Document:

Purchase Agreement dated July 31, 2003

 Exhibit 10.1 
  
 National Beef Packing Company, L.P. 
 NB Finance Corp. 
  
 $160,000,000 
 10 1/2% Senior Notes due 2011 
  
 PURCHASE AGREEMENT 
  
 July 31, 2003 
  
 DEUTSCHE BANK SECURITIES INC. 
 U.S. BANCORP PIPER JAFFRAY INC. 
 RABO SECURITIES USA, INC. 
 c/o Deutsche Bank Securities Inc.  
 60 Wall Street 
 New York, New York 10005 
  
 Ladies and Gentlemen: 
  
 Each of NB Acquisition, LLC, a Delaware limited liability company (“NB Acquisition”), National Beef Packing
Company, L.P., a Delaware limited partnership (the “Company”), and NB Finance Corp., a Delaware corporation (“NB Finance” and, together with the Company, the “Issuers”), hereby confirms its
agreement with you (the “Initial Purchasers”), as set forth below. 
  
 Section 1. The Securities. The Company and NB Finance propose, subject to the terms and conditions herein, to issue and sell to the several Initial Purchasers named in Schedule 1 hereto $160,000,000 aggregate
principal amount of their 10 1/2% Senior Notes Due 2011 (the “Notes”). The Notes are to be issued under an indenture, dated as of August 6, 2003 (the “Indenture”), among the Issuers and U.S. Bank National
Association, as Trustee (the “Trustee”). The issuance and sale of the Notes to the Initial Purchasers is referred to herein as the “Offering. 
  
 The Notes will be offered and sold to the Initial Purchasers without being registered under the Securities Act of 1933, as
amended (the “Act”), in reliance on exemptions therefrom. 
  
 In connection with the sale of the Notes, the Issuers have prepared a preliminary offering memorandum dated July 22, 2003 (the “Preliminary Memorandum”) and a final offering memorandum dated July 31,
2003 (the “Final Memorandum”; the Preliminary Memorandum and the Final Memorandum each herein being referred to as a “Memorandum”) setting forth or including a description of the terms of the Notes, the terms of the
offering of 

 
the Notes, a description of the Issuers and any material developments relating to the Issuers occurring after the date of the most recent historical
financial statements included therein. 
  
 The Notes are being
sold in connection with the consummation of the acquisition (the “Acquisition”) by U.S. Premium Beef, Ltd. (“USPB”) and others of the partnership interests of Farmland National Beef Packing Company, L.P. that USPB
does not currently own pursuant to the that certain Asset Sale and Purchase Agreement (the “Asset Sale Agreement”) dated June 12, 2003, by and among USPB, USPBCo, LLC, U.S. Premium Products, LLC, Farmland Industries, Inc., Farmland
Foods, Inc. and NBPCo., LLC. 
  
 In connection with the offering
of the Notes, the Company will enter into a third amended and restated credit agreement to be dated as of the Closing Date (as defined in Section 3 below) by and among the Company, U.S. Bank National Association and the other lenders party thereto
(the “Credit Agreement”). 
  
 The Offering and
the Acquisition and the transactions contemplated thereby and hereby are referred to collectively as the “Transactions.” 
  
 The Initial Purchasers and their direct and indirect transferees of the Notes will be entitled to the benefits of the Registration Rights Agreement,
substantially in the form attached hereto as Exhibit A (the “Registration Rights Agreement”), pursuant to which the Issuers will agree, among other things, to file a registration statement (the “Registration
Statement”) with the Securities and Exchange Commission (the “Commission”) registering the Notes or the Exchange Notes (as defined in the Registration Rights Agreement) under the Act. 
  
 This Agreement is being entered into by NB Acquisition, which will be
involved in the Acquisition, and NB Finance, which is a wholly owned subsidiary of NB Acquisition. In connection with the consummation of the Transactions (as defined herein), as discussed in the Final Memorandum, the Company shall execute this
Agreement on the Closing Date and will observe and perform all of the rights, obligations and liabilities herein as if it were an original signatory hereto. Upon execution of this Agreement by the Company on the Closing Date, NB Acquisition shall be
fully, unconditionally and irrevocably released from all rights, obligations and liabilities hereunder. 
  
 NB Acquisition and NB Finance and, as of the Closing Date, the Issuers, hereby agree with the several Purchasers as follows: 
  
 Section 2. Representations and Warranties. Each of the Issuers, as of
the Closing Date, and each of NB Acquisition and NB Finance, as of the date hereof, jointly and severally, represents and warrants to and agrees with each of the Initial Purchasers as follows: 
  
 (a) Neither the Preliminary Memorandum as of the date
thereof nor the Final Memorandum nor any amendment or supplement thereto as of the date thereof and 
  

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at all times subsequent thereto up to the Closing Date contained or contains any untrue statement of a material fact or omitted or omits to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this Section 2(a) do not apply to statements or omissions made
in reliance upon and in conformity with information relating to any of the Initial Purchasers furnished to the Issuers in writing by the Initial Purchasers expressly for use in the Preliminary Memorandum, the Final Memorandum or any amendment or
supplement thereto. 
  
 (b) As of the Closing
Date, the Company will have the authorized, issued and outstanding capitalization set forth in the Final Memorandum; all of the subsidiaries of the Company are listed in Schedule 2 attached hereto (each, a “Subsidiary” and
collectively, the “Subsidiaries”); all of the outstanding shares of capital stock of NB Finance and the Subsidiaries, which are held by the Company, that are corporations have been, and as of the Closing Date will be, duly
authorized and validly issued, are fully paid and nonassessable and were not issued in violation of any preemptive or similar rights; all of the outstanding equity interests of the Company, NB Acquisition and each Subsidiary that is a limited
liability company or limited partnership have not been, and as of the Closing Date will not be, issued in violation of any preemptive or similar rights; except as disclosed in the Final Memorandum and except as described in the respective limited
partnership agreements and limited liability company agreements of any of the Subsidiaries, all of the outstanding shares of capital stock of NB Finance and each of the Subsidiaries, which are held by the Company, that is a corporation and the
outstanding equity interests of each of the Subsidiaries, which are held by the Company, that is a limited liability company or limited partnership (except as would not have, individually or in the aggregate, a Material Adverse Effect (as defined
below)) will be free and clear of all liens, encumbrances, equities and claims or restrictions on transferability (other than those imposed by the Act and the securities or “Blue Sky” laws of certain jurisdictions) or voting; except as set
forth in the Final Memorandum and except as described in the respective limited partnership agreements and limited liability company agreements of the Company, NB Acquisition or any of the Subsidiaries, there are no (i) options, warrants or other
rights to purchase, (ii) agreements or other obligations to issue or (iii) other rights to convert any obligation into, or exchange any securities for, shares of capital stock of or ownership interests in NB Finance or any of the Subsidiaries that
is a corporation or equity interests in the Company, NB Acquisition or any of the Subsidiaries that is a limited liability company or limited partnership outstanding. Except for the Subsidiaries or as disclosed in the Final Memorandum, none of the
Issuers or NB Acquisition owns, directly or indirectly, any shares of capital stock or any other equity or long-term debt securities or has any equity interest in any firm, partnership, joint venture or other entity. 
  

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 (c) Each of the Issuers, NB Acquisition and the Subsidiaries is duly incorporated or
formed, as the case may be, validly existing and in good standing under the laws of its respective jurisdiction of incorporation or formation and has all requisite corporate, limited liability company or limited partnership power and authority to
own its properties and conduct its business as now conducted and as described in the Final Memorandum; each of the Issuers, NB Acquisition and the Subsidiaries is duly qualified to do business as a foreign corporation, limited partnership or limited
liability company, as the case may be, and in good standing in all other jurisdictions where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified would
not, individually or in the aggregate, have a material adverse effect on the general affairs, management, business, condition (financial or otherwise), prospects or results of operations of the Issuers and the Subsidiaries, taken as a whole (any
such event, a “Material Adverse Effect”). 
  
 (d) Each of the Issuers has all requisite corporate power and authority or all requisite power and authority under its limited partnership agreement and the Delaware Revised Uniform Limited Partnership Act to execute,
deliver and perform each of its obligations under the Notes, the Exchange Notes and the Private Exchange Notes (as defined in the Registration Rights Agreement). The Notes, when issued, will be in the form contemplated by the Indenture. As of the
Closing Date, the Notes, the Exchange Notes and the Private Exchange Notes will have each been duly and validly authorized by the Issuers and, when executed by the Issuers and authenticated by the Trustee in accordance with the provisions of the
Indenture and, in the case of the Notes, when delivered to and paid for by the Initial Purchasers in accordance with the terms of this Agreement, will constitute valid and legally binding obligations of the Issuers, entitled to the benefits of the
Indenture, and enforceable against the Issuers in accordance with their terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to
creditors’ rights generally, and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought. 
  
 (e) Each of the Issuers has all requisite corporate power and authority or all requisite power and authority under its limited partnership
agreement and the Delaware Revised Uniform Limited Partnership Act to execute, deliver and perform its obligations under the Indenture. The Indenture meets the requirements for qualification under the Trust Indenture Act of 1939, as amended (the
“TIA”). As of the Closing Date, the Indenture will have been duly and validly authorized by each of the Issuers and, when executed and delivered by the Issuers (assuming the due authorization, execution and delivery by the Trustee),
will constitute a valid and legally binding agreement of each of the Issuers, enforceable against the Issuers in accordance with its 
  

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terms, except that the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in
effect relating to creditors’ rights generally and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought. 
  
 (f) Each of the Issuers has all requisite corporate power and authority or all requisite power and authority
under its limited partnership agreement and the Delaware Revised Uniform Limited Partnership Act to execute, deliver and perform its obligations under the Registration Rights Agreement. As of the Closing Date, the Registration Rights Agreement will
have been duly and validly authorized by the Issuers and, when executed and delivered by the Issuers (assuming the due authorization, execution and delivery by the Initial Purchasers), will constitute a valid and legally binding agreement of the
Issuers enforceable against the Issuers in accordance with its terms, except that (A) the enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to
creditors’ rights generally, and (ii) general principles of equity and the discretion of the court before which any proceeding therefor may be brought and (B) no representation is made as to the enforceability of the indemnity or contribution
provisions thereunder. 
  
 (g) NB Acquisition has
all requisite power and authority under its limited liability company agreement and the Delaware Limited Liability Company Act to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated
hereby. This Agreement and the consummation by NB Acquisition of the transactions contemplated hereby have been duly and validly authorized by NB Acquisition. As of the Closing Date, this Agreement and the consummation by the Issuers of the
transactions contemplated hereby will have been duly and validly authorized by each of the Issuers. This Agreement has been duly executed and delivered by NB Acquisition and as of the Closing Date, this Agreement will have been duly executed and
delivered by the Issuers. 
  
 (h) No consent,
approval, authorization or order of any court or governmental agency or body, or third party is required for the issuance and sale by the Issuers of the Notes to the Initial Purchasers or the consummation by the Issuers and NB Acquisition of the
other transactions contemplated hereby, including the Transactions, except for approval of the United States Bankruptcy Court, which will be received prior to the Closing Date, and except such as have been obtained and such as may be required under
state securities or “Blue Sky” laws in connection with the purchase and resale of the Notes by the Initial Purchasers. None of the Issuers, NB Acquisition or the Subsidiaries is (i) in violation of its certificate of incorporation or
bylaws, (ii) in violation of its agreement of limited partnership or limited liability company agreement, (iii) in breach or violation of any statute, judgment, decree, order, rule or regula- 
  

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tion applicable to any of them or any of their respective properties or assets, or (iv) in breach of or default under (nor has any event occurred that, with
notice or passage of time or both, would constitute a default under) or in violation of any of the terms or provisions of any indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate,
contract or other agreement or instrument to which any of them is a party or to which any of them or their respective properties or assets is subject (collectively, “Contracts”), except, in the case of clauses (ii), (iii) or (iv),
for any such breach, default, violation or event that would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 (i) The execution, delivery and performance by NB Acquisition of this Agreement; the execution, delivery and performance by the Issuers of
the Registration Rights Agreement, the Indenture and the consummation by the Issuers and NB Acquisition of the transactions contemplated hereby and thereby (including, without limitation, the issuance and sale of the Notes to the Initial Purchasers)
will not conflict with or constitute or result in a breach of or a default under (or an event that with notice or passage of time or both would constitute a default under) or violation of any of (i) the terms or provisions of any Contract, except
for any such conflict, breach, violation, default or event that would not, individually or in the aggregate, have a Material Adverse Effect, (ii) the certificate of incorporation or bylaws (or similar organizational document) of the Issuers, NB
Acquisition or any of the Subsidiaries or (iii) (assuming compliance with all applicable state securities or “Blue Sky” laws and assuming the accuracy of the representations and warranties of the Initial Purchasers in Section 8 hereof) any
statute, judgment, decree, order, rule or regulation applicable to the Issuers, NB Acquisition or any of the Subsidiaries or any of their respective properties or assets, except for any such conflict, breach or violation that would not, individually
or in the aggregate, have a Material Adverse Effect. 
  
 (j) The audited consolidated financial statements of the Issuers and the Subsidiaries included in the Final Memorandum present fairly in all material respects the financial position, results of operations and cash flows of the Issuers and
the Subsidiaries at the dates and for the periods to which they relate and have been prepared in accordance with generally accepted accounting principles applied on a consistent basis, except as otherwise stated therein. The summary and selected
financial and statistical data in the Final Memorandum present fairly in all material respects the information shown therein and have been prepared and compiled on a basis consistent with the audited financial statements included therein, except as
otherwise stated therein. KPMG LLP (the “Independent Accountants”) is an independent public accounting firm within the meaning of the Act and the rules and regulations promulgated thereunder. 
  

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 (k) The pro forma financial statements (including the notes thereto) and the other pro
forma financial information included in the Final Memorandum (i) comply as to form in all material respects with the applicable requirements of Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), (ii) have been prepared in all material respects in accordance with the Commission’s rules and guidelines with respect to pro forma financial statements and (iii) have been properly computed on the bases described therein; the
assumptions used in the preparation of the pro forma financial data and other pro forma financial information included in the Final Memorandum are reasonable and the adjustments used therein are appropriate to give effect to the transactions or
circumstances referred to therein. 
  
 (l) Except
as disclosed in the Final Memorandum, there is not pending or, to the knowledge of the Issuers or any of the Subsidiaries, threatened any action, suit, proceeding, inquiry or investigation to which the Issuers or any of the Subsidiaries is a party,
or to which the property or assets of the Issuers or any of the Subsidiaries are subject, before or brought by any court, arbitrator or governmental agency or body that, if determined adversely to the Issuers or any of the Subsidiaries, would,
individually or in the aggregate, have a Material Adverse Effect or that seeks to restrain, enjoin, prevent the consummation of or otherwise challenge the issuance or sale of the Notes to be sold hereunder or the consummation of the other
transactions described in the Final Memorandum. 
  
 (m) Except as disclosed in the Final Memorandum, each of the Issuers and the Subsidiaries possesses all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings
with, all federal, state, local and other governmental authorities, all self-regulatory organizations and all courts and other tribunals, presently required or necessary to own or lease, as the case may be, and to operate its respective properties
and to carry on its respective businesses as now or proposed to be conducted as set forth in the Final Memorandum (“Permits”), except where the failure to obtain such Permits would not, individually or in the aggregate, have a
Material Adverse Effect; each of the Issuers and the Subsidiaries has fulfilled and performed all of its obligations with respect to such Permits and no event has occurred that allows, or after notice or lapse of time would allow, revocation or
termination thereof or results in any other material impairment of the rights of the holder of any such Permit; and none of the Issuers or the Subsidiaries has received any notice of any proceeding relating to revocation or modification of any such
Permit, except as described in the Final Memorandum and except where such revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 (n) Since the date of the most recent financial statements appearing in the Final Memorandum, except as
described in the Final Memorandum, (i) none of the Is- 
  

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suers, NB Acquisition or the Subsidiaries has incurred any liabilities or obligations, direct or contingent, or entered into or agreed to enter into any
transactions or contracts (written or oral) not in the ordinary course of business, which liabilities, obligations, transactions or contracts would, individually or in the aggregate, be material to the general affairs, management, business,
condition (financial or otherwise), prospects or results of operations of the Issuers, NB Acquisition and their respective Subsidiaries, taken as a whole, (ii) none of the Issuers, NB Acquisition or the Subsidiaries has purchased any of its
outstanding capital stock or other equity interests, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock or other equity interests (other than with respect to any of such Subsidiaries, the purchase of,
or dividend or distribution on, capital stock or equity interests owned by the Issuers) and (iii) there shall not have been any material change in the long-term indebtedness of the Issuers, NB Acquisition or the Subsidiaries. 
  
 (o) Each of the Issuers, NB Acquisition and the Subsidiaries
has filed all necessary federal, state and foreign income and franchise tax returns, and has paid all taxes shown as due thereon, except where the failure to so file such returns or pay such taxes would not, individually or in the aggregate, have a
Material Adverse Effect; and other than tax deficiencies that any of the Issuers, NB Acquisition or any of the Subsidiaries is contesting in good faith and for which the Issuers, NB Acquisition or such Subsidiary has provided adequate reserves,
there is no tax deficiency that has been asserted against any of the Issuers, NB Acquisition or the any of Subsidiaries that would have, individually or in the aggregate, a Material Adverse Effect. 
  
 (p) The statistical and market-related data included in the
Final Memorandum are based on or derived from sources that the Company believes to be reliable and accurate. 
  
 (q) None of the Issuers, NB Acquisition, the Subsidiaries or any agent acting on their behalf has taken or will take any action that might
cause this Agreement or the sale of the Notes to violate Regulation T, U or X of the Board of Governors of the Federal Reserve System, in each case as in effect, or as the same may hereafter be in effect, on the Closing Date. 
  
 (r) Each of the Issuers and the Subsidiaries has good and
marketable title to all real property and good title to all personal property described in the Final Memorandum as being owned by it and good and marketable title to a leasehold estate in the real and personal property described in the Final
Memorandum as being leased by it free and clear of all liens, charges, encumbrances or restrictions, except as described in the Final Memorandum or to the extent the failure to have such title or the existence of such liens, charges, encumbrances or
restrictions would not, individually or in the aggregate, have a Material Adverse Effect. All leases, contracts and agreements to 

  

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which the Issuers or any of the Subsidiaries is a party or by which any of them is bound are valid and enforceable against such Issuer or Subsidiary, and, to
the knowledge of such Issuer or Subsidiary, are valid and enforceable against the other party or parties thereto and are in full force and effect with only such exceptions as described in the Final Memorandum or as would not, individually or in the
aggregate, have a Material Adverse Effect. The Issuers and the Subsidiaries own or possess adequate licenses or other rights to use all patents, trademarks, service marks, trade names, copyrights and know-how necessary to conduct the businesses now
operated by them as described in the Final Memorandum, except where the failure to own or possess such licenses or other rights would not, individually or in the aggregate, have a Material Adverse Effect, and none of the Issuers or the Subsidiaries
has received any notice of infringement of or conflict with (or knows of any such infringement of or conflict with) asserted rights of others with respect to any patents, trademarks, service marks, trade names, copyrights or know-how that would,
individually or in the aggregate, have a Material Adverse Effect. 
  
 (s) There are no legal or governmental proceedings involving or affecting the Issuers or any of the Subsidiaries or any of their respective properties or assets that would be required to be described in a prospectus
pursuant to the Act that are not described in the Final Memorandum, nor are there any material contracts or other documents that would be required to be described in a prospectus pursuant to the Act that are not described in the Final Memorandum.

  
 (t) Except as disclosed in the Final
Memorandum and except as would not, individually or in the aggregate, have a Material Adverse Effect (A) each of the Issuers and the Subsidiaries is in compliance with and not subject to liability under applicable Environmental Laws (as defined
below), (B) each of the Issuers and the Subsidiaries has made all filings and provided all notices required under any applicable Environmental Law, and has and is in compliance with all Permits required under any applicable Environmental Laws and
each of them is in full force and effect, (C) there is no civil, criminal or administrative action, suit, demand, claim, hearing, notice of violation, investigation, proceeding, notice or demand letter or request for information pending or, to the
knowledge of the Issuers or any of the Subsidiaries, threatened against the Issuers or any of the Subsidiaries under any Environmental Law, (D) no lien, charge, encumbrance or restriction has been recorded under any Environmental Law with respect to
any assets, facility or property owned, operated, leased or controlled by the Issuers or any of the Subsidiaries, (E) none of the Issuers or the Subsidiaries has received notice that it has been identified as a potentially responsible party under
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (“CERCLA”), or any comparable state law and (F) no property or facility of the Issuers or any of the Subsidiaries is (i) listed or proposed
for listing on the National Priorities List under CERCLA or is (ii) listed in the Comprehensive 

  

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Environmental Response, Compensation, Liability Information System List promulgated pursuant to CERCLA, or on any comparable list maintained by any state or
local governmental authority. 
  
 For purposes of
this Agreement, “Environmental Laws” means the common law and all applicable federal, state and local laws or regulations, codes, orders, decrees, judgments or injunctions issued, promulgated, approved or entered thereunder,
relating to pollution or protection of public or employee health and safety or the environment, including, without limitation, laws relating to (i) emissions, discharges, releases or threatened releases of hazardous materials into the environment
(including, without limitation, ambient air, surface water, ground water, land surface or subsurface strata), (ii) the manufacture, processing, distribution, use, generation, treatment, storage, disposal, transport or handling of hazardous
materials, and (iii) underground and above ground storage tanks and related piping, and emissions, discharges, releases or threatened releases therefrom. 
  
 (u) Except as would not, individually or in the aggregate, have a Material Adverse Effect, there is no strike, labor dispute, slowdown or
work stoppage with the employees of any of the Issuers or the Subsidiaries that is pending or, to the knowledge of the Issuers or any of the Subsidiaries, threatened. 
  
 (v) Each of the Issuers and the Subsidiaries carries insurance in such amounts and covering such risks as is
adequate for the conduct of its business and the value of its properties, except where failure to do so would not, individually or in the aggregate, have a Material Adverse Effect. 
  
 (w) Except as would not adversely affect the interests of the holders of the Notes, none of the Subsidiaries
is, or on the Closing Date will be, prohibited, directly or indirectly, from paying any dividends to its corporate parent that is a direct or indirect Subsidiary of the Issuers or from making any other distribution on such Subsidiary’s capital
stock, from repaying to the Issuers any loans or advances to such Subsidiary from the Issuers or from transferring any of such Subsidiary’s property or assets to the Issuers or any other Subsidiary of the Issuers, except as may be prescribed by
applicable law or as described in the Final Memorandum. 
  
 (x) None of the Issuers or the Subsidiaries has any liability for any prohibited transaction or funding deficiency or any complete or partial withdrawal liability with respect to any pension, profit sharing or other
plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to which the Issuers or any of the Subsidiaries makes or ever has made a contribution and in which any employee of the Issuers or any
of the Subsidiaries is or has ever been a participant, which liability would have, individually or in the aggregate, a Material Adverse Effect. With respect to such plans, each of the Issuers and the Subsidiaries is in compli- 

  

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ance in all material respects with all applicable provisions of ERISA, except for such noncompliance which would not, individually or in the aggregate, have
a Material Adverse Effect. 
  
 (y) Each of the
Issuers and the Subsidiaries (i) makes and keeps accurate books and records and (ii) maintains internal accounting controls that provide reasonable assurance that (A) transactions are executed in accordance with management’s authorization, (B)
transactions are recorded as necessary to permit preparation of its financial statements and to maintain accountability for its assets, (C) access to its assets is permitted only in accordance with management’s authorization and (D) the
reported accountability for its assets is compared with existing assets at reasonable intervals. 
  
 (z) Immediately following the Closing Date, none of the Issuers, NB Acquisition or the Subsidiaries will be an “investment
company” or “promoter” or “principal underwriter” for an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended, and the rules and regulations thereunder. 
  
 (aa) The Notes, the Indenture and the Registration Rights
Agreement will conform in all material respects to the descriptions thereof in the Final Memorandum. 
  
 (bb) Immediately following the Closing Date, no holder of securities of any of the Issuers, NB Acquisition or the Subsidiaries will be
entitled to have such securities registered under the registration statements required to be filed by the Issuers pursuant to the Registration Rights Agreement other than as expressly permitted thereby. 
  
 (cc) Immediately after the consummation of the transactions
contemplated by this Agreement, the fair value and present fair saleable value of the assets of the Company and the Subsidiaries (on a consolidated basis) will exceed the sum of its stated liabilities and identified contingent liabilities; none of
the Company and the Subsidiaries (on a consolidated basis) is, nor will the Company and the Subsidiaries (on a consolidated basis) be, after giving effect to the execution, delivery and performance of this Agreement, and the consummation of the
transactions contemplated hereby, (a) left with unreasonably small capital with which to carry on its business as it is proposed to be conducted, (b) unable to pay its debts (contingent or otherwise) as they mature or (c) otherwise insolvent.

  
 (dd) None of the Issuers, NB Acquisition, the
Subsidiaries or any person acting on its or their behalf has directly, or through any agent (other than the Initial Purchasers, as to whom the Issuers and Subsidiaries make no representation), (i) sold, offered for sale, solicited offers to buy or
otherwise negotiated in respect of, any “security” (as defined in the Act) that is or could be integrated with the sale of the Notes in a manner that would require the registration under the Act of the Notes or 

  

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(ii) engaged in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) in connection with the
offering of the Notes or in any manner involving a public offering within the meaning of Section 4(2) of the Act. Assuming the accuracy of the representations and warranties of the Initial Purchasers in Section 8 hereof, it is not necessary in
connection with the offer, sale and delivery of the Notes to the Initial Purchasers in the manner contemplated by this Agreement to register any of the Notes under the Act or to qualify the Indenture under the TIA. 
  
 (ee) No securities of the Issuers or any of the Subsidiaries
are of the same class (within the meaning of Rule 144A under the Act) as the Notes and listed on a national securities exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer quotation system. 

 
 (ff) None of the Issuers, NB Acquisition or the
Subsidiaries has taken, nor will any of them take, directly or indirectly, any action designed to, or that might be reasonably expected to, cause or result in stabilization or manipulation of the price of the Notes. 
  
 (gg) None of the Issuers, NB Acquisition, the Subsidiaries,
any of their respective Affiliates or any person acting on its or their behalf (other than the Initial Purchasers) has engaged in any directed selling efforts (as that term is defined in Regulation S under the Act (“Regulation S”))
with respect to the Notes; the Issuers, NB Acquisition, the Subsidiaries and their respective Affiliates and any person acting on its or their behalf (other than the Initial Purchasers) have complied with the offering restrictions requirement of
Regulation S. 
  
 Any certificate signed by any officer of any of
the Issuers or NB Acquisition and delivered to any Initial Purchaser or to counsel for the Initial Purchasers shall be deemed a joint and several representation and warranty by the Issuers and NB Acquisition to each Initial Purchaser as to the
matters covered thereby. 
  
 Section 3. Purchase, Sale and
Delivery of the Notes. On the basis of the representations, warranties, agreements and covenants herein contained and subject to the terms and conditions herein set forth, NB Acquisition agrees to cause the Issuers, and as of the Closing Date,
the Issuers, jointly and severally, agree to issue and sell to the Initial Purchasers, and the Initial Purchasers, acting severally and not jointly, agree to purchase, the Notes in the respective amounts set forth on Schedule 1 hereto from
the Issuers at 97.0% of their principal amount. One or more certificates in definitive form for the Notes that the Initial Purchasers have agreed to purchase hereunder, and in such denomination or denominations and registered in such name or names
as the Initial Purchasers request upon notice to the Issuers at least 36 hours prior to the Closing Date, shall be delivered by or on behalf of the Issuers to the Initial Purchasers, against payment by or on behalf of the Initial Purchasers of

  

 12 

 
the purchase price therefor by wire transfer (same day funds), to such account or accounts as the Issuers shall specify prior to the Closing Date, or by such
means as the parties hereto shall agree prior to the Closing Date. Such delivery of and payment for the Notes shall be made at the offices of Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York at 10:00 A.M., New York time, on August
6, 2003, or at such other place, time or date as the Initial Purchasers, on the one hand, and the Issuers, on the other hand, may agree upon, such time and date of delivery against payment being herein referred to as the “Closing
Date.” The Issuers will make such certificate or certificates for the Notes available for checking and packaging by the Initial Purchasers at the offices of Deutsche Bank Securities Inc. in New York, New York, or at such other place as
Deutsche Bank Securities Inc. may designate, at least 24 hours prior to the Closing Date. 
  
 Section 4. Offering by the Initial Purchasers. The Initial Purchasers propose to make an offering of the Notes at the price and upon the terms set forth in the Final Memorandum as soon as practicable after this
Agreement is entered into and as in the judgment of the Initial Purchasers is advisable. 
  
 Section 5. Covenants of the Issuers and NB Acquisition. NB Acquisition, and as of the Closing Date, the Issuers, jointly and severally, covenant and agree with each of the Initial Purchasers as follows:

  
 (a) The Issuers will advise the Initial
Purchasers of any proposal to amend or supplement the Final Memorandum or any amendment or supplement thereto and shall provide the Initial Purchasers with a copy within a reasonable period of time prior to the proposed amendment or supplement.
Prior to such amendment or supplement, the Issuers shall obtain the Initial Purchasers’ consent for such amendment or supplement, which consent shall not be unreasonably withheld. The Issuers will promptly, upon the reasonable request of the
Initial Purchasers or counsel for the Initial Purchasers, make any amendments or supplements to the Preliminary Memorandum or the Final Memorandum that may be necessary or advisable in connection with the resale of the Notes by the Initial
Purchasers. 
  
 (b) The Issuers will cooperate
with the Initial Purchasers in arranging for the qualification of the Notes for offering and sale under the securities or “Blue Sky” laws of such jurisdictions as the Initial Purchasers may designate and will continue such qualifications
in effect for as long as may be necessary to complete the resale of the Notes; provided, however, that in connection therewith, none of the Issuers shall be required to qualify as a foreign corporation or to execute a general consent
to service of process in any jurisdiction or subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (c) If, at any time prior to the completion of the distribution by the Initial Purchasers of the Notes or
the Private Exchange Notes, any event occurs or informa- 

  

 13 

 
tion becomes known as a result of which the Final Memorandum as then amended or supplemented would include any untrue statement of a material fact, or omit
to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if for any other reason it is necessary at any time to amend or supplement the Final Memorandum to
comply with applicable law, the Issuers will promptly notify the Initial Purchasers thereof and will prepare, at the expense of the Issuers, an amendment or supplement to the Final Memorandum that corrects such statement or omission or effects such
compliance. 
  
 (d) The Issuers will, without
charge, provide to the Initial Purchasers and to counsel for the Initial Purchasers as many copies of the Preliminary Memorandum and the Final Memorandum or any amendment or supplement thereto as the Initial Purchasers may reasonably request.

  
 (e) The Issuers and NB Acquisition will apply
the net proceeds from the sale of the Notes as set forth under “Use of Proceeds” in the Final Memorandum. 
  
 (f) For so long as any of the Notes remain outstanding prior to the exchange offer pursuant to the Registration Rights Agreement, the
Issuers will furnish to the Initial Purchasers copies of all reports and other communications (financial or otherwise) furnished by the Issuers to the Trustee or to the holders of the Notes and, as soon as available, copies of any reports or
financial statements furnished to or filed by either of the Issuers with the Commission or any national securities exchange on which any class of securities of the Issuers may be listed. 
  
 (g) Prior to the Closing Date, the Issuers will furnish to the Initial Purchasers, as soon as they have been
prepared, a copy of any unaudited interim financial statements of the Issuers for any period subsequent to the period covered by the most recent financial statements appearing in the Final Memorandum. 
  
 (h) None of the Issuers, NB Acquisition or any Subsidiary
will sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the Act) that could be integrated with the sale of the Notes in a manner which would require the registration under the
Act of the Notes. 
  
 (i) The Issuers and NB
Acquisition will not, and will not permit any of the Subsidiaries to, solicit any offer to buy or offer to sell the Notes by means of any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) in
connection with the offering of the Notes or in any manner involving a public offering within the meaning of Section 4(2) of the Act. 
  
 (j) For so long as any of the Notes remain outstanding, each Issuer will make available at its expense, upon request, to any holder of
such Notes and any pro- 
  

 14 

 
spective purchasers thereof the information specified in Rule 144A(d)(4) under the Act, unless such Issuer is then subject to Section 13 or 15(d) of the
Exchange Act. 
  
 (k) The Issuers will use their
best efforts to (i) permit the Notes to be designated as PORTAL-eligible securities in accordance with the rules and regulations adopted by the NASD relating to trading in the NASD’s Portal Market (the “Portal Market”) and (ii)
permit the Notes to be eligible for clearance and settlement through The Depository Trust Company. 
  
 (l) In connection with Notes offered and sold in an offshore transaction (as defined in Regulation S) the Issuers will not register any
transfer of such Notes not made in accordance with the provisions of Regulation S and will not, except in accordance with the provisions of Regulation S, if applicable, issue any such Notes in the form of definitive securities. 
  
 (m) None of the Issuers, NB Acquisition or any of their
Affiliates or any person acting on its or their behalf (other than the Initial Purchasers) will engage in any directed selling efforts (as that term is defined in Regulation S) with respect to the Notes. 
  
 (n) For a period of two years (calculated in accordance with
paragraph (d) of Rule 144 under the Act) following the Closing Date, none of the Issuers or any of their Affiliates (as defined in Rule 144) will sell any Note that constitutes a “restricted security” under Rule 144 that has been
reacquired by any of them. 
  
 Section 6. Expenses. Each of
the Issuers and NB Acquisition agree to pay all costs and expenses incident to the performance of its obligations under this Agreement, whether or not the transactions contemplated herein are consummated or this Agreement is terminated pursuant to
Section 12 hereof, including all costs and expenses incident to (i) the printing, word processing or other production of documents with respect to the transactions contemplated hereby, including any costs of printing the Preliminary Memorandum and
the Final Memorandum and any amendment or supplement thereto, and any “Blue Sky” memoranda, (ii) all arrangements relating to the delivery to the Initial Purchasers of copies of the foregoing documents, (iii) the fees and disbursements of
the counsel, the accountants and any other experts or advisors retained by the Issuers or NB Acquisition, (iv) preparation (including printing), issuance and delivery to the Initial Purchasers of the Notes, (v) the qualification of the Notes under
state securities and “Blue Sky” laws, including filing fees and fees and disbursements of counsel for the Initial Purchasers relating thereto, (vi) expenses in connection with the “roadshow” and any other meetings with
prospective investors in the Notes, (vii) fees and expenses of the Trustee, including fees and expenses of counsel, (viii) all expenses and listing fees incurred in connection with the application for quotation of the Notes on the Portal Market and
(ix) any fees charged by investment rating agencies for the rating of the Notes. If the sale of the Notes provided for herein is not consummated because any condi- 
  

 15 

 
tion to the obligations of the Initial Purchasers set forth in Section 7 hereof is not satisfied, because this Agreement is terminated or because of any
failure, refusal or inability on the part of any of the Issuers or NB Acquisition to perform all obligations and satisfy all conditions on their part to be performed or satisfied hereunder (other than solely by reason of a default by the Initial
Purchasers of their obligations hereunder after all conditions hereunder have been satisfied in accordance herewith or other than solely by reason of the termination of this Agreement pursuant to Section 11 hereof), the Issuers and NB Acquisition,
jointly and severally, agree to promptly reimburse the Initial Purchasers upon demand for all out-of-pocket expenses (including fees, disbursements and charges of Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers) that shall have
been incurred by the Initial Purchasers in connection with the proposed purchase and sale of the Notes. 
  
 Section 7. Conditions of the Initial Purchasers’ Obligations. The obligation of the Initial Purchasers to purchase and pay for the Notes
shall, in their sole discretion, be subject to the satisfaction or waiver of the following conditions on or prior to the Closing Date: 
  
 (a) On the Closing Date, the Initial Purchasers shall have received the opinions, dated as of the Closing Date and addressed to the
Initial Purchasers, of Ropes and Gray LLP and Lindquist & Vennum PLLP, counsel for the Issuers and NB Acquisition, in form and substance satisfactory to counsel for the Initial Purchasers, substantially to the effect set forth in Exhibit
B and Exhibit C. 
  
 (b) On the
Closing Date, the Initial Purchasers shall have received the opinion, in form and substance satisfactory to the Initial Purchasers, dated as of the Closing Date and addressed to the Initial Purchasers, of Cahill Gordon & Reindel LLP, counsel for
the Initial Purchasers, with respect to certain legal matters relating to this Agreement and such other related matters as the Initial Purchasers may reasonably require. In rendering such opinion, Cahill Gordon & Reindel LLP shall have received
and may rely upon such certificates and other documents and information as it may reasonably request to pass upon such matters. 
  
 (c) The Initial Purchasers shall have received from the Independent Accountants a comfort letter or letters dated the date hereof and the
Closing Date, in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 
  
 (d) The representations and warranties of NB Acquisition contained in this Agreement shall be true and correct in all material respects on
and as of the date hereof and the representations and warranties of the Issuers contained in this Agreement shall be true and correct in all material respects on and as of the Closing Date as if made on and as of the Closing Date; the statements of
the Issuers’ and NB Acquisition’s officers made pursuant to any certificate delivered in accordance with the provisions hereof shall be true and correct in all material respects on and as of the date 
  

 16 

 
made and on and as of the Closing Date; the Issuers and NB Acquisition shall have performed all covenants and agreements and satisfied all conditions on
their respective part to be performed or satisfied hereunder at or prior to the Closing Date; and, except as described in the Final Memorandum (exclusive of any amendment or supplement thereto after the date hereof), subsequent to the date of the
most recent financial statements in such Final Memorandum, there shall have been no event or development, and no information shall have become known, that, individually or in the aggregate, has or would be reasonably likely to have a Material
Adverse Effect. 
  
 (e) The sale of the Notes
hereunder shall not be enjoined (temporarily or permanently) on the Closing Date. 
  
 (f) Subsequent to the date of the most recent financial statements in the Final Memorandum (exclusive of any amendment or supplement
thereto after the date hereof), none of the Issuers or any of the Subsidiaries shall have sustained any loss or interference with respect to its business or properties from fire, flood, hurricane, accident or other calamity, whether or not covered
by insurance, or from any strike, labor dispute, slow down or work stoppage or from any legal or governmental proceeding, order or decree, which loss or interference, individually or in the aggregate, has or would be reasonably likely to have a
Material Adverse Effect. 
  
 (g) The Initial
Purchasers shall have received a certificate of each of the Issuers, dated the Closing Date, signed on behalf of each of the Issuers by its respective Chairman of the Board, President or any Senior Vice President and the Chief Financial Officer (or
similar position), to the effect that 
  
 (i) the
representations and warranties of the Issuers contained in this Agreement are true and correct in all material respects on the Closing Date, and the Issuers have performed all covenants and agreements and satisfied all conditions on its part to be
performed or satisfied hereunder at or prior to the Closing Date; 
  
 (ii) at the Closing Date, except as disclosed in the Final Memorandum, since the date hereof or since the date of the most recent financial statements in the Final Memorandum (exclusive of any amendment or supplement
thereto after the date hereof), no event or development has occurred, and no information has become known, that, individually or in the aggregate, has or would be reasonably likely to have a Material Adverse Effect; and 
  
 (iii) to the knowledge of the Issuers, the sale of the Notes
hereunder has not been enjoined (temporarily or permanently). 
  

 17 

 (h) On the Closing Date, the Initial Purchasers shall have received the Registration
Rights Agreement executed by the Issuers and such agreement shall be in full force and effect. 
  
 (i) The Notes shall be eligible for clearance and settlement through the Depository Trust Company. 
  
 (j) The Notes shall be designated Portal-eligible securities
in accordance with the rules and regulations of the NASD. 
  
 (k) On the Closing Date, the Company shall have entered into the Credit Agreement in form and substance reasonably satisfactory to the Initial Purchasers; and 
  
 (l) The “Transaction,” as such term is defined in
the Final Memorandum, will be consummated substantially as described in the Final Memorandum. 
  
 On or before the Closing Date, the Initial Purchasers and counsel for the Initial Purchasers shall have received such further documents, opinions, certificates, letters and schedules or instruments relating to the
business, corporate, legal and financial affairs of the Issuers, NB Acquisition and the Subsidiaries as they shall have heretofore reasonably requested from the Issuers and NB Acquisition. 
  
 All such documents, opinions, certificates, letters, schedules or instruments
delivered pursuant to this Agreement will comply with the provisions hereof only if they are reasonably satisfactory in all material respects to the Initial Purchasers and counsel for the Initial Purchasers. The Issuers shall furnish to the Initial
Purchasers such conformed copies of such documents, opinions, certificates, letters, schedules and instruments in such quantities as the Initial Purchasers shall reasonably request. 
  
 Section 8. Offering of Notes; Restrictions on Transfer. (a) Each of the Initial Purchasers (as to itself only) agrees
with the Issuers and NB Acquisition that (i) it has not and will not solicit offers for, or offer or sell, the Notes by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) or in any manner
involving a public offering within the meaning of Section 4(2) of the Act; and (ii) it has and will solicit offers for the Notes only from, and will offer the Notes only to (A) in the case of offers inside the United States, persons whom the Initial
Purchasers reasonably believe to be QIBs or, if any such person is buying for one or more institutional accounts for which such person is acting as fiduciary or agent, only when such person has represented to the Initial Purchasers that each such
account is a QIB, to whom notice has been given that such sale or delivery is being made in reliance on Rule 144A, and, in each case, in transactions under Rule 144A and (B) in the case of offers outside the United States, to persons other than U.S.
persons (“non-U.S. purchasers,” which term shall include dealers or other professional fiduciaries in the United States acting on a discretionary basis for non-U.S. beneficial owners (other 
  

 18 

 
than an estate or trust)); provided, however, that, in the case of this clause (B), in purchasing such Notes such persons are deemed to have
represented and agreed as provided under the caption “Notice to Investors” contained in the Final Memorandum (or, if the Final Memorandum is not in existence, in the most recent Memorandum). 
  
 (b) Each of the Initial Purchasers represents and warrants (as to itself
only) with respect to offers and sales outside the United States that (i) it has and will comply with all applicable laws and regulations in each jurisdiction in which it acquires, offers, sells or delivers Notes or has in its possession or
distributes any Memorandum or any such other material, in all cases at its own expense; (ii) the Notes have not been and will not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance
with Regulation S under the Act or pursuant to an exemption from the registration requirements of the Act; and (iii) it has offered the Notes and will offer and sell the Notes (A) as part of its distribution at any time and (B) otherwise until 40
days after the later of the commencement of the offering and the Closing Date, only in accordance with Rule 903 of Regulation S and, accordingly, neither it nor any persons acting on its behalf have engaged or will engage in any directed selling
efforts (within the meaning of Regulation S) with respect to the Notes, and any such persons have complied and will comply with the offering restrictions requirement of Regulation S. 
  
 Terms used in this Section 8 and not defined in this Agreement have the meanings given to them in Regulation S. 

 
 Section 9. Indemnification and Contribution. (a) Each of the
Issuers, and subject to the eighth paragraph of Section 1 hereof, NB Acquisition agrees, jointly and severally, to indemnify and hold harmless each Initial Purchaser and each person, if any, who controls any Initial Purchaser within the meaning of
Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which any Initial Purchaser or such controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as any such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon the following: 
  
 (i) any untrue statement or alleged untrue statement made by any of the Issuers or NB Acquisition in Section 2 hereof; 
  
 (ii) any untrue statement or alleged untrue statement of any
material fact contained in any Memorandum or any amendment or supplement thereto; or 
  
 (iii) the omission or alleged omission to state, in any Memorandum or any amendment or supplement thereto, a material fact required to be
stated therein or necessary to make the statements therein not misleading; 
  

 19 

 
and will reimburse, as incurred, the Initial Purchasers and each such controlling person for any legal or other expenses incurred by the Initial Purchasers
or such controlling person in connection with investigating, defending against or appearing as a third-party witness in connection with any such loss, claim, damage, liability or action; provided, however, the Issuers and NB
Acquisition will not be liable in any such case to the extent that any such loss, claim, damage, or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Memorandum or
any amendment or supplement thereto in reliance upon and in conformity with written information concerning the Initial Purchasers furnished to the Issuers or NB Acquisition by the Initial Purchasers through Deutsche Bank Securities Inc. specifically
for use therein. The indemnity provided for in this Section 9 will be in addition to any liability that the Issuers and NB Acquisition may otherwise have to the indemnified parties. The Issuers and NB Acquisition shall not be liable under this
Section 9 for any settlement of any claim or action effected without its prior written consent, which shall not be unreasonably withheld. 
  
 (b) Each Initial Purchaser, severally and not jointly, agrees to indemnify and hold harmless the Issuers and NB Acquisition, their respective directors,
their respective officers and each person, if any, who controls the Issuers or NB Acquisition within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Issuers, NB
Acquisition or any such director, officer or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon
(i) any untrue statement or alleged untrue statement of any material fact contained in any Memorandum or any amendment or supplement thereto, or (ii) the omission or the alleged omission to state therein a material fact required to be stated in any
Memorandum or any amendment or supplement thereto, or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission
was made in reliance upon and in conformity with written information concerning such Initial Purchaser, furnished to the Issuers and NB Acquisition by the Initial Purchasers through Deutsche Bank Securities Inc. specifically for use therein; and
subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any legal or other expenses incurred by the Issuers, NB Acquisition or any such director, officer or controlling person in connection with
investigating or defending against or appearing as a third party witness in connection with any such loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 9 will be in addition to any liability that
the Initial Purchasers may otherwise have to the indemnified parties. The Initial Purchasers shall not be liable under this Section 9 for any settlement of any claim or action effected without their consent, which shall not be unreasonably withheld.

  
 (c) Promptly after receipt by an indemnified party under this
Section 9 of notice of the commencement of any action for which such indemnified party is entitled to indemnification under this Section 9, such indemnified party will, if a claim in respect thereof is 
  

 20 

 
to be made against the indemnifying party under this Section 9, notify the indemnifying party of the commencement thereof in writing; but the omission to so
notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not,
in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a) and (b) above. In case any such action is brought against any indemnified party, and it
notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, that if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict
of interest, or (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the
institution of such action, then, in each such case, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to
select separate counsel to defend such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party
of counsel appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 9 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection
with such action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the
same general allegations or circumstances, designated by the Initial Purchasers in the case of paragraph (a) of this Section 9 or the Issuers or NB Acquisition, as the case may be, in the case of paragraph (b) of this Section 9, representing the
indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions) or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense
of the indemnifying party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable
for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnified party waived in
writing its rights under this Section 9, in which case the indemnified party may effect such a settlement without such consent. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement or
compromise of any pending or threatened proceeding in respect of which any indemnified party is or 
  

 21 

 
could have been a party, or indemnity could have been sought hereunder by any indemnified party, unless such settlement (A) includes an unconditional written
release of the indemnified party, in form and substance reasonably satisfactory to the indemnified party, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault,
culpability or failure to act by or on behalf of any indemnified party. 
  
 (d) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 9 is unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or
liabilities (or actions in respect thereof) referred to therein, each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the
offering of the Notes or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the
indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative benefits received by the
Issuers and NB Acquisition on the one hand and any Initial Purchaser on the other shall be deemed to be in the same proportion as the total proceeds from the offering (before deducting expenses) received by the Issuers or NB Acquisition bear to the
total discounts and commissions received by such Initial Purchaser. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Issuers or NB Acquisition on the one hand, or such Initial Purchaser on the other, the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission or alleged statement or omission, and any other equitable considerations appropriate in the circumstances. The Issuers, NB Acquisition and the Initial Purchasers agree that it would not be equitable
if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (d).
Notwithstanding any other provision of this paragraph (d), no Initial Purchaser shall be obligated to make contributions hereunder that in the aggregate exceed the total discounts, commissions and other compensation received by such Initial
Purchaser under this Agreement, less the aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material
fact, and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph
(d), each person, if any, who controls an Initial Purchaser within the meaning of Section 15 of 
  

 22 

 
the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Initial Purchasers, and each director of the Issuers and NB
Acquisition, each officer of the Issuers and NB Acquisition and each person, if any, who controls any of the Issuers and NB Acquisition within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to
contribution as the Issuers and NB Acquisition. 
  
 Section 10.
Survival Clause. The respective representations, warranties, agreements, covenants, indemnities and other statements of the Issuers, NB Acquisition, their respective officers and the Initial Purchasers set forth in this Agreement or made by
or on behalf of them pursuant to this Agreement shall remain in full force and effect, regardless of (i) any investigation made by or on behalf of the Issuers, NB Acquisition, any of their respective officers or directors, the Initial Purchasers or
any controlling person referred to in Section 9 hereof and (ii) delivery of and payment for the Notes. The respective agreements, covenants, indemnities and other statements set forth in Sections 6, 9, 10 and 16 hereof shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement. 
  
 Section 11. Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the Notes agreed to be purchased by such Initial Purchaser hereunder and such failure
to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the amount of Notes
set forth opposite their names in Schedule 1 hereto bears to the aggregate amount of Notes set forth opposite the names of all the remaining Initial Purchasers) the Notes which the defaulting Initial Purchaser or Initial Purchasers agreed but
failed to purchase; provided, however, that in the event that the amount of Notes which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of the total aggregate amount of Notes set forth in
Schedule 1 hereto, the remaining Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Notes, and if such nondefaulting Initial Purchasers do not purchase all the Notes this
Agreement will terminate without liability to any nondefaulting Initial Purchaser, the Issuers or NB Acquisition except as provided in Section 10 hereof. In the event of a default by any Initial Purchaser as set forth in this Section 11, the Closing
Date shall be postponed for such period, not exceeding five business days, as the nondefaulting Initial Purchasers shall determine in order that the required changes in the Final Memorandum or in any other documents or arrangements may be effected.
Nothing contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Issuers or NB Acquisition or any nondefaulting Initial Purchaser for damages occasioned by its default hereunder. 

 
 Section 12. Termination. (a) This Agreement may be terminated in
the sole discretion of the Initial Purchasers by notice to NB Acquisition or the Issuers given prior to the Closing Date in the event that the Issuers or NB Acquisition shall have failed, refused 
  

 23 

 
or been unable to perform all obligations and satisfy all conditions on its part to be performed or satisfied hereunder at or prior thereto or, if at or
prior to the Closing Date, 
  
 (i) any of the
Issuers or the Subsidiaries shall have sustained any loss or interference with respect to its businesses or properties from fire, flood, hurricane, accident or other calamity, whether or not covered by insurance, or from any strike, labor dispute,
slow down or work stoppage or any legal or governmental proceeding, which loss or interference, in the sole judgment of the Initial Purchasers, has had or has a Material Adverse Effect, or there shall have been, in the sole judgment of the Initial
Purchasers, any event or development that, individually or in the aggregate, has or could be reasonably likely to have a Material Adverse Effect (including without limitation a change in control of the Company or the Subsidiaries), except in each
case as described in the Final Memorandum (exclusive of any amendment or supplement thereto); 
  
 (ii) trading in securities of the Issuers or in securities generally on the New York Stock Exchange or the NASDAQ National Market shall
have been suspended or materially limited or minimum or maximum prices shall have been established on any such exchange or market; 
  
 (iii) a banking moratorium shall have been declared by New York or United States authorities or a material disruption in commercial
banking or securities settlement or clearance services in the United States; 
  
 (iv) there shall have been (A) an outbreak or escalation of hostilities between the United States and any foreign power, or (B) an outbreak or escalation of any other insurrection or armed conflict involving the
United States or any other national or international calamity or emergency, or (C) any material change in the financial markets of the United States which, in the case of (A), (B) or (C) above and in the sole judgment of the Initial Purchasers,
makes it impracticable or inadvisable to proceed with the offering or the delivery of the Notes as contemplated by the Final Memorandum; or 
  
 (v) any securities of the Issuers shall have been downgraded by any nationally recognized statistical rating organization or any such
organization shall have publicly announced that it has under surveillance or review with possible negative implications, or has negatively changed its outlook with respect to, its ratings of any securities of the Issuers. 
  
 (b) Termination of this Agreement pursuant to this Section 12 shall be
without liability of any party to any other party except as provided in Section 10 hereof. 
  

 24 

 Section 13. Information Supplied by the Initial Purchasers. The statements set forth in the last
paragraph on the front cover page and in the third and fourth sentences of the third paragraph and in the third sentence of the sixth paragraph under the heading “Private Placement” in the Final Memorandum (to the extent such statements
relate to the Initial Purchasers) constitute the only information furnished by the Initial Purchasers to the Issuers and NB Acquisition for the purposes of Sections 2(a) and 9 hereof. 
  
 Section 14. Notices. All communications hereunder shall be in writing and, if sent to the Initial Purchasers, shall
be mailed or delivered to (i) Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, Attention: Corporate Finance Department, with a copy to Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005, Attention: John
A. Tripodoro; if sent to the Issuers or NB Acquisition, shall be mailed or delivered to National Beef Packing Company, LLC at 12200 North Ambassador Drive, Kansas City, MO 64163, Attention: General Counsel, with a copy to Ropes & Gray LLP, One
International Place, Boston, MA, 02110, Attention: Joel F. Freedman. 
  
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; and one business day after being
timely delivered to a next-day air courier. 
  
 Section 15.
Successors. This Agreement shall inure to the benefit of and be binding upon the Initial Purchasers, the Issuers, NB Acquisition and their respective successors and legal representatives, and nothing expressed or mentioned in this Agreement
is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained; this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other person except that (i) the indemnities of the Company contained in Section 9 of this Agreement shall also be for the benefit of any person or
persons who control the Initial Purchasers within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and (ii) the indemnities of the Initial Purchasers contained in Section 9 of this Agreement shall also be for the benefit of the
directors of the Issuers or NB Acquisition, their officers and any person or persons who control the Issuers or NB Acquisition within the meaning of Section 15 of the Act or Section 20 of the Exchange Act. No purchaser of Notes from the Initial
Purchasers will be deemed a successor because of such purchase. 
  
 Section 16. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE 

  

 25 

 
AND TO BE PERFORMED WHOLLY THEREIN, WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW. 
  
 Section 17. Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

 26 

 If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the
space provided below for that purpose, whereupon this letter shall constitute a binding agreement among NB Acquisition, the Issuers and the Initial Purchasers. 
  

	 Very truly yours,

	
	 NB ACQUISITION, LLC

		
	 By:
	 	 /s/    Steven D. Hunt

	 	 	 Name: Steven D. Hunt

	 	 	 Title:   Chairman

	
	 NB FINANCE CORP.

		
	 By:
	 	 /s/    Steven D. Hunt

	 	 	 Name: Steven D. Hunt

	 	 	 Title:  Chairman

	
	 NATIONAL BEEF PACKING COMPANY, L.P.

		
	 By:
	 	 /s/    Timothy M. Klein

	 	 	 Name: Timothy M. Klein

	 	 	 Title:   President

  

 S-1 

	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	 DEUTSCHE BANK SECURITIES INC.

		
	 By:
	 	 /s/    David Fleming

	 	 	 Name: David Fleming

	 	 	 Title:   Managing Director

		
	 By:
	 	 /s/    Chris Johnson

	 	 	 Name: Chris Johnson

	 	 	 Title:   Managing Director

	
	 U.S. BANCORP PIPER JAFFRAY INC.

		
	 By:
	 	 /s/    Mark C. Stevenson

	 	 	 Name: Mark C. Stevenson

	 	 	 Title:   Managing Director

	
	 RABO SECURITIES USA, INC.

		
	 By:
	 	 /s/    Kenneth McGrory

	 	 	 Name: Kenneth McGrory
 Title:  President

		
	 By:
	 	 /s/    Marianne Greven

	 	 	 Name: Marianne Greven

	 	 	 Title:   Senior Vice President

  

 S-2 

 SCHEDULE 1 
  

	 Initial Purchaser

	  	Principal Amount of Notes

	 Deutsche Bank Securities Inc.
	  	$	120,000,000
	 U.S. Bancorp Piper Jaffray Inc.
	  	 	32,000,000
	 Rabo Securities USA, Inc.
	  	 	8,000,000
	 	  	
	

	 Total
	  	$	160,000,000

 SCHEDULE 2 
  

Subsidiaries of the Company 
  

	 	  	 Name

	  	 Jurisdiction of
 Incorporation

	 	  	 National Carriers, Inc.
	  	 Kansas

	 	  	 Kansas City Steak Company, L.L.C.
	  	 Missouri

	 	  	 NBP Japan, Inc.
	  	 Japan

	 	  	 NBP Korea, Inc.
	  	 Korea

	 	  	 Farmland National Beef aLF, LLC
	  	 Delaware

 EXHIBIT A 
  

FORM OF REGISTRATION RIGHTS AGREEMENT 
  

 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of
                     
  
 Among 
  
 NATIONAL BEEF PACKING COMPANY, L.P. 
  
 and 
  
 NB FINANCE CORP.

  
 as Issuers, 
  
 and 
  
 DEUTSCHE BANK SECURITIES INC., 
  
 U.S. BANCORP PIPER JAFFRAY INC. 
  
 and 
  
 RABO SECURITIES USA, INC. 
  
 as Initial Purchasers 
  
 10 1/2%
Senior Notes due 2011 
  

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	 1.
	  	 Definitions
	  	1
			
	 2.
	  	 Exchange Offer
	  	5
			
	 3.
	  	 Shelf Registration
	  	9
			
	 4.
	  	 Additional Interest
	  	10
			
	 5.
	  	 Registration Procedures
	  	12
			
	 6.
	  	 Registration Expenses
	  	21
			
	 7.
	  	 Indemnification and Contribution
	  	22
			
	 8.
	  	 Rules 144 and 144A
	  	26
			
	 9.
	  	 Underwritten Registrations
	  	26
			
	 10.
	  	 Miscellaneous
	  	27

  
  

 A-i 

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of __________, among NATIONAL BEEF
PACKING COMPANY, L.P., a Delaware limited partnership (the “Company”), NB FINANCE CORP., a Delaware corporation (“NB Finance” and, together with the Company, the “Issuers”) and DEUTSCHE BANK
SECURITIES INC., U.S. BANCORP PIPER JAFFRAY INC. and RABO SECURITIES USA, INC. as initial purchasers (the “Initial Purchasers”). 
  
 This Agreement is entered into in connection with the Purchase Agreement by and among the NB Acquisition Corp., the Issuers and the Initial Purchasers,
dated as of July 31, 2003 (the “Purchase Agreement”), which provides for, among other things, the sale by the Issuers to the Initial Purchasers of $160,000,000 aggregate principal amount of their 10 1/2% Senior Notes due 2011 (the
“Notes”). In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and any
subsequent holder or holders of the Notes. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 
  
 The parties hereby agree as follows: 
  
 1. Definitions 
  
 As used in this Agreement, the following terms shall have the following
meanings: 
  
 Additional Interest: See Section 4(a)
hereof. 
  
 Advice: See the last paragraph of
Section 5 hereof. 
  
 Agreement: See the introductory
paragraphs hereto. 
  
 Applicable Period: See Section 2(b)
hereof. 
  
 Business Day: Any day that is not a Saturday,
Sunday or a day on which banking institutions in New York are authorized or required by law to be closed. 
  
 Company: See the introductory paragraphs hereto. 
  
 Effectiveness Date: With respect to (i) the Exchange Offer Registration Statement, the 195th day after the Issue Date and (ii) any Shelf
Registration Statement, the 90th day after the Filing Date with respect thereto; provided, however, that if the Effectiveness 

 Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding
Business Day. 
  
 Effectiveness Period: See Section 3(a)
hereof. 
  
 Event Date: See Section 4(b) hereof.

  
 Exchange Act: The Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 Exchange Notes: See Section 2(a) hereof. 
  
 Exchange Offer: See Section 2(a) hereof. 
  
 Exchange Offer Registration Statement: See Section 2(a) hereof. 
  
 Filing Date: (A) If no Registration Statement has been filed by the Issuers pursuant to this Agreement, the 135th day after the Issue Date; and (B)
in any other case (which may be applicable notwithstanding the consummation of the Exchange Offer), the 90th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof; provided, however, that if the Filing
Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 
  
 Holder: Any holder of a Registrable Note or Registrable Notes. 
  
 Indenture: The Indenture, dated as of August 6, 2003, by and among the Issuers and U.S. Bank National Association, as
Trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
  
 Information: See Section 5(o) hereof. 
  
 Initial Purchasers: See the introductory paragraphs hereto. 
  
 Initial Shelf Registration: See Section 3(a) hereof. 
  
 Inspectors: See Section 5(o) hereof. 
  
 Issue Date: August 6, 2003, the date of original issuance of the Notes. 
  
 Issuers: See the introductory paragraphs hereto. 
  
 NASD: See Section 5(s) hereof. 
  

 A-2 

 NB Finance: See the introductory paragraphs hereto. 
  
 Notes: See the introductory paragraphs hereto. 
  
 Participant: See Section 7(a) hereof. 
  
 Participating Broker-Dealer: See Section 2(b) hereof. 
  
 Person: An individual, trustee, corporation, partnership, limited
liability company, joint stock company, trust, unincorporated association, union, business association, firm or other legal entity. 
  
 Private Exchange: See Section 2(b) hereof. 
  
 Private Exchange Notes: See Section 2(b) hereof. 
  
 Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion and a
prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act and any term sheet filed pursuant to Rule 434 under the Securities
Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in
such Prospectus. 
  
 Purchase Agreement: See the
introductory paragraphs hereof. 
  
 Records: See Section
5(o) hereof. 
  
 Registrable Notes: Each Note upon its
original issuance and at all times subsequent thereto, each Exchange Note as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and
at all times subsequent thereto, until, in each case, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement)
covering such Note, Exchange Note or Private Exchange Note has been declared effective by the SEC and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration
Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes that may be resold without restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange
Note, as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) such Note, Exchange Note or Private Exchange Note, as the case 
  

 A-3 

 may be, may be resold without restriction pursuant to Rule 144(k) (as amended or replaced) under the Securities Act.

  
 Registration Statement: Any registration statement of
the Issuers that covers any of the Notes, the Exchange Notes or the Private Exchange Notes filed with the SEC under the Securities Act, including the Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
  
 Rule 144: Rule 144 under the Securities Act. 
  
 Rule 144A: Rule 144A under the Securities Act. 
  
 Rule 405: Rule 405 under the Securities Act. 
  
 Rule 415: Rule 415 under the Securities Act. 
  
 Rule 424: Rule 424 under the Securities Act. 
  
 SEC: The U.S. Securities and Exchange Commission. 
  
 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  
 Shelf Notice: See Section 2(c) hereof. 
  
 Shelf Registration: See Section 3(b) hereof. 
  
 Shelf Registration Statement: Any Registration Statement relating to a
Shelf Registration. 
  
 Subsequent Shelf Registration: See
Section 3(b) hereof. 
  
 TIA: The Trust Indenture Act of
1939, as amended. 
  
 Trustee: The trustee under the
Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange Notes. 
  
 Underwritten registration or underwritten offering: A registration in which securities of one or more of the Issuers is sold to an underwriter for
reoffering to the public. 
  
 Except as otherwise specifically
provided, all references in this Agreement to acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory 
  

 A-4 

 requirements (collectively, “Regulatory Requirements”) shall be deemed to refer also to any amendments
thereto and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not be deemed to amend or replace Rule 144A. 
  
 2. Exchange Offer 
  
 (a) Unless the Exchange Offer would violate applicable law or any applicable
interpretation of the staff of the SEC, the Issuers shall file with the SEC, no later than the Filing Date, a Registration Statement (the “Exchange Offer Registration Statement”) on an appropriate registration form with respect to a
registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount of debt securities of the Issuers (the “Exchange Notes”) that are identical in all
material respects to the Notes, except that (i) the Exchange Notes shall contain no restrictive legend thereon, (ii) interest thereon shall accrue from the last date on which interest was paid on the Notes or, if no such interest has been paid, from
the Issue Date, (iii) the Exchange Notes shall not contain provisions for additional interest contemplated in Section 4 hereof, and (iv) the Exchange Notes shall be entitled to the benefits of the Indenture or a trust indenture which is identical in
all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and which, in either case, has been qualified under the TIA. The Exchange Offer shall
comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws. The Issuers shall (x) cause the Exchange Offer Registration Statement to be declared effective under the Securities Act on or before the
Effectiveness Date; (y) keep the Exchange Offer open for at least 30 days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to the 225th
day following the Issue Date. 
  
 Each Holder (including, without
limitation, each Participating Broker-Dealer) who participates in the Exchange Offer will be required to represent to the Issuers in writing (which may be contained in the applicable letter of transmittal) that: (i) any Exchange Notes acquired in
exchange for Registrable Notes tendered are being acquired in the ordinary course of business of the Person receiving such Exchange Notes, whether or not such recipient is such Holder itself; (ii) at the time of the commencement or consummation of
the Exchange Offer neither such Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Notes from such Holder has an arrangement or understanding with any Person to participate in the distribution of the Exchange
Notes in violation of the provisions of the Securities Act; (iii) neither the Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Notes from such Holder is an “affiliate” (as defined in Rule 405) of the
Issuers or, if it is an affiliate of the Issuers, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable and 
  

 A-5 

 will provide information to be included in the Shelf Registration Statement in accordance with Section 5 hereof in order
to have their Notes included in the Shelf Registration Statement and benefit from the provisions regarding Additional Interest in Section 4 hereof; (iv) neither such Holder nor, to the actual knowledge of such Holder, any other Person receiving
Exchange Notes from such Holder is engaging in or intends to engage in a distribution of the Exchange Notes; and (v) if such Holder is a Participating Broker-Dealer, such Holder has acquired the Registrable Notes as a result of market-making
activities or other trading activities and that it will comply with the applicable provisions of the Securities Act (including, but not limited to, the prospectus delivery requirements thereunder). 
  
 Upon consummation of the Exchange Offer in accordance with this Section 2,
the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is applicable and Exchange Notes held by
Participating Broker-Dealers, and the Issuers shall have no further obligation to register Registrable Notes (other than Private Exchange Notes and Exchange Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. 

 
 No securities other than the Exchange Notes shall be included in the
Exchange Offer Registration Statement. 
  
 (b) The Issuers shall
include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken
or policies made by the staff of the SEC with respect to the potential “underwriter” status of any broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such
broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the
staff of the SEC. Such “Plan of Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery
requirements of the Securities Act, including, to the extent permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement describing the means by which Participating Broker-Dealers may resell
the Exchange Notes in compliance with the Securities Act. 
  
 The
Issuers shall use their respective best efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons
subject to the prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the Exchange Notes; pro- 
  

 A-6 

 vided, however, that such period shall not be required to exceed 180 days or such longer period if extended
pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”). 
  
 If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by them that have the status of an unsold allotment in the initial distribution, the Issuers, upon the request of the
Initial Purchasers, shall simultaneously with the delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in exchange (the “Private Exchange”) for such Notes held by any such Holder, a like principal amount of
notes (the “Private Exchange Notes”) of the Issuers that are identical in all material respects to the Exchange Notes except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall
be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes if permitted by the CUSIP Service Bureau. 
  
 In connection with the Exchange Offer, the Issuers shall: 
  
 (1) mail, or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming
part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (2) use their respective best efforts to keep the Exchange Offer open for not less than 30 days after the date that notice of the Exchange
Offer is mailed to Holders (or longer if required by applicable law); 
  
 (3) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York; 
  
 (4) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on
the last Business Day on which the Exchange Offer remains open; and 
  
 (5) otherwise comply in all material respects with all applicable laws, rules and regulations. 
  
 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if any, the Issuers shall: 
  
 (1) accept for exchange all Registrable Notes validly
tendered and not validly withdrawn pursuant to the Exchange Offer and the Private Exchange, if any; 
  

 A-7 

 (2) deliver to the Trustee for cancellation all Registrable Notes so accepted for
exchange; and 
  
 (3) cause the Trustee to
authenticate and deliver promptly to each Holder of Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange; provided that, in the case of any Notes
held in global form by a depositary, authentication and delivery to such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall
satisfy such authentication and delivery requirement. 
  
 The
Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the SEC;
(ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, and no material
adverse development shall have occurred in any existing action or proceeding with respect to the Issuers; and (iii) all governmental approvals shall have been obtained, which approvals the Issuers deem necessary for the consummation of the Exchange
Offer or Private Exchange. 
  
 The Exchange Notes and the Private
Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that
the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all
matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes will have the right to vote or consent as a separate class on any matter. 
  
 (c) If, (i) because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are
not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated within 225 days of the Issue Date, (iii) the Initial Purchasers or any other holder of Private Exchange Notes so requests in writing to the Issuers at any time
after the consummation of the Exchange Offer, or (iv) in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and
federal securities laws (other than due solely to the status of such Holder as an affiliate of the Issuers within the meaning of the Securities Act) and so notifies the Issuers within 30 days after such Holder first becomes aware of such
restrictions, in the case of each of clauses (i) to and including (iv) of this sentence, then the Issuers shall promptly deliver to the Holders and the Trustee written 
  

 A-8 

 notice thereof (the “Shelf Notice”) and shall file a Shelf Registration pursuant to Section 3 hereof.

  
 3. Shelf Registration 
  
 If at any time a Shelf Notice is delivered as contemplated by Section 2(c)
hereof, then: 
  
 (a) Shelf Registration.
The Issuers shall as promptly as practicable file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes (the “Initial Shelf Registration”).
The Issuers shall use their respective best efforts to file with the SEC the Initial Shelf Registration on or prior to the applicable Filing Date. The Initial Shelf Registration shall be on Form S-1 or another appropriate form permitting
registration of such Registrable Notes for resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable
Notes to be included in the Initial Shelf Registration or any Subsequent Shelf Registration (as defined below). 
  
 The Issuers shall use their respective reasonable best efforts to cause the Shelf Registration to be declared effective under the
Securities Act on or prior to the Effectiveness Date and to keep the Initial Shelf Registration continuously effective under the Securities Act until the date that is two years from the Issue Date or such shorter period ending when all Registrable
Notes covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration or, if applicable, a Subsequent Shelf Registration (the “Effectiveness Period”);
provided, however, that the Effectiveness Period in respect of the Initial Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under
the Securities Act and as otherwise provided herein and shall be subject to reduction to the extent that the applicable provisions of Rule 144(k) are amended or revised to reduce the two year holding period set forth therein. 
  
 (b) Withdrawal of Stop Orders; Subsequent Shelf
Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the Notes registered thereunder),
the Issuers shall use their respective reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend such Shelf Registration
Statement in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement pursuant to Rule 415 covering all of the Registrable Notes covered by and not sold un- 

 

 A-9 

 
der the Initial Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent Shelf Registration”). If a Subsequent
Shelf Registration is filed, the Issuers shall use their respective reasonable best efforts to cause the Subsequent Shelf Registration to be declared effective under the Securities Act as soon as practicable after such filing and to keep such
subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf Registration or any Subsequent Shelf Registration was
previously continuously effective. As used herein the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration. 
  
 (c) Supplements and Amendments. The Issuers shall promptly supplement and amend the Shelf
Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate
principal amount of the Registrable Notes (or their counsel) covered by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or by any underwriter of such Registrable Notes with
respect to the information included therein with respect to such underwriter. 
  
 (d) Suspensions. Notwithstanding anything to the contrary in this Agreement, at any time, the Company may suspend the use of the Prospectus included in any Shelf Registration Statement contemplated in Section 3
hereof, for a reasonable period of time, but not in excess of an aggregate of 60 days in any calendar year, if the Board of Managers of the Company determines reasonably and in good faith that the use thereof would require the disclosure of
non-public material information that, in the reasonable judgment of the Board of Managers of the Company, would be detrimental to the Company if so disclosed or would otherwise materially adversely affect a financing, acquisition, disposition,
merger or other material transaction. 
  
 4. Additional
Interest 
  
 (a) The Issuers and the Initial Purchasers agree
that the Holders will suffer damages if the Issuers fail to fulfill their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree to
pay, jointly and severally, as liquidated damages, additional interest on the Notes (“Additional Interest”) under the circumstances and to the extent set forth below (each of which shall be given independent effect): 
  
 (i) if (A) neither the Exchange Offer Registration Statement
nor the Initial Shelf Registration has been filed on or prior to the Filing Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate the Ex- 
  

 A-10 

 
change Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not filed on or prior to the Filing Date applicable
thereto, then, commencing on the day after any such Filing Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.50% per annum for the first 90 days immediately following such applicable Filing Date, and such
Additional Interest rate shall increase by an additional 0.50% per annum at the beginning of each subsequent 90-day period; or 
  
 (ii) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf Registration is declared effective by the SEC on or
prior to the Effectiveness Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not declared
effective by the SEC on or prior to the Effectiveness Date applicable to such Shelf Registration, then, commencing on the day after such Effectiveness Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.50% per
annum for the first 90 days immediately following the day after such Effectiveness Date, and such Additional Interest rate shall increase by an additional 0.50% per annum at the beginning of each subsequent 90-day period; or 
  
 (iii) if (A) the Issuers have not exchanged Exchange Notes
for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to the 225th day after the Issue Date or (B) if applicable, a Shelf Registration has been declared effective and such Shelf Registration ceases to be
effective at any time during the Effectiveness Period, then Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.50% per annum for the first 90 days commencing on the (x) 226th day after the Issue Date, in the case of
(A) above, or (y) the day such Shelf Registration ceases to be effective in the case of (B) above, and such Additional Interest rate shall increase by an additional 0.50% per annum at the beginning of each such subsequent 90-day period; 

 
 provided, however, that the Additional Interest rate on the Notes may not
accrue under more than one of the foregoing clauses (i) - (iii) at any one time and at no time shall the aggregate amount of additional interest accruing exceed in the aggregate 1.0% per annum; provided, further, however, that
(1) upon the filing of the applicable Exchange Offer Registration Statement or the applicable Shelf Registration as required hereunder (in the case of clause (i) above of this Section 4), (2) upon the effectiveness of the Exchange Offer Registration
Statement or the applicable Shelf Registration Statement as required hereunder (in the case of clause (ii) of this Section 4), or (3) upon the exchange of the Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this Section 4),
or upon the effectiveness of the applicable Shelf Registration Statement which had ceased to remain effective (in the case of (iii)(B) of this Sec- 
  

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 tion 4), Additional Interest on the Notes in respect of which such events relate as a result of such clause (or the
relevant subclause thereof), as the case may be, shall cease to accrue. 
  
 (b) The Issuers shall notify the Trustee within one business day after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Any amounts of Additional
Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash semiannually on each August 1 and February 1 (to the holders of record on the July 15 and January 15 immediately preceding such dates), commencing with
the first such date occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Notes,
multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360 day year comprised of twelve 30 day months and, in the case of a partial month,
the actual number of days elapsed), and the denominator of which is 360. 
  
 5. Registration Procedures 
  
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or
methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder each of the Issuers shall: 
  
 (a) Prepare and file with the SEC prior to the applicable Filing Date a Registration Statement or
Registration Statements as prescribed by Section 2 or 3 hereof, and use their respective reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided, however,
that if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom any Issuer has received prior written notice that it will be a Participating Broker-Dealer in the Exchange Offer, before filing any Registration
Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford the Holders of the Registrable Notes covered by such Registration Statement (with respect to a Registration Statement filed pursuant to Section
3 hereof) or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including
copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at 
  

 A-12 

 
least five business days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments or supplements thereto
if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object on a timely basis. 
  
 (b) Prepare and file with the SEC such amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period, the Applicable
Period or until consummation of the Exchange Offer, as the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424; and comply with
the provisions of the Securities Act and the Exchange Act applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the
subsequent resale of any securities being sold by an Participating Broker-Dealer covered by any such Prospectus. The Issuers shall be deemed not to have used their best efforts to keep a Registration Statement effective if such Issuer voluntarily
takes any action that would result in selling Holders of the Registrable Notes covered thereby or Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such Exchange Notes during that period
unless such action is required by applicable law or any applicable interpretation of the Staff of the SEC or permitted by this Agreement. 
  
 (c) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom any Issuer has received
written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable Notes (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing underwriters, if any, promptly (but in any event within one business day), and confirm such notice in writing, (i) when a Prospectus
or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written
statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents in- 
  

 A-13 

 
corporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in
connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section
5(n) hereof cease to be true and correct, (iv) of the receipt by any Issuer of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the
Exchange Notes to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any
information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making
of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuers’ determination that a post-effective amendment to a Registration Statement would be
appropriate. 
  
 (d) To use their respective
reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification)
of any of the Registrable Notes or the Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any jurisdiction, at the earliest practicable moment. 
  
 (e) If a Shelf Registration is filed pursuant to Section 3 and if requested during the Effectiveness Period
by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes being sold in connection with an underwritten offering or any Participating Broker-Dealer, (i) as promptly as
practicable incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders, any Participating Broker-Dealer or counsel for any of them reasonably request to be
included therein, (ii) make all required filings of such prospectus sup- 
  

 A-14 

 
plement or such post-effective amendment as soon as practicable after the Issuers have received notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment, and (iii) supplement or make amendments to such Registration Statement. 
  
 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes
(with respect to a Registration Statement filed pursuant to Section 3 hereof) and to each such Participating Broker-Dealer who so requests (with respect to any such Registration Statement) and to their respective counsel and each managing
underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all
documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes
(with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their respective counsel, and the underwriters, if any, at
the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may
reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange
Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
  
 (h) Prior to any public offering of Registrable Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period, use their respective best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case 
  

 A-15 

 
may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption
from such registration or qualification) of such Registrable Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing
underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes held by Participating Broker-Dealers or Registrable Notes are offered other than through an underwritten offering, the Issuers
agree to cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h), keep each such registration or qualification (or exemption therefrom) effective during the
period such Registration Statement is required to be kept effective and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Exchange Notes held by Participating Broker-Dealers or the
Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action
that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 

 
 (i) If a Shelf Registration is filed pursuant to Section
3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates
shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations (subject to applicable requirements contained in the Indenture) and
registered in such names as the managing underwriter or underwriters, if any, or Holders may request. 
  
 (j) Use their respective best efforts to cause the Registrable Notes covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes, except as may be required
solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers will cooperate in all respects with the filing of such registrations and the granting of such approvals. 
  
 (k) If (1) a Shelf Registration is filed pursuant to Section
3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period, 
  

 A-16 

 
upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a)
hereof) file with the SEC, at the sole expense of the Issuers, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by
reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder (with respect to a Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of
the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer (with respect to any such Registration Statement), any such Prospectus will not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  

(l) Use their respective best efforts to cause the Registrable Notes covered by a Registration Statement or the Exchange Notes, as the
case may be, to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement or the Exchange Notes, as the case may be, or the
managing underwriter or underwriters, if any. 
  
 (m) Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and
(ii) provide a CUSIP number for the Registrable Notes. 
  
 (n) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes, and take all
such other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and
warranties to, and covenants with, the underwriters with respect to the business of the Issuers (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or
deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) obtain
the written opinions of counsel to the Issuers, and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in
opinions reasonably requested in underwritten offerings; 
  

 A-17 

 (iii) obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably
satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public accountants of the Issuers, or of any business acquired by the
Issuers, for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering
matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Notes; and (iv) if an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures no less favorable to the sellers and underwriters, if any, than those set forth in Section 7 hereof (or such other provisions and procedures reasonably acceptable to Holders of a majority in aggregate
principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents, if any). The above shall be done at each closing under such underwriting agreement, or as and to the extent required
thereunder. 
  
 (o) If (1) a Shelf Registration
is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to
sell Exchange Notes during the Applicable Period, make available for inspection by any Initial Purchaser, any selling Holder of such Registrable Notes being sold (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each
such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating
Broker-Dealer (with respect to any such Registration Statement), as the case may be, or underwriter (any such Initial Purchasers, Holders, Participating Broker-Dealers, underwriters, attorneys, accountants or agents, collectively, the
“Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate documents and instruments of the Issuers and subsidiaries of
the Issuers (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuers and any of its
subsidiaries to supply all information (“Information”) reasonably requested by any such Inspector in connection with such due diligence responsibilities. Each Inspector shall agree in writing that it will keep the Records and
Information confidential and that it will not disclose any of the Records or Information that any Issuer determines, in good faith, to be confidential and notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records
or Information is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospec- 
  

 A-18 

 
tus, (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii)
disclosure of such Records or Information is necessary or advisable, in the opinion of counsel for any Inspector, in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and
arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records or Information has been
made generally available to the public other than by an Inspector or an “affiliate” (as defined in Rule 405) thereof; provided, however, that prior notice shall be provided as soon as practicable to the Issuers of the
potential disclosure of any information by such Inspector pursuant to clauses (i) or (ii) of this sentence to permit the Issuers to obtain a protective order (or waive the provisions of this paragraph (o)) and that such Inspector shall take such
actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any
Inspector. 
  
 (p) Provide an indenture trustee
for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first
Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes, to effect such changes (if any) to such indenture as may be required
for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use its reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and
documents required to be filed with the SEC to enable such indenture to be so qualified in a timely manner. 
  
 (q) Comply with all applicable rules and regulations of the SEC and make generally available to its securityholders with regard to any
applicable Registration Statement, a consolidated earning statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the
end of any fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or best efforts
underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company, after the effective date of a Registration Statement, which statements shall cover said 12-month
periods. 
  

 A-19 

 (r) Upon consummation of the Exchange Offer or a Private Exchange, obtain an opinion of
counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the
Exchange Notes or Private Exchange Notes, as the case may be, the related guarantee and the related indenture constitute legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with their respective terms,
subject to customary exceptions and qualifications. If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes by Holders to the Issuers (or to such other Person as directed by the Issuers), in exchange
for the Exchange Notes or the Private Exchange Notes, as the case may be, the Issuers shall mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange for the Exchange Notes or the Private
Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 
  
 (s) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in
the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the “NASD”). 
  
 (t) Use their respective best efforts to take all other
steps necessary to effect the registration of the Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 
  
 The Issuers may require each seller of Registrable Notes as to which any registration is being effected to furnish to the Issuers such information
regarding such seller and the distribution of such Registrable Notes as the Issuers may, from time to time, reasonably request. The Issuers may exclude from such registration the Registrable Notes of any seller so long as such seller fails to
furnish such information within a reasonable time after receiving such request. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the
information previously furnished to the Issuers by such seller not materially misleading. 
  
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of any Issuer, then such Holder shall have the right to require (i) the insertion therein of language, in
form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and
that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuers, or (ii) in the event that such reference to such 
  

 A-20 

 Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the
deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
  
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by its acquisition of such Registrable Notes or
Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from any Issuer of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi)
hereof, such Holder will forthwith discontinue disposition of such Registrable Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such
Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Issuers that the use of
the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. In the event that the Issuers shall give any such notice, each of the Applicable Period and the Effectiveness Period shall be extended by the
number of days during such periods from and including the date of the giving of such notice to and including the date when each seller of Registrable Notes covered by such Registration Statement or Exchange Notes to be sold by such Participating
Broker-Dealer, as the case may be, shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 
  
 6. Registration Expenses 
  
 All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers, whether or not the
Exchange Offer Registration Statement or any Shelf Registration Statement is filed or becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A)
fees with respect to filings required to be made with the NASD in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, fees and disbursements of
counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders
of Registrable Notes are located, in the case of the Exchange Notes, or (y) as provided in Section 5(h) hereof, in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii)
printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses
is requested by the managing underwriter or underwriters, if any, by the Holders of a 
  

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 majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of
Registrable Notes or Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and, in the
case of a Shelf Registration, reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes selected by the Holder of a majority in aggregate principal amount of Registrable Notes covered by such Shelf
Registration (exclusive of any counsel retained pursuant to Section 7 hereof), which counsel shall be reasonably satisfactory to the Issuers, (v) fees and disbursements of all independent certified public accountants referred to in Section 5(n)(iii)
hereof (including, without limitation, the expenses of any “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance, (vii) fees and expenses of all
other Persons retained by the Issuers, (viii) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Issuers performing legal or accounting duties), (ix) the expense of any annual
audit, (x) any fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable and (xi) the expenses relating to
printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. 
  
 7. Indemnification and Contribution. (a) Each of the Issuers agree, jointly and severally, to indemnify and hold
harmless each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, and each Person, if any, who controls such Person or its affiliates within the meaning of Section 15 of the Act or
Section 20 of the Exchange Act (each, a “Participant”) against any losses, claims, damages or liabilities to which any Participant may become subject under the Securities Act, the Exchange Act or otherwise, insofar as any such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 
  
 (i) any untrue statement or alleged untrue statement made by any Issuer contained in any application or any other document or any
amendment or supplement thereto executed by any Issuer based upon written information furnished by or on behalf of any Issuer filed in any jurisdiction in order to qualify the Notes under the securities or “Blue Sky” laws thereof or filed
with the SEC or any securities association or securities exchange (each, an “Application”); 
  
 (ii) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus; or 
  

 A-22 

 (iii) the omission or alleged omission to state, in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any Application or any other document or any amendment or supplement
thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading; 
  
 and will reimburse, as incurred, the Participant for any legal or other expenses incurred by the Participant in connection with investigating, defending against or
appearing as a third-party witness in connection with any such loss, claim, damage, liability or action; provided, however, none of the Issuers will be liable in any such case to the extent that any such loss, claim, damage, or
liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers
shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Application or any amendment or supplement thereto in reliance upon and in conformity with information relating to any Participant furnished to the Issuers
by such Participant specifically for use therein. The indemnity provided for in this Section 7 will be in addition to any liability that the Issuers may otherwise have to the indemnified parties. The Issuers shall not be liable under this Section 7
for any settlement of any claim or action effected without their prior written consent, which shall not be unreasonably withheld. 
  
 (b) Each Participant, severally and not jointly, agrees to indemnify and hold harmless the Issuers, their directors, their officers and each person, if
any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Issuers or any such director, officer or controlling person may become
subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact
contained in any Registration Statement or Prospectus, any amendment or supplement thereto, or any preliminary prospectus, or (ii) the omission or the alleged omission to state therein a material fact necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information concerning such Participant,
furnished to the Issuers by the Participant, specifically for use therein; and subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any reasonable legal or other expenses incurred by the Issuers or any
such director, officer or controlling person in connection with investigating or defending against or appearing as a third party witness in connection with any such loss, claim, damage, liability or action in respect thereof. The indemnity provided
for in this Section 7 will be in addition to any liability that the Participants may otherwise have to the indemnified parties. The Partici- 
  

 A-23 

 pants shall not be liable under this Section 7 for any settlement of any claim or action effected without their consent,
which shall not be unreasonably withheld. The Issuers shall not, without the prior written consent of such Participant, effect any settlement or compromise of any pending or threatened proceeding in respect of which such Participant is or could have
been a party, or indemnity could have been sought hereunder by such Participant, unless such settlement (A) includes an unconditional written release of such Participant, in form and substance reasonably satisfactory to such Participant, from all
liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of such Participant. 
  
 (c) Promptly after receipt by an indemnified party under this Section 7 of
notice of the commencement of any action for which such indemnified party is entitled to indemnification under this Section 7, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section
7, notify the indemnifying party of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent such failure results
in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in
paragraphs (a) and (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent
that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided, however, that if (i) the use of counsel chosen by
the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, or (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after receipt by the indemnifying party of notice of the institution of such action, then, in each such case, the indemnifying party shall not have the right to direct the defense of such action on behalf
of such indemnified party or parties and such indemnified party or parties shall have the right to select separate counsel to defend such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof and approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 7 for any
legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with
the proviso to the immediately preceding sentence (it being understood, however, that in connection with such action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any
one action or separate but substantially similar actions in the same jurisdiction arising out of the same general allegations or cir- 
  

 A-24 

 cumstances, designated by Participants who sold a majority in interest of the Registrable Notes and Exchange Notes sold
by all such Participants in the case of paragraph (a) of this Section 7 or the Issuers in the case of paragraph (b) of this Section 7, representing the indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are
parties to such action or actions) or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party. All fees and expenses reimbursed pursuant to this paragraph (c)
shall be reimbursed as they are incurred. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified
party without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnified party waived in writing its rights under this Section 7, in which case the indemnified party may effect
such a settlement without such consent. 
  
 (d) In circumstances
in which the indemnity agreement provided for in the preceding paragraphs of this Section 7 is unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect
thereof) referred to therein, each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or
actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the offering of the Notes or (ii) if the
allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection
with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative benefits received by the Issuers on the one hand and such Participant on
the other shall be deemed to be in the same proportion as the total proceeds from the offering (before deducting expenses) of the Notes received by the Issuers bear to the total net profit received by such Participant in connection with the sale of
the Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Issuers on the one hand, or the Participants on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or
omission, and any other equitable considerations appropriate in the circumstances. The parties agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of
allocation that does not take into account the equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), no Participant shall be obligated to make contributions
hereunder that in the aggregate exceed the total net profit 
  

 A-25 

 received by such Participant in connection with the sale of the Notes, less the aggregate amount of any damages that such
Participant has otherwise been required to pay by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the meaning of Section 15 of the
Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Participants, and each director of the Issuers, each officer of the Issuers and each person, if any, who controls the Issuers within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Issuers. 
  
 8. Rules 144 and 144A 
  
 The Issuers covenant and agree that they will file the reports required to be filed by them under the Securities Act and the Exchange Act and the rules
and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time such Issuer is not required to file such reports, such Issuer, as the case may be,
will, upon the request of any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A. Each of the Issuers further covenants and agrees, for so long as any Registrable Notes
remain outstanding that it will take such further action as any Holder of Registrable Notes may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Notes without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144(k) under the Securities Act and Rule 144A. 
  
 9. Underwritten Registrations 
  
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers
and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to the Issuers. 
  
 No Holder of Registrable Notes may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  

 A-26 

 10. Miscellaneous 
  
 (a) No Inconsistent Agreements. None of the Issuers has, as of the date hereof, and none of the Issuers shall, after
the date of this Agreement, enter into any agreement with respect to any of its securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The
rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers’ other issued and outstanding securities under any such agreements. None of the Issuers will
enter into any agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 
  
 (b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with
respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Issuers, and (II)(A) the Holders of not less than a majority in
aggregate principal amount of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal
amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented without the prior written consent of each Holder and each
Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment,
modification or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being sold
pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the
Registrable Notes being sold pursuant to such Registration Statement. 
  
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, next-day air courier or facsimile: 
  

 A-27 

 (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the
most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Initial Purchasers as follows: 
  
 Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Facsimile No.: (212) 797-4872 
 Attention: Corporate Finance Department 
  
 with a copy to: 
  
 Cahill Gordon & Reindel LLP 
 80 Pine Street 
 New York, New York 10005 
 Facsimile No.: (212) 269-5420 
 Attention: John A. Tripodoro, Esq. 
  
 (ii) if to the Initial Purchasers, at the address specified in Section 10(d)(i); 
  
 (iii) if to the Issuers, at the address as follows: 
  
 National Beef Packing Company, L.P. 
 12200 North Ambassador Drive 
 Kansas City, MO 64163 
 Facsimile No.: (435) 649-5675 
 Attention: General Counsel 
  
 with a copy to: 
  
 Ropes & Gray LLP 
 One International Place 
 Boston, MA 02110 
 Facsimile No.: (617) 951-7050 
 Attention: Joel F. Freedman 
  
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being
timely delivered to a next-day air courier; and upon acknowledgment of receipt, if sent by facsimile. 
  

 A-28 

 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person
giving the same to the Trustee at the address and in the manner specified in such Indenture. 
  
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers;
provided, however, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Notes in violation of the terms of the Purchase Agreement or the Indenture. 
  
 (f) Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (g) Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD REQUIRE THE APPLICATION OF ANY OTHER LAW. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the
parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Notes Held by the Issuers or Their Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in
determining whether such consent or approval was given by the Holders of such required percentage. 
  

 A-29 

 (k) Third-Party Beneficiaries. Holders of Registrable Notes and Participating Broker-Dealers are
intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. 
  
 (l) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings,
correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with
respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 A-30 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

	 NATIONAL BEEF PACKING COMPANY, L.P.

		
	 By:
	 	

	 	 	 Name:
 Title:
	 	 

  

	 NB FINANCE CORP.

		
	 By:
	 	

	 	 	 Name:
 Title:
	 	 

  

 S-1 

	The foregoing Agreement is hereby confirmed and accepted as of the date first above written.
	
	 DEUTSCHE BANK SECURITIES INC.

		
	 By:
	 	

	 	 	 Name:
 Title:

  

		
	 By:
	 	

	 	 	 Name:
 Title:

  

	 U.S. BANCORP PIPER JAFFRAY INC.

		
	 By:
	 	

	 	 	 Name:
 Title:

  

	 RABO SECURITIES USA, INC.

		
	 By:
	 	

	 	 	 Name:
 Title:

  

		
	 By:
	 	

	 	 	 Name:
 Title:

  

 S-2 

 EXHIBIT B 
  

FORM OF OPINION OF ROPES & GRAY 
  
 (1) Assuming the due authorization, execution and delivery of the Indenture and the Registration Rights Agreement by Company and the
Co-Issuer, each of the Indenture and the Registration Rights Agreement will constitute (subject to the qualifications of the penultimate paragraph of this opinion) legal, valid and binding obligations of the Company and the Co-Issuer and will be
enforceable against the Company and the Co-Issuer in accordance with their respective terms, the Indenture meets the requirements for qualification under the TIA and the Indenture and the Registration Rights Agreement conform in all material
respects to the descriptions thereof in the Final Memorandum. 
  
 (2) Assuming that the Notes have been duly authorized, executed, issued and delivered, and, assuming due authentication and delivery of the Notes by the Trustee in accordance with the terms of the Indenture and
payment therefor in accordance with the terms of this Agreement, the Notes will constitute (subject to the qualifications in the penultimate paragraph of this opinion) legal, valid and binding obligations of the Company and the Co-Issuer,
enforceable against the Company and the Co-Issuer in accordance with their terms, and the Notes conform in all material respects to the description thereof in the Final Memorandum. 
  
 (3) The issue and sale of the Notes and the performance by the Company and the Co-Issuer of its obligations
under the Notes, the Indenture and the Registration Rights Agreement will not conflict with or result in a breach or violation of any of the terms or provisions of or constitute a default under (A) any indenture, mortgage, deed of trust, loan
agreement, note, lease, license, contract or other agreement or instrument known to such counsel to which the Company or the Co-Issuer is a party or by which the Company or the Co-Issuer is bound or to which any of the property or assets of the
Company or the Co-Issuer is subject, or (B) any federal, Delaware or New York statute or any order, rule or regulation of any federal, Delaware or New York court or governmental agency or body having jurisdiction over the Company or the Co-Issuer or
any of their properties of which such counsel has knowledge, except in the case of (A) and (B) above for any breaches, conflicts, violations or defaults as would not individually or in the aggregate have a Material Adverse Effect. With regard to
clause (B) above, we do not express any opinion in this paragraph as to compliance with state securities or Blue Sky laws or as to compliance with the antifraud provisions of federal and state securities laws. 
  
 (4) No consent, approval, authorization, order, registration
or qualification of or with any governmental authority is required for the issue and sale of the Notes, except such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in
connection with the purchase and distribution of the Notes by the Initial Purchasers. 

 (5) Assuming (a) the accuracy of the representations and warranties (as to factual
matters) of the Company, the Co-Issuer and NB Acquisition (collectively, the “Company Parties”) and the Initial Purchasers set forth in this Agreement and (b) the due performance of and compliance with the covenants and agreements set
forth in this Agreement by the Company Parties and the Initial Purchasers, the offer and sale of the Notes to the Initial Purchasers and the initial resales of the Notes by the Initial Purchasers (in the manner contemplated by this Agreement and the
Final Memorandum) do not require registration under the Act or qualification of the Indenture under the TIA with respect thereto (it being understood that we are not expressing any opinion in this paragraph as to any reoffer or resale of any Notes
initially sold by the Initial Purchasers). 
  
 (6) To such counsel’s knowledge, after having made due inquiry of the officers of the Company Parties, but without having investigated any governmental records or court dockets, and other than as set forth in the Final Memorandum,
there are no legal or governmental proceedings pending or threatened to which the Company or the Co-Issuer is a party or of which any property of the Company or the Co-Issuer is the subject which, if determined adversely to the Company or the
Co-Issuer, would individually or in the aggregate place in question the validity or enforceability of the Notes or seek to enjoin the issuance or sale of the Notes. 
  
 (7) Assuming that the Exchange Notes and the Private Exchange Notes have been duly authorized by the Company
and the Co-Issuer and assuming (a) the due execution and delivery thereof by the Company and the Co-Issuer in accordance with the terms of the Registration Rights Agreement and the Indenture, (b) the due authentication and delivery thereof by the
Trustee in accordance with the terms of the Indenture, and (c) no change in applicable law, the Exchange Notes and the Private Exchange Notes will constitute (subject to the qualifications of the penultimate paragraph of this opinion) legal, valid
and binding obligations of the Company and the Co-Issuer and will be enforceable against the Company and the Co-Issuer in accordance with their terms. 
  
 (8) None of the Company Parties is, or immediately after the sale of the Notes pursuant to this Agreement and the application of the
proceeds from such sale, will be an “investment company,” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
  
 (9) Neither the issuance of the Notes, nor the application
of the proceeds thereof as provided in the Final Memorandum, will violate Regulations T, U or X of the Board of Governors of the Federal Reserve System as in effect on the date hereof. 
  
 In the course of the preparation by the Company of the Final Memorandum, we have participated in discussions
with your representatives and those of the Company, its affiliates and its independent accountants, in which the business and affairs of the Company and the contents of the Final Memorandum were discussed. Based on 
  

 B-2 

 
such information and participation, nothing has come to such counsel’s attention that has caused it to believe that as of its date and the Closing Date,
the Final Memorandum contained or contains any untrue statement of a material fact or omitted or omits to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. Such counsel expresses no opinion, however, as to financial statements, including the notes and schedules thereto, or any other financial or accounting information set forth, referred to or incorporated by
reference in the Final Memorandum. 
  
 The
limitations inherent in the independent verification of factual matters and the character of the determinations involved in such counsel’s review are such that it does not assume any responsibility for the accuracy, completeness or fairness of
the statements made or the information contained in the Final Memorandum, except for those made (i) “Description of Certain Indebtedness,” insofar as they purport to constitute a summary of the terms of the Company’s proposed
amendment of its senior secured credit facility and its outstanding industrial revenue bonds; (ii) under the caption “Description of the Notes,” insofar as they purport to constitute a summary of the terms of the Notes and the Indenture;
(iii) under the caption “Certain United States Federal Income Tax Considerations,” insofar as they purport to describe the provisions of laws referred to therein; and (iv) under the caption “Exchange Offer; Registration Rights,”
insofar as they purport to constitute a summary of the exchange offer process and the registration rights contained in the Registration Rights Agreement. 
  
 Such counsel’s opinion stated herein that each of the Indenture, the Registration Rights Agreement, the Notes, the Exchange Notes and
the Private Exchange Notes constitutes or will constitute a legal, valid and binding obligation, enforceable against the Company and the Co-Issuer, in accordance with its terms, is subject to (a) bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting the rights and remedies of creditors and secured parties and (b) general principles of equity, regardless of whether enforcement is sought in proceedings in equity or at law. The opinions expressed
herein are subject to the qualification that the enforceability of provisions in the Indenture and the Registration Rights Agreement providing for indemnification or contribution may be limited by public policy considerations. Such counsel expresses
no opinion as to the enforceability of powers of attorney, submission to jurisdiction, waiver of defenses, waiver of right of subrogation, waiver of service of process and venue and waiver of the right to trial by jury and jury trial waivers
contained in the Operative Documents. Such counsel expresses no opinion with respect to the applicability of Section 548 of the Bankruptcy Code or any other fraudulent conveyance provisions. 
  
 References to the Final Memorandum in this opinion shall
include any amendment or supplement thereto prepared in accordance with the provisions of this Agreement at the Closing Date. 
  

 B-3 

 EXHIBIT C 
  

FORM OF OPINION OF LINDQUIST & VENNUM 
  
 1. Each of the Company, the Co-Issuer and NB Acquisition (collectively, the “Company Parties”) has been duly organized and is
validly existing and in good standing under the laws of the State of Delaware with all requisite corporate power and authority, all requisite limited partnership power and authority under its partnership agreement and the Delaware Revised Uniform
Limited Partnership Act, or all requisite limited liability company power and authority under its limited liability company agreement and the Delaware Limited Liability Company Act, as applicable, to own its properties and conduct its business as
described in the Final Memorandum.  
  
 2.
The Company has an authorized capitalization as set forth in the Final Memorandum, and all of the issued equity interests of the Company as set forth in the Final Memorandum have been duly and validly authorized and issued and (assuming receipt of
payment therefor) are fully paid and non-assessable. 
  
 3. All of the issued shares of capital stock of the Co-Issuer have been duly and validly authorized and issued, and (assuming receipt of payment therefor) are fully paid and non-assessable and are owned of record by the Company. 

 
 4. Each of the Company Parties has duly authorized,
executed and delivered each of the Notes, the Indenture, this Agreement and the Registration Rights Agreement (collectively, the “Operative Documents”) to which it is a party. 
  
 5. The Notes, Exchange Notes and Private Exchange Notes have been duly and validly authorized by the
Issuers. 
  
 6. The execution, delivery and
performance of this Agreement in so far as it relates to the Acquisition will not conflict with or result in a breach or violation of any of the terms or provisions of or constitute a default under (A) any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument known to such counsel to which any of the Company Parties is a party or by which any of the Company Parties is bound or to which any of the property or assets of any of the Company Parties is subject, (B)
the provisions of the Certificate of Incorporation, By-laws or limited liability company agreement, as the case may be, of such Company Party, or (C) any federal or Delaware statute or any order, rule or regulation of any federal or Delaware court
or governmental agency or body having jurisdiction over the Company Parties or any of their properties, except in the case of (A), (B) and (C) above for any breaches, conflicts, violations or defaults as would not individually or in the aggregate
have a Material Adverse Effect. 
  
 7. The
execution, delivery and performance of the Operative Documents by the Company and the Co-Issuer and the consummation of the transactions contem- 

 
plated therein will not conflict with or result in a breach or violation of any of the terms or provisions of or constitute a default under the provisions of
the Certificate of Incorporation, By-laws or limited liability company agreement, as the case may be, of such Company Party. 
  
 8. No consent, approval, authorization, order, registration or qualification of or with any governmental authority is required for the
consummation by the Company Parties of the Acquisition as contemplated by this Agreement. 
  
 References to the Final Memorandum in this opinion shall include any amendment or supplement thereto prepared in accordance with the
provisions of this Agreement at the Closing Date. 
  

 C-2John R. Miller Employment Agreement

 Exhibit 10.2 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) dated as of the 6th day of August, 2003, is made by and between National Beef Packing Company, LLC, a Delaware limited liability company (“National Beef”), and John R.
Miller (“Executive”). 
  
 WHEREAS, Executive has been
employed by Farmland National Beef Packing, L.P., a Delaware limited partnership and a predecessor of National Beef (“Farmland L.P.”), pursuant to an employment agreement dated as of May 25, 2000, as amended (the “Prior
Agreement”); 
  
 WHEREAS, Executive and certain of his
affiliates are members of National Beef and have executed, in their capacities as members, the Limited Liability Company Agreement of National Beef dated as of the date hereof (the “LLC Agreement”), which LLC Agreement contains certain
rights and obligations of National Beef and Executive relating to Executive’s ownership of membership interests in National Beef; 
  
 WHEREAS, Executive and National Beef are parties to a Deferred Equity Incentive Compensation Agreement dated as of the date hereof (the “Deferred
Equity Incentive Compensation Agreement”), pursuant to which Executive will be issued as deferred compensation additional membership interests in National Beef on the terms and upon the occurrence of the events specified therein in lieu of
accrued but unpaid bonuses which upon the occurrence of certain events would be owed to Executive pursuant to the Prior Agreement; and 
  
 WHEREAS, National Beef desires to employ Executive and Executive desires to be employed by National Beef, and National Beef and Executive desire to
terminate the Prior Agreement and supersede it, in its entirety, with this Agreement and the Deferred Equity Incentive Compensation Agreement; 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

  
 1. Employment. Subject to the terms and conditions
herein, National Beef will employ Executive, and Executive will be employed by National Beef, hereunder as the Chief Executive Officer (“CEO”) of National Beef, from the date hereof (the “Effective Date”) until and including the
earlier of: (a) the last day of the fiscal year ending on or about August 30, 2008, or such later date as the parties may agree (the “Expiration Date”); or (b) the date such employment shall otherwise have been terminated in accordance
with Section 4 (the “Termination Date”): (the period from the Effective Date until the earlier of the Expiration Date or the Termination Date being sometimes referred to herein as the “Term”). The occurrence of either the
Expiration Date or the Termination Date and the resulting discontinuation of Executive’s services to National Beef hereunder shall not affect the rights and obligations of Executive or any of his affiliates pursuant to the LLC Agreement or the
Deferred Equity Incentive Compensation Agreement except as may be otherwise expressly set forth in this Agreement, the Deferred Equity Incentive Compensation Agreement or the LLC Agreement. 

 2. Location of Employment. Executive’s principal places of employment shall be at the
principal executive offices of National Beef located in Kansas City, Missouri, and the offices of Executive in Utah. Executive will typically spend a minimum of one day per week in the Kansas City office. 
  
 3. Compensation. 
  
 a. Annual Salary. Executive shall be paid by National Beef a salary
at the annual rate of $900,000 for each 12-month period during the Term, pro-rated for any portion thereof, payable in substantially equal monthly installments on or before the last day of each monthly period with respect to each such period, less
normal withholdings. 
  
 b. Quarterly Bonus. For each full
fiscal quarter of National Beef commencing on the first day of the fiscal year beginning on or about August 31, 2003 and continuing through the fiscal year ending on or about August 30, 2008, Executive shall, if he is employed by National Beef
hereunder as of the last day of each such fiscal quarter or as otherwise described herein, be paid by National Beef a quarterly bonus (a “Quarterly Bonus”) equal to $75,000 each fiscal quarter; provided, however, that if National
Beef is prohibited during the first thirty (30) days following the last day of any fiscal quarter from making a “Restricted Payment” of at least $1.00 pursuant to the Indenture governing National Beef’s Senior Notes due 2011 (after
giving effect to all such Restricted Payments made prior thereto during such thirty (30) day period), National Beef shall instead (a) pay the Executive $36,000 of such Quarterly Bonus with respect to such fiscal quarter, and (b) pay the Executive
the balance, without interest, of such Quarterly Bonus with respect to such Fiscal Quarter at the earliest possible date on which National Beef is permitted to make such a Restricted Payment in the amount of at least $1.00. Any Quarterly Bonus
payable with respect to a fiscal quarter shall be payable, less normal withholdings, on or before the date (the “Quarterly Bonus Date”) that is thirty (30) days following the end of such fiscal quarter, except to the extent deferred and
payable as provided in clause (b) to the proviso to the immediately preceding sentence. 
  
 c. Annual Bonus. For each full fiscal year of National Beef during the Term, Executive shall, if he is employed by National Beef hereunder as of the last day of such fiscal year, or as otherwise described
herein, be paid by National Beef an annual incentive bonus (an “Annual Bonus”) equal to: (a) if National Beef’s earnings before taxes (“EBT”) for such fiscal year exceeds $20,000,000, two and three-quarters percent (2.75%)
of the amount of such excess, up to EBT of $80,000,000; plus (b) if EBT for such fiscal year exceeds $80,000,000, one percent (1%) of such excess. 
  
 Any Annual Bonus accruing with respect to a fiscal year shall be payable, less normal withholdings, on or before the date (the “Annual Bonus
Date”) that is the later of: (a) sixty (60) days following the end of such fiscal year; or (b) ten (10) days following receipt by the National Beef Board of Managers (“Board”), from National Beef’s accountants, of all completed
financial statements that are relevant to the calculation of such Annual Bonus. For purposes of calculating any Annual Bonus under this Section 3(c), National Beef’s EBT shall be determined 

  

 2 

 by National Beef’s accountants using generally accepted accounting principles consistently applied. 
  
 d. Long-Term Incentive Plan. 
  
 (i) Executive shall, if he is continuously employed
hereunder through the last day of the fiscal year ending on or about August 26, 2006, or as otherwise described herein, be paid by National Beef a long-term incentive bonus (“First Long-Term Bonus”), equal to: (a) if National Beef’s
cumulative earnings before interest and taxes (“EBIT”) during the period from the first day of the fiscal year beginning on or about August 31, 2003 through the last day of the fiscal year ending on or about August 26, 2006, exceeds
$115,000,000, seven percent (7.0%) of such excess, up to cumulative EBIT of $150,000,000 during such period; plus (b) if such cumulative EBIT exceeds $150,000,000, two percent (2.0%) of such excess, up to cumulative EBIT of $175,000,000;
plus (c) if such cumulative EBIT exceeds $175,000,000, one percent (1.0%) of such excess. Any First Long-Term Bonus accruing under this Section 3(d)(i) shall be payable, less normal withholdings, on or before the date (“First Long-Term
Bonus Date”) that is the later of: (a) sixty (60) days following the last day of the fiscal year ending on or about August 26, 2006; or (b) ten (10) days following receipt by the Board from National Beef’s accountants, of all completed
financial statements that are relevant to the calculation of such First-Long-Term Bonus. 
  
 (ii) In addition to the First Long-Term Bonus, Executive shall, if he is continuously employed hereunder through the last day of the
fiscal year ending on or about August 30, 2008, or as otherwise described herein, be paid by National Beef another long-term incentive bonus (“Second Long-Term Bonus”) equal to: (a) if National Beef’s cumulative EBIT during the period
from the first day of the fiscal year beginning on or about August 27, 2006 through the last day of the fiscal year ending on or about August 30, 2008 exceeds $76,667,000, seven percent (7.0%) of such excess, up to cumulative EBIT of $100,000,000;
plus (b) if such cumulative EBIT exceeds $100,000,000, two percent (2.0%) of such excess, up to cumulative EBIT of $116,667,000; plus (c) if such cumulative EBIT exceeds $116,667,000, one percent (1.0%) of such excess. Any Second
Long-Term Bonus accruing under this Section 3(d)(ii) shall be payable, less normal withholdings, on or before the date (“Second Long-Term Bonus Date”) that is the later of: (a) sixty (60) days following the last day of the fiscal year
ending on or about August 30, 2008; or (b) ten (10) days following receipt by the Board from National Beef’s accountants, of all completed financial statements that are relevant to the calculation of such Second Long-Term Bonus. 
  
 (iii) For purposes of calculating the First Long-Term Bonus
and the Second Long-Term Bonus under this Section 3(d), National Beef’s EBIT shall be determined by National Beef’s accountants using generally accepted accounting principles consistently applied. 

  

 3 

 e. Other Benefits. Executive shall be entitled to paid vacations, personal and sick days
consistent with the policies of National Beef generally applicable to its management employees, as adopted and amended from time to time by the Board. Executive shall receive such other compensation as shall be approved by the Board. Executive shall
also be entitled to participate in all benefit plans which are made available from time to time to management employees of National Beef, on terms no less favorable than those applicable to any other management employee (such plans including,
without limitation, group medical, life, disability and accidental death and dismemberment insurance). 
  
 f. Support. During his employment hereunder, National Beef shall, at its expense, cause to be provided for Executive’s use, office facilities
at National Beef’s principal business locations and such secretarial services Executive may reasonably require in carrying out his obligations under this Agreement. 
  
 g. Business Expenses. During his employment hereunder, Executive shall also be reimbursed by National Beef for
reasonable business expenses actually incurred or paid by him, consistent with the policies of National Beef, in rendering to National Beef the services provided for herein, upon presentation of expense statements or such other supporting
information as National Beef may customarily and reasonably require of its executives. Such expenses shall include, without limitation, travel expenses to and from Park City, Utah, and an expense allowance for Executive’s Kansas City
condominium. Notwithstanding the foregoing, expenses related to the Kansas City condominium will be limited to $100.00 per night for each night for which Executive uses said condominium while conducting business for National Beef in Kansas City.

  
 h. Location of Residence. During his employment
hereunder, Executive shall not be required to relocate from his Park City, Utah home; however, consistent with Section 2 hereof, Executive shall, in the exercise of his reasonable judgment, spend sufficient time at National Beef’s principal
business locations in Kansas City, Missouri, and Liberal and Dodge City, Kansas and Salt Lake City, Utah in order to carry out Executive’s responsibilities as set forth herein. 
  
 i. Aircraft Leases. National Beef agrees to continue to lease the two aircraft owned by Executive on an arm’s
length commercially reasonable basis pursuant to the existing leases of such aircraft. If during the term of the existing leases on such aircraft, either of the existing leased aircraft is replaced by Executive or his affiliates with the approval of
the Board, then Executive will be given the option to lease such replacement aircraft to National Beef on an arm’s length commercially reasonable basis. 
  
 4. Termination. 
  
 a. The employment of Executive hereunder may be terminated by National Beef on at least thirty (30) days’ prior written notice if the Board
reasonably determines that Executive has become permanently disabled (as hereinafter defined). Such written notice shall provide reasonable detail regarding the basis for such determination. Executive shall be deemed to be “permanently
disabled,” as used in this subsection, if Executive has been substantially unable to discharge his duties and obligations hereunder with or without reasonable 

  

 4 

 
accommodation, by reason of illness, accident or disability for a period of 180 days in any twelve-month period. 
  
 b. The employment of Executive hereunder shall be automatically terminated on
the date of Executive’s death. 
  
 c. National Beef may
terminate Executive’s employment hereunder for cause (as hereinafter defined) by the vote of a majority of the full Board and in accordance with the LLC Agreement following: (i) notice to Executive of not less than fifteen (15) days setting
forth in detail the nature of such cause; and (ii) a hearing before the Board at which Executive shall be entitled to representation by counsel. National Beef shall have “cause” to terminate Executive, as used in this subsection, only if
Executive has: (i) refused or failed, after reasonable written notice that such refusal or failure would constitute a default hereunder, to carry out any reasonable and material order of the Board given to him in writing; (ii) materially and
willfully breached the terms of this Agreement; (iii) demonstrated gross negligence or willful misconduct in the execution of his material assigned duties where such gross negligence or willful misconduct has resulted, or would reasonably be
expected to result, in material damage to National Beef; or (iv) been convicted of a felony (A) constituting fraud, embezzlement or other illegal conduct related to his employment or (B) which has otherwise resulted, or would reasonably be expected
to result, in material damage to National Beef. With respect to clauses (ii) and (iii) of the previous sentence, National Beef shall have “cause” to terminate Executive only if the damage referred to therein or resulting therefrom is not
cured or avoided by Executive within thirty (30) days following the giving of the notice referred to above. 
  
 d. In addition to the circumstances set forth above in subsections (a), (b) and (c), National Beef may terminate Executive’s employment for any
reason or no reason and with or without cause upon thirty (30) days’ prior written notice to Executive. 
  
 e. Executive may terminate his employment hereunder for any reason or no reason upon thirty (30) days’ prior written notice to National Beef.

  
 f. Executive may terminate his employment hereunder forthwith
at any time for good reason (as hereinafter defined) upon written notice to National Beef. For purposes of this subsection, “good reason” shall mean the occurrence of any of the following (as would reasonably be determined by a chief
executive officer of a company comparable in size and scope to National Beef): (i) a material reduction or adverse alteration in the duties, authorities or responsibilities of Executive as set forth in Section 5 hereof; (ii) removal of Executive
from, or any failure to re-elect Executive to, any titles, offices or positions held by Executive hereunder; (iii) a reduction by National Beef in Executive’s basic salary or bonuses herein provided or as the same may be increased from time to
time; and (iv) a material and willful breach by National Beef of any of its obligations to Executive hereunder. 
  
 g. If Executive’s employment is terminated pursuant to subsection (a) or (b) above, Executive (or in the case of a termination pursuant to subsection
(b) above, his estate), shall be entitled to, and National Beef’s obligation hereunder shall be limited to: (i) the payment of the compensation accrued under Section 3(a) hereof and the payment of other benefits under Section 3(e) hereof to the
date of such termination plus, until the earlier of the first anniversary 

  

 5 

 
of such termination or the Expiration Date (such earlier date being the “Deemed Termination Date”), (A) monthly payments of salary pursuant to
Section 3(a) and in the case of disability, all other benefits pursuant to Section 3(e), and (B) quarterly payments of the Quarterly Bonus pursuant to Section 3(b); (ii) the payment (A) on or before the Annual Bonus Date for the fiscal year in which
such termination occurs, of the Annual Bonus payable pursuant to Section 3(c) for such fiscal year and (B) on or before the Annual Bonus Date for the fiscal year in which the Deemed Termination Date occurs, of a pro-rated amount (based on the number
of days in such fiscal year) through the Deemed Termination Date of the Annual Bonus that would have accrued if Executive had remained employed hereunder through the last day of such fiscal year, in each case less normal withholdings; and (iii) the
payment, on or before the First Long-Term Bonus Date (if the First Long-Term Bonus has not already been paid) and the Second Long-Term Bonus Date, of a pro-rated amount (based on the number of days in the period applicable to such bonus) through the
Deemed Termination Date of the amount of the First Long-Term Bonus (if not already paid) and the Second Long-Term Bonus, that would have accrued if Executive had remained employed hereunder for the term applicable to such First Long-Term Bonus
and/or Second Long-Term Bonus, in each case less normal withholdings. 
  
 h. If Executive’s employment is terminated by National Beef pursuant to subsection (c) above, or if Executive terminates his employment pursuant to subsection (e) above, National Beef’s obligation hereunder shall be limited to the
payment of the compensation accrued under Section 3(a) hereof to the date of such termination. 
  
 i. If Executive’s employment is terminated pursuant to subsection (d) or (f) above, Executive shall be entitled to, and National Beef’s obligation hereunder shall be limited to: (i) the payment of the
compensation accrued under Section 3(a) hereof to the date of such termination plus continued monthly payment of salary under Section 3(a), and continuation of benefits under Section 3(e) (subject to any necessary consent of insurers, where
applicable), in each case through the Expiration Date; (ii) the payment, on or before the Quarterly Bonus Dates during the fiscal year in which such termination occurs and during each fiscal year thereafter through the Expiration Date, of the
Quarterly Bonus that would have accrued during such fiscal year if Executive had remained employed hereunder through the last day of such fiscal year, less normal withholdings; and (iii) the payment, on or before the Annual Bonus Date for the fiscal
year in which such termination occurs and each fiscal year thereafter through the Expiration Date, of the Annual Bonus that would have accrued for such fiscal year if Executive had remained employed hereunder through the last day of such fiscal
year, less normal withholdings; and (iv) the payment, on or before the First Long-Term Bonus Date (if the First Long-Term Bonus has not already been paid) and the Second Long-Term Bonus Date, of the amount of First Long-Term Bonus (if not already
paid) and the Second Long-Term Bonus, that would have accrued if Executive had remained employed hereunder through the Expiration Date, less normal withholdings. If consent of the applicable insurers is not received within 30 days, then an amount in
cash sufficient for Executive to obtain comparable coverage will be paid to Executive in equal monthly payments through the Expiration Date. 
  
 5. Responsibilities and Authority. In his capacity as CEO of National Beef, Executive shall report to the Board and shall have such
responsibilities and authority to ensure effective management of National Beef as determined by the Board in accordance with the LLC 

  

 6 

 
Agreement. Executive shall have the authority to implement the business plan of National Beef as approved by the Board, and shall consult with the Board on
all major decisions regarding such business plan. The Board shall not act through other agents without the knowledge of Executive. In addition to the foregoing and those responsibilities and authorities normally associated with the position of chief
executive officer in a business similar in size and scope to that of National Beef’s, Executive’s responsibilities and authorities shall include, without limitation, the following: 
  
 a. Responsibility for and authority over day-to-day business operations,
including the selection and dismissal of all employees, including those in key positions except as noted below. 
  
 b. Responsibility and authority: (i) to develop and implement the business plan of National Beef, as well as capital plans, compensation plans and
strategic plans, subject to approval of the Board: (ii) to authorize any expenditure by National Beef that is reasonably necessary to enable National Beef to conduct its business and affairs, provided that any such expenditure (other than
expenditures contemplated by any annual or interim budget, plan or program already approved by the Board) shall not exceed $1,000,000 without the approval of the Board; (iii) to implement acquisitions, disposals or sales of properties or assets of
National Beef (whether effected by merger, sale of assets, lease or equity exchange or otherwise) (A) in the ordinary course of business, (B) as may be contemplated by any annual or interim budget, plan or program already approved by the Board, or
(C) in a transaction involving less than $1,000,000. 
  
 c.
Responsibility and authority to develop an executive management succession plan for key positions. 
  
 d. Responsibility and authority to implement an effective organizational structure, provided that the decisions regarding the selection and dismissal of
the President and the Chief Financial Officer shall be subject to the mutual approval of Executive and the Board. Executive must consult with the Board and receive its approval prior to any change in the employment status of Timothy M. Klein
with National Beef. 
  
 e. Responsibility and authority to
negotiate the Cattle Purchase Agreements (as defined in the LLC Agreement) and related pricing grids, with USPB, on behalf of National Beef subject to Board approval before execution of any such agreement and subject to the provisions of the LLC
Agreement. 
  
 f. Serving as Chief Executive Officer of aLF
Ventures, LLC. 
  
 g. Responsibility and authority to hire and
terminate the general counsel (not special counsel for the Board), of National Beef subject to the Board’s authority to terminate such general counsel. 
  
 National Beef and Executive agree that up to two (2) persons shall be identified by the Board as being members of the National Beef executive management
succession plan (each a 

  

 7 

 
“Successor” and collectively the “Successors”). Executive may, without Board approval, terminate the employment of any one Successor with
National Beef provided Executive presents to the Board a reasonably qualified replacement for such terminated Successor for inclusion in the executive management succession plan within ninety (90) days of such termination. Executive must first
obtain Board approval if Executive desires to terminate the employment of both Successors or to terminate the employment of any remaining Successor. 
  
 Except as otherwise provided herein, Executive shall observe and carry into effect all directions and resolutions of the Board, shall have authority to
take any and all actions on behalf of National Beef granted by the Board, and except to the extent otherwise required by the Delaware Limited Liability Company Act, as amended from time to time, may execute all bonds, notes, debentures, instruments
and documents providing for the acquisition, mortgage or disposition of property and other instruments and agreements for and in the name of National Beef, to the extent that such authority is granted by the Board herein or otherwise. 
  
 6. Covenant Not to Compete. Executive acknowledges that during his
employment with National Beef he, at the expense of National Beef, has been and will be specially trained in the business of National Beef, has established and will continue to establish favorable relations with the customers, clients and accounts
of National Beef and will have access to certain confidential and proprietary information of National Beef, all of which having economic significance to National Beef. Therefore, in consideration of this Agreement and the training and relations
incident to Executive’s employment and to further protect the confidential and proprietary information of National Beef, Executive agrees that during his employment by National Beef hereunder during the Term and for a period of eighteen (18)
months thereafter, he will not, directly or indirectly, without the prior written consent of National Beef: 
  
 a. own, have any interest in, or act as an officer, director, partner, member, manager, principal, employee, agent, representative, consultant or
independent contractor of, or in any way assist in, any business located or doing business in the United States of America or in Mexico that is engaged, or hereafter may become engaged, in slaughtering, processing, marketing or fabricating meat or
boxed meat or which is otherwise engaged in competition in any manner with any other business engaged in by National Beef, or any subsidiary of National Beef, at any time during the term of Executive’s employment hereunder; 
  
 b. divert, or attempt to divert, clients, customers (whether or not such
persons have done business with National Beef once or more than once) or accounts of National Beef, regardless of their location; or 
  
 c. entice, induce or in any manner influence any person who is or shall be in the employ or service of National Beef to leave such employment or service
(other than as contemplated by Section 5 hereof during his employment by National Beef). 
  
 Notwithstanding the foregoing, Executive may: (i) own not more than five percent (5%) of the outstanding equity securities of any entity engaged in competition with National Beef; (ii) invest in, or acquire any rights
to contracts of, businesses relating to lactoferrin in connection with medical or other applications not related to beef, pork, poultry, fish, dairy, produce and 

  

 8 

 
animal feed (for food safety purposes); and (iii) receive from the licensor party to an Exclusive License Agreement dated December 10, 1999 with National
Beef, a portion of royalty payments paid and payable by National Beef to the licensor pursuant to such Exclusive License Agreement. 
  
 If a final judicial determination is made that any of the provisions of this Section is an unenforceable restriction against Executive, the provisions of
this Section shall be rendered void only to the extent that such judicial determination finds such provisions unenforceable, and such unenforceable provisions shall automatically be reconstituted and become a part of this Section, effective as of
the date first written above, to the maximum extent in favor of National Beef that is lawfully enforceable. The obligations of Executive and the rights of National Beef under this Section shall survive the termination of this Agreement. 

 
 7. Specific Performance. Recognizing that the restrictions,
covenants and assurances contained in Section 6 hereof are reasonable and necessary in order to protect the legitimate business interests of National Beef, that any breach or threatened breach of any such restriction, covenant or assurance (a
“Breach”) will result in substantial and irreparable damage to National Beef, and that the remedies at law for any Breach will be inadequate, National Beef shall be authorized and entitled to obtain from any court of competent
jurisdiction: (a) preliminary and permanent injunctive relief, including, without limitation, mandatory injunctive relief requiring compliance with such restrictions, covenants and assurances or enjoining and restraining Executive, and each and
every person, firm or company acting in concert or participation with him, from the continuation of any Breach; (b) an equitable accounting of all profits or benefits arising out of any Breach; and (c) direct, incidental and consequential damages to
National Beef arising from any Breach, including, without limitation, costs and reasonable attorney’s fees sustained by National Beef by reason of the Breach: the foregoing rights and remedies being cumulative and in addition to such other
rights and remedies which may be available to National Beef at law or in equity. 
  
 8. Indemnification. National Beef agrees, to the fullest extent permitted by the Delaware Limited Liability Company Act and other applicable law, to indemnify Executive against any and all claims, losses,
damages or costs related in any way to Executive’s employment with National Beef or to his service as an officer or member of the Board or as a fiduciary or trustee of any benefit plan maintained by National Beef or any of its subsidiaries.
National Beef will pay all attorney fees and other expenses relating in any way to this indemnification agreement and shall advance any such fees and other expenses at the request of Executive, and all payments hereunder will be fully grossed up for
any tax liabilities. This indemnification agreement will continue and survive following the termination of all of Executive’s services, in any capacity, to National Beef, until the expiration of all applicable statutes of limitation. National
Beef will carry a directors’ and officers’ liability insurance policy throughout the period during which the foregoing indemnification agreement survives, with terms reasonably acceptable to Executive, but Executive’s right to
indemnity hereunder shall not be limited by, or to the coverage of, such insurance policy. The foregoing rights shall also not be exclusive of any other indemnification rights arising under the LLC Agreement or other agreement or resolution or other
decision of the members or Board of National Beef and shall inure to the benefit of the heirs and legal representatives of Executive. Notwithstanding the foregoing, any such indemnification of Executive shall be limited to circumstances or events

  

 9 

 
where (a) either (i) the Executive, at the time of the action or inaction in question, determined in good faith that his course of conduct was in, or not
opposed to, the best interests of the Company, or (ii) in the case of inaction by the Executive, the Executive did not intend his inaction to be harmful or opposed to the best interests of the Company, and (b) the Executive’s conduct did not
constitute fraud or willful misconduct by the Executive. 
  
 9.
Executive’s Representation. Executive represents and warrants to National Beef that neither the execution nor delivery of this Agreement, nor the performance of Executive’s obligations hereunder will conflict with, or result in a
breach of, any term, condition, or provision of, or constitute a default under, any obligation, contract, agreement, covenant or instrument to which Executive is a party or under which Executive is bound, including without limitation, the breach by
Executive of a fiduciary duty to any former employer. 
  
 10.
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal substantive law (but not the conflict of law principles) of the State of Kansas. 
  
 11. Costs of Enforcement. Subject to the provisions of Section 19
hereof, if either party brings any legal action against the other to enforce its rights under this Agreement, the prevailing party in such dispute shall be entitled to recover from the other party all fees, costs and expenses of enforcing its rights
under this Agreement including, without limitation, the reasonable fees and expenses of attorneys, accountants and expert witnesses, which shall include, without limitation, all fees, costs and expenses of appeals. 
  
 12. Entire Agreement. This Agreement, together with the Deferred
Equity Incentive Compensation Agreement, shall constitute the whole agreement of the parties hereto in reference to any employment of Executive by National Beef and in reference to any of the matters or things herein provided for or hereinabove
discussed or mentioned in reference to such employment, and all prior agreements, promises, representations and understandings relative thereto are hereby superseded. Without limiting the generality of the foregoing, this Agreement, together with
the Deferred Equity Incentive Compensation Agreement, shall supersede and replace any and all existing employment agreements or arrangements which Executive may have with National Beef or its predecessor in interest, including, without limitation,
the Prior Agreement. 
  
 13. Assignability. 
  
 a. In the event that National Beef shall merge or
consolidate with any other partnership, limited liability company, corporation, or business entity, or all or substantially all of National Beef’s business or assets shall be transferred in any manner to any other partnership, limited liability
company, corporation or business entity, then this Agreement shall automatically be assigned to the surviving entity of such merger or consolidation or the purchaser of assets who shall thereupon succeed to, and be subject to, all rights, interests,
duties and obligations of, and shall thereafter be deemed for all purposes hereof to be, National Beef hereunder. 
  

 10 

 b. This Agreement is personal in nature and none of the parties hereto shall, without the
written consent of the other parties hereto, assign or transfer this Agreement or any rights or obligations hereunder, except by operation of law or pursuant to the terms of Section 13(a). 
  
 c. Nothing expressed or implied herein is intended or shall
be construed to confer upon or give to any person, other than the parties hereto, any right, remedy or claim under or by reason of this Agreement or of any term, covenant or condition hereof. 
  
 14. Amendments; Waivers. This Agreement may be amended, modified,
superseded, canceled, renewed or extended and the terms or covenants hereof may be waived only by written instrument executed by the parties hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or
times to require performance of any provisions hereof shall in no manner affect the right at a later time to enforce the same. No waiver by any party of the breach of any term or provision contained in this Agreement, whether by conduct or
otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 
  
 15. Notice. All notices, requests and other communications hereunder
shall be in writing and: (i) if given by telegram or telex, shall be deemed to have been validly served, given or delivered when sent; (ii) if given by personal delivery, shall be deemed to have been validly served, given or delivered upon actual
delivery; (iii) if sent by overnight courier service, shall be deemed to have been validly served, given or delivered on the next business day after delivery to such overnight courier service; (iv) if mailed, shall be deemed to have been validly
served, given or delivered three business days after deposit in the United States mail, as registered or certified mail, with proper postage prepaid and, in the case of (iii) or (iv) hereof, addressed to the party or parties to be notified, at the
following addresses (or such other address(es) as a party may designate for itself by like notice); and (v) if sent by facsimile, shall be deemed to have been validly served, given or delivered upon receipt of facsimile confirmation; 
  
 If to National Beef: 
  

	 National Beef Packing Company, LLC

	 c/o U.S. Premium Beef, Ltd.

	 12200 North Ambassador Drive

	 Kansas City, Missouri 64163

	 Attention: Steven D. Hunt

	 Fax: (816) 713-8810

  

 11 

 With a copy to: 
  

Lindquist & Vennum P.L.L.P. 
 4200 IDS Center 
 80 South Eighth Street 
 Minneapolis, Minnesota 55402 
 Attention: Mark J. Hanson 
 Fax: (612) 371-3207 
  
 If to Executive: 
  
 John R. Miller 
 3562 Oakwood Drive 
 Park City, UT 84060 
 Fax: (801) 649-2359 
  
 With a copy to: 
  
 Ropes & Gray LLP 
 One International Place 
 Boston, MA 02110-2624 
 Attention: C. Todd Boes 
 Fax: 617-951-7050 
  
 16. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
  
 17. Survivability. The rights
and obligations of the parties to this Agreement under Sections 4, 6, 7, 8, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 21, 22, and all provisions of this Agreement necessary for the enforcement of those rights and obligations, shall survive the
termination of this Agreement. 
  
 18. Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be deemed one Agreement. 
  
 19. Dispute Resolution. 
  
 a. To the fullest extent permitted by law, and subject to the provisions of Section 4(c) and Section 7 hereof, the parties agree in the event of any
alleged breach hereof to submit the dispute for resolution by “mini-trial,” unless either party believes that such procedure is inappropriate for the matter in controversy. Such mini-trial shall be conducted in accordance with the Center
for Public Resources (CPR) Mini-Trial Agreement for Business Disputes before 

  

 12 

 
a panel consisting of a person with full decision-making authority designated by each party and a neutral advisor selected jointly by the parties. Limited
discovery shall be permitted as agreed by the parties. The mini-trial shall be conducted in Kansas City, Missouri at an agreed time, place and date. Arguments may be presented by counsel or others as each party deems appropriate. Each party shall
have no more than three hours (which may be extended by mutual agreement) to present exhibits, testimonies, summaries of testimony and argument. No recording of the proceeding shall be permitted. Executive may have present and consult with other
advisors as deemed appropriate. Such proceeding shall be confidential and, unless a mutually agreeable settlement is reached, no portion of the proceeding shall be used for any purpose in any subsequent proceeding. If a mutually agreeable settlement
is reached, the panel shall prepare or cause to be prepared a written settlement agreement setting forth the terms and conditions of the settlement which shall be executed by each party and shall be enforceable by and binding upon each party. In the
event a mutually agreeable settlement is not reached through use of the mini-trial proceeding, either party may initiate arbitration as provided in subsection (b) below. The neutral advisor shall be disqualified as a witness, consultant or expert in
any subsequent proceeding. 
  
 b. Subject to the provisions of
Section 4(c) and Section 7 hereof, in the event either party has determined that the mini-trial procedure is not appropriate or if no mutually agreeable settlement is reached through use of the mini-trial procedure, the dispute shall be resolved by
binding arbitration in Kansas City, Missouri in accordance with the rules of the Uniform Arbitration Act. Such arbitration shall be initiated by either party by notifying the other party in the same manner as a summons or by registered mail return
receipt requested and requesting a panel of five arbitrators from the American Arbitration Association. Alternate strikes shall be made to the panel commencing with the party requesting the arbitration until one name remains. Such individual shall
be the arbitrator for the controversy. The party requesting the arbitration shall notify the arbitrator in the same manner as a summons or by registered mail return receipt requested who shall hold a hearing(s) within sixty (60) days of the notice.
To the fullest extent permitted by law, reasonable discovery, including depositions, shall be permitted. Discovery issues shall be decided by the arbitrator. Post-hearing briefs shall be permitted. The arbitrator shall render a decision within
twenty (20) days after the conclusion of the hearing(s). Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. All fees for such arbitration will be divided equally among the participating
parties. 
  
 20. Special Reporting. Within fifteen (15)
days of the end of each fiscal quarter during the Term, Executive shall ensure that the Chief Financial Officer of National Beef delivers to the Chairman of the Board a written report which reasonably details the costs and expenses incurred by
National Beef in respect of: aircraft leases; lodging or lodges; offices located in Salt Lake City; the condominium in Kansas City; and any other properties or assets owned by Executive, Tim Klein or Scott Smith, or any affiliates of such persons:
which expenses and costs are being charged, allocated or reimbursed by National Beef at the request of Executive. 
  

 13 

 21. Confidentiality. 
  
 a. Executive acknowledges that he will obtain certain confidential information and trade secrets (“Confidential
Information”) about National Beef during his employment, that this information was obtained by National Beef at great expense and the information is zealously guarded by National Beef from unauthorized disclosure. In recognition of the
foregoing, the Executive will not at any time during his employment or following his termination of employment for any reason, disclose, use or make otherwise available to any third party any Confidential Information relating to National Beef’s
business, including, but not limited to: its products, business methods and techniques; trade secrets, data, specifications, developments, and research activity; marketing and sales strategies, information and techniques; long and short term plans;
business policies; current and prospective customer lists, contacts and information; financial, personnel and information system information; and any other information concerning the business of National Beef, except for disclosure necessary in the
course of the Executive’s duties. Confidential Information shall not include information that: (i) at the time of disclosure or thereafter is (x) in the public domain or becomes generally known to the public through no fault of Executive or (y)
not treated as confidential by National Beef; (ii) was available to the Executive on a non-confidential basis from a source other than National Beef, provided that such source was not known by the Executive to be bound by a confidentiality agreement
with National Beef; (iii) is known to Executive prior to receipt thereof from National Beef (or any predecessor of National Beef); or (iv) the Executive is legally compelled to disclose. This confidentiality provision is intended by the parties to
be enforceable regardless of whether the protected information legally constitutes “trade secrets.” 
  
 b. Executive agrees that, upon termination of his employment with National Beef, whether voluntary or involuntary, he will promptly deliver to National
Beef (and will not keep in his possession or deliver to anyone other than National Beef) all Confidential Information in his possession, including, without limitation, all records, data, notes, reports, proposals, lists, correspondence, business
plans, and other documents or property pertaining to the Confidential Information and all reproductions and extracts thereof. Executive acknowledges and agrees that all such materials are the sole property of National Beef and that he will certify
to National Beef at the time of his termination that he has complied with this obligation. 
  
 22. Offset. National Beef shall not offset any amounts owing on the compensation payable pursuant to Section 3(a) hereof, Quarterly Bonus, the Annual Bonus, the First Long-Term Bonus or the Second Long-Term
Bonus, absent a final judicial determination of a monetary damage award payable by Executive to National Beef. 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement date first above written. 

 
 “Executive” 
  

	
	 /s/    John R. Miller

	 John R. Miller

  
  
 “National Beef” 
 National Beef Packing Company, LLC

  

		
	 By:
	 	 /s/    Steven D. Hunt

	 Its:
	 	 Chairman

  

 15

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