Document:

EXECUTION VERSION

 

FIRST AMENDMENT

TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) is dated as of December 20, 2013 and is entered into by and among
GFA Brands, Inc., a Delaware corporation (“GFA”), UHF Acquisition Corp., a Delaware corporation
(“UHF”), Udi’s Healthy Foods, LLC, a Colorado limited liability company (“Udi”;
and together with GFA and UHF, each a “Borrower” and collectively, the “Borrowers”), Boulder Brands,
Inc. (formerly known as Smart Balance, Inc.), a Delaware corporation (the “Parent”), as a Guarantor,
the other Guarantors party hereto, Citibank, N.A., as administrative agent (in such capacity, the “Administrative Agent”),
and the lenders listed on the signature pages hereto, and is made with reference to that certain Credit Agreement, dated
July 9, 2013 (as amended to, but not including, the date hereof, the “Credit Agreement”), by and among the Borrowers,
the Parent, the lenders party thereto, the Administrative Agent and the other persons named therein. Capitalized terms used herein
without definition shall have the same meanings herein as set forth in the Credit Agreement after giving effect to this Amendment
(the “Amended Agreement”).

 

RECITALS

 

WHEREAS, pursuant
to Section 1.16 of the Credit Agreement, the Borrower has requested that the Persons set forth on Schedule I hereto (the “Incremental
Term Lenders”) make Incremental Term Loans in an aggregate amount not to exceed $25,000,000;

 

WHEREAS, the Incremental
Term Lenders are willing to make such Incremental Term Loans to the Borrower on the terms and subject to the conditions set forth
herein and in the Credit Agreement;

 

WHEREAS, this Amendment
is an Incremental Amendment under and as defined in Section 1.16 of the Credit Agreement and the parties hereto hereby agree that
the Credit Agreement shall be amended as set forth in this Amendment.

 

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

SECTION
I. AMENDMENTS TO CREDIT AGREEMENT

 

1.1          Amendment
to Schedule 1. Schedule 1 to the Credit Agreement is, effective as of the First Amendment Effective Date, hereby amended
by deleting such Schedule in its entirety and replacing it with Schedule A hereto.

 

1.2          Amendments
to Section 5: Definitions.

 

A.           Section
5 of the Credit Agreement is hereby amended by adding the following definitions in proper alphabetical sequence:

 

“First
Amendment” means that certain First Amendment to Credit Agreement dated as of December 20, 2013 among the Borrowers,
the Parent, as a Guarantor, the other Guarantors party thereto, the Administrative Agent and the Lenders listed on the signature
pages thereto.

 

    	 

    	 

    

 

 

“First
Amendment Effective Date” means the earliest date of satisfaction of the conditions referred to in Section II of the
First Amendment.

 

“Incremental
Term Lender” has the meaning assigned to such term in the First Amendment.

 

B.           Section
5 of the Credit Agreement is hereby amended by deleting the definitions of the terms set forth below in their entirety and replacing
them with the following:

 

“Term
Credit” means the credit facility for the Term Loans described in Section 1.1(a) hereof (including,
for the avoidance of doubt, the Incremental Term Loans described in the First Amendment).

 

“Term
Lender” means (a) at any time on or prior to the Closing Date, any Lender with a Term Loan Commitment at such time, (b)
at any time on or prior to the First Amendment Effective Date, any Incremental Term Lender with a Term Loan Commitment at such
time, (c) at any time after the Closing Date, any Lender with an outstanding Term Loan at such time and (d) at any time after the
First Amendment Effective Date, any Incremental Term Lender with an outstanding Term Loan at such time.

 

“Term
Loan” is defined in Section 1.1(a) hereof and, as so defined, includes a Base Rate Loan or a Eurocurrency Loan, each
of which is a “type” of Term Loan hereunder. It is understood and agreed that all term loans funded by the Incremental
Term Lenders on the First Amendment Effective Date pursuant to Section 1.16 hereof shall, from and after such funding, be Term
Loans for all purposes of this Agreement and shall be subject to all terms and conditions set forth herein that are otherwise applicable
to Term Loans made hereunder.

 

“Term
Loan Commitment” means, (a) as to any Lender, the obligation of such Lender to make its Term Loan on the Closing Date
in the principal amount not to exceed the amount set forth opposite such Lender’s name under the caption “Term Commitment
(prior to funding on the Closing Date)”on Schedule 1 attached hereto and made a part hereof and (b) as to any Incremental
Term Lender, the obligation of such Incremental Term Lender to make its Term Loan on the First Amendment Effective Date in the
principal amount not to exceed the amount set forth opposite such Incremental Term Lender’s name under the caption “Term
Commitment (prior to funding on the First Amendment Effective Date)”on Schedule I attached hereto and made a part hereof.
The aggregate amount of the Term Loan Commitments on the Closing Date, prior to the funding of Term Loans on the Closing Date,
was $250,000,000. The aggregate amount of the Term Loan Commitments on the First Amendment Effective Date, prior to the funding
of Term Loans on the First Amendment Effective Date, is $25,000,000.

 

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“Term
Loan Facility” shall mean the credit facility represented by the Term Loans made on the Closing Date and on the First
Amendment Effective Date.

 

C.           Section
5 of the Credit Agreement is hereby amended by inserting the text “; provided further, that the initial Interest Period
with respect to any Borrowing funded by the Incremental Term Lenders on the First Amendment Effective Date will be a period commencing
on the First Amendment Effective Date and ending on January 16, 2014” immediately before the “.” at the end of
clause (iv) of the proviso in the definition of “Interest Period”.

 

1.3          Amendment
to Section 1.1. The second and third sentences of Section 1.1(a) of the Credit Agreement are hereby amended and restated
in their entirety with the following:

 

“The Term Loans
shall be advanced in a single Borrowing on each of the Closing Date and the First Amendment Effective Date, as applicable, and
shall be made ratably by the relevant Term Lenders in proportion to their respective Term Loan Percentages, at which time the corresponding
Term Loan Commitments shall expire; provided that, each of the parties hereto hereby agrees that the Administrative Agent
may, in consultation with the Borrowers, take any and all action as may be reasonably necessary to ensure that, upon the effectiveness
of the making of the Term Loans on the First Amendment Effective Date, all such Term Loans are included in each Borrowing of outstanding
Term Loans on a pro rata basis. As provided in Section 1.6(a) hereof, the Borrowers may elect that the Term Loans be outstanding
as Base Rate Loans or Eurocurrency Loans.”

 

1.4          Amendment
to Section 1.8(a). Section 1.8(a) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

“(a) Scheduled Payments of
Term Loans. The Borrowers shall make principal payments on the Term Loans in installments on the last day of each March, June,
September, and December in each year, commencing with the calendar quarter ending December 31, 2013, with the amount of each such
principal installment to equal the amount set forth in Column B below shown opposite of the relevant due date as set forth
in Column A below:

 

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	Column A	 	Column B	 
	 	 	 	 
	Payment Date	 	Scheduled Principal 
Payment on Term
    Loans	 
	9/30/13	 	$	625,000	 
	12/31/13	 	$	687,656.64	 
	03/31/14	 	$	687,656.64	 
	06/30/14	 	$	687,656.64	 
	09/30/14	 	$	687,656.64	 
	12/31/14	 	$	687,656.64	 
	03/31/15	 	$	687,656.64	 
	06/30/15	 	$	687,656.64	 
	09/30/15	 	$	687,656.64	 
	12/31/15	 	$	687,656.64	 
	03/31/16	 	$	687,656.64	 
	06/30/16	 	$	687,656.64	 
	09/30/16	 	$	687,656.64	 
	12/31/16	 	$	687,656.64	 
	03/31/17	 	$	687,656.64	 
	06/30/17	 	$	687,656.64	 
	09/30/17	 	$	687,656.64	 
	12/31/17	 	$	687,656.64	 
	03/31/18	 	$	687,656.64	 
	06/30/18	 	$	687,656.64	 
	09/30/18	 	$	687,656.64	 
	12/31/18	 	$	687,656.64	 
	03/31/19	 	$	687,656.64	 
	06/30/19	 	$	687,656.64	 
	09/30/19	 	$	687,656.64	 
	12/31/19	 	$	687,656.64	 
	03/31/20	 	$	687,656.64	 
	06/30/20	 	$	687,656.64	 

 

;
provided that a final payment comprised of all principal
and interest not sooner paid on the Term Loans shall be due and payable on the Term Loan Maturity Date. Each such principal payment
shall be applied to the Term Lenders pro rata based upon their Term Loan Percentages.”

 

1.5          Amendment
to Section 6.4. Section 6.4 of the Credit Agreement is hereby amended by adding the following sentence at the end of the
first sentence thereof:

 

The proceeds of the
Term Loans funded on the First Amendment Effective Date shall be used by the Borrower for general corporate purposes.

 

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SECTION
II. CONDITIONS TO EFFECTIVENESS

 

This Amendment shall
become effective as of the date hereof only upon the satisfaction of all of the following conditions precedent (the date of satisfaction
of such conditions being referred to herein as the “First Amendment Effective Date”):

 

A.           Execution.
The Administrative Agent shall have received a counterpart of this Amendment, executed and delivered by a duly authorized officer
of each of the Borrowers, the Parent, the other Guarantors (if any), each of the Incremental Term Lenders and the Administrative
Agent, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

 

B.           Notice
of Borrowing Request. The Administrative Agent shall have received a Notice of Borrowing from the Borrowers.

 

C.           Increase
Request. The Administrative Agent shall have received an Increase Request from the Borrowers at least five (5) Business Days
prior to the First Amendment Effective Date.

 

D.           Legal
Opinion. The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and
the Incremental Term Lenders and dated the First Amendment Effective Date) of counsel to the Parent, each Borrower and each Guarantor,
in form and substance reasonably satisfactory to the Administrative Agent.

 

E.           Governing
Documents. The Administrative Agent shall have received (i) a copy of the Parent’s, each Borrower’s and each
Guarantor’s certificate or articles of incorporation (or comparable organizational documents), including all amendments thereto,
certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good standing
of the Parent, each Borrower and each Guarantor as of a recent date, from such Secretary of State and (ii) a certificate of
the Secretary or Assistant Secretary of the Parent, each Borrower and each Guarantor dated the First Amendment Effective Date and
certifying (A) that attached thereto is a true and complete copy of the by-laws of the Parent, each Borrower and each Guarantor
as in effect on the First Amendment Effective Date and at all times since a date prior to the date of the resolutions described
in clause (B) below; (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of
Directors (or similar governing body) of the Parent, each Borrower and each Guarantor authorizing the execution, delivery and performance
of the Loan Documents to which such Person is a party and, in the case of the Borrower, the borrowings hereunder, and that such
resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles
of incorporation of the Parent, each Borrower and each Guarantor have not been amended since the date of the last amendment thereto
shown on the certificate of good standing furnished pursuant to clause (i) above and (D) as to the incumbency and specimen
signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of the Parent,
each Borrower and each Guarantor.

 

F.           Fees.
The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the First
Amendment Effective Date and, to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed
or paid by the Borrower under the Credit Agreement.

 

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G.           Necessary
Consents. All requisite Governmental Authorities and third parties shall have approved or consented to the transactions contemplated
hereby to the extent required, all applicable appeal periods shall have expired and there shall not be any pending or threatened
litigation, governmental, administrative or judicial action that could reasonably be expected to restrain, prevent or impose burdensome
conditions on the transactions contemplated hereby.

 

H.           Representations
and Warranties. Both before and immediately after giving effect to this Amendment and the transactions contemplated
hereby, all representations and warranties contained in Section III hereof shall be true and correct in all material respects.

 

I.           Absence
of Default. No Default or Event of Default exists or will result from the making of the Term Loans by the Incremental Term
Lenders on the First Amendment Effective Date or the consummation of the other transactions contemplated by this Amendment.

 

SECTION
III. REPRESENTATIONS AND WARRANTIES

 

In order to induce
the other parties hereto to enter into this Amendment and to induce the Incremental Term Lenders to make Term Loans on the First
Amendment Effective Date, each Borrower, the Parent and each other Guarantor (if any) represents and warrants to each Lender (including
the Incremental Term Lenders) that the following statements are true and correct, as of the First Amendment Effective Date:

 

A.           Power
and Authority. Each Borrower, the Parent and each other Guarantor (if any) has full right and authority to enter into this
Amendment, to carry out the transactions contemplated by, and to perform its obligations hereunder and under the Amended Agreement
and the other Loan Documents to which it is a party.

 

B.           Authorization.
The transactions contemplated by this Amendment and the Amended Agreement are within each Borrower’s, the Parent’s
and each other Guarantor’s (if any) corporate power and have been duly authorized by all necessary corporate and, if required,
stockholder action.

 

C.           No
Conflicts. This Amendment, the Amended Agreement and the other Loan Documents do not, nor does the performance or observance
by each Borrower, the Parent or each other Guarantor (if any) of any of the matters and things herein or therein provided for,
(i) contravene or constitute a default under any provision of law or any judgment, injunction, order or decree binding upon
each Borrower, the Parent or each other Guarantor (if any) or any provision of the organizational documents (e.g., charter,
certificate or articles of incorporation and by-laws, certificate or articles of association and operating agreement, partnership
agreement, or other similar organizational documents) of each Borrower, the Parent or each other Guarantor (if any), (ii) contravene
or constitute a default under any covenant, indenture or agreement of or affecting each Borrower, the Parent or each other Guarantor
(if any) or any of their Property, in each case where such contravention or default, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien on any Property of
each Borrower, the Parent or each other Guarantor (if any) other than the Liens granted in favor of the Administrative Agent pursuant
to the Collateral Documents and Liens permitted by this Amendment and the other Loan Documents.

 

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D.           Governmental
Approvals. No authorization, consent, license or exemption from, or filing or registration with, any court or governmental
department, agency or instrumentality, nor any approval or consent of any other Person, is or will be necessary to the valid execution,
delivery or performance by each Borrower, the Parent or each other Guarantor (if any) of this Amendment, except for such approvals
which have been obtained prior to the date of this Amendment and remain in full force and effect and except for filings or registrations
previously filed to release or perfect Liens granted pursuant to the Collateral Documents.

 

E.           Enforceability.
This Amendment and the Amended Agreement have been duly authorized, executed, and delivered by such Persons and constitute valid
and binding obligations of the Parent, each Borrower and each other Guarantor (if any) enforceable against them in accordance with
their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether the application
of such principles is considered in a proceeding in equity or at law).

 

F.           Incorporation
of Representations and Warranties from Credit Agreement. The representations and warranties contained in Section 6 of the Credit
Agreement are and will be true and correct in all material respects on and as of the First Amendment Effective Date.

 

SECTION
IV. MISCELLANEOUS

 

A.           Reference
to and Effect on the Credit Agreement and the Other Loan Documents.

 

(i)          This
Amendment shall constitute a Loan Document for purposes of the Credit Agreement and on and after the First Amendment Effective
Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”
or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall
mean and be a reference to the Amended Agreement.

 

(ii)         Except
as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect
and are hereby ratified and confirmed.

 

(iii)        The
execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver
of any right, power or remedy of the Administrative Agent, any Lender or any other secured party under the Credit Agreement or
any of the other Loan Documents.

 

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(iv)        The
Incremental Term Loans shall be treated as Term Loans for all purposes under the Credit Agreement, including without limitation
with respect to maturity, prepayments, repayments, interest rate and other economic terms. Notwithstanding anything in the Credit
Agreement to the contrary, the initial Interest Period with respect to Incremental Term Loans shall commence on the First Amendment
Effective Date and end on the date(s) necessary (as determined by the Administrative Agent) to ensure that all such Incremental
Term Loans are included in each Borrowing of outstanding Term Loans on a pro rata basis. The Administrative Agent is hereby authorized
to take all actions as may be reasonably necessary to ensure that all such Incremental Term Loans are included in each Borrowing
of outstanding Term Loans on a pro rata basis and the Administrative Agent shall be authorized to mark the Register accordingly
to reflect the amendments and adjustments set forth herein.

 

B.           Reaffirmation.
Each of the Borrowers, the Parent and the other Guarantors (if any) hereby (a) agree that, notwithstanding the effectiveness of
this Amendment, the Security Agreement, the Security Agreement Re: Intellectual Property and each of the other Collateral Documents
continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (b) confirms its guarantee
of the Obligations and its grant of a security interest in its assets as Collateral therefor, all as provided in the Loan Documents
as originally executed and (c) acknowledges that such guarantee and grant continues in full force and effect in respect of, and
to secure, the Obligations under the Amended Agreement and the other Loan Documents, including, without limitation, the Term Commitments
and the Incremental Term Loans.

 

C.           Headings.
Section and Subsection headings used herein are for convenience of reference only, are not part of this Amendment and shall not
affect the construction of, or be taken into consideration in interpreting, this Amendment.

 

D.           Governing
Law; Jurisdiction; Consent of Service of Process. (i) THIS AMENDMENT AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL
BE CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 AND SECTION 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION.

 

(ii)         Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment,
or for recognition or enforcement of any judgment, and each party hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted
by applicable Legal Requirements, in such federal court. Each party hereto hereby agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by applicable Legal Requirements. Nothing in this Amendment or any other Loan Document or otherwise shall affect any right that
the Administrative Agent, the L/C Issuer or any Lender may otherwise have to bring any action or proceeding relating to this Amendment
or any other Loan Document against the Borrower or any Guarantor or its respective properties in the courts of any jurisdiction.

 

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(iii)        Each
Borrower and each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal
Requirements, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Amendment or any other Loan Document in any court referred to in Section 13.23(b) of the Amended
Agreement. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable Legal Requirements, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(iv)        Each
party to this Amendment irrevocably consents to service of process in any action or proceeding arising out of or relating to any
Loan Document, in the manner provided for notices (other than telecopy or e-mail) in Section 13.9 of the Amended Agreement.
Nothing in this Amendment or any other Loan Document will affect the right of any party to this Amendment to serve process in any
other manner permitted by applicable Legal Requirements.

 

E.           Waiver
of Jury Trial. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable Legal Requirements, any right it may have to a trial by jury in any legal proceeding directly or indirectly
arising out of or relating to any Loan Document or the transactions contemplated thereby (whether based on contract, tort or any
other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it and the other parties hereto have been induced to enter into this amendment by, among other things, the mutual waivers
and certifications in this Section IV.E.

 

F.           Severability.
Any provision of this Amendment which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability
of such provision in any other jurisdiction. All rights, remedies and powers provided in this Amendment may be exercised only to
the extent that the exercise thereof does not violate any applicable mandatory provisions of law, and all the provisions of this
Amendment are intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to
the extent necessary so that they will not render this Amendment or the other Loan Documents invalid or unenforceable.

 

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G.           Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Amendment by telecopy or via other electronic (e.g., “pdf” or “tif”) means
satisfactory to the Administrative Agent shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Remainder of this page
intentionally left blank.]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above.

 

	 	BORROWERS:
	 	 
	 	GFA BRANDS, INC.
	 	 	 
	 	By:  	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	
        Title: Chief Financial Officer, Treasurer and

        Assistant Secretary

	 	 	 
	 	UHF ACQUISITION CORP.
	 	 	 
	 	By:  	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	Title: Chief Financial Officer and Treasurer
	 	 	 
	 	UDI’S HEALTHY FOODS, LLC
	 	 	 
	 	By:  	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	
        Title: Chief Financial Officer, Treasurer and

        Assistant Secretary

 

 

[Signature Page to First Amendment]

 

    	 

    	 

    

 

	 	PARENT:
	 	 
	 	BOULDER BRANDS, INC.
	 	 	 
	 	By:  	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature Page to First Amendment]

 

    	 

    	 

    

 

	 	CITIBANK, N.A.,  as Administrative Agent 
	 	 	 
	 	By:  	/s/ Kevin Johns
	 	 	Name: Kevin Johns
	 	 	Title: Vice President

   

[Signature Page to First Amendment]

 

    	 

    	 

    

 

	 	CITIBANK, N.A.,
	 	as an Incremental Term Lender
	 	 	 
	 	By:  	/s/ Kevin Johns
	 	 	Name: Kevin Johns
	 	 	Title: Vice President

 

[Signature Page to First Amendment]EXECUTION VERSION

 

SECOND AMENDMENT

TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) is dated as of December 20, 2013 and is entered into by and among
GFA Brands, Inc., a Delaware corporation (“GFA”), UHF Acquisition Corp., a Delaware corporation
(“UHF”), Udi’s Healthy Foods, LLC, a Colorado limited liability company (“Udi”;
and together with GFA and UHF, each a “Borrower” and collectively, the “Borrowers”), Boulder Brands,
Inc. (formerly known as Smart Balance, Inc.), a Delaware corporation (the “Parent”), as a Guarantor,
the other Guarantors party hereto, Citibank, N.A., as administrative agent (in such capacity, the “Administrative Agent”),
and the lenders listed on the signature pages hereto constituting at least the Required Revolving Lenders, and is made with
reference to that certain Credit Agreement, dated July 9, 2013 (as amended by that First Amendment to Credit Agreement dated as
of December 20, 2013, and as further amended to, but not including, the date hereof, the “Credit Agreement”),
by and among the Borrowers, the Parent, the lenders party thereto, the Administrative Agent and the other persons named therein.
Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement after
giving effect to this Amendment (the “Amended Agreement”).

 

RECITALS

 

WHEREAS, the
Borrowers have requested that the Required Revolving Lenders agree to amend Section 8.23 of the Credit Agreement as provided for
herein; and

 

WHEREAS, subject
to certain conditions, the Required Revolving Lenders are willing to agree to such amendment.

 

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

SECTION
I. AMENDMENTS TO CREDIT AGREEMENT

 

Section 8.23 of the Credit Agreement
is hereby deleted in its entirety and replaced with the following:

 

Section 8.23.         Financial
Covenants. Senior Secured Funded
Debt
to EBITDA Ratio.
As of the last day of each fiscal quarter of the Parent ending during the relevant period set forth below, the Parent and each
Borrower shall not permit the Senior Secured Funded Debt to EBITDA Ratio calculated on a Pro Forma Basis to be greater than the
corresponding ratio set forth opposite such period:

 

    	 

    	 

    

  

	From and including the

fiscal quarter ending:	To and including the

fiscal quarter ending:	Senior Secured Funded Debt

to EBITDA Ratio shall not

be greater than:
	 	 	 
	9/30/13	9/30/13	4.75 to 1.0
	 	 	 
	12/31/13	09/30/14	4.50 to 1.0
	 	 	 
	12/31/14	09/30/15	4.00 to 1.0
	 	 	 
	12/31/15	09/30/16	3.75 to 1.0
	 	 	 
	12/31/16	and as of the last day of each fiscal quarter ending thereafter	3.50 to 1.0

 

; provided that the covenant set
forth in this Section 8.23 shall only be tested as of the last day of any fiscal quarter of the Parent if, as of such date, any
Revolving Loans, Swing Line Loans or any L/C Obligations are outstanding (excluding any Reimbursement Obligations in respect of
Letters of Credit that have been cash collateralized or backstopped in a manner reasonably satisfactory to the L/C Issuer in an
amount equal to 103% or more of the maximum stated amount of the relevant Letter of Credit) (and, for the avoidance of doubt, shall
not be tested for maintenance purposes to the extent there are no outstanding Revolving Credit Commitments, and all Revolving Loans
and Swingline Loans have been repaid in full, and no L/C Obligations are outstanding other than those that are backstopped or cash
collateralized as set forth immediately above).

  

SECTION
II. CONDITIONS TO EFFECTIVENESS

 

This Amendment shall
become effective as of the date hereof only upon the satisfaction of all of the following conditions precedent (the date of satisfaction
of such conditions being referred to herein as the “Second Amendment Effective Date”):

 

A.           Execution.
The Administrative Agent shall have received a counterpart of this Amendment, executed and delivered by a duly authorized officer
of each of the Borrowers, the Parent, the other Guarantors (if any), the Lenders constituting at least the Required Revolving Lenders
and the Administrative Agent, in each case, in form and substance reasonably satisfactory to the Administrative Agent.

 

B.           Fees.
The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Second
Amendment Effective Date and, to the extent invoiced, reimbursement or payment of all out of pocket expenses required to be reimbursed
or paid by the Borrowers under the Credit Agreement.

 

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C.           Necessary
Consents. All requisite Governmental Authorities and third parties shall have approved or consented to the transactions contemplated
hereby to the extent required, all applicable appeal periods shall have expired and there shall not be any pending or threatened
litigation, governmental, administrative or judicial action that could reasonably be expected to restrain, prevent or impose burdensome
conditions on the transactions contemplated hereby.

 

D.           Representations
and Warranties. Both before and immediately after giving effect to this Amendment and the transactions contemplated
hereby, all representations and warranties contained in Section III hereof shall be true and correct in all material respects.

 

E.           Absence
of Default. No Default or Event of Default exists or will result from the effectiveness of this Amendment on the Second Amendment
Effective Date or the consummation of the other transactions contemplated by this Amendment.

 

SECTION
III. REPRESENTATIONS AND WARRANTIES

 

In order to induce
the other parties hereto to enter into this Amendment, each Borrower, the Parent and each other Guarantor (if any) represents and
warrants to each Lender that the following statements are true and correct, as of the Second Amendment Effective Date:

 

A.           Power
and Authority. Each Borrower, the Parent and each other Guarantor (if any) has full right and authority to enter into this
Amendment, to carry out the transactions contemplated by, and to perform its obligations hereunder and under the Amended Agreement
and the other Loan Documents to which it is a party.

 

B.           Authorization.
The transactions contemplated by this Amendment and the Amended Agreement are within each Borrower’s, the Parent’s
and each other Guarantor’s (if any) corporate power and have been duly authorized by all necessary corporate and, if required,
stockholder action.

 

C.           No
Conflicts. This Amendment, the Amended Agreement and the other Loan Documents do not, nor does the performance or observance
by each Borrower, the Parent or each other Guarantor (if any) of any of the matters and things herein or therein provided for,
(i) contravene or constitute a default under any provision of law or any judgment, injunction, order or decree binding upon
each Borrower, the Parent or each other Guarantor (if any) or any provision of the organizational documents (e.g., charter,
certificate or articles of incorporation and by-laws, certificate or articles of association and operating agreement, partnership
agreement, or other similar organizational documents) of each Borrower, the Parent or each other Guarantor (if any), (ii) contravene
or constitute a default under any covenant, indenture or agreement of or affecting each Borrower, the Parent or each other Guarantor
(if any) or any of their Property, in each case where such contravention or default, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien on any Property of
each Borrower, the Parent or each other Guarantor (if any) other than the Liens granted in favor of the Administrative Agent pursuant
to the Collateral Documents and Liens permitted by this Amendment and the other Loan Documents.

 

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D.           Governmental
Approvals. No authorization, consent, license or exemption from, or filing or registration with, any court or governmental
department, agency or instrumentality, nor any approval or consent of any other Person, is or will be necessary to the valid execution,
delivery or performance by each Borrower, the Parent or each other Guarantor (if any) of this Amendment, except for such approvals
which have been obtained prior to the date of this Amendment and remain in full force and effect and except for filings or registrations
previously filed to release or perfect Liens granted pursuant to the Collateral Documents.

 

E.           Enforceability.
This Amendment and the Amended Agreement have been duly authorized, executed, and delivered by such Persons and constitute valid
and binding obligations of the Parent, each Borrower and each other Guarantor (if any) enforceable against them in accordance with
their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether the application
of such principles is considered in a proceeding in equity or at law).

 

F.           Incorporation
of Representations and Warranties from Credit Agreement. The representations and warranties contained in Section 6 of the Credit
Agreement are and will be true and correct in all material respects on and as of the Second Amendment Effective Date.

 

SECTION
IV. MISCELLANEOUS

 

A.          Reference
to and Effect on the Credit Agreement and the Other Loan Documents.

 

(i)          This
Amendment shall constitute a Loan Document for purposes of the Credit Agreement and on and after the Second Amendment Effective
Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”
or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit
Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall
mean and be a reference to the Amended Agreement.

 

(ii)         Except
as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect
and are hereby ratified and confirmed.

 

(iii)        The
execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver
of any right, power or remedy of the Administrative Agent, any Lender or any other secured party under the Credit Agreement or
any of the other Loan Documents.

 

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B.           Reaffirmation.
Each of the Borrowers, the Parent and the other Guarantors (if any) hereby (a) agree that, notwithstanding the effectiveness of
this Amendment, the Security Agreement, the Security Agreement Re: Intellectual Property and each of the other Collateral Documents
continue to be in full force and effect and are not impaired or adversely affected in any manner whatsoever, (b) confirms its guarantee
of the Obligations and its grant of a security interest in its assets as Collateral therefor, all as provided in the Loan Documents
as originally executed and (c) acknowledges that such guarantee and grant continues in full force and effect in respect of, and
to secure, the Obligations under the Amended Agreement and the other Loan Documents.

 

C.           Headings.
Section and Subsection headings used herein are for convenience of reference only, are not part of this Amendment and shall not
affect the construction of, or be taken into consideration in interpreting, this Amendment.

 

D.           Governing
Law; Jurisdiction; Consent of Service of Process. (i) THIS AMENDMENT AND THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL
BE CONSTRUED AND DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 AND SECTION 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION.

 

(ii)         Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment,
or for recognition or enforcement of any judgment, and each party hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted
by applicable Legal Requirements, in such federal court. Each party hereto hereby agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by applicable Legal Requirements. Nothing in this Amendment or any other Loan Document or otherwise shall affect any right that
the Administrative Agent, the L/C Issuer or any Lender may otherwise have to bring any action or proceeding relating to this Amendment
or any other Loan Document against the Borrower or any Guarantor or its respective properties in the courts of any jurisdiction.

 

(iii)        Each
Borrower and each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable Legal
Requirements, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Amendment or any other Loan Document in any court referred to in Section 13.23(b) of the Amended
Agreement. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable Legal Requirements, the defense
of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(iv)        Each
party to this Amendment irrevocably consents to service of process in any action or proceeding arising out of or relating to any
Loan Document, in the manner provided for notices (other than telecopy or e-mail) in Section 13.9 of the Amended Agreement.
Nothing in this Amendment or any other Loan Document will affect the right of any party to this Amendment to serve process in any
other manner permitted by applicable Legal Requirements.

 

    	5

    	 

    

  

E.           Waiver
of Jury Trial. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable Legal Requirements, any right it may have to a trial by jury in any legal proceeding directly or indirectly
arising out of or relating to any Loan Document or the transactions contemplated thereby (whether based on contract, tort or any
other theory). Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented,
expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the foregoing waiver and (b) acknowledges
that it and the other parties hereto have been induced to enter into this amendment by, among other things, the mutual waivers
and certifications in this Section IV.E.

 

F.           Severability.
Any provision of this Amendment which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability
of such provision in any other jurisdiction. All rights, remedies and powers provided in this Amendment may be exercised only to
the extent that the exercise thereof does not violate any applicable mandatory provisions of law, and all the provisions of this
Amendment are intended to be subject to all applicable mandatory provisions of law which may be controlling and to be limited to
the extent necessary so that they will not render this Amendment or the other Loan Documents invalid or unenforceable.

 

G.           Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Amendment by telecopy or via other electronic (e.g., “pdf” or “tif”) means
satisfactory to the Administrative Agent shall be effective as delivery of a manually executed counterpart of this Amendment.

 

[Remainder of this page
intentionally left blank.]

 

    	6

    	 

    

  

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above.

 

	 	BORROWERS:
	 	 
	 	GFA BRANDS, INC.
	 	 	 
	 	By:  	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	
        Title: Chief Financial Officer, Treasurer and

        Assistant Secretary

	 	 	 
	 	UHF ACQUISITION CORP.
	 	 	 
	 	By:  	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	Title: Chief Financial Officer and Treasurer
	 	 	 
	 	UDI’S HEALTHY FOODS, LLC
	 	 	 
	 	By:  	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	
        Title: Chief Financial Officer, Treasurer and

        Assistant Secretary

 

  

[Signature Page to Second Amendment]

 

    	 

    	 

    

  

	 	PARENT:
	 	 
	 	BOULDER BRANDS, INC.
	 	 
	 	By:	/s/ Christine Sacco
	 	 	Name: Christine Sacco
	 	 	Title: Chief Financial Officer and Treasurer

 

[Signature Page to Second Amendment]

 

    	 

    	 

    

  

	 	CITIBANK, N.A., as Administrative Agent
	 	 	 
	 	By:	/s/ Kevin Johns
	 	 	Name: Kevin Johns
	 	 	Title: Vice President

  

 

[Signature Page to Second Amendment]

    	 

    	 

    

  

	 	CITBANK, N.A., 
	 	as a Required Revolving Lender
	 	 	 
	 	By:	/s/ Kevin Johns
	 	 	Name: Kevin Johns
	 	 	Title: Vice President

  

	 	ROYAL BANK OF CANADA,
	 	as a  Required Revolving Lender
	 	 	 
	 	By:  	/s/ Brian Gross
	 	 	Name: Brian Gross
	 	 	Title: Authorized Signatory
	 	 	 
	 	
        BANK OF MONTREAL,

        as a Required Revolving Lender

	 	 	 
	 	By:  	/s/ Philip Langheim
	 	 	Name: Philip Langheim
	 	 	Title: Managing Director
	 	 	 
	 	
        BARCLAYS BANK PLC,

        as a Required Revolving Lender

	 	 	 
	 	By:  	/s/ Ronnie Glenn
	 	 	Name: Ronnie Glenn
	 	 	Title: Vice President
	 	 	 

 

 

 

 

[Signature Page to Second Amendment]

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