Document:

EX-10.9

 Exhibit 10.9 

[●], 2022 
 Sound Point Acquisition Corp I,
Ltd 
 375 Park Avenue 
 New York, New York 10152 

Re: Initial Public Offering 
 Ladies and
Gentlemen: 
 This letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting
Agreement (the “Underwriting Agreement”) entered into by and among Sound Point Acquisition Corp I, Ltd, a Cayman Islands exempted company (the “Company”), BofA Securities, Inc. and J.P. Morgan
Securities LLC, as representatives (the “Representatives”) of the several underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”) of 20,000,000 of the Company’s units (including 3,000,000 units that may be purchased pursuant to the Underwriters’ option to purchase additional units, the “Units”), each comprising of one
of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one-half of one redeemable warrant (each whole warrant, a
“Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant to a registration statement on
Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized terms
used herein are defined in paragraph 1 hereof. 
 In order to induce the Company and the Underwriters to enter into the Underwriting
Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Sound Point Acquisition Sponsor I, LLC (the “Sponsor”) and the
undersigned individuals, each of whom is a member of the Company’s Board of directors and/or management team (each, an “Insider” and collectively, the “Insiders”), hereby agrees with the Company
as follows: 
 1. Definitions. As used herein, (i) “Business Combination” shall mean a merger, share exchange,
asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities; (ii) “Forward Purchase
Agreement” shall mean that certain forward purchase agreement entered into between the Company and                 (the
“Forward Purchaser”), pursuant to which the Forward Purchaser will commit to purchase from the Company $50,000,000 Class A ordinary shares at a price of $10.00 per share, in a private placement that will close concurrently with the closing
of the Company’s initial Business Combination; (iii) “Founder Shares” shall mean the 5,750,000 Class B ordinary shares of the Company, par value $0.0001 per share, outstanding prior to the consummation of the Public
Offering; (iv) “Private Placement Warrants” shall mean the warrants to purchase Ordinary Shares of the Company that will be acquired by the Sponsor for an aggregate purchase price of $12,500,000 (or up to $14,000,000 if the
Underwriters’ exercise their option to purchase additional units), or $1.00 per Warrant, in a private placement that shall close simultaneously with the consummation of the Public Offering (including Ordinary Shares issuable upon conversion
thereof); (v) “Public Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering; (vi) “Public Shares” shall mean the Ordinary Shares included in the
Units issued in the Public Offering; (vii) “Trust Account” shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited;
(viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security,
whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b);
(ix) “Charter” shall mean the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time; (x) “Working Capital Warrants” shall mean up
to 1,500,000 Private Placement Warrants that may be issued in connection with the conversion of loans made by the Sponsor or certain of the Company’s officers or directors in order to finance the Company’s transaction costs in connection
with an initial Business Combination; and (xi) “Sponsor Loan Warrants” shall mean up to 4,600,000 Private Placement Warrants that may be issued in connection with the conversion of loans made by the Sponsor or its affiliates
or designees in order to finance the Company’s exercise of one or more of its options to extend the period of time by which it must complete a Business Combination. 

 2. Representations and Warranties. 

a. The Sponsor and each Insider represents and warrants to the Company that it, she or he has the full right and power, without violating any
agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to
enter into this Letter Agreement, as applicable, and to serve as an officer of the Company and/or a director on the Company’s Board of Director (the “Board”), as applicable, and each Insider hereby consents to being
named in the Prospectus, road show and any other materials as an officer and/or director of the Company, as applicable. 
 b. The Sponsor and
each Insider represent and warrant that it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or
revoked. Each Insider represents and warrants that such Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all material respects and does not omit any
material information with respect to the Insider’s background. Such Insider’s questionnaire furnished to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject to or
a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the
offering of securities in any jurisdiction; the Insider has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or
(iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any such criminal proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or
association or had a securities or commodities license or registration denied, suspended or revoked. 
 3. Business Combination Vote.
It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider agrees that if the Company seeks shareholder
approval of a proposed initial Business Combination, then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable, in
favor of such proposed initial Business Combination (including any proposals recommended by the Board in connection with such Business Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such
shareholder approval. 
 4. Failure to Consummate a Business Combination; Trust Account Waiver. 

a. The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate its initial Business Combination within
the time period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not
more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on
the funds held in the Trust Account and not previously released to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will
completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining shareholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims of creditors and in all cases
subject to the other requirements of applicable law. The Sponsor and each Insider agrees not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide holders of the Public
Shares the right to have their Public Shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the required time period set
forth in the Charter or (ii) with respect to any provision relating to the rights of Public Shareholders unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the
Company to pay taxes, if any, divided by the number of then-outstanding Public Shares. 

 b. The Sponsor and each Insider acknowledges that it, she or he has no right, title,
interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any (which, for the avoidance
of doubt, shall include any monies the Sponsor may loan to the Company in connection with the extension of the time the Company has to complete an initial Business Combination). The Sponsor and each Insider hereby further waives, with respect to any
Founder Shares and Public Shares held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the
context of a shareholder vote to approve such Business Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation to provide Public Shareholders the
right to have their Public Shares redeemed in connection with an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth in the Charter
or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Insider shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business
Combination within the required time period set forth in the Charter). 
 5. Lock-up; Transfer
Restrictions. 
 a. The Sponsor and each Insider agrees that they shall not Transfer any Founder Shares (or any Ordinary Shares issuable
upon conversion thereof) (the “Founder Shares Lock-up”) until the earliest of (A) one year after the completion of an initial Business Combination and (B) the date following
the completion of an initial Business Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary
Shares for cash, securities or other property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination, the closing price of the
Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations, recapitalizations and the like) for any 20 trading days
within a 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, the Founder Shares shall be released from the Founder Shares
Lock-up. 
 b. The Sponsor and each Insider agrees not to effectuate any Transfer of Private
Placement Warrants, Working Capital Warrants, Sponsor Loan Warrants or Ordinary Shares underlying such warrants until 30 days after the completion of an initial Business Combination. 

c. Notwithstanding the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement
Warrants, Working Capital Warrants, Sponsor Loan Warrants and Ordinary Shares issued or issuable upon the exercise or conversation of the Founder Shares, Private Placement Warrants, Working Capital Warrants and Sponsor Loan Warrants that are held by
the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 5(c)), are permitted: (a) to the Company’s officers or directors, any affiliate or family member of any of the Company’s officers
or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to a member of one of the individual’s immediate family
or to a trust, the beneficiary of which is a member of the individual’s immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon
death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of a Business Combination at prices no greater than the
price at which the Founder Shares, Private Placement Warrants or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (g) to
the Company for no value for cancellation in connection with the consummation of an initial Business Combination, (h) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (i) in the event of
completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to
the completion of an initial Business Combination; provided, however, that in the case of clauses (a) through (i) of this paragraph 5(c), these permitted transferees must enter into a written agreement agreeing to be bound
by these transfer restrictions. 
 d. During the period commencing on the effective date of the Underwriting Agreement and ending 180 days
after such date, neither the Sponsor nor any Insider shall, without the prior written consent of the Representative, Transfer any Units, Ordinary Shares, Warrants or any other securities convertible into, or exercisable or exchangeable for, Ordinary
Shares held by it, her or him, as applicable, subject to certain exceptions enumerated in Section 2 of the Underwriting Agreement. 
  

 6. Remedies. The Sponsor and each Insider hereby agrees and acknowledges that
(i) each of the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or the Insider of its, her or his obligations, as applicable under paragraphs 3, 4, 5, 7, 10
and 11, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that such party
may have in law or in equity, in the event of such breach. 
 7. Payments by the Company. Except as disclosed in the Prospectus,
neither the Sponsor nor any affiliate of the Sponsor nor any director or officer of the Company nor any affiliate of the officers shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any payment
of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is). 

8. Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and
officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers. 

9. Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation of the Company. 
 10. Indemnification. In the event of
the liquidation of the Trust Account, upon the failure of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold
harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company (except for the Company’s independent auditors) or (ii) any
prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Indemnitor (x) shall
apply only to the extent necessary to ensure that such claims by a third party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i) $10.30 per Public
Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.30 per Public Share due to reductions in the value of the trust assets, in each case net of
interest earned on funds held in the Trust Account that may be withdrawn to pay the Company’s income tax obligations, (y) shall not apply to any claims by a third party or Target who executed a waiver of any and all rights to the monies
held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of
1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the
Indemnitor notifies the Company in writing that it shall undertake such defense. 
 11. Forfeiture of Founder Shares. To the extent
that the Underwriters do not exercise in full their option to purchase additional Units within 45 days from the date of the Prospectus (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the Company for no
consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the aggregate number of Founder Shares held by the Sponsor and the Insiders will equal 20% of the sum of the total number of Ordinary Shares and Founder Shares
outstanding at such time. The Sponsor and each Insider further agree that, to the extent that the size of the Public Offering is increased or decreased, the Company will effect a share capitalization or a share repurchase, as applicable, with
respect to the Founder Shares immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding at such
time. 

 12. Entire Agreement. This Letter Agreement constitutes the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all
parties hereto. 
 13. Assignment. No party hereto may assign either this Letter Agreement or any of its rights, interests, or
obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
assignee. This Letter Agreement shall be binding on the Insider and each of the Insider’s respective successors, heirs, personal representatives and assigns and permitted transferees. Nothing in this Letter Agreement shall be construed to
confer upon, or give to, any person or entity other than the parties hereto and the Underwriters any right, remedy or claim under or by reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All
covenants, conditions, stipulations, promises and agreements contained in the Letter Agreement shall be for the sole and exclusive benefit of the Underwriters, the parties hereto and their successors, heirs, personal representatives and assigns and
permitted transferees. 
 14. Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts,
and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

15. Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement and shall not
affect the interpretation thereof. 
 16. Severability. This Letter Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

17. Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or
relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and
(ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 
 18.
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or facsimile transmission. 
 [Signature Page Follows] 

 
			
	Sincerely,
	
	SOUND POINT ACQUISITION SPONSOR I, LLC
		
	By:	 	  

		 	Name: David Grill
		 	Title: Chief Financial Officer
		
	By:	 	  

		 	Stephen Ketchum
		
	By:	 	  

		 	Marc Sole
		
	By:	 	  

		 	David Grill
		
	By:	 	  

		 	Philip Bartow
		
	By:	 	  

		 	Sean Bratches
		
	By:	 	  

		 	Winifred Park
		
	By:	 	  

		 	Matthew Burton
		
	By:	 	  

		 	Tracy Dolgin

  

  
 [Signature Page to
Letter Agreement] 

 
			
	Acknowledged and Agreed:
	
	SOUND POINT ACQUISITION CORP I, LTD
		
	By:	 	  

		 	Name: Stephen Ketchum
		 	Title: Chief Executive Officer

  

  
 [Signature Page to
Letter Agreement]ppc-12262021exhibit49

Exhibit 4.9    DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12  OF THE SECURITIES EXCHANGE ACT OF 1934  The following is a description of the common stock, par value $0.01 per share, of Pilgrim’s Pride  Corporation (the “Company,” “we” or “us”) registered under Section 12 of the Securities Exchange Act of 1934,  as amended (the “Exchange Act”). This description set forth below is a summary and is not complete and is  qualified in its entirety by reference to the amended and restated certificate of incorporation, amended and restated  bylaws and stockholders agreement, dated December 28, 2009 (the “JBS Stockholders Agreement”), between the  Company and JBS USA Holding Lux S.à.r.l. (“JBS USA”), copies of which are filed as Exhibit 3.1, 3.2 and 4.3,  respectively, to the Annual Report on Form 10-K of the Company.  General  Our certificate of incorporation, as amended, authorizes 800,000,000 shares of common stock, par value $0.01  per share, and 50,000,000 shares of preferred stock, par value $0.01 per share. Shares of our common stock are  traded on The Nasdaq Stock Market LLC under the symbol “PPC.” In general, any series of preferred stock will be  afforded preferences regarding dividends and liquidation rights over the common stock. The certificate of  incorporation, as amended, empowers our board of directors, without approval of the stockholders, to cause  preferred stock to be issued in one or more series, and to fix the number of shares, designation, voting rights,  powers, preferences and rights and any qualifications, limitations or restrictions of the shares of each series.  Common Stock  Dividends  Subject to the limitations under the Delaware General Corporation Law (the “DGCL”), preferences that  may apply to any outstanding shares of preferred stock and contractual restrictions, the holders of shares of common  stock will be entitled to receive such dividends (payable in cash, stock, or otherwise) as may be declared by our  board of directors at any time and from time to time out of any funds legally available for that purpose. Dividends  will be paid to the holders of record of the outstanding shares of common stock as their names appear on the stock  register on the record date fixed by our board of directors in advance of declaration and payment of each dividend.  Any shares of common stock issued as a dividend will, when so issued, be duly authorized, validly issued, fully paid  and non-assessable, and free of all liens and charges.  Notwithstanding anything contained herein to the contrary, no dividends on shares of common stock will  be declared by the board of directors or paid or set apart for payment at any time that such declaration, payment or  setting apart is prohibited by applicable law.  Liquidation Rights  In the event of any voluntary or involuntary liquidation, dissolution, or winding-up of the Company, the  holders of shares of common stock will be entitled to receive ratably all of our remaining assets available for  distribution after payment in full of all amounts owed to our creditors and distribution in full of the preferential  amounts, if any, to be distributed to the holders of shares of the preferred stock. A liquidation, dissolution, or  winding-up of the Company, as such terms are used herein, will not be deemed to be occasioned by or to include any  consolidation or merger of the Company with or into any other corporation or corporations or other entity or a sale,  lease, exchange, or conveyance of all or a part of the assets of the Company.    Voting Rights    All shares of common stock have identical rights and privileges. The holders of our common stock are  entitled to one vote for each share of common stock held of record on all matters to be voted on by stockholders.  The holders of our common stock have no cumulative voting rights. The holders of common stock are entitled to  vote on each matter properly submitted to the stockholders of the Company for their vote, including the election of  directors; provided, however, that, except as otherwise required by law, holders of common stock will not be entitled  to vote on any amendment to our certificate of incorporation, as amended, that relates solely to the terms of one or  more outstanding series of preferred stock if the holders of such affected series are entitled, either separately or  

 

together as a class with the holders of one or more other such series, to vote thereon pursuant to our certificate of  incorporation, as amended. Directors shall be elected by a plurality of the shares entitled to vote on the election of  directors and present in person or represented by proxy at the meeting of stockholders at which a quorum is present.  All other matters, unless otherwise provided by applicable law, the rules or regulations of any stock exchange  applicable to the Company, the certificate of incorporation, as amended, or the amended and restated bylaws (as  disclosed herein), shall be decided by the affirmative vote of the holders of a majority of the total outstanding voting  power of the shares of stock, present in person or represented by proxy, assuming a quorum is present.    Preemptive Rights; Subscription Rights; Cumulative Voting  Stockholders will not be entitled to preemptive or subscription rights or to cumulative voting.  Other Rights and Preferences  The rights and privileges of holders of our common stock are subject to any series of preferred stock that we  may issue, as described below. Additionally, the rights and privileges of shareholders are subject to the provisions of  the Stockholders Agreement between us and JBS USA (the “JBS Stockholders Agreement”).    Transfer Agent and Registrar  The transfer agent and registrar for the common stock is Computershare Trust Company, N.A.    JBS Stockholders Agreement  The JBS Stockholders Agreement sets forth certain rights with respect to our common stock, corporate  governance and other related corporate matters, some of which are memorialized in our certificate of incorporation,  as amended, and/or our amended and restated bylaws. Generally, the terms of the JBS Stockholders Agreement are  as follows:  • Our board of directors currently consists of nine directors: (i) six directors designated by JBS USA (the  “JBS Directors”), and (ii) three directors (the “Equity Directors”) elected by the stockholders other than the  JBS USA and its affiliates (the “Minority Investors”). The JBS Stockholders Agreement contains terms  regarding the appointment and removal of directors, the requirement for certain directors to be  “independent” for purposes of applicable SEC rules and exchange listing requirements and the change in  the size of the board of directors or relative numbers of JBS Directors and Equity Directors in the event that  the respective parties’ ownership percentages change or in the event of changes in applicable law or  exchange listing requirements. For example, if the percentage of our outstanding common stock  beneficially owned by JBS USA exceeds 80%, then JBS USA will have the right to elect one additional  member of our board of directors while the Minority Investors would have the right to elect one less  member of our board of directors. Following the date JBS USA obtains beneficial ownership at 90% or  more of our common stock, then JBS will have the right to elect all members of our board of directors.    • If a greater number or proportion of independent directors on the board is required by applicable law or the  rules of The Nasdaq Stock Market LLC, then (i) if JBS USA beneficially owns at least 50% of the issued  and outstanding common stock, then, at the option of the JBS Nominating Committee (as defined in our  certificate of incorporation, as amended), either (A) one or more of the then-existing JBS Directors who are  not independent directors will be replaced with one or more JBS Directors who are independent directors or  (B) the number of directors on the board will be increased by two, and the vacancies created by such  increase shall be filled with persons designated by the JBS Nominating Committee who are independent  directors; or (ii) if JBS USA beneficially owns less than 50% of the issued and outstanding common stock,  then one or more of the then-existing JBS Directors who are not independent directors will be replaced with  one or more JBS Directors who are independent directors.    • The approval of at least a majority of the Equity Directors is required for certain actions, including, among  other things, a change in the size of the board of directors and amendments of certain provisions of our  certificate of incorporation, as amended, or our amended and restated bylaws that would or could  reasonably be expected to adversely affect, in any material respect, the rights of the stockholders other than  the Minority Investors.  

 

• JBS USA is required to cause all shares of our common stock beneficially owned by it or its affiliates to be  voted for or against, to be not voted, or to abstain from voting, in the same proportion as the shares of our  common stock held by the Minority Investors are voted for or against, or abstained from voting, with  respect to (A) the election or removal of Equity Directors and (B) proposals to adopt, amend or repeal our  amended and restated bylaws that would adversely affect, or could reasonably be expected to adversely  affect, in any material respect, the rights of the Minority Investors, as a class. With respect to all other  matters submitted to a vote of holders of our common stock, JBS USA may vote, or abstain from voting,  shares of our common stock held by it in its sole and absolute discretion.    • We are permitted to make repurchases of our common stock from Minority Investors in the ordinary course  if the following conditions are met:    o none of JBS USA and its affiliates (other than the Company) provides the cash or property used to  effectuate the redemption or repurchase directly or indirectly;    o the cash or property used to effectuate the redemption or repurchase is derived solely from the  Company’s operating cash flows, and not borrowings, equity issuances or sale or exchange  transactions occurring outside of the ordinary course of business;    o the redemption or repurchase qualifies for the safe harbor from liability available under Rule 10b-  18 of the Securities Exchange Act of 1934 (or any successor rule); and    o the redemption or repurchase does not, and is not reasonably likely to, cause the Company to cease  to comply with the applicable continued listing standards of the national securities exchange on  which our common stock is listed.    The JBS Stockholders Agreement may be terminated (i) by written agreement of the parties, (ii) on the  consummation of the Mandatory Exchange Transaction or (iii) in the event that JBS USA owns 100% of our  common stock, subject to the survival of certain covenants. The Equity Nominating Committee (as defined in our  certificate of incorporation, as amended), acting by majority vote, will have the right to control the Company’s  exercise of its rights and remedies under the JBS Stockholders Agreement.    Preferred Stock    The certificate of incorporation, as amended, empowers our board of directors, without approval of the  stockholders, to issue up to 50,000,000 shares of preferred stock in one or more series and to fix the number of  shares of any class or series of preferred stock and determine its designation, voting rights, powers, preferences and  rights and any qualifications, limitations or restrictions on the shares of each series. In general, any series of  preferred stock will be afforded preferences regarding dividends and liquidation rights over the common stock. The  rights, preferences and privileges of holders of shares of common stock are subject to, and may be adversely  affected by, the rights of the holders of shares of any series of preferred stock that we may designate and issue in the  future without stockholder approval.    Change of Control Related Provisions of Our Certificate of Incorporation and Bylaws and Delaware Law  A number of provisions in our certificate of incorporation, as amended, and amended and restated bylaws and  under the Delaware General Corporation Law (the “DGCL”) may have the effect of delaying, deferring or  preventing another party from acquiring control of us and encouraging persons considering unsolicited tender offers  or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated  takeover attempts. These provisions include the items described below.    No Written Consent of Stockholders    Our certificate of incorporation, as amended, provides that, subject to the rights of holders of preferred stock,  all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and  that stockholders may not take any action by written consent in lieu of a meeting. This limit may lengthen the  

 

amount of time required to take stockholder actions and would prevent the amendment of our bylaws or removal of  directors by our stockholders without holding a meeting of stockholders.    Special Meetings of Stockholders    Our certificate of incorporation, as amended, and amended and restated bylaws provide that special meetings  of stockholders may be called only by the chairman of our board of directors, the chief executive officer, the  president, the affirmative vote of a majority of the whole board of directors or, as provided by the certificate of  incorporation, as amended, by the Equity Nominating Committee. In addition, the certificate of incorporation, as  amended, provides that only those matters set forth in the notice of the special meeting may be considered or acted  upon at a special meeting of stockholders. Our amended and restated bylaws limit the business that may be  conducted at an annual meeting of stockholders to those matters properly brought before such annual meeting.    Advance Notice Requirements    Our amended and restated bylaws establish advance notice procedures with regard to stockholder proposals  relating to the nomination of candidates for election as directors or new business to be brought before meetings of  our stockholders. These procedures provide that notice of stockholder proposals must be timely given in writing to  our corporate secretary prior to the meeting at which the action is to be taken. Generally, to be timely, notice must  be received at our principal executive offices not less than 120 days nor more than 270 days prior to the scheduled  annual meeting date. Our amended and restated bylaws specify the requirements as to form and content of all  stockholders’ notices. These requirements may preclude stockholders from bringing matters before the stockholders  at an annual or special meeting.    Amendment to Certificate of Incorporation and Bylaws    Any amendment of the provisions of our certificate of incorporation, as amended, relating to board  composition (including size, vacancies and term), special meeting committees, meetings of stockholders (including  special meetings) and requirements for the amendment of our bylaws or any amendment that, individually or taken  as a whole with any other amendments, would adversely affect, or could reasonably be expected to adversely affect,  in any material respect the rights of the stockholders, as a class, must be approved by the affirmative vote of a  majority of our board of directors and the affirmative vote of at least a majority of the Equity Directors.    Our amended and restated bylaws may be amended by the board of directors. Any amendment that would  adversely affect or could reasonably be expected to adversely affect the rights of the Minority Investors requires the  consent of at least a majority of the whole board, including the approval of at least a majority of the Equity  Directors, subject to any limitations set forth in the amended and restated bylaws. Our amended and restated bylaws  may also be amended by the affirmative vote of a majority of the then-outstanding shares entitled to vote in the  election of directors (other than shares of capital stock of the Corporation beneficially owned by the JBS  Stockholder), present in person or represented by proxy at a meeting at which a quorum is present, voting together  as a single class.    Undesignated Preferred Stock    Our certificate of incorporation, as amended, provides for 50,000,000 authorized shares of preferred stock.  The existence of authorized but unissued shares of preferred stock may enable our board of directors to render more  difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or  otherwise. For example, if in the due exercise of its fiduciary obligations, our board of directors were to determine  that a takeover proposal is not in the best interests of our stockholders, our board of directors could cause shares of  preferred stock to be issued without stockholder approval in one or more private offerings or other transactions that  might dilute the voting or other rights of the proposed acquirer or insurgent stockholder or stockholder group. In this  regard, our certificate of incorporation, as amended, grants our board of directors broad power to establish the rights  and preferences of authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could  decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The  

 

issuance may also adversely affect the rights and powers, including voting rights, of these holders and may have the  effect of delaying, deterring or preventing a change in control of us.    Section 203 of the DGCL  We are subject to the provisions of Section 203 of the DGCL. In general, the statute prohibits a publicly held  Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of  three years after the date of the transaction in which the person became an interested stockholder, unless:  • before such date the board of directors approved either the business combination or the transaction that  resulted in the stockholder becoming an interested stockholder;  • upon consummation of the transaction which resulted in that person becoming an interested stockholder,  the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time  the transaction commenced, excluding, for purposes of determining the number of shares outstanding,  shares owned by certain directors or certain employee stock plans; or  • on or after the date the stockholder became an interested stockholder, the business combination is approved  by the board of directors and authorized at an annual or special meeting of stockholders by the affirmative  vote of at least two-thirds of the outstanding voting stock, excluding the stock owned by the interested  stockholder.    A “business combination” includes mergers, stock or asset sales and other transactions resulting in a financial  benefit to the “interested stockholders.” An “interested stockholder” is a person who, together with affiliates and  associates, owns (or within three years, did own) 15% or more of the corporation’s voting stock. Although  Section 203 of the DGCL permits us to elect not to be governed by its provisions, to date we have not made this  election. As a result of the application of that statute, our potential acquirers may be discouraged from attempting to  effect an acquisition transaction with us, which could possibly deprive holders of our securities of certain  opportunities to sell or otherwise dispose of such securities at above-market prices in such transactions.

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