactions contemplated by the Purchase Agreement, each Stockholder may effect a transfer of Shares pursuant to the terms of Sections 4.1, 4.7
or 11. Any Change in Control of a Stockholder shall be deemed a transfer for purposes of this Section 2.1. Any attempt to transfer any Shares or any rights thereunder in violation of the preceding sentence shall 
  

 6 

 be null and void ab initio and shall have no effect with respect to the Company. The parties agree that, to the
extent required by and permitted under Spanish Law, the transfer restrictions set forth herein will be set forth in the Company’s By-Laws. 
 2.2 Permitted Transfers. Notwithstanding anything to the contrary contained in this Agreement, but subject to Section 2.3 and Section 2.4 of this Agreement a Stockholder (other than Smithfield) may, at any
time, transfer all or a portion of its Shares to an Affiliate of such Stockholder (or in the case of Smithfield, any direct or indirect majority-owned subsidiary of Smithfield Foods, Inc.; provided, that no equity in any such subsidiary shall be
owned by any financial sponsor or similar Person) (a “Permitted Transferee”). A Permitted Transferee of Shares pursuant to this Section 2.2 may transfer its Shares pursuant to this Section 2.2 only to a
Person that is a Permitted Transferee of the original transferor Stockholder. 
 2.3 Permitted Transfer Procedures. If any Stockholder
desires to transfer Shares to a Permitted Transferee under Section 2.2 of this Agreement, such Stockholder shall give notice to the Company and the other Stockholders of its intention to make such a transfer not less than ten
(10) days prior to effecting such transfer, which notice shall state the name and address of each Permitted Transferee to whom such transfer is proposed, the relationship of such Permitted Transferee to such Stockholder, and the number of
Shares proposed to be transferred to such Permitted Transferee. 
 2.4 Transfers in Compliance with Law; Substitution of Transferee.
Notwithstanding any other provision of this Agreement, no transfer may be made pursuant to this Section 2 or Section 11 of this Agreement unless (a) the transferee has agreed in writing to be bound by the terms and
conditions of this Agreement pursuant to an instrument substantially in the form attached hereto as Exhibit A, (b) the transfer complies in all respects with all applicable provisions of this Agreement and (c) the transfer complies in all
respects with all Requirements of Law. Upon becoming a party to this Agreement, the transferee of a Stockholder shall be substituted for, and shall enjoy the same rights and be subject to the same obligations as, the transferring Stockholder
hereunder with respect to the Shares transferred to such transferee. 
 3. After-Acquired Securities. All of the provisions of this
Agreement shall apply to all of the Shares or Share Equivalents now owned or which may be issued or transferred hereafter to a Stockholder in consequence of any additional issuance, purchase, exchange or reclassification of any of such Shares,
corporate reorganization, or any other form of recapitalization, consolidation, merger, share split or share dividend, or which are acquired by a Stockholder in any other manner. 
 4. Registration Rights. 
 4.1 Initial
Public Offering. At any time following the fifth (5th) anniversary of the closing of the transactions
contemplated by the Purchase Agreement (unless otherwise agreed by Smithfield and OCM), either Smithfield or OCM may, in its sole discretion, request that the Company effect an initial public offering of Shares (an “IPO”). The IPO
may include, subject to Section 4.2, the secondary sale of Registrable 
  

 7 

 Shares then held by a Stockholder. Upon any such request, the Company shall use its commercially reasonable efforts to
cause to be declared effective by the Commission as promptly as practicable following such filing, a Registration Statement on the appropriate form for the IPO (the “IPO Registration Statement”) providing for the sale by the Company
of Shares and/or resale by the Stockholders of any and all Registrable Shares (subject to Section 4.2 hereof), as applicable. Such commercially reasonable efforts shall include, without limitation, responding to any comments issued by
the staff of the Commission with respect to any IPO Registration Statement and filing any related amendment to such IPO Registration Statement as promptly as practicable after receipt of such comments. 
 4.2 IPO Registration. (a) The Company will notify each Stockholder of the proposed filing and afford each Stockholder an opportunity to
include in the IPO Registration Statement all or any part of the Registrable Shares then held by such Stockholder. Each Stockholder desiring to include in any such IPO Registration Statement all or part of the Registrable Shares held by such
Stockholder shall, within twenty (20) Business Days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such Stockholder
wishes to include in such IPO Registration Statement. 
 (b) Each of Smithfield and OCM, if they elect to be included in the IPO
Registration Statement, shall engage an internationally-recognized investment bank to act as “co-manager” of the Underwritten Offering and shall notify the Company and the other Stockholder of such investment bank. The right of any such
Stockholder’s Registrable Shares to be included in any IPO Registration Statement pursuant to this Section 4.2(b) shall be conditioned upon such Stockholder’s participation in such Underwritten Offering and the inclusion of
such Stockholder’s Registrable Shares in the Underwritten Offering to the extent provided herein. All Stockholders proposing to distribute their Registrable Shares through such Underwritten Offering shall enter into an underwriting agreement in
customary form with the co-managing underwriters selected by Smithfield and OCM for such underwriting and complete and execute, as reasonably requested as to scope and form, any questionnaires, powers of attorney, indemnities, securities escrow
agreements and other documents reasonably required under the terms of such underwriting, and furnish to the Company such information in writing as the Company may reasonably request for inclusion in the IPO Registration Statement; provided,
however, that no Stockholder shall be required to make any representations or warranties to, or agreements (including indemnities) with, the Company or the underwriters other than representations, warranties or agreements (including
indemnities) as are customary and reasonably requested by the underwriters with the understanding that the foregoing shall be several, not joint and several, and no such agreement (including indemnities) shall require any Stockholder to be liable
for an amount in excess of the net proceeds received by such Stockholder through such Underwritten Offering. Notwithstanding any other provision of this Agreement, if the co-managing underwriters determine in their sole discretion that marketing
factors require a limitation on the number of Registrable Shares to be included in the IPO, then the co-managing underwriters may exclude Registrable Shares from the IPO Registration Statement and 
  

 8 

 the Underwritten Offering and any Registrable Shares included in the IPO Registration Statement and the Underwritten
Offering shall be allocated to each of the Stockholders requesting inclusion of their Registrable Shares in such IPO Registration Statement on a pro rata basis based on the total number of Registrable Shares then requested for inclusion by each such
Stockholder. If any Stockholder disapproves of the terms of any Underwritten Offering that is undertaken in compliance with the terms hereof, such Stockholder may elect to withdraw therefrom by written notice to the Company and the underwriters,
delivered at least five (5) Business Days prior to the effective date of the IPO Registration Statement. Any Registrable Shares excluded or withdrawn from such Underwritten Offering shall be excluded and withdrawn from the IPO Registration
Statement. 
 (c) If Smithfield and OCM jointly determine in good faith, after consultation with the investment banks selected by Smithfield
and OCM to act as “co-managers” of an Underwritten Offering, that (i) the tax treatment of an initial public offering or (ii) marketing of an initial public offering will be adversely affected by the fact that the Company is a
Spanish private limited company, the Stockholders will use commercially reasonable efforts to cooperate in good faith to resolve such issues, taking into account the effect on the business, financial and tax position of the Company of any such
resolution, including, without limitation, by forming a new holding company in another jurisdiction (the “IPO Newco”) and exchanging their respective Shares in the Company in exchange for shares of the IPO Newco on a pro rata basis
(based upon the relative shareholdings in the Company of such Stockholders). 
 4.3 IPO Deadline. In the event that the Underwritten
Offering has not been consummated by the IPO Deadline, neither the Company nor any Stockholder shall have any further obligation to pursue such offering unless unanimously agreed to by the Stockholders. 
 4.4 Demand Registrations 
 (a) Right
to Request Registration. Any time following the first date on which the Company shall have effected the registration under the Securities Act of any Shares, each of Smithfield and OCM (an “Initiating Holder”) may request
registration under the Securities Act of all or part of their Registrable Shares (“Demand Registration”); provided, that the anticipated offering price of each Demand Registration is at least $10,000,000. Within ten (10) days
after receipt of any such request for Demand Registration, the Company shall give written notice of such request to all other holders of Registrable Shares and shall, subject to the provisions of Section 4.4(d) hereof, include in such
registration all such Registrable Shares with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after the receipt of the Company’s notice. 
 (b) Number of Demand Registrations. Subject to the provisions of Section 4.4(a), each of OCM and Smithfield shall be entitled to request
three (3) Demand Registrations. A registration shall not count as one of the permitted Demand Registrations (i) until it has become effective, (ii) if the Initiating Holders 
  

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 requesting such registration are not able to register and sell at least 50% of the Registrable Shares requested by such
Initiating Holder to be included in such registration or (iii) in the case of a Demand Registration that would be the last permitted Demand Registration requested hereunder, if the Initiating Holder requesting such registration is not able to
register and, in the case of an Underwritten Offering, sell all of the Registrable Shares requested to be included by such Initiating Holder in such registration. 
 (c) Priority on Demand Registrations. Except as provided in Section 4.4(g), the Company shall not include in any Demand Registration any securities which are not Registrable Shares without the written
consent of the holders of a majority of the Registrable Shares to be included in such registration, or, if such Demand Registration is an Underwritten Offering, without the written consent of the managing underwriters. If the managing underwriters
of the requested Demand Registration advise the Company in writing that in their opinion the number of Registrable Shares proposed to be included in any such registration exceeds the number of securities which can be sold in such offering and/or
that the number of Registrable Shares proposed to be included in any such registration would adversely affect the price per share of the Company’s equity securities to be sold in such offering, the Company shall include in such registration
only the number of Registrable Shares which in the opinion of such managing underwriters can be sold. If the number of shares which can be sold is less than the number of Registrable Shares proposed to be registered, the amount of Registrable Shares
to be so sold shall be allocated first, to the Registrable Shares requested to be registered by the Initiating Holders and then pro rata among the other Stockholders desiring to participate in such registration on the basis of the amount of such
Registrable Shares initially proposed to be registered by such other holders. If the number of shares which can be sold exceeds the number of shares of Registrable Shares proposed to be sold, such excess shall be allocated pro rata among the other
holders of securities, if any, desiring to participate in such registration based on the amount of such securities initially requested to be registered by such holders or as such holders may otherwise agree. 
 (d) Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within three (3) months after the
effective date of the IPO, a previous Demand Registration, a previous S-3 Registration or a previous registration under which the Initiating Holders had piggyback rights pursuant to Section 4.5 hereof wherein the Initiating Holders were
permitted to register, and actually sold, at least 50% of the shares of Registrable Shares requested to be included therein. The Company may (i) postpone for up to ninety (90) days the filing or the effectiveness of a Registration
Statement for a Demand Registration if, based on the good faith judgment of the Board of Directors, such postponement or withdrawal is necessary in order to avoid premature disclosure of a matter the Board of Directors has determined would not be in
the best interest of the Company to be disclosed at such time or (ii) postpone the filing of a Demand Registration in the event the Company shall be required to prepare audited financial statements as of a date other than its fiscal year end
(unless the Stockholders requesting such registration agree to pay the expenses of such an audit); provided, however, that in no event shall the Company withdraw a Registration Statement under clause (i) after such Registration Statement has
been declared effective; 
  

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 and provided, further, however, that in any of the events described in clause (i) or (ii) above, the Initiating
Holders requesting such Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted Demand Registrations. The Company shall provide written notice
to the Initiating Holders requesting such Demand Registration of (x) any postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant to this Section 4.4(d), (y) the Company’s decision to
file or seek effectiveness of such Registration Statement following such withdrawal or postponement and (z) the effectiveness of such Registration Statement. The Company may defer the filing of a particular Registration Statement pursuant to
this Section 4.4(d) only once during any twelve-month period. 
 (e) Selection of Underwriters. If any of the Registrable Shares
covered by a Demand Registration or an S-3 Registration pursuant to Section 4.6 hereof is to be sold in an Underwritten Offering, the Initiating Holders shall have the right to select the managing underwriter(s) to administer the
offering subject to the approval of the Company, which will not be unreasonably withheld. 
 (f) Other Registration Rights. The Company
shall not grant to any Person the right, other than as set forth herein and except to employees of the Company with respect to registrations on Form S-8 (or any successor forms thereto), to request the Company to register any securities of the
Company except such rights as are not more favorable than or inconsistent with the rights granted to the Stockholders herein. In the event the Company grants rights which are more favorable, the Company will make such provisions available to the
Stockholders and will enter into any amendments necessary to confer such rights on the Stockholders. 
 (g) Effective Period of Demand
Registrations. After any Demand Registration filed pursuant to this Agreement has become effective, the Company shall use its commercially reasonable efforts to keep such Demand Registration effective for a period equal to 180 days from the date on
which the Commission declares such Demand Registration effective (or if such Demand Registration is not effective during any period within such 180 days, such 180-day period shall be extended by the number of days during such period when such Demand
Registration is not effective), or such shorter period which shall terminate when all of the Registrable Shares covered by such Demand Registration has been sold pursuant to such Demand Registration. If the Company shall withdraw any Demand
Registration pursuant to Section 4.4(d) prior to such Registration Statement becoming effective (a “Withdrawn Demand Registration”), the Initiating Holders of the Registrable Shares remaining unsold and originally
covered by such Withdrawn Demand Registration shall be entitled to a replacement Demand Registration which (subject to the provisions of this Section 4.4) the Company shall use its commercially reasonable efforts to keep effective for a
period commencing on the effective date of such Demand Registration and ending on the earlier to occur of the date (i) which is 180 days from the effective date of such Demand Registration and (ii) on which all of the Registrable Shares
covered by such Demand Registration has been sold. Such additional Demand Registration otherwise shall be subject to all of the provisions of this Agreement. 
  

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 4.5 Piggyback Registrations 
 (a) Right to Piggyback. Any time following the first date on which the Company shall have effected the registration under the Securities Act of any
Shares (but not including any IPO (which shall be governed by Section 4.2)) the Company proposes to register any of its common equity securities under the Securities Act (other than a Registration Statement on Form S-8 or on Form S-4 or
any similar successor forms thereto), whether for its own account or for the account of one or more Stockholders of the Company, and the registration form to be used may be used for any registration of Registrable Shares (a “Piggyback
Registration”), the Company shall give prompt written notice (in any event within ten (10) days after its receipt of notice of any exercise of other demand registration rights) to all holders of its intention to effect such a
registration and, subject to Sections 4.5(b) and 4.5(c), shall include in such registration all Registrable Shares with respect to which the Company has received written requests for inclusion therein within fifteen (15) days
after the receipt of the Company’s notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. 
 (b) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing
underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering and/or that the number of Registrable Shares proposed to be
included in any such registration would adversely affect the price per share of the Company’s equity securities to be sold in such offering, the Company shall include in such registration (i) first, the securities the Company proposes to
sell, (ii) second, the Registrable Shares requested to be included therein by the holders thereof, pro rata among the Stockholders holding such Registrable Shares on the basis of the number of Shares requested to be registered by such
Stockholders, and (iii) third, other securities requested to be included in such registration pro rata among the holders of such securities on the basis of the number of shares requested to be registered by such holders or as such holders may
otherwise agree. 
 (c) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf
of a holder of the Company’s securities other than Registrable Shares, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number
which can be sold in such offering and/or that the number of Registrable Shares proposed to be included in any such registration would adversely affect the price per share of the Company’s equity securities to be sold in such offering, the
Company shall include in such registration (i) first the securities requested to be included therein by the holders requesting such registration and the Registrable Shares requested to be included in such registration, pro rata among the
holders of such securities on the basis of the number of shares requested to be registered by such holders, and (ii) second, other securities requested to be included in such registration pro rata among the holders of such securities on the
basis of the number of shares requested to be registered by such holders or as such holders may otherwise agree. 
  

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 (d) Selection of Underwriters. If any Piggyback Registration is an underwritten primary offering, the
Company shall have the right to select the managing underwriter or underwriters to administer any such offering. 
 (e) Other Registrations.
If the Company has previously filed a Registration Statement with respect to Registrable Shares pursuant to Sections 4.2 or 4.4 hereof or pursuant to this Section 4.5, and if such previous registration has not been
withdrawn or abandoned, the Company shall not be obligated to cause to become effective any other registration of any of its securities under the Securities Act, whether on its own behalf or at the request of any holder or holders of such
securities, until a period of at least three months has elapsed from the effective date of such previous registration. 
  

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 4.6 S-3 Registrations. If at any time that the Company is eligible to use Form S-3 or any
successor thereto, any Stockholder requests that the Company file a Registration Statement on Form S-3 or any successor thereto for a public offering of all or any portion of the Registrable Shares held by such Stockholder, then the Company shall
use its best efforts to register under the Securities Act on Form S-3 or any successor thereto (an “S-3 Registration”), for public sale in accordance with the method of disposition specified in such notice, the number of shares of
Registrable Shares specified in such notice; provided, however, that the Company shall have no obligation to register such shares of Registrable Shares pursuant to this Section 4.6 if (based on the current market prices) the number of
Registrable Shares specified in such notice would not yield gross proceeds to the requesting Stockholders of at least $10,000,000. Whenever the Company is required by this Section 4.6 to use its best efforts to effect the registration of
Registrable Shares, each of the procedures and requirements of Section 4.4 (including but not limited to the requirement that the Company notify all Stockholders from whom notice has not been received and provide them with the
opportunity to participate in the offering) shall apply to such registration. There is no limitation on the number of registrations pursuant to this Section 4.6 that the Company is obligated to effect. 
 4.7 Smithfield Purchase Option. (a) Notwithstanding anything contained herein to the contrary, Smithfield (either directly or through any of its
Affiliates) shall have the right solely in connection with an IPO pursuant to Section 4.1, exercisable for a period of at least twenty (20) days following the determination of the average range of fair market values pursuant to
Section 4.7(b)(ii), but in no event beyond the day that is five (5) days prior to the commencement of any “road show” conducted by the Company for the purpose of marketing the Shares, to purchase all (but not less than
all) of the Shares held by OCM and its Permitted Transferees at a price per Share equal to the Average IPO Price Midpoint (as defined below) as determined by the investment banks engaged by the Stockholders pursuant to Section 4.2(b)
hereof; provided, that the parties shall delay the commencement of any planned “road show” in order to ensure that Smithfield is provided with twenty (20) days to exercise the purchase option described in this
Section 4.7(a). If Smithfield does not exercise the purchase option pursuant to this Section 4.7(a), then the Company and the Stockholders shall proceed with pursuing the IPO. 
 (b) (i) Within thirty (30) days of the request of Smithfield or OCM that the Company commence an IPO, each of Smithfield and OCM shall select
a nationally recognized investment banking firm (which may be the “co-managers” engaged pursuant to Section 4.2(b)), each of which shall establish a range of the pricing of the IPO using valuation methods customary in the
investment banking industry to determine the value of an enterprise in connection with an initial public offering. The investment banking firms shall incorporate into their valuations those assumptions and parameters as are determined by the Board
of Directors of the Company (e.g., size of offering, primary or secondary offering, European or U.S. offering). 
 (ii) Each
Stockholder shall deliver to the Board of Directors the results of the valuation performed by its investment banking firm within a mutually acceptable reasonable time frame. Such results shall include a calculation of the 
  

 14 

 mid-point of the range determined by such investment banking firm (each, a “Midpoint”). Following
delivery of such results to the Board of Directors, the Board of Directors shall determine the average of the Midpoints (such average, the “Average IPO Price Midpoint”). Costs and expenses incurred by Smithfield and OCM in
connection with their selected investment banking firms providing a valuation shall be paid by the Company. 
 4.8 Expenses. The
Company shall pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement in connection with a primary offering. The Stockholders shall pay all Registration Expenses in connection with the
registration of the Registrable Shares pursuant to this Agreement in connection with any secondary offering; provided, that it is understood that such Registration Expenses may be deducted from the proceeds received by such Stockholders in
connection with such offering. Each Stockholder participating in a registration pursuant to this Section 4 shall bear such Stockholder’s proportionate share (based on the total number of Registrable Shares sold in such registration)
of all discounts and commissions payable to underwriters or brokers and all transfer taxes in connection with a registration of Registrable Shares pursuant to this Agreement and any other expense of the Stockholders not allocated to the Company
pursuant to this Agreement relating to the sale or disposition of such Stockholder’s Registrable Shares pursuant to any Registration Statement. 
 4.9 European Exchange IPO. The above provisions set forth in this Section 4 relate to an IPO on the US markets. In the event that the Stockholders unanimously determine that an IPO should take place
on a European market (a “European Exchange IPO”) then the following shall apply: 
 (a) The Company agrees to file with the
relevant listing authority or stock exchange as soon as practicable upon the request of any Stockholder at any time following the fifth anniversary of the closing of the transactions contemplated by the Purchase Agreement and to use its commercially
reasonable efforts to have approved by that authority or stock exchange as promptly as practicable following such filing, a Prospectus (or such equivalent document) providing inter alia for the sale of such part of the Stockholders shareholding as
shall be indicated pursuant to paragraph (b) below. 
 (b) Not less than five days prior to any European Exchange IPO becoming
effective, the Company will notify each Stockholder of the date on which the European Exchange IPO will become effective and give each Stockholder an opportunity to include in the secondary shares to be sold at the time of the IPO all or any part of
its shareholding in the Company. Each Stockholder shall be required to indicate the number of shares that it desires to sell not less than 48 hours after receiving such notification. 
 (c) Each Stockholder that elects to sell shares in the European Exchange IPO shall enter into an appropriate form of underwriting agreement with an
internationally recognized investment bank and the right of the Stockholder to sell shares 
  

 15 

 at the time of the IPO shall be conditional upon it entering into such agreement provided that the terms of such
agreement insofar as they are onerous or restrictive (for example in relation to lock ups) shall apply to selling Stockholders pro rata the number of shares held by them. Further, they shall complete and execute in a form reasonably requested as to
scope and form any questionnaires, powers of attorney, indemnities, securities, escrow arrangements and other documents reasonably required under the terms of such underwriting agreement and furnish to the Company such information as shall be
required for inclusion in the Prospectus (or equivalent document); provided, however, that no Stockholder shall be required to make any representations to or warranties or agreements (including indemnities) with the Company or the underwriters other
than those referred to in Section 4.2(b) above. The provisions of such clause relating to limitation of shares to be included in the offering shall apply mutatis mutandis in the case of a European Exchange IPO. The provisions of this
Section 4 shall also apply mutatis mutandis to a European Exchange IPO to the extent it is lawful to do so. 
 (d) Any requests
for the waiver or release of lock up provisions, whether contained in the underwriting agreement or otherwise, shall only be made by all Stockholders and shares may only be released pro rata the holdings of those Stockholders. 
 5. Rules 144 and 144A Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit
the sale of the Registrable Shares to the public without registration, the Company agrees, so long as it remains subject to the reporting provisions of the Exchange Act, to: 
 (a) timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under
Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144) or, if the Company is not required to file such reports, it will, upon the request of any Stockholder holding Registrable Shares, make publicly available other
information so long as necessary to permit sales by such Stockholder under Rule 144, Rule 144A, or any similar rules or regulations hereafter adopted by the SEC; 
 (b) use its best efforts to timely file with the Commission all reports and other documents required to be filed by the Company under the Securities Act and the Exchange Act (at any time after it has become subject to
such reporting requirements); and 
 (c) furnish to any Stockholder promptly upon request a written statement by the Company as to its
compliance in all material respects with the reporting requirements of Rule 144 and/or Rule 144A, a copy of the most recent annual and quarterly report(s) of the Company, and such other reports, documents or shareholder communications of the
Company, and take such further actions consistent with this Section, as a Stockholder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Stockholder to sell any such Registrable Shares without
registration. 
  

 16 

 Upon the request of any Stockholder holding Registrable Securities, the Company will deliver to such
Stockholder a written statement as to whether it has complied with the requirements of this Section 5. 
 6. Registration
Procedures. 
 6.1 Registration of Shares. In connection with the obligations of the Company with respect to any registration
pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect or cause to be effected as expeditiously as possible, but in any event within sixty (60) days after any request, the registration of the Registrable
Shares under the Securities Act to permit the public resale of such Registrable Shares by the Stockholders in accordance with the Stockholders’ intended method or methods of resale and distribution, and the Company shall, without limitation:

 (a) prepare and file with the Commission, as specified in this Agreement, a Registration Statement, which Registration Statement shall
comply as to form with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith, and use its commercially reasonable efforts to cause such Registration Statement to become
effective as soon as practicable after filing and to remain effective until the earlier of (i) the date on which all such Registrable Shares are sold in accordance with the intended distribution of such Registrable Shares as requested by any
Stockholder or (ii) there are no Registrable Shares; provided, however, that if the Company has an effective Registration Statement and becomes eligible to use a short-form Registration Statement form under the Securities Act, the
Company may, upon thirty (30) Business Days prior notice to all Stockholders of Registrable Shares, register any Registrable Shares registered but not yet distributed under the effective Registration Statement on such a short-form Registration
Statement and, once the short-form Registration Statement is declared effective, de-register such Registrable Shares under the previous Registration Statement or transfer the filing fees from the previous Registration Statement (such transfer
pursuant to Rule 429, if applicable) unless any Stockholder of Registrable Shares registered under the initial Registration Statement notifies the Company within twenty (20) Business Days of receipt of the Company notice that such a
registration under a new Registration Statement and de-registration of the initial Registration Statement would interfere with its distribution of Registrable Shares already in progress; the Company shall furnish at a reasonable time prior to the
filing thereof with the Commission, a copy of any Registration Statement and each amendment or supplement, if any, to the Prospectus included therein (including any documents incorporated by reference therein) and shall use its best efforts to
reflect in each such document, when so filed with the Commission, such comments as the Stockholders may reasonably propose; 
 (b) subject
to Section 6.1(j) hereof, (i) prepare and file with the Commission such amendments and post-effective amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective for the period
described in Section 6.1(a) hereof, (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be 
  

 17 

 filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act, and (iii) comply with
the provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Stockholders
thereof and (iv) provide notice to each Stockholder of the Company’s determination that a post-effective amendment to a Registration Statement would be appropriate; 
 (c) furnish to the Stockholders and each underwriter of Registrable Shares, without charge, as many copies of each Prospectus, including each
preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Stockholder or underwriter of Registrable Shares may reasonably request, in order to facilitate the public sale or other disposition of the Registrable
Shares; the Company consents to the use of such Prospectus, including each preliminary Prospectus, by the Stockholders or underwriter of Registrable Shares in connection with the offering and sale of the Registrable Shares covered by any such
Prospectus; 
 (d) use its commercially reasonable efforts to (i) register or qualify, or obtain exemption from registration or
qualification for, all Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such domestic United States jurisdictions as
any Stockholder covered by a Registration Statement or underwriter of Registrable Shares shall reasonably request in writing, (ii) keep each such registration or qualification or exemption effective during the period such Registration Statement
is required to be kept effective pursuant to Section 6.1(a) and (iii) do any and all other acts and things that may be reasonably necessary or advisable to enable such Stockholder or underwriter of Registrable Shares to consummate
the disposition in each such jurisdiction of such Registrable Shares owned by such Stockholder; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register
as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Section 6.1(d), (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of
process in any such jurisdiction; 
 (e) use its commercially reasonable efforts to cause all Registrable Shares covered by such
Registration Statement to be registered and approved by such other domestic state or local governmental agencies or authorities in the United States, if any, as may be necessary to enable the Stockholders or underwriter of Registrable Shares thereof
to consummate the disposition of such Registrable Shares; 
 (f) notify each Stockholder with Registrable Shares covered by a Registration
Statement and each managing underwriter promptly and, promptly confirm such advice in writing at the address determined in accordance with Section 15, (i) when such Registration Statement has become effective and when any
post-effective amendments become effective or upon the filing of a supplement to any Prospectus, (ii) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of such Registration
Statement or the initiation of any 
  

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 proceedings for that purpose, (iii) of any request by the Commission or any other federal or state governmental
authority for amendments or supplements to such Registration Statement or related Prospectus or for additional information (such notice to be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been
made), (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state “blue sky” laws of any jurisdiction or the
initiation of any proceeding for such purpose; and (v) of any reason, including, but not limited to, the happening of any event during the period such Registration Statement is effective as a result of which such Registration Statement or the
related Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (which
information shall be accompanied by an instruction to suspend the use of the Registration Statement and the Prospectus until the requisite changes have been made); 
 (g) during the period of time referred to in Section 6.1(a) above, use its commercially reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or
suspending the use or effectiveness of a Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 
 (h) comply (and continue to comply) with all applicable rules and regulations of the Commission (including, without limitation, maintaining disclosure
controls and procedures (as defined in Exchange Act Rule 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) in accordance with the Exchange Act), and make generally available to its security holders,
as soon as reasonably practicable after the effective date of the Registration Statement (and in any event within ninety (90) days after the end of such twelve month period described hereafter), an earning statement (which need not be audited)
covering the period of at least twelve (12) consecutive months beginning with the first day of the Company’s first calendar quarter after the effective date of the Registration Statement, which earning statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (i) provide to the Stockholders and their counsel within
three (3) Business Days of receipt by the Company, its counsel or auditors, copies of all material correspondence with or from the Commission or its staff with respect to a Registration Statement and all memoranda relating to material
discussions with the Commission or its staff with respect to the Registration Statement; and upon request, furnish to each requesting Stockholder with Registrable Shares covered by a Registration Statement, without charge, at least one
(1) conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 
 (j) upon the occurrence of any event contemplated by Section 6.1(f)(v) hereof, promptly prepare a supplement or post-effective amendment to
a 
  

 19 

 Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, and, upon request and without charge, promptly furnish to each requesting Stockholder and each underwriter of Registrable Securities a
reasonable number of copies of each such supplement or post-effective amendment; 
 (k) if reasonably requested by the co-managers or any
Stockholders of Registrable Shares being sold in connection with an Underwritten Offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such material information as the co-managers or such Stockholders
indicate in writing relates to them or otherwise reasonably request in writing be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company has
received written notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 
 (l) in the
case of an Underwritten Offering, use its commercially reasonable efforts to furnish or cause to be furnished to each Stockholder of Registrable Shares covered by such Registration Statement and the underwriters a signed counterpart, addressed to
each of the underwriters and the Stockholders, of: (i) an opinion of counsel for the Company, dated the date of each closing under the underwriting agreement (or as otherwise customarily dated), reasonably satisfactory to such Stockholder; and
(ii) a “comfort” letter and updates thereof, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement (or as otherwise customarily dated), signed by the independent public
accountants who have certified the Company’s financial statements included or incorporated by reference in such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus
included therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other
financial matters as such Stockholder and the underwriters may reasonably request and customarily obtained by underwriters in underwritten offerings; 
 (m) enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form) and take all other action in connection therewith in order to expedite or facilitate
the distribution of the Registrable Shares included in such Registration Statement and, in the case of an Underwritten Offering, make representations, warranties and agreements (including indemnities) to the Stockholders of Registrable Shares
covered by such Registration Statement and to the underwriters in such form and scope as are customarily made by issuers to underwriters and Stockholders in underwritten offerings and confirm the same in writing to the extent customary if and when
requested; 
  

 20 

 (n) in connection with an Underwritten Offering, make available for inspection by the Stockholders of
Registrable Shares and the underwriters participating in any disposition pursuant to a Registration Statement and one law firm and one accounting firm retained by the Stockholder(s) (each as selected by the unanimous consent of the Stockholders) and
underwriters, respectively, all financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors, employees and agents of the Company to supply all information reasonably requested
by any such representatives, the representative of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that such records, documents or information that the Company
determines, in good faith, to be confidential and notifies the Stockholders, underwriters, counsel thereto or accountants thereto are confidential shall not be disclosed by the Stockholders, underwriters, counsel thereto or accountants unless
(i) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or information have been generally made available to the public; 
 (o) cause all such Registrable Shares covered by a Registration Statement to be listed on the New York Stock Exchange, the Nasdaq National Market or
equivalent European exchange as soon as practicable if the Company meets the criteria for listing on such exchange or market (including, without limitation, seeking to cure in the Company’s listing or inclusion application any deficiencies
cited by the exchange or market) and thereafter use commercially reasonable efforts to maintain such listing; 
 (p) prepare and timely file
all documents, reports and certifications required by the Securities Act and the Exchange Act at all times beginning from the date the Company is first subject to such filing, reporting or certification requirements through the date no Stockholders
hold Registrable Shares; 
 (q) provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration
Statement; 
 (r) use its commercially reasonable efforts to make available its employees and personnel for participation in “road
shows” and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and the requirements of the marketing process) in the marketing of Registrable
Securities in any underwritten offering; 
 (s) promptly prior to the filing of any document which is to be incorporated by reference into
the Registration Statement or the Prospectus (after the initial filing of such Registration Statement) provide copies of such document to counsel for the selling Stockholders of Registrable Shares and to each managing underwriter, if any, and make
the Company’s representatives reasonably available for discussion of such document and make such changes in such document concerning the selling Stockholders prior to the filing thereof as counsel for such selling Stockholders of Registrable
Shares or underwriters may reasonably request; 
  

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 (t) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission and, as applicable, the New York Stock Exchange, Nasdaq National Market or other listing standard, (ii) make generally available to its stockholders, as soon as reasonably practicable, earning statements covering
at least twelve (12) months that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 (or any similar rule promulgated under the Securities Act ) thereunder, no later than forty-five (45) days after the end of
each fiscal year of the Company and (iii) delay filing any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which the Stockholders of at least 51% of Registrable Shares covered by
any Registration Statement shall have reasonably objected on the grounds that such Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, such
Stockholders having been furnished with a copy thereof at least two (2) Business Days prior to the filing thereof, provided that the Company may file such Registration Statement or Prospectus or amendment or supplement following such time as
the Company shall have made a good faith effort to resolve any such issue with the objecting Stockholders and shall have advised the Stockholders in writing of its reasonable belief that such filing complies with the requirements of the Securities
Act; 
 (u) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration
Statement from and after a date not later than the effective date of such Registration Statement; 
 (v) in connection with any sale or
transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the security being delivered no longer being Registrable Shares, cooperate with the Stockholders and the underwriters to facilitate the
timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any transfer restrictive legends (other than as required by the Charter Documents) and to enable such Registrable
Shares to be in such denominations and registered in such names as the underwriters or the Stockholders may request at least two (2) Business Days prior to any sale of the Registrable Shares; 
 (w) take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, however, that to the extent that any prohibition is
applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable; 
 (x) furnish to
each Stockholder participating in the offering and the managing underwriter, without charge, at least one signed copy of the Registration Statement and any post-effective amendments or supplements thereto, including financial statements and
schedules, all documents incorporated therein by reference, the Prospectus contained in such Registration Statement (including each preliminary Prospectus and any summary Prospectus), any other Prospectus filed under Rule 424 under the Securities
Act and all exhibits (including those incorporated by reference); and 
  

 22 

 (y) upon effectiveness of the first Registration Statement filed by the Company, the Company will take
such actions and make such filings as are necessary to effect the registration of the Shares under the Exchange Act simultaneously with or as soon as practicable following the effectiveness of the Registration Statement. 
 6.2 Stockholder Information. The Company may require each Stockholder to furnish to the Company such information regarding the proposed
distribution by such Stockholder as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares, and no Stockholder shall be entitled to be named as a selling
stockholder in any Registration Statement and no Stockholder shall be entitled to use the Prospectus forming a part thereof if such Stockholder does not provide such reasonable information to the Company. Any Stockholder that sells Registrable
Shares pursuant to a Registration Statement or as a selling stockholder pursuant to an Underwritten Offering shall be required to be named as a selling Stockholder in the related Prospectus and to deliver a Prospectus to purchasers. Each Stockholder
further agrees to furnish promptly to the Company in writing all information required from time to time to make the information previously furnished by such Stockholder not misleading and each Stockholder shall have a reasonable opportunity to
review and comment upon the Registration Statement with respect to the accuracy of the information provided by such Stockholder, which shall include at least five (5) Business Days after receipt of any Registration Statement to provide comments
thereon to the Company or its counsel. The designated counsel, if any, for each Stockholder shall, on behalf of such Stockholder, have the right to review and comment upon the Registration Statement prior to the time it is filed with the Commission,
which shall include at least ten (10) Business Days after receipt of any Registration Statement to provide comments thereon to the Company or its counsel. 
 6.3 Restriction on Disposition. Each Stockholder selling Registrable Shares agrees that, upon notice of the happening of any event as a result of which the Prospectus included in such Registration Statement
contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein not misleading (a “Suspension Notice”), such Stockholder will forthwith discontinue disposition of Registrable
Shares for a reasonable length of time (not to exceed 60 days) until such Stockholder is advised in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus as contemplated by
Section 6.1(j) hereof, and, if so directed by the Company, such Stockholder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Stockholder’s possession, of the
Prospectus covering such Registrable Shares current at the time of receipt of such notice; provided, however, that such postponement of sales of Registrable Shares by the Stockholders shall not exceed ninety (90) days in the aggregate in any
one year. If the Company shall give any notice to suspend the disposition of Registrable Shares pursuant to a Prospectus, the Company shall extend the period of time during which the Company is required to maintain the Registration Statement
effective pursuant to this Agreement by the number 
  

 23 

 of days during the period from and including the date of the giving of such notice to and including the date such
Stockholder either is advised by the Company that the use of the Prospectus may be resumed or receives the copies of the supplemented or amended Prospectus contemplated by Section 6.1(j). In any event, the Company shall not be entitled
to deliver more than three (3) Suspension Notices in any one year. 
 7. Indemnification and Contribution. 
 7.1 Stockholder Indemnification. The Company agrees to indemnify and hold harmless (i) each Stockholder, (ii) each Person, if any, who
controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act), each Stockholder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling
Person”) and (iii) the respective officers, directors, fiduciaries, general and limited partners, stockholders, members, managers, employees, representatives and agents (and the directors, fiduciaries, general and limited partners,
stockholders, members, managers, employees, representatives and agents thereof) of each Stockholder or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as a “Stockholder
Indemnitee”) from and against any and all losses, damages, judgments, proceedings, reasonable out-of-pocket expenses, and other liabilities (collectively, the “Liabilities”), including, without limitation and as incurred,
reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any proceeding by any Governmental Agency, commenced or threatened, including to the extent hereinafter provided, the reasonable fees and expenses of outside
counsel to any Stockholder Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in connection with (x) any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement or Prospectus (as amended or supplemented if the Company shall have furnished to such Stockholder Indemnitee any amendments or supplements thereto), or any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading or (y) any violation by the Company of any federal, state or common law rule or regulation applicable to the
Company and relating to action required of or inaction by the Company in connection with any such registration, and the Company will reimburse any such Stockholder Indemnitee for any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such Claim as such expenses are incurred, except to the extent such Liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with information relating to any Stockholder Indemnitee furnished to the Company or any underwriter in writing by such Stockholder Indemnitee expressly for use therein, (ii) any untrue statement contained
in or omission from a Prospectus (as then amended or supplemented, if the Company shall have furnished to or on behalf of the Stockholder participating in the distribution relating to the relevant Registration Statement any amendments or supplements
thereto) if, upon receipt of any notice from the Company of the happening of any event of the kind described in clause (v) of Section 6.1(f), (1) such Stockholder Indemnitee fails to discontinue its disposition of Registrable
Shares pursuant to the Registration Statement covering such Registrable Shares until its receipt of the copies of the supplemented or amended Prospectus 
  

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 contemplated by Section 6.1(g) or (2) such Stockholder Indemnitee fails to deliver to the purchasers of
such Registrable Shares such supplemented or amended Prospectus (or final Prospectus) if provided by the Company to such Stockholder Indemnitee in accordance with this Agreement. The indemnity provided for herein shall remain in full force and
effect regardless of any investigation made by or on behalf of any Stockholder Indemnitee. 
 7.2 Company Indemnification. In
connection with any Registration Statement in which a Stockholder is participating and as a condition to such participation, such Stockholder agrees, severally and not jointly, to indemnify and hold harmless the Company, each Person who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and the respective partners, directors, officers, members, representatives, employees and agents of the Company and each such Person to the
same extent as the foregoing indemnity from the Company to each Stockholder Indemnitee, but only with reference to untrue statements or omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with
information relating to such Stockholder Indemnitee furnished to the Company in writing by such Stockholder Indemnitee expressly for use in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary Prospectus.
The liability of any Stockholder Indemnitee pursuant to this paragraph shall in no event exceed the net proceeds received by such Stockholder Indemnitee from sales of Registrable Shares giving rise to such obligations. The Company and each
Stockholder holding Registrable Securities hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by such Stockholders to the contrary, for all purposes of this Agreement, the only information furnished or to be furnished
to the Company for use in any such Registration Statement or Prospectus are statements specifically relating to (a) transactions between such Stockholder and its Affiliates, on the one hand, and the Company, on the other hand, (b) the
beneficial ownership of Shares by such Stockholder and its Affiliates and (c) the name and address of such Stockholder. If any additional information about such Stockholder or the plan of distribution (other than for an underwritten offering)
is required by law to be disclosed in any such document, then such Stockholder shall not unreasonably withhold its agreement referred to in the immediately preceding sentence. Such indemnity and reimbursement of expenses shall remain in full force
and effect regardless of any investigation made by or on behalf of such Stockholder Indemnitee and shall survive the transfer of such securities by such Stockholder. 
 7.3 Indemnification Procedures. If any proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be
sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party,” or if more than one Indemnified Party, the “Indemnified Parties”), shall promptly notify the Person against whom such
indemnity may be sought (the “Indemnifying Party”), in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which it may have under this
Section 7, except to the extent the Indemnifying Party is actually and materially prejudiced by the failure to give notice), and the Indemnifying Party, shall assume the defense of such Proceeding and retain counsel chosen by the
Indemnifying Party and approved by the Indemnified Party, which 
  

 25 

 approval shall not be unreasonably withheld, to represent the Indemnified Party and any others the Indemnifying Party may
reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such proceeding. Notwithstanding the foregoing, in any such proceeding, any Indemnified Party shall have the right to
retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary,
(ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the proceeding to assume the defense and engage counsel approved by the Indemnified Party as hereinabove provided, (iii) the Indemnifying Party and
its counsel do not pursue in a reasonable manner the defense of such proceeding, (iv) such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses available to it which are
different from or additional to those available to the Indemnifying Party or such affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such affiliate of the Indemnifying
Party, then the Indemnifying Party shall not have the right to assume nor direct the defense of such Proceeding on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party shall not, in connection with any one such
Proceeding or separate but substantially similar or related Proceedings arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one (1) separate firm of attorneys (in addition to any local
counsel), for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of Registrable Shares sold by all such Indemnified Parties (excluding Registrable Shares sold by the Company at
its Affiliates) and any such separate firm for the Company, the directors, the officers and such control Persons of the Company as shall be designated in writing by the Company. The Indemnifying Party shall not be liable for any settlement of any
proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any
Indemnified Party from and against any loss or liability resulting from such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Party is a party or the subject thereof and indemnity could have been sought hereunder by such Indemnified Party, unless (i) such settlement includes an unconditional release of such Indemnified
Party from all liability on claims that are the subject matter of such proceeding in a form satisfactory to the Indemnified Party and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on
behalf of the Indemnified Party. 
 7.4 Insufficiency of Indemnification. If the indemnification provided for in Sections 7.1
and 7.2 hereof is for any reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party
indemnified thereunder, then each applicable Indemnifying Party under such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Parties and the Indemnified 
  

 26 

 Party, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and
any Stockholder Indemnitees, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company or by such Stockholder Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 7.5 Contribution. The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined
by pro rata allocation (based upon the relative shareholdings in the Company of such Stockholders or the number of Registrable Shares being sold by such Stockholder) (even if such Indemnified Parties were treated as one entity for such purpose), or
by any other method of allocation that does not take account of the equitable considerations referred to in Section 7.4 above. The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to
Section 7.4 shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating or defending any such proceeding.
Notwithstanding the provisions of this Section 7, in no event shall a Stockholder Indemnitee be required to contribute any amount in excess of the amount by which proceeds (net of any discounts or commissions) received by such
Stockholder Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Stockholder Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For
purposes of this Section 7, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) a Stockholder shall have the same rights to contribution as such
Stockholder and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Company, and each officer, director, partner, employee, representative, agent or manager of
the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any proceeding against such party in respect of which a claim for contribution may be
made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any
obligation it or they may have under this Section 7 or otherwise, except to the extent that any party is actually and materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act), shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 7.6 Similar Indemnification. Indemnification similar to that specified in Section 7.1 and Section 7.2 (with appropriate modifications) shall be given by the Company and any Stockholder
selling Registrable Securities with respect to any required registration or other qualification of securities under any applicable securities and state “blue sky” laws. 
  

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 7.7 Liabilities Cumulative. The indemnity and contribution agreements contained in this
Section 7 will be in addition to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Stockholder Indemnitee’s obligations to contribute pursuant to this
Section 7 are several in proportion to the respective number of Registrable Shares sold by each of the Stockholder Indemnitees hereunder and not joint. 
 7.8 Periodic Reimbursement. The indemnification and contribution required by this Section 7 shall be made by periodic payments of the amount thereof during the course of the investigation or
defense, as and when bills are received or expense, loss, damage or liability is incurred; provided, however, that the recipient thereof hereby undertakes to repay such payments if and to the extent it shall be determined by a court of competent
jurisdiction that such recipient is not entitled to such payment hereunder. 
 8. Market Stand-off Agreement. Each Stockholder hereby
agrees that it shall not, to the extent requested in writing by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise
transfer or dispose of any Registrable Shares or other Shares of the Company or any securities convertible into or exchangeable or exercisable for Shares of the Company then owned by such Stockholder (other than to Permitted Transferees who agree to
be similarly bound) within thirty (30) days prior to and one hundred eighty (180) days following either (x) the effective date of the IPO Registration Statement of the Company filed under the Securities Act or (y) the date of an
underwritten offering by the Company; provided, however, that: 
 (a) with respect to the up to the 180-day restriction that follows the
effective date of the IPO Registration Statement, such agreement shall not be applicable to Registrable Shares sold pursuant to such IPO Registration Statement; 
 (b) all executive officers and directors of the Company then holding Shares or securities convertible into or exchangeable or exercisable for Shares of the Company shall enter into similar agreements for not less than
the entire time period required of the Stockholders hereunder; and 
 (c) the Stockholders shall be allowed any concession or proportionate
release allowed to any executive officer or director that entered into similar agreements. 
 In order to enforce the foregoing covenant, the
Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities
of each Stockholder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 
  

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 9. Tax Matters. 
 9.1 Company Tax Returns. The Company shall cause to be prepared and timely filed all tax returns required to be filed for the Company in the jurisdictions in which the Company conducts business or derives
income for all applicable tax years, and shall furnish within 30 days after the filing date of the Company’s federal income tax return (IRS Form 1065 or any successor form thereto), a statement of each Stockholder’s distributive share of
income, gains, losses, deductions and credits for such tax year prepared by the Company’s independent public accountants (including IRS Form 1065 and Schedule K-1 and similar or successor forms and schedules thereto) and a copy of the
Company’s federal tax return required to be filed by the Company for such fiscal year. The Tax Matters Partner may make, subject to approval of the Board of Directors, any income or other tax elections for the Company; provided, however, upon
the transfer of Shares in the Company, the Tax Matters Partner shall, at the request of any Stockholder, cause the Company to file an election under Section 754 of the Code and the Treasury Regulations thereunder and a corresponding election
under the applicable section of state or local law. Any filing by the Company of any federal, state or local income tax returns of the Company, including IRS Form 1065 and Schedule K-1 and similar or successor forms and schedules shall be approved
by the Board of Directors. 
 9.2 Designation of Tax Matters Partner. Smithfield is hereby designated as the “Tax Matters
Partner” under Section 6231(a)(7) of the Code, with respect to the Company. The Tax Matters Partner is specifically directed and authorized to take whatever steps the Tax Matters Partner, in its sole discretion, deems necessary or
desirable to perfect such designation, including filing any forms or documents with the Internal Revenue Service and taking such other action as may from time to time be required under regulations of the United States Department of the Treasury. The
Tax Matters Partner shall at all times assure that each Stockholder is a “notice partner” as defined in Section 6231(a)(8) of the Code with respect to the Company. The Tax Matters Partner shall promptly deliver to each of the other
Stockholders a copy of all notices, communications, reports and writings received from the Internal Revenue Service or other tax authority relating to or potentially resulting in an adjustment of Company items and keep each of the Stockholders
advised of all material developments with respect to any proposed adjustments which come to its attention. Any Stockholder has the right to participate in administrative or judicial proceedings relating to the determination of Company items at the
Company level. Expenses of such administrative or judicial proceedings undertaken by the Tax Matters Partner shall be deemed expenses of the Company. Each Stockholder, other than the Tax Matters Partner, who elects to participate in such proceedings
shall be responsible for any expenses incurred by such Stockholder in connection with such participation. Further, the cost of any adjustments to a Stockholder and the cost of any resulting audits or adjustments of such Stockholder’s tax
return, shall be borne solely by the affected Stockholder. Notwithstanding the foregoing, the Tax Matters Partner may not settle any administrative or judicial proceeding or enter into any agreement (including extending the period of limitations)
with the Internal Revenue Service or other tax authority, in each case, without the approval of the Board of Directors. This Section 9.2 is not intended to authorize the Tax Matters Partner to exercise or limit any right that is
exercisable by any other Stockholder 
  

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 under Sections 6222 through 6232 of the Code. The Company will timely elect to be classified as a partnership for United
States federal income tax purposes effective on the Closing Date. 
 10. Termination of the Company’s Obligations. The Company
shall have no further obligations pursuant to Sections 4, 5 and 6 of this Agreement upon the earlier to occur of (a) the IPO Deadline, in the event that a public offering of Registrable Shares has not been consummated as of
such date, and (b) such time as no Registrable Shares are outstanding. 
 11. Buy/Sell Agreement 
 11.1 Offer. A Stockholder (the “Offering Stockholder”) shall have the right, at any time following the IPO Deadline in the event
that a public offering of Registrable Shares has not been consummated as of such date, to make an offer (the “Offer”) to purchase all (but not less than all) of the Shares held by the other Stockholder (the “Offeree
Stockholder”). The Offer shall be in writing and contain a value per Share (the “Value”) to be paid in cash as specified by the Offering Stockholder for such Shares (as determined on a fully-diluted basis including all
Share Equivalents (if any)) and established by the Offering Stockholder in its sole discretion. For the avoidance of doubt, the terms “Offering Stockholder” and “Offeree Stockholder” include all Permitted Transferees of the
respective Stockholders. 
 11.2 Alternative Purchase or Sale. Upon the receipt of an Offer as set forth in Section 11.1,
the Offeree Stockholder shall have the alternative either (i) to sell all (but not less than all) of its Shares to the Offering Stockholder for cash at a price equal to the product of (A) the number of Shares (as determined on a
fully-diluted basis including all Share Equivalents (if any)) held by the Offeree Stockholder times (B) the Value, or (ii) to purchase all (but not less than all) of the Shares (as determined on a fully-diluted basis including all Share
Equivalents (if any)) held by the Offering Stockholder for cash at a price equal to the product of (A) 0.9 times (B) the number of Shares (as determined on a fully-diluted basis including all Share Equivalents (if any)) held by the
Offering Shareholder times (C) the Value. The closing of the purchase pursuant to this Section 11.2 shall be held at the time and in the manner provided in Section 11.4 hereof. 
 11.3 Election of Alternative. The Offeree Stockholder shall give written notice (the “Response Notice”) to the Offering
Stockholder within forty-five (45) days from the date of receipt of the Offer, indicating whether the Offeree Stockholder elects to sell its Shares to the Offering Stockholder or to purchase the Offering Stockholder’s Shares. Failure to
provide the Offering Stockholder with written notice of the Offeree Stockholder’s election within such forty-five (45) day period shall be conclusively deemed to be an election by the Offeree Stockholder to sell its Shares to the Offering
Stockholder in accordance herewith. 
 11.4 Closing. Not later than ninety (90) days after receipt by the Offering Stockholder of
the Response Notice, the purchase or sale, as applicable, of the 
  

 30 

 Shares by the Offering Shareholder pursuant to the terms of this Section 11 shall be closed in the
Company’s principal business office and all appropriate documents will be executed and delivered to effect the purchase and sale of the Shares, free and clear of all encumbrances. The consideration therefor shall be paid by the purchaser to the
seller in immediately available funds by wire transfer to an account or accounts at such bank or banks specified by the seller at least five (5) Business Days prior to the closing date. 
 12. Corporate Governance. 
 12.1
General. 
 (a) From and after the execution of this Agreement, at any regular or special meeting of stockholders of the Company (a
“Stockholders Meeting”) or in any written consent executed in lieu of such a meeting of stockholders (a “Written Consent”), (i) each Stockholder shall vote its Shares or execute a Written Consent, as
applicable, and each Stockholder and the Company shall take all other necessary or desirable actions, to give effect to the provisions of this Agreement (including, without limitation, Section 12.3 and Section 12.4 hereof)
and to ensure that the Charter Documents reflect (to the extent possible under applicable law) the provisions of this Agreement (as such may be amended from time to time) and (ii) each Stockholder shall vote its Shares or execute a Written
Consent, as applicable, in conformity with the specific terms and provisions of this Agreement. 
 (b) The Stockholders undertake to
expressly inform the directors appointed by them of the contents of this Agreement and will request and instruct the corresponding directors to vote in accordance with this Agreement. Each Stockholder will ensure that the directors appointed by such
Stockholder undertake to fulfill this obligation. In the event that a director should declare an intention not to vote in accordance with the provisions of this Agreement, the Stockholder who appointed such director shall request the immediate
resignation of such director and will immediately inform the remaining Stockholders, who will cooperate for the immediate replacement of such director. 
 (c) Should any director fail to vote in a manner consistent with the provisions of this Agreement (and such vote is not amended within the following fourteen (14) days in such a way as to cure all effects derived
from such director’s vote) or fail to present his/her resignation in accordance with the previous paragraph, the Stockholders shall remove and replace such director as soon as possible and, in any event, no later than the next General
Shareholders’ Meeting, which the Stockholders call as promptly as practicable for purposes of removing such director. 
 12.2
Stockholder and Company Actions. In order to effectuate the provisions of this Agreement, (a) each Stockholder hereby agrees that when any action or vote is required to be taken by such Stockholder pursuant to this Agreement, such
Stockholder shall use its commercially reasonable efforts to call, or cause the appropriate officers and directors of the Company to call, a Stockholders Meeting, or to execute or cause to be executed a Written Consent to effectuate such stockholder
action and (b) the 
  

 31 

 Company shall use its commercially reasonable efforts to cause the Board of Directors to adopt, either at a meeting of
the Board of Directors or by unanimous written consent of the Board of Directors, all the resolutions necessary to effectuate the provisions of this Agreement. 
 12.3 Appointment and Election of Directors. 
 (a) The Board of Directors shall be comprised of six
(6) directors, none of whom may be employees of the Company. 
 (b) Smithfield shall be entitled to designate three
(3) individuals, in its sole discretion, for nomination as directors to the Board of Directors (the “Smithfield Directors”). Each Stockholder agrees to take all necessary or desirable action in order to cause the appointment of
the Smithfield Directors to the Board of Directors at the next Stockholders Meeting. 
 (c) OCM shall be entitled to designate three
(3) individuals, in its sole discretion, for nomination as directors to the Board of Directors (the “OCM Directors”). Each Stockholder agrees to take all necessary or desirable action in order to cause the appointment of the
OCM Directors to the Board of Directors at the next Stockholders Meeting. 
 (d) Each Stockholder shall vote its Shares at any Stockholders
Meeting called for the purpose of filling positions on the Board of Directors, or in any Written Consent executed for such purpose, and take all other necessary or desirable actions to cause the election to the Board of Directors of the Smithfield
Directors and the OCM Directors. 
 (e) The Stockholders agree that the Chairman and Vice-Chairman of the Board of Directors will be
appointed on a rotational basis for subsequent periods of two years. For the initial two years the Chairman will be appointed among the Smithfield Directors and the Vice-Chairman among the OCM Directors, and conversely after two years. The
Stockholders agree on a full equivalence of the faculties of the Chairman and of the Vice-Chairman. 
 (f) The Stockholders agree that the
Secretary and the Vice-Secretary of the Board of Directors will be appointed on a rotational basis for subsequent periods of two years. For the initial two years the Secretary will be appointed at the proposal of the OCM Directors and the
Vice-Secretary at the proposal of the Smithfield Directors, and conversely after two years. The Secretary and the Vice-Secretary shall not be required to be members of the Board of Directors. 
 12.4 Removal and Replacement of Directors. 
 (a) Removal of the Smithfield Directors. If, at any time, Smithfield notifies the Company and the other Stockholder of its desire to remove at any 
  

 32 

 time and for any reason (or no reason) one or more Smithfield Directors, each Stockholder shall vote all of its Shares,
and the Company and each Stockholder shall take all necessary or desirable action, so as to remove such Smithfield Directors. 
 (b)
Replacement of Smithfield Directors. 
 (i) If, at any time, a vacancy is created on the Board of Directors by reason of the
incapacity, death, removal or resignation of any Smithfield Director, Smithfield shall have the sole right to designate a replacement Smithfield Director to fill each such vacancy. 
 (ii) Upon receipt of notice of the designation of a replacement Smithfield Director, the Company and each Stockholder shall, as soon as practicable
after the date of such notice, take all necessary or desirable actions, including the voting by each Stockholder of its Shares, to elect the director so designated by Smithfield to fill the vacancy. 
 (c) Removal of OCM Directors. If, at any time, OCM notifies the Company and the other Stockholder of its desire to remove at any time and for any
reason (or no reason) one or more OCM Directors, each Stockholder shall vote all of its Shares, and the Company and each Stockholder shall take all necessary or desirable action, so as to remove such OCM Directors. 
 (d) Replacement of OCM Directors. 
 (i) If, at any time, a vacancy is created on the Board of Directors by reason of the incapacity, death, removal or resignation of any OCM Directors, OCM shall have the sole right to designate a replacement OCM Director to fill each such
vacancy. 
 (ii) Upon receipt of notice of the designation of a replacement OCM Director, the Company and each Stockholder shall, as soon as
practicable after the date of such notice, take all necessary or desirable actions, including the voting by each Stockholder of its Shares, to elect the director so designated by OCM to fill the vacancy. 
 (e) Vacancies. The Stockholders agree that, in the event of a vacancy in the Board of Directors, no decision shall be taken by the Board of
Directors pursuant to Section 12.6(b) or Section 12.11(b) unless taken unanimously; provided, that the Stockholder responsible for filling such vacancy is acting in good faith to fill such vacancy as promptly as
practicable. 
 12.5 Meetings; Quorum; Representatives. 
 (a) The Board of Directors shall hold regularly scheduled meetings at least once during each fiscal quarter. Special meetings of the Board of Directors may be called by the Chairman or Vice-Chairman upon reasonable
notice (which shall, in any event, be at least five (5) days) by the Company to the other directors. A quorum of the Board of Directors shall consist of a majority of the entire Board of Directors present in person or by proxy. 
  

 33 

 (b) Each Stockholder may request that one or more of its representatives be permitted to attend any
meeting of the Board of Directors as such Stockholder deems reasonable under the circumstances. In connection with the foregoing, each of Smithfield and OCM commit to cause any director appointed by them to accept the presence of those
representatives in the meeting, and both Stockholders agree that the Chairman of the meeting shall be obligated to accept the presence of such representatives; provided that such representatives shall attend such meetings only in an observer
capacity. 
 (c) Each Stockholder may invite one or more observers to attend any Stockholders Meeting as such Stockholder deems reasonable
under the circumstances; provided that such observers shall attend such meetings only in an observer capacity. 
 (d) The Stockholders shall
instruct the Chairman and the Vice-Chairman of the Board of Directors to: 
 (i) call a special meeting of the Board of Directors within five
(5) days following a request by any of the directors or by any of the Stockholders; 
 (ii) call a Stockholders Meeting within a term
of thirty (30) days following a request by any of the Stockholders; and 
 (iii) send to each Stockholder a copy of any notice
regarding any Stockholders Meeting or meeting of the Board of Directors of the Company along with an agenda of issues to be discussed at such Stockholders Meeting or meeting of the Board of Directors and a copy of the minutes of any such
Stockholders Meeting or meeting of the Board of Directors. 
 (e) The Stockholders agree that any minutes and certificates of the minutes of
the Board of Directors and of the Stockholders Meeting shall always be signed by the Chairman and by the Secretary of the Board; provided that all minutes and certificates shall require the signature of at least one Smithfield Director and one OCM
Director. 
 12.6 Actions of the Company; Extraordinary Actions. 
 (a) Except as otherwise provided herein, all actions of the Board of Directors shall require the affirmative vote of at least a majority of directors
present at a duly convened meeting of the Board of Directors at which a quorum is present (in person or telephonically). In the case of any tie vote of the Board of Directors, neither the Chairman’s, Vice-Chairman’s nor any other
Person’s vote shall be deemed a deciding vote. 
  

 34 

 (b) Notwithstanding anything to the contrary contained in this Agreement, the Company shall not take,
approve or otherwise ratify any of the following actions without the consent of at least two Smithfield Directors and two OCM Directors, or of each of Smithfield and OCM in their capacity as Stockholders: 
 (i) (A) any creation of a class or series of, or any issuance of or agreement to issue any equity securities of the Company or securities or other
rights of any kind convertible into or exchangeable for, any equity securities of the Company, or any option, warrant or other subscription or purchase right with respect to such equity securities of the Company (including the adoption or material
alteration of any employee stock option plan, stock incentive plan or equity incentive plan) or (B) the redemption, repurchase or other acquisition of any Shares or Share Equivalents of the Company, other than as expressly contemplated in the
Contribution Agreement or the Earn-Out Agreement; 
 (ii) any amendment, modification or restatement of the Charter Documents (or similar
governing documents of the Company or any of its subsidiaries), any modification of the number of directors constituting the entire Board of Directors and any amendment or modification of this Section 12.6; 
 (iii) the entry into any joint venture, partnership or similar relationship with any other Person, in each case with a total transaction value in excess
of €1,000,000 or €2,000,000 in the aggregate; 
 (iv) (A) any transaction involving the merger or consolidation of the
Company into or with one or more Persons or (B) any transaction involving the merger or consolidation of one or more Persons into or with the Company; 
 (v) effecting, approving or authorizing any liquidation of the Company or any recapitalization or reorganization of the Company; 
 (vi) (A) any sale, conveyance, exchange or transfer, not otherwise permitted by the terms hereof, to another Person of all or substantially all of the assets of the Company or (B) the sale, lease, exchange,
transfer or other disposition of a significant portion of assets of the Company (including the capital stock of any subsidiary of the Company); 
 (vii) any direct or indirect declaration, distribution or direct or indirect payment of any dividend or other distribution on any Shares or Share Equivalents of the Company; 
 (viii) the commencement, termination or change (in any material respect) of any line of business or the material change of any fundamental business
practice of the Company or subsidiary of the Company; 
 (ix) the commencement of any voluntary or involuntary proceeding or filing of any
petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or insolvency proceedings (“insolvencia 
  

 35 

 imminente”) under the Spanish Bankruptcy Act (Ley 22/2003, de 9 de julio), as amended, or the commencement of
any voluntary or involuntary proceedings under any other foreign bankruptcy, insolvency or receivership or similar law or composition of creditors; consenting to the institution of or failing to contest in a timely and appropriate manner any such
proceeding or filing; applying for or consenting to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Subsidiary of the Company; filing an answer admitting the material
allegations of a petition filed against it in any such proceeding; making a general assignment for the benefit of creditors; admitting in writing its inability or failing generally to pay its debts as they become due; or taking any action for the
purpose of effecting any of the foregoing; 
 (x) the Company’s issuance or becoming liable for any indebtedness in excess of
€5,000,000 in the aggregate, other than in connection with the Company’s working capital line of credit in the ordinary course of business; 
 (xi) any change in the annual operating budget or business plan of the Company or any subsidiary of the Company of more than five percent (5%) in the aggregate from the annual operating budget or business plan of
the Company approved pursuant to Section 12.7 hereof for the then-current fiscal year; 
 (xii) any capital expenditures or
leasehold improvements by the Company in excess of €2,000,000 not included in the annual operating budget or business plan of the Company approved pursuant to Section 12.7 hereof for the then-current fiscal year; 
 (xiii) hiring or terminating, or amending the employment terms of (including, without limitation, compensation and benefits), the chief executive
officer, the chief financial officer or the general counsel of the Company or the president of any subsidiary of the Company; 
 (xiv) any
material transaction with any of the Company’s Affiliates, including, without limitation, any transaction with Smithfield or any of its Affiliates other than transactions conducted pursuant to the terms of Section 12.10; 

(xv) acquiring or disposing of any business or assets of the Company in a single transaction or a series of related transactions with an aggregate
value in such transaction or series of related transactions in excess of €1,000,000 (including all assumed debt, all cash payments and the fair market value of all securities or other property issued or exchanged as consideration) or making any
other investment other than (A) investments in short term obligations issued by, or guaranteed by, a Governmental Authority in the United States and (B) investments in negotiable certificates of deposit, bankers’ acceptances or money
market securities issued by any bank of international standing or branch of a bank of international standing; 
 (xvi) (A) instituting,
settling, paying, discharging or dismissing any claim threatened against, relating to or involving any Company or 
  

 36 

 subsidiary of the Company (1) involving payments thereby in excess of €1,000,000 or (2) involving any
material limitation on the conduct of the business of the Company or (B) waiving or releasing any right of the Company or any of the subsidiaries of the Company with a value in excess of €250,000, other than, in each case, in connection
with the accounts payable or accounts receivable of the Company in the ordinary course of business; 
 (xvii) other than as contemplated by
this Agreement, the filing of any Registration Statement with the SEC or similar foreign or domestic Governmental Authority or any stock or securities exchange; 
 (xviii) making any loans or advances to any Person (other than to employees of the Company in the ordinary course of business consistent with past practice) or assuming or guaranteeing the indebtedness of another
Person, entering into any “keep well” or other agreement to maintain any financial statement condition of another Person or enter into any arrangement having the economic effect of any of the foregoing; 
 (xix) exercising the right to vote the shares of any direct or indirect subsidiary of the Company to cause such subsidiary take any of the actions
described in this Section 12.6(b); 
 (xx) any material change in accounting methods or policies of the Company; 
 (xxi) appointing managing directors (“Consejeros Delegados”) and/or granting ample powers of attorney to senior officers or to any
third party; 
 (xxii) any change of the Company’s independent registered public accounting firm; and 
 (xxiii) agreeing or otherwise committing to take any of the actions set forth above. 
 (c) The Smithfield Directors shall have authority to act on behalf of the Company without the approval of the OCM Directors in connection with enforcing
the Company’s rights under (i) Section 7.1(b) of the Contribution Agreement and (ii) the Earn-Out Agreement. For this purpose, the Smithfield Directors shall be granted an irrevocable power of attorney by the Company at Closing
(which shall be granted to any replacement Smithfield Director in the event a Smithfield Director is replaced). 
 (d) The OCM Directors
shall have authority to act on behalf of the Company without the approval of the Smithfield Directors in connection with enforcing the Company’s rights under Section 7.1(a) of the Contribution Agreement. For this purpose, the OCM Directors
shall be granted an irrevocable power of attorney by the Company at Closing (which shall be granted to any replacement OCM Director in the event an OCM Director is replaced). 
  

 37 

 12.7 Annual Operating Plan; Annual Budget. Not less than thirty (30) days prior to the end of
each fiscal year, the Company shall prepare and submit to the Board of Directors for its approval an annual operating plan and an annual budget of the Company for the next succeeding fiscal year in reasonable detail. Such operating plans and budgets
shall be subject to the approval of the Board of Directors. 
 12.8 Books and Records; Financial Information. 
 (a) The Company shall, and shall cause its subsidiaries to, keep proper books of records and account, in which full and correct entries shall be made of
all financial transactions and the assets and business of the Company and each of its subsidiaries in accordance with generally accepted accounting principles as in effect in the United States (“U.S. GAAP”) and generally accepted
accounting principles as in effect in Spain (“Spanish GAAP”) consistently applied and the Stockholders shall be entitled to review all such books and records upon reasonable prior notice to the Company. 
 (b) The Company shall provide to each Stockholder: 
 (i) as soon as practicable following the final day of each monthly accounting period, monthly unaudited financial reports with respect to the immediately preceding monthly period; and 
 (ii) as soon as practicable following the final day of each fiscal year, annual financial statements for the immediately preceding fiscal year, which
shall be prepared in accordance with U.S. GAAP and Spanish GAAP at the end of such fiscal year. 
 (c) Each Stockholder and its authorized
representatives will be given, upon request, reasonable access during business hours to review the books and records and any other financial information of the Company and each of its subsidiaries. 
 12.9 Stockholder Management. No Stockholder shall be entitled to participate in the management of the Company; provided, however, that each
Stockholder may act in an advisory capacity with respect to the Company’s operations. The Company shall (a) pay to Smithfield an annual advisory fee in an amount equal to an aggregate of €300,000 (which shall be subject to review
annually by the Company’s Board of Directors) paid quarterly, in arrears and (b) reimburse Smithfield for all of its actual out-of-pocket expenses incurred in connection with the provision of any of its personnel. In the event that OCM
makes available to the Company its personnel, the Stockholders and the Company shall negotiate in good faith with respect to any advisory fee and actual out-of-pocket expenses to be paid and reimbursed, respectively, by the Company to OCM.

 12.10 Affiliated Transactions. The Board of Directors may, in conducting the business and affairs of the Company, cause the Company
to enter into 
  

 38 

 agreements or arrangements or otherwise deal with the Stockholders or their Affiliates; provided that the terms of each
such agreement or arrangement are no less favorable than the terms then offered by such Stockholder or its Affiliates to unrelated third parties. To the extent Smithfield or any of its Affiliates determines to make raw materials and other inventory
available to the Company, Smithfield shall, and shall cause its Affiliates to, make such raw material and other inventory available to the Company on the most favorable pricing and other terms that are offered at such time by Smithfield or its
Affiliates to unrelated third-party customers of Smithfield or its Affiliates. For the avoidance of doubt, the Company shall have no obligation to purchase (and Smithfield and its Affiliates shall have no obligation to supply) any raw materials or
other inventory from Smithfield or any of its Affiliates. 
 12.11 Corporate Opportunities. 
 (a) Neither Stockholder nor any of their respective Affiliates shall, directly or indirectly, acquire, finance or otherwise invest in, manage or operate
(or facilitate the acquisition, financing, investment in, management or operation of) any business in the processed meats sector (which shall not include the fresh meats sector) within any of the member states of the European Union as of May 1,
2004 (each, a “Corporate Opportunity”), except as provided in Section 12.11(b) below. 
 (b) In the event that
either Stockholder or any of its Affiliates (collectively, an “Initiating Stockholder”) becomes aware of a Corporate Opportunity, the Initiating Stockholder shall provide notice of such Corporate Opportunity to the Company and the
other Stockholder or Stockholders (collectively, the “Opportunity Stockholders”), which notice shall include any information with respect to such Corporate Opportunity as is know, to the Initiating Stockholder. The Board of
Directors shall determine, as promptly as reasonably practicable (but in any event within ten (10) days), by a majority of the directors constituting the entire Board of Directors, which majority shall include at least two Smithfield Directors
and two OCM Directors, whether the Company shall pursue such Corporate Opportunity and seek to consummate a transaction in connection therewith. In the event that the Company declines any such Corporate Opportunity, the Initiating Stockholder shall
be free to pursue such Corporate Opportunity and seek to consummate a transaction with respect thereto so long as the directors appointed by such Initiating Stockholder shall have voted for the Company to pursue such Corporate Opportunity;
provided, however, that, in the event that the Initiating Stockholder is able to consummate the Corporate Opportunity on terms and conditions that are, considered in the aggregate, more favorable to the Initiating Stockholder than
those presented to the Company, the Initiating Stockholder shall re-offer the Corporate Opportunity to the Company on such terms and conditions; the Board of Directors shall determine, as promptly as reasonably practicable (but in any event within
ten (10) days), by a majority of the directors constituting the entire Board of Directors, which majority shall include at least two Smithfield Directors and two OCM Directors, whether the Company shall pursue such Corporate Opportunity and
seek to consummate a transaction in connection therewith; in the event that the Company declines such Corporate Opportunity, either Stockholder may seek to consummate the transaction with respect to such Corporate Opportunity so long as the
directors appointed 
  

 39 

 by such Stockholder shall have voted for the Company to pursue such Corporate Opportunity (subject to the terms of this
proviso). For the avoidance of doubt, any investment held by the Stockholders as of the date hereof shall not be considered a Corporate Opportunity hereunder. 
 (c) Each of the OCM Directors and the Smithfield Directors shall be permitted (without any restriction or duty to the Company) to provide information relating to the Company and its businesses to OCM or Smithfield, as
the case may be; provided, that each of OCM and Smithfield shall hold any confidential information of the Company so received pursuant to the terms of Section 15.2. 
 (d) Except as expressly set forth in this Agreement, each Stockholder may have other business and financial interests and investments and may engage in
any other business or trade, profession or employment whatsoever, on its own account, or in partnership with, or as an employee, officer, director, creditor, advisor or stockholder of any other Person, and no Stockholder shall be required to devote
its entire time (or cause its respective officers, directors, employees or agents to devote their entire time) to the business of the Company. Without limiting the generality of the foregoing, each Stockholder (and each Stockholder’s respective
officers, directors, employees and agents) and each of the OCM Directors and the Smithfield Directors, except as expressly set forth in this Agreement (including, without limitation Sections 12.11(a) and (b)), may engage in any
activity or line of business other than one which is or would constitute a Corporate Opportunity that has not been offered to the Company pursuant to Section 12.11(b), including those that compete, directly or indirectly, with those of
the Company, (ii) may invest or own any interest publicly or privately in, or develop a business relationship with, any Person engaged in any activity or line of business other than one which is or would constitute a Corporate Opportunity that
has not been offered to the Company pursuant to Section 12.11(b), and (iii) do business with any client or customer of the Company. Neither the Company, any Stockholder (or any Stockholder’s respective officers, directors,
employees or agents), nor any of the OCM Directors and the Smithfield Directors (collectively “Applicable Persons”), by virtue of this Agreement shall have any rights in and to any such independent venture or the income or profits
derived therefrom, regardless of whether or not such venture was presented to such Applicable Person as a direct or indirect result of its or his connection with the Company. Except as set forth in Section 12.11(b) hereof, no Applicable
Person shall have any obligation to present any business opportunity to the Company, even if the opportunity is one that the Company might have pursued or had the ability or desire to pursue, in each case, if granted the opportunity to do so and no
Applicable Person shall be liable to the Company or any Affiliate thereof for breach of any fiduciary or other duty, as a director or otherwise, by reason of the fact that such Applicable Person pursues or acquires such business opportunity, directs
such business opportunity to another Person or fails to present such business opportunity, or information regarding such business opportunity, to the Company. 
  

 40 

 13. Additional Contributions. 
 13.1 Capital Contributions. The Board of Directors shall determine from time to time what additional capital, if any, is needed by the Company to
fund operating deficits or for other Company purposes. Subject to Section 13.2, the Stockholders shall be obligated to contribute to the Company cash in an amount equal to such additional capital required, on a pro rata basis, in
exchange for additional Shares of the Company. 
 13.2 Declining Contributions. If a Stockholder (the “Declining
Stockholder”) refuses to contribute additional capital as required pursuant to Section 13.1 and within ten (10) days of when required pursuant to this Section 13, then the other Stockholder (the
“Non-Declining Stockholder”) may, at its option: 
 (a) advance to the Company the amount of the capital contribution that
the Declining Stockholder failed to make, which advance shall be deemed a loan to the Declining Stockholder repayable on demand with interest at 4.0%, compounded monthly; or 
 (b) make an additional capital contribution equal to the amount of the capital contribution which the Declining Stockholder failed to make, in which
event the Non-Declining Stockholder shall be issued, in addition to the Shares issued to the Non-Declining Stockholder in exchange for its required capital contribution, a number of additional Shares equal to (A) the number of Shares that would
have been issued to the Declining Stockholder in the event that the Declining Stockholder had contributed the additional capital contribution times (B) 1.5. 
 14. Stock Certificate Legend. A copy of this Agreement shall be filed with the Secretary of the Company and kept with the records of the Company. In addition to any other legend that may be required and, to the
extent permitted by applicable Law, each certificate representing Shares now held or hereafter acquired by any Stockholder shall for as long as this Agreement is effective bear a legend substantially in the following form: 
 THE SALE, ASSIGNMENT, HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION (EACH A “TRANSFER”) AND VOTING OF ALL OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THE STOCKHOLDERS AGREEMENT, DATED [    ], 2006, AMONG THE COMPANY AND THE STOCKHOLDERS NAMED THEREIN, A COPY OF WHICH MAY BE INSPECTED AT THE COMPANY’S PRINCIPAL
OFFICE. THE COMPANY WILL NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY UNLESS AND UNTIL THE TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS AGREEMENT. 
  

 41 

 15. Miscellaneous. 
 15.1 Notices. All notices, demands or other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first class mail, return receipt requested,
telecopier, courier service or personal delivery: 
  

	 	(a)	if to the Company: 

  

			
	Tarvalón, S.L.
	
	                                      
                              
	
	                                      
                              
		
	Telecopy:	  	                                      
            
		
	Attention:	  	                                      
            
	
	with a copy to:
	
	                                      
                              
	
	                                      
                              
	
	                                      
                              
		
	Telecopy:	  	                                      
            
		
	Attention:	  	                                      
            

  

	 	(b)	if to Smithfield: 

  

			
	SFDS Global Holdings BV
	c/o Smithfield Foods, Inc.
	499 Park Avenue
	6th Floor
	New York, New York 10022
	Telecopy:	  	(212) 758-8421
	Attention:	  	Richard J. M. Poulson,
		  	Executive Vice President,
		  	Senior Advisor to the Chairman
		  	and General Counsel
	
	with a copy to:
	
	 SFDS Global Holdings BV
 c/o Smithfield
Foods, Inc.

	200 Commerce Street
	Smithfield, Virginia
	Telecopy:	  	(757) 365-1821
	Attention:	  	Michael H. Cole,
		  	Vice President, Secretary
		  	and Deputy General Counsel

  

 42 

			
	and to
	
	Hunton & Williams LLP
	Riverfront Plaza, East Tower
	951 E. Byrd Street
	Richmond, Virginia 23219
	Telecopy:	  	(804) 788-8218
	Attention:	  	Gary E. Thompson

  

	 	(c)	if to OCM: 

  

			
	OCM Luxembourg EPOF SARL
	67 Boulevard Grand-Duchesse Charlotte
	L-1331 Luxembourg
	Telecopy:	  	00 352 264 582 94
	Attention:	  	Justin Bickle
		  	Szymon Dec
	
	with a copy to:
	
	Skadden, Arps, Slate, Meagher & Flom LLP
	Four Times Square
	New York, New York 10036
	Telecopy:	  	212-735-2000
	Attention:	  	Eileen T. Nugent

  

	 	(d)	if to any other Stockholder, at its address as it appears on the record books of the Company. 

 All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five
(5) Business Days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied. Any party may by notice given in accordance with this Section 15.1 designate another
address or Person for receipt of notices hereunder. 
 15.2 Publicity; Confidentiality. Except as may be required by any applicable
Requirement of Law, neither the Company nor any Stockholder shall issue a press release or public announcement or otherwise make any disclosure concerning this Agreement, any Stockholder or the business, technology and financial affairs of the
Company without the prior approval of the other parties to this Agreement; provided, however, that nothing in this Agreement shall restrict the Company or any Stockholder from disclosing information (a) that is already publicly available,
(b) that may be required in response to a valid summons or subpoena; provided that the Company or such Stockholder, as the case may be, will use reasonable efforts to notify the other parties to this Agreement in advance of such disclosure so
as to permit the other parties to this Agreement to seek a protective order or otherwise contest such disclosure, and the Company or such Stockholder, as the case may be, will use reasonable efforts to cooperate with the other parties to this
Agreement in pursuing any such protective order, 
  

 43 

 (c) to the extent necessary for the Company or such Stockholder to comply with any Requirement of Law (except for any
subpoena, summons or similar legal or regulatory process, in which case clause (b) shall apply), (d) to such Stockholder’s or the Company’s officers, directors, stockholders, investors, lenders, advisors, employees, members,
partners, controlling persons, auditors or counsel or (e) to Persons from whom releases, consents or approvals are required, or to whom notice is required to be provided pursuant to any Requirement of Law; provided, that, any potential
recipient of information pursuant to clause (c), (d) or (e) of this Section 15.2 shall have, prior to disclosure and receipt of such information, been advised by the disclosing party of the confidential nature of such
information and agreed in writing to be bound by a confidentiality agreement in form and substance reasonably satisfactory to the non-disclosing parties and consistent with the terms hereof. If any announcement or disclosure is required by any
Requirement of Law to be made by any party hereto, prior to making such announcement or disclosure such party will use reasonable efforts to deliver a draft of such announcement to the other parties to this Agreement and give the other parties to
this Agreement reasonable opportunity to comment thereon prior to its release or disclosure. 
 15.3 Successors and Assigns; Third Party
Beneficiary. This Agreement shall inure to the benefit of and be binding upon the successors and Permitted Transferees of the parties hereto. This Agreement is not assignable except in connection with a transfer of Shares in accordance with this
Agreement. Except as expressly provided in Section 7.1, no Person other than the parties hereto and their successors and Permitted Transferees is intended to be a beneficiary of this Agreement. 
 15.4 Amendment and Waiver. 
 (a) No
failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to the parties hereto at law, in equity or otherwise. 
 (b) Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this Agreement, and any consent
to any departure by any party from the terms of any provision of this Agreement shall be effective only if it is made or given in writing and signed by the parties hereto. Any such amendment, supplement, modification, waiver or consent shall be
binding upon the Company and all of the Stockholders. 
 15.5 Counterparts. This Agreement may be executed in any number of
counterparts, and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile shall be effective as delivery of an executed counterpart to this Agreement. 
  

 44 

 15.6 Specific Performance. The parties hereto intend that each of the parties have the right to
seek damages or specific performance in the event that any other party hereto fails to perform such party’s obligations hereunder. Therefore, if any party shall institute any action or proceeding to enforce the provisions hereof, any party
against whom such action or proceeding is brought hereby waives any claim or defense therein that the plaintiff party has an adequate remedy at law. 
 15.7 Claims Against Advisors. Smithfield agrees that it shall pursue any claim against its or the Company’s advisors arising from any due diligence report addressed to the Company which was prepared in
connection with the Purchase Agreement, dated June 26, 2006 by and among the Company, Smithfield Foods, Inc. and Sara Lee Corporation, solely through the Company on behalf of the Company. 
 15.8 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 15.9 Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York without regard to the principles of conflicts of law thereof; provided, however, that Sections 5-1401 and 5-1402 of the New York General Obligations Law shall apply to this Agreement; provided, further, that, to the extent required
by applicable law, Sections 2, 3, 12, 13 and 14 of this Agreement shall be governed by and construed in accordance with the laws of Spain. The parties hereto irrevocably submit to the exclusive jurisdiction of any
state or federal court sitting in the Borough of Manhattan, New York City, New York over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties
hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of
any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 15.10 Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held
invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof. 
 15.11 Rules of
Construction. Unless the context otherwise requires, references to sections or subsections refer to sections or subsections of this Agreement. 
 15.12 Entire Agreement. This Agreement, together with the exhibits hereto, is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding
of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, representations, warranties or undertakings, other than those set 
  

 45 

 forth or referred to herein or therein. This Agreement, together with the exhibits hereto, supersede all prior agreements
and understandings among the parties with respect to such subject matter. 
 15.13 Further Assurances. Each of the parties shall, and
shall cause their respective Affiliates to, execute such documents and perform such further acts as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 
 [Remainder of page intentionally left blank] 
  

 46 

 IN WITNESS WHEREOF, the undersigned have caused this Stockholders Agreement to be duly executed as
of the date first written above. 
  

			
	TARVALÓN, S.L.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	SFDS GLOBAL HOLDINGS BV
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	OCM LUXEMBOURG EPOF SARL
	
	  
 Director

	
	  
 Director

	
	  
 Director

 Exhibit A 
 ACKNOWLEDGMENT AND AGREEMENT 
 The undersigned desires to receive from
                 (“Transferor”) certain shares or certain options, warrants or other rights to purchase
             shares, (the “Shares”) of Tarvalón, S.L., a private limited company organized under the laws of Spain (the “Company”);

 The Shares are subject to the Stockholders Agreement, dated [    ], 2006, (the “Agreement”), among
the Company and the other parties listed on the signature page thereto; 
 The undersigned has been given a copy of the Agreement and
afforded ample opportunity to read and to have counsel review it, and the undersigned is thoroughly familiar with its terms; 
 Pursuant to
the terms of the Agreement, the Transferor is prohibited from transferring such Shares, and the Company is prohibited from registering the transfer of the Shares, unless and until a transfer is made in accordance with the terms and conditions of the
Agreement and the recipient of such Shares acknowledges the terms and conditions of the Agreement and agrees to be bound thereby; and 
 The
undersigned desires to receive such Shares and have the Company register the transfer of such Shares. 
 In consideration of the mutual
promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and to induce the Transferor to transfer such Shares to the undersigned and the Company to register such transfer,
the undersigned does hereby acknowledge and agree that (i) he/she has been given a copy of the Agreement and afforded ample opportunity to read and to have counsel review it, and the undersigned is thoroughly familiar with its terms,
(ii) the Shares are subject to the terms and conditions set forth in the Agreement, and (iii) the undersigned does hereby agree fully to be bound thereby. 
 This              day of             ,
        .

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