Document:

Second Amendment to Credit Agreement

 Exhibit 10.1 
 Execution Copy 
 SECOND AMENDMENT TO CREDIT
AGREEMENT 
 This SECOND AMENDMENT TO CREDIT AGREEMENT dated as of July 19, 2012 (this “Second
Amendment”) is made by and among GSI Group Corporation, a Michigan corporation (the “Borrower”), GSI Group Inc., a company continued and existing under the laws of the Province of New Brunswick, Canada
(“Holdings”), each of the other Guarantors party hereto, each lender party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent (in
such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer. 
 The Borrower, the Lenders and
the Administrative Agent are parties to that certain Credit Agreement dated as of October 19, 2011 (as amended by the First Amendment to Credit Agreement dated March 9, 2012 and as in effect on the date hereof, the “Credit
Agreement”), pursuant to which the Lenders have agreed to make certain financial accommodations to the Borrower. The Borrower, the Lenders and Administrative Agent wish to amend the Credit Agreement in certain respects, all on the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties signatory hereto agree as follows: 
 1. Definitions. Except as otherwise defined in this Second Amendment, terms defined in the Credit Agreement are used herein as defined therein. 

2. Amendments to Credit Agreement; Satisfaction of the Burnoff Condition. Subject to the satisfaction of the conditions precedent
specified in Section 3 below, the undersigned Lenders hereby agree that, effective as of the date hereof (the “Second Amendment Effective Date”), the Burnoff Condition shall be deemed satisfied, for all purposes under
the Credit Agreement and the other Loan Documents, including, without limitation, Exhibit D of the Credit Agreement (Compliance Certificate). In furtherance of the foregoing: 

(a) the definition of “Burnoff Condition” in Section 1.01 of the Credit Agreement is hereby deleted in its entirety
and restated as follows 
 “‘Burnoff Condition’ means the effectiveness of the Second
Amendment.” 
 (b) the definition of “Excess Availability” in Section 1.01 of the Credit Agreement is
hereby deleted in its entirety and restated as follows 
 “‘Excess Availability’ means, at
any time, unrestricted cash on the balance sheet of Holdings and its Subsidiaries at such time plus the difference of (a) the Revolving Credit Facility at such time minus (b) Total Revolving Credit Outstandings at such
time.” 

 (c) a new definition of “Second Amendment” is hereby inserted in
Section 1.01 of the Credit Agreement in proper alphabetical order as follows 
 “‘Second
Amendment’ means the Second Amendment to the Credit Agreement, dated as of July 19, 2012, by and among the Borrower, the other Loan Parties, the Administrative Agent and the Lenders.” 

(d) clause (vii) of Section 2.05(b) of the Credit Agreement is hereby deleted in its entirety and restated as follows:

 “(vii) If for any reason the Total Revolving Credit Outstandings at any time exceed the Revolving Credit
Facility at such time, in either such case, the Borrower shall immediately prepay Revolving Credit Loans, Swing Line Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate amount equal
to such excess.”; and 
 (e) Sections 4.02(d), 6.02(i), and 7.10(a) of the Credit Agreement are each
deleted in their entirety and replaced with “[Reserved]”. 
 (f) Exhibit M of the Credit Agreement (Burnoff
Condition Certificate) is deleted in its entirety. 
 (g) Exhibit N of the Credit Agreement (Permitted Acquisition
Certificate) is hereby deleted in its entirety and replaced with Exhibit A attached hereto. 
 3. Conditions
Precedent. The amendments to the Credit Agreement set forth in Section 2 hereof shall become effective, as of the date hereof, upon satisfaction of the following conditions precedent: 

(a) the Borrower shall have delivered to the Administrative Agent a counterpart of this Second Amendment executed by the Borrower and
each other Loan Party; 
 (b) the Required Lenders and the Administrative Agent shall have indicated their consent and agreement
by executing this Second Amendment; 
 (c) payment by the Borrower to Administrative Agent on or prior to the date hereof, for
the benefit of the Lenders signatory hereto, a fully-earned and non-refundable amendment fee equal to 0.125% of the sum of the aggregate outstanding principal balance of the Loans and unfunded Commitments of such Lenders, as of July 17, 2012;

 (d) the representations and warranties made by each Loan Party in Section 4 hereof are true and correct as of the
date hereof and 
 (e) no Event of Default shall have occurred and be continuing. 

4. Representations and Warranties. The Borrower and the other Loan Parties each represents and warrants to the Lenders that the
representations and warranties of the Loan Parties contained in Article V of the Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, are true
and correct in all material respects on the date hereof, except (a) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be

  
 2 

 
true and correct as of such earlier date, (b) the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to
the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively; and (c) as if each reference therein to “this Agreement” or the “Credit Agreement” or the
like include reference to this Second Amendment and the Credit Agreement as amended hereby; provided that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language
shall be true and correct in all respects on such respective dates. 
 5. Effect on Loan Documents. The Credit Agreement
(as amended hereby) and the other Loan Documents shall be and remain in full force and effect in accordance with their terms and hereby are ratified and confirmed in all respects. Except as expressly set forth herein the execution, delivery, and
performance of this Second Amendment shall not operate as a waiver or an amendment of any right, power, or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other Loan Document, as in effect prior to the date hereof.
Each of the Loan Parties hereby ratifies and confirms in all respects all of its obligations under the Credit Agreement (as amended hereby) and the other Loan Documents to which it is a party. 

6. No Novation; Entire Agreement. This Second Amendment evidences solely the amendment of the terms and provisions of the
obligations of the Borrower and the other Loan Parties under the Loan Documents and is not a novation or discharge thereof. There are no other understandings, express or implied, among the Borrower, the other Loan Parties, the Administrative Agent
and the Lenders regarding the subject matter hereof or thereof. 
 7. Choice of Law. This Second Amendment shall be
governed by, and construed in accordance with, the laws of the State of New York. 
 8. Counterparts; Facsimile
Execution. This Second Amendment may be executed in any number of counterparts and by different parties and separate counterparts, each of which when so executed and delivered shall be deemed an original, and all of which, when taken together,
shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Second Amendment by facsimile shall be as effective as delivery of a manually executed counterpart of this Second Amendment. 

9. Construction. This Second Amendment is a Loan Document. This Second Amendment and the Credit Agreement shall be construed
collectively and in the event that any term, provision or condition of any of such documents is inconsistent with or contradictory to any term, provision or condition of any other such document, the terms, provisions and conditions of this Second
Amendment shall supersede and control the terms, provisions and conditions of the Credit Agreement. Upon and after the effectiveness of this Second Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “herein”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “therein”,
“thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby. 
 [Remainder of Page Intentionally Left Blank] 

  
 3 

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

			
	BORROWER:
	GSI GROUP CORPORATION
		
	By:	 	 /s/ Robert Buckley

	Name:	 	Robert Buckley
	Title:	 	Chief Financial Officer
	
	HOLDINGS:
	GSI GROUP INC.
		
	By:	 	 /s/ Robert Buckley

	Name:	 	Robert Buckley
	Title:	 	Chief Financial Officer
	
	GUARANTORS:
	EXCEL TECHNOLOGY, INC.
	MICROE SYSTEMS CORP.
	MES INTERNATIONAL INC.
		
	By:	 	 /s/ Robert Buckley

	Name:	 	Robert Buckley
	Title:	 	Secretary
	
	CAMBRIDGE TECHNOLOGY, INC.
	CONTINUUM ELECTRO-OPTICS, INC.
	CONTROL LASER CORPORATION (D/B/A BAUBLYS CONTROL LASER)
	THE OPTICAL CORPORATION
	PHOTO RESEARCH, INC.
	QUANTRONIX CORPORATION
	SYNRAD, INC.
		
	By:	 	 /s/ Robert Buckley

	Name:	 	Robert Buckley
	Title:	 	Assistant Secretary
	
	GSI GROUP LIMITED
		
	By:	 	 /s/ Robert Buckley

	Name:	 	Robert Buckley
	Title:	 	Director

 [Second Amendment to Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., as
	Administrative Agent
		
	By:	 	 /s/ Angela Larkin

	Name:	 	 Angela Larkin

	Title:	 	 Assistant Vice President

  
 [Second
Amendment to Credit Agreement] 

 
			
	BANK OF AMERICA, N.A., as a Lender, L/C Issuer and Swing Line Lender
		
	By:	 	 /s/ Alexander H. Slemrod

	Name:	 	 Alexander H. Slemrod

	Title:	 	 Assistant Vice President

  
 [Second
Amendment to Credit Agreement] 

 
			
	SILICON VALLEY BANK
		
	By:	 	 /s/ Jack Gaziano

	Name:	 	 Jack Gaziano

	Title:	 	 Managing Director

  
 [Second
Amendment to Credit Agreement] 

 
			
	HSBC BANK USA N.A.
		
	By:	 	 /s/ Manuel Burgueno

	Name:	 	 Manuel Burgueno

	Title:	 	 Vice President

  
 [Second
Amendment to Credit Agreement] 

 Exhibit A 
 Permitted Acquisition Certificate 
 See attached. 

 EXHIBIT N 

FORM OF PERMITTED ACQUISITION CERTIFICATE 
                      , 20     

Reference is made to that certain Credit Agreement, dated as of October 19, 2011 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the “Agreement;” the terms defined therein being used herein as therein defined), among GSI GROUP CORPORATION, a Michigan corporation (the “Borrower”), GSI Group
Inc., a company continued and existing under the laws of the Province of New Brunswick, Canada (“Holdings”), the other Guarantors from time to time party thereto, the Lenders from time to time party thereto, Bank of America, N.A.,
as Administrative Agent, L/C Issuer and Swing Line Lender and Silicon Valley Bank as Syndication Agent. 
 Pursuant to
Section 7.03(j) of the Agreement and in connection with the acquisition of [DESCRIBE TRANSACTION] (the “Acquisition”), the undersigned, hereby certifies that [he]/[she] is the duly elected, acting and qualified
[President] [Chief Financial Officer] [Vice President of Finance] of Holdings, and that: 
  

	 	1.	any Subsidiary newly-created or acquired in connection with the Acquisition shall comply with the requirements of Section 6.12 of the Agreement;

  

	 	2.	the lines of business of the Target are not substantially different from those lines of business conducted by the Borrower and its Subsidiaries on the Closing Date or
any business substantially related or incidental thereto or a reasonable extension thereof; 

  

	 	3.	the Acquisition has been consented to by the shareholders or board of directors or other equivalent governing body of the Target; 

 

	 	4.	immediately before and immediately after giving pro forma effect to the Acquisition, no Event of Default has occurred and is continuing; 

 

	 	5.	 attached hereto as Annex 1 are calculations evidencing that immediately before and immediately after giving pro forma effect to the Acquisition,
Holdings and its Subsidiaries are in pro forma compliance with all of the covenants set forth in Section 7.10 of the Agreement for the twelve-month period ended on
[                    
]1 (the “Financial Statement Date”), determined on the basis of the financial information most recently
delivered to the Administrative Agent and the Lenders pursuant to Section 6.01(a) or (b) of the Agreement as though the Acquisition had been consummated as of the first day of the fiscal period covered thereby;

  

	 	6.	 attached hereto as Annex 2 are calculations evidencing that after giving effect to the Acquisition, Holdings and its Subsidiaries have a
Consolidated Leverage Ratio for the twelve-month period ended on the Financial Statement Date of
    2 to 1.0, determined on the basis of the financial information most recently delivered to the Administrative Agent and the
Lenders pursuant to Section 6.01(a) or (b) of the Agreement as though the Acquisition had been consummated as of the first day of the fiscal period covered thereby; and 

 

	1 	Insert date of most recent financial statements delivered pursuant to Section 6.01(a) or (b) of the Agreement 

	2 	 Must be less than or equal to 2.0:1.0 

  
 N-1

 Form of Permitted Acquisition Certificate 

	 	7.	 attached hereto as Annex 3 are calculations evidencing that after giving effect to the Acquisition, as of the Financial Statement Date, Holdings
and its Subsidiaries have Excess Availability of
$            3. 

[Remainder of page intentionally left blank] 

 

	3 	Must be greater than or equal to $25,000,000. 

  
 N-2

 Form of Permitted Acquisition Certificate 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the date first written above.

  

			
	GSI GROUP INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 N-3

 Form of Permitted Acquisition Certificate 

 ANNEX 1 
 to the Permitted Acquisition Certificate 
 ($ in 000’s) 

Consolidated EBITDA 
 (in accordance with the definition of Consolidated EBITDA as set forth in the Agreement) 
  

											
	 Consolidated EBITDA
	  	Quarter
Ended	  	Quarter
Ended	  	Quarter
Ended	  	Quarter
Ended	  	Twelve
Months
Ended
	 Consolidated Net Income
	  		  		  		  		  	
	 + Consolidated Interest Charges
	  		  		  		  		  	
	 + income taxes
	  		  		  		  		  	
	 + depreciation expense
	  		  		  		  		  	
	 + amortization expense
	  		  		  		  		  	
	 + restructuring charges from operations and divestitures4
	  		  		  		  		  	
	 + restructuring charges, fees and expenses in respect of other transactions5
	  		  		  		  		  	
	 + Non-Cash Charges
	  		  		  		  		  	
	 - non-cash income
	  		  		  		  		  	
	 - earnings from equity-method investments
	  		  		  		  		  	
	 = Consolidated EBITDA
	  		  		  		  		  	

  

	I.	Section 7.10(b) – Consolidated Leverage Ratio. 

  

							
	 A.
	  	 Consolidated Funded Indebtedness at Financial Statement Date:
	  	$	            	  
			
	 B.
	  	 Consolidated EBITDA for four consecutive fiscal quarters ending on the Financial Statement Date (“Subject
Period”) (from above)
	  	$	            	  
			
	 C.
	  	 Consolidated Leverage Ratio (Line II.A ÷ ( Line II.B):
	  	 	         to 1.00	  
			
		  	 Maximum permitted:
	  	 	2.50 to 1.00	  

  

	4 	 not to exceed $10,000,000 in the aggregate during any Measurement Period from the Closing Date through December 31, 2012 and not to exceed
$5,000,000 in the aggregate during any Measurement Period thereafter 

	5 	 not to exceed $6,500,000 in the aggregate during any Measurement Period 

  
 N-4

 Form of Permitted Acquisition Certificate 

	II.	Section 7.10(c) – Consolidated Fixed Charge Coverage Ratio. 

 

									
	 A.
	  	 Adjusted Consolidated EBITDA for Subject Period:
	   

				
		  	1.	  	 Consolidated EBITDA for Subject Period (Line II.B above):
	  	$	            	  
				
		  	2.	  	 Aggregate amount of all cash Capital Expenditures for Subject Period:
	  	$	            	  
				
		  	3.	  	 Aggregate amount of Federal, state, local and foreign income taxes paid in cash for Subject Period:
	  	$	            	  
				
		  	4.	  	 Adjusted Consolidated EBITDA (Lines III.A1 - 2 - 3):
	  	$	            	  
		
	 B.
	  	 Consolidated Fixed Charges for Subject Period:
	   

				
		  	1.	  	 Consolidated Interest Charges paid in cash for Subject Period:
	  	$	            	  
				
		  	2.	  	 Aggregate scheduled amortization payments under Section 2.07(a) of the Agreement (regardless of whether optional
prepayments under Section 2.05(a) of the Agreement were applied to such installments) for Subject Period, for so long as any amounts are outstanding under the Term Loan Facility:
	  	$	            	  
				
		  	3.	  	 Aggregate principal amount of all other regularly scheduled principal payments or redemptions or similar acquisitions for
value of outstanding debt for borrowed money (including regularly scheduled payments under any Capitalized Leases, except for the portion of rent expense under Capitalized Leases that is treated as interest in accordance with GAAP) for Subject
Period, but excluding any voluntary repayments and redemptions to the extent refinanced through the incurrence of additional Indebtedness otherwise expressly permitted under Section 7.02 of the Agreement:
	  	$	             	  
				
		  	4.	  	 Aggregate amount of all Restricted Payments made pursuant to Section 7.06(d) or 7.06(e) of the Agreement for Subject
Period:
	  	$	            	  
				
		  	5.	  	 Consolidated Fixed Charges (Lines III.B1 + 2 + 3 + 4):
	  	$	            	  
		
	 C.
	  	 Consolidated Fixed Charge Coverage Ratio (Line III.A4 ÷ ( Line III.B5):
	   

				
		  		  		  	 	         to 1.00	  
			
		  	 Minimum required:
	  	 	1.50 to 1.00	  

  
 N-5

 Form of Permitted Acquisition Certificate 

 ANNEX 2 
 to the Permitted Acquisition Certificate 
 ($ in 000’s) 

Consolidated Leverage Ratio. 
  

							
	 A.
	  	 Consolidated Funded Indebtedness at Financial Statement Date:
	  	$	            	  
			
	 B.
	  	 Consolidated EBITDA for twelve-month period ended on the Financial Statement Date (from Annex 1):
	  	$	            	  
			
	 C.
	  	 Consolidated Leverage Ratio (Line A ÷ ( Line B):
	  	 	         to 1.00	  

  
 N-6

 Form of Permitted Acquisition Certificate 

 ANNEX 3 
 to the Permitted Acquisition Certificate 
 ($ in 000’s) 

Excess Availability. 
  

							
	 A.
	  	 Unrestricted cash on the balance sheet of Holdings and its Subsidiaries on the Financial Statement Date:
	  	$	            	  
			
	 B.
	  	 the Revolving Credit Facility on the Financial Statement Date:
	  	$	            	  
			
	 C.
	  	 Outstanding Amount of all Revolving Credit Loans on the Financial Statement Date:
	  	$	            	  
			
	 D.
	  	 Outstanding Amount of all Swing Line Loans on the Financial Statement Date:
	  	$	            	  
			
	 E.
	  	 Outstanding Amount of all L/C Obligations on the Financial Statement Date:
	  	$	            	  
			
	 F.
	  	 Excess Availability
	  			
		  	 (Line A + Line B – Line C – Line D – Line E):
	  	$	            	  

  
 N-7

 Form of Permitted Acquisition CertificateEX-4.1

 Exhibit 4.1 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”), made and entered into as of July 21, 2012, by and among the parties named on the signature page hereto (collectively referred to hereinafter as the “Holders”) and Flowers Foods, Inc., a Georgia
corporation (the “Company”); 
 WHEREAS, the Holders are parties to an Agreement and Plan of Merger dated May 31,
2012 by and among the Company, LobsterCo II, LLC, Aarow Leasing, Inc., The Everest Company, Incorporated and the shareholders named therein (“Merger Agreement”); 
 WHEREAS, pursuant to the Merger Agreement, the Holders will acquire shares of the Company’s common stock (the “Common Stock”); 

WHEREAS, the Holders have agreed to certain restrictions on sale of the Common Stock pursuant to the terms of the Merger Agreement; and

 WHEREAS, in connection with the Merger Agreement, the Company has agreed to provide the registration rights provided in this
Agreement; 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto do agree to enter into the agreements contained hereinbelow as follows: 
 1. REGISTRATION RIGHTS. 
 1.1 Certain Definitions. As used in this
Agreement, in addition to the terms defined elsewhere in this Agreement, the following terms shall have the following respective meanings: 
 “Business Day” means any day other than a day on which the SEC or the office of the Delaware Secretary of State is closed. 

“Deferral Notice” has the meaning specified in Section 1.4(d). 

“Effectiveness Period” means the period that is twelve (12) months from the date the Registration Statement is
declared effective by the SEC (exclusive of any period during which Holders are prohibited or impaired from selling Registrable Securities solely as a result of the suspension of availability of the Registration Statement pursuant to
Section 1.4(d)), provided however, that if at the date that the Effectiveness Period would otherwise terminate, a Holder is deemed to be an “affiliate” of the Company as defined in Rule 144 of the Securities Act, then the
Effectiveness Period shall be extended until such time as the Holder is no longer deemed to be such an “affiliate.”. 

“Permitted Transferees” means any charitable or private foundation on whose board the Holder serves. 

“Prospectus” means the prospectus included in any Registration Statement (including, without limitation, a prospectus
that discloses information previously omitted from a prospectus 

 
filed as part of an effective registration statement in reliance upon Rule 415 promulgated under the Securities Act), as amended or supplemented by any amendment or prospectus supplement,
including post-effective amendments, and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus. 
 “Registrable Securities” means all shares of Common Stock held by the Holders, together with any shares of Common Stock issued with respect thereto upon any stock split, stock dividend,
recapitalization or similar event; provided, however, that any such shares of Common Stock shall cease to be Registrable Securities (i) when they have been sold pursuant to a Registration Statement, (ii) with respect to any Holder, at such
time as the entire amount of such Holder’s Registrable Securities may be sold pursuant to Rule 144 without being subject to any volume limitations, (iii) have been transferred to someone other than a Holder, or (iv) have ceased to be
outstanding. 
 “Registration Expenses” means all expenses incurred by the Company in complying with
Section 1.2 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, state “blue sky” fees and expenses, and accountants’ expenses but
excluding any commissions or other fees of any broker, dealer or underwriter incurred in connection with a sale of Registrable Securities and any taxes applicable to any Holder with respect to any transfer or sale of Registrable Securities.

 “Registration Statement” has the meaning specified in Section 1.2. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” shall mean the Securities Act of 1933 and the rules and regulations promulgated by the SEC thereunder.

 “Securities Exchange Act” shall mean the Securities Exchange Act of 1934 and the rules and regulations
promulgated by the SEC thereunder. 
 1.2 Company Registration. The Company shall prepare and file or cause to be
prepared and filed with the SEC, no later than fifteen (15) days after the date of this Agreement, a Registration Statement for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the
resale from time to time by Holders of all of the Registrable Securities held by the Holders (the “Registration Statement”). The Registration Statement shall be on Form S-3 ASR or another appropriate form permitting registration of such
Registrable Securities for resale by such Holders. The Company shall use commercially reasonable efforts to cause the Registration Statement to be declared effective under the Securities Act as soon as practicable and to keep the Registration
Statement effective under the Securities Act until the expiration of the Effectiveness Period. 
 1.3 Expenses of
Registration. All Registration Expenses incurred in connection with the performance of the Company’s obligations under Section 1.2 shall be borne by the Company (but excluding any fees of counsel for the Holders, which shall be paid by
the Holders). 

  
 - 2 -

 1.4 Registration Procedures. The Company shall keep each Holder advised in writing as
to the initial filing and the effectiveness of the Registration Statement, and as to any issuances of stop orders, injunctions or other instructions to suspend the use thereof. At its expense the Company shall use its reasonable best efforts to:

 (a) upon written request, before filing any Registration Statement or Prospectus or any amendments or supplements thereto
with the SEC, furnish to the Holders copies of all such documents proposed to be filed and use reasonable efforts to reflect in each such document when so filed with the SEC such comments as the Holders reasonably shall propose within one Business
Day of the delivery of such copies to the Holders; 
 (b) subject to Section 1.4(d), prepare and file with the SEC such
amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period; cause the related Prospectus to be supplemented by any required
Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act; and use reasonable efforts to comply with the provisions of the Securities Act applicable to it; and

 (c) (i) as promptly as reasonably practicable, but within three Business Days in any event, give notice to the Holders
(A) when any Prospectus, Prospectus supplement, Registration Statement or post-effective amendment to a Registration Statement has been filed with the SEC and, with respect to a Registration Statement or any post-effective amendment, when the
same has been declared effective (provided, however, that the Company shall not be required by this clause (A) to notify the Holders of the filing of a Prospectus supplement that does nothing more substantive than name one or more
Holders as selling security holders), (B) of any request, following the effectiveness of a Registration Statement under the Securities Act, by the SEC or any other federal or state governmental authority for amendments or supplements to such
Registration Statement or related Prospectus or for additional information, 
 (ii) give notice to the Holders
within one Business Day following notice to the Company (A) of the issuance by the SEC or any other federal or state governmental authority of any stop order or injunction suspending or enjoining the use of any Prospectus or the effectiveness
of a Registration Statement or the initiation or threatening of any proceedings for that purpose, (B) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any
of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) of the happening of any event that makes any statement made in a Registration Statement or the related
Prospectus untrue in any material respect or that requires changes in order to make the statements therein not misleading; 

(d) (i) subject to the last sentence in this Section 1.4(d), upon the occurrence of any event contemplated by
Section 1.4(c)(ii)(C), but within fifteen (15) Business Days, prepare and file a post-effective amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference, or file
any other required document that would be incorporated by reference into such Registration Statement and Prospectus, so that such Registration Statement does not contain any untrue 

  
 - 3 -

 
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that such Prospectus does not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and, in the case of a
post-effective amendment to a Registration Statement, subject to the next sentence, use commercially reasonable efforts to cause it to be declared effective as promptly as is reasonably practicable, and give notice to the Holders listed as selling
security holders in such Prospectus that the availability of the Registration Statement is suspended (a “Deferral Notice”) and, upon receipt of any Deferral Notice, each such Holder agrees not to sell any Registrable Securities pursuant to
the Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus or until it is advised in writing by the Company that the Prospectus may be used, and has received copies of any additional or
supplemental filings that are incorporated or deemed incorporated by reference in such Prospectus. The Company shall use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable, except that
if in the good faith judgment of the Company public disclosure of a material fact or event would be prejudicial to or contrary to the interests of the Company, the Company may delay such action for so long as reasonably practicable and until such
suspension is no longer appropriate. 
 1.5 Indemnification. 

(a) The Company agrees to indemnify and hold harmless the Holders and each person, if any, who controls the Holders within the meaning of
either Section 15 of the Securities Act or Section 20 of the Exchange Act, as follows: 
 (i) against any and all
loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged
omission therefrom of a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading or arising out of any untrue statement or alleged
untrue statement of a material fact included in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
 provided,
however, that this Section shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
written information furnished to the Company by or on behalf of the Holders, or any person, if any, who controls the Holders expressly for use in the Registration Statement (or any amendment thereto), or any preliminary prospectus or the Prospectus
(or any amendment or supplement thereto). 
 (b) The Holders agree to indemnify and hold harmless the Company, and each person,
if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act severally and not jointly against any and all loss, liability, claim, damage and expense described in the
indemnity contained in Section 

  
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1.5(a)(i), as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto) or any
preliminary prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Holders expressly for use in the Registration Statement (or
any amendment thereto) or the Prospectus (or any amendment or supplement thereto). 
 (c) Each party entitled to indemnification
under this Section 1.5 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to
which indemnity may be sought and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any
litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be withheld unreasonably), and the Indemnified Party may participate in such defense at such Indemnified Party’s expense. The failure of any
Indemnified Party to give notice as provided herein shall relieve the Indemnifying Party of its obligations under this Section 1.5 only if such failure is prejudicial to the ability of the Indemnifying Party to defend such action, and such
failure shall in no event relieve the Indemnifying Party of any liability that he or it may have to any Indemnified Party otherwise than under this Section 1.5. No Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release
from all liability with respect to such claim or litigation, provided that such unconditional release may be subject to a parallel release of a claimant or plaintiff by such Indemnified Party from all liability in respect of claims or counterclaims
asserted by such Indemnified Party. 
 1.6 Information by Holders and Other Shareholders. Each Holder shall furnish to
the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may request in writing and as shall be required in connection with any Registration Statement. 

1.7 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the SEC that may permit
the sale of the Common Stock to the public without registration, the Company shall for so long as Registrable Securities are outstanding: 
 (a) make and keep public information available as those terms are understood and defined in Rule 144 promulgated by the SEC under the Securities Act (“Rule 144”); 

(b) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Securities Exchange Act; and 
 (c) so long as any Holder owns any securities constituting or representing Registrable
Securities, furnish to such Holder upon request a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Securities Act and the Securities Exchange Act. 

  
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 1.8 Removal of Legends. If requested by a Holder, cooperate with such Holder to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free, to the extent permitted by applicable law
and permissible under the terms of the Merger Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holders may reasonably request. 

1.9 Listing. The Company will cause all Registrable Securities to be listed or otherwise eligible for full trading privileges on
the principal national securities exchange on which the Common Stock are then listed or quoted, not later than the date on which the Registrable Securities are issued by the Company to a Holder. The Company will use commercially reasonable efforts
to continue the listing or trading privilege for all Registrable Securities on such exchange. The Company will as promptly as practicable notify the Holders of, and confirm in writing, the delisting of the Common Stock by such exchange. 

2. MISCELLANEOUS. 
 2.1 Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, by electronic facsimile transfer or by courier guaranteeing
overnight delivery, and shall be deemed given (i) when made, if made by hand delivery, (ii) upon confirmation, if made by electronic facsimile transfer, (iii) one Business Day after being deposited with such courier, if made by
overnight courier, to the parties as follows: 
 (a) if to a Holder, at the address for such Holder then appearing in the books
of the Company; 
 With a copy to: 
 Goodwin Procter LLP 
 Attention: Stuart M. Cable, Esq. 

Exchange Place 

53 State Street 

Boston, Massachusetts 02109 
 Facsimile: (617) 523-1231 
 (b) If to the Company, to: 

Flowers Foods, Inc. 
 Attention: Stephen R. Avera, Esq. 
 1919 Flowers Circle 

Thomasville, GA 31757 
 Facsimile: (229) 225-5426 

  
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 With a copy to: 
 Jones Day 
 Attention: Sterling A. Spainhour, Jr., Esq. 

1420 Peachtree Street, N.E. 
 Suite 800 
 Atlanta, Georgia 30309 

Facsimile: (404) 581-8330 
 2.2 Governing Law. This Agreement shall be governed and construed under the laws of the State of Delaware, without regard to conflicts of laws and principles thereof. 

2.3 Successors and Assigns. The rights and obligations set forth in this Agreement shall inure to the benefit of and be binding
upon the parties hereto and their respective legal representatives, successors and assigns. Any Holder may, at its election, at any time or from time to time, assign its rights under this Agreement, in whole or in part, to a Permitted Transferee.

 2.4 Captions. The captions of the several sections and paragraphs of this Agreement are included for reference only
and shall not limit or otherwise affect the meaning thereof. 
 2.5 Amendments. Neither this Agreement nor any term of
provision hereof may be amended, waived, discharged or terminated except in writing signed by all parties to this Agreement. 

2.6 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of
which taken together shall constitute but one and the same instrument. 
 2.7 Severability. If any term,
provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated thereby, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law.  
 2.8 Entire Agreement. This Agreement is intended by the parties hereto as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein and the registration rights granted by the Company with respect to the Registrable Securities. 

2.9 Termination. This Agreement and the obligations of the parties hereunder shall terminate upon the end of the Effectiveness
Period, except for any liabilities or obligations under Sections 1.3, 1.5 or 1.6 hereof, each of which shall remain in effect in accordance with its terms. 

  
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 [SIGNATURES APPEAR ON SUCCEEDING PAGES] 

  
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 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement on the date
first written above. 
  

			
	FLOWERS FOODS, INC.
		
	By:	 	 /s/ R. Steve Kinsey

	Name: R. Steve Kinsey
	Title: Executive Vice President and
	            Chief Financial Officer
	
	HOLDERS:
	
	 /s/ Andrew Barowsky

	Andrew Barowsky
	
	 /s/ Albert Lepage

	Albert Lepage

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