Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 THIRD
AMENDED AND RESTATED GUARANTY AGREEMENT 
 This THIRD AMENDED AND RESTATED GUARANTY AGREEMENT, dated as of September 18, 2020 (this
“Guaranty Agreement”), is made by and among the Parent Borrower (as defined below), each of the undersigned Subsidiary Loan Parties, any Subsidiary Loan Party hereafter added as a Guarantor (as defined below) and the Agent (as
defined below). 
 WHEREAS, DARLING INGREDIENTS INC., a Delaware corporation (the “Parent Borrower”), has entered into that
certain Second Amended and Restated Credit Agreement dated January 6, 2014, among the Parent Borrower, the other Borrowers party thereto, the lenders from time to time party thereto, JPMORGAN CHASE BANK, N.A., as the administrative agent and
the other agents party thereto (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”) and in connection therewith certain of its Subsidiaries, from
time to time prior to the date hereof, entered into that certain Second Amended and Restated Guaranty Agreement dated January 6, 2014, by the Subsidiary Loan Parties (as defined immediately prior to the effectiveness of the Sixth Amendment (as
defined below) and this Guaranty Agreement, the “Existing Guarantors”) party thereto (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Guaranty
Agreement”); 
 WHEREAS, the Parent Borrower and the other applicable parties thereto have agreed to amend the Existing Credit
Agreement, and in connection therewith enter into that certain Sixth Amendment to the Second Amended and Restated Credit Agreement dated the date hereof (the “Sixth Amendment”), among the Parent Borrower, the other Borrowers party
thereto, the lenders from time to time party thereto (the “Lenders”), JPMORGAN CHASE BANK, N.A., as the administrative agent (the “Agent”) and the other agents party thereto (as amended by the Sixth Amendment, and
as may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein but not otherwise defined herein shall have the same meaning
assigned to such terms in the Credit Agreement); 
 WHEREAS, in connection with the Sixth Amendment, the Parent Borrower, the Agent and the
Subsidiary Loan Parties party hereto have agreed to amend and restate the Existing Guaranty Agreement as set forth herein (it being understood that any Existing Guarantor that is not party to this Guaranty Agreement shall be released from its
guarantee hereunder upon effectiveness of this Guaranty Agreement in accordance with Section 27 hereof); 
 NOW,
THEREFORE, for valuable consideration, the receipt and adequacy of which are hereby acknowledged, each of the undersigned Parent Borrower and the Subsidiary Loan Parties and any Subsidiary Loan Party hereafter added as a “Guarantor” hereto
pursuant to (a) in the case of Domestic Subsidiaries, a Subsidiary Joinder Agreement substantially in the form attached as Exhibit B to the Security Agreement and (b) in the case of Specified Foreign Subsidiaries or Specified Canadian
Subsidiaries, a Subsidiary Joinder Agreement substantially in the form attached as Exhibit A hereto (each such agreement referred to under clause (a) or (b), a “Subsidiary Joinder Agreement” and each such Parent
Borrower or Subsidiary Loan Party party to a Subsidiary Joinder Agreement, individually a “Guarantor” and collectively the “Guarantors”), hereby irrevocably and unconditionally guarantees to the Secured Parties (the
“Guaranteed Secured Parties”), the full and prompt payment and performance of the Guaranteed Indebtedness (hereinafter defined), this Guaranty Agreement hereby amending and restating the Existing Guaranty Agreement upon the terms
set forth herein: 
 1. The term “Guaranteed Indebtedness”, as used herein, means all of the Obligations, as defined in the
Credit Agreement and the other Loan Documents. The “Guaranteed Indebtedness” shall include (a) any increases, extensions and rearrangements of the Obligations under any amendments, 

 
restatements, amendment and restatements, supplements or other modifications of the documents and agreements creating the Obligations and (b) any and all
post-petition interest and expenses (including attorneys’ fees in accordance with the terms and conditions of the Credit Agreement) arising in connection with any proceeding under any bankruptcy,
insolvency, or other similar law whether or not allowed in such proceeding; provided that the Guaranteed Indebtedness shall be limited, with respect to each Guarantor, to an aggregate amount equal to the largest amount that would not render
such Guarantor’s obligations hereunder subject to avoidance under Section 544 or 548 of the United States Bankruptcy Code or under any applicable state or local law relating to fraudulent transfers or conveyances or under other local law
limitations set forth in any applicable Subsidiary Joinder Agreement; provided further that notwithstanding anything herein to the contrary, with respect to any Foreign Subsidiary Loan Party (i) “Guaranteed Indebtedness”
shall only mean the Foreign Obligations and with respect to clauses (a) and (b) above, shall only include such amounts as they relate to the Foreign Obligations and (ii) notwithstanding any other provision of this Guaranty
Agreement to the contrary, the Guaranteed Indebtedness and any guarantee of Obligations or Foreign Obligations shall be subject to the limitations set out in Section 9 of this Guaranty Agreement or any other limitations as
reasonably agreed by the Agent and such Foreign Subsidiary Loan Party in accordance with the Agreed Security Principles and set forth in any applicable Subsidiary Joinder Agreement; provided, further, that for purposes of determining
any guarantee obligations of any Guarantor under this Guaranty Agreement, the definition of “Obligations” (and for the avoidance of doubt “Foreign Obligations”) shall not create any guarantee by any Guarantor of any Excluded Swap
Obligations (as defined below) of such Guarantor. As used herein, the following terms have the following meanings: 
 “Commodity
Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute. 

“Excluded Swap Obligation” means, with respect to any Guarantor, (a) any Swap Obligation if, and to the extent that, and
only for so long as, all or a portion of the guarantee by such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any guarantee thereof) is or becomes illegal under the Commodity
Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure to constitute an “eligible contract
participant,” as defined in the Commodity Exchange Act and the regulations thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would become effective with respect to such
Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and counterparty applicable to such Swap Obligations, and
agreed by the Agent. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to Swaps for which such guarantee or security
interest is or becomes illegal. 
 “Qualified Keepwell Provider” means, in respect of any Swap Obligation, each Loan Party
that, at the time the relevant guarantee (or grant of the relevant security interest, as applicable) becomes effective with respect to such Swap Obligation, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible contract
participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into a
keepwell or guarantee pursuant to Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Swap” means any
agreement, contract, or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

  
 GUARANTY AGREEMENT, Page
2 

 “Swap Obligation” means, with respect to any Person, any obligation to pay
or perform under any Swap. 
 2. The Guarantors together desire to allocate among themselves (collectively, the “Contributing
Guarantors”), in a fair and equitable manner, their obligations arising under this Guaranty Agreement. Accordingly, in the event any payment or distribution is made by a Guarantor under this Guaranty Agreement (a “Funding
Guarantor”) that exceeds its Fair Share (as defined below), that Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in the amount of such other Contributing Guarantor’s Fair Share
Shortfall (as defined below), with the result that all such contributions will cause each Contributing Guarantor’s Aggregate Payments (as defined below) to equal its Fair Share. “Fair Share” means, with respect to a
Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Adjusted Maximum Amount (as defined below) with respect to such Contributing Guarantor to (ii) the aggregate of the Adjusted Maximum
Amounts with respect to all Contributing Guarantors, multiplied by (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty Agreement in respect of the obligations
guarantied, as applicable. “Fair Share Shortfall” means, with respect to a Contributing Guarantor as of any date of determination, the excess, if any, of the Fair Share of such Contributing Guarantor over the Aggregate Payments of
such Contributing Guarantor. “Adjusted Maximum Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under this
Guaranty Agreement determined in accordance with the provisions hereof; provided that, solely for purposes of calculating the “Adjusted Maximum Amount” with respect to any Contributing Guarantor for purposes of this
paragraph 2, the assets or liabilities arising by virtue of any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate
Payments” means, with respect to a Contributing Guarantor as of any date of determination, the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty
Agreement (including, without limitation, in respect of this paragraph 2). The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is made by the
applicable Funding Guarantor. The allocation among Contributing Guarantors of their obligations as set forth in this paragraph 2 shall not be construed in any way to limit the liability of any Contributing Guarantor
hereunder. 
 3. This instrument shall be an absolute, continuing, irrevocable and unconditional guaranty of payment and performance, and
not a guaranty of collection, and each Guarantor shall remain liable on its obligations hereunder until the Date of Full Satisfaction in accordance with the terms and conditions of the Credit Agreement. No
set-off, counterclaim, recoupment, reduction, or diminution of any obligation, or any defense of any kind or nature which any Borrower may have against any Guaranteed Secured Party or any other party, or which
any Guarantor may have against any Borrower, any Guaranteed Secured Party or any other party, shall be available to, or shall be asserted by, any Guarantor against any Guaranteed Secured Party or any subsequent holder of the Guaranteed Indebtedness
or any part thereof or against payment of the Guaranteed Indebtedness or any part thereof until the Date of Full Satisfaction in accordance with the terms and conditions of the Credit Agreement. 

4. If a Guarantor becomes liable for any Indebtedness owing by any Borrower to any Guaranteed Secured Party by endorsement or otherwise, other
than under this Guaranty Agreement, such liability shall not be in any manner impaired or affected hereby, and the rights of the Guaranteed Secured Parties hereunder shall be cumulative of any and all other rights that any Guaranteed Secured Party
may ever have against such Guarantor. The exercise by any Guaranteed Secured Party of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other right or
remedy. 

  
 GUARANTY AGREEMENT, Page
3 

 5. Upon the occurrence and continuance of an Event of Default arising from any
Borrower’s default in payment of its Obligations, or any part thereof, when such Obligations become due, whether by its terms, by acceleration, or otherwise, the Guarantors of such defaulted Obligations to the extent constituting Guaranteed
Indebtedness shall, jointly and severally, promptly pay the amount due thereon to Agent, without notice or demand, in the currency required by the Credit Agreement, and it shall not be necessary for the Agent or any other Guaranteed Secured Party,
in order to enforce such payment by any Guarantor, first to institute suit or exhaust its remedies against any Borrower or others liable on such Guaranteed Indebtedness, or to enforce any rights against any Collateral which shall have been given to
secure such Guaranteed Indebtedness. In the event such payment is made by a Guarantor, then such Guarantor shall be subrogated to the rights then held by the Agent and any other Guaranteed Secured Party with respect to the Guaranteed Indebtedness to
the extent the Guaranteed Indebtedness was discharged by such Guarantor and, in addition, upon payment by such Guarantor of any sums to the Agent or any other Guaranteed Secured Party hereunder, all rights of such Guarantor against the applicable
Borrower, any other Guarantor or any collateral arising as a result therefrom by way of right of subrogation, reimbursement, or otherwise shall in all respects be subordinate and junior in right of payment until the Date of Full Satisfaction in
accordance with the terms and conditions of the Credit Agreement. All payments received by the Agent hereunder shall be applied by the Agent to payment of the applicable Guaranteed Indebtedness in the order provided for in Section 2.18(f) of
the Credit Agreement. 
 6. If acceleration of the time for payment of any amount payable by any Borrower under its Obligations is stayed
upon the insolvency, bankruptcy, reorganization or any similar proceeding of such Borrower, all such amounts otherwise subject to acceleration under the terms of the Guaranteed Indebtedness relating to such Obligations shall nonetheless be payable
by the applicable Guarantors hereunder forthwith on demand by the Agent or the Required Lenders. 
 7. Each Guarantor hereby agrees that its
obligations under this Guaranty Agreement shall not be released, discharged, diminished, impaired, reduced, or affected for any reason or by the occurrence of any event which affects the Guaranteed Indebtedness, including, without limitation, one or
more of the following events, whether or not with notice to or the consent of any Guarantor: (a) the taking or accepting of Collateral as security for any or all of the Guaranteed Indebtedness or the release, surrender, exchange, or
subordination of any Collateral now or hereafter securing any or all of the Guaranteed Indebtedness; (b) any partial release of the liability of any Guarantor hereunder, or the full or partial release of any other guarantor from liability for
any or all of the Guaranteed Indebtedness; (c) any disability of any Borrower, or the dissolution, insolvency, bankruptcy, or any similar proceeding of any Borrower, any Guarantor, or any other party at any time liable for the payment of any or
all of the Guaranteed Indebtedness; (d) any renewal, extension, modification, waiver, amendment, restatement, amendment and restatement or rearrangement of any or all of the Guaranteed Indebtedness or any instrument, document, or agreement
evidencing, securing, or otherwise relating to any or all of the Guaranteed Indebtedness; (e) any adjustment, indulgence, forbearance, waiver, or compromise that may be granted or given by the Agent or any other Guaranteed Secured Party to any
Borrower, any Guarantor, or any other party ever liable for any or all of the Guaranteed Indebtedness; (f) any neglect, delay, omission, failure, or refusal of the Agent or any other Guaranteed Secured Party to take or prosecute any action for
the collection of any of the Guaranteed Indebtedness or to foreclose or take or prosecute any action in connection with any instrument, document, or agreement evidencing, securing, or otherwise relating to any or all of the Guaranteed Indebtedness;
(g) the unenforceability or invalidity of any or all of the Guaranteed Indebtedness or of any instrument, document, or agreement evidencing, securing, or otherwise relating to any or all of the Guaranteed Indebtedness; (h) any payment by
any Borrower or any other party to the Agent or any other Guaranteed Secured Party is held to constitute a preference under applicable bankruptcy or insolvency law or if for any other reason the Agent or any other Guaranteed Secured Party is
required to refund any payment or pay the amount thereof to someone else; (i) the settlement or compromise of any of the Guaranteed Indebtedness; (j) the non-perfection of any security interest or
lien securing any or all of the Guaranteed Indebtedness; 

  
 GUARANTY AGREEMENT, Page
4 

 
(k) any impairment of any Collateral securing any or all of the Guaranteed Indebtedness; (l) the failure of the Agent or any other Guaranteed Secured Party to sell any Collateral
securing any or all of the Guaranteed Indebtedness in a commercially reasonable manner or as otherwise required by law; (m) any change in the corporate existence, structure, or ownership of any Borrower or any Guarantor; or (n) any other
circumstance which might otherwise constitute a defense available to, or discharge of, any Borrower or any other Guarantor (in any case other than upon the Date of Full Satisfaction). 

8. Each Guarantor represents and warrants to the Agent and the Lenders that the representations and warranties in Sections 3.01, 3.02 and 3.03
of the Credit Agreement to the extent relating to it are true and correct in all material respects as of the date hereof and on each date the representations and warranties hereunder are restated pursuant to any of the Loan Documents with the same
force and effect as if such representations and warranties had been made on and as of such date except to the extent that such representations and warranties relate specifically to another date. 

9. The following limitations shall apply to any Guarantor which is incorporated under the laws of the Federal Republic of Germany as a limited
liability company (Gesellschaft mit beschränkter Haftung) (only for the purposes of this Section 9, the “German Guarantor”): 

(a) The enforcement of the guarantee granted by the German Guarantor hereunder (the “GmbH Collateral”) shall be limited as
follows: 
 (1) The enforcement of the GmbH Collateral shall be limited if and to the extent that such GmbH Collateral secures obligations
of a shareholder of the German Guarantor or an affiliated company (verbundes Unternehmen) of such shareholder within the meaning of section 15 of the German Stock Corporation Act (Aktiengesetz) (other than any of the German
Guarantor’s direct or indirect subsidiaries) and that, in such case, the enforcement of the GmbH Collateral (i) would cause the German Guarantor’s assets less the German Guarantor’s liabilities (the “Net Assets”)
to be less than its registered share capital (Stammkapital) (Begründung einer Unterbilanz) or (ii) (if the German Guarantor’s Net Assets are already less than its registered share capital) would cause such deficit to be
further increased (Vertiefung der Unterbilanz). 
 (2) For the purposes of such calculation the Net Assets shall be determined in
accordance with the German Commercial Code (Handelsgesetzbuch) save that the following balance sheet items shall be adjusted as follows: 

(i) if the registered share capital of the German Guarantor is not fully paid up (nicht voll eingezahlt), the relevant amount which is
not paid up shall be deducted from the registered share capital; 
 (ii) the amount of any increase after the date of this Guaranty
Agreement of the German Guarantor’s registered share capital out of capital reserves of such German Guarantor (Kapitalerhöhung aus Kapitalrücklagen) which has been effected without the prior written consent of the Agent shall
be deducted from the registered share capital; 
 (iii) any loan provided to such German Guarantor, insofar as such loan qualifies as
equity or subordinated shareholder loan, shall be disregarded; and 
 (iv) liabilities in relation to loans granted to, and other
contractual liabilities incurred by, the German Guarantor in breach of any term of the Credit Agreement shall be disregarded. 

  
 GUARANTY AGREEMENT, Page
5 

 (3) In addition, the German Guarantor shall, to the extent legally permissible, realize in a
situation where, after enforcement of the GmbH Collateral, the German Guarantor would not have Net Assets in excess of its registered share capital, any and all of its assets that are shown in the balance sheet with a book value (Buchwert)
that is lower than the market value of the asset unless the relevant asset is necessary for the business of the German Guarantor (Sicherungsabtretung) its respective claim for the purchase price or other proceeds from the realization to the
Agent or any nominee appointed by the Agent. 
 (4) The enforcement of the GmbH Collateral shall initially be excluded pursuant to
paragraph (a) (1) above if no later than ten (10) Business Days following a demand by the Agent to enforce the GmbH Collateral, the managing directors on behalf of the German Guarantor have confirmed in writing to the Agent (the
“Management Determination”): 
 (i) to what extent the GmbH Collateral granted by the German Guarantor is an up-stream or cross-stream security as described in paragraph (a) (1) above; and 
 (ii) which
amount of such cross-stream and/or up-stream security cannot be enforced as it would cause the Net Assets of the German Guarantor to be less than (or fall further below) its registered share capital (taking
into account the adjustments set out in paragraph (a) (2) above and the realization duties set out in paragraph (a) (3) above), 

and such confirmation is supported by a calculation which is satisfactory to the Agent, acting reasonably. 

Notwithstanding the above, the Agent shall in any event be entitled to enforce the GmbH Collateral for any amounts where such enforcement would, in accordance
with the Management Determination, not cause the German Guarantor’s Net Assets to be less than (or to fall further below) the amount if its registered share capital (in each case as calculated and adjusted in accordance with
paragraph (a) (2) above. 
 (5) Following the Agent’s receipt of a Management Determination, any further enforcement of
the GmbH Collateral shall be excluded pursuant to paragraph (a) (1) above for a period of no more than twenty (20) Business Days only. 

If the Agent receives within such twenty (20) Business Days period (i) an up-to-date balance sheet together with (ii) a determination in each case prepared by auditors of international standard and reputation appointed by the German Guarantor either confirming the Management
Determination (the “Auditors Determination”), the further enforcement of the GmbH Collateral shall be limited, if and to the extent such enforcement would, in accordance with the Auditor’s Determination cause the German
Guarantor’s Net Assets to be less than (or to fall further below) the amount of its registered share capital in each case as calculated and adjusted in accordance with paragraph (a) (2) above. If the German Guarantor fails to deliver
an Auditor’s Determination within twenty (20) Business Days after receipt of the Management Determination, the Agent shall be entitled to enforce the GmbH Collateral without any limitation or restriction. 

(6) The limitations set out in this paragraph (a) shall not apply (or, as the case may be, shall cease to apply): 

(i) if and to the extent the relevant GmbH Collateral secures any amounts borrowed under the Credit Agreement which are lent, on-lent or otherwise passed on to such German Guarantor or any of its subsidiaries from time to time; or 

  
 GUARANTY AGREEMENT, Page
6 

 (ii) if and to the extent the enforcement of the GmbH Collateral will result in a fully
valuable recourse claim (vollwertiger Rückgriffanspruch) of the German Guarantor within the meaning of section 30 paragraph 1 sentence 2 of the German Limited Liability Companies Act (GmbH); or 

(iii) if and to the extent a domination and/or profit and loss pooling agreement (Beherrschungs- und/oder Gewinnabführungsvertrag)
is or becomes effective with the German Guarantor as dominated entity, unless the German Guarantor evidences by deliver to the Agent, within two (2) weeks following a payment demand of a Secured Party in relation to the GmbH Collateral, a legal
opinion prepared by a reputable law firm acceptable to the Agent (acting reasonably) that the payment of the relevant German Guarantor would result in a violation of section 30 or 31 of the German Limited Liability Companies Act
(“GmbHG”) irrespective of whether the German Guarantor is a dominated company under a domination and/or profit and loss pooling agreement (Beherrschungs- und/oder Gewinnabführunugsvertrag); or 

(iv) if and to the extent for any other reason (including, without limitation, as a result of a change in the relevant rules of law) the
deficit (Unterbilanz) referred to in paragraph (a) (1) above does not constitute a breach of the German Guarantor’s obligations to maintain its registered share capital pursuant to sections 30 et seq. GmbHG, each as amended,
supplemented and/or replaced from time to time. 
 (b) If, prior to the date of enforcement of the GmbH Collateral of the German Guarantor,
a final (rechtskräftig) judgement of the Federal High Court of Justice (Bundesgerichtshof) or a Higher Regional Court (Oberlandesgericht) has been passed in relation to section 30 GmbHG which states that the mere
existence of a domination agreement (Beherrschungsvertrag) and/or a profit absorption agreement (Gewinnabführungsvertrag) without a fully recoverable recourse claim (vollwertiger Gegenleistungs- oder
Rückgriffsanspruch) is not sufficient in order to avoid a violation of section 30 GmbHG, the limitation set out in paragraph (a) (6) (iii) above shall no longer apply. 

(c) The provisions of this Section 9 shall apply mutatis mutandis in relation to the general partner of a
German Guarantor which is established under the laws of the Federal Republic of Germany as a limited liability partnership (Kommanditgesellschaft) with a German limited liability company (Gesellschaft mit beschränkter Haftung) as
its sole general partner (Komplementär) (GmbH & Co. KG). 
 10.Each Guarantor acknowledges the
following: 
 (a) It has, independently and without reliance upon the Agent or any Lender and based upon such documents and
information as it has deemed appropriate, made its own analysis and decision to enter into the Loan Documents to which it is a party. 

(b) It is not relying upon the Agent or any Lender to provide (and neither the Agent nor any Lender shall have any duty to
provide) any information concerning the financial condition and assets of any Borrower to it either now or in the future. 
 11. Each
Guarantor covenants and agrees that, until the Date of Full Satisfaction, it will comply with all covenants set forth in the Credit Agreement that are applicable to it. 

12. When an Event of Default exists and is continuing and subject to the terms and conditions of the Credit Agreement, the Agent and each
other Guaranteed Secured Party shall, to the fullest extent permitted by law, have the right to set-off and apply against each applicable Guarantor’s Guaranteed Indebtedness constituting Loan Obligations,
at any time and without notice to any Guarantor, any and all deposits (general or special, time or demand, provisional or final) or other sums at any time credited by or owing from the Agent and each other Guaranteed Secured Party to any Guarantor
whether or not the 

  
 GUARANTY AGREEMENT, Page
7 

 
Guaranteed Indebtedness is then due and irrespective of whether or not the Agent or any other Guaranteed Secured Party shall have made any demand under this Guaranty Agreement. Each Guaranteed
Secured Party agrees promptly to notify the Borrowers in writing (with a copy to the Agent) after any such setoff and application; provided that the failure to give such notice shall not affect the validity of such setoff and application. The
rights and remedies of the Agent and other Guaranteed Secured Parties hereunder are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Agent or any
other Secured Party may have. 
 13. (a) Each Guarantor agrees that any and all Liens (including any judgment liens), upon any such
Guarantor’s assets securing payment of any Subordinated Indebtedness shall be and remain inferior and subordinate to any and all Liens upon any such Guarantor’s assets securing payment of the Guaranteed Indebtedness or any part
thereof, regardless of whether such Liens that are in favor of a Guarantor, the Agent or any other Guaranteed Secured Party presently exist or are hereafter created or attached. Without the prior written consent of the Agent (which consent shall not
be unreasonably withheld), no Guarantor shall (i) file suit against any other Guarantor or exercise or enforce any other creditor’s right it may have against any other Guarantor, or (ii) foreclose, repossess, sequester, or otherwise
take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, receivership, bankruptcy, reorganization, rearrangement, debtor’s relief or other
insolvency proceeding) to enforce any obligations of any other Guarantor to such Guarantor or any Liens held by such Guarantor on assets of any other Guarantor. 

(b) In the event of any liquidation, receivership, bankruptcy, reorganization, rearrangement, debtor’s relief or other
insolvency proceeding involving any Guarantor as debtor, the Agent shall have the right to prove and, to the extent permitted by applicable law, vote any claim under the Subordinated Indebtedness and to receive directly from the receiver, trustee or
other court custodian all dividends, distributions, and payments made in respect of the Subordinated Indebtedness until the Date of Full Satisfaction. The Agent may apply any such dividends, distributions, and payments against such Guaranteed
Indebtedness in accordance with the Credit Agreement. 
 14. Except for modifications made pursuant to the execution and delivery of a
Subsidiary Joinder Agreement or as otherwise provided in the Credit Agreement, no amendment or waiver of any provision of this Guaranty Agreement or consent to any departure by any Guarantor therefrom shall in any event be effective unless the same
shall be in writing and signed by the Guarantors and the Agent (with the consent of the Required Lenders). No failure on the part of the Agent or any other Guaranteed Secured Party to exercise, and no delay in exercising, any right, power, or
privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power, or privilege. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 15. This Guaranty Agreement is for the benefit
of the Guaranteed Secured Parties and their successors and permitted assigns, and in the event of an assignment of the Guaranteed Indebtedness, or any part thereof, the rights and benefits hereunder, to the extent applicable to the Guaranteed
Indebtedness so assigned, may be transferred with such Guaranteed Indebtedness. This Guaranty Agreement is binding not only on each Guarantor, but on each Guarantor’s successors and assigns. 

16. Each Guarantor recognizes that the Agent and the Lenders are relying upon this Guaranty Agreement and the undertakings of each Guarantor
hereunder and under the other Loan Documents to which each is a party in making extensions of credit to the Borrowers under the Credit Agreement and further recognizes that the execution and delivery of this Guaranty Agreement and the other Loan
Documents to which each Guarantor is a party is a material inducement to the Agent and the Lenders in 

  
 GUARANTY AGREEMENT, Page
8 

 
entering into the Credit Agreement and continuing to extend credit thereunder. Each Guarantor hereby acknowledges that there are no conditions to the full effectiveness of this Guaranty Agreement
or any other Loan Document to which it is a party other than as may be set forth herein or in the other Loan Documents. 
 17. Any notice or
demand to any Guarantor under or in connection with this Guaranty Agreement or any other Loan Document to which it is a party shall be deemed effective if given to the Guarantor (care of the Parent Borrower) in accordance with the notice provisions
in the Credit Agreement. 
 18. Except as otherwise specifically provided in the Credit Agreement, each Guarantor hereby waives promptness,
diligence, notice of any default under the Guaranteed Indebtedness, demand of payment, notice of acceptance of this Guaranty Agreement, presentment, notice of protest, notice of dishonor, notice of the incurring by any Borrower of additional
indebtedness, and all other notices and demands with respect to the Guaranteed Indebtedness and this Guaranty Agreement. 
 19. THIS
GUARANTY AGREEMENT, TOGETHER WITH ANY SUBSIDIARY JOINDER AGREEMENT, EMBODIES THE FINAL, ENTIRE AGREEMENT OF EACH GUARANTOR, THE AGENT AND THE OTHER GUARANTEED SECURED PARTIES WITH RESPECT TO EACH GUARANTOR’S GUARANTY OF THE GUARANTEED
INDEBTEDNESS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS GUARANTY AGREEMENT, TOGETHER WITH ANY SUBSIDIARY JOINDER AGREEMENT, IS
INTENDED BY EACH GUARANTOR, THE AGENT AND THE OTHER GUARANTEED SECURED PARTIES AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THE GUARANTY AGREEMENT, AND NO COURSE OF DEALING AMONG ANY GUARANTOR, AGENT AND ANY OTHER GUARANTEED SECURED PARTY, NO
COURSE OF PERFORMANCE, NO TRADE PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS
GUARANTY AGREEMENT. THERE ARE NO ORAL AGREEMENTS AMONG ANY GUARANTOR, THE AGENT AND ANY OTHER SECURED PARTY. 
 20. This Guaranty
Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of (x) this Guaranty Agreement, (y) any other Loan Document and/or (z) any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization
related to this Guaranty Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an electronic symbol, or process attached to, or associated with, a
contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record (each an “Electronic Signature”) transmitted by telecopy, emailed pdf. or any other electronic means that
reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Guaranty Agreement, such other Loan Document or such Ancillary Document, as applicable. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Guaranty Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to
accept Electronic Signatures in any form or format without its prior written consent 

  
 GUARANTY AGREEMENT, Page
9 

 
and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic
Signature, (A) the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of any Borrower or any other Loan Party without further verification thereof and without
any obligation to review the appearance or form of any such Electronic Signature and (B) the Loan Parties shall be entitled to rely on such Electronic Signature purportedly given on behalf of the Administrative Agent, any Lender, any Swingline
Lender or any Issuing Bank without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of any Loan Party, the Administrative Agent or any Lender,
any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, (i) the Guarantors, the Administrative Agent, the Lenders and any holder of the Obligations, by their
acceptance of the benefits of this Guaranty Agreement, hereby agree that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the
Administrative Agent, the Lenders, the Borrowers and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic
images of this Guaranty Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original and (ii) each other party hereto or to any Loan Document and/or
Ancillary Document may, at its option, create one or more copies of this Guaranty Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the
ordinary course of such Person’s business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper
record). 
 21. This Guaranty Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

22. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY
FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT (EXCLUDING THE ENFORCEMENT OF THE SECURITY
DOCUMENTS TO THE EXTENT SUCH SECURITY DOCUMENTS EXPRESSLY PROVIDE OTHERWISE), OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF SUCH PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH
ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF SUCH PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 23. Keepwell. Each Qualified
Keepwell Provider hereby jointly and severally absolutely, unconditionally, and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this
guarantee in respect of any Swap Obligation (provided, however, that each Qualified Keepwell Provider shall only be liable under this Section 23 for the maximum amount of such liability that can be hereby
incurred without rendering its obligations under this Section 23, or otherwise under this guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or under any other local law
limitation set forth in any applicable Subsidiary Joinder Agreement, and not for any greater amount). The obligations of each Qualified Keepwell Provider under this Section 23 shall remain in full force and effect until the
Date of 

  
 GUARANTY AGREEMENT, Page
10 

 
Full Satisfaction. Each Qualified Keepwell Provider intends that this Section 23 constitute, and this Section 23 shall be deemed to constitute,
a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

24. EACH GUARANTOR SHALL INDEMNIFY THE ADMINISTRATIVE AGENT, THE ISSUING BANK AND EACH LENDER, AND EACH RELATED PARTY OF ANY OF THE FOREGOING
PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, LIABILITIES AND RELATED EXPENSES, INCLUDING THE FEES, CHARGES AND DISBURSEMENTS OF ANY
COUNSEL FOR ANY INDEMNITEE (LIMITED TO ONE COUNSEL TO THE INDEMNITEES, TAKEN AS A WHOLE, AND ONE ADDITIONAL COUNSEL IN EACH JURISDICTION IN WHICH ANY COLLATERAL IS LOCATED OR ANY PROCEEDINGS ARE HELD AND, IN THE CASE OF AN ACTUAL OR PERCEIVED
CONFLICT OF INTEREST, ONE ADDITIONAL COUNSEL TO THE INDEMNITEES, TAKEN AS A WHOLE), INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (I) THE SYNDICATION OF THE COMMITMENTS OR THE LOANS, THE
EXECUTION OR DELIVERY OF ANY LOAN DOCUMENT OR ANY OTHER AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, THE PERFORMANCE BY THE PARTIES TO THE LOAN DOCUMENTS OF THEIR RESPECTIVE OBLIGATIONS THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS, ANY OTHER
ACQUISITION PERMITTED UNDER THE CREDIT AGREEMENT OR ANY OTHER TRANSACTIONS CONTEMPLATED THEREBY, (II) ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM (INCLUDING ANY REFUSAL BY THE ISSUING BANK TO HONOR A DEMAND FOR PAYMENT
UNDER A LETTER OF CREDIT IF THE DOCUMENTS PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS OF SUCH LETTER OF CREDIT), (III) ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY
CURRENTLY OR FORMERLY OWNED OR OPERATED BY THE PARENT BORROWER OR ANY OF ITS SUBSIDIARIES, OR ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE PARENT BORROWER OR ANY OF ITS SUBSIDIARIES, OR (IV) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION,
INVESTIGATION, ACTION, SUIT, ARBITRATION OR ADMINISTRATIVE, JUDICIAL OR REGULATORY ACTION OR PROCEEDING IN ANY JURISDICTION RELATING TO ANY OF THE FOREGOING (EACH, A “PROCEEDING”), WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY
AND REGARDLESS OF WHETHER OR NOT SUCH PROCEEDING IS BROUGHT BY A GUARANTOR OR ITS RESPECTIVE AFFILIATES, CREDITORS OR ANY OTHER PERSON; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES,
CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES RESULTED FROM THE GROSS NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT OF, OR A MATERIAL BREACH OF ANY OBLIGATION UNDER THE LOAN DOCUMENTS BY, SUCH INDEMNITEE AS DETERMINED BY A FINAL, NON-APPEALABLE JUDGMENT OF A COURT OF COMPETENT JURISDICTION OR ANY DISPUTE SOLELY AMONG THE INDEMNITEES (OTHER THAN A COMMITMENT PARTY, AN ARRANGER OR THE ADMINISTRATIVE AGENT ACTING IN THEIR RESPECTIVE CAPACITY AS
SUCH) AND NOT ARISING OUT OF ANY ACT OR OMISSION OF THE PARENT BORROWER OR ANY OF ITS AFFILIATES OR RELATED TO THE PRESENCE OR RELEASE OF HAZARDOUS MATERIALS OR VIOLATIONS OF ENVIRONMENTAL LAWS THAT FIRST OCCUR AT A PROPERTY OWNED OR LEASED BY
PARENT BORROWER OR ITS SUBSIDIARIES AFTER SUCH PROPERTY IS TRANSFERRED TO AN INDEMNITEE OR ITS SUCCESSORS OR ASSIGNS BY WAY OF A FORECLOSURE, DEED–IN–LIEU OF FORECLOSURE OR SIMILAR TRANSFER. NOTWITHSTANDING THE FOREGOING, EACH INDEMNITEE
SHALL BE OBLIGATED TO REFUND AND RETURN ANY AND ALL AMOUNTS PAID BY THE GUARANTORS OR ANY OTHER LOAN PARTY UNDER THIS PARAGRAPH TO SUCH INDEMNITEE FOR ANY SUCH FEES, EXPENSES OR DAMAGES TO THE EXTENT SUCH INDEMNITEE IS NOT ENTITLED TO PAYMENT OF
SUCH AMOUNT IN ACCORDANCE WITH THE TERMS HEREOF. 

  
 GUARANTY AGREEMENT, Page
11 

 25. Notwithstanding any other provision contained herein or in any other Loan Document, if a
“secured creditor” (as that term is defined under the Bankruptcy and Insolvency Act (Canada) (the “BIA”) is determined by a court of competent jurisdiction not to include a Person to whom obligations are owed on a joint or
joint and several basis, then each Canadian Loan Party’s Obligations, to the extent such Obligations are secured, shall be several obligations and not joint or joint and several obligations. 

26. Each Guarantor hereby irrevocably and unconditionally undertakes to pay to the Administrative Agent as creditor in its own right and not
as representative of the other Secured Parties, its Parallel Debt (as defined in the Credit Agreement). Section 10.19 (Parallel Debt (Covenant to pay the Administrative Agent)) of the Credit Agreement is incorporated herein by reference and
shall be deemed to be part of the Guaranty Agreement and the terms thereof shall constitute valid and binding agreements of the Guarantor, enforceable against the Guarantor. For the avoidance of doubt, this is the section referred to as section 24
in the definition of “Secured Obligations” in the Security Documents governed by the law of the Netherlands. 
 27. Effective as
of the Sixth Amendment Date, each Existing Guarantor that is not a party to this Guaranty Agreement on the Sixth Amendment Effective Date (each, a “Released Guarantor”) is irrevocably and forever discharged from all obligations of
such Released Guarantor under the Existing Guaranty Agreement and as a Loan Party under each Loan Document to which such Released Guarantor was a party prior to the Sixth Amendment Date, and any Lien of the Agent on the assets of such Released
Guarantor, solely to the extent such Lien was granted pursuant to the Loan Documents prior to the Sixth Amendment Date, shall be immediately released, in each case, without any further act of the Agent, the Lenders or any other Person and such
Released Guarantor shall be hereby released from liability therefor and no future liability shall arise with respect to such released guarantee and Liens of such Released Guarantor hereunder. The Agent agrees to make any applicable release filing
and/or execute and deliver any additional release documentation, to the extent reasonably requested by the Borrowers or Released Guarantors, as may be necessary to effect the release and discharge granted under this
Section 27. 
 28. Except as expressly set forth in Section 27 of this Guaranty
Agreement, (a) all obligations created by the Existing Guaranty Agreement are continued in full force and effect under this Guaranty Agreement, (b) the Existing Guaranty Agreement remains in full force and effect as amended by this
Guaranty Agreement, (c) this Guaranty Agreement shall not extinguish the obligations for the payment of money outstanding under the Existing Guaranty Agreement, (d) nothing herein contained shall be construed as a substitution or novation
of the obligations outstanding under the Existing Guaranty Agreement or a novation of the Existing Guaranty Agreement, (e) the obligations outstanding under the Existing Guaranty Agreement shall remain in full force and effect, except to any
extent expressly modified hereby and (f) nothing implied in this Guaranty Agreement or in any other document contemplated hereby shall be construed as a release or other discharge of any Guarantor from any of its obligations and liabilities as
a guarantor under this Guaranty. With respect to the Security Documents governed by the law of the Netherlands and with respect to the Security Documents governed by German law, each Guarantor affirms and confirms that (i) it was its intention
at the time of entering into such Security Documents (and it is still its intention and agreement with the Administrative Agent) that the security rights created pursuant to such Security Document secure the Obligations as amended, restated, amended
and restated and/or supplemented from time to time including by way of the Sixth Amendment and (ii) that any amount owed by the Loan Parties under the Credit Agreement as amended by and in accordance with the Sixth Amendment are part of the
definition of “Secured Obligations” (as defined in such Security Documents). 
 [signature pages to follow] 

  
 GUARANTY AGREEMENT, Page
12 

 EXECUTED as of the first date written above. 

 

			
	GUARANTORS:
	DARLING INGREDIENTS INC.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	CRAIG PROTEIN DIVISION, INC.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	DARLING GLOBAL HOLDINGS INC.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	DARLING NATIONAL LLC
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	GRIFFIN INDUSTRIES LLC
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  
 [Signature Page to Third
Amended and Restated Guaranty Agreement] 

 
			
	ROUSSELOT INC.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	ROUSSELOT DUBUQUE INC. 
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	ROUSSELOT PEABODY INC.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	SONAC USA LLC
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  

			
	DARLING INTERNATIONAL CANADA INC.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Vice President and Treasurer

  
 [Signature Page to Third
Amended and Restated Guaranty Agreement] 

 
			
	DARLING INTERNATIONAL NL HOLDINGS B.V.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  

			
	DARLING INGREDIENTS INTERNATIONAL HOLDING B.V.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  

			
	DARLING INTERNATIONAL NETHERLANDS B.V.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  

			
	DARLING INGREDIENTS NEDERLAND HOLDING B.V.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Signatory

  
 [Signature Page to Third
Amended and Restated Guaranty Agreement] 

 
			
	DARLING INGREDIENTS GERMANY HOLDING GMBH
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Authorized Representative

  

			
	DARLING INGREDIENTS BELGIUM HOLDING B.V.
		
	By:	 	/s/ Martijn van Steenpaal
	Name:	 	Martijn van Steenpaal
	Title:	 	Special Proxyholder

  
 [Signature Page to Third
Amended and Restated Guaranty Agreement] 

 
			
	 AGENT:
 JPMORGAN CHASE BANK,
N.A.,
 as Agent for the Secured Parties

		
	By:	 	/s/ Alexander Vardaman
	Name:	 	Alexander Vardaman
	Title:	 	Authorized Signatory

  
 [Signature Page to Third
Amended and Restated Guaranty Agreement] 

 SUBSIDIARY JOINDER AGREEMENT 

This SUBSIDIARY JOINDER AGREEMENT (the “Agreement”) dated as of ____________________, ____ is executed by the undersigned
(the “Guarantor”) for the benefit of JPMORGAN CHASE BANK, N.A., in its capacity as agent for the Guaranteed Secured Parties (in such capacity herein, the “Agent”) and for the benefit of such Guaranteed Secured
Parties in connection with that certain Third Amended and Restated Guaranty Agreement dated as of September 18, 2020 among the Agent, DARLING INGREDIENTS INC. (the “Parent Borrower”) and the Subsidiary Loan Parties party
thereto (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Guaranty Agreement”, and capitalized terms not otherwise defined herein being used herein as defined in the Guaranty
Agreement). 
 The Guarantor is a newly formed, established or acquired Restricted Subsidiary and is required to execute this Agreement
pursuant to the terms of the Credit Agreement. 
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby agrees as follows: 
 The Guarantor hereby assumes all
the obligations of a “Guarantor” under the Guaranty Agreement and agrees that from and after the date hereof it is a “Guarantor” and bound as a “Guarantor” under the terms of the Guaranty Agreement as if it had been an
original signatory thereto. In accordance with the forgoing and for valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Guarantor irrevocably and unconditionally guarantees to the Agent and the Guaranteed Secured
Parties the full and prompt payment and performance of the Guaranteed Indebtedness upon the terms and conditions set forth in the Guaranty Agreement. 

The Guarantor represents and warrants to the Agent and the Lenders that the representations and warranties in Section 3.01, 3.02 and 3.03
of the Credit Agreement to the extent relating to it are true and correct in all material respects as of the date hereof. 
 [INSERT
ADDITIONAL LOCAL LAW GUARANTEE LIMITATIONS TO THE EXTENT APPLICABLE]1 
 This Agreement
shall be deemed to be part of, and a modification to, the Guaranty Agreement and shall be governed by all the terms and provisions of the Guaranty Agreement, which terms are incorporated herein by reference, are ratified and confirmed and shall
continue in full force and effect as valid and binding agreements of the Guarantor, enforceable against the Guarantor. The Guarantor hereby waives notice of the Agent’s or any Lender’s acceptance of this Agreement. 

This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 

THE UNDERSIGNED HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF ANY FEDERAL OR
STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT (EXCLUDING THE ENFORCEMENT OF THE SECURITY DOCUMENTS TO
THE EXTENT SUCH SECURITY 
  

	1 	 To the extent the jurisdiction of formation of the Guarantor requires additional guarantee limitations, the
Guarantor and the Agent shall negotiate such provisions in good faith at the time of entry into such guaranty supplement. 

  
 Page 18 

 
DOCUMENTS EXPRESSLY PROVIDE OTHERWISE), OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF SUCH PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. THE UNDERSIGNED AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY
BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 The Guarantor hereby irrevocably and
unconditionally undertakes to pay to the Administrative Agent as creditor in its own right and not as representative of the other Secured Parties, its Parallel Debt (as defined in the Credit Agreement). Section 10.19 (Parallel Debt (Covenant to
pay the Administrative Agent)) of the Credit Agreement is incorporated herein by reference and shall be deemed to be part of the Guaranty Agreement and the terms thereof shall constitute valid and binding agreements of the Guarantor, enforceable
against the Guarantor. 

  
 Page 19 

 IN WITNESS WHEREOF, the Guarantor has executed this Agreement as of the day and year first
written above. 
  

			
	[GUARANTOR]
		
	By:	 	 
		 	Name:
		 	Title:

  
 Page 20Document

EXHIBIT 10.1 REGISTRATION RIGHTS AGREEMENT

REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT, dated as of September 22, 2020 (the “Agreement”), is made by and between MATTHEWS INTERNATIONAL CORPORATION, a Pennsylvania corporation, having an office at Two NorthShore Center Pittsburgh, PA 15212 (the “Company”), the MATTHEWS INTERNATIONAL CORPORATION EMPLOYEES RETIREMENT PLAN (the “Plan”), and PNC BANK, National Association, only in its capacity of directed trustee (the “Trustee”), which is the directed trustee of a segregated account held under the Plan.

RECITALS
WHEREAS, the Company has agreed to contribute an aggregate of 668,000 shares of its Class A Common Stock, $1.00 par value (the “Common Stock”) to the Plan (the “Contribution”), to be held in a single segregated account (the “Segregated Account”) in the Plan (such contributed shares, the “Registrable Shares”); 
WHEREAS, pursuant to Section 2.2 of the Plan document, the Pension Board of Matthews International Corporation (the “Pension Board”) has been appointed as a “fiduciary” of the Plan, as defined in Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and has been delegated full authority to act on behalf of the Company with respect to the management and investment of all Plan assets; 
WHEREAS, the Company has agreed to grant the Plan certain registration rights with respect to the Registrable Shares held in the Segregated Account, on the terms and subject to the conditions set forth in this Agreement; and
WHEREAS, pursuant to Section 2.3 of the Plan document, the Pension Board has full power and authority to execute and deliver this Agreement for and on behalf of the Plan and to take any actions required or permitted to be taken in connection with this Agreement.
NOW, THEREFORE, in consideration of the premises and mutual promises set forth herein, the parties hereto hereby agree as follows:
1.Registration; Compliance with the Securities Act.
1.1    Registration Procedures and Expenses. The Company hereby agrees that, to the extent not prohibited by any applicable law, regulation or applicable interpretation of the staff of the Securities and Exchange Commission (the “SEC”) it shall:
(a)    prepare and file with the SEC, as soon as reasonably practicable after the Contribution, but in no event more than forty five (45) days after the Contribution, a shelf registration statement on Form S-3 covering the Registrable Shares, except to the extent the Company has an existing shelf registration statement covering the Common Stock which may be used for the purposes contemplated herein (such new or existing registration statement and any successor registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), hereinafter referred to as the “Registration Statement”), to enable the Trustee, as directed trustee to sell the Registrable Shares from time to time in the manner contemplated by the plan of distribution set forth in the Registration Statement, as amended by any prospectus supplement or post-effective amendment thereto, and use its commercially reasonable efforts to 

cause such Registration Statement, if not effective on the date of the Contribution, to become effective as promptly as reasonably possible after filing and to remain continuously effective until the earliest of (i) the date on which all Registrable Shares are sold, (ii) the date on which all Registrable Shares may be sold by the Plan to the public in accordance with Rule 144 under the Securities Act or any successor rule thereto (as such rule may be amended from time to time, “Rule 144”) and when no conditions of Rule 144 or such successor rule are then applicable to the Plan (other than the holding period requirement in paragraph (d) of Rule 144, so long as such holding period requirement is satisfied at such time of determination), and (iii) the date which is ninety (90) days after the date on which the number of Registrable Shares held by the Plan is less than one percent (1%) of the shares of Common Stock then outstanding (the period from the date of effectiveness until such earliest date, the “Registration Period”); provided, however, that it shall not be required to file the Registration Statement or cause such Registration Statement to be declared effective during the pendency of any suspension period pursuant to Sections 1.2(b) or (c) below;
(b)    prepare and file with the SEC such amendments (including post-effective amendments) and supplements to the Registration Statement and the prospectus related thereto filed with the SEC pursuant to Rule 424(b) under the Securities Act, or if no such filing is required, as included in the Registration Statement (the “Prospectus”), as may be necessary to keep the Registration Statement effective at all times until the end of the Registration Period; provided, however, that it shall not be required to file any such amendment or supplement during the pendency of any suspension period pursuant to Sections 1.2(b) or (c) below;
(c)    furnish the Plan with such reasonable number of copies of the Prospectus in conformity with the requirements of the Securities Act, and such other documents as the Plan may reasonably request, in order to facilitate the public sale or other disposition of all or any of the Registrable Shares by the Plan;
(d)    use its commercially reasonable efforts to file documents required of the Company for normal blue sky clearance in such states as the Plan shall reasonably designate in writing; provided, however, that the Company shall not be required to qualify to do business, consent to service of process or subject itself to taxation in any jurisdiction in which it is not now so qualified or has not so consented or become subjected;
(e)    use its reasonable commercial efforts to cause the Registrable Shares to be listed on the NASDAQ or such other national securities exchange on which the Company’s Common Stock is then trading as soon as reasonably practicable after the date of the Contribution; and
(f)    bear all expenses in connection with the actions contemplated by paragraphs (a) through (e) of this Section 1.1 and the registration of the Registrable Shares pursuant to the Registration Statement, including reasonable fees and expenses of legal counsel to the Plan incurred in connection with the registration and sale of the Registrable Shares, such fees and expenses of legal counsel not to exceed ten thousand dollars ($10,000) in the aggregate without the Company’s consent (which consent will not be unreasonably withheld or delayed), but excluding underwriting discounts, brokerage fees, commissions and transfer taxes incurred by the Trustee or the Plan, if any.
It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1.1 that the Plan shall provide such reasonable assistance to the Company and furnish, or cause to be furnished, to the Company in writing such information regarding the Plan, the Registrable Shares to be sold, and the intended method or methods of disposition of the Registrable Shares, as shall be required to effect the registration of the Registrable Shares and as may be required from time to time under the Securities Act and the rules and regulations thereunder.
2

1.2     Transfer of Registrable Shares After Registration; Suspension.
(a)    The Plan agrees that it will not offer to sell or make any sale, assignment, pledge, hypothecation or other transfer with respect to the Registrable Shares that would constitute a sale within the meaning of the Securities Act except pursuant to either (i) the Registration Statement referred to in Section 1.1, or (ii) Rule 144 or any successor rule thereto, and that it will promptly notify the Company of any changes in the information set forth in the Registration Statement regarding the Plan or the intended plan of distribution of the Registrable Shares to the extent required by applicable securities laws.
(b)     In addition to any suspension rights under paragraph (c) below, the Company may, upon the happening of any event or the existence of any state of facts that, in the judgment of an executive officer of the Company or the Company’s legal counsel, renders advisable the suspension of the disposition of Registrable Shares covered by the Registration Statement or the use of the Prospectus due to pending transactions, or other corporate developments, public filings with the SEC or similar events, suspend the disposition of Registrable Shares covered by the Registration Statement or use of the Prospectus for a period of not more than ninety (90) days on written notice (each such notice, a “Suspension Event Notice”) to the Plan (which Suspension Event Notice will not disclose the content of any material non-public information and will indicate the date of the beginning and end of the intended suspension, if known), in which case the Plan, upon receipt of such Suspension Event Notice, will discontinue (and cause the Plan to discontinue) from selling or otherwise disposing of Registrable Shares covered by the Registration Statement or using the Prospectus or any supplement thereto (any such suspension pursuant to this Section 1.2(b), an “Event Suspension”) until copies of a supplemented or amended Prospectus filed by the Company with the SEC are distributed to the Plan or until the Pension Board is advised in writing by the Company that the disposition of Registrable Shares covered by the Registration Statement or the use of the applicable Prospectus may be resumed; provided, however, that such right to suspend the disposition of Registrable Shares covered by the Registration Statement or use of the Prospectus shall not be exercised by the Company for more than one hundred and twenty (120) days in any twelve-month period. Any Event Suspension and Suspension Event Notice described in this Section 1.2(b) shall be held in confidence and not disclosed by the Plan, except as required by law after reasonable prior notice to the Company.
(c)     In the event of: (i) any request by the SEC or any other federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or Prospectus or for additional information; (ii) the issuance by the SEC or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose; (iii) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Shares for sale in any jurisdiction or the initiation of any proceedings for such purpose; or (iv) any event or circumstance that necessitates the making of any changes in the Registration Statement or Prospectus, or any document incorporated or deemed to be incorporated therein by reference, so that, in the case of the Registration Statement, it 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 not misleading, and that in the case of the Prospectus, it 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, during the Registration Period, then the Company shall deliver a certificate in writing to the Plan (the “Suspension Notice”) to the effect of the foregoing (which notice will not disclose the content of any material non-public information and will indicate the date of the beginning and end of the intended suspension, if known), in which case the Plan, upon receipt of such Suspension Notice, will refrain (and 
3

cause the Plan to refrain) from selling or otherwise disposing of Registrable Shares covered by the Registration Statement or using the Prospectus or any supplement thereto (any such suspension pursuant to this Section 1.2(c), a “Suspension”) until copies of a supplemented or amended Prospectus filed by the Company with the SEC are distributed to the Plan or until the Plan is advised in writing by the Company that the disposition of Registrable Shares covered by the Registration Statement or the use of the applicable Prospectus may be resumed. In the event of any Suspension, the Company will use its commercially reasonable efforts to cause the use of the Prospectus so suspended to be resumed as soon as reasonably possible after delivery of a Suspension Notice to the Plan. Any Suspension and Suspension Notice described in this Section 1.2(c) shall be held in confidence and not disclosed by the Plan, except as required by law after reasonable prior notice to the Company.
(d)    In order to enforce the provisions set forth in Sections 1.2(b) and (c) above, the Company may impose stop transfer instructions with respect to the sale of Registrable Shares by the Plan until the end of the applicable suspension period.
(e)     If so directed by the Company, the Plan shall deliver to the Company all physical copies of the Prospectus and any supplements thereto in its possession at the time of receipt by the Plan of any Suspension Event Notice or Suspension Notice.
(f)     The Plan may sell the Registrable Shares under the Registration Statement provided that neither an Event Suspension nor a Suspension is then in effect, the Plan is not in possession of any material non-public information regarding the Company, the Plan sells in accordance with the plan of distribution in the Prospectus, and the Plan arranges for delivery of a current Prospectus (as supplemented) to any transferee receiving such Registrable Shares in compliance with the Prospectus delivery requirements of the Securities Act.
1.3    Indemnification. For the purpose of this Section 1.3, the term “Registration Statement” shall include any preliminary or final Prospectus, exhibit, supplement, or amendment included in or relating to the Registration Statement referred to in Section 1.1.
(a)    Indemnification by the Company. The Company agrees to indemnify and hold harmless the Plan (including, for purposes of this Section 1.3, the officers, directors, employees, and agents of the Plan and the Trustee) and each person, if any, who controls the Plan within the meaning of either Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and against any and all losses, claims, damages, liabilities or expenses, joint or several (each, a “Loss” and, collectively, “Losses”), to which the Plan or such controlling person may become subject under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Company, which consent shall not be unreasonably withheld or delayed), only to the extent such Losses (or actions in respect thereof as contemplated below) arise out of or are based upon (i) any failure on the part of the Company to comply with the covenants and agreements contained in this Agreement, or (ii) any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, the Prospectus, or any amendment or supplement thereto, or the omission or alleged omission to state in any of them a material fact required to be stated therein or necessary to make the statements in any of them, in light of the circumstances under which they were made, not misleading, and will reimburse the Plan and each such controlling person for any reasonable legal fees and other reasonable out-of-pocket expenses as such expenses are incurred by the Plan or such controlling person in connection with investigating, defending, settling, compromising, or paying any such Loss or action; provided, however, that the Company will not be liable in any such case to the extent that any such Loss arises out of or is based upon (i) an untrue statement or alleged untrue statement or omission 
4

or alleged omission made in the Registration Statement, the Prospectus or any amendment or supplement of the Registration Statement or Prospectus in reliance upon and in conformity with information furnished in writing to the Company by the Plan, (ii) any untrue statement or omission or alleged untrue statement or omission of a material fact required to make such statement not misleading in any Prospectus that is corrected in any subsequent Prospectus that was delivered to the Plan before the pertinent sale or sales by the Plan, or (iii) any untrue statement or alleged untrue statement or omission or alleged omission in the Registration Statement, the Prospectus, or any amendment or supplement thereto, when used or distributed by the Plan during a period in which the disposition of Registrable Shares is properly suspended under Section 1.2(b) or a Suspension is properly in effect under Section 1.2(c). 
(b)     Indemnification by the Plan. To the extent permitted by applicable law, the Plan will indemnify and hold harmless the Company, the Trustee, the Pension Board, each of the Company’s directors, each of the Company’s officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Matthews  Indemnitees”), from and against any and all Losses to which the Matthews Indemnitees may become subject under the Securities Act, the Exchange Act, or any other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Plan, which consent shall not be unreasonably withheld or delayed) only to the extent such Losses (or actions in respect thereof as contemplated below) arise out of or are based upon (i) any failure on the part of the Plan to comply with the covenants and agreements contained in this Agreement respecting the sale of the Registrable Shares, or (ii) any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement, the Prospectus, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state in any of them a material fact required to be stated therein or necessary to make the statements in any of them not misleading, in each case only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Prospectus, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of the Plan, and the Plan will reimburse the Matthews Indemnitees for any reasonable legal fees and other reasonable out-of-pocket expenses as such expenses are incurred by the Matthews Indemnitees in connection with investigating, defending, settling, compromising, or paying any such Loss or action; provided, however, that the Plan shall not be liable for any such untrue statement or alleged untrue statement or omission or alleged omission with respect to which the Plan has delivered to the Company in writing a correction before the occurrence of the transaction from which such Loss was incurred.
(c)     Indemnification Procedure.
(i)     Promptly after receipt by an indemnified party under this Section 1.3 of written notice of the threat or commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 1.3, promptly notify the indemnifying party in writing of the claim; provided, however, that the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability which it may have to any indemnified party under the indemnity agreement contained in this Section 1.3, to the extent it is not prejudiced as a result of such failure.
(ii)     In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and to the extent that it may wish, jointly with all other indemnifying parties similarly notified, to assume the defense thereof with counsel reasonably satisfactory to such 
5

indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be a conflict between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to the indemnified party or other indemnified parties that are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party or other indemnified parties that are different from such indemnified party of its election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section 1.3 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless:
(1)     The indemnified party shall have employed such counsel in connection with the assumption of legal defenses in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (other than local counsel), approved by such indemnifying party representing all of the indemnified parties who are parties to such action); or
(2)     The indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action.
In each such case, the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party.
(d)     Contribution. If the indemnification provided for in this Section 1.3 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Loss referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage, liability, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions that resulted in such Loss, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party 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 indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities, and expenses referred to above shall be deemed to include, subject to the limitations set forth in Section 1.3(b) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 1.3(d) were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. 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 or entity who was not guilty of such fraudulent misrepresentation.
6

(e)     Surviving Obligations. The obligations of the Company and the Plan under this Section 1.3 shall survive the completion of the disposition of the Registrable Shares under this Section 1.
1.4    Rule 144 Information. For such period as the Plan holds any Registrable Shares received pursuant to the Contribution, the Company shall use its commercially reasonable efforts to file all reports required to be filed by the Company under the Securities Act, the Exchange Act, and the rules and regulations thereunder and shall use its commercially reasonable efforts to take such further action to the extent required to enable the Plan to sell the Registrable Shares pursuant to Rule 144.
1.5    Rights of the Plan. All of the rights and benefits conferred on the Plan pursuant to this Agreement (other than the right to indemnification provided in Section 1.3) are intended to inure to the benefit of the Plan.
2.Miscellaneous.
2.1    Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the Commonwealth of Pennsylvania, irrespective of the choice of laws principles of the Commonwealth of Pennsylvania, as to all matters, including matters of validity, construction, effect, enforceability, performance and remedies.
2.2    Entire Agreement; Modification; Waivers. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and shall supersede all previous negotiation, commitments, and writings with respect to the matters discussed herein. This Agreement may not be altered, modified, or amended except by a written instrument signed by all parties. The failure of any party to require the performance or satisfaction of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent subsequent enforcement of such term of obligation or be deemed a waiver of any subsequent breach.
2.3    Severability. The provisions of this Agreement are severable, and in the event that any one or more provisions are deemed illegal or unenforceable the remaining provisions shall remain in full force and effect unless the deletion of such provision shall cause this Agreement to become materially adverse to either party, in which event the parties shall use commercially reasonable efforts to arrive at an accommodation that best preserves for the parties the benefits and obligations of the offending provision.
2.4    Termination. Except as set forth in Section 1.3 hereof (which indemnification rights and obligations shall survive any expiration or termination of this Agreement), this Agreement and all rights, restrictions and obligations of the parties hereunder shall terminate at the end of the Registration Period.
2.5    Notices. All notices and other communications provided for or permitted hereunder shall be made in writing and shall be deemed to have been duly made as of the date delivered if delivered personally, sent by overnight courier (providing proof of delivery) to the parties at the following addresses or as of the date transmitted if sent by electronic transmission to the following facsimile numbers or electronic mail addresses (or at such other address, electronic mail address or facsimile number for a party as shall be specified by like notice):
if to the Company:
Matthews International Corporation
Two NorthShore Center
Pittsburgh, PA 15212

Attn: Brian W. Walters, Senior Vice-President and General Counsel (p) 412.442.8200
7

if to the Plan:
Matthews International Corporation Employees Retirement Plan
Matthews International Corporation
Two NorthShore Center
Pittsburgh, PA 15212

Attn: Joseph C. Barolacci, Member of the Pension Board for the Matthews International Corporation Employees Retirement Plan

if to the Trustee:
PNC Bank, National Association, Trustee for Matthews International Corporation Employees Retirement Plan 
PNC Bank, National Association
300 Fifth Ave., 19th Floor
Pittsburgh, PA 15222

Attn: Joan Zangrilli, Managing Chief Counsel – Retirement & Benefits Services, Asset Management Group

2.6    Other Registration Rights. Nothing herein shall restrict the Company’s authority to grant to any person or entity the right to obtain registration under the Securities Act of any equity securities of the Company or any securities exchangeable for or convertible into such securities.
2.7    Title and Headings. Titles and headings to sections herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.
2.8    Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
2.9    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company, the Plan and the Trustee and their respective successors and permitted assigns. None of the rights or obligations under this Agreement shall be assigned by the Plan and the Trustee without the prior written consent of the Company and its sole discretion.
*Signature Page Follows*
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

8

IN WITNESS WHEREOF, each of the Company, Plan and the Trustee have caused this Agreement to be duly executed on its behalf by its duly authorized officer or representative as of the date first written above.

MATTHEWS INTERNATIONAL CORPORATION

/s/ Steven F. Nicola
Name: Steven F. Nicola
Title: CFO & Secretary 
Date: September 21, 2020

MATTHEWS INTERNATIONAL CORPORATION 
  EMPLOYEES RETIREMENT PLAN

/s/ Joseph C. Bartolacci 
Name: Joseph C. Bartolacci
Title: President 
Date: September 21, 2020

PNC BANK, NATIONAL ASSOCIATION, 
  as directed trustee only
/s/ J. Kirk VanDagens
Name: J. Kirk VanDagens
Title: Senior Vice President
Date: September 22, 2020

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00315-of-00352.parquet"}]]