Document:

Ex10.1 CFO Agree12-8-14

        

EXHIBIT 10.1

SENIOR EXECUTIVE

TERMINATION BENEFITS AGREEMENT

This Senior Executive Termination Benefits Agreement (the “Agreement”), entered into as of December 9, 2014 and to become effective on January 1, 2015 (the “Effective Date”), by and between Darling Ingredients Inc., a Delaware corporation (the “Company”), and John O. Muse (the “Executive”).

W I T N E S S E T H:

WHEREAS, the Executive has made and, if he continues to be employed by the Company, will continue to make valuable contributions to the productivity and profitability of the Company; and

WHEREAS, the Company considers that providing severance benefits will operate as an incentive for the Executive to remain employed by the Company;

NOW, THEREFORE, to induce the Executive to remain employed by the Company, and to acknowledge the “At Will” status of the Executive’s employment by the Company, and for other good and valuable consideration, the Company and the Executive agree as follows:
1.     Circumstances Triggering Receipt of Severance Benefits.

Subject to the Executive’s execution of a general release (on the Company’s standard form) in favor of the Company pursuant to which the Executive waives, effective as of the Termination Date (as hereinafter defined), any and all claims, known or unknown, relating to the Executive’s employment by the Company or the termination thereof, the Company shall provide the Executive with the benefits set forth in Section 3 upon any termination of the Executive’s employment for any reason except the following:

		
	(a)
	Termination by reason of the Executive’s “voluntary termination” other than a Change in Control Termination (as hereinafter defined). For the purposes of this Agreement, “voluntary termination” shall mean the voluntary resignation by the Executive of his employment with the Company;

		
	(b)
	“Termination with Cause.” For the purposes hereof, “Cause” shall mean termination of employment of the Executive by the Company following (1) failure of the Executive to render services to the Company in accordance with the reasonable directions of the Company’s Chief Executive Officer or Board of Directors, which failure shall continue after written notice from the Company, (2) the commission by the Executive of an act of fraud or dishonesty or of an act which he knew to be in material violation of his duties to the Company (including the unauthorized disclosure of confidential information) or (3) following a felony conviction of the Executive; or

1

        

		
	(c)
	Termination upon the Executive’s normal retirement.  For the purposes of this Agreement, “normal retirement” shall mean the termination of employment of the Executive by the Company or the Executive in accordance with the Company’s retirement policy (including early retirement, if included in such policy and elected by the Executive in writing) generally applicable to its senior executive employees, or in accordance with any other retirement agreement entered into by and between the Executive and the Company.

For the purpose of this Agreement, the placement of the Executive on permanent or long-term disability status as defined by the Company’s long-term disability policy covering the Executive and the death of the Executive shall not be deemed a termination and shall not qualify the Executive for the benefits set forth in this Agreement.  Notwithstanding the foregoing, the Executive must deliver to the Company the general release (as described above), for which the seven-day revocation period has expired, no later than thirty (30) days following the Termination Date.  Any payments that would be made pursuant to Section 3(a), Section 3(c) or Section 3(e) prior to the thirtieth (30th) day following the Termination Date shall be made on the first payroll date after the thirtieth (30th) day following the Termination Date.

2.     No Entitlement of Employment and Acknowledgment of “At Will” Status.

This Agreement shall not be construed as and does not constitute a promise or guaranty of continued employment. In consideration of this Agreement, the Executive acknowledges and agrees that his employment with the Company is “At Will”. The Executive understands that his employment with the Company is not for a specified term and is at the mutual consent of the Executive and the Company and, therefore, the Company can terminate the employment relationship at will, with or without Cause.

3.     Termination Benefits.

Subject to the conditions set forth in Section 1, and subject to the mitigation provisions contained in Section 5, the following benefits (subject to any changes in benefit programs that may occur in the future and any applicable payroll or other taxes required to be withheld) shall be provided to the Executive:

		
	(a)
	Compensation. Commencing on the Termination Date (as defined below), the Executive shall be paid periodically, according to his unit’s wage practices, the amount of his periodic base salary until he has been paid one and one-half (1.5) times his annual base salary (“Termination Pay Amount”) at the highest rate in effect in the preceding twelve (12) months.  Each such periodic termination payment is hereby designated a separate payment for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).  Notwithstanding the foregoing, if a Change in Control (as hereinafter defined) of the Company occurs and if, within twelve (12) months 

2

        

following the Change in Control, either the Company terminates the Executive’s employment without Cause or the Executive resigns for Good Reason (as defined below) (either such event being referred to herein as a “Change in Control Termination”) then in lieu of the Termination Pay Amount, and not in addition thereto, the Executive shall receive a lump sum payment within thirty (30) days of the date of termination or resignation for Good Reason, as the case may be, equal to three (3) times the Executive’s annual base salary at the highest rate in effect in the preceding twelve (12) months (the “Change in Control Termination Payment”).

		
	(b)
	Vacation Pay. Any accrued vacation pay due but not yet taken at the Termination Date shall be paid to the Executive on the date his employment with the Company is terminated (the “Termination Date”).

		
	(c)
	Welfare Benefits, etc.  The Executive’s participation (including dependent coverage) in any life and disability plans, and other similar fringe benefits of the Company (except business travel accident insurance and continued contributions to qualified retirement plans) in effect immediately prior to the Termination Date shall be continued, or equivalent benefits provided by the Company, for a period of eighteen (18) months from the Termination Date, or thirty-six (36) months in the case of a Change in Control Termination, to the extent allowed under the policies or agreements pursuant to which the Company obtains and provides such benefits.  In addition, the Company shall pay an amount equal to the applicable COBRA premium rate, if any, for a period of eighteen (18) months from the Termination Date, or thirty-six (36) months in the case of a Change in Control Termination, for health, dental and other similar COBRA coverage for the Executive and Executive’s eligible dependents, and such payments shall be includible in the Executive’s gross income.

		
	(d)
	Bonus and Retirement Benefits.  The Executive shall not be entitled to any bonus under the Company’s executive bonus plan for the year in which his termination occurs. The Agreement shall not affect the Executive’s entitlement to benefits under the Company’s retirement plan accrued as of his termination.

		
	(e)
	Executive Outplacement Counseling.  The Company shall engage an outplacement counseling service of national reputation, at its own expense provided that such expense shall not exceed Ten Thousand Dollars ($10,000), to assist the Executive in obtaining employment, until the earliest of (i) two years from the Termination Date, (ii) such date as the Executive has obtained employment, or (iii) until such time the Company’s expenses equal Ten Thousand Dollars ($10,000).  

3

        

For purposes of the Agreement, “Change in Control” means the occurrence of any of the following events:

(1)Any Person, as defined in the Company’s 2004 Omnibus Incentive Plan (the “Omnibus Plan”), becomes the Beneficial Owner (as defined in Rule 13d-3 of the General Rules and Regulations under the Securities Exchange Act of 1934) of thirty-five percent (35%) or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of its Directors (the “Outstanding Employer Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, including without limitation, a public offering of securities; (ii) any acquisition by the Company or any of its Subsidiaries (as defined in the Omnibus Plan); (iii) any acquisition by an employee benefit plan or related trust sponsored or maintained by the Company or any of its Subsidiaries; or (iv) any acquisition by any Person pursuant to a transaction which complies with clauses (i), (ii), and (iii) of clause (3) of this definition below;

(2)Individuals who  constitute the Board of Directors as of the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a Director subsequent to the Effective Date whose election to the Board of Directors, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board, shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election or removal of the Directors of the Company or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of Directors;

(3)Consummation of a reorganization, merger, or consolidation to which the Company is a party or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, following such Business Combination: (i) all or substantially all of the individuals and entities who were the Beneficial Owners of Outstanding Voting Securities immediately prior to such Business Combination are the Beneficial Owners, directly or indirectly, of more than fifty percent (50%) of the combined voting power of the outstanding voting securities entitled to vote generally in the election of directors (or election of members of a comparable governing body) of the entity resulting from the Business Combination (including, without limitation, an entity which as a result of such transaction owns all or substantially all of the Company or all or substantially all of the Company’s assets either directly or indirectly or through one or more Subsidiaries) (the “Successor Entity”) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Employer Voting Securities; (ii) no Person (excluding any Successor Entity or any employee benefit plan or related trust of the Company, such Successor Entity, or any of their Subsidiaries) is the Beneficial Owner, directly or indirectly, of thirty-five percent (35%) or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors 

4

        

(or comparable governing body) of the Successor Entity, except to the extent that such ownership existed prior to the Business Combination; and (iii) at least a majority of the members of the board of directors (or comparable governing body) of the Successor Entity were members of the Incumbent Board (including persons deemed to be members of the Incumbent Board by reason of the proviso of clause 2 of this definition at the time of the execution of the initial agreement or of the action of the Board of Directors providing for such Business Combination; or

(4)Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

For purposes of this Agreement, “Good Reason” means the Executive’s voluntary resignation of employment due to one of the following events:

(1)    any material diminution by the Company of the authority, duties or responsibilities of the Executive; 

(2)    any material diminution in the Executive’s base salary, which, for purposes of this Agreement, means a ten percent (10%) or more reduction in base salary, determined based upon the highest rate of the Executive’s base salary in effect in the twelve (12) months preceding such reduction;

(3)    any material diminution in the amount of any bonus award or incentive compensation opportunities available to the Executive immediately before the Change in Control or any material change in the terms of any such bonus award or incentive compensation opportunities; provided, however that no Good Reason event shall occur in connection with any change in the terms of such benefits if such change is made applicable to each of the Company's senior executive officers;

(4)    any material change in the geographic location at which the Executive must perform his duties for the Company, which, for purposes of this Agreement, means the Executive’s permanent relocation to any office or location which is located more than thirty (30) miles from the location where the Executive is based as of the Effective Date; or

(5)    any action or inaction that constitutes a material breach by the Company of this Agreement, including without limitation, any failure of the Company to obtain an agreement from any successor of the Company to perform this Agreement in accordance with this Agreement under Section 7. 

The Executive must provide a written notice of his intent to terminate employment for Good Reason (the “Notice of Termination”) to the Company within ninety (90) days after the event constituting Good Reason has occurred.  The Company shall have a period of thirty (30) days from the date on which the Notice of Termination is received in which it may correct the act, or the failure to act, that gave rise to the Good Reason event as set forth in the 

5

        

Executive’s Notice of Termination.  If the Company does not correct the act, or the failure to act, within thirty (30) days, the Executive must terminate employment for Good Reason within thirty (30) days after the end of the cure period, in order for the termination to be considered a Good Reason termination.  If the Executive fails to comply with the notice requirements set forth above and resigns his employment, regardless of the existence of a Good Reason event, such resignation will be considered to be a voluntary resignation and no severance amounts will be paid under Section 3(a).

4.     Entirety.

This Agreement constitutes the entire agreement between the parties pertaining to the subject matter contained herein and supersedes all prior and contemporaneous agreements, representations and understandings of the parties. No supplement, modification or amendment of this Agreement shall be binding unless referring specifically to this Agreement and executed in writing by the parties hereto.  In no event will the Executive be entitled to severance under both this Agreement and the Company’s severance policy, if any, as it is the intent of the parties hereto that the severance provided for in this Agreement shall be in lieu of, and not in addition to, the severance that the Executive would otherwise be entitled to under the Company’s severance policy, if any.

5.     Mitigation.

The Executive is required to mitigate the Termination Pay Amount by seeking other comparable employment as promptly as practicable after the Termination Date and amounts due hereunder shall be offset against or reduced by any amount earned from such other employment. The benefits provided for in Section 3(c) shall terminate upon the Executive’s obtaining such other employment. The Executive hereby agrees to notify the Company promptly upon obtaining employment.

6.     Certain Obligations of Executive.

In order to induce the Company to enter into this Agreement, the Executive hereby agrees to the following obligations, which obligations of the Executive shall be in addition to, and shall not limit, any other obligation of the Executive to the Company with respect to the matters set forth herein or otherwise:

		
	(a)
	Nondisclosure.  The Executive hereby agrees that all documents, records, techniques, business secrets, price and route information, business strategy and other information, whether in electronic form, hardcopy or other format, which have come into his possession from time to time during his employment by the Company or which may come into his possession during his employment, shall be deemed to be confidential and proprietary to the Company and the Executive further agrees to retain in confidence any confidential information known to him concerning the Company and its affiliates and their respective businesses, unless such information (i) is 

6

        

publicly disclosed by the Company or (ii) is required to be disclosed by valid legal process; provided, however, that prior to any such disclosure, if reasonably practicable, the Executive must first notify the Company and cooperate with the Company (at the Company’s expense) in seeking a protective order.

		
	(b)
	Return of Property.  The Executive agrees that, upon termination of the Executive’s employment with the Company for any reason, the Executive will return to the Company, in good condition, all property of the Company and any of its affiliates, including without limitation, keys; building access cards; computers; cellular telephones; automobiles; the originals and all copies (in whatever format) of all management, training, marketing, pricing, strategic, routing and selling materials; promotional materials; other training and instructional materials; financial information; vendor, owner, manager and product information; customer lists; other customer information; and all other selling, service and trade information and equipment.  If such items are not returned, the Company will have the right to charge the Executive for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or recovering such property.

		
	(c)
	Nonsolicitation.  During the period of employment with the Company and for a period of 12 months thereafter, the Executive will not, on the Executive’s own behalf or on behalf of any other person, partnership, association, corporation or other entity, or otherwise act indirectly to hire or solicit or in any manner attempt to influence or induce any employee of the Company or its affiliates to leave the employment of the Company or its affiliates, nor will the Executive use or disclose to any person, partnership, association, corporation or other entity any information obtained while an employee of the Company concerning the names and addresses of the employees of the Company or its affiliates.

		
	(d)
	Nondisparagement.  The Executive shall not, either during the term of this Agreement or at any time thereafter, make statements, whether orally or in writing, concerning the Company, any of its directors, officers, employees or affiliates or any of its business strategies, policies or practices, that shall be in any way disparaging, derogatory or critical, or in any way harmful to the reputation of the Company, any such persons or entities or business strategies, policies or practices.

		
	(e)
	Cooperation.  The Executive agrees to cooperate, at the request and expense of the Company, in the prosecution and/or defense of any claim or litigation in which the Company or any affiliate is involved on the Termination Date or thereafter that includes subject matter as to which the Executive has knowledge and/or expertise.

7

        

		
	(f)
	Damages.  Notwithstanding anything in this Agreement to the contrary, if the Executive breaches the covenants contained in this Section 6, the Company will have no further obligations to the Executive pursuant to this Agreement or otherwise and may recover from the Executive all such damages to which it may be entitled at law or in equity.  In addition, the Executive acknowledges that any such breach may result in immediate and irreparable harm to the Company for which money damages are likely to be inadequate.  Accordingly, the Company may seek whatever relief it determines to be appropriate to protect the Company’s rights under this Agreement, including, without limitation, an injunction to prevent the Executive from disclosing any trade secrets or confidential or proprietary information concerning the Company to any person or entity, to prevent any person or entity from receiving from the Executive or using any such trade secrets or confidential or proprietary information and/or to prevent any person or entity from retaining or seeking to retain any other employees of the Company.  The Executive acknowledges good and sufficient consideration for the covenants of this Section 6.

7.     Successors.

The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession has taken place.

8.     Governing Law.

The validity, interpretation, construction and performance of this Agreement shall be governed by the internal laws of the State of Texas.

9.     Termination.

This Agreement shall terminate on December 31, 2015 (the “Term”); provided, however, that the Term shall automatically extend for successive one (1) year periods on December 31, 2015 and each anniversary thereof, unless the Executive’s employment is terminated prior thereto or the Company provides written notice to the Executive of the Company’s intention not to extend the Term at least six (6) months prior to the applicable extension date.

8

        

10.    Compliance with Code Section 409A.

To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder.  Notwithstanding any provision of this Agreement to the contrary, and if and only to the extent it becomes necessary to prevent any accelerated or additional tax under Section 409A of the Code, if the Executive is a “specified employee” as defined in Section 409A of the Code, any severance pay or benefits constituting deferred compensation to which Section 409A applies and payable by reason of the Executive’s termination of employment (severance pay and benefits up to $450,000 are not subject to Section 409A) shall be deferred (without any adjustment to the amount of such payments or benefits ultimately paid or provided to the Executive) until the date that is six (6) months following such termination (or the earliest date as is permitted under Section 409A of the Code).  A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits subject to Section 409A of the Code upon or following a termination of employment until such termination is also a “separation from service” within the meaning of Section 409A of the Code and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of employment” or like terms shall mean separation from service.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the day and year first above set forth.

DARLING INGREDIENTS INC.
                    

By: _____________________________
Randall C. Stuewe
Chief Executive Officer

EXECUTIVE

By: _____________________________
Printed Name: John O. Muse

9The Chef’s Warehouse 8-K

Exhibit 10.1

 

EXECUTION COPY

AMENDMENT NO. 3

Dated as of December 3, 2014

to

AMENDED AND RESTATED CREDIT AGREEMENT

THIS AMENDMENT NO.
3 (this “Amendment”) is made as of December 3, 2014 by and among Dairyland USA Corporation, a New York corporation
(“Dairyland”), The Chefs’ Warehouse Mid-Atlantic, LLC, a Delaware limited liability company (“CW
Mid-Atlantic”), Bel Canto Foods, LLC, a New York limited liability company (“Bel Canto”), The Chefs’
Warehouse West Coast, LLC, a Delaware limited liability company (“CW West Coast”), and The Chefs’ Warehouse
of Florida, LLC, a Delaware limited liability company (“CW Florida” and, together with Dairyland, CW Mid-Atlantic,
Bel Canto and CW West Coast, the “Borrowers”), the financial institutions listed on the signature pages hereof
and JPMorgan Chase Bank, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) and as
Collateral Agent (in such capacity, the “Collateral Agent”), under that certain Amended and Restated Credit
Agreement dated as of April 25, 2012, as amended and restated as of April 17, 2013, by and among the Borrowers, the other Loan
Parties party thereto, the Lenders, the Administrative Agent and the Collateral Agent (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”). Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings given to them in the Credit Agreement.

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

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

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

1.

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

(a)

The definition
of “Fixed Charge Coverage Ratio” appearing in Section 1.01 of the Credit Agreement is amended to delete
the reference to “minus the unfinanced portion of Capital Expenditures” appearing in clause (a) thereof.

(b)

Section
1.01 of the Credit Agreement is amended to add the following new definitions thereto in the appropriate alphabetical order:

    	

    	 

    

 

“Specified
Las Vegas Property” means the 11.25 gross acres of raw land located between Hinson Street and Sobb Avenue just west
of Post Road (APN: 162-31-701-019, 020, 021, 022, 023, 028, 029, 030 & 031) within the County of Clark, State of Nevada 89113.

 

“Specified
Las Vegas Transaction” means the sale-leaseback transaction, to be consummated on or prior to December 31, 2015, pursuant
to which CW LV Real Estate conveys the Specified Las Vegas Property to any Person and thereafter rents or leases the Specified
Las Vegas Property from such Person, in each case, on an arm’s-length basis.

 

(c)

Section
6.01(l) of the Credit Agreement is amended to add the phrase “prior to the consummation of the Specified Las Vegas Transaction,”
at the beginning thereof.

(d)

Section
6.02(p) of the Credit Agreement is amended to add the phrase “prior to the consummation of the Specified Las Vegas Transaction,”
at the beginning thereof.

(e)

Section
6.05(h) of the Credit Agreement is amended to replace the figure “$1,000,000” set forth in the proviso therein
with the figure “$5,000,000”.

(f)

Section
6.06 of the Credit Agreement is amended and restated to read as follows:

Sale and
Leaseback Transactions. No Loan Party will, nor will it permit any Subsidiary to, enter into any arrangement, directly or
indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned
or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the
same purpose or purposes as the property sold or transferred, except for any such sale of any fixed or capital assets by the Borrowers
or any Subsidiary that is (a) approved by Required Lenders, made for cash consideration in an amount not less than the fair value
of such fixed or capital asset and consummated within ninety (90) days after the Borrowers or such Subsidiary acquire or complete
the construction of such fixed or capital asset or (b) made pursuant to the Specified Las Vegas Transaction.

(g)

Section
6.13(a) of the Credit Agreement is amended and restated to read as follows:

(a)

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

	Period	Ratio
	Restatement Effective
    Date through June 30, 2014	1.15:1:00
	December 31, 2014
    through December 31, 2015	1.50:1:00
	March 31, 2016 and
    thereafter	1.75:1.00

 

(h)

Section
6.13(b) of the Credit Agreement is amended to (i) replace the date “December 31, 2014” set forth therein with
the date “June 30, 2015” and (ii) replace the date “March 31, 2015” set forth therein with the date “September
30, 2015”.

    	2

    	 

    

 

(i)

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

(c)

Capital
Expenditures. (i) The Loan Parties will not, nor will they permit any Subsidiary to, incur or make any Capital Expenditures
in the aggregate during any Fiscal Year set forth below in an amount exceeding the amount set forth opposite such Fiscal Year:

	Fiscal
    Year	Maximum
    Capital Expenditures
	2015	$15,000,000
	2016 and thereafter	$10,000,000
	 	 

(ii) The amount
of any Capital Expenditures permitted to be made in respect of any Fiscal Year shall be increased by the unused amount of Capital
Expenditures that were permitted to be made during the immediately preceding Fiscal Year pursuant to Section 6.13(c)(i), without
giving effect to any carryover amount. Capital Expenditures in any Fiscal Year shall be deemed to use first, the amount for such
Fiscal Year set forth in Section 6.13(c)(i) and, second, any amount carried forward to such Fiscal Year pursuant to this Section
6.13(c)(ii).

2.

Conditions of
Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that (i) the Administrative Agent
shall have received counterparts of this Amendment duly executed by the Borrowers, the Required Lenders, and the Administrative
Agent, (ii) the Administrative Agent shall have received counterparts of the Consent and Reaffirmation attached as Exhibit
A hereto duly executed by the Loan Guarantors, (iii) the Administrative Agent shall have received from the Borrowers, on behalf
of each Lender signatory hereto that delivers its executed signature page to this Amendment by no later than the date and time
specified by the Administrative Agent, an upfront fee in an amount equal to 0.20% of the sum of (x) such Lender’s Revolving
Commitment immediately prior to the effectiveness of this Amendment plus (y) the aggregate principal amount of such Lender’s
Term Loans outstanding immediately prior to the effectiveness of this Amendment, (iv) the Administrative Agent shall have received
an executed and effective amendment to the Prudential Note Agreement, which amendment shall be substantially in the form set forth
on Exhibit B hereto, and (v) the Administrative Agent shall have received payment and/or reimbursement of the Administrative
Agent’s and its affiliates’ fees and expenses (including, to the extent invoiced in an invoice dated on or prior to
the date hereof, reasonable documented out-of-pocket fees and expenses of counsel for the Administrative Agent) in connection
with this Amendment.

3.

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

(a)

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

(b)

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

    	3

    	 

    

 

4.

Reference to
and Effect on the Credit Agreement.

(a)

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

(b)

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

(c)

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

(d)

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

5.

Release of Claims.

(a)

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

6.

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

7.

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

8.

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

    	4

    	 

    

 

9.

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

[Signature Pages Follow]

 

    	5

    	 

    

 

 

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

	 	 	DAIRYLAND
    USA CORPORATION
	 	 	 
	 	 	
	 	 		
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE MID-ATLANTIC, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	BEL CANTO FOODS,
    LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	 /s/
    John D. Austin
	 	 	Name:	 John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE WEST COAST, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	 John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE OF FLORIDA, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ John D. Austin
	 	 	Name:	 John
    D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 

 

 

Signature Page to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

	 	 	 	 
	 	 	 	 
	 	 	JPMORGAN CHASE
    BANK, N.A.,
	 	 	individually
    as a Lender, as the Swingline Lender, as the Issuing Bank, as Administrative Agent and as Collateral Agent
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    Diane Bredehoft
	 	 	Name:	Diane Bredehoft
	 	 	Title:	Authorized Officer
	 	 	 	 

 

 

Signature Page to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

    	 

    	 

    

 

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

                                                                                as
                                         a Lender

	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    Woodrow Broaders Jr.
	 	 	Name:	Woodrow Broaders Jr.
	 	 	Title:	Duly Authorized Signatory
	 	 	 	 

 

Signature Page to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

	 	 	 	 
	 	 	 	 
	 	 	WELLS FARGO
    BANK, NATIONAL ASSOCIATION
	 	 	as
                                         a Lender

	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    Thomas Pizzo
	 	 	Name:	Thomas Pizzo
	 	 	Title:	Senior Vice President
	 	 	 	 

 

 

Signature Page to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

	 	 	 	 
	 	 	 	 
	 	 	BMO HARRIS
    FINANCING, INC.,
	 	 	as
                                         a Lender

	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    Joan Spiotto Murphy
	 	 	Name:	Joan Spiotto Murphy
	 	 	Title:	Vice President
	 	 	 	 

 

Signature Page to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

	 	 	 	 
	 	 	 	 
	 	 	BRANCH BANKING
    AND TRUST COMPANY,
	 	 	as
                                         a Lender

	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    Kenneth M. Blackwell
	 	 	Name:	Kenneth M. Blackwell
	 	 	Title:	Senior Vice President
	 	 	 	 

 

Signature Page to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

    	 

    	 

    

 

EXHIBIT A

Consent and Reaffirmation

Each of the undersigned
hereby acknowledges receipt of a copy of the foregoing Amendment No. 3 to Amended and Restated Credit Agreement with respect to
that certain Amended and Restated Credit Agreement dated as of April 25, 2012, as amended and restated as of April 17, 2013 (as
the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
by and among Dairyland USA Corporation, a New York corporation (“Dairyland”), The Chefs’ Warehouse Mid-Atlantic,
LLC, a Delaware limited liability company (“CW Mid-Atlantic”), Bel Canto Foods, LLC, a New York limited liability
company (“Bel Canto”), The Chefs’ Warehouse West Coast, LLC, a Delaware limited liability company (“CW
West Coast”), and The Chefs’ Warehouse of Florida, LLC, a Delaware limited liability company (“CW Florida”
and, together with Dairyland, CW Mid-Atlantic, Bel Canto and CW West Coast, the “Borrowers”), the other Loan
Parties party thereto, the Lenders and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”),
which Amendment No. 3 to Amended and Restated Credit Agreement is dated as of November 4, 2014 and is by and among the Borrowers,
the financial institutions listed on the signature pages thereof and the Administrative Agent (the “Amendment”).
Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit
Agreement.

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

 

Dated December 3, 2014

[Signature Page Follows]

 

    	 

    	 

    

 

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

 

	 	 	DAIRYLAND
    USA CORPORATION
	 	 	 
	 	 	
	 	 		
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE MID-ATLANTIC, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	
	 	 	 	 
	 	 	BEL CANTO FOODS,
    LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE WEST COAST, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE OF FLORIDA, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ John D. Austin
	 	 	Name:	John
    D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 

 

Signature Page to Consent and Reaffirmation
to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

	 	 	THE CHEFS’
    WAREHOUSE, INC.
	 	 	 
	 	 	
	 	 		
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	CHEFS’
    WAREHOUSE PARENT, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	MICHAEL’S
    FINER MEATS, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	MICHAEL’S
    FINER MEATS HOLDINGS, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE MIDWEST, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE CHEFS’
    WAREHOUSE PASTRY DIVISION, INC.
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer

 

 

Signature Page to Consent and Reaffirmation
to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

 

	 	 	QZ ACQUISITION
    (USA), INC.
	 	 	 
	 	 	
	 	 		
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	QZINA SPECIALTY
    FOODS NORTH AMERICA (USA), INC.
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	QZINA SPECIALTY
    FOODS, INC., a Florida corporation
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	QZINA SPECIALTY
    FOODS, INC., a Washington corporation
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	QZINA SPECIALTY
    FOODS (AMBASSADOR), INC.
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	CW LV REAL
    ESTATE LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer

 

 

Signature Page to Consent and Reaffirmation
to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

 

	 	 	ALLEN BROTHERS
    1893, LLC
	 	 	 
	 	 	
	 	 		
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	 	THE GREAT STEAKHOUSE
    STEAKS, LLC
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/
    John D. Austin
	 	 	Name:	John D. Austin
	 	 	Title:	Chief Financial Officer
	 	 	 	 
	 	 	 	 

 

Signature Page to Consent and Reaffirmation
to Amendment No. 3 to

Amended and Restated Credit Agreement dated
as of April 25, 2012, as amended and restated as of April 17, 2013

The Chefs’ Warehouse, Inc. et al

 

    	 

    	 

    

 

EXHIBIT B

FORM OF AMENDMENT TO 

PRUDENTIAL NOTE AGREEMENT

 

[Attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]