Document:

Chef’s Warehouse
8-K

Exhibit 10-3

 

EXECUTION
COPY

 

AMENDMENT
NO. 4

Dated
as of January 9, 2015

to

AMENDED
AND RESTATED CREDIT AGREEMENT

THIS
AMENDMENT NO. 4 (this “Amendment”) is made as of January 9, 2015 by and among Dairyland USA Corporation, a
New York corporation (“Dairyland”), The Chefs’ Warehouse Mid-Atlantic, LLC, a Delaware limited liability
company (“CW Mid-Atlantic”), Bel Canto Foods, LLC, a New York limited liability company (“Bel Canto”),
The Chefs’ Warehouse West Coast, LLC, a Delaware limited liability company (“CW West Coast”), and The
Chefs’ Warehouse of Florida, LLC, a Delaware limited liability company (“CW Florida” and, together with
Dairyland, CW Mid-Atlantic, Bel Canto and CW West Coast, the “Borrowers”), the financial institutions listed
on the signature pages hereof and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative
Agent”) and as Collateral Agent (in such capacity, the “Collateral Agent”), under that certain Amended
and Restated Credit Agreement dated as of April 25, 2012, as amended and restated as of April 17, 2013, by and among the Borrowers,
the other Loan Parties party thereto, the Lenders, the Administrative Agent and the Collateral Agent (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings given to them in the Credit Agreement.

WHEREAS,
the Borrowers have requested that the requisite Lenders and the Administrative Agent agree to certain amendments to the Credit
Agreement; and

WHEREAS,
the Borrowers, the Lenders party hereto and the Administrative Agent have so agreed on the terms and conditions set forth herein;

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrowers, the Lenders party hereto and the Administrative
Agent hereby agree to enter into this Amendment.

1.                 
Amendments to the Credit Agreement. Effective as of the date
of satisfaction of the conditions precedent set forth in Section 2 below, the parties hereto agree that the Credit Agreement
is hereby amended as follows:

(a)            
The definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is amended to
(w) delete each reference to “Leverage Ratio” appearing therein and replace each such reference with a reference to
“Total Leverage Ratio”, (x) replace each reference to “Category 3” appearing in clauses (i) and (iii)
thereof and replace each such reference with a reference to “Category 4”, (y) delete the reference to “Restatement
Effective Date” appearing in clause (iii) thereof and replace such reference with a reference to “Amendment No. 4
Effective Date” and (z) amend and restate the table appearing therein in its entirety to read as follows:

    	

    	 

    

 

 

 

	 	Total Leverage Ratio:	 	 	Eurodollar
                                         Spread	 	 	 	ABR
                                         Spread	 	 	 	Commitment
                                         Fee Rate	 
	Category 1:	< 2.25 to 1.00	 	 	2.75	%	 	 	1.75	%	 	 	0.35	%
	Category 2:	 ≥ 2.25 to 1.00 but 
 < 3.25 to 1.00	 	 	3.00	%	 	 	2.00	%	 	 	0.40	%
	Category 3:	 ≥ 3.25 to 1.00 but 
 < 4.25 to 1.00	 	 	3.25	%	 	 	2.25	%	 	 	0.45	%
	Category 4:	 ≥ 4.25 to 1.00	 	 	3.50	%	 	 	2.50	%	 	 	0.50	%

 

  

(b)           
The definition of “Equity Interests” appearing in Section 1.01 of the Credit Agreement is amended to
insert the following sentence at the end thereof:

“Notwithstanding
the foregoing, neither Permitted Convertible Notes nor Permitted Call Spread Swap Agreements shall constitute Equity Interests.”

(c)            
The definition of “Indebtedness” appearing in Section 1.01 of the Credit Agreement is amended to insert
the following sentence at the end thereof:

“Notwithstanding
the foregoing and for avoidance of doubt, obligations arising under any Permitted Call Spread Swap Agreement shall not be considered
Indebtedness.”

(d)           
The definition of “Obligations” appearing in Section 1.01 of the Credit Agreement is amended to (x)
insert a reference to “(i)” immediately before the reference to “the definition of ‘Obligations’”
appearing in the proviso therein and (y) insert the phrase “and (ii) obligations arising under Permitted Call Spread Swap
Agreements shall not be considered Obligations” immediately before the period appearing at the end thereof.

(e)            
The definition of “Permitted Acquisition” appearing in Section 1.01 of the Credit Agreement is amended
and restated to read as follows:

“Permitted
Acquisition” means, collectively, (a) the Specified Acquisition and (b) any other acquisition (whether by purchase,
merger, consolidation or otherwise but excluding, in any event, any Hostile Acquisition) or series of related acquisitions by
any Loan Party of (i) all or substantially all the assets of or (ii) all or substantially all the Equity Interests in,
a Person or division or line of business of a Person, if, for purposes of this clause (b), at the time of and immediately
after giving effect thereto, (1) no Default has occurred and is continuing or would arise after giving effect thereto, (2) such
Person or division or line of business is engaged in the same or a similar line of business as the Borrowers and the Subsidiaries
or business reasonably related, complementary or ancillary thereto or a logical extension thereof (including, without limitation,
food and beverage service, distribution, wholesale and retail), (3) all actions required to be taken with respect to such
acquired or newly formed Subsidiary under Section 5.13 shall have been taken within the time periods set out therein, (4) the
Borrowers and the Subsidiaries are in compliance, on a pro forma basis, with the covenants contained in Section 6.13
(provided that, for purposes of determining compliance with the covenants contained in clauses (b) and (d)
of Section 6.13, the maximum permitted ratios for such covenants shall be deemed to be 0.50:1.00 less than those set forth
therein) recomputed as of the last day of the most recently ended Fiscal Quarter for which financial statements are available,
as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be
amortized over the applicable testing period in accordance with its terms) had occurred on the first day of each relevant period
for testing such compliance and, if the aggregate consideration paid in respect of such acquisition exceeds $25,000,000, Holdings
shall have delivered to the Administrative Agent a certificate of a Financial Officer of Holdings to such effect, together with
all related historical financial statements (including consolidated balance sheets, income statements and cash flow statements)
and projections reasonably requested by the Administrative Agent, (5) in the case of an acquisition or merger involving a
Loan Party (other than Holdings), a Loan Party is the surviving entity of such merger and/or consolidation, (6) in the case of
an acquisition or merger involving Holdings, Holdings shall be the surviving entity of such merger and/or consolidation, and (7) the
sum of (x) Holdings’ and its Subsidiaries’ unencumbered and unrestricted cash and Permitted Investments plus
(y) the Available Revolving Commitment is at least $10,000,000.

    	2

    	 

    

(f)            
The definition of “Prepayment Event” appearing in Section 1.01 of the Credit Agreement is amended to
(i) delete the reference to “Leverage Ratio” appearing in clause (c) thereof and replace such reference with a reference
to “Total Leverage Ratio” and (ii) amend and restate clause (d) thereof to read as follows:

(d)            
the
incurrence by any Loan Party of any Indebtedness, other than Indebtedness permitted under Section 6.01, but in any event including
(i) any Indebtedness under the Prudential Financing and (ii) any Indebtedness under the Permitted Convertible Notes (other than
Permitted Convertible Seller Notes); or

 

(g)            
The definition of “Restricted Payment” appearing in Section 1.01 of the Credit Agreement is amended
to insert the following sentence at the end thereof:

“Notwithstanding
the foregoing, and for the avoidance of doubt, (i) the conversion of (including any cash payment upon conversion), or payment
of any principal or premium on, or payment of any interest with respect to, any Permitted Convertible Notes shall not constitute
a Restricted Payment and (ii) any payment with respect to, or early unwind or settlement of, any Permitted Call Spread Swap Agreement
shall not constitute a Restricted Payment.”

(h)           
Section 1.01 of the Credit Agreement is amended to (x) delete the definition of “Leverage Ratio” appearing
therein and (y) add the following definitions thereto in the appropriate alphabetical order and, where applicable, replace the
corresponding previously existing definitions:

“Amendment
No. 4 Effective Date” means the date upon which Amendment No. 4 to this Agreement, dated as of January 9, 2015, becomes
effective, as notified by the Administrative Agent to the Lenders and the Borrowers.

“Augmenting
Lender” has the meaning assigned to such term in Section 2.22.

“Cumulative
Retained Excess Cash Flow Amount” means, as of any date, an amount not less than zero in the aggregate for any Excess
Cash Flow Period, determined on a cumulative basis equal to the aggregate cumulative sum of the Retained Excess Cash Flow for
all Excess Cash Flow Periods ending after the Amendment No. 4 Effective Date and prior to such date.

 

    	3

    	 

    

“Excess
Cash Flow Period” means each Fiscal Year of Holdings commencing with the Fiscal Year ending December 31, 2014, but in
all cases for purposes of calculating the Cumulative Retained Excess Cash Flow Amount shall only include such Fiscal Years for
which financial statements and a Compliance Certificate have been delivered in accordance with Sections 5.01(a), 5.01(b) and 5.01(c)
and for which any prepayments required by Section 2.11(d) (if any) have been made.

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.22.

 

“Permitted
Call Spread Swap Agreements” means (a) any Swap Agreement (including, but not limited to, any bond hedge transaction
or capped call transaction) pursuant to which Holdings acquires an option requiring the counterparty thereto to deliver to Holdings
shares of common stock of Holdings, the cash value of such shares or a combination thereof from time to time upon exercise of
such option and (b) any Swap Agreement pursuant to which Holdings issues to the counterparty thereto warrants to acquire common
stock of Holdings (whether such warrant is settled in shares, cash or a combination thereof), in each case entered into by Holdings
in connection with the issuance of Permitted Convertible Notes (other than Permitted Convertible Seller Notes); provided
that (i) the terms, conditions and covenants of each such Swap Agreement shall be such as are customary for Swap Agreements of
such type (as determined by the Board of Directors of Holdings in good faith) and (ii) in the case of clause (b) above, such Swap
Agreement would be classified as an equity instrument in accordance with GAAP, and the settlement of such Swap Agreement does
not require Holdings to make any payment in cash or cash equivalents that would disqualify such Swap Agreement from so being classified
as an equity instrument.

 

“Permitted
Convertible Notes” means, collectively, (a) Permitted Convertible Seller Notes and (b) any other unsecured notes issued
by Holdings that are convertible into common stock of Holdings, cash or any combination thereof; provided that, for purposes
of clause (b) of this definition, the Indebtedness thereunder satisfies the following requirements: (i) both immediately
prior to and after giving effect (including pro forma effect) thereto, no Default or Event of Default shall exist or result
therefrom, (ii) such Indebtedness matures after, and does not require any scheduled amortization or other scheduled payments
of principal prior to, the date that is six (6) months after the Maturity Date (it being understood that neither (x) any provision
requiring an offer to purchase such Indebtedness as a result of change of control or asset sale or other fundamental change nor
(y) any early conversion of any Permitted Convertible Notes in accordance with the terms thereof shall violate the foregoing restriction),
(iii) such Indebtedness is not guaranteed by any Subsidiary of Holdings other than the Loan Guarantors (which guarantees,
if such Indebtedness is subordinated, shall be expressly subordinated to the Secured Obligations on terms not less favorable to
the Lenders than the subordination terms of such Subordinated Indebtedness), (iv) the covenants applicable to such Indebtedness
are not more onerous or more restrictive in any material respect (taken as a whole) than the applicable covenants set forth in
this Agreement and (v) the aggregate principal amount of Indebtedness permitted to be issued or incurred under this definition
shall not exceed $150,000,000 at any time outstanding.

 

“Permitted
Convertible Seller Notes” means, collectively, any unsecured notes evidencing Subordinated Indebtedness issued by Holdings
or any Subsidiary to any seller in connection with the Specified Acquisition that are convertible solely into common stock of
Holdings.

    	4

    	 

    

 

“Retained
Excess Cash Flow” means, with respect to any Fiscal Year of Holdings, (a) the Excess Cash Flow for such Fiscal Year
minus (b) the aggregate prepayment amount payable by Holdings pursuant to Section 2.11(d) for such Fiscal Year; provided
that, solely for purposes of calculating such aggregate prepayment amount for purposes of this clause (b), “Ratable Share”
shall be defined to equal 100%.

 

“Revolving
Commitment Increase” has the meaning assigned to such term in Section 2.22.

 

“Senior
Secured Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness (other than Subordinated Indebtedness)
that is secured by a Lien on any assets of Holdings or its Subsidiaries on such date to (b) EBITDA for the period of four
(4) consecutive Fiscal Quarters ended on such date (or, if such date is not the last day of a Fiscal Quarter, ended on the last
day of the Fiscal Quarter most recently ended prior to such date).

“Specified
Acquisition” means the acquisition by Holdings, directly or indirectly, of the Specified Target pursuant to terms and
conditions reasonably acceptable to the Administrative Agent.

“Specified
Earn-Out Payment” means any payment made by a Loan Party or any Subsidiary in respect of earn-out obligations arising
pursuant to that certain Additional Earn-Out Agreement, to be dated on or about the Amendment No. 4 Effective Date, by and among,
inter alia, Holdings, T.J. Foodservice Co., Inc., TJ Seafood, LLC, and John DeBenedetti, as the Sellers’ Representative.

“Specified
Target” means the entity codenamed “Project Long Bone” as disclosed to the Lenders and the Administrative
Agent prior to the Amendment No. 4 Effective Date.

“Total
Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness on such date to (b) EBITDA for the
period of four (4) consecutive Fiscal Quarters ended on such date (or, if such date is not the last day of a Fiscal Quarter, ended
on the last day of the Fiscal Quarter most recently ended prior to such date).

(i)             
Section 2.11(d) of the Credit Agreement is amended to (i) delete each reference to “Leverage Ratio” appearing
therein and replace each such reference with a reference to “Total Leverage Ratio” and (ii) replace the figure “$4,000,000”
set forth therein with the figure “$10,000,000”.

(j)             
Article II of the Credit Agreement is amended to insert the following as a new Section 2.22 thereof:

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“SECTION
2.22.Expansion Option. The Borrower Representative may from time to time elect to increase the Revolving
Commitments (each a “Revolving Commitment Increase”), in each case in minimum increments of $10,000,000,
so long as, after giving effect thereto, the aggregate amount of such Revolving Commitment Increases does not exceed
$60,000,000. The Borrower Representative may arrange for any such Revolving Commitment Increase to be provided by one or more
Lenders (each Lender so agreeing to an increase in its Revolving Commitment, an “Increasing Lender”), or
by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other
entity, an “Augmenting Lender”), to increase their existing Revolving Commitments, or provide new
Revolving Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the
approval of the Borrower Representative and the Administrative Agent (such approvals not to be unreasonably withheld or
delayed) and (ii) (x) in the case of an Increasing Lender, the Borrower Representative and such Increasing Lender shall
execute an agreement substantially in the form of Exhibit B hereto, and (y) in the case of an Augmenting Lender,
the Borrower Representative and such Augmenting Lender shall execute an agreement substantially in the form of Exhibit C
hereto. No consent of any Lender (other than the Lenders participating in the Revolving Commitment Increase) shall be
required for any Revolving Commitment Increase pursuant to this Section 2.22. Revolving Commitment Increases
created pursuant to this Section 2.22 shall become effective on the date agreed by the Borrower
Representative, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative
Agent shall notify each Lender thereof. Notwithstanding the foregoing, no Revolving Commitment Increase shall become
effective under this paragraph unless, (i) on the proposed date of the effectiveness of such Revolving Commitment
Increase, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be
satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect
dated such date and executed by a Financial Officer of the Borrower Representative and (B) Holdings and its Subsidiaries
shall be in compliance (on a pro forma basis) with the covenants contained in Section 6.13 and (ii) the
Administrative Agent shall have received documents consistent with those delivered on the Restatement Effective Date as to
the corporate power and authority of the Borrowers to borrow hereunder after giving effect to such Revolving Commitment
Increase. On the effective date of any Revolving Commitment Increase, (i) each relevant Increasing Lender and Augmenting
Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative
Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such
increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding
Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) the
Borrowers shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the
Revolving Commitments (with such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if
applicable, specified in a notice delivered by the Borrower Representative on behalf of the applicable Borrower in accordance
with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii) of the
immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect
of each Eurocurrency Loan, shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 2.16
if the deemed payment occurs other than on the last day of the related Interest Periods. Nothing contained in this Section 2.22
shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving Commitment
hereunder at any time.”

(k)           
Section 6.01(j) of the Credit Agreement is amended and restated in its entirety to read as follows:

“(j)(i)
unsecured Subordinated Indebtedness under any Permitted Convertible Seller Notes in an aggregate principal amount not to exceed
$38,250,000 at any time outstanding and (ii) other Subordinated Indebtedness of the Borrowers in an aggregate principal amount
not exceeding $30,000,000 at any time outstanding;”

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(l)             
Section 6.01 of the Credit Agreement is amended to (x) delete the word “and” appearing at the end of clause
(l) thereof, (y) re-designate clause (m) thereof as clause (n) thereof and (z) insert the following as a new clause (m) thereof:

“(m)
Indebtedness under Permitted Convertible Notes (other than Permitted Convertible Seller Notes); and”

(m)         
Section 6.07 of the Credit Agreement is amended to (x) delete the word “and” appearing immediately before the
reference to “(b)” appearing therein and (y) insert the following phrase immediately before the period appearing at
the end thereof:

“and
(c) Permitted Call Spread Swap Agreements”

(n)           
Section 6.08(a) of the Credit Agreement is amended to (x) delete the word “and” appearing immediately before
the reference to “(v)” appearing therein and replace it with a comma and (y) insert the following phrase immediately
before the period appearing at the end thereof:

“and
(vi) Holdings may enter into, exercise its rights and perform its obligations under, Permitted Call Spread Swap Agreements”

(o)           
Clause (ii) of Section 6.08(b) of the Credit Agreement is amended and restated to read as follows:

(ii)payment
of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness, other than (x) payments
in respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof and (y) payments in respect of
Subordinated Indebtedness owed to any seller in connection with the Specified Acquisition;

 

(p)           
Section 6.08(b) of the Credit Agreement is further amended to (x) delete the word “and” appearing at the end
of clause (vii) thereof and (y) insert the following as new clauses (ix), (x), (xi) and (xii) thereof:

“(ix)issuance
of Equity Interests, or making cash payments (other than in connection with Permitted Convertible Seller Notes), in connection
with or as part of the conversion, redemption, retirement, prepayment or cancellation of any Permitted Convertible Notes;

(x)
payments in respect of earn-out obligations in connection with the Specified Acquisition; provided that, any Specified
Earn-Out Payments shall be subject to Section 6.08(c);

 

(xi)
payment of regularly scheduled interest payments in respect of unsecured Subordinated Indebtedness owed to any seller in connection
with the Specified Acquisition and permitted pursuant to clause (i) of Section 6.01(j) hereof, so long as (i) after giving effect
to such payment, the Loan Parties shall be in pro forma compliance with the financial covenants set forth in Section 6.13
as of the most recent Fiscal Quarter for which financial statements shall have been delivered pursuant to Section 5.01(a)
or 5.01(b) and (ii) no Default or Event of Default has occurred and is continuing or would be caused by such payment; and

 

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(xii)
any other payments in respect of Subordinated Indebtedness, so long as (i) the aggregate amount of all payments made pursuant
to this clause (xii) does not exceed the Cumulative Retained Excess Cash Flow Amount, (ii) no Default or Event of Default
has occurred and is continuing or would be caused by such payment and (iii) both prior to and after giving effect to such payment,
the Senior Secured Leverage Ratio shall not exceed 2.00:1.00 as of the most recent Fiscal Quarter for which financial statements
shall have been delivered pursuant to Section 5.01(a) or 5.01(b).”

 

(q)           
Section 6.08 of the Credit Agreement is amended to add the following new clause (c) at the end thereof:

“(c)No
Loan Party will, nor will it permit any Subsidiary to, make, directly or indirectly, any Specified Earn-Out Payment, unless (i)
no Default or Event of Default has occurred and is continuing or would be caused by such Specified Earn-Out Payment and (ii) Holdings
shall have delivered to the Administrative Agent a certificate of a Financial Officer of Holdings, setting forth reasonably detailed
calculations of the Fixed Charge Coverage Ratio, calculated on a pro forma basis after giving effect to such Specified Earn-Out
Payment, for the four (4) consecutive Fiscal Quarters ending as of the last day of the most recent Fiscal Quarter for which financial
statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b).”

(r)             
Section 6.10 of the Credit Agreement is amended to (x) delete the word “and” appearing immediately before the
reference to “(v)” appearing therein and replace it with a comma and (y) insert the following phrase immediately before
the period appearing at the end thereof:

“,
and (vi) the foregoing shall not apply to restrictions and conditions contained in agreements relating to Permitted Convertible
Notes (excluding Permitted Convertible Seller Notes)”

(s)            
Section 6.13(b) of the Credit Agreement is amended and restated in its entirety to read as follows:

“(b)Total
Leverage Ratio. The Loan Parties will not permit the Total Leverage Ratio, determined for any period of four (4) consecutive
Fiscal Quarters ending on any date during any period set forth below, to be greater than the ratio set forth below opposite such
period:

	Period	Ratio
	March
    31, 2015 through September 30, 2015	5.00:1:00
	December
    31, 2015	4.50:1:00
	March
    31, 2016 through June 30, 2016	4.25:1:00
	September
    30, 2016 and thereafter	3.75:1:00
	 	 

(t)             
Section 6.13(c) of the Credit Agreement is amended to (i) replace the figure “$15,000,000” set forth therein
with the figure “$17,000,000” and (ii) replace the figure “$10,000,000” set forth therein with the figure
“$11,000,000”.

(u)           
Section 6.13 of the Credit Agreement is amended to (x) re-designate clause (d) thereof as clause (e) thereof and (y) insert
the following as new clause (d) thereof:

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“(d)Senior
Secured Leverage Ratio. The Loan Parties will not permit the Senior Secured Leverage Ratio, determined for any period of four
(4) consecutive Fiscal Quarters ending on any date during any period set forth below, to be greater than the ratio set forth below
opposite such period:

	Period	Ratio
	March
    31, 2015 through September 30, 2015	4.50:1:00
	December
    31, 2015	4.00:1:00
	March
    31, 2016 through June 30, 2016	3.75:1:00
	September
    30, 2016 and thereafter	3.25:1:00
	 	 

(v)              
Clause (g) of Article VII of the Credit Agreement is amended to (x) insert a reference to “(x)” immediately
before the reference to “secured Indebtedness” appearing therein and (y) insert the following phrase immediately before
the period appearing at the end thereof:

“,
(y) any redemption, repurchase, conversion or settlement with respect to any Permitted Convertible Notes pursuant to their terms
unless such redemption, repurchase, conversion or settlement results from a default thereunder or an event of the type that constitutes
an Event of Default or (z) any early payment requirement or unwinding or termination with respect to any Permitted Call Spread
Swap Agreement”

(w)             
The Credit Agreement is amended to amend and restate Exhibit B and Exhibit C in their entirety in the forms attached
hereto as Annex I and Annex II, respectively.

2.                 
Conditions of Effectiveness. The effectiveness of this Amendment
is subject to the conditions precedent that:

(a)            
the Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrowers, the Required Lenders,
and the Administrative Agent;

(b)           
the Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit A hereto
duly executed by the Loan Guarantors;

(c)            
(i) the “Specified Acquisition” (as defined in the Credit Agreement after giving effect to this Amendment) shall
be consummated substantially concurrently with the effectiveness of this Amendment and in accordance with (1) that certain
Asset Purchase Agreement, to be dated as of January 11, 2015 (the “Asset Purchase Agreement”), by
and among, inter alia, Holdings, T.J. Foodservice Co., Inc., TJ Seafood, LLC, John DeBenedetti, Victoria
DeBenedetti, Theresa Lincoln, and John Benedetti, as the Sellers’ Representative, (2) the “Merger
Agreement” referred to in the Asset Purchase Agreement and (3) each of the “Earn-Out Agreements” referred
to in the Asset Purchase Agreement, in each case, without giving effect to any amendments, consents or waivers thereto or
modifications to the provisions thereof which (x) could reasonably be expected to have a Material Adverse Effect, (y) would
cause or result in a Default or Event of Default under the Credit Agreement or (z) would adversely affect the interests of
the Administrative Agent or any Lender (it being understood and agreed that any increase in the aggregate purchase price paid
for the Specified Acquisition (including, without limitation, any increase in any earn-out obligations) shall be deemed to
adversely affect the interests of the Administrative Agent and the Lenders), without the consent of the Required Lenders
(such consent not to be unreasonably withheld, conditioned or delayed), (ii) the Administrative Agent shall have received a
certificate of a Financial Officer of Holdings confirming the consummation of the Specified Acquisition; (iii) the aggregate
purchase price paid for the Specified Acquisition (exclusive of any “Specified Earn-Out Payments” (as defined in
the Credit Agreement after giving effect to this Amendment)) shall not exceed $216,750,000; (iv) the Total Leverage Ratio,
after giving pro forma effect to the consummation of the Specified Acquisition and the making of Loans in connection with the
consummation of the Specified Acquisition, shall not exceed 4.50 to 1.00 for the Fiscal Quarter most recently ended prior to
the consummation of the Specified Acquisition; (v) the Senior Secured Leverage Ratio, after giving pro forma effect to
the consummation of the Specified Acquisition and the making of Loans in connection with the consummation of the
Specified Acquisition, shall not exceed 4.00 to 1.00 for the Fiscal Quarter most recently ended prior to the consummation of
the Specified Acquisition; and (vi) the EBITDA attributable to the “Specified Target” (as defined in the
Credit Agreement after giving effect to this Amendment) as of the 12-month period ended on December 31, 2014, and calculated
in a manner consistent with its 2014 audited financial statements, shall not be less than $20,000,000 and the Administrative
Agent shall have received a certificate of a Financial Officer confirming the same;

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(d)           
the Administrative Agent shall have received an executed and effective amendment to the Prudential Note Agreement, which amendment
shall be substantially in the form set forth on Exhibit B hereto; 

(e)            
the Administrative Agent shall have received (i) copies of each Permitted Convertible Seller Note and (ii) evidence, reasonably
satisfactory to the Administrative Agent, that Indebtedness in respect of each Permitted Convertible Seller Note is subordinated
to the payment of the Secured Obligations on terms and conditions reasonably satisfactory to the Administrative Agent (including,
without limitation, a prohibition on any payments in respect of any Permitted Convertible Seller Note if a Default or Event of
Default has occurred and is continuing or would be caused by any such payments); and 

(f)            
the Administrative Agent shall have received payment and/or reimbursement of the Administrative Agent’s and its affiliates’
fees and expenses (including, to the extent invoiced in an invoice dated on or prior to the date hereof, reasonable documented
out-of-pocket fees and expenses of counsel for the Administrative Agent) in connection with this Amendment.

The
Administrative Agent shall notify the Borrowers and the Lenders of the effective date of this Amendment, and such notice shall
be conclusive and binding.  Notwithstanding the foregoing, the agreements of the Lenders and the Administrative Agent under
this Amendment shall cease to be effective unless each of the foregoing conditions is satisfied (or waived by the Required Lenders
and the Administrative Agent) at or prior to 5:00 p.m., New York City time, on the earlier of (i) May 31, 2015 and (ii) the termination
or abandonment by the Borrowers of the Specified Acquisition.

3.                 
Representations and Warranties of the Borrowers. Each Borrower
hereby represents and warrants as follows:

(a)            
This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of such Borrower and
are enforceable against such Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.

(b)           
As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing and
(ii) the representations and warranties of the Loan Parties set forth in the Credit Agreement, as amended hereby, are true and
correct in all material respects (it being understood and agreed that any representation or warranty which by its terms is made
as of a specified date shall be required to be true and correct only as of such specified date).

    	10

    	 

    

4.                 
Reference to and Effect on the Credit Agreement.

(a)            
Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall
mean and be a reference to the Credit Agreement as amended hereby.

(b)           
Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall
remain in full force and effect and are hereby ratified and confirmed.

(c)            
Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate
as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision
of the Credit Agreement, the Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection
therewith.

(d)           
This Amendment is a “Loan Document” under (and as defined in) the Credit Agreement.

5.                 
Release of Claims.

(a)               
Each of the Loan Parties, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely,
unconditionally and irrevocably releases, remises and forever discharges the Administrative Agent, the Collateral Agent and each
of the Lenders, their respective successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries,
divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (the Administrative Agent,
the Collateral Agent, the Lenders and all such other Persons being hereinafter referred to collectively as the “Releasees”
and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims,
defenses, rights of setoff, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”)
of every name and nature, known or unknown, suspected or unsuspected, both at law and in equity, which any of the Loan Parties
or any of their respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to
have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which
arises at any time on or prior to the day and date of this Amendment, in each case in connection with the Credit Agreement or
any of the other Loan Documents or transactions thereunder or related thereto.

(b)           
Each of the Loan Parties understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete
defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted
or attempted in breach of the provisions of such release.

6.                 
Governing Law. This Amendment shall be construed in accordance
with and governed by the law of the State of New York.

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

    	11

    	 

    

8.                 
Counterparts. This Amendment may be executed by one or more
of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures
delivered in person.

[Signature
Pages Follow]

    	12

    	 

    

 

IN
WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

DAIRYLAND
USA CORPORATION

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE MID-ATLANTIC, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer:

BEL
CANTO FOODS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE WEST COAST, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE OF FLORIDA, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

    	Signature
                                         Page to Amendment No. 4 to Amended and Restated Credit Agreement dated as of April 25,
                                         2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse, Inc. et
                                         al

    	 

    

JPMORGAN
CHASE BANK, N.A.,

individually
as a Lender, as the Swingline Lender, as the Issuing Bank, as Administrative Agent and as Collateral Agent

 

 

By:__/s/
Diane Bredehoft______________________

Name:
Diane Bredehoft

Title:
Authorized Officer

 

    	Signature
                                         Page to Amendment No. 4 to Amended and Restated Credit Agreement dated as of April 25,
                                         2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse, Inc. et
                                         al

    	 

    

GE
CAPITAL BANK, formerly known as GE CAPITAL FINANCIAL INC.,

as
a Lender

 

 

By:___/s/
Woodrow Broaders Jr._________________

Name: Woodrow
Broaders Jr.

Title: Duly
authorized signatory

    	Signature
                                         Page to Amendment No. 4 to Amended and Restated Credit Agreement dated as of April 25,
                                         2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse, Inc. et
                                         al

    	 

    

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

as
a Lender

 

 

By:__/s/
Thomas Pizzo________________________

Name: Thomas Pizzo

Title:
Senior Vice President

 

    	Signature
                                         Page to Amendment No. 4 to Amended and Restated Credit Agreement dated as of April 25,
                                         2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse, Inc. et
                                         al

    	 

    

BMO
HARRIS FINANCING, INC.,

as
a Lender

 

 

By:___/s/
Joan Spiotto Murphy__________________

Name: Joan
Spiotto Murphy 

Title: Director 

 

    	Signature
                                         Page to Amendment No. 4 to Amended and Restated Credit Agreement dated as of April 25,
                                         2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse, Inc. et
                                         al

    	 

    

BRANCH
BANKING AND TRUST COMPANY,

as
a Lender

 

 

By:_______________________________________

Name:

Title:

 

 

    	Signature
                                         Page to Amendment No. 4 to Amended and Restated Credit Agreement dated as of April 25,
                                         2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse, Inc. et
                                         al

    	 

    

EXHIBIT
A

Consent
and Reaffirmation

Each
of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 4 to Amended and Restated Credit Agreement
with respect to that certain Amended and Restated Credit Agreement dated as of April 25, 2012, as amended and restated as of April
17, 2013 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among Dairyland USA Corporation, a New York corporation (“Dairyland”), The Chefs’
Warehouse Mid-Atlantic, LLC, a Delaware limited liability company (“CW Mid-Atlantic”), Bel Canto Foods, LLC,
a New York limited liability company (“Bel Canto”), The Chefs’ Warehouse West Coast, LLC, a Delaware
limited liability company (“CW West Coast”), and The Chefs’ Warehouse of Florida, LLC, a Delaware limited
liability company (“CW Florida” and, together with Dairyland, CW Mid-Atlantic, Bel Canto and CW West Coast,
the “Borrowers”), the other Loan Parties party thereto, the Lenders and JPMorgan Chase Bank, N.A., as Administrative
Agent (the “Administrative Agent”), which Amendment No. 4 to Amended and Restated Credit Agreement is dated
as of January 9, 2015 and is by and among the Borrowers, the financial institutions listed on the signature pages thereof and
the Administrative Agent (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not
defined herein shall have the meanings given to them in the Credit Agreement.

Without
in any way establishing a course of dealing by the Administrative Agent, the Collateral Agent or any Lender, each of the undersigned
consents to the Amendment and reaffirms the terms and conditions of the Loan Guaranty and any other Loan Document executed by
it and acknowledges and agrees that the Loan Guaranty and each and every such Loan Document executed by the undersigned in connection
with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to
the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified
by the Amendment and as the same may from time to time hereafter be amended, modified or restated.

 

Dated January
9, 2015

[Signature
Page Follows]

    	 

    	 

    

IN
WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and year above written.

 

 

DAIRYLAND
USA CORPORATION

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE MID-ATLANTIC, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

BEL
CANTO FOODS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE WEST COAST, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE OF FLORIDA, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

    	Signature
                                         Page to Consent and Reaffirmation to Amendment No. 4 to Amended and Restated Credit Agreement
                                         dated as of April 25, 2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse,
                                         Inc. et al

    	 

    

THE
CHEFS’ WAREHOUSE, INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

CHEFS’
WAREHOUSE PARENT, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

MICHAEL’S
FINER MEATS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

MICHAEL’S
FINER MEATS HOLDINGS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE MIDWEST, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE PASTRY DIVISION, INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

    	Signature
                                         Page to Consent and Reaffirmation to Amendment No. 4 to Amended and Restated Credit Agreement
                                         dated as of April 25, 2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse,
                                         Inc. et al

    	 

    

QZ
ACQUISITION (USA), INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS NORTH AMERICA (USA), INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS, INC., a Florida corporation

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS, INC., a Washington corporation

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS (AMBASSADOR), INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

CW
LV REAL ESTATE LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

    	Signature
                                         Page to Consent and Reaffirmation to Amendment No. 4 to Amended and Restated Credit Agreement
                                         dated as of April 25, 2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse,
                                         Inc. et al

    	 

    

ALLEN
BROTHERS 1893, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
GREAT STEAKHOUSE STEAKS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

 

    	Signature
                                         Page to Consent and Reaffirmation to Amendment No. 4 to Amended and Restated Credit Agreement
                                         dated as of April 25, 2012, as amended and restated as of April 17, 2013 

The Chef's Warehouse,
                                         Inc. et al

    	 

    

EXHIBIT
B

FORM
OF AMENDMENT TO 

PRUDENTIAL
NOTE AGREEMENT

 

[Attached]

    	 

    	 

    

ANNEX
I

EXHIBIT
B

 

 

FORM
OF INCREASING LENDER SUPPLEMENT

INCREASING
LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto,
to the Amended and Restated Credit Agreement, dated as of April 25, 2012, as amended and restated as of April 17, 2013 (as the
same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among Dairyland USA Corporation, The Chefs’ Warehouse Mid-Atlantic, LLC, Bel Canto Foods, LLC, The Chefs’ Warehouse
West Coast, LLC and The Chefs’ Warehouse of Florida, LLC, as the Borrowers, the other Loan Parties party thereto, the Lenders
and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”).

W
I T N E S S E T H

WHEREAS,
pursuant to Section 2.22 of the Credit Agreement, the Borrower Representative has the right, subject to the terms and conditions
thereof, to effectuate from time to time an increase in the aggregate Revolving Commitments under the Credit Agreement by requesting
one or more Lenders to increase the amount of its Revolving Commitment;

WHEREAS,
the Borrower Representative has given notice to the Administrative Agent of its intention to increase the aggregate Revolving
Commitments pursuant to such Section 2.22; and

WHEREAS,
pursuant to Section 2.22 of the Credit Agreement, the undersigned Increasing Lender now desires to increase the amount of
its Revolving Commitment under the Credit Agreement by executing and delivering to the Borrower Representative and the Administrative
Agent this Supplement;

NOW,
THEREFORE, each of the parties hereto hereby agrees as follows:

1.
The undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this
Supplement it shall have its Revolving Commitment increased by $[__________], thereby making the aggregate amount of its total
Revolving Commitments equal to $[__________].

2.
The Borrower Representative hereby represents and warrants that no Default or Event of Default has occurred and is continuing
on and as of the date hereof.

3.
Terms defined in the Credit Agreement shall have their defined meanings when used herein.

4.
This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

5.
This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

    	 

    	 

    

IN
WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer
on the date first above written.

[INSERT
NAME OF INCREASING LENDER]

By:____________________________________

Name:

Title:

 

Accepted
and agreed to as of the date first written above:

The Chefs’ Warehouse, Inc.

as the Borrower
Representative

By:____________________________________

Name:

Title:

Acknowledged
as of the date first written above:

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

By:____________________________________

Name:

Title:

 

    	 

    	 

    

ANNEX
II

EXHIBIT
C

 

FORM
OF AUGMENTING LENDER SUPPLEMENT

AUGMENTING
LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto,
to the Amended and Restated Credit Agreement, dated as of April 25, 2012, as amended and restated as of April 17, 2013 (as the
same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among Dairyland USA Corporation, The Chefs’ Warehouse Mid-Atlantic, LLC, Bel Canto Foods, LLC, The Chefs’ Warehouse
West Coast, LLC and The Chefs’ Warehouse of Florida, LLC, as the Borrowers, the other Loan Parties party thereto, the Lenders
and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”).

W
I T N E S S E T H

WHEREAS,
the Credit Agreement provides in Section 2.22 thereof that any bank, financial institution or other entity may extend Revolving
Commitments under the Credit Agreement subject to the approval of the Borrower Representative and the Administrative Agent, by
executing and delivering to the Borrower Representative and the Administrative Agent a supplement to the Credit Agreement in substantially
the form of this Supplement; and

WHEREAS,
the undersigned Augmenting Lender was not an original party to the Credit Agreement but now desires to become a party thereto;

NOW,
THEREFORE, each of the parties hereto hereby agrees as follows:

1.
The undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the
date of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party
thereto, with a Revolving Commitment of $[__________].

2.
The undersigned Augmenting Lender (a) represents and warrants that it is legally authorized to enter into this Supplement;
(b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement
or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any
other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof,
together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit
Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required
to be performed by it as a Lender.

    	 

    	 

    

3.
The undersigned’s address for notices for the purposes of the Credit Agreement is as follows:

[___________]

4.
The Borrower Representative hereby represents and warrants that no Default or Event of Default has occurred and is continuing
on and as of the date hereof.

5.
Terms defined in the Credit Agreement shall have their defined meanings when used herein.

6.
This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

7.
This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

[remainder
of this page intentionally left blank]

    	 

    	 

    

IN
WITNESS WHEREOF, each of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer
on the date first above written.

[INSERT
NAME OF AUGMENTING LENDER]

By:____________________________________

Name:

Title:

 

Accepted
and agreed to as of the date first written above:

The Chefs’ Warehouse, Inc.

as
the Borrower Representative

By:____________________________________

Name:

Title:

Acknowledged
as of the date first written above:

JPMORGAN CHASE BANK, N.A.

as Administrative Agent

By:____________________________________

Name:

Title:Chefs’ Warehouse 8-K

Exhibit 10-4

 

EXECUTION VERSION

 

 

AMENDMENT
NO. 4 TO NOTE PURCHASE AND GUARANTEE AGREEMENT

THIS
AMENDMENT NO. 4 TO NOTE PURCHASE AND GUARANTEE AGREEMENT (this “Amendment”) is made as of January 9, 2015 by
and among Dairyland USA Corporation, a New York corporation (“Dairyland”), The Chefs’ Warehouse Mid-Atlantic,
LLC, a Delaware limited liability company (“CW Mid-Atlantic”), Bel Canto Foods, LLC, a New York limited liability
company (“Bel Canto”), The Chefs’ Warehouse West Coast, LLC, a Delaware limited liability company (“CW
West Coast”), and The Chefs’ Warehouse of Florida, LLC, a Delaware limited liability company (“CW Florida”,
and together with Dairyland, CW Mid-Atlantic, Bel Canto and CW West Coast, the “Issuers”), each of the Guarantors
whose names appear on the signature pages hereto (together with the Issuers, collectively, the “Obligors”),
and each of the holders of the Notes whose names appear on the signature pages hereto (each a “Noteholder”
and collectively, the “Noteholders”). Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings given to them in the Note Purchase Agreement.

WHEREAS,
the Obligors and the Noteholders are party to that certain Note Purchase and Guarantee Agreement dated as of April 17, 2013, as
amended by that certain Amendment No. 1 to Note Purchase and Guarantee Agreement dated as of July 23, 2014, that certain Amendment
No. 2 to Note Purchase and Guarantee Agreement dated as of November 4, 2014 and that certain Amendment No. 3 to Note Purchase
and Guarantee Agreement dated as of December 3, 2014 (as further amended, restated, supplemented or otherwise modified from time
to time, the “Note Purchase Agreement”), pursuant to which the Issuers issued and sold $100,000,000 in aggregate
principal amount of its 5.90% Guaranteed Senior Secured Notes due April 17, 2023 (collectively, the “Existing Notes”,
and as amended pursuant to this Amendment, and as may be further amended, restated, modified or replaced from time to time, together
with any such notes issued in substitution therefor pursuant to Section 13 of the Note Purchase Agreement, collectively, the “Notes”);

WHEREAS,
the Obligors have requested that the Required Holders agree to certain amendments to the Note Purchase Agreement and the Existing
Notes;

WHEREAS,
the Obligors and the Noteholders have so agreed on the terms and conditions set forth herein;

WHEREAS,
the Noteholders constitute the Required Holders;

NOW,
THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Obligors and the Noteholders hereby agree to
enter into this Amendment.

1.                 
Definitions. All capitalized terms used herein and not otherwise
defined shall have the meanings provided for in the Note Purchase Agreement.

2.                 
Amendments to the Note Purchase Agreement. Subject to the
satisfaction of the conditions precedent set forth in Section 4 below, and effective as of the Effective Date (as hereinafter
defined), the parties hereto agree that the Note Purchase Agreement is hereby amended as follows:

(a)               
Section 8.4 of the Note Purchase Agreement is hereby amended to (i) delete each reference to “Leverage Ratio”
therein and replace each such reference with a reference to “Total Leverage Ratio” and (ii) delete the reference to
“$4,000,000” therein and replace it with a reference to “$10,000,000”.

    	

    	 

    

(b)               Section
10.1(j) of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

“(j)               (i)
unsecured Subordinated Indebtedness under any Permitted Convertible Seller Notes in an aggregate principal amount not to exceed
$38,250,000 at any time outstanding and (ii) other Subordinated Indebtedness of the Issuers in an aggregate principal amount not
exceeding $30,000,000 at any time outstanding;”

(c)               Section
10.1 of the Note Purchase Agreement is hereby amended to (i) delete the word “and” at the end of clause (l) thereof,
(ii) re-designate clause (m) thereof as clause (n) thereof, and (iii) insert a new clause (m) thereof to read in its entirety
as follows:

“(m)               Indebtedness
under Permitted Convertible Notes (other than Permitted Convertible Seller Notes); and”

(d)               Section
10.7 of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

“10.7.Swap
Agreements. No Obligor will, nor will it permit any Subsidiary to, enter into any Swap Agreement, except (a) Swap Agreements
entered into to hedge or mitigate risks to which any Issuer or any Subsidiary has actual exposure (other than those in respect
of Equity Interests of any Issuer or any of its Subsidiaries), (b) Swap Agreements entered into in order to effectively cap, collar
or exchange interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect
to any interest-bearing liability or investment of any Issuer or any Subsidiary, and (c) Permitted Call Spread Swap Agreements.”

(e)               Section
10.8 of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

“10.8.Restricted
Payments; Certain Payments of Indebtedness.

(a)               No
Obligor will, nor will it permit any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted
Payment, or incur any obligation (contingent or otherwise) to do so, except, (x) any Obligor may make a Permitted Company Dividend
under clause (iii) of the definition thereof to the Company and (y) so long as no Event of Default shall have occurred and be
continuing or would result therefrom (including after giving effect thereto on a pro forma basis), (i) each of the Company and
the Issuers may declare and pay dividends with respect to its common stock payable solely in additional shares of its common stock,
and, with respect to its preferred stock, payable solely in additional shares of such preferred stock or in shares of its common
stock, (ii) Subsidiaries may declare and pay dividends to the Issuers, (iii) any Obligor may make a Permitted Company Dividend
to the Company, (iv) the Obligors and their Subsidiaries may make Restricted Payments payable solely in the form of their Equity
Interests pursuant to and in accordance with employment agreements, bonus plans, stock option plans, or other benefit plans for
existing, new and former management, directors, employees and consultants of the Obligors and their Subsidiaries, (v) the Company
and its Subsidiaries may make any other Restricted Payment, so long as the aggregate amount
of all such Restricted Payments made pursuant to this clause (v) during any Fiscal Year does not exceed $1,000,000, and (vi) the
Company may enter into, exercise its rights and perform its obligations under, Permitted Call Spread Swap Agreements.

    	2

    	 

    

(b)               No
Obligor will, nor will it permit any Subsidiary to, make or agree to pay or make, directly or indirectly, any payment or other
distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness,
or any payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any Indebtedness, except:

(i)               payment
of Indebtedness created under the Financing Documents;

(ii)               payment
of regularly scheduled interest and principal payments as and when due in respect of any Indebtedness, other than (x) payments
in respect of the Subordinated Indebtedness prohibited by the subordination provisions thereof and (y) payments in respect of
Subordinated Indebtedness owed to any seller in connection with the Specified Acquisition;

(iii)               payment
of intercompany Indebtedness incurred in accordance with Section 10.1;

(iv)               refinancings
of Indebtedness to the extent permitted by Section 10.1;

(v)               payment
of secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such
Indebtedness so long as the proceeds of such sale are sufficient to repay such Indebtedness in full;

(vi)               payments
made in respect of the sinking fund requirement under the New Markets Tax Credit Financing, so long as (i) after giving effect
to such payment, the aggregate amount of all such payments does not exceed the then outstanding principal amount of the Dairyland
HP Indebtedness, and (ii) no Default or Event of Default has occurred and is continuing or would be caused by such payment;

(vii)               prepayments
with respect to the Dairyland HP Indebtedness, so long as (x) after giving effect to such payment, the Obligors shall be in pro
forma compliance with the financial covenants set forth in Section 10.13 as of the most recent Fiscal Quarter for which financial
statements shall have been delivered pursuant to Section 7.1(a) or 7.1(b) (or, prior to the delivery of any such financial statements,
as of the last Fiscal Quarter included in the financial statements referred to in Section 5.4(a)) and (y) no Default or Event
of Default has occurred and is continuing or would be caused by such payment;

    	3

    	 

    

(viii)               mandatory
prepayments of Indebtedness required pursuant to the terms of the Bank Credit Agreement and the voluntary repayment of (A) Revolving
Loans or (B) Term Loans (as such terms are defined in the Bank Credit Agreement) pursuant to the Bank Credit Agreement, in each
case so long as (x) there is no corresponding reduction in the Revolving Commitment (as such term is defined in the Bank Credit
Agreement) and (y) after giving effect to such prepayment or repayment, no Default or Event of Default exists or would exist under
this Agreement;

(ix)               issuance
of Equity Interests, or making cash payments (other than in connection with Permitted Convertible Seller Notes), in connection
with or as part of the conversion, redemption, retirement, prepayment or cancellation of any Permitted Convertible Notes;

(x)               payments
in respect of earn-out obligations in connection with the Specified Acquisition; provided that any Specified Earn-Out Payments
shall be subject to Section 10.8(c);

(xi)               payment
of regularly scheduled interest payments in respect of unsecured Subordinated Indebtedness owed to any seller in connection with
the Specified Acquisition and permitted pursuant to clause (i) of Section 10.1(j) hereof, so long as (x) after giving effect to
such payment, the Obligors shall be in pro forma compliance with the financial covenants set forth in Section 10.13 as of the
most recent Fiscal Quarter for which financial statements shall have been delivered pursuant to Section 7.1(a) or 7.1(b) and (y)
no Default or Event of Default has occurred and is continuing or would be caused by such payment; and

(xii)               any
other payments in respect of Subordinated Indebtedness, so long as (x) the aggregate amount of all payments made pursuant to this
clause (xii) does not exceed the Cumulative Retained Excess Cash Flow Amount, (y) no Default or Event of Default has occurred
and is continuing or would be caused by such payment and (z) both prior to and after giving effect to such payment, the Senior
Secured Ratio shall not exceed 2.00:1.00 as of the most recent Fiscal Quarter for which financial statements shall have been delivered
pursuant to Section 7.1(a) or 7.1(b).

(c)               No
Obligor will, nor will it permit any Subsidiary to, make, directly or indirectly, any Specified Earn-Out Payment, unless (i) no
Default or Event of Default has occurred and is continuing or would be caused by such Specified Earn-Out Payment, (ii) the Company
shall have delivered to the holders of Notes a certificate of a Senior Financial Officer of the Company, setting forth reasonably
detailed calculations of the Fixed Charge Coverage Ratio, calculated on a pro forma basis after giving effect to such Specified
Earn-Out Payment for the four (4) consecutive Fiscal Quarters ending as of the last day of the most recent Fiscal Quarter for
which financial statements shall have been delivered pursuant to Section 7.1(a) or 7.1(b).”

    	4

    	 

    

(f)               Section
10.10 of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

“Section
10.10.Restrictive Agreements. No Obligor will, nor will it permit any Subsidiary to, directly or indirectly, enter into,
incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability
of such Obligor or Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability
of any Subsidiary to pay dividends or other distributions with respect to any Equity Interests or to make or repay loans or advances
to any other Obligor or Subsidiary or to Guarantee Indebtedness of any other Obligor or Subsidiary; provided that (i) the foregoing
shall not apply to restrictions and conditions imposed by law or by any Financing Document or Bank Loan Document, (ii) the foregoing
shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 10.10 (but shall apply to any
extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the
foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is
permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating
to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets securing
such Indebtedness as permitted by this Agreement, (v) clause (a) of the foregoing shall not apply to Excluded Assets and customary
provisions in leases or licenses restricting the assignment thereof or the grant of a security interest therein, in each case,
to the extent such provisions are required by the parties thereto and not bargained for by any Obligor or Subsidiary, and (vi)
the foregoing shall not apply to restrictions and conditions contained in agreements relating to Permitted Convertible Notes (excluding
Permitted Convertible Seller Notes).”

(g)               Section
10.13(b) of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

“(b)               Total
Leverage Ratio. The Obligors will not permit the Total Leverage Ratio, determined for any period of four (4) consecutive Fiscal
Quarters ending on any date during any period set forth below, to be greater than the ratio set forth opposite such period:

	Period
	Ratio

	March
                                         31, 2015 through September 30, 2015

                                                          December 31, 2015

        March
        31, 2016 through June 30, 2016

        September
        30, 2016 and thereafter
	5.00:1.00

        4.50:1.00

        4.25
        to 1.00

        3.75
        to 1.00”

 

(h)               Section
10.13(c) of the Note Purchase Agreement is hereby amended to (i) delete the reference to “$15,000,000” therein
and replace it with a reference to “$17,000,000” and (ii) delete the reference to “$10,000,000” therein
and replace it with a reference to “$11,000,000”.

(i)               Section
10.13 of the Note Purchase Agreement is hereby amended to (i) re-designate clause (d) thereof as clause (e) thereof and (ii)
insert a new clause (d) thereof to read in its entirety as follows:

    	5

    	 

    

“(d)               Senior
Secured Leverage Ratio. The Obligors will not permit the Senior Secured Leverage Ratio, determined for any period of four
(4) consecutive Fiscal Quarters ending on any date during any period set forth below, to be greater than the ratio set forth opposite
such period:

	Period
	Ratio

	March
                                         31, 2015 through September 30, 2015

        December
        31, 2015

        March
        31, 2016 through June 30, 2016

        September
        30, 2016 and thereafter
	4.50:1.00

        4.00:1.00

        3.75
        to 1.00

        3.25
        to 1.00”

 

(j)               Section
11(f) of the Note Purchase Agreement is hereby amended and restated in its entirety to read as follows:

“(f)               
(i) any Obligor or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in
respect of any Material Indebtedness, when and as the same shall become due and payable (after giving effect to any applicable
grace periods), or (ii) after giving effect to any applicable grace periods with respect thereto, any event or condition occurs
that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits the holder or
holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that
this clause (f)(ii) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer
of the property or assets securing such Indebtedness in accordance with the terms hereof so long as the proceeds of such sale
are sufficient to repay such Indebtedness in full, (y) any redemption, repurchase, conversion or settlement with respect to any
Permitted Convertible Notes pursuant to their terms unless such redemption, repurchase, conversion or settlement results from
a default thereunder or an event of the type that constitutes an Event of Default or (z) any early payment requirement or unwinding
or termination with respect to any Permitted Call Spread Swap Agreement; or”

(k)               Schedule
B of the Note Purchase Agreement is hereby amended by amending and restating the definitions of “Equity Interests”,
“Indebtedness”, “Obligations”, “Permitted Acquisition”, “Prepayment Event” and
“Restricted Payment” in their entirety to read as follows:

“Equity
Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling
the holder thereof to purchase or acquire any such equity interest. Notwithstanding the foregoing, neither Permitted Convertible
Notes nor Permitted Call Spread Swap Agreements shall constitute Equity Interests.

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property
acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services
(excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or
for which the holder of such Indebtedness has an existing right,

    	6

    	 

    

contingent
or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured
thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such
Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters
of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (k) all obligations
of such Person under any liquidated earn-out and (l) any other Off-Balance Sheet Liability of such Person. The Indebtedness of
any Person shall include the Indebtedness of any other Person (including any partnership in which such Person is a general partner)
to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with
such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor; provided that
Indebtedness shall not include earn-out obligations relating to Permitted Acquisitions to the extent the conditions for payment
thereof (other than the occurrence of a date certain) have not yet been satisfied. Notwithstanding the foregoing and for avoidance
of doubt, obligations arising under any Permitted Call Spread Swap Agreement shall not be considered Indebtedness.

“Obligations”
means collectively, all unpaid principal of and all accrued and unpaid interest on the Notes, any Make-Whole Amount, all accrued
and unpaid fees and all expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees
accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed
or allowable in such proceeding), obligations and liabilities of any of the Obligors to any of the holders or any indemnified
party, individually or collectively, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated
or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement
or any of the other Finance Documents or in respect of any of the Notes made; provided that, (i) the definition of “Obligations”
shall not create any guarantee by any Obligor of (or grant of security interest by any Obligor to support, as applicable) any
Excluded Swap Obligations of such Obligor for purposes of determining any obligations of any Obligor and (ii) obligations arising
under Permitted Call Spread Swap Agreements shall not be considered Obligations.

“Permitted
Acquisition” means, collectively, (a) the Specified Acquisition and (b) any other acquisition (whether by purchase,
merger, consolidation or otherwise but excluding, in any event, any Hostile Acquisition) or series of related acquisitions by
any Obligor of (i) all or substantially all the assets of or (ii) all or substantially all the Equity Interests in, a Person or
division or line of business of a Person, if, for purposes of this clause (b), at the time of and immediately after giving effect
thereto, (1) no Default or Event of Default has occurred and is continuing or would arise after giving effect thereto, (2) such
Person or division or line of business is engaged in the same or a similar line of business as the Issuers and the Subsidiaries
or business reasonably related, complementary or ancillary thereto or a logical extension thereof (including, without limitation,
food and beverage service, distribution, wholesale and retail), (3) all actions required to be taken with respect to such acquired
or newly formed Subsidiary under Section 9.10 shall have been taken within the time periods set out therein, (4) the Issuers and
the Subsidiaries are in compliance, on a pro forma basis, with the covenants contained in Section 10.13 (provided that, for purposes
of determining compliance with the covenants contained in clauses (b) and (d) of Section 10.13, the maximum ratios for such covenants
shall be deemed to be 0.50:1.00 less than those set forth therein) recomputed as of the last day of the most recently ended Fiscal
Quarter for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness,
with any new Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) had occurred
on the first day of each relevant period for testing such compliance and, if the aggregate consideration paid in respect of such
acquisition exceeds $25,000,000, the Company shall have delivered to the holders of Notes a certificate of a Senior Financial
Officer of the Company to such effect, together with all related historical financial statements (including consolidated balance
sheets, income statements and cash flow statements) and projections reasonably requested by the Required Holders, (5) in the case
of an acquisition or merger involving an Obligor (other than the Company), an Obligor is the surviving entity of such merger and/or
consolidation, (6) in the case of an acquisition or merger involving the Company, the Company shall be the surviving entity of
such merger and/or consolidation, and (7) the sum of (x) the Company’s and its Subsidiaries’ unencumbered and unrestricted
cash and Permitted Investments plus (y) the Available Revolving Commitment (as such term is defined in the Senior Bank Agreement
as of the Effective Date) is at least $10,000,000.

    	7

    	 

    

“Prepayment
Event” means:

(a)               any
sale, transfer or other disposition (including pursuant to a sale and leaseback transaction) of any property or asset of any Obligor;
or

(b)               any
casualty or other insured damage to, or any taking under power of eminent domain or by condemnation or similar proceeding of,
any property or asset of any Obligor; or

(c)               so
long as the Total Leverage Ratio on the last day of the most recent Fiscal Quarter for which financial statements shall have been
delivered pursuant to Section 7.1(a) or 7.1(b) is equal to or greater than (i) if such last day occurs after the Effective Date
but on or prior to December 31, 2014, 3.50:1.00, and (ii) at all other times, 2.50:1.00, the issuance by the Company or any Subsidiaries
of any Equity Interests after the Effective Date, or the receipt by the Company or any Subsidiaries of any capital contribution;
or

(d)               the
incurrence by any Obligor of any Indebtedness, other than Indebtedness permitted under Section 10.1, but in any event including
(i) any Indebtedness under the Bank Credit Agreement and (ii) any Indebtedness under the Permitted Convertible Notes (other than
Permitted Convertible Seller Notes); or

(e)               the
receipt of cash by the Company or any Subsidiary not in the ordinary course of business, in respect of (i) foreign, United
States, state or local tax refunds, (ii) pension plan reversions, (iii) judgments, proceeds of settlements or other
consideration of any kind in connection with any cause of action (other than payments or proceeds that represent reimbursement
for amounts paid by the Company or any Subsidiary within the six months immediately preceding such judgment, settlement or other
cause of action), (iv) indemnity payments (other than indemnity payments that represent reimbursement for amounts paid by
the Company or any Subsidiary within the six months immediately preceding such indemnity payment) and (v) any purchase price
adjustment received in connection with any purchase agreement.

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Equity Interests in the Company or any of its Subsidiaries to their Equity Interest holders in such capacity, or any payment (whether
in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination of any such Equity Interests in the Company or its Subsidiaries or any option,
warrant or other right to acquire any such Equity Interests in the Company or its Subsidiaries, or any payment of management or
similar fees to any Person. Notwithstanding the foregoing, and for the avoidance of doubt, (i) the conversion of (including any
cash payment upon conversion), or payment of any principal or premium on, or payment of any interest with respect to, any Permitted
Convertible Notes shall not constitute a Restricted Payment and (ii) any payment with respect to, or early unwind or settlement
of, any Permitted Call Spread Swap Agreement shall not constitute a Restricted Payment.

    	8

    	 

    

(m)               Schedule
B of the Note Purchase Agreement is hereby amended to add the definitions of “Amendment No. 4 Effective Date”,
“Applicable Rate”, “Cumulative Retained Excess Cash Flow Amount”, “Excess Cash Flow Period”,
“Initial Coupon Reduction Date”, “Interest Period”, “Permitted Call Spread Swap Agreements”,
“Permitted Convertible Notes”, ‘Permitted Convertible Seller Notes”, “Permitted Seller Notes”,
“Retained Excess Cash Flow”, “Senior Secured Leverage Ratio”, “Specified Acquisition”, “Specified
Earn-Out Payment”, “Specified Target” and “Total Leverage Ratio” in their proper alphabetical order
to read in its entirety as follows:

“Amendment
No. 4 Effective Date” means the date upon which Amendment No. 4 to this Agreement, dated as of January 9, 2015, becomes
effective, as notified by the holders of Notes to the Obligors.

“Applicable
Rate” means, for any Interest Period, (a) 6.15% per annum until such time as the Senior Secured Leverage Ratio is less
than 3.25:1.00 for two consecutive Fiscal Quarters, as evidenced by the certificates delivered after the Amendment No. 4 Effective
Date pursuant to Section 7.2 with respect to such Fiscal Quarters (the “Initial Coupon Reduction Date”), and
(b) on and after the Initial Coupon Reduction Date, (i) 5.90% per annum if the Senior Secured Leverage Ratio as of the Fiscal
Quarter ended immediately prior to the commencement of such Interest Period is less than 3.25:1.00, and (ii) 6.15% per annum if
the Senior Secured Leverage Ratio as of the Fiscal Quarter ended immediately prior to the commencement of such Interest Period
is greater than or equal to 3.25:1.00.

“Cumulative
Retained Excess Cash Flow Amount” means, as of any date, an amount not less than zero in the aggregate for any Excess
Cash Flow Period, determined on a cumulative basis equal to the aggregate cumulative sum of the Retained Excess Cash Flow for
all Excess Cash Flow Periods ending after the Amendment No. 4 Effective Date and prior to such date.

“Excess
Cash Flow Period” means each Fiscal Year of the Company commencing with the Fiscal Year ending December 31, 2014, but
in all cases for purposes of calculating the Cumulative Retained Excess Cash Flow Amount shall only include such Fiscal Years
for which financial statements and a Compliance Certificate have been delivered in accordance with Sections 7.1(a), 7.1(b) and
7.2 and for which any prepayments required by Section 8.4 (if any) have been made.

“Initial
Coupon Reduction Date” has the meaning specified in the definition of “Applicable Rate”.

“Interest
Period” means the three month period ending on each interest payment date as set forth in the first paragraph of the
Notes.

“Permitted
Call Spread Swap Agreements” means (a) any Swap Agreement (including, but not limited to, any bond hedge transaction
or capped call transaction) pursuant to which the Company acquires an option requiring the counterparty thereto to deliver to
the Company shares of common stock of the Company, the cash value of such shares or a combination thereof from time to time upon
exercise of such option and (b) any Swap Agreement pursuant to which the Company issues to the counterparty thereto warrants to
acquire common stock of the Company (whether such warrant is settled in shares, cash or a combination thereof), in each case entered
into by the Company in connection with the issuance of Permitted Convertible Notes (other than Permitted Convertible Seller Notes);
provided that (i) the terms, conditions and covenants of each such Swap Agreement shall be such as are customary for Swap
Agreements of such type (as determined by the Board of Directors of the Company in good faith) and (ii) in the case of clause
(b) above, such Swap Agreement would be classified as an equity instrument in accordance with GAAP, and the settlement of such
Swap Agreement does not require the Company to make any payment in cash or cash equivalents that would disqualify such Swap Agreement
from so being classified as an equity instrument.

    	9

    	 

    

“Permitted
Convertible Notes” means, collectively, (a) Permitted Convertible Seller Notes and (b) any other unsecured notes issued
by the Company that are convertible into common stock of the Company, cash or any combination thereof; provided that, for purposes
of clause (b) of this definition, the Indebtedness thereunder satisfies the following requirements: (i) both immediately prior
to and after giving effect (including pro forma effect) thereto, no Default or Event of Default shall exist or result therefrom,
(ii) such Indebtedness matures after, and does not require any scheduled amortization or other scheduled payments of principal
prior to, the date that is six (6) months after the Maturity Date (it being understood that neither (x) any provision requiring
an offer to purchase such Indebtedness as a result of change of control or asset sale or other fundamental change nor (y) any
early conversion of any Permitted Convertible Notes in accordance with the terms thereof shall violate the foregoing restriction),
(iii) such Indebtedness is not guaranteed by any Subsidiary of the Company other than the Guarantors (which guarantees, if such
Indebtedness is subordinated, shall be expressly subordinated to the Secured Obligations on terms not less favorable to the holders
of Notes than the subordination terms of such Subordinated Indebtedness), (iv) the covenants applicable to such Indebtedness are
not more onerous or more restrictive in any material respect (taken as a whole) than the applicable covenants set forth in this
Agreement and (v) the aggregate principal amount of Indebtedness permitted to be issued or incurred under this definition shall
not exceed $150,000,000 at any time outstanding.

“Permitted
Convertible Seller Notes” means, collectively, any unsecured notes evidencing Subordinated Indebtedness issued by the
Company or any Subsidiary to any seller in connection with the Specified Acquisition that are convertible solely into common stock
of the Company.

“Retained
Excess Cash Flow” means, with respect to any Fiscal Year of the Company, (a) the Excess Cash Flow for such Fiscal Year
minus (b) the aggregate prepayment amount payable by the Company pursuant to Section 8.4 for such Fiscal Year; provided
that, solely for purposes of calculating such aggregate prepayment amount for purposes of this clause (b), “Ratable
Share” shall be defined to equal 100%.

“Senior
Secured Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness (other than Subordinated Indebtedness)
that is secured by a Lien on any assets of the Company or its Subsidiaries on such date to (b) EBITDA for the period of four (4)
consecutive Fiscal Quarters ended on such date (or, if such date is not the last day of a Fiscal Quarter, ended on the last day
of the Fiscal Quarter most recently ended prior to such date).

“Specified
Acquisition” means the acquisition by the Company, directly or indirectly, of the Specified Target pursuant to terms
and conditions reasonably acceptable to the Required Holders.

“Specified
Earn-Out Payment” means any payment made by an Obligor or any Subsidiary in respect of earn-out obligations arising
pursuant to that certain Additional Earn-Out Agreement, to be dated on or about the Amendment No. 4 Effective Date, by and among,
inter alia, the Company, T.J. Foodservice Co., Inc., TJ Seafood, LLC, and John DeBenedetti, as the Sellers’ Representative.

“Specified
Target” means the entity codenamed “Project Long Bone” as disclosed to the holders of Notes prior to the
Amendment No. 4 Effective Date.

“Total
Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness on such date to (b) EBITDA for the period of
four (4) consecutive Fiscal Quarters ended on such date (or, if such date is not the last day of a Fiscal Quarter, ended on the
last day of the Fiscal Quarter most recently ended prior to such date).

    	10

    	 

    

3.                 
Amendment and Restatement of the Existing Notes. Subject
to the satisfaction of the conditions precedent set forth in Section 4 below, and effective as of the Effective Date, the
parties hereto agree that the outstanding Existing Notes are hereby and shall be deemed to be, automatically and without any further
action on the part of any Person, amended and restated in their entirety as set forth in Exhibit A to this Amendment, except that
the principal amount, date and the payee set forth in each Existing Note shall remain the same. The Issuers shall execute and
deliver a new Note in the form of such Exhibit A to each Noteholder in exchange for each Existing Note held by such Noteholder,
registered in the name of such Noteholder, in the aggregate principal amount of such Existing Note and dated the date of the last
interest payment made to such Noteholder in respect of the Existing Notes. Any Note issued on or after the date hereof shall be
in the form of Exhibit A attached hereto. Each reference to the “5.90% Guaranteed Senior Secured Notes due April 17, 2023”
in any of the Financing Documents is hereby deleted and replaced with a reference to the “Guaranteed Senior Secured Notes
due April 17, 2023”.

4.                 
Conditions of Effectiveness. The effectiveness of this Amendment
is subject to the following conditions precedent, each to be in form and substance satisfactory to the Required Holders: 

(a)               
each Noteholder shall have received counterparts of this Amendment duly executed by the Obligors and the Required Holders;

(b)              
the Issuers shall have executed and delivered replacement Notes to each Noteholder;

(c)               
each Noteholder shall have received a fully executed copy of an amendment to the Bank Credit Agreement, which amendment shall
be substantially in the form set forth on Exhibit B hereto and in full force and effect (the “Bank Amendment”);

(d)              
[reserved]; 

(e)               
the “Specified Acquisition” (as defined in the Note Purchase Agreement after giving effect to this Amendment) shall
be consummated substantially concurrently with the effectiveness of this Amendment and in accordance with (1) that certain Asset
Purchase Agreement, dated as of January 9, 2015 (the “Asset Purchase Agreement”), by and among, inter alia,
the Company, T.J. Foodservice Co., Inc., TJ Seafood, LLC, John DeBenedetti, Victoria DeBenedetti, Theresa Lincoln, and John Benedetti,
as the Sellers’ Representative, (2) the “Merger Agreement” referred to in the Asset Purchase Agreement and (3)
each of the “Earn-Out Agreements” referred to in the Asset Purchase Agreement, in each case, without giving effect
to any amendments, consents or waivers thereto or modifications to the provisions thereof which (x) could reasonably be expected
to have a Material Adverse Effect, (y) would cause or result in a Default or Event of Default under the Note Purchase Agreement
or (z) would adversely affect the interests of any Noteholder (it being understood and agreed that any increase in the aggregate
purchase price paid for the Specified Acquisition (including, without limitation, any increase in any earn-out obligations) shall
be deemed to adversely affect the interests of the Noteholders), without the consent of the Required Holders (such consent not
to be unreasonably withheld, conditioned or delayed), (ii) the Noteholders shall have received a certificate of a Senior Financial
Officer of the Company confirming the consummation of the Specified Acquisition; (iii) the aggregate purchase price paid for the
Specified Acquisition (exclusive of any “Specified Earn-Out Payments” (as defined in the Note Purchase Agreement after
giving effect to this Amendment)) shall not exceed $216,750,000; (iv) the Total Leverage Ratio, after giving pro forma effect
to the consummation of

    	11

    	 

    

the
Specified Acquisition and the making of loans under the Bank Credit Agreement in connection with the consummation of the Specified
Acquisition, shall not exceed 4.50 to 1.00 for the Fiscal Quarter most recently ended prior to the consummation of the Specified
Acquisition; (v) the Senior Secured Leverage Ratio, after giving pro forma effect to the consummation of the Specified Acquisition
and the making of loans under the Bank Credit Agreement in connection with the consummation of the Specified Acquisition, shall
not exceed 4.00 to 1.00 for the Fiscal Quarter most recently ended prior to the consummation of the Specified Acquisition; and
(vi) the EBITDA attributable to the “Specified Target” (as defined in the Note Purchase Agreement after giving effect
to this Amendment) as of the 12-month period ended on December 31, 2014, and calculated in a manner consistent with its 2014 audited
financial statements, shall not be less than $20,000,000 and the holders of Notes shall have received a certificate of a Senior
Financial Officer confirming the same;

(f)               
a Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have
been obtained for the Notes;

(g)               
the Noteholders shall have received (i) copies of each Permitted Convertible Seller Note and (ii) evidence, reasonably satisfactory
to the Required Holders, that Indebtedness in respect of each Permitted Convertible Seller Note is subordinated to the payment
of the Secured Obligations on terms and conditions reasonably satisfactory to the Required Holders (including, without limitation,
a prohibition on any payments in respect of any Permitted Convertible Seller Note if a Default or Event of Default has occurred
and is continuing or would be caused by any such payments); and

(h)              
the Noteholders shall have received payment and/or reimbursement of their fees and expenses (including, without limitation, all
fees and expenses of counsel for the Noteholders to the extent invoiced in reasonable detail on or prior to the date hereof) in
connection with this Amendment.

The
Noteholders shall notify the Obligors of the effective date of this Amendment (herein, the “Effective Date”), and
such notice shall be conclusive and binding.  Notwithstanding the foregoing, the agreements of the Noteholders under this
Amendment shall cease to be effective unless each of the foregoing conditions is satisfied (or waived by the Required Holders)
at or prior to 5:00 p.m., New York City time, on the earlier of (i) May 31, 2015 and (ii) on the date of the termination or abandonment
by the Issuers of the Specified Acquisition.

5.                 
Representations and Warranties of the Obligors. Each Obligor
hereby represents and warrants as follows:

(a)               
This Amendment and the Note Purchase Agreement as modified hereby constitute legal, valid and binding obligations of such Obligor
and are enforceable against such Obligor in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law.

(b)              
As of the date hereof and immediately after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing
and (ii) the representations and warranties of the Obligors set forth in the Note Purchase Agreement, as amended hereby, are true
and correct in all material respects (except that any representation or warranty that is qualified as to materiality shall be
true and correct in all respects), it being understood and agreed that any representation or warranty which by its terms expressly
relates to a specified date shall be required to be true and correct only as of such specified date.

    	12

    	 

    

(c)               
No fee or other consideration has been paid or will be paid to the Bank Agent or any Bank Lender in connection with the Bank Amendment.

6.                 
Confirmation and Ratification of Guaranteed Obligations.
By executing this Amendment, each of the Guarantors hereby (a) consents to this Amendment, (b) acknowledges that, notwithstanding
the execution and delivery of the Amendment, the obligations of each of the Guarantors under the Guaranty continue in full force
and effect and are not impaired or affected, and the Guaranty continues in full force and effect and shall apply to the Guaranteed
Obligations as amended by this Amendment, and (c) affirms and ratifies the Guaranty, any other Financing Document executed by
it and the Guaranteed Obligations in all respects.

7.                 
Reference to and Effect on the Note Purchase Agreement.

(a)               
Upon the effectiveness hereof, each reference to the Note Purchase Agreement in the Note Purchase Agreement or any other Financing
Document shall mean and be a reference to the Note Purchase Agreement as amended hereby.

(b)              
Each Financing Document and all other documents, instruments and agreements executed and/or delivered in connection therewith
shall remain in full force and effect and are hereby ratified and confirmed.

(c)               
Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate
as a waiver of any right, power or remedy of the Noteholders, nor constitute a waiver of any provision of the Note Purchase Agreement,
any other Financing Document or any other documents, instruments or agreements executed and/or delivered in connection therewith.

(d)              
This Amendment constitutes a “Financing Document” under (and as defined in) the Note Purchase Agreement.

8.                 
Release of Claims.

(a)               
Each of the Obligors, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally
and irrevocably releases, remises and forever discharges the Noteholders, their respective successors and assigns, and their respective
present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees,
agents and other representatives (the Noteholders and all such other Persons being hereinafter referred to collectively as the
“Releasees” and individually as a “Releasee”), of and from all demands, actions, causes
of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages
and any and all other claims, counterclaims, defenses, rights of setoff, demands and liabilities whatsoever (individually, a “Claim”
and collectively, “Claims”) of every name and nature, known or unknown, suspected or unsuspected, both at law
and in equity, which any of the Obligors or any of their respective successors, assigns, or other legal representatives may now
or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance,
action, cause or thing whatsoever which arises at any time on or prior to the day and date of this Agreement, in each case in
connection with the Note Purchase Agreement or any of the other Financing Documents or transactions thereunder or related thereto.

(b)              
Each of the Obligors understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete
defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted
or attempted in breach of the
provisions of such release.

    	13

    	 

    

9.                 
Governing Law. This Amendment shall be construed and enforced
in accordance with, and the rights of the parties hereto shall be governed by, the law of the State of New York excluding choice
of law principles that would permit the application of the laws of a different jurisdiction.

10.             
Headings. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

11.             
Counterparts. This Amendment may be executed by one or more
of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures
delivered in person.

[Signature
Pages Follow]

    	14

    	 

    

 

IN
WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

ISSUERS:

DAIRYLAND
USA CORPORATION

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE MID-ATLANTIC, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

BEL
CANTO FOODS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE WEST COAST, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE OF FLORIDA, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

 

 

    	[Chefs' Warehouse - Signature Page to Amendment No. 4 to Note Purchase and Guarantee Agreement]

    	 

    

GUARANTORS:

THE
CHEFS’ WAREHOUSE, INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

CHEFS’
WAREHOUSE PARENT, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

MICHAEL’S
FINER MEATS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

MICHAEL’S
FINER MEATS HOLDINGS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE MIDWEST, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
CHEFS’ WAREHOUSE PASTRY DIVISION, INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

    	[Chefs' Warehouse - Signature Page to Amendment No. 4 to Note Purchase and Guarantee Agreement]

    	 

    

QZ
ACQUISITION (USA), INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS NORTH AMERICA (USA), INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS, INC., a Florida corporation

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS, INC., a Washington corporation

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

QZINA
SPECIALTY FOODS (AMBASSADOR), INC.

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

CW
LV REAL ESTATE LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

    	[Chefs' Warehouse - Signature Page to Amendment No. 4 to Note Purchase and Guarantee Agreement]

    	 

    

ALLEN
BROTHERS 1893, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

THE
GREAT STEAKHOUSE STEAKS, LLC

By:
__/s/ John D. Austin____________________

Name: John D. Austin

Title: Chief Financial Officer

    	[Chefs' Warehouse - Signature Page to Amendment No. 4 to Note Purchase and Guarantee Agreement]

    	 

    

NOTEHOLDERS:

THE
PRUDENTIAL INSURANCE COMPANY OF AMERICA

By:
__/s/ Tannis Fussell____________________

Name:    Tannis Fussell

Title:      Vice President

PRUCO LIFE
INSURANCE COMPANY

 

 

By:
__/s/ Tannis Fussell____________________

Name:    Tannis Fussell

Title:      Assistant Vice President

PRUDENTIAL
ARIZONA REINSURANCE CAPTIVE COMPANY

By:Prudential
Investment Management, Inc.,

as
investment manager

 

 

By:
__/s/ Tannis Fussell____________________

Name:    Tannis Fussell

Title:      Vice President

 

PRUDENTIAL
RETIREMENT INSURANCE AND ANNUITY COMPANY

By:Prudential
Investment Management, Inc.,

as
investment manager

 

 

By:
__/s/ Tannis Fussell____________________

Name:    Tannis Fussell

Title:      Vice President

    	[Chefs' Warehouse - Signature Page to Amendment No. 4 to Note Purchase and Guarantee Agreement]

    	 

    

Exhibit
A

 

[Form
of Note]

 

Dairyland
USA Corporation

The
Chefs’ Warehouse Mid-Atlantic, LLC

Bel
Canto Foods, LLC

The
Chefs’ Warehouse West Coast, LLC

The
Chefs’ Warehouse of Florida, LLC

Guaranteed
Senior Secured Note Due April 17, 2023

	No. R-[_____]	[Date]
	$[_______]	PPN: [_________]

 

For
Value Received, the undersigned, DAIRYLAND
USA CORPORATION, a New York corporation (“Dairyland”), THE CHEFS’ WAREHOUSE MID-ATLANTIC, LLC,
a Delaware limited liability company (“CW Mid-Atlantic”), BEL CANTO FOODS, LLC, a New York limited liability
company (“Bel Canto”), THE CHEFS’ WAREHOUSE WEST COAST, LLC, a Delaware limited liability company (“CW
West Coast”), and THE CHEFS’ WAREHOUSE OF FLORIDA, LLC, a Delaware limited liability company (together with Dairyland,
CW Mid-Atlantic, Bel Canto and CW West Coast, collectively, the “Issuers”), hereby jointly and severally promise
to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on April 17, 2023 (the “Maturity Date”), with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the Applicable
Rate from the date hereof, payable quarterly, on the 17th day of January, April, July and October in each year, commencing with
the January 17, April 17, July 17 or October 17 next succeeding the date hereof, and on the Maturity Date, until the principal
hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest
and (y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount,
at a rate per annum from time to time equal to the greater of (i) 2% over the Applicable Rate or (ii) 2.0% over the rate
of interest publicly announced by JPMorgan Chase Bank, N.A. from time to time in New York, New York as its “base”
or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

Payments
of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United
States of America at the principal office of JPMorgan Chase Bank, N.A. in New York, New York or at such other place as the Issuers
shall have designated by written notice to the holder of this Note as provided in the Note Agreement referred to below.

This
Note is one of a series of Guaranteed Senior Secured Notes (herein called the “Notes”) issued pursuant to the
Note Purchase and Guarantee Agreement, dated as of April 17, 2013 (as from time to time amended, the “Note Agreement”),
among the Issuers, the Guarantors and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder
of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in
Section 21 of the Note Agreement and (ii) made the representations set forth in Sections 6.1, 6.2 and 6.4 of the Note Agreement.
Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the
Note Agreement.

    	Exhibit A-1

    	 

    

This
Note is a registered Note and, as provided in the Note Agreement, upon surrender of this Note for registration of transfer accompanied
by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to
due presentment for registration of transfer, the Issuers may treat the person in whose name this Note is registered as the owner
hereof for the purpose of receiving payment and for all other purposes, and the Issuers will not be affected by any notice to
the contrary.

The
obligations of the Issuers under this Note have been guaranteed by the Guarantors pursuant to the Note Agreement and are secured
pursuant to the Collateral Documents.

The
Issuers will make required prepayments of principal on the dates and in the amounts specified in the Note Agreement. This Note
is also subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the
Note Agreement, but not otherwise.

If
an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in
the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement.

This
Note shall be construed and enforced in accordance with, and the rights of the Issuers and the holder of this Note shall be governed
by, the law of the State of New York excluding choice-of-law principles that would permit the application of the laws of a different
jurisdiction.

 

DAIRYLAND
USA CORPORATION

 

 

By:
_________________________

Name:

Title:

 

    	Exhibit A-2

    	 

    

THE
CHEFS’ WAREHOUSE MID-ATLANTIC, LLC

By:
_________________________

Name:

Title:

 

BEL
CANTO FOODS, LLC

By:
_________________________

Name:

Title:

 

THE
CHEFS’ WAREHOUSE WEST COAST, LLC

By:
_________________________

Name:

Title:

 

THE
CHEFS’ WAREHOUSE OF FLORIDA, LLC

By:
_________________________

Name:

Title:

    	Exhibit A-3

    	 

    

Exhibit
B

 

Bank
Amendment

 

 

 

 

Exhibit B-1

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