Document:

CONTRIBUTION AND EXCHANGE AGREEMENT

 

This CONTRIBUTION AND
EXCHANGE AGREEMENT (this “Agreement”), is made and entered into as of February 28, 2013, by and between American
Realty Capital Operating Partnership III, L.P., a Delaware limited partnership (the “Operating Partnership”),
American Realty Capital Trust III Special Limited Partner, LLC, a Delaware limited liability company (the “Special Limited
Partner”) and ARC Properties Operating Partnership, L.P., a Delaware limited partnership (the “Parent OP”).

 

WHEREAS, the Operating
Partnership is the operating subsidiary of American Realty Capital Trust III, Inc., a Maryland corporation (the “REIT”),
and the REIT is the sole general partner thereof.

 

WHEREAS, the Special
Limited Partner is a limited partner of the Operating Partnership and owns all of the “Special Limited Partner Interest”
in the Operating Partnership (the “SLP Interest”).

 

WHEREAS, ownership
of the SLP Interest entitles the Special Limited Partner to receive certain distributions from the Operating Partnership, including
a subordinated distribution of net sales proceeds (“Subordinated Distribution”) resulting from an “Investment
Liquidity Event” (as defined in the Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated
as of September 6, 2011, and as amended up to but not including the date hereof (the “Partnership Agreement”))
(an “Investment Liquidity Event”).

 

WHEREAS, the Operating
Partnership and the REIT are parties to that certain Agreement and Plan of Merger, dated as of December 14, 2012 (the “Merger
Agreement”), by and among the Operating Partnership, the REIT, American Realty Capital Properties, Inc., a Maryland corporation
(“Parent”), the Parent OP, which is the operating partnership of Parent, and Tiger Acquisition, LLC, a Delaware
limited liability company wholly-owned by Parent (“Merger Sub”), pursuant to which (x) the REIT will merge with
and into Merger Sub, with Merger Sub being the surviving entity, and (y) the Operating Partnership will merge with and into the
Parent OP, with the Parent OP being the surviving entity (the “Merged OP” and the mergers, collectively, the
“Mergers”).

 

WHEREAS, the Mergers
constitute an Investment Liquidity Event, as a result of which the Special Limited Partner will be entitled to receive a Subordinated
Distribution in respect of the SLP Interest in an amount equal to $98,359,915 (the “Subordinated Distribution Amount”).

 

WHEREAS, in order to
induce the parties to the Merger Agreement to enter into the Merger Agreement, the Operating Partnership and the Special Limited
Partner, pursuant to a side letter, dated as of December 14, 2012, between the REIT, the Operating Partnership, the Special Limited
Partner, American Realty Capital Advisors III, LLC, American Realty Capital Properties III, LLC and Parent, agreed that, in accordance
with Section 8.7(b) of the Partnership Agreement, the Special Limited Partner would contribute its SLP Interest to the Operating
Partnership in exchange for a number of OP Units in the Operating Partnership (“OP Units”) calculated in accordance
with Section 8.7(b) of the Partnership Agreement, which calculation is to be based on the Subordinated Distribution Amount (the
“Exchange”).

 

WHEREAS, in connection
with the consummation of the Mergers, the parties hereto desire to consummate the Exchange in accordance with the terms set forth
below.

 

NOW, THEREFORE, in
consideration of the foregoing and the representations, warranties, covenants and other terms contained in this Agreement, the
parties hereto, intending to be legally bound hereby, agree as follows:

 

    	1

    	 

    

 

ARTICLE
I.

CONTRIBUTION AND EXCHANGE

 

Section
1.1.CONTRIBUTION TRANSACTION. The Special Limited Partner hereby
agrees to assign, set over, and transfer to the Operating Partnership, absolutely and unconditionally and free and clear of
all pledges, claims, liens, charges, restrictions, exceptions, reservations, covenants and conditions, encumbrances and
security interests of any kind or nature whatsoever (“Liens”), all of its right, title and interest in and
to the SLP Interest, together with $750,000.00 in cash (the “Cash Consideration”), in exchange for the
consideration set forth in Section 1.2, and the Operating Partnership hereby agrees to redeem the SLP Interest.

 

Section
1.2.CONSIDERATION. The Special Limited Partner hereby
irrevocably agrees to accept, in exchange for the SLP Interest and the Cash Consideration, an amount of OP Units equivalent
to 7,318,356 “OP Units” of the Parent OP in accordance with the Merger Agreement.

 

Section
1.3.ISSUANCE OF OP UNITS. The Operating Partnership shall, in exchange
for the SLP Interest and the Cash Consideration contributed by the Special Limited Partner, issue to the Special Limited
Partner, an amount of OP Units equivalent
to 7,318,356 “OP Units” of the Parent OP in accordance with the Merger Agreement. No fractional OP Units shall be issued pursuant to this Agreement. If the formula for calculating
the number of OP Units issuable pursuant to this Agreement would require the issuance of a fractional OP Unit, the number of
OP Units which the Special Limited Partner shall be entitled to receive shall be rounded to the nearest whole number. The
Operating Partnership shall revise the Partnership Agreement to reflect the Special Limited Partner’s ownership of such
OP Units. Immediately thereafter, upon the consummation of the Mergers, the OP Units will be converted into “OP
Units” of the Parent OP in accordance with the Merger Agreement.

 

Section
1.4.TAX TREATMENT OF THE EXCHANGE. The parties hereto intend and agree to treat,
for U.S. federal income tax purposes, the contribution of the SLP Interest and the Cash Consideration in exchange for OP Units
effectuated pursuant to this Agreement as a contribution to a partnership pursuant to Section 721 of the Internal Revenue Code
of 1986, as amended, and no party shall maintain any position to the contrary on any tax return or otherwise. Furthermore, the
parties hereto intend and agree that (a) consistent with the definition of “Gross Asset Value” contained in the Partnership
Agreement, the contribution by the Special Limited Partner of the Cash Consideration in exchange for OP Units pursuant to the terms
of this Agreement is a “book-up” event pursuant to which the Gross Asset Value of the Operating Partnership’s
assets should be adjusted to reflect the relative economic interests of the Partners, and that such adjustment in Gross Asset Value
of the Operating Partnership’s assets shall result in a corresponding adjustment, if any, to the Capital Accounts of the
Partners including, for the avoidance of doubt, the Capital Account of the Special Limited Partner and the holder of Class B Units
and (b) such booked-up Capital Accounts of the Partners will be reflected in the books and records of the Merged OP.

 

ARTICLE
II.

REPRESENTATIONS AND WARRANTIES OF THE SPECIAL LIMITED PARTNER

 

The Special Limited
Partner hereby represents, warrants and agrees with the Operating Partnership and the Parent OP that:

 

Section
2.1.ORGANIZATION; AUTHORITY. The Special Limited Partner is a limited
liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. The Special
Limited Partner has all requisite power and authority to enter this Agreement and to carry out the transactions contemplated
hereby, and to own, lease or operate its property and to carry on its business as presently conducted and, to the extent
required under applicable law, is qualified to do business and is in good standing in each jurisdiction in which the nature
of its business or the character of its property make such qualification necessary, other than in such jurisdictions where
the failure to be so qualified would not have a material adverse effect on the financial condition or results of operations
of the Special Limited Partner.

 

    	2

    	 

    

 

Section
2.2.DUE AUTHORIZATION. The execution, delivery and performance of this Agreement
by the Special Limited Partner has been duly and validly authorized by all necessary action of the Special Limited Partner. This
Agreement and each agreement, document and instrument executed and delivered by or on behalf of the Special Limited Partner pursuant
to this Agreement constitute, or when executed and delivered will constitute, the legal, valid and binding obligation of the Special
Limited Partner, each enforceable against the Special Limited Partner in accordance with its terms, subject to applicable bankruptcy,
insolvency, moratorium or other similar laws relating to creditors’ rights and general principles of equity.

 

Section
2.3.OWNERSHIP OF SLP INTEREST. The Special Limited Partner is the
record owner of the SLP Interest and has the power and authority to transfer, assign and convey to the Operating Partnership
the SLP Interest free and clear of any Liens. There are no rights, subscriptions, warrants, options, conversion rights,
preemptive rights, agreements, instruments or understandings of any kind outstanding (i) relating to the SLP Interest or (ii)
to purchase, transfer or otherwise acquire, or in any way encumber, any of the interests which comprise the SLP Interest or
any securities or obligations of any kind convertible into any of the interests which comprise the SLP Interest.

 

Section
2.4.CONSENTS AND APPROVALS. Except as shall have been satisfied on or
prior to the Closing Date, no consent, waiver, approval or authorization of, or filing with, any individual, partnership,
corporation, limited liability company, joint venture, association, trust, unincorporated organization or other entity, or a
government or agency or political subdivision thereof (each, a “Person”) or governmental authority or
under any applicable laws is required to be obtained by the Special Limited Partner in connection with the execution,
delivery and performance of this Agreement and the transactions contemplated hereby.

 

Section
2.5.NO VIOLATION. None of the execution, delivery or performance of
this Agreement, any agreement contemplated hereby between the parties to this Agreement and the transactions contemplated
hereby or thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result
in a breach of, or constitute a default under or give to others any right of termination, acceleration, cancellation or other
right under (a) any agreement, document or instrument to which the Special Limited Partner is a party or by which the Special
Limited Partner or the SLP Interest is bound, (b) any term or provision of any judgment, order, writ, injunction, or decree
binding on the Special Limited Partner, or (c) any provisions of the organizational or other formation or governing documents
or agreements of the Special Limited Partner.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES OF THE OPERATING PARTNERSHIP

 

The Operating Partnership
hereby represents, warrants and agrees with the Special Limited Partner and the Parent OP as follows:

 

Section
3.1.ORGANIZATION; AUTHORITY. The Operating Partnership is a limited
partnership duly organized, validly existing and in good standing under the laws of the State of Delaware. The Operating
Partnership has all requisite power and authority to enter this Agreement and to carry out the transactions contemplated
hereby, and to own, lease or operate its property and to carry on its business as presently conducted and, to the extent
required under applicable law, is qualified to do business and is in good standing in each jurisdiction in which the nature
of its business or the character of its property make such qualification necessary, other than in such jurisdictions where
the failure to be so qualified would not have a material adverse effect on the financial condition or results of operations
of the Operating Partnership.

 

    	3

    	 

    

 

Section
3.2.DUE AUTHORIZATION. The execution, delivery and performance of this Agreement
by the Operating Partnership have been duly and validly authorized by all necessary action of the Operating Partnership. This Agreement
and each agreement, document and instrument executed and delivered by or on behalf of the Operating Partnership pursuant to this
Agreement constitute, or when executed and delivered will constitute, the legal, valid and binding obligation of the Operating
Partnership, each enforceable against the Operating Partnership in accordance with its terms, subject to applicable bankruptcy,
insolvency, moratorium or other similar laws relating to creditors’ rights and general principles of equity.

 

Section
3.3.CONSENTS AND APPROVALS. No consent, waiver, approval or
authorization of, or filing with, any Person or governmental authority or under any applicable laws is required to be
obtained by the Operating Partnership in connection with the execution, delivery and performance of this Agreement and the
transactions contemplated hereby.

 

Section
3.4.NO VIOLATION. None of the execution, delivery or performance of
this Agreement, any agreement contemplated hereby between the parties to this Agreement and the transactions contemplated
hereby between the parties to this Agreement does or will, with or without the giving of notice, lapse of time, or both,
violate, conflict with, result in a breach of, or constitute a default under (a) the organizational documents of the
Operating Partnership, (b) any term or provision of any judgment, order, writ, injunction, or decree binding on the Operating
Partnership, or (c) any other material agreement to which the Operating Partnership is a party.

 

Section
3.5.VALIDITY OF OP UNITS. The issuance of the OP Units to the Special
Limited Partner pursuant to this Agreement will have been duly authorized by the Operating Partnership and, when issued
against the consideration therefor, will be validly issued by the Operating Partnership, free and clear of all Liens (other
than Liens created by the Partnership Agreement).

 

ARTICLE
IV.

GENERAL PROVISIONS

 

Section
4.1.DEFINITIONS. Capitalized terms used herein that are not otherwise defined herein
shall have the meaning ascribed to them in the Partnership Agreement.

 

Section
4.2.COUNTERPARTS. This Agreement may be executed in counterparts, all
of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been
signed by each party and delivered to each other party.

 

Section
4.3.ENTIRE AGREEMENT; THIRD-PARTY BENEFICIARIES. This Agreement,
including, without limitation, the exhibits and schedules hereto, constitute the entire agreement and supersede each prior
agreement and understanding, whether written or oral, among the parties regarding the subject matter of this Agreement. This
Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto.

 

Section
4.4.GOVERNING LAW. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York, regardless of any Laws that might otherwise govern under applicable
principles of conflicts of laws thereof.

 

    	4

    	 

    

 

Section
4.5.ASSIGNMENT. This Agreement shall be binding upon, and shall be
enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors
and assigns; provided, however, that this Agreement may not be assigned (including by operation of law) by either
party without the prior written consent of the other party and any attempted assignment without such consent shall be null
and void and of no force and effect.

 

Section
4.6.JURISDICTION. The parties hereto hereby (a) submit to the
exclusive jurisdiction of any state or federal court sitting in Borough of Manhattan, City of New York, State of New York,
with respect to any dispute arising out of this Agreement or any transaction contemplated hereby to the extent such courts
would have subject matter jurisdiction with respect to such dispute, and (b) irrevocably waive, and agree not to assert by
way of motion, defense, or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or execution, that the action is brought in an
inconvenient forum, or that the venue of the action is improper.

 

Section
4.7.SEVERABILITY. Each provision of this Agreement will be interpreted
so as to be effective and valid under applicable law, but if any provision is held invalid, illegal or unenforceable under
applicable law in any jurisdiction, then such invalidity, illegality or unenforceability will not affect any other provision,
and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provision had never been included herein.

 

Section
4.8.DESCRIPTIVE HEADINGS. The descriptive headings herein are inserted
for convenience only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

 

Section
4.9.NO PERSONAL LIABILITY CONFERRED. This Agreement shall not create
or permit any personal liability or obligation on the part of any officer, director, partner, member, employee or shareholder
of the parties hereto.

 

Section
4.10.FURTHER ASSURANCES. Each of the parties shall, without further consideration,
take such action and execute and deliver such documents as may be necessary to carry out this Agreement.

 

Section
4.11.AMENDMENTS. This Agreement may be amended, supplemented or otherwise modified
only by written instrument signed by all the parties hereto.

  

[SIGNATURE PAGE FOLLOWS]

 

    	5

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be signed by their respective duly authorized officers or representatives as of
the date first written above.

 

	 	AMERICAN REALTY CAPITAL OPERATING PARTNERSHIP III, L.P.
	 	 	 
	 	By:	AMERICAN REALTY CAPITAL TRUST III, INC., 
	 	 	Its general partner
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr. 
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: President and Chief Operating Officer

  

	 	
        AMERICAN REALTY CAPITAL TRUST III SPECIAL

        LIMITED PARTNER, LLC

	 	 	 
	 	By:	AR CAPITAL, LLC, 
	 	 	Its managing member
	 	 	 
	 	By:	/s/ Brian S. Block 
	 	 	Name: Brian S. Block
	 	 	Title: Authorized Signatory

 

ACKNOWLEDGED AND AGREED:

 

	ARC PROPERTIES OPERATING PARTNERSHIP, L.P.	 
	 	 	 
	By:	AMERICAN REALTY CAPITAL PROPERTIES, INC., 	 
	 	Its general partner	 
	 	 	 
	By:	/s/ Nicholas S. Schorsch 	 
	 	Name: Nicholas S. Schorsch	 
	 	Title: Chief Executive Officer	 
	 	 	 

 

    	6Exhibit 10.1

 

FIRST
AMENDMENT TO FORBEARANCE AGREEMENT

 

THIS FIRST AMENDMENT
TO FORBEARANCE AGREEMENT (the “Amendment”) is dated the 1st day of March, 2013 between AgFeed USA, LLC (formerly known
as M2 P2, LLC); TS Finishing, LLC; New York Finishing, LLC; Pork Technologies, L.C.; New Colony Farms, LLC; Heritage Farms, LLC;
Heritage Land, LLC; Genetics Operating, LLC; M2P2 Facilities, LLC; MGM, LLC; M2P2 General Operations, LLC; New Colony Land Company,
LLC; M2P2 AF JV, LLC; and Midwest Finishing, LLC (hereinafter referred to as “Borrower”) and FARM CREDIT SERVICES OF
AMERICA, FLCA and PCA (“Lender”).

 

RECITALS

 

a.           The
Borrower is indebted to Lender under the following loan facilities (collectively the “Loans”) pursuant to that certain
Credit Agreement dated as of June 6, 2006, as the same has since been amended by nineteen separate amendments executed prior to
the date of this Agreement (the “Credit Agreement”):

 

Loan Facility A ($64,700,000.00),

 

Loan Facility F ($9,544,610.50)

 

b.           The
Borrower’s obligations to the Lender under the Loans, as evidenced by the Credit Agreement are secured as provided in one
or more security agreements, mortgages, and other related security documents between Borrower and Lender (the Credit Agreement,
the foregoing security documents together with all other documents related thereto being collectively referred to herein as the
“Credit Documents”). Borrower and Lender previously executed a Forbearance Agreement dated February 1, 2013 (which
together with all Amendments is hereinafter referred to as “Agreement”).

 

c.           The
Borrower acknowledges it is in default of its obligations to Lender under provisions of the Credit Documents as follows: (i) maturity
of all amounts due under Credit Facility A on the date of this Agreement; (ii) prior use of loan funds for the purchase of pigs
feed and other expenses in connection with the hog feeding operation of Midwest Finishing, LLC which is not a Borrower under the
Credit Agreement; (iii) after giving effect to the arbitration award in favor of Hormel Foods Corporation on or about January 9,
2013 the Borrower was in default of the following terms under the Credit Agreement: a) Section 6.11.3 Tangible Net Worth requirements;
b) Section 6.11.1 Working Capital requirement; and c) Section 6.11.5 EBITDA requirement: and (iv) since the date of the Agreement
the Borrowing Base Liabilities have exceeded the Borrowing Value of the Borrowing Base Assets on one or more of the Borrowing Base
Reports (collectively referred to herein as the “Existing Events of Default”).

 

d.           Borrower
acknowledges it has received notice dated December 14, 2012 that their Loans are distressed under provisions of the Farm Credit
Act, as amended (Distressed Loan Notice) and that Borrowers’ restructuring request submitted to Lender on or about January 5,
2013 has been denied by Lenders written response dated January 28, 2013.

 

NOW, THEREFORE, in consideration
of the facts set forth in these Recitals, which the parties agree are true and correct, and in consideration for entering into
this Amendment the parties hereto agree as follows:

 

    	 

    	 

    

 

A.         Sections
2 and 5 are amended and restated as follows:

 

2.          Forbearance
Period.  Beginning on the Effective Date of this Agreement and ending on the earlier of an Event of Default (as defined
below) or May 1, 2013 (the “Forbearance Period”), the Lender agrees that it will take no action to enforce its default
remedies under the Credit Documents provided that nothing herein will require Lender to cancel any default or other notices sent
to Borrower prior to the date of execution of this Agreement by Borrower. During the Forbearance Period, the Borrower will formulate
a plan for addressing the covenant defaults and to resolve the ongoing disputes with Hormel Foods Corporation, and will present
such plan to the Lender no later than the end of the Forbearance Period. Notwithstanding the forbearance herein, Lender reserves
all its rights set forth in the Credit Documents and under applicable law, including the right to act on any and all defaults and
to take any other action it deems appropriate to protect its rights after the Forbearance Period or upon any default by Borrower
under this Agreement.

 

If, at the end of the
Forbearance Period, the Loans have not been paid and satisfied in full or if Borrowers have not submitted any plan to Lender addressing
the covenant defaults, Lender shall be immediately entitled to take enforcement actions permitted under the Credit Agreement, the
other Credit Documents and applicable laws and principles of equity, all without further notice or demand in respect of the existing
covenant defaults or any new event of default then existing.

 

5.         Conditions
During Forbearance Period. From and after the Effective Date the Borrowers agree to the following conditions in addition
to all conditions under the Credit Agreement:

 

5.1        The
loan will remain in default status and interest will accrue at the default interest rate.

 

5.2        Borrower
agrees to submit a current Borrowing Base report calculated as of each Friday which will be due on or before Wednesday of the week
following the date of each calculation. Borrower previously submitted a thirteen week Borrowing Base projection dated 2/25/13 as
subsequently amended by the revised Borrowing Base projection, proposed by Borrower and agreed to by Lender, which is attached
hereto as Exhibit A and is incorporated herein. Borrower agrees to submit an updated cash flow and Borrowing Base projection
on or before March 27, 2013 for the thirteen weeks period commencing with the week ending April 5, 2013, which is subject
to Lender’s review and approval. The actual borrowing base margin reported for each weekly Borrowing Base will not be more
than $400,000.00 less than the projected borrowing base margin for the same reporting period as set forth in the then-current thirteen
week Borrowing Base projection. For the avoidance of doubt Borrower shall be in compliance with the Borrowing Base requirements
and the borrowing base margin shall not at any time be less than $0.

 

5.3        Borrower
previously submitted a thirteen week cash flow for the period commencing with the week ending February 15, 2013 which Lender
has accepted and Borrower agrees to submit an updated cash flow projection on or before March 27, 2013 for the thirteen weeks
period commencing with the week ending April 5, 2013, which is subject to Lender’s review and approval. The Borrower
will submit, on or before Wednesday of the following week, a report comparing the actual results for each week to the budgeted
amounts for that week. The total of the actual reported operating outflows and non-operating outflows (“Cash Outflows”)
on a rolling four week basis (calculated on the most recent four week period completed) will not exceed the total amount of Cash
Outflows projected for the most recent 4 week period by more than 4%.

 

    	-2-

    	 

    

 

5.4           Borrower
agrees that an outside consultant will be retained by Lender to assist in analyzing the Borrower’s business and financial
records subject to the terms and conditions identified in the Nineteenth Amendment to the Credit Agreement. Borrower agrees to
fully cooperate with Carl Marks Advisory Group LLC (“Consultant”) by providing business records and information requested
by Consultant.

 

5.5           Borrower
agrees to promptly reimburse Lender all amounts Lender pays to outside legal counsel to represent and advise Lender in connection
with Borrowers’ loan, including without limitation, this Agreement, any Amendments to the Credit Agreement, representation
related to the Consultant, representation related to Hormel Food Corporation Arbitration Award and its assertion of a setoff against
various loan collateral

 

5.6           Borrower
agrees that it will not distribute any profits, make any loans, declare or pay any dividends, distribute earnings, allow any draws,
or make other distributions to its shareholders or equity holders of Borrower or apply any assets to the redemption, retirement,
purchase or other acquisition of any such equity interests except for transactions solely between entities that are Borrowers and
except monies for the payments for Corporate Overhead paid by AgFeed USA, LLC to or at the direction of AgFeed Industries, Inc.
Corporate Overhead will be limited to $468,750.00 per month for the months of January, February and March 2013. Borrower will not
be allowed to pay Corporate Overhead in the month of April or beyond.

 

5.7           Borrower
agrees that any Patronage payable to Borrower by Lender or any participating Lender under any Patronage plan will be applied to
Credit Facility F as a special principal payment which will not reduce the regularly scheduled principal and interest payments.

 

5.8           In
addition to any other reports required to be provided Lender under the Credit Agreement, Borrower agrees to provide Lender with
accounts receivable and accounts payable aging reports together with a profit and loss summary in form acceptable to Lender monthly,
due thirty days after the end of each monthly reporting period.

 

5.9           Borrower
agrees to provide Lender, on or before March 15, 2013, a detailed budget and projections for potential cash collateral and/or DIP
financing pertaining to any potential bankruptcy filing together with an outline of any potential filing including the expected
venue for any filing. 

 

5.10         Borrower
agrees that it will use all reasonable efforts to complete an acceptable global settlement with Hormel on or before March 31, 2013
or such other settlement terms as may be acceptable to the parties. Borrower will provide Lender with timely updates regarding
negotiations with Hormel as reasonably appropriate and in any event at least once each week. If Borrower is unable to complete
an acceptable global settlement with Hormel on or before March 31, 2013 Borrower will be deemed to be in default of the agreement.

 

5.11         Borrower
agrees to complete and furnish to Lender, on or before March 31, 2013, an alternate plan to address its financial obligations
in the event that its negotiations with Hormel are unsuccessful that would include an orderly liquidation of all assets.

 

B.           Waiver
and Release. To the extent any claims or defenses may exist, each Borrower, on behalf of themselves and their respective
successors and assigns, hereby forever and irrevocably release Lender and its respective officers, representatives, agents, attorneys,
employees, predecessors, successors, and assigns, from any and all such claims and defenses, whether known or unknown arising out
of any acts or omissions occurring prior to the date of this Agreement.

 

    	-3-

    	 

    

 

C.           Effect
of Agreement.  Except as expressly provided in this Agreement, the Credit Documents remain in full force and effect in
accordance with their respective terms, and this Agreement shall not be construed to: (i) impair the validity, perfection or priority
of any security interest or lien securing the Loans; (ii) waive or impair any rights, powers or remedies of the Lender under the
Credit Documents; or (iii) constitute an agreement by the Lender or require it to extend the Forbearance Period, or grant additional
forbearance periods.

 

D.           Miscellaneous.  

 

		1.	Recitals Incorporated. The Recitals set forth at the beginning of this Amendment are deemed
incorporated herein, and the parties hereto represent they are true, accurate and correct.

 

		2.	Advice from Independent Counsel. The parties hereto understand that this Amendment is a
legally binding agreement that may affect such party’s rights. Each party hereto represents to the others that it has received
legal advice from counsel of its choice regarding the meaning and legal significance of this Amendment and that it is satisfied
with its legal counsel and the advice received from it.

 

		3.	Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the State of Nebraska.

 

		4.	Severability. If any provision of this Amendment shall be invalid, illegal or otherwise
unenforceable, such provision shall be severable from the remainder of such agreement and the validity, legality and enforceability
of the remaining provisions shall not be adversely affected or impaired thereby and shall remain in full force and effect.

 

		5.	Counterparts. This Amendment may be executed in two or more counterparts, all of which shall
be considered one and the same agreement and shall become effective when two or more counterparts have been signed by each of the
parties and delivered to the other parties.

 

		6.	Entire Agreement. This Agreement, together with the Credit Documents set forth the entire
agreement between the parties pertaining to the transactions contemplated by this Agreement. The Agreement may be amended or modified
only by a written instrument signed by the party against which enforcement is sought.

 

    	-4-

    	 

    

 

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

 

BORROWER:

 

	AgFeed USA, LLC (formerly known as M2 P2, LLC)	 
	 	 	 
	By:	AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	By:	/s/ Gerry Daignault	 
	 	Gerry Daignault, Chief Financial Officer	 

 

	TS Finishing, LLC	 
	 	 	 
	By:	AgFeed USA, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

New York Finishing, LLC

 

	By:	AgFeed USA, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	Pork Technologies, L.C.	 
	 	 	 
	By:	M2P2 General Operations, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed USA, LLC, its Managing Member	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	New Colony Farms, LLC	 
	 	 	 
	By:	M2P2 General Operations, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed USA, LLC, its Managing Member	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

    	-5-

    	 

    

 

Heritage Farms, LLC

 

	By:	M2P2 General Operations, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed USA, LLC, its Managing Member	 
	 	By: AgFeed Industries Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	Genetics Operating, LLC	 
	 	 	 
	By:	M2P2 General Operations, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed USA, LLC, its Managing Member	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	M2P2 Facilities, LLC	 
	 	 	 
	By:	AgFeed USA, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	MGM, LLC	 
	 	 	 
	By:	AgFeed USA, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	M2P2 General Operations, LLC	 
	 	 	 
	By:	AgFeed USA, LLC, its Managing Member	 
	 	 	 
	 	By:  AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	By:	/s/ Gerry Daignault	 
	 	Gerry Daignault, Chief Financial Officer	 
	 	 	 	 

	New Colony Land Company, LLC	 
	 	 	 
	By:	 M2P2 Facilities, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed USA, LLC, its Managing Member	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

    	-6-

    	 

    

 

	Heritage Land, LLC	 
	 	 	 
	By:	M2P2 Facilities, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed USA, LLC, its Managing Member	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	M2P2 AF JV, LLC	 
	 	 	 
	By:	AgFeed USA, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	 	By:	/s/ Gerry Daignault	 
	 	 	Gerry Daignault, Chief Financial Officer	 

 

	Midwest Finishing, LLC	 
	 	 	 
	By:	AgFeed USA, LLC, its Managing Member	 
	 	 	 
	 	By: AgFeed Industries, Inc., its Managing Member	 
	 	 	 
	By:	/s/ Gerry Daignault	 
	 	Gerry Daignault, Chief Financial Officer	 
	 	 	 	 

	LENDER:	 
	 	 
	Farm Credit Services of America, PCA	 
	Farm Credit Services of America, FLCA	 
	 	 	 
	By:	/s/ Brian Frevert	 
	 	Brian Frevert, Vice President	 

 

    	-7-

    	 

    

 

Exhibit
A

 

	 	 	3/1/13	 	 	3/8/13	 	 	3/15/13	 	 	3/22/13	 	 	3/29/13	 	 	4/5/13	 	 	4/12/13	 	 	4/19/13	 	 	4/26/13	 	 	5/3/13	 	 	5/10/13	 	 	5/17/13	 
	Revised Borrowing Base Margin	 	 	44,792	 	 	 	3,900	 	 	 	1,738,958	 	 	 	392,686	 	 	 	1,346,706	 	 	 	1,579,796	 	 	 	2,161,840	 	 	 	2,301,699	 	 	 	1,831,205	 	 	 	1,871,427	 	 	 	2,391,447	 	 	 	1,818,930

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}]]