Document:

Exhibit 10.1

EXHIBIT 10.1

 

FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED CREDIT
AGREEMENT  

This FIRST AMENDMENT (this "Amendment"), dated as of
July 7, 2005, is by and between NATIONAL BEEF PACKING COMPANY, LLC, a Delaware
limited liability company (the "Borrower"), the lenders party to the Original
Agreement referenced below (collectively, the "Lenders" and individually, a
"Lender"), U.S. AGBANK, FCB, as Co-Syndication Agent, COÖPERATIEVE CENTRALE
RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK INTERNATIONAL", NEW YORK BRANCH, as
Documentation Agent, and COBANK, ACB, an agricultural credit bank ("CoBank"),
as Lead Arranger, Co-Syndication Agent, Swing Line Lender and Administrative
Agent for the Lenders, the Issuers and the Swing Line Lender hereunder (in its
capacity as Administrative Agent, together with its successors and assigns in
such capacity, the "Agent").

RECITALS

The parties described above are parties to a Fourth
Amended and Restated Credit Agreement dated as of December 29, 2004 (the
"Original Agreement").

The Borrower has requested that certain amendments
be made with respect to the Original Agreement and the Required Lenders have
agreed to accommodate such requests on the terms and subject to the conditions
set forth in this Amendment.

ACCORDINGLY,
in consideration of the premises and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto hereby agree as follows:

ARTICLE I

DEFINITIONS

1.1       Original Agreement Definitions.  Terms defined in the
Original Agreement shall have the same meaning when used herein unless
otherwise expressly indicated.

ARTICLE II

AMENDMENTS

2.1    Amendment of Section 1.2 of the
Original Agreement:  Section 1.2 of the Original Agreement is hereby
amended by inserting the following new definition:

"'Senior Notes' means the Borrower's $160,000,000
aggregate principal amount 10-1/2% Senior Notes due August 1, 2011."

2.2       Amendment of Section 10.3 of the Original Agreement: 
Section 10.3 of the Original Agreement is hereby amended by deleting the word
"and" immediately before subsection (o) of such Section thereof and by
inserting the following new phrase immediately after such subsection (o): 

"and (p) purchases permitted by
the proviso to Section 10.14."

2.3       Amendment of Section 10.4 of the Original Agreement: 
Section 10.4 of the Original Agreement is hereby amended by deleting the word
"and" immediately before subsection (i) of the first sentence of such Section
and by inserting the following new phrase at the end of such sentence: 

"and (j) resales of Senior Notes
previously purchased pursuant to the proviso to Section 10.14 so
long as no Default or Matured Default shall have occurred and be continuing at
the time of any such resale or be caused by any such resale."

2.4       Amendment to Section 10.14 to the Original Agreement. 
Section 10.14 of the Original Agreement is hereby amended in its entirety to
read as follows:

"The Borrower shall not directly
or indirectly prepay, redeem or purchase prior to maturity, or deposit funds or
property for the prepayment, redemption or purchase prior to maturity of (i)
any Indebtedness of the Borrower which is subordinated to the payment of any
portion of the Liabilities or (ii) the Senior Notes; provided, however,
that the Borrower may make purchases of up to $30,000,000 in cumulative
purchase price (including any premium) of Senior Notes so long as no Default or
Matured Default shall have occurred and be continuing at the time of any such
purchase or be caused by any such purchase."

2.5       Amendment to Exhibit 7J to the Original Agreement. 
Exhibit 7J to the Original Agreement is hereby amended in its entirety to read
as set forth on Annex A to this Amendment

ARTICLE III

CONDITION PRECEDENT

3.1       Condition to Effectiveness of this Amendment.  This
Amendment shall become effective when the Agent shall have received this
Amendment, duly executed by the Borrower, the Agent and the Required Lenders.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

4.1       Representations and Warranties.  To induce the Agent, the
Swing Line Lender, the Issuers and the Lenders to enter into this Amendment,
the Borrower hereby represents and warrants to such Persons as follows:

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(a)       The
Borrower's execution and delivery of this Amendment and the performance of its
obligations hereunder and under the Original Agreement as amended by this
Amendment, (i) are within the Borrower's powers; (ii) are duly
authorized by the Borrower's  managers and, if necessary, the Borrower's
members; (iii) are not in contravention of any material law or laws, or
the terms of the Borrower's operating agreement, or other organizational
documents, or of any indenture, agreement or undertaking to which the Borrower
is a party or by which the Borrower or any of the Borrower's property is bound;
(iv) do not require any governmental consent, registration or approval;
(v) do not contravene any contractual or governmental restriction binding
upon the Borrower; and (vi) will not, except as contemplated or permitted
by this Agreement, result in the imposition of any lien, charge, security
interest or encumbrance upon any of the Borrower's property under any existing
indenture, mortgage, deed of trust, loan or credit agreement or other material
agreement or instrument to which the Borrower is a party or by which the
Borrower or any of the Borrower's property may be bound or affected.

            (b)       This
Amendment and the Original Agreement as amended by this Amendment set forth the
legal, valid and binding obligations of the Borrower and are enforceable
against the Borrower in accordance with their respective terms.

ARTICLE V

MISCELLANEOUS

5.1       Reference to and Effect on the Original Agreement and the
other Financing Documents.

(a)       The
Original Agreement, as hereby amended, and the other Financing Documents remain
in full force and effect and are hereby ratified and confirmed. 

(b)       The
execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any right, power or remedy of the Agent, the Swing Line Lender, the
Issuers or the Lenders under the Original Agreement or any of the other
Financing Documents, nor constitute a waiver of any provision thereof.

(c)       This
Amendment constitutes a Financing Document as such term is used in the Original
Agreement as amended hereby.

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5.2       Continuation of Representations and Warranties.  The
Borrower represents and warrants to the Agent, the Swing Line Lender, the
Issuers and the Lenders that on and as of the date hereof and after giving
effect to this Amendment and to disclosures to the Agent made from time to time
in accordance with the Original Agreement, (i) all of the representations and
warranties contained in the Original Agreement are correct and complete in all
material respects as of the date hereof, as though made on and as of the date
hereof, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true and correct as of such
earlier date, and (ii) no Default or Matured Default shall have occurred and be
continuing.

5.3       Merger and Integration, Superseding Effect.  This
Amendment, together with the Original Agreement as amended by this Amendment
and the other Financing Documents, from and after the date hereof, embodies the
entire agreement and understanding between the parties hereto and supersedes
and has merged into it all prior oral and written agreements on the same
subjects by and between the parties hereto with the effect that the Original
Agreement, as amended by this Amendment, shall control.

5.4       Expenses.  The Borrower agrees to pay all of the expenses,
including reasonable attorney's fees and expenses, incurred by the Agent in
connection with this Amendment. 

5.5       Counterparts.  This Amendment
may be executed in several counterparts and by the different parties on
separate counterparts, each of which together shall be construed as one
original and all of which shall constitute together but one and the same
Amendment. Facsimile signatures on this Amendment shall be considered as
original signatures.

5.6       Successors.  Whenever in this
Agreement there is reference made to any of the parties hereto, such reference
shall be deemed to include, wherever applicable, a reference to the respective
successors and assigns of the Borrower, the Agent, the Swing Line Lender, the
Lenders and the Issuers.

5.7       Headings.  The headings of various sections of this
Amendment have been inserted for reference only and shall not be deemed to be a
part of this Amendment.

5.8       Governing Law.  This Agreement shall be construed in all
respects in accordance with, and governed by, the laws and decisions of the
State of Colorado without regard to the application of conflict of laws
principles.

 [Signature Page
Follows]

 

 

 

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IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be executed by their respective officers thereunto duly
authorized, as of the date first above written.

	

   	

  NATIONAL BEEF PACKING

	COMPANY, LLC
	

   
	

  	

  	

    

  
	

  	
   By:

  	
  /s/ Jay D. Nielsen

  
	

  	

  	

  
	

  	
   Its:

  	
  Chief Financial Officer

  

 

	

   	

  COBANK, ACB, individually and as
Lead Arranger, Co-Syndication Agent and Administrative Agent
	

   
	

  	

  	

    

  
	

  	
   By:

  	
  /s/ Jim Stutzman

  
	

  	

  	

  
	

  	
   Its:

  	
  Vice President

  

            

	

   	

  COÖPERATIEVE
CENTRALE  RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK INTERNATIONAL",
NEW  YORK BRANCH, individually and as Documentation Agent
	

   
	

  	

  	

    

  
	
   By:

  	
  /s/ Shane Bownds

  	
   By:

  	
  /s/ Rebecca O. Morrow

  
	

  	

  	

  	

  
	
   Its:

  	
  Executive Director

  	
   Its:

  	
  Executive Director

  

 

	

   	

  AMARILLO NATIONAL BANK
	

  	

  	

   

  
	

  	
   By:

  	
  /s/ Leonard Herrington

  
	

  	

  	

  
	

  	
   Its:

  	
  Vice President

  

 

	

  	

  U.S. AGBANK, F.C.B., as Co-Syndication Agent
	

   	

    
	

  	
   By:

  	
  /s/ Greg Sommerhalder

  
	

  	

  	

  
	

  	
   Its:

  	
  Vice President

  
	

  	

  	

  

[Signature Page to First Amendment] 

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Exhibit 10.17  

 
  BARRETT BUSINESS SERVICES INC.
  EMPLOYMENT AGREEMENT    
    

This
Employment Agreement (hereinafter called "Agreement") is dated September 25th, 2001, and effective October 1st, 2001, between Barrett Business
Services, Inc., a Maryland corporation (hereinafter called "Company"), and Michael Elich ("Employee"). 

In
consideration of the mutual promises and covenants exchanged between Company and Employee, the parties hereto agree as follows: 

1. EMPLOYMENT  

Employee
enters into an employment relationship with the Company in the capacity of Director of Business Development whose principal duties shall be to market and sell the Company's services to
businesses in territories assigned by the Company's CEO. Employee shall also perform other related duties that may he assigned from time to time by Company's management. 

2. TERM  

Company
agrees to employ the above named person for a term commencing on October 1, 2001, and continuing until termination in accordance with paragraph 5. 

3. COMPENSATION  

Employee
shall be paid a salary of $120,000 per annum, payable bi-weekly. 

Each
pay period is distinct and severable, and employment for any part of a pay period or a year shall not be deemed to entitle Employee to salary for more than the actual hours worked by Employee.
Further, the compensation to Employee may be modified without affecting the remaining terms, conditions and covenants in this Agreement. In the event of termination in the middle of any period, the
Employee's compensation will be prorated to the date of termination. 

4. PERFORMANCE OF DUTIES/RESTRICTIONS ON EMPLOYMENT  

Employee
shall perform the work assignment in a careful, diligent, and good faith manner. Employee shall adhere to the business of the Company and shall engage in no other business venture on a full
or part-time basis or perform any other business or employment activities during Company's normal business hours. While in the employ of Company, Employee agrees not to organize or engage,
in any manner (directly or indirectly), in a business in competition with Company's business. 

5. TERMINATION  

        5.1    Termination by Notice.    Employment under this Agreement may be voluntarily terminated by Employee or Company
upon notice to the other party. There is no promise of any sort, implied or otherwise, of employment for a specified or assumed amount of time.

1

 

        5.2    For Cause.    Employment under this Agreement may be terminated in the sole discretion and determination of the
Company upon the occurrence of any one or more of the following events: 

        a.     Employee
willfully and continually refuses to comply with the policies, standards, and regulations of Company as established. 

        b.     Employee
fails or refuses to faithfully or diligently perform under the provisions of the Agreement or the usual and customary duties which have been assigned to Employee
from time to time. 

        c.     Employee
shall be guilty of fraud, dishonesty, or other act of misconduct in the rendering of services for or on behalf of the Company. 

        5.3    Without Cause.    In the event of any circumstance which causes William W. Sherertz to
relinquish his management position as President and CEO of Employer ("Change in Management") and Employee's employment is terminated other than For Cause, then Employer shall pay to Employee an amount
equal to one (1) times his then-current annual base salary in a lump sum within three (3) days of the date of termination of employment. If Employee voluntarily terminates
employment with Employer within 90 days of a "Change in Duties" related to a Change in Management, Employer shall be deemed to have terminated Employee's employment other than For Cause, then
Employer shall pay to Employee an amount equal to one (1) times his then-current annual base salary in a lump sum within three (3) days of the date of termination of
employment. Change in Duties shall mean any one or more of the following: 

        a.     a
significant change in the nature or scope of Employee's title, responsibilities, authorities, or duties from those applicable as of the date of this Agreement; 

        b.     a
significant diminution in Employee's eligibility to participate in bonus, stock option, incentive awards, and other compensation plans; 

        c.     a
significant diminution in employee benefits, including, but not limited to, medical and dental insurance, and perquisites applicable to Employee, from the employee
benefits and perquisites to which he was entitled as of the date of this Agreement; provided, however, Employer may modify and amend the group benefit plans offered to its employees including
Employee, without violating the terms of this paragraph 5.3 (c); 

        d.     a
change in the location of Employee's principal place of employment by Employer by more than 30 miles from Portland, Oregon; or 

        e.     significant
violation of any of the Employer's material duties or obligations under this Agreement. 

6.    BINDING AUTHORITY  

Employee
does not have the authority to bind the Company to the performance of any contract or action whatsoever without Company's written permission therefore. 

7.    DISCLOSURE OF INFORMATION  

Employee
is aware that Company is engaged in the business of recruiting and staffing personnel for Company's business accounts, and that they (as employees of the Company) are engaged to perform
services on a short- or long-term basis to fulfill the needs of the Company accounts. Employee recognizes that the methods utilized by Company in the conduct of its business; the list of
Company's accounts as they may exist from time to time, the Company's rates of pay, profit margins, recruiting methods and its inventory lists of employees (present and former) are valuable, special,
and unique assets of the Company. 

2

 

Employee
will not, during the term of this Agreement or at any time thereafter, disclose any accounts or employee lists, special methods or any part thereof, business practices, or any other
confidential or proprietary information to any person, firm, corporation or other entity for any reason or purpose whatsoever. Employee will not furnish to anyone or retain for personal use any
documents or materials relating to the Company's business which were acquired while in the employ of Company and will return to Company immediately upon termination of this Agreement or upon
termination of Employee's employment by Company, and all such documents and materials, including, but not limited to, correspondence, letters, manuals, contracts, reports, price lists, mailing lists,
account lists, supplies lists, monies, supplies, employee lists, employee files, and all other Company material and records of any kind then in the possession of the Employee. Employee will not
participate in any acts to induce any account or employee of the Company to do anything which might result in disadvantage to the Company. 

In
the event of a breach or threatened breach by the Employee of the provision of this Paragraph 7, Company shall be entitled to an injunction restraining Employee from disclosing, in whole or
in part, any of such information or from rendering any services to any person, firm corporation or other entity to whom such confidential and/or proprietary information, in whole or in part, has been
disclosed or is threatened to be disclosed. Nothing herein shall be construed as prohibiting Company from pursuing any other remedies available to Company for such breach or threatened breach,
including the recovery of damages from Employee. The provisions of this paragraph shall survive any termination of this Agreement. 

8.    NATURE OF EMPLOYER'S BUSINESS: EMPLOYEE'S COVENANTS  

Company
agrees to instruct and train Employee through special on-the-job instruction when it is, at management's sole discretion, determined necessary and/or appropriate in
order to develop him/her into a fully qualified and effective worker. Employee acknowledges that employment with the Company will, of necessity, provide him/her with specialized training and knowledge
which, if used in competition with the Company, could cause serious economic harm to the Company. Employee further acknowledges that he/she will be placed in a close business and personal relationship
with accounts and employees of the Company. Therefore, Employee agrees as follows: 

        a.     For
a period of eighteen (18) months after Employee is no longer employed by Company, either for cause as defined in Paragraph 5.2, without cause as defined
in Paragraph 5.3, or by willful termination of employment by Employee, Employee will not engage (directly or indirectly), as a proprietor, stockholder, partner, officer, employee or otherwise,
in any business which is engaged in or competitive with the business of Company in any geographic area where Company has done business during the three months preceding such termination of employment. 

        b.     For
a period of eighteen (18) months after Employee is no longer employed by Company, irrespective of the reason for termination of employment with the Company,
Employee will not knowingly or willfully, directly or indirectly, as proprietor, stockholder, partner, officer, employee or otherwise, divert or attempt to divert from Company, any customer of
Company, or sell, offer to sell to, or solicit from any person, firm or other entity which was a customer of Company any business competitive with the business of Company. 

For
purposes of this section, the term "customer" shall mean (i) any person or entity who was a customer of the Company at any time during the one-year period prior to the date of
termination of Employee's employment, and (ii) any prospective customer to whom, during the one year prior to the date of termination of Employee's employment the Company had made a formal
offer of services (not including advertisements and other generalized mailings made to a wide range of potential customers), or Employee had personally made an offer of services. 

        c.     For
a period of eighteen (18) months after Employee is no longer employed by Company, irrespective of the reason for termination of employment with the Company,
Employee will not directly or indirectly, approach, counsel or attempt to induce any person who is then in the employ of the Company to leave the employ of the Company, or employ or attempt to employ
any such person or any person who at any time during the preceding two weeks was in the employ of the Company. Employee further agrees not to aid, assist or counsel any other person, firm or
corporation to do any of the acts mentioned in this subparagraph. 

3

 

        d.     The
parties hereto specifically agree that the scope (area and duration) of the restrictive covenants contained in subparagraphs 8a, b, and c are fair and reasonable and
are not broader as to areas and duration than are reasonably necessary for the protection of Company's business and do not impose undue hardship on Employee. If the provisions of subparagraphs 8a, b,
and c exceed the time the Employee was employed by the Company, then such period will be reduced to equal time Employee was employed by Company. With respect to and as used in subparagraphs 8a, b, and
c, business competitive with the business of Company includes all aspects of Company's business during the time of Employee's employment by Company. 

If
any of the terms of the covenants set forth in this paragraph 8 are deemed or determined to be too broad to be enforceable at law or otherwise, then the area and/or length of time (as the
case may be) shall be reduced to such area and/or time (as the case may be) as a court of competent jurisdiction shall deem enforceable, and the parties hereto agree that the court shall enforce such
periods and areas of restriction as deemed to be reasonable by said court even if more broadly stated herein. Compliance with the provisions of this paragraph 8 is a material condition to the
Company's hiring and/or retaining the services of Employee. Employee further agrees to indemnify and hold harmless the Company from all damages, expenses and costs, including reasonable attorneys'
fees, related to the Employee's breach of and/or Company's enforcement of any of the provisions of this Paragraph 8. 

8.    NATURE OF EMPLOYER'S BUSINESS: EMPLOYEE'S COVENANTS (continued) 

If
the Employee violates any of the restrictive covenants contained in the Paragraph 8, and Company brings legal action for injunctive or other relief, Company shall not, as a result of the
time involved in obtaining such relief, be deprived of the benefit of the full period of the restrictive covenants. Accordingly, the restrictive covenants contained in this Paragraph 8 shall be
deemed to have the duration specified above, computed from the date such relief is granted but reduced by the time expired between the date the period of restriction began to run and the date of the
first violation of the restrictive covenant. The covenants not to compete on the part of Employee contained in this Paragraph 8 shall be construed as an agreement independent of any other
provision in this Agreement, and the existence of any claim or cause of action of the Employee against Company whether predicated on this Agreement or otherwise shall not constitute a defense to the
enforcement by Company of such covenants not to compete. The provisions of this Paragraph 8 shall survive any termination of this Agreement. 

9.    INJUNCTIVE RELIEF  

The
parties agree that any breach or evasion of any of the material terms and conditions of this Agreement by Employee will cause immediate and irreparable injury to the Company, the exact extent of
which may be difficult to ascertain in a monetary award, and therefore, Company may enforce its rights under this Agreement in any court of competent jurisdiction of specific performance or injunctive
relief (including temporary restraining orders) in addition to any other rights, damages, or remedies Company may have at laws or equity. The provisions of this paragraph shall survive any termination
of this Agreement. 

10.    HEADINGS  

The
paragraph headings in this Agreement are inserted for convenience and identification only and are in no way intended to describe, interpret, define or limit the scope, extent, or intent of the
Agreement or any provisions thereof. 

11.    WAIVER  

A
waiver of any breach of the terms and conditions of this Agreement shall not be considered to be a modification of any provision nor shall such waiver act to bar the enforcement of any subsequent
breach or be permanent or binding for the future. 

4

 

12.    NOTICES  

All
notices hereunder shall be in writing and delivered by hand or sent by certified mail. Mail for the Company shall be addressed to its principal office located at 4724 SW Macadam Avenue, Portland,
Oregon 97201. Mail for Employee shall be directed to his/her last known address. 

13.    PROVISIONS SEPARATE AND SEVERABLE  

The
parties agree that if any provision contained in this Agreement is capable of two constructions, one of which would render the provision invalid and the other of which would render the provision
valid, then such provision shall be construed so as to render it valid. The parties further agree that each and every provision of this Agreement, particularly, but not exclusively, Paragraph 8
in its entirety, is separate and severable. Accordingly, in the event any particular provision in this agreement shall be declared unenforceable by a court of competent jurisdiction, the parties agree
that any and all other provisions in this Agreement shall be valid and subsisting, as though the parties had executed a further Agreement, excluding the particular provision(s) or condition(s)
declared to be unenforceable. 

14.    RESTRICTIONS ON ASSIGNABILITY  

Employee's
rights and benefits under this Agreement are personal to Employee and may not be transferred or assigned, voluntarily or involuntarily. Subject to this limitation, this Agreement shall be
binding upon and inure to the benefit of the parties, their heirs, devisees, personal representatives, successors and assigns. 

15.    ENTIRE AGREEMENT  

This
Agreement contains the entire understanding between the parties hereto. No modification or addition hereto shall be valid except by a writing signed by the parties hereto. This Agreement maybe
executed simultaneously in several counterparts, each of which shall be deemed an original, but all of this together shall constitute one and the same instrument. Employee hereby acknowledges that
he/she has been provided an opportunity to consult with his/her attorney prior to executing the Agreement. Employee further acknowledges that Employee has dully read and understands this Agreement,
including all the terms and provisions hereof, and by signing below, Employee acknowledges receipt of a copy of the Agreement and agrees to abide by all of the terms and conditions stated herein. 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

	

ATTEST:	
 	

 
	

/s/ Michael L. Elich
 Employee Signature	

 	

 
	

Michael L. Elich
 Employee Name (please print or type)	

 	

 
	

WITNESS:    BARRETT BUSINESS SERVICES, INC.	

 	

 
	

/s/ Greg Vaughn
 Manager Signature	

 	

 
	

Greg Vaughn
 Manager Name (please print or type)	

 	

 

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BARRETT BUSINESS SERVICES INC. EMPLOYMENT AGREEMENT

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