Document:

raleighrightsplanamendment2.htm - Generated by SEC Publisher for SEC Filing

	

   Exhibit 4.2

 

AMENDMENT NO. 1 TO SHAREHOLDER PROTECTION RIGHTS AGREEMENT

 

This AMENDMENT NO. 1 TO SHAREHOLDER PROTECTION RIGHTS AGREEMENT, is made as of November 26, 2012 (the “Amendment”), by and between Ralcorp Holdings, Inc., a Missouri corporation (the “Company”), and Computershare Trust Company, N.A., as rights agent (the “Rights Agent”).  Capitalized terms used and not defined herein shall have the meanings ascribed to them in the Rights Agreement (as defined below).  

WHEREAS, the Company and the Rights Agent are party to that certain Shareholder Protection Rights Agreement, dated as of May 4, 2011 (the “Rights Agreement”), pursuant to which the Company distributed one Right for each share of Common Stock outstanding at the Close of Business on the Record Date, other than shares of Common Stock held in the Company’s treasury on such date, and authorized the issuance of one Right in respect of each share of Common Stock issued between the Record Date (whether originally issued or issued from the Company’s treasury) and the Distribution Date, each Right initially representing the right to purchase one one-ten thousandth of Preferred Stock;

WHEREAS, Section 27 of the Rights Agreement provides that the Company may supplement or amend the Rights Agreement without the approval of any holders of Rights Certificates in any manner which the Company may deem necessary or desirable;

WHEREAS, the Board of Directors has approved the execution, delivery and performance by the Company of, and the consummation of the transactions contemplated by, that certain Agreement and Plan of Merger (as it may be amended or supplemented from time to time, the “Merger Agreement”), by and among the Company, ConAgra Foods, Inc., a Delaware corporation (“Parent”), and Phoenix Acquisition Sub Inc., a Missouri corporation and a wholly owned subsidiary of Parent (“Merger Subsidiary”), and, for purposes of giving the Prior Written Approval of the Company, by action of at least a majority of the members of the Board of Directors in office, has expressly approved the execution, delivery and performance of the Merger Agreement and the announcement and consummation of the transactions contemplated thereby, including the Merger (as defined in the Merger Agreement), pursuant to which Parent shall become the Beneficial Owner of 10% or more of the outstanding shares of Common Stock of the Company; 

                        WHEREAS, following said express approval by the Board of Directors, the Company desires hereby to give the Prior Written Approval of the Company in order to render the Rights Agreement inapplicable to the Merger, the Merger Agreement and the transactions contemplated by the Merger Agreement and, in connection therewith, the Board of Directors has determined that it is desirable to amend the Rights Agreement as provided herein; and

 

                        WHEREAS, the officer of the Company executing this Amendment is duly authorized to execute this Amendment on behalf of the Company and thereby give such Prior Written Approval of the Company.

 

                        NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein and in the Merger Agreement, the parties hereby agree as follows:

 

	

   

 

 

1.                 
Prior Written Approval of the Company.  For purposes of the
definition of “Acquiring Person” contained in the Rights Agreement, the Company
hereby gives its express written consent to the execution, delivery and
performance of the Merger Agreement and the announcement and consummation of
the transactions contemplated thereby, including the Merger, pursuant to which
Parent shall become the Beneficial Owner of 10% or more of the outstanding
shares of Common Stock of the Company.

 

2.                 
Amendment of Section 1.  Section 1 of the Rights Agreement is
hereby amended and supplemented to add the following definitions in the
appropriate alphabetical locations:

 

“Merger” shall mean the “Merger” as such term is
defined in the Merger Agreement.

             

“Merger Agreement” shall mean the Agreement and Plan of
Merger, dated as of November 26, 2012, by and among the Company, Parent and
Merger Subsidiary, as it may be amended or supplemented from time to time.

 

“Merger Subsidiary” shall mean Phoenix Acquisition Sub
Inc., a Missouri corporation and a wholly owned subsidiary of Parent.

 

“Parent” shall mean ConAgra Foods, Inc., a Delaware
corporation.

 

3.                 
Amendment to Definition of “Acquiring Person”.  The definition of
“Acquiring Person“ in Section 1 of the Rights Agreement is hereby amended and
supplemented by adding the following sentence at the end thereof: 

 

Insofar as the Prior Written
Approval of the Company has been given to the execution, delivery and performance
of the Merger Agreement and the announcement and consummation of the
transactions contemplated thereby, including the Merger, pursuant to which
Parent shall become the Beneficial Owner of 10% or more of the outstanding shares
of Common Stock of the Company (the “Express Prior Written Merger Approval”),
none of Parent, Merger Subsidiary nor any of their respective Affiliates or
Associates is, nor shall any of them be deemed to be, an “Acquiring Person” as
a result of the approval, execution, delivery or performance of the Merger
Agreement or the announcement or consummation of the transactions contemplated
thereby, it being the purpose of the Company that neither the execution of the
Merger Agreement by any of the parties thereto (including any amendment or
supplement to the Merger Agreement) nor the consummation of the transactions
contemplated thereby in accordance with the terms thereof shall in any respect
give rise to any provision of this Agreement becoming effective.

4.                 
Amendment to Definition of “Distribution Date”.  The definition
of “Distribution Date” in Section 3(a) of the Rights Agreement is hereby
amended and supplemented to add the following after the words “Record Date” at
the end of the parenthetical in the first sentence of such section: 

2

 

 

 

;
provided, further, that insofar as the Company has given the Express Prior
Written Merger Approval, the Distribution Date shall not occur or be deemed to
have occurred as a result of the approval, execution, delivery or performance
of the Merger Agreement or the announcement or consummation of the transactions
contemplated thereby 

 

5.                 
Amendment to Definition of “Stock Acquisition Date.”  The
definition of “Stock Acquisition Date” in Section 1 of the Rights Agreement is
hereby amended and supplemented to add the following sentence at the end
thereof: 

 

Insofar
as the Company has given the Express Prior Written Merger Approval, a Stock
Acquisition Date shall not occur or be deemed to have occurred as a result of
the approval, execution, delivery or performance of the Merger Agreement or the
announcement or consummation of the transactions contemplated thereby.

 

6.                 
Amendment to Section 7(a).  The last sentence of Section 7(a) of
the Rights Agreement is hereby amended by deleting “May 4, 2014” and replacing
it with the following: 

 

the
earlier of May 4, 2014 and immediately prior to the Effective Time (as defined
in the Merger Agreement),

 

7.                 
Amendment to Section 11(b). Section 11(b) of the Rights Agreement
is hereby amended by adding the following sentence at the end thereof:

 

Insofar
as the Company has given the Express Prior Written Merger Approval, no Section
11(b) Event shall be deemed to have occurred as a result of the approval,
execution, delivery or performance of the Merger Agreement or the announcement
or consummation of the transactions contemplated thereby.

 

8.                 
Amendment to Section 13(a).  Section 13(a) of the Rights
Agreement is hereby amended and supplemented by adding the following sentence
at the end thereof:

 

Insofar
as the Company has given the Express Prior Written Merger Approval, the
provisions of this Section 13(a) shall be deemed not to apply to the Merger
and, for purposes of the definition of “Section 13 Event” herein, the Merger
shall not be deemed to be an event described in clauses (x), (y) or (z) of
Section 13(a).

 

3

 

 

9.                 
Amendment to Section 30.  Section 30 of the Rights Agreement is
hereby amended and supplemented to add the following sentence at the end
thereof:

 

Nothing
in this Agreement shall be construed to give any holder of Rights or any other
Person any legal or equitable rights, remedies or claims under this Agreement
as a result of the approval, execution, delivery or performance of the Merger
Agreement or the announcement or consummation of the transactions contemplated
thereby.

 

10.             
Amendment to Add Section 36.  The Rights Agreement is hereby

amended
by adding a new Section 36 at the end thereof:

 

Section
36. Treatment of Rights at the Effective Time. Any provision to the contrary in
this Agreement notwithstanding, all Rights will expire in their entirety
immediately prior to the Effective Time (as defined in the Merger Agreement)
without any payment to be made in respect thereof.

 

11.             
Governing Law.  Section 32 (Governing Law) of the Rights
Agreement shall apply to this Amendment mutatis mutandis. 

 

12.             
Counterparts.  This Amendment may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and
the same instrument.  A signature to this Amendment transmitted electronically
shall have the same authority, effect, and enforceability as an original
signature.

 

13.             
Descriptive Headings.  Descriptive headings of the several
Sections of this Amendment are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions hereof.

 

14.             
Effectiveness.  This Amendment is effective as of immediately
prior to the execution and delivery of the Merger Agreement by each of the
parties thereto; provided, however, that if the Merger Agreement is terminated
for any reason, this Amendment shall no longer be applicable or of any further
force and effect and the Rights Agreement shall thereafter be the same as it
existed immediately prior to execution of this Amendment.  The Company agrees
to inform the Rights Agent promptly upon this Amendment becoming effective or
in the event it ceases to be applicable or of any further force and effect. 
Except as specifically amended by this Amendment, all other terms and
conditions of the Rights Agreement shall remain in full force and effect and
are hereby ratified and confirmed.

 

[Signature Page
Follows]

4

 

 

                        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and attested, all as of the day and year first above written.

 

                                                                                     

	

   RALCORP HOLDINGS, INC.

	

    
	
	

   
	

    

	

   
By:      	

   /s/ G.A. Billhartz                                  

	

   
	

    

	

   Name: 
	

   G.A. Billhartz                                     

	

   
	

    

	

   Title:    
	

   Corporate Vice President,                   

   General Counsel & Secretary

    

                 

	

   
	

   

	

   COMPUTERSHARE TRUST COMPANY, N.A.

	

    
	
	

   
	

    

	

   
By:      	

   /s/ Dennis V. Moccia                               

	

   
	

    

	

   Name: 
	

   Dennis V. Moccia

	

   
	

    

	

   Title:    
	

   

   Manager, Contract Administration

	

   
	

   

	

   
	

   

 

 

 

 

 

 

 

 

 

 

5consentreamendtoralc.htm - Generated by SEC Publisher for SEC Filing

                                                                                                                                                              

Exhibit 10.1

 

Execution Version

 

CONSENT

THIS CONSENT (this “Consent”), dated as of November 26, 2012, is by and among RALCORP RECEIVABLES, LLC (formerly Ralcorp Receivables Corporation), a Nevada limited liability company (the “Seller”), RALCORP HOLDINGS, INC., a Missouri corporation, as master servicer (in such capacity, the “Master Servicer”), the “Funding Agents” party hereto and JPMorgan Chase Bank, N.A., a national banking association, as agent for the Purchasers (in such capacity, the “Agent”).  Capitalized terms used herein and not otherwise defined herein shall have the meaning given to such terms in the Receivables Purchase Agreement (defined below).

 

WHEREAS, the Seller, the Master Servicer, the Purchasers, the Funding Agents and the Agent are parties to that certain Amended and Restated Receivables Purchase Agreement, dated as of November 4, 2010 (as amended, supplemented or otherwise modified prior to the date hereof, the “Receivables Purchase Agreement”); 

WHEREAS, Section 9.1(c)(iii) of the Receivables Purchase Agreement provides that an Amortization Event will occur if Ralcorp fails to observe any covenant contained in Section 6.17 of the Ralcorp Credit Agreement as in effect on May 1, 2012, without regard to any amendment or modification thereto or restatement thereof unless the Funding Agents shall have consented in writing to such amendment, modification or restatement;

WHEREAS, the Seller has notified the Agent and the Funding Agents that Ralcorp intends to enter into an amendment of Section 6.17 of the Ralcorp Credit Agreement, as set forth on Exhibit A attached hereto (the “Credit Agreement Amendment”) and in connection therewith, the Seller has requested that the Agent and the Funding Agents consent to the Credit Agreement Amendment upon the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.                 Credit Agreement Amendment.  Each of the Seller and Master Servicer hereby represents and warrants to the Agent and the Funding Agents that the form of the Credit Agreement Amendment attached hereto as Exhibit A is the final form thereof and except as set forth on Exhibit A hereto there have been no amendments or modifications to Section 6.17 of the Ralcorp Credit Agreement since May 1, 2012.

Section 2.                 Consent to Credit Agreement Amendment.  Subject to the terms and conditions set forth herein, the Agent and the Funding Agents consent to the Credit Agreement Amendment.

Section 3.                 Conditions Precedent.  This Consent shall become effective as of the date hereof (the “Effective Date”) upon the receipt by the Agent of (a) this Consent, (b) the Credit Agreement Amendment, in each case, duly executed by the parties hereto or thereto.

Section 4.                 Representations and Warranties.  Each of the Seller and the Master Servicer hereby represents and warrants that:

 

 

 

 

4.1.            This Consent and the Receivables Purchase Agreement, as amended hereby, constitute legal, valid and binding obligations of such parties and are enforceable against such parties in accordance with their terms.

4.2.            Upon the effectiveness of this Consent and after giving effect hereto, the covenants, representations and warranties of each such party, respectively, set forth in Article V of the Receivables Purchase Agreement, as amended hereby, are true and correct in all material respects as of the date hereof.

4.3.            Both before and after giving effect to this Consent, no event or circumstance has occurred and is continuing which constitutes an Amortization Event or a Potential Amortization Event.

Section 5.                 Reference to and Effect on the Receivables Purchase Agreement. 

5.1.            Upon the effectiveness of this Consent, on and after the date hereof, each reference in the Receivables Purchase Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Receivables Purchase Agreement and its amendments, as amended as provided herein.

5.2.            The Receivables Purchase Agreement, as amended hereby, and all other amendments, documents, instruments and agreements executed and/or delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed.

5.3.            The execution, delivery and effectiveness of this Consent shall not operate as a waiver of any right, power or remedy of the Purchasers, the Funding Agents or the Agent, nor constitute a waiver of any provision of the Receivables Purchase Agreement, any Transaction Document or any other documents, instruments and agreements executed and/or delivered in connection therewith.

Section 6.                 Governing Law.  THIS CONSent and the obligations hereunder, shall in all RESPECTS, including matters of construction, validity and performance, BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS.

Section 7.                 Headings.  Section headings in this Consent are included herein for convenience of reference only and shall not constitute a part of this Consent for any other purpose.

Section 8.                 Counterparts; Facsimile or Electronic Signatures.  This Consent may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same Consent.  Delivery by facsimile or electronic mail (via .pdf file) of an executed signature page of this Consent shall be effective as delivery of an executed counterpart hereof.

Section 9.                 Entire Agreement.  The parties hereto hereby agree that this Consent constitutes the entire agreement concerning the subject matter hereof and supersedes any and all written and/or oral prior agreements, negotiations, correspondence, understandings and communications.

Section 10.             Fees, Costs and Expenses.  Ralcorp shall pay on demand all reasonable and invoiced fees and out-of-pocket expenses of Sidley Austin LLP, counsel for the Agent and the Funding Agents, incurred in connection with the preparation, negotiation, execution and delivery of this Consent.

                                                                              2

 

                                                                                                                                                              

In Witness Whereof, the parties hereto have executed and delivered this Consent as of the date first written above.

 

RALCORP RECEIVABLES, LLC

(formerly, Ralcorp Receivables Corporation),

as Seller

 

 

By: /s/ S. Monette__________________________ 

Name:  S. Monette

Title:     President

 

 

 

RALCORP HOLDINGS, INC., 

as Master Servicer

 

 

By: /s/ S. Monette__________________________ 

Name: S. Monette

Title:    President

 

Signature Page to Consent

 

 

 

 

JPMORGAN CHASE BANK, N.A., 

as Agent and as a Funding Agent 

 

 

By: /s/ Joel C. Gedroic_________________ 

Name:  Joel C. Gedroic

Title:    Executive Director

 

 

 

 

Signature Page to Consent

 

 

 

 

SUNTRUST ROBINSON HUMPHREY, INC., 

as a Funding Agent

 

 

By: /s/ Michael Peden__________________ 

Name:  Michael Peden

Title:    Vice President 

 

Signature Page to Consent

 

 

 

                                                                                                                                                              

EXHIBIT A

 

CREDIT
AGREEMENT AMENDMENT

 

 

 

Attached

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