Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

This
Employment Agreement (“Agreement”) is made effective as of May 7, 2020 (“Effective Date”) by and between
Electromed, Inc., a Minnesota corporation (the “Corporation”) and Michael MacCourt, an individual residing in Minnesota
(“Employee”) (collectively “Parties” or individually “Party”).

RECITALS

WHEREAS,
the Corporation desires to employ Employee, and Employee desires to be employed by the Corporation; and

WHEREAS,
the Corporation and Employee desire to enter into this Agreement, which will govern the terms of Employee’s employment with
the Corporation.

NOW,
THEREFORE, in consideration of the employment of Employee by the Corporation, and further in consideration of the salary,
wages or other compensation and benefits to be provided by the Corporation to Employee, and for additional mutual covenants and
conditions, the receipt and sufficiency of which are hereby acknowledged, the Corporation and Employee, intending legally to be
bound, hereby agree as follows:

AGREEMENT

In consideration
of the above recitals and the mutual promises set forth in this Agreement, the Parties agree as follows:

1.             Nature
and Capacity of Employment.

1.1       Title
and Duties. Effective as of Effective Date, the Corporation will employ Employee as its Chief Financial Officer, or such other
title as may be assigned to Employee by the Corporation’s President and Chief Executive Officer or his or her designee from
time to time, pursuant to the terms and conditions set forth in this Agreement. Employee will perform such duties and responsibilities
for the Corporation as the Corporation’s President and Chief Executive Officer or his or her designee may assign to Employee
from time to time consistent with Employee’s position. Employee shall serve the Corporation faithfully and to the best of
Employee’s ability and shall at all times act in accordance with the law. Employee shall devote Employee’s full working
time, attention and efforts to performing Employee’s duties and responsibilities under this Agreement and advancing the
Corporation’s business interests. Employee shall follow applicable policies and procedures adopted by the Corporation from
time to time, including without limitation the Corporation’s Confidentiality Policy and other Corporation policies, including
those relating to business ethics, conflict of interest and non-discrimination. Employee shall not, without the prior written
consent of the Corporation’s Board of Directors (the “Board”) accept other employment or engage in other business
activities during Employee’s employment with the Corporation that may prevent Employee from fulfilling the duties or responsibilities
as set forth in or contemplated by this Agreement.

1.2       Location.
Employee’s employment will be based at the Corporation’s corporate headquarters. Employee acknowledges and agrees
that Employee’s position, duties and responsibilities will require regular travel, both in the U.S. and internationally.

     

     

    

2.             Term.
Unless terminated at an earlier date in accordance with Section 5, the term of Employee’s employment with the Corporation
under the terms and conditions of this Agreement will be for the period commencing on the Effective Date and ending on the two
(2) year anniversary of the Effective Date (the “Initial Term”). On the two (2) year anniversary of the Effective
Date, and on each succeeding one-year anniversary of the Effective Date (each an “Anniversary Date”), the Term shall
be automatically extended until the next Anniversary Date (each a “Renewal Term”), subject to termination on an earlier
date in accordance with Section 5 or unless either Party gives written notice of non-renewal to the other Party at least ninety
(90) days prior to the Anniversary Date on which this Agreement would otherwise be automatically extended that the Party providing
such notice elects not to extend the Term; provided, however, that if a Change in Control (as defined in Section 6.5) occurs during
the Initial Term or during any Renewal Term then the Term will expire on the one-year anniversary of the date of the Change in
Control. The Initial Term together with any Renewal Terms is the “Term.” If Employee remains employed by the Corporation
after the Term ends for any reason, then such continued employment shall be according to the terms and conditions established
by the Corporation from time to time (provided that any provisions of this Agreement and the Restrictive Covenants Agreement (as
defined in Section 3) that by their terms survive the termination of the Term shall remain in full force and effect).

3.             Restrictive
Covenants Agreement. Employee acknowledges entering into a Non-Competition, Non-Solicitation, and Confidentiality Agreement
simultaneously with this Agreement (the “Restrictive Covenants Agreement”) in consideration of the Corporation entering
into this Agreement, and Employee hereby reaffirms Employee’s commitments and obligations under the Restrictive Covenants
Agreement. Nothing in this Agreement is intended to modify, amend, cancel or supersede the Restrictive Covenants Agreement in
any manner.

4.             Compensation,
Benefits and Business Expenses.

4.1.       Base
Salary. As of the Effective Date, the Corporation agrees to pay Employee an annualized base salary of $260,000.00 (the “Base
Salary”), which Base Salary will be earned by Employee on a pro rata basis as Employee performs services and which shall
be paid according to the Corporation’s normal payroll practices. Employee shall be eligible for a merit-based increase of
the Base Salary payable under this Section 4.1 on or about six months after the Effective Date, and on or about July 1 of each
year during the Term thereafter, with any adjustment to Employee’s Base Salary subject to approval by the Board.

4.2       Annual
Incentive Compensation. For each of the Corporation’s fiscal years during the Term, Employee will be eligible to earn
an annualized cash bonus as determined by the Board in its discretion and subject to the terms of any written document addressing
such annual cash bonus as the Board may adopt in its sole discretion, in each case after consultation with the Corporation’s
President and Chief Executive Officer. For the Corporation’s fiscal year ending June 30, 2021, Employee’s target annualized
cash bonus under this Section 4.2 will be thirty percent (30%) of Employee’s annualized Base Salary, subject to the terms
and conditions identified in the Corporation’s Fiscal Year 2020 Officer Bonus Plan. Future annual cash bonus opportunities
will be determined by the Board in its discretion. Unless specified otherwise in a written annual cash bonus document applicable
to Employee, if a bonus is earned in accordance with this Section 4.2, it will be paid to Employee by the Corporation regardless
of whether Employee is employed by the Corporation on the payment date, with such payment date being no later than March 15 of
the calendar year immediately following the calendar year in which Employee earns a bonus in accordance with this Section 4.2.

4.3       Employee
Benefits. While Employee is employed by the Corporation during the Term, Employee shall be entitled to participate in the
retirement plans, equity compensation plans, health plans, and all other employee benefits made available by the Corporation,
and as they may be changed from time to time. Employee acknowledges and agrees that Employee will be subject to all
eligibility requirements and all other provisions of these benefits plans, and that the Corporation is under no obligation to
Employee to establish and maintain any employee benefit plan in which Employee may participate. The terms and provisions of
any employee benefit plan of the Corporation are matters within the exclusive province of the Board, subject to applicable
law.

    2

     

    

4.4       Vacation
and Sick Leave. While Employee is employed by the Corporation during the Term, Employee shall be entitled to vacation leave
of up to twenty (20) days per calendar year during the Term, prorated for any partial calendar year of employment during the Term.
Employee will use Employee’s vacation leave at times and in a manner so as to minimize disruption to the operations of the
Corporation. The Corporation also agrees that Employee shall be entitled to sick leave of up to five (5) days per calendar year
during the Term, prorated for any partial calendar year of employment during the Term. Employee will accrue and be permitted to
use vacation and sick leave in accordance with the Corporation’s vacation and sick leave policies and practices as in effect
from time to time.

4.5       Relocation
Expenses. Provided Employee completes Employee’s relocation to the Twin Cities, Minnesota metropolitan area no later
than one year following the Effective Date, the Corporation will reimburse Employee’s reasonable household and family moving
costs associated with Employee’s relocation to the Twin Cities, Minnesota metropolitan area, up to a maximum of $25,000.00.
Such reimbursement will be subject to applicable withholdings. Employee must submit receipts or other appropriate documentation
of each expense under this Section 4.5 within thirty (30) days after such expense is incurred, and the Corporation will pay such
reimbursements to Employee within thirty (30) days thereafter. If Employee does not commence employment or Employee terminates
Employee’s employment with the Corporation within two years of the Effective Date, then Employee must promptly reimburse
the Corporation for a pro-rata share of all relocation expenditures made by the Corporation pursuant to this Section 4.5. For
example, if Employee completes one year of service prior to terminating Employee’s employment with the Corporation, Employee
must promptly reimburse the Corporation for fifty (50%) of all relocation expenditures (one year = 50% pro-rata share).

4.6       Business
Expenses. While Employee is employed by the Corporation during the Term, the Corporation shall reimburse Employee for all
reasonable and necessary out-of-pocket business, travel and entertainment expenses incurred by Employee in the performance of
Employee’s duties and responsibilities hereunder, subject to the Corporation’s normal policies and procedures for
expense verification and documentation.

4.7       Other
Benefits:  During the Term, the Corporation shall directly pay the cost of a cell phone or wireless handheld device
for the Employee’s use. Additionally, during the Term, the Corporation shall provide Employee an automobile allowance of
up to $600.00 per month. The Corporation shall also provide a corporate credit card for approved business expenses and shall otherwise
reimburse the Employee for, or pay directly, all reasonable business expenses incurred by the Employee in the performance of Employee’s
duties under this Agreement, provided that the Employee incurs and accounts for such expenses in accordance with all Corporation
policies and directives in effect from time to time.

    3

     

    
5.             Termination
of Employment.

5.1       Termination
of Employment Events. Employee’s employment with the Corporation is at-will. Employee’s employment with the Corporation
will terminate as follows:

		(a)	The
                                         effective date following written notice from the Corporation of the termination of Employee’s
                                         employment as specified herein;

		(b)	Employee’s
                                         abandonment of Employee’s employment or the effective date of Employee’s
                                         resignation for Good Reason (as defined below) or any other reason (as specified in written
                                         notice from Employee);

		(c)	After
                                         thirty (30) days’ advance written notice to Employee by the Corporation of termination
                                         of Employee’s employment for Employee’s Disability (as defined below); or

(d)       Immediately
upon Employee’s death.

5.2       Termination
Date. The date upon which Employee’s termination of employment with the Corporation is effective is the “Termination
Date.” For purposes of Sections 6.1, 6.2 and 7 only, with respect to the timing of the Pre-CIC Severance Payments or the
Post-CIC Severance Payment (as applicable) and the Pre-CIC Benefits Continuation Payments or the Post-CIC Benefits Continuation
Payments (as applicable), and the additional amounts identified in Section 7 (if applicable), the Termination Date means the date
on which a “separation from service” has occurred for purposes of Section 409A of the Internal Revenue Code, as amended,
and the regulations and guidance thereunder (the “Code”).

6.             Payments
Upon Termination of Employment.

6.1.       Termination
of Employment Without Cause or by Employee for Good Reason During the Term and Before the First Change in Control. If Employee’s
employment with the Corporation is terminated during the Term by the Corporation for any reason other than for Cause (as defined
in Section 6.4), or by Employee for Good Reason (as defined in Section 6.6), and the Termination Date occurs before the date of
the first Change in Control (as defined in Section 6.5) to occur during the Term, then the Corporation shall, in addition to paying
Employee’s Base Salary and other compensation and benefits earned through the Termination Date, and subject to Section 6.9,

		(a)	pay
                                         to Employee as severance pay an amount equal to the sum of (i) one (1) times Employee’s
                                         annualized Base Salary as of the Termination Date, plus (ii) an amount equal to one hundred
                                         percent (100%) of Employee’s target annual bonus based on Employee’s individual
                                         performance for the fiscal year in which the Termination Date occurs, plus (iii) an amount
                                         equal to Employee’s target annual bonus based on the Corporation’s performance
                                         for the fiscal year in which the Termination Date, multiplied by a fraction, the numerator
                                         of which is the number of days Employee was employed by the Corporation during the fiscal
                                         year in which the Termination Date occurs and the denominator of which is 365, less all
                                         legally required and authorized deductions and withholdings, payable in substantially
                                         equal installments in accordance with the Corporation’s regular payroll cycle during
                                         the twelve (12) month period immediately following
the Termination Date, provided, however, that any installments that otherwise would be payable on the Corporation’s regular
payroll dates between the Termination Date and the 45th calendar day after the Termination Date will be delayed until
the Corporation’s first regular payroll date that is after the expiration of all rescission periods identified in the Release
(as defined in Section 6.9) but in no event later than seventy-five (75) days after the Termination Date and included with the
installment payable on such payroll date (the “Pre-CIC Severance Payments”); and

    4

     

    

		(b)	if
                                         Employee is eligible for and takes all steps necessary to continue Employee’s group
                                         health insurance coverage with the Corporation following the Termination Date (including
                                         completing and returning the forms necessary to elect COBRA coverage), pay for the portion
                                         of the premium costs for such coverage that the Corporation would pay if Employee remained
                                         employed by the Corporation, at the same level of coverage that was in effect as of the
                                         Termination Date, through the earliest of: (i) the twelve (12) month anniversary of the
                                         Termination Date, (ii) the date Employee becomes eligible for group health insurance
                                         coverage from any other employer, or (iii) the date Employee is no longer eligible to
                                         continue Employee’s group health insurance coverage with the Corporation under
                                         applicable law (“Pre-CIC Benefits Continuation Payments”).

6.2       Termination
of Employment Without Cause or by Employee for Good Reason During the Term and Within Twelve (12) Months after the First Change
in Control. If Employee’s employment with the Corporation is terminated during the Term by the Corporation for any reason
other than for Cause (as defined in Section 6.4), or by Employee for Good Reason (as defined in Section 6.6), and the Termination
Date occurs on or within twelve (12) months after the date of the first Change in Control (as defined in Section 6.5) to occur
during the Term, then the Corporation shall, in addition to paying Employee’s Base Salary and other compensation and benefits
earned through the Termination Date, and subject to Section 6.9,

		(a)	pay
                                         to Employee as severance pay an amount equal to the sum of (i) 1.5 times Employee’s
                                         annualized Base Salary as of the Termination Date, plus (ii) an amount equal to one hundred
                                         fifty percent (150%) of Employee’s target annual bonus based on Employee’s
                                         individual performance for the fiscal year in which the Termination Date occurs, plus
                                         (iii) an amount equal to Employee’s target annual bonus based on the Corporation’s
                                         performance for the fiscal year in which the Termination Date, multiplied by a fraction,
                                         the numerator of which is the number of days Employee was employed by the Corporation
                                         during the fiscal year in which the Termination Date occurs and the denominator of which
                                         is 365, less all legally required and authorized deductions and withholdings, payable
                                         in a lump sum on the Corporation’s first regular payroll date that is after the
                                         expiration of all rescission periods identified in the Release (as defined in Section
                                         6.9) but in no event later than seventy-five (75) days after the Termination Date (the
                                         “Post-CIC Severance Payment”); and

		(b)	if
                                         Employee is eligible for and takes all steps necessary to continue Employee’s group
                                         health insurance coverage with the Corporation following
the Termination Date (including completing and returning the forms necessary to elect COBRA coverage), pay for the portion of
the premium costs for such coverage that the Corporation would pay if Employee remained employed by the Corporation, at the same
level of coverage that was in effect as of the Termination Date, through the earliest of: (i) the eighteen (18) month anniversary
of the Termination Date, (ii) the date Employee becomes eligible for group health insurance coverage from any other employer,
or (iii) the date Employee is no longer eligible to continue Employee’s group health insurance coverage with the Corporation
under applicable law (“Post-CIC Benefits Continuation Payments”); and

    5

     

    

		(c)	all
                                         outstanding unvested equity-based awards granted to Employee during Employee’s
                                         continuous employment with the Corporation preceding the Termination Date (“Equity
                                         Awards”) will be affected as follows: (i) stock options or stock appreciation rights
                                         will become fully vested and exercisable for the remainder of their full term (ii) Equity
                                         Awards, other than stock options and stock appreciation rights, that do not vest based
                                         on the attainment of performance goals, will become fully vested and the restrictions
                                         thereon will lapse; provided that any delays in the settlement or payment of such awards
                                         that are set forth in the applicable award agreement and that are required under Section
                                         409A of the Code will remain in effect, and (iii) all Equity Awards, other than stock
                                         options and stock appreciation rights, that vest based on the attainment of performance
                                         goals will remain outstanding and will vest or be forfeited in accordance with the terms
                                         of the applicable award agreements if and to the extent that the applicable performance
                                         criteria is satisfied.

6.3.       Other
Termination of Employment Events. If Employee’s employment with the Corporation is terminated by the Corporation or
Employee for any reason upon or following the expiration of the Term, or if Employee’s employment with the Corporation is
terminated during the Term by reason of:

		(a)	Employee’s
                                         abandonment of Employee’s employment or Employee’s resignation for any reason
                                         other than Good Reason;

		(b)	termination
                                         of Employee’s employment by the Corporation for Cause; or

		(c)	Employee’s
                                         death or Disability,

then
the Corporation shall pay to Employee or Employee’s beneficiary or Employee’s estate, as the case may be, Employee’s
Base Salary and other compensation earned through the Termination Date and Employee shall not be eligible or entitled to receive
any severance pay or benefits from the Corporation.

    6

     

    
6.4.       Cause
Defined. “Cause” hereunder means:

		(a)	Employee’s
                                         material failure to perform Employee’s job duties competently as reasonably determined
                                         by the Corporation’s President and Chief Executive Officer or the Board;

		(b)	gross
                                         misconduct by Employee which the Corporation’s President and Chief Executive Officer
                                         or the Board determines is (or will be if continued) demonstrably and materially damaging
                                         to the Corporation;

		(c)	fraud,
                                         misappropriation, or embezzlement by Employee;

		(d)	conviction
                                         of a felony crime or a crime of moral turpitude;

		(e)	conduct
                                         in the course of employment that the Corporation’s President and Chief Executive
                                         Officer or the Board determines is unethical; or

		(f)	the
                                         material breach of this Agreement or the Restrictive Covenants Agreement by Employee.

With
respect to Section 6.4(a), Section 6.4(b) and Section 6.4(e), the Corporation shall first provide Employee with written notice
and an opportunity to cure such breach, if curable, in the reasonable discretion of the Corporation’s President and Chief
Executive Officer or the Board, and identify with specificity the action needed to cure within thirty (30) days of Employee’s
receipt of written notice from the Corporation. If the Corporation terminates Employee’s employment for Cause pursuant to
this Section 6.4, then Employee shall not be eligible or entitled to receive any severance pay or benefits from the Corporation.

6.5.       Change
in Control Defined. “Change in Control” hereunder means: 

		(a)	A
                                         “change in ownership,” as described in Section 1.409A-3(i)(5)(v) of the Treasury
                                         Regulations;

		(b)	A
                                         “change in effective control,” as described in Section 1.409A-3(i)(5)(vi)
                                         of the Treasury Regulations; or

		(c)	A
                                         “change in ownership of a substantial portion of the assets,” as described
                                         in Section 1.409A-3(i)(5)(vii) of the Treasury Regulations.

6.6.       Good
Reason Defined. “Good Reason” hereunder means the initial occurrence of any of the following events without Employee’s
consent:

		(a)	a
                                         material diminution in the Employee’s responsibilities, authority or duties; or

		(b)	a
                                         material diminution in the Employee's salary, other than pursuant to a reduction in the
                                         salary for all executive employees of the Corporation and its affiliates, applied on
                                         a pro rata basis to all salaried executives including Employee;

    7

     

    

		(c)	receipt
                                         by Employee of a written non-renewal of this Agreement by the Corporation in accordance
                                         with Section 2; or

		(d)	the
                                         material breach of this Agreement by the Corporation.

provided,
however, that “Good Reason” shall not exist unless Employee has first provided written notice to the Corporation of
the initial occurrence of one or more of the conditions under clauses (a) through (d) above within thirty (30) days of the condition’s
occurrence, such condition is not fully remedied by the Corporation within thirty (30) days after the Corporation’s receipt
of written notice from Employee, and the Termination Date as a result of such event occurs within ninety (90) days after the initial
occurrence of such event.

6.7.       Disability
Defined. “Disability” hereunder means the inability of Employee to perform on a full-time basis, with or without
reasonable accommodation, the duties and responsibilities of Employee’s employment with the Corporation by reason of Employee’s
illness or other physical or mental impairment or condition, if such inability continues for an uninterrupted period of at least
one hundred (100) days or more during any 360-day period. A period of inability shall be “uninterrupted” unless and
until Employee returns to full-time work for a continuous period of at least thirty (30) days. This Section 6.7 does not relieve
the Corporation of any duty to reasonably accommodate a qualifying disability under the Americans with Disabilities Act, the Minnesota
Human Rights Act, any legal duty under the Family Medical Leave Act, or any of its other duties pursuant to applicable law.

6.8.       The
Corporation’s Sole Obligation. In the event of termination of Employee’s employment, the sole obligation of the
Corporation shall be its obligation to make the payments called for by Section 6.1, Section 6.2 or Section 6.3, as the case may
be, and the Corporation shall have no other obligation to Employee or to Employee’s beneficiary or Employee’s estate,
except for any amounts due under the terms of any employee benefit plans or programs then maintained by the Corporation in which
Employee participates.

6.9.       Conditions
To Receive the Pre-CIC Severance Payments or the Post-CIC Severance Payment and the Pre-CIC Benefits Continuation Payments or
the Post-CIC Benefits Continuation Payments. Notwithstanding the foregoing provisions of this Section 6, the Corporation will
not be obligated to make the Pre-CIC Severance Payments under Section 6.1 or the Post-CIC Severance Payment under Section 6.2
(as applicable) or the Pre-CIC Benefits Continuation Payments under Section 6.1 or the Post-CIC Benefits Continuation Payments
under Section 6.2 (as applicable) to or on behalf of Employee unless (a) Employee signs a release of claims in favor of the Corporation
in a form to be prescribed by the Corporation (the “Release”), (b) all applicable consideration periods and rescission
periods provided by law with respect to the Release have expired without Employee rescinding the Release, and (c) Employee is
in strict compliance with the terms of this Agreement and the Restrictive Covenants Agreement and any other written agreement
between Employee and the Corporation.

7.             Anticipatory
Termination; Additional Severance. If a Pre-CIC Termination Event (as defined below) occurs during the Term, then, subject
to Employee satisfying the same conditions identified in Section 6.9 in exchange for Employee’s receipt of the additional
amounts identified in this Section 7, the Corporation shall provide to Employee (in addition to making the Pre-CIC Severance Payments
and the Pre-CIC Benefits Continuation Payments under Section 6.1):

		(a)	an
                                         amount equal to the sum of (i) fifty percent (50%) of Employee’s annualized Base
                                         Salary as of the Termination Date, plus (ii) fifty percent (50%) of Employee’s
                                         target annual bonus based on Employee’s individual performance for the fiscal year in which the Termination Date occurs, less all legally required
and authorized deductions and withholdings, payable in a lump sum on the Corporation’s first regular payroll date that is
after the expiration of all rescission periods identified in the Release (as defined in Section 6.9) but in no event later than
seventy-five (75) days after the date of the Change in Control; and

    8

     

    

		(b)	if
                                         Employee is eligible for and takes all steps necessary to continue Employee’s group
                                         health insurance coverage with the Corporation following the Termination Date (including
                                         completing and returning the forms necessary to elect COBRA coverage), pay for the portion
                                         of the premium costs for such coverage that the Corporation would pay if Employee remained
                                         employed by the Corporation, at the same level of coverage that was in effect as of the
                                         Termination Date, from the end of the payment of the Pre-CIC Benefits Continuation Payments
                                         under Section 6.1 through the earliest of: (i) the eighteen (18) month anniversary of
                                         the Termination Date, (ii) the date Employee becomes eligible for group health insurance
                                         coverage from any other employer, or (iii) the date Employee is no longer eligible to
                                         continue Employee’s group health insurance coverage with the Corporation under
                                         applicable law.

For purposes
of this Section 7, a “Pre-CIC Termination Event” means an involuntary termination of Employee’s employment by
the Corporation without Cause, or Nonrenewal of the Term, resulting in a Termination Date that is within sixty (60) days prior
to the Change in Control; provided that Employee reasonably demonstrates that such termination (i) was requested by a party other
than the Board that has taken other steps reasonably calculated to result in the Change in Control, or (ii) otherwise arose in
connection with or in anticipation of the Change in Control.

8.             Section
409A and Taxes Generally.

8.1       Taxes.
The Corporation shall be entitled to withhold on and report the making of such payments as may be required by law as determined
in the reasonable discretion of the Corporation. Except for any tax amounts withheld by
the Corporation from any compensation that Employee may receive in connection with Employee’s employment with the Corporation
and any employer taxes required to be paid by the Corporation under applicable laws or regulations, Employee is solely
responsible for payment of any and all taxes owed in connection with any compensation, benefits, reimbursement amounts or other
payments Employee receives from the Corporation under this Agreement or otherwise in connection
with Employee’s employment with the Corporation. The Corporation does not guarantee any particular tax consequence
or result with respect to any payment made by the Corporation.

8.2       Section
409A. This Agreement is intended to provide for payments that satisfy, or are exempt from, the requirements of Section 409A,
including Sections 409A(a)(2), (3) and (4) of the Code and current and future guidance and regulations interpreting such provisions,
and should be interpreted accordingly. In furtherance of the foregoing, the provisions set forth below shall apply notwithstanding
any other provision in this Agreement:

(a)
       all payments to be made to Employee hereunder, to the extent they constitute a deferral
of compensation subject to the requirements of Section 409A (after taking into account all exclusions applicable to such payments
under Section 409A), shall be made no later, and shall not be made any earlier, than at the time or times specified in this Agreement
or in any applicable plan for such payments to be made, except as otherwise permitted or required under Section 409A;

    9

     

    
(b)
       the date of Employee’s “separation from service”, as defined in Section
409A (and as determined by applying the default presumptions in Treas. Reg. §1.409A-1(h)(1)(ii)), shall be treated as the
date of Employee’s termination of employment for purposes of determining the time of payment of any amount that becomes
payable to Employee related to Employee’s termination of employment under Section 6.1 or Section 6.2, and any reference
to Employee’s “Termination Date” or “termination” of Employee’s employment in Section 6.1
or Section 6.2 shall mean the date of Employee’s “separation from service”, as defined in Section 409A (and
as determined by applying the default presumptions in Treas. Reg. §1.409A-1(h)(1)(ii));

(c)       in
the case of any amounts payable to Employee under this Agreement that may be treated as payable in the form of “a series
of installment payments”, as defined in Treas. Reg. §1.409A-2(b)(2)(iii), Employee’s right to receive such payments
shall be treated as a right to receive a series of separate payments for purposes of Treas. Reg. §1.409A-2(b)(2)(iii);

(d)
       to the extent that the reimbursement of any expenses eligible for reimbursement or the
provision of any in-kind benefits under any provision of this Agreement would be considered deferred compensation under Section
409A (after taking into account all exclusions applicable to such reimbursements and benefits under Section 409A): (i) reimbursement
of any such expense shall be made by the Corporation as soon as practicable after such expense has been incurred, but in any event
no later than December 31st of the year following the year in which Employee incurs such expense; (ii) the amount of
such expenses eligible for reimbursement, or in-kind benefits to be provided, during any calendar year shall not affect the amount
of such expenses eligible for reimbursement, or in-kind benefits to be provided, in any calendar year; and (iii) Employee’s
right to receive such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for another benefit;

(e)
       to the extent any payment or delivery otherwise required to be made to Employee hereunder
on account of Employee’s separation from service is properly treated as a deferral of compensation subject to Section 409A
after taking into account all exclusions applicable to such payment and delivery under Section 409A, and if Employee is a “specified
employee” under Section 409A at the time of Employee’s separation from service, then such payment and delivery shall
not be made prior to the first business day after the earlier of (i) the expiration of six months from the date of Employee’s
separation from service, or (ii) the date of Employee’s death (such first business day, the “Delayed Payment Date”),
and on the Delayed Payment Date, there shall be paid or delivered to Employee or, if Employee has died, to Employee’s estate,
in a single payment or delivery (as applicable) all entitlements so delayed, and in the case of cash payments, in a single cash
lump sum, an amount equal to aggregate amount of all payments delayed pursuant to the preceding sentence. Except for any tax amounts
withheld by the Corporation from the payments or other consideration hereunder and any employment taxes required to be paid by
the Corporation, Employee shall be responsible for payment of any and all taxes owed in connection with the consideration provided
for in this Agreement; and

    10

     

    

(f)       the
Parties agree that this Agreement may be amended, as may be necessary to fully comply with, or to be exempt from, Section 409A
and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost
to either Party.

9.             Miscellaneous.

9.1.       Integration.
This Agreement, the Restrictive Covenants Agreement and any Equity Awards embody the entire agreement and understanding among
the Parties relative to subject matter hereof and combined supersede all prior agreements and understandings relating to such
subject matter, including but not limited to any earlier offers to Employee by the Corporation.

9.2.       Applicable
Law. All matters relating to the interpretation, construction, application, validity and enforcement of this Agreement are
governed by the laws of the State of Minnesota without giving effect to any choice or conflict of law provision or rule, whether
of the State of Minnesota or any other jurisdiction, that would cause the application of laws of any jurisdiction other than the
State of Minnesota.

9.3.       Choice
of Jurisdiction. Employee and the Corporation consent to jurisdiction of the courts of the State of Minnesota and/or the federal
district courts, District of Minnesota, for the purpose of resolving all issues of law, equity, or fact, arising out of or in
connection with this Agreement or Employee’s employment with the Corporation or the termination of such employment. Any
action involving claims for interpretation, breach or enforcement of this Agreement or related to Employee’s employment
with the Corporation or the termination of such employment shall be brought in such courts. Each party consents to personal jurisdiction
over such party in the state and/or federal courts of Minnesota and hereby waives any defense of lack of personal jurisdiction
or inconvenient forum.

9.4.       Employee’s
Representations. Employee represents that Employee is not subject to any agreement or obligation that would prevent or limit
Employee from entering into this Agreement or that would be breached upon performance of Employee’s duties under this Agreement,
including but not limited to any duties owed to any former employers not to compete. If
Employee possesses any information that Employee knows or should know is considered
by any third party, such as a former employer of Employee’s, to be confidential, trade secret, or otherwise proprietary,
Employee shall not disclose such information to the Corporation or use such information to benefit the Corporation in any way.

9.5.       Counterparts.
This Agreement may be executed in several counterparts and as so executed shall constitute one agreement binding on the Parties.

9.6.       Assignment
and Successors. The rights and obligations of the Corporation under this Agreement
shall inure to the benefit of and will be binding upon the successors and assigns of the
Corporation, provided any such successor or assignee assumes all of the Corporation’s obligations under this Agreement .
Neither party may, without the written consent of the other party, assign or delegate any of its rights or obligations under this
Agreement except that the Corporation may, without any further consent of Employee,
assign or delegate any of its rights or obligations under this Agreement to any corporation or other business entity (a) with
which the Corporation may merge or consolidate, (b) to which the
Corporation may sell or transfer all or substantially all of its assets or capital stock or equity, or (c) any affiliate
or subsidiary of the Corporation. After any such assignment or delegation by the
Corporation, the Corporation will be discharged from all further liability
hereunder and such assignee will thereafter be deemed to be the “Corporation” for purposes of
all terms and conditions of this Agreement, including this Section 9.6. Employee may not assign this Agreement or any rights or
obligations hereunder. Any purported or attempted assignment or transfer by Employee of this Agreement or any of Employee’s
duties, responsibilities, or obligations hereunder is void.

    11

     

    

9.7.       Modification.
This Agreement shall not be modified or amended except by a written instrument signed by the Parties.

9.8.       Severability.
The invalidity or partial invalidity of any portion of this Agreement shall not invalidate the remainder thereof, and said remainder
shall remain in fully force and effect.

9.9.       Opportunity
to Obtain Advice of Counsel. Employee acknowledges that Employee has been advised by the Corporation to obtain legal advice
prior to executing this Agreement, and that Employee had sufficient opportunity to do so prior to signing this Agreement.

9.10.       Indemnification.
As to acts or omissions of Employee which are within the scope of Employee’s authority as an officer, director, or employee
of the Corporation and/or any affiliate of the Corporation, the Corporation will indemnify Employee in accordance with and subject
to the limitations contained in its Articles of Incorporation, Bylaws and Section 302A.521 of the Minnesota Business Corporations
Act. If Employee is made or threatened to be made a party to any threatened, pending, or completed civil, criminal, administrative,
arbitration, or investigative proceeding, including a proceeding by or in the right of the corporation, Employee is entitled,
upon written request to the Corporation, to payment or reimbursement by the Corporation of reasonable expenses, including attorneys'
fees and disbursements, incurred by Employee in advance of the final disposition of the proceeding, (a) upon receipt by the Corporation
of a written affirmation by Employee of a good faith belief that the criteria for indemnification set forth in Section 302A.521,
subdivision 2 of the Minnesota Business Corporations Act have been satisfied and a written undertaking by Employee to repay all
amounts so paid or reimbursed by the Corporation, if it is ultimately determined that the criteria for indemnification have not
been satisfied, and (b) after a determination that the facts then known to those making the determination would not preclude indemnification
under the Corporation’s Articles of Incorporation and Bylaws and Section 302A.521 of the Minnesota Business Corporations
Act, including but not limited to whether the alleged misconduct by Employee that is the subject of the proceeding is within the
course and scope of Employee’s employment.

9.11.       D&O
Insurance. The Corporation shall maintain an insurance policy or policies providing directors' and officers' liability insurance,
comprehensive general liability insurance, and errors and omissions insurance, and the Employee shall be covered by such policy
or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any officer of the Corporation.

    12

     

    
9.12.       280G
Limitations. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Employee
(a) constitute “parachute payments” within the meaning of Section 280G of the Code and (b) would be subject to the
excise tax imposed by Code Section 4999, then such benefits shall be either be: (i) delivered in full, or (ii) delivered as to
such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Code Section
4999, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes
and the excise tax imposed by Code Section 4999, results in the receipt by Employee, on an after-tax basis, of the greatest amount
of benefits, notwithstanding that all or some portion of such benefits may be subject to excise tax under Code Section 4999. Any
determination required under this Section 9.12 will be made in writing
by an accounting firm selected by the Corporation or such other person or entity to which the parties mutually agree (the “Accountants”),
whose determination will be conclusive and binding upon Employee and the Corporation for all purposes. For purposes of making
the calculations required by this Section 9.12, the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Code Sections 280G and 4999.
The Corporation and Employee shall furnish to the Accountants such information and documents as the Accountants may reasonably
request in order to make a determination under this Section. The Corporation shall bear all costs the Accountants may reasonably
incur in connection with any calculations contemplated by this Section 9.12. Any reduction in payments and/or benefits required
by this Section 9.12 shall occur in the following order: (A) cash payments shall be reduced first and in reverse chronological
order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will
be the first cash payment to be reduced; (B) accelerated vesting of stock awards, if any, shall be cancelled/reduced next and
in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will
be reduced first), with full-value awards reversed before any stock option or stock appreciation rights are reduced; and (C) deferred
compensation amounts subject to Section 409A shall be reduced last.

[Signature
Page Follows]

    13

     

    

THIS
EMPLOYMENT AGREEMENT was voluntarily and knowingly executed by the Parties effective as of the Effective Date first set forth
above.

 

 

	 	 	 	ELECTROMED, INC.	 
	 	 	 	 	 
	Date:	May 11, 2020	 	/s/ Kathleen S. Skarvan	 
	 	 	 	By: Kathleen S. Skarvan	 
	 	 	 	Its: President and Chief Executive Officer	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	EMPLOYEE:	 
	 	 	 	 	 
	Date:	May 7, 2020	 	/s/ Michael MacCourt	 
	 	 	 	Michael MacCourtExhibit 10.1 

 

EXECUTION VERSION

 

THIRD
AMENDMENT TO SENIOR SECURED SUPERPRIORITY

DEBTOR-IN-POSSESSION CREDIT AGREEMENT

 

This
THIRD AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT (this “Third Amendment”)
is entered into as of May 1, 2020, among Dean Foods Company, a Delaware corporation and a debtor and debtor-in-possession under
chapter 11 of the Bankruptcy Code (the “Borrower”), Coöperatieve Rabobank U.A., New York Branch, as administrative
agent (the “Administrative Agent”), the Lenders and Voting Participants party hereto (collectively (including
any Voting Participant that provides the confirmation set forth in Section II hereof and consents to the amendments contained
herein indirectly through consent of the Lender that participated its Loans and/or Commitments to such Voting Participant), the
“Consenting Lenders and Consenting Voting Participants”) and the other parties hereto. Capitalized terms used
but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Amended Credit Agreement (as
defined below).

 

RECITALS

 

WHEREAS,
the Borrower, the Lenders party thereto and the Administrative Agent are parties to that certain Senior Secured Superpriority
Debtor-in-Possession Credit Agreement, dated as of November 14, 2019 (as amended, restated or otherwise modified from time to
time prior to the date hereof, the “Credit Agreement”, and the Credit Agreement as amended by this Third Amendment,
the “Amended Credit Agreement”); and

 

WHEREAS,
the Borrower has requested that the Administrative Agent and the Lenders and Voting Participants agree to make certain amendments
and other modifications and provide certain consents set forth below, and the Administrative Agent and the Consenting Lenders
and Consenting Voting Participants have agreed to such amendments and other modifications and have agreed to provide such consents.

 

NOW,
THEREFORE, in consideration of the foregoing, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows:

 

Section
I. Rules of Construction. The interpretive
matters specified in Section 1.03 of the Credit Agreement shall apply to this Third Amendment, including the terms defined
in the preamble and recitals hereto.

 

Section
II. Confirmation Regarding Treatment of the Specified Asset Sales.

 

A.       Effective
as of the Third Amendment Effective Date (as defined below), the Consenting Lenders and Consenting Voting Participants hereby
acknowledge and agree that, so long as the Borrower remains at all times in compliance with Section 2.11 of the Amended Credit
Agreement, none of (A) the consummation of any or all of the Specified Asset Sales, in each case, in accordance with the applicable
Bankruptcy Court orders, (B) the performance by the Borrower or any Subsidiary or Affiliate of the Borrower of its obligations
under any asset purchase agreement governing a Specified Asset Sale (in each case, as in effect on the Third Amendment Effective
Date and as the same may be amended, supplemented or otherwise modified from time to time other than in a manner materially adverse
to the Administrative Agent, the Lenders or the Voting Participants, the “Specified Asset Sale Agreements”),
(C)(x) the failure of any representation or warranty set forth in this Third Amendment, the Amended Credit Agreement, any
other Loan Document or any certificate or other document delivered in connection herewith or therewith, to be true and correct
when made or deemed to have been made as a result of the consummation of the Specified Asset Sales and the performance by the
Borrower or any Subsidiary or Affiliate of the Borrower

 

    	 

    	 

    

of
its obligations under the Specified Asset Sale Agreements or (y) the failure of the Borrower or any other Loan Party to observe
or perform any covenant, condition or agreement set forth in this Third Amendment, the Amended Credit Agreement or any other Loan
Document (other than the covenants set forth in Section 2.11 of the Amended Credit Agreement), in each case, to the extent
that such failure results from the consummation of the Specified Asset Sales and the performance by the Borrower or any Subsidiary
or Affiliate of the Borrower of its obligations under any Specified Asset Sale Agreements in accordance with their respective
terms, and/or (D) the occurrence or existence of an Amortization Event, a Potential Amortization Event or a Specified Amortization
Event (each, as defined in the Receivables Purchase Agreement, as amended from time to time on or prior to the date hereof) as
a result of the consummation of the Specified Asset Sales and the performance by the Borrower or any Subsidiary or Affiliate of
the Borrower of its obligations under the Specified Asset Sale Agreements, will, in any such case, in and of itself, cause or
otherwise result in a Default or Event of Default under the Amended Credit Agreement; provided that, upon the failure of any Loan
Party to comply with any provision of Section 2.11 of the Amended Credit Agreement there shall occur an immediate Event of Default
under the Loan Documents, and the foregoing agreements and waivers set forth in this Section II(A) shall be automatically deemed
to be null and void and of no further effect.

 

B.       This
Section II is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or
deviation from any other term or condition of the Credit Agreement, the Amended Credit Agreement or any other Loan Document or
any of the other instruments or agreements referred to therein other than as expressly set forth in this Section II, or (ii) prejudice
any right or rights which any of the Lenders or the Administrative Agent or any other Secured Party now have or may have in the
future under or in connection with the Credit Agreement, the Amended Credit Agreement, any other Loan Documents or any of the
other instruments or agreements referred to therein. Except as expressly set forth in this Section II, the terms, provisions and
conditions of the Amended Credit Agreement and other Loan Documents shall remain in full force and effect and in all other respects
are hereby ratified and confirmed.

 

Section
III. Amendments to Credit Agreement.
Effective as of the Third Amendment Effective Date, the Credit Agreement is hereby amended as follows:

 

A.       Section
1.01 of the Credit Agreement is amended by:

 

1.       Amending
the definition of Net Cash Proceeds by:

 

		(a)	deleting
                                         the text “the amount of all payments required to be made as a result of such Asset
                                         Sale to repay Indebtedness (other than Loans) secured by such asset or otherwise subject
                                         to mandatory prepayment as a result of such Asset Sale” appearing in clause (ii)
                                         thereof and replacing it with the text “the amount of all payments required to
                                         be made as a result of such Asset Sale to repay Indebtedness (other than Loans) secured
                                         by such asset on a senior basis to the Loans or otherwise subject to a required mandatory
                                         prepayment as a result of such Asset Sale which payments, in each case, are made in accordance
                                         with an order of the Bankruptcy Court”.

 

		(b)	deleting
                                         the text “and” appearing immediately prior to clause (iii) thereof and replacing
                                         it with “,”; and

 

		(c)	adding
                                         the following text immediately prior to the “.” appearing at the end of clause
                                         (iii) thereof:

 

    2

    	 

    

“and
(iv) solely in connection with the consummation of the DFA Sale, an amount equal to the sum of (x) the “Payroll (from Admin
Claims)” payments and (y) the “KERP/STIP” payments, in each case set forth opposite such category in the column
for the Month/Week Ending “Apr 5/1/20” as set forth in the post-DFA sale budget delivered pursuant to, and satisfying
the condition to the occurrence of the Third Amendment Effective Date set forth in, Section V.D. of the Third Amendment”.

 

2.       Deleting
the definitions of Extended Scheduled Maturity Date and Maturity Extension Conditions.

 

3.       Amending
the definition of Permitted Receivables Financing by inserting the text “except any such amendments or modifications effected
on or prior to the Third Amendment Effective Date or otherwise to the extent expressly consented to pursuant to Section II(A)
of the Third Amendment,” at the beginning of clause (C) thereof.

 

4.       Amending
the definition of Capital Expenditures by deleting the text “; provided that Capital Expenditures shall not include any
such expenditure made in accordance with Section 2.11(b)(ii) with the cash proceeds of any Recovery Event” at the end thereof.

 

5.       Amending
the definition of Revolving Commitment by deleting the text “Section 2.11(b)” appearing therein and replacing
it with the text “Section 2.11(d)”.

 

6.       Amending
and restating each of the following definitions as follows:

 

		(a)	“Applicable
                                         Rate” means, for any day, with respect to any ABR Loan or LIBOR Loan, or with
                                         respect to the commitment fees payable hereunder at any time, as the case may be, the
                                         applicable rate per annum set forth below under the caption “ABR Spread”,
                                         “LIBOR Spread” or “Commitment Fee Rate”, as the case may be,
                                         for the applicable period set forth below under the caption “Applicable Period”:

 

	Applicable

        Period
	LIBOR

        Spread
	ABR

        Spread
	Commitment
Fee

        Rate

	Prior
    to the Third Amendment Effective Date	7.00%	6.00%	0.50%
	At
    all times from and after Third Amendment Effective Date	9.00%	8.00%	0.50%

 

		(b)	“Maturity
                                         Date” means the earliest to occur of:

 

(a)       the
effective date of a plan of reorganization filed in the Bankruptcy Cases that is confirmed pursuant to an order of the Bankruptcy
Court;

 

(b)       the
Final Order ceasing to be in full force and effect for any reason;

 

(c)       the
failure to consummate (x) the DFA Sale in accordance with the DFA Sale Order on or before May 5, 2020 or (y) the Prairie Farms
Sale in accordance with the Prairie Farms Sale Order on or before June 1, 2020;

 

    3

    	 

    

(d)       (x)
the acceleration of the Obligations or (y) termination by the Administrative Agent and/or the Required Lenders of the Revolving
Commitments (excluding, for the avoidance of doubt, the automatic termination of the Revolving Commitments in accordance with
Section 2.11(d)); and

 

(e)       the
Scheduled Maturity Date.

 

		(c)	“Scheduled
                                         Maturity Date” means July 31, 2020.

 

7.       Adding
each of the following defined terms in the proper alphabetical order:

 

“Available
Cash” means, as of any date of determination, the aggregate amount of all cash and Cash Equivalents held on the balance
sheet of, or controlled by, any Loan Party or any of its Restricted Subsidiaries, excluding in each case, (a) any cash or
Cash Equivalents held in any trust established pursuant to binding arrangements and agreements existing prior to April 1, 2020
in accordance with past practice for, or otherwise held for the benefit of, any Person (other than the Borrower or any Subsidiary
or Affiliate of the Borrower), (b) prior to the first date of satisfaction in full of all payment Obligations under and as
defined in the Receivables Purchase Agreement (other than indemnification and other contingent obligations not yet due and owing),
(i)  cash controlled or required to be held by any Loan Party or any of its Restricted Subsidiaries for the benefit of any
Receivables Financier pursuant to the terms of the Receivables Purchase Agreement and (ii) any Pool Assets (under and as
defined in the Receivables Purchase Agreement) and any proceeds thereof and (c) cash and Cash Equivalents received from DFA, Prairie
Farms or their respective Affiliates or subsidiaries as consideration for the consummation of the DFA Sale and/or the Prairie
Farms Sale.

 

“Available
Cash Reference Date” means the last Business Day of each calendar week, commencing on the first Friday on or following
the Third Amendment Effective Date.

 

“Available
Cash Reporting Date” means the first Business Day immediately following each Available Cash Reference Date.

 

“DFA”
means Dairy Farmers of America, Inc.

 

“DFA
Asset Purchase Agreement” means that certain Asset Purchase Agreement, dated as of April 6, 2020, by and among Dean
Foods Company, as the seller, each of the subsidiaries of Dean Foods Company party thereto and DFA, as the buyer, as in effect
on the Third Amendment Effective Date and as amended, supplemented or otherwise modified from time to time other than in a manner
materially adverse to the Administrative Agent, the Lenders or the Voting Participants.

 

“DFA
Sale” means the sale of certain of the Debtors’ assets to DFA pursuant to the DFA Asset Purchase Agreement as
authorized pursuant to the DFA Sale Order.

 

“DFA
Sale Order” means that certain order, among other things, (a) authorizing the DFA Sale free and clear of all claims,
liens, interests, and encumbrances, (b) authorizing the Debtors to enter into and perform their obligations under the DFA Asset
Purchase Agreement and related documents, and (c) granting related relief [D.I. 1572].

 

“Maximum
Available Cash Amount” means an amount equal to $20,000,000.

 

“Prairie
Farms” means Prairie Farms Dairy, Inc.

 

    4

    	 

    

“Prairie
Farms APA” means that certain Asset Purchase Agreement, dated as of April 8, 2020, by and among Dean Foods Company,
as the seller, each of the Subsidiaries of Dean Foods Company listed on the signature pages thereto, as the other selling entities,
and Prairie Farms Dairy, Inc., as the buyer, as in effect on the Third Amendment Effective Date and as amended, supplemented or
otherwise modified from time to time other than in a manner materially adverse to the Administrative Agent, the Lenders or the
Voting Participants.

 

“Prairie
Farms Sale” means the sale of certain of the Debtors’ assets to Prairie Farms pursuant to the Prairie Farms APA
as authorized pursuant to the Prairie Farms Sale Order.

 

“Prairie
Farms Sale Order” means that certain order, among other things, (a) authorizing the Prairie Farms Sale free and clear
of all claims, liens, interests, and encumbrances, (b) authorizing the Debtors to enter into and perform their obligations under
the Prairie Farms APA and related documents, and (c) granting related relief [D.I. 1594].

 

“Receivables
Purchase Agreement” means that certain Ninth Amended and Restated Receivables Purchase Agreement, dated as of November
14, 2019, by and among Dairy Group Receivables, L.P. and Dairy Group Receivables II, L.P., as Sellers, the Servicers from time
to time party thereto, the Financial Institutions from time to time party thereto, the Companies from time to time party thereto,
and Coöperatieve Rabobank U.A., New York Branch, as LC Bank and as Agent for the Purchasers thereunder.

 

“Specified
Asset Sale Agreements” has the meaning assigned to such term in the Third Amendment.

 

“Specified
Asset Sales” means the sale, transfer or other disposition, whether pursuant to a single transaction or a series of
related transactions, of any property, business, line of business, enterprise or asset of the Borrower or any Subsidiary of the
Borrower, which may, from time to time on or after the Third Amendment Effective Date, constitute, individually or in the aggregate,
a sale, transfer or other disposition of all or substantially all of the assets of the Borrower and/or any of its Subsidiaries,
pursuant to an order of the Bankruptcy Court and one or more of (a) the DFA Asset Purchase Agreement, (b) the Prairie
Farms APA, (c) that certain Asset Purchase Agreement, dated as of April 8, 2020, by and among Dean Foods Company, Uncle Matt’s
Organic, Inc., a Subsidiary of Dean Foods Company, as the seller, and Harmoni Inc., as the buyer, as in effect on the Third Amendment
Effective Date and as amended, supplemented or otherwise modified from time to time other than in a manner materially adverse
to the Administrative Agent, the Lenders or the Voting Participants, (d) those two certain Asset Purchase Agreements, each
dated as of April 7, 2020, and each by and among Dean Foods Company, as the seller, each of the Subsidiaries of Dean Foods Company
listed on the signature pages thereto, as the other selling entities, and Producers Dairy Foods, Inc., as the buyer, as in effect
on the Third Amendment Effective Date and as amended, supplemented or otherwise modified from time to time other than in a manner
materially adverse to the Administrative Agent, the Lenders or the Voting Participants and (e) that certain Asset Purchase
Agreement, dated as of April 7, 2020, by and among Dean Foods Company, as the seller, each of the Subsidiaries of Dean Foods Company
listed on the signature pages thereto, as the other selling entities, and Mana Saves McArthur, LLC, as the buyer, as in effect
on the Third Amendment Effective Date and as amended, supplemented or otherwise modified from time to time other than in a manner
materially adverse to the Administrative Agent, the Lenders or the Voting Participants.

 

“Third
Amendment” means that certain Third Amendment to Senior Secured Superpriority Debtor-in-Possession Credit Agreement,
dated as of May 1, 2020, among the Borrower, the

 

    5

    	 

    

Administrative
Agent, the Lenders and the Voting Participants party thereto, and the other parties thereto.

 

“Third
Amendment Effective Date” has the meaning assigned to such term in the Third Amendment; which date occurred on May 1,
2020.

 

B.       Section
2.11(b) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“(b)(i) Within
one (1) Business Day following the first Available Cash Reporting Date occurring after the date of receipt by any Loan Party
or any Restricted Subsidiary of any Net Cash Proceeds in respect of the DFA Sale and/or the Prairie Farms Sale and/or any other
Asset Sale or series of Asset Sales during the term of this Agreement, the Borrower shall make a prepayment of the Obligations
in an amount which, after giving effect to such prepayment and each other prepayment made pursuant to this Section 2.11
on such date, would result in the aggregate amount of Available Cash as of the immediately preceding Available Cash Reference
Date (but giving pro forma effect to such receipt of any Net Cash Proceeds) not exceeding the Maximum Available Cash Amount at
that time (each such prepayment to be applied as set forth in clause (d) below), (ii) within one (1) Business Day following the
first Available Cash Reporting Date occurring after the date of receipt by any Loan Party or any Restricted Subsidiary of any
proceeds in connection with a Recovery Event, the Borrower shall prepay the Obligations in an aggregate amount equal to one hundred
percent (100%) of such cash proceeds net of all third party costs incurred to obtain such cash proceeds (such prepayment to be
applied as set forth in clause (d) below), (iii) within one (1) Business Day following the first Available Cash Reporting Date
occurring after the date of receipt by any Loan Party or any Restricted Subsidiary of any proceeds of any tax refunds, the Borrower
shall prepay the Obligations in an aggregate amount equal to one hundred percent (100%) of the amount of such tax refunds net
of all tax obligations incurred as a result of the receipt of such tax refunds (such prepayment to be applied as set forth in
clause (d) below) and (iv) if Available Cash as of any Available Cash Reference Date exceeds the Maximum Available Cash Amount
at that time (the Available Cash in excess thereof, the “Excess Available Cash Amount”), then within one (1)
Business Day following the first Available Cash Reporting Date thereafter, the Borrower shall prepay the Obligations in an aggregate
amount equal to such Excess Available Cash Amount.”

 

C.       Section
2.11(c) of the Credit Agreement is hereby amended by inserting the words “prior to the consummation of the terms of the
DFA Sale in accordance with the DFA Asset Purchase Agreement” immediately after the words “at any time” in the
first line thereof.

 

D.       Section
2.11(d) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“All
such amounts pursuant to Section 2.11(a), (b) and (c) (including, for the avoidance of doubt, amounts pursuant to Section
2.11(b)(i) in connection with the DFA Sale and the Prairie Farms Sale) shall be applied, first, to prepay the Revolving
Loans ratably (with a corresponding permanent reduction in Revolving Commitments) until the Revolving Loans are paid in full (and,
concurrently with payment in full of the Revolving Loans and Cash Collateralization of all outstanding LC Exposure in full, all
Revolving Commitments in excess of Revolving Exposure at such time shall terminate automatically and without further action on
the part of any Person), second, to Cash Collateralize outstanding LC Exposure (with a corresponding permanent reduction
in Revolving Commitments) until such LC Exposure is Cash Collateralized in full (and, concurrently with payment in full of the
Revolving Loans and Cash Collateralization of all outstanding LC Exposure in full, all Revolving Commitments at such time shall
terminate

 

    6

    	 

    

automatically
and without further action on the part of any Person) and third, after all then outstanding Revolving Loans are paid in
full, and all outstanding LC Exposure is Cash Collateralized in full, to prepay the DIP Term Loans ratably. Within the parameters
of the applications set forth above, prepayments shall be applied first to ABR Loans and then to LIBOR Loans in direct order of
Interest Period maturities. If an Event of Default has occurred and is continuing at the time of any mandatory prepayment, the
proceeds thereof shall be applied in accordance with Section 2.18(b).”

 

E.       Section
2.11(e) of the Credit Agreement is hereby amended by deleting each instance of the text “Section 2.11(b)(i) or (c)”
appearing therein and replacing it with the text “Section 2.11(b)(i), (b)(ii), (b)(iii), (b)(iv) or (c)”.

 

F.       Each
of Sections 5.01(a), (b), (f) and (h) of the Credit Agreement is deleted in its entirety and replaced with the text “[Reserved]”.

 

G.       Section
5.01(g) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“by
no later than 4:00 p.m. (New York time) on:

 

(i)       each
Available Cash Reporting Date, a cash report as of the immediately preceding Available Cash Reference Date setting forth the aggregate
amount of all cash, Cash Equivalents and Available Cash held on the balance sheet of, or controlled by, any Loan Party or any
of its Restricted Subsidiaries identifying the institution(s) at which such cash and Cash Equivalents are held and the amount
of such cash and Cash Equivalents at each institution; 

 

(ii)       Wednesday,
May 20, 2020, and on every second Wednesday thereafter (or, if such Wednesday is not a Business Day, the next Business Day) (the
“Bi-Weekly Reporting Date”), a reasonably detailed internally generated statement of actual cash flows for
the two-week period ended on the Friday immediately preceding such Bi-Weekly Reporting Date, together with a 13-week reasonably
detailed update to budget with respect to non-ordinary course actual and reasonably expected, including prospective or contracted
asset sales, changes in balances in cash and/or accounts receivable in respect of the Permitted Receivables Financing, any reasonably
expected tax refunds and other actual and/or reasonably expected non-ordinary course cash disbursements and receipts (with such
supporting detail as the Administrative Agent and its financial advisor may request), a reasonably detailed reconciliation to
the last such budget delivered on the Third Amendment Effective Date or, if later, delivered pursuant to this Section 5.01(g)(ii)
and, to the extent that any Loan Party or Restricted Subsidiary receives any non-cash proceeds from any source, an explanation
as to why such amount has not been received in cash, which updated, modified or supplemented budget shall be in form and substance
reasonably satisfactory to the Administrative Agent and the Required Lenders, provided that no such updated, modified or supplemented
budget shall be effective until so approved;

 

(iii)       the
date falling two Business Days after the consummation of the DFA Sale, a statement of the Net Cash Proceeds generated

 

    7

    	 

    

by
the DFA Sale and a reasonably detailed final funds flow in respect of the DFA Sale; and

 

(iv)       the
date falling two Business Days after the consummation of the Prairie Farms Sale, a statement of the Net Cash Proceeds generated
by the Prairie Farms Sale and a reasonably detailed final funds flow in respect of the Prairie Farms Sale;”

 

H.       Section 7.01(d)
of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

“The
Borrower or any Restricted Subsidiary shall (i) use any Available Cash to make disbursements, expenses and other payments other
than (A) as contemplated by any approved budget delivered on the Third Amendment Effective Date or, if later, delivered pursuant
to Section 5.01(g)(ii) (save to the extent that the sum of all disbursements, expenses and payments made by the Borrower and its
Restricted Subsidiaries does not exceed 110% of budgeted disbursements, expenses and payments for the rolling four-week period
ending on the Friday immediately preceding the most recent Bi-Weekly Reporting Date (first tested with respect to the four-week
period ending Friday, May 29, 2020)), (B) payments on or about the date of consummation of the DFA Sale or otherwise on or prior
to Friday, May 8, 2020, in each case, in connection with the consummation of the DFA Sale, or (C) payments on or about the date
of consummation of the Prairie Farms Sale or otherwise on or prior to Friday, May 8, 2020, in each case, in connection with the
consummation of the Prairie Farms Sale, (ii) make any payment to an Unrestricted Subsidiary (other than any payment to any Receivables
Financier pursuant to the terms of the Receivables Purchase Agreement), or (iii) fail to observe or perform any covenant, condition
or agreement contained in (A) Section 2.11(b), (c) or (d), 5.01(g), 5.02(a), 5.03 (with respect to the Borrower’s existence),
5.08, 5.11, 5.12, 5.14, 5.17 or in Article VI or (B) Section 5.13, 5.15 or 5.16 and, in the case of this clause (iii)(B), such
failure shall continue unremedied for a period of five (5) Business Days after the earlier of a Responsible Officer of the Borrower
or any of its Restricted Subsidiaries having knowledge of such breach or notice thereof from the Administrative Agent.”

 

I.       Section 7.01(f)
of the Credit Agreement is hereby amended by inserting the text “or, solely with respect to the Permitted Receivables Financing,
to the extent such failure to make payment is permitted (or not prohibited) by the terms thereof as in effect on the Third Amendment
Effective Date” immediately prior to the “)).” appearing at the end thereof.

 

J.       Section 7.01(g)
of the Credit Agreement is hereby amended by inserting the text “or the terms of any Permitted Receivables Financing as
in effect on the Third Amendment Effective Date” immediately after the text “by the Orders” appearing in clause
(i) of the first parenthetical appearing therein.

 

K.       Section 7.01(o)
of the Credit Agreement is hereby amended by deleting the text “Any” appearing at the beginning thereof and replacing
it with the text “Other than in respect of any Specified Asset Sale, any”.

 

L.       Section 7.01(p)(iv)
of the Credit Agreement is hereby amended by inserting the text “other than in respect of any Specified Asset Sale,”
at the beginning thereof.

 

Section
IV. Representations and Warranties.
In order to induce the Administrative Agent, the Consenting Lenders and the Consenting Voting Participants to provide the confirmation
set forth in Section II hereof and consent to the amendments and modifications to the Credit Agreement set forth herein, the Borrower
represents and warrants that:

 

    8

    	 

    

A.       On
and as of the Third Amendment Effective Date, (a) other than in the case of any Default or Event of Default that would result
from the consummation of the Specified Asset Sales and the performance by the Borrower or any Subsidiary or Affiliate of the Borrower
of its obligations under any Specified Asset Sale Agreements, immediately before and after giving effect to this Third Amendment,
no Default or Event of Default shall have occurred and be continuing and (b) other than to the extent of any inaccuracy that would
result from the consummation of the Specified Asset Sales and the performance by the Borrower or any Subsidiary or Affiliate of
the Borrower of its obligations under any Specified Asset Sale Agreements, immediately before and after giving effect to the Third
Amendment, each representation and warranty of the Loan Parties and their respective Restricted Subsidiaries contained in the
Amended Credit Agreement and in each other Loan Document shall be true and correct in all material respects (or in all respects
if the applicable representation or warranty is qualified by Material Adverse Effect or materiality) on and as of the Third Amendment
Effective Date (provided that to the extent any such representation or warranty expressly relates to an earlier date, such representation
or warranty shall instead be true and correct in all material respects (or in all respects if the applicable representation or
warranty is qualified by Material Adverse Effect or materiality) as of such earlier date).

 

B.       Organization;
Powers. Each Loan Party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
incorporation or organization and, subject to the terms of the Final Order, has all requisite power and authority to carry on
its business as now conducted, execute, deliver and perform its obligations under this Third Amendment and the other instruments,
agreements and documents to which it is a party and executed and delivered in connection herewith and, except where the failure
to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified
to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

C.       Authorization;
Enforceability. Subject to the terms of the Final Order, the execution, delivery and performance of this Third Amendment and
the other instruments, agreements and documents to which it is a party and executed and delivered in connection herewith are within
each Loan Party’s corporate, limited liability company or partnership powers, will not contravene the terms of any Loan
Party’s Organization Documents and have been duly authorized by all necessary corporate and, if required, stockholder, shareholder,
member and/or partner action. Subject to the terms of the Final Order, this Third Amendment and the other instruments, agreements
and documents to which it is a party and executed and delivered in connection herewith have been duly executed and delivered by
the Borrower and each other Loan Party that is a party hereto and constitute a legal, valid and binding obligation of the Borrower
and each other Loan Party, as applicable, enforceable in accordance with its terms, subject to applicable Debtor Relief Laws and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at Law.

 

D.       Governmental
Approvals; No Conflicts. Subject to the terms of the Final Order, the execution, delivery and performance of this Third Amendment
and the other instruments, agreements and documents to which it is a party and executed and delivered in connection herewith (a) do
not require any material consent or approval of, registration or filing with, or any other action by, any Governmental Authority,
except such as have been obtained or made and are in full force and effect and except for the filing on or about the Third Amendment
Effective Date of one or more current reports on Form 8-K with respect to this Third Amendment, (b) will not violate any
material Law applicable to the Borrower or any of its Restricted Subsidiaries, (c) except as could not reasonably be expected
to have a Material Adverse Effect, will not violate or result in a default under any indenture, agreement or other instrument
binding upon the Borrower or any of its Restricted Subsidiaries or its assets (except those as to which waivers or consents have
been obtained), and (d) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of
its Restricted Subsidiaries, except Liens created pursuant to the Loan Documents.

 

    9

    	 

    

E.       Specified
Asset Sale Agreements. The Borrower has delivered to the Administrative Agent, the Lenders and the Voting Participants copies
of each of the Specified Asset Sale Agreements as in effect on the Third Amendment Effective Date.

 

Section
V. Effectiveness. This Third Amendment
shall become effective on the first date (the “Third Amendment Effective Date”) on which (A) the Borrower,
the Administrative Agent and the Consenting Lenders and Consenting Voting Participants constituting all of the Lenders and Voting
Participants shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered by way
of “.pdf” via email transmission the same to the Administrative Agent and (B) each of the following conditions are
satisfied:

 

A.       Representations
and Warranties. Other than to the extent excused pursuant to Section II(A) above, all representations and warranties contained
herein shall be true and correct in all material respects (or in all respects if the applicable representation or warranty is
qualified by Material Adverse Effect or materiality) on and as of the Third Amendment Effective Date (both immediately before
and after giving effect to the Third Amendment) (provided that to the extent any such representation or warranty expressly relates
to an expressly relates to an earlier date, such representation or warranty shall instead be true and correct in all material
respects (or in all respects if the applicable representation or warranty is qualified by Material Adverse Effect or materiality)
and of such earlier date) (and by its execution hereof, the Borrower shall be deemed to have represented and warranted such).

 

B.       No
Default or Event of Default. Other than in the case of any Default or Event of Default that would result from the consummation
of the Specified Asset Sales and the performance by the Borrower or any Subsidiary or Affiliate of the Borrower of its obligations
under any Specified Asset Sale Agreement, at the time of, and immediately before and after giving effect to this Third Amendment,
no Default or Event of Default shall have occurred and be continuing (and by its execution hereof, the Borrower shall be deemed
to have represented and warranted such).

 

C.       Officer’s
Certificate. The Administrative Agent shall have received a certificate signed by a Responsible Officer of the Borrower, dated
the Third Amendment Effective Date, certifying compliance with the conditions set forth in clauses (A) and (B)
of this Section V.

 

D.       Post-DFA
Sale Budget. The Borrower shall have delivered to the Administrative Agent (for distribution to the Lenders and the Voting
Participants) an approved budget for the 13-week period commencing with the Third Amendment Effective Date with respect to non-ordinary
course actual and reasonably expected course, including prospective or contracted asset sales, changes in balances in cash and/or
accounts receivable in respect of the Permitted Receivables Financing, any reasonably expected tax refunds and other actual and/or
reasonably expected non-ordinary course cash disbursements and receipts (with such supporting detail as the Administrative Agent
(or any Lender acting through the Administrative Agent) and its financial advisor may request) (the delivery of which, and the
approval of which by the Administrative Agent and the undersigned Lenders and Voting Participants, is hereby acknowledged).

 

The
Administrative Agent shall notify the Borrower and the Lenders of the Third Amendment Effective Date upon the occurrence thereof,
and such notice and the effectiveness of this Third Amendment, the consents provided herein and the Amended Credit Agreement shall
be conclusive and binding upon all of the Lenders and all of the other parties to the Loan Documents and each of their successors
and assigns; provided that, failure to give any such notice shall not affect the effectiveness, validity or enforceability
of this Amendment, such consents and the Amended Credit Agreement.

 

Section
VI. Confirmation of Guarantees and Security Interest.
By signing this Third Amendment, the Borrower and each other Loan Party, hereby consents to the terms of this Third

 

    10

    	 

    

Amendment
and confirms that at the time of, and immediately before and after giving effect to this Third Amendment, (x) the Secured Obligations
of the Loan Parties under the Credit Agreement, as modified or supplemented hereby, the Security Agreement, the other Collateral
Documents and the other Loan Documents (i) are entitled to the benefits of the guarantees and the security interests set forth
or created in the Credit Agreement, the Security Agreement, the other Collateral Documents and the other Loan Documents and (ii)
constitute “Secured Obligations” for purposes of the Credit Agreement, the Security Agreement, the other Collateral
Documents and all other Loan Documents and (y) the Credit Agreement (as amended hereby), the Security Agreement, each other Collateral
Document and each other Loan Document are, and shall continue to be, in full force and effect and are hereby ratified and confirmed
in all respects and the terms of this Third Amendment shall not affect in any way its obligations and liabilities under any Loan
Document (including, without limitation, the guaranty and any grant of security interests and pledges pursuant to the Credit Agreement,
the Security Agreement and other Collateral Document or any other Loan Document) to which it is a party (as such Loan Documents
are amended or otherwise expressly modified by this Third Amendment (including Section II(A) hereof)). The Borrower and each other
Loan Party hereby ratifies and confirms that at the time of, and immediately before and after giving effect to this Third Amendment,
all Liens granted, conveyed, or assigned to the Administrative Agent by such Person pursuant to any Collateral Document or any
other Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure
full payment and performance of the Secured Obligations.

 

Section
VII. Reference To and Effect Upon the Loan Documents.

 

A.       From
and after the Third Amendment Effective Date, (i) the term “Agreement,” in the Amended Credit Agreement, and all references
to the Credit Agreement in any other Loan Document, shall mean the Credit Agreement as modified hereby and after giving effect
to all consents set forth herein, and (ii) this Third Amendment shall constitute a “Loan Document” for all purposes
of the Amended Credit Agreement and the other Loan Documents.

 

B.       This
Third Amendment is limited as specified herein and shall not constitute a modification, acceptance or waiver of, or consent to
modifications of or deviations from, any other provision of the Credit Agreement, any Collateral Document or any other Loan Document
or a novation of existing obligations and liabilities under the Loan Documents (including, for the avoidance of doubt, other rights
in respect of the Sale Motion, the Sale Process and the underlying sales contemplated therein as set forth in the Loan Documents).
The Credit Agreement, as specifically amended by this Third Amendment (after giving effect to all consents set forth herein),
and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified
and confirmed.

 

C.       The
parties hereto agree that, notwithstanding anything to the contrary set forth in Section 9.23 of the Credit Agreement or the Amended
Credit Agreement (as applicable) or any corresponding provision of any other Loan Document, to the extent that Section 5.14 of
the Amended Credit Agreement is inconsistent with the Orders as in effect as of the Third Amendment Effective Date and as amended,
supplemented or otherwise modified from time to time other than in a manner adverse in any material respect to the Administrative
Agent, the Lenders or the Voting Participants, Section 5.14 of the Amended Credit Agreement shall control.

 

Section
VIII. Release; Covenant not to Sue.
In consideration of this Third Amendment and the agreements and waivers of the Administrative Agent and the Consenting Lenders
and Consenting Voting Participants set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Borrower, on behalf of itself and each of its Restricted Subsidiaries, and each of their
respective successors and assigns (collectively, as the “Releasing Parties”

 

    11

    	 

    

and
each, individually, as a “Releasing Party”), hereby absolutely, unconditionally and irrevocably releases, remises
and forever discharges the Administrative Agent and each of the Consenting Lenders and Consenting Voting Participants and their
respective successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries, divisions,
predecessors, directors, officers, attorneys, employees, agents and other representatives (the Administrative Agent, each Consenting
Lender and Consenting Voting Participant and all such other Persons being hereinafter referred to collectively as the “Releasees”
and individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims,
defenses, rights of set off, demands and liabilities whatsoever of every name and nature now known or unknown, suspected or unsuspected,
both at law and in equity, which any Releasing Party may hold, have or claim to have against the Releasees or any of them for,
upon, or by reason of any circumstance, action, cause or thing whatsoever, for or on account of, or in relation to, or in any
way in connection with the Third Amendment or the transactions hereunder, in each case which has arisen at any time on or prior
to the Third Amendment Effective Date; provided that for the avoidance of doubt, nothing in this Section VIII shall
affect continuing obligations of the Releasees under this Third Amendment, the Amended Credit Agreement and the other Loan Documents

 

The
Borrower confirms, on behalf of itself and each other Releasing Party, that it and they (i) understand, acknowledge and agree
that the releases set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against
any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release
and (ii) agree that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be
discovered will affect in any manner the final, absolute and unconditional nature of the release set forth above.

 

The
Borrower, on behalf of itself and each other Releasing Party, hereby absolutely, unconditionally and irrevocably covenants and
agrees with and in favor of each Releasee that it will not sue (at law, in equity, in any regulatory proceeding or otherwise)
any Releasee on the basis of any Claim released, remised and discharged by any Releasing Party pursuant to this Section VIII.

 

Section
IX. Legal Expenses. The Borrower hereby
agrees to pay all reasonable fees and out of pocket expenses of counsel to the Administrative Agent and/or any Lender party hereto
incurred by the Administrative Agent or any Lender party hereto in connection with the preparation, negotiation and execution
of this Third Amendment and any other instruments and documents executed and delivered in connection herewith. The Borrower hereby
reaffirms in all respects its obligations set forth in Section 9.03 of the Credit Agreement and the Amended Credit Agreement and
any corresponding provision contained in any Loan Documents, in each case, in accordance with the terms thereof.

 

Section
X. Counterparts, Etc. This Third Amendment
may be executed in any number of counterparts, each of which when so executed shall be deemed an original, but all such counterparts
shall constitute one and the same instrument, and all signatures need not appear on any one counterpart. Any party hereto may
execute and deliver a counterpart of this Third Amendment by delivering by facsimile or other electronic transmission a signature
page of this Third Amendment signed by such party, and any such facsimile or other electronic signature shall be treated in all
respects as having the same effect as an original signature. Section headings in this Third Amendment are included herein for
convenience of reference only and shall not constitute part of this Third Amendment for any other purpose. A complete set of counterparts
of this Third Amendment shall be lodged with the Borrower and the Administrative Agent.

 

Section
XI. Governing Law. This Third Amendment
and any claims, controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out of
or relating to this Third

 

    12

    	 

    

Amendment
and the transactions contemplated hereby shall be governed by, and construed and interpreted in accordance with, the Law of the
State of New York and, to the extent applicable, the Bankruptcy Code.

 

Section
XII. Headings. The headings, captions
and arrangements used in this Third Amendment are, unless specified otherwise, for convenience only and shall not be deemed to
limit, amplify or modify the terms of this Third Amendment, nor affect the meaning thereof.

 

[Signature
Pages to follow]

 

    13

    	 

    

IN
WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Third Amendment as
of the date first above written.

 

	BORROWER:	DEAN FOODS COMPANY,
	 	as the Borrower
	 	 
	 	 
	 	By: 	/s/ Edgar A. DeGuia
	 	 	Name: Edgar A. DeGuia
	 	 	Title: Vice President and Treasurer

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	SUBSIDIARY
GUARANTORS:	 
	 	 
	 	

Alta-Dena
Certified Dairy, LLC

Berkeley
Farms, LLC

Cascade
Equity Realty, LLC

Country
Fresh, LLC

Dairy
Information Systems, LLC

Dairy
Information Systems Holdings, LLC

DeAN
DAIRY HOLDINGS, LLC

Dean
East II, LLC

Dean
East, LLC

Dean
Foods North Central, LLC

Dean
Foods of Wisconsin, LLC

Dean
Holding Company

Dean
Intellectual Property Services II, Inc.

Dean
International Holding Company

Dean
Management, LLC

Dean
Puerto Rico Holdings, LLC

Dean
Services, LLC

Dean
Transportation, Inc.

Dean
West II, LLC

Dean
West, LLC

DFC
Aviation Services, LLC

DFC
Energy partners, llc

DFC
Ventures, LLC

DGI
Ventures, Inc.

franklin
holdings, inc.

Fresh
Dairy Delivery, LLC

Friendly’s
Ice Cream Holdings Corp.

Friendly’s
Manufacturing and Retail, LLC

Garelick
Farms, LLC

Mayfield
Dairy Farms, LLC

Midwest
Ice Cream Company, LLC

Model
Dairy, LLC

Reiter
Dairy, LLC

Sampson
Ventures, LLC

Shenandoah’s
Pride, LLC

Southern
Foods Group, LLC

Steve’s
Ice Cream, LLC

Suiza
Dairy Group, LLC

Tuscan/Lehigh
Dairies, Inc.

Uncle
Matt’s Organic, Inc. 

Verifine Dairy Products of Sheboygan, LLC
	 	 
	 	 
	 	By: 	/s/ Kristy N. Waterman
	 	 	Name: Kristy N. Waterman
	 	 	Title: Senior Vice President, General Counsel and Corporate Secretary

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

 

	DIPS LIMITED PARTNER II	 
	 	 
	By:	Delaware
        Trust Company, not in its individual capacity but solely as Trustee	 
	 	 	 
	 	 	 
	By: 	/s/
        Benjamin Hancock	 
	 	Name:
        Benjamin Hancock	 
	 	Title: Assistant Vice President	 

 

	ADMINISTRATIVE AGENT:	COÖPERATIEVE
        RABOBANK U.A., NEW YORK BRANCH, an Administrative Agent
	 	 
	 	By: 	/s/ Stephanie LeBarbara
	 	 	Name: Stephanie LeBarbara
	 	 	Title: Vice President

 

	 	 
	 	By: 	/s/ Eric Hurshman
	 	 	Name: Eric Hurshman
	 	 	Title: Managing Director

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

 

	LENDERS:	COÖPERATIEVE
        RABOBANK U.A., NEW YORK BRANCH, as a Lender and an Issuing Bank
	 	 
	 	 
	 	By: 	/s/ Stephanie LeBarbara
	 	 	Name: Stephanie LeBarbara
	 	 	Title: Vice President

 

	 	 
	 	By: 	/s/ Eric Hurshman
	 	 	Name:  Eric Hurshman
	 	 	Title: Managing Director

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	CIT Northbridge Credit,
        as a Lender
	 	 
	 	 
	 	By: 	/s/ Barbara J. Coffin
	 	 	Name: Barbara J. Coffin
	 	 	Title: Authorized Signatory

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	BMO Harris Bank N.A.,
        as a Lender
	 	 
	 	 
	 	By: 	/s/ Sarah Yates
	 	 	Name: Sarah Yates
	 	 	Title: Vice President

 

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	ACF FinCo I LP,
        as a Lender
	 	 
	 	 
	 	By: 	/s/ Oleh Szczupak
	 	 	Name: Oleh Szczupak
	 	 	Title: Authorized Signor

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	ING CAPITAL LLC,
        as a Lender
	 	 
	 	 
	 	By: 	/s/  Daniel W. Lamprech
	 	 	Name:  Daniel W. Lamprech
	 	 	Title: Managing Director

 

	 	 
	 	By: 	/s/ Gonzalo Sanchez
	 		Name: Gonzalo Sanchez
	 	 	Title: Director

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	BTC HOLDINGS FUND
        I LLC, as a Lender
	 	 
	 	By:
        	
        Blue Torch Credit Opportunities Fund I LP, its sole member
	 	 	 
	 	By:
        	Blue Torch Credit Opportunities GP LLC, its general partner
	 	 	 
	 	 	 
	 	By: 	/s/ Kevin Genda
	 	 	Name: Kevin Genda
	 	 	Title: Managing Member

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	BTC HOLDINGS SC FUND
        LLC, as a Lender
	 	 
	 	By:
        	Blue Torch Credit Opportunities SC Master Fund LP, its sole member
	 	 	 
	 	By:
        	Blue Torch Credit Opportunities SC GP LLC, its general partner
	 	 	 
	 	 	 
	 	By: 	/s/ Kevin Genda
	 	 	Name: Kevin Genda
	 	 	Title: Managing Member

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	PNC Bank, National
        Association, as a Lender
	 	 
	 	 
	 	By: 	/s/ Jamie Chioda
	 	 	Name: Jamie Chioda
	 	 	Title: Senior Vice President

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	COBANK, ACB, as
        a Lender
	 	 
	 	 
	 	By: 	/s/ Wayne P. Graffis
	 	 	Name: Wayne P. Graffis
	 	 	Title: Vice President

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	American AgCredit
        FLCA, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Chris M. Levine
	 	 	Name: Chris M. Levine
	 	 	Title: Vice President

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	AgCountry Farm Credit
        Services, FLCA, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Warren Shoen
	 	 	Name: Warren Shoen
	 	 	Title: Senior Vice President

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	Compeer Financial,
        FLCA, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Kevin Buente
	 	 	Name: Kevin Buente
	 	 	Title: Principal Credit Officer

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	Farm Credit Bank of
        Texas, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Luis M. H. Requejo
	 	 	Name: Luis M. H. Requejo
	 	 	Title: Director Capital Markets

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	GreenStone Farm Credit
        Services, FLCA, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Kyle Hernandez
	 	 	Name: Kyle Hernandez
	 	 	Title: Capital Markets Lending Officer

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	Farm Credit Mid-America,
        FLCA, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Patrick Sauer
	 	 	Name: Patrick Sauer
	 	 	Title: Vice President Food & Agribusiness

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	Northwest Farm Credit
        Services, FLCA, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Jeremy VanderVegt
	 	 	Name: Jeremy VanderVegt
	 	 	Title: Vice President

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

    	 

    

	 	Yosemite Land Bank, FLCA, as a Voting Participant
	 	 
	 	 
	 	By: 	/s/ Steven M. Mizuno
	 	 	Name: Steven M. Mizuno
	 	 	Title: SVP-Credit Administration

 

    
Signature Page to Third Amendment to Dean Foods DIP Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]