Document:

Exchange Agreement

 Exhibit 10.3 
 Execution Copy 
 EXCHANGE AGREEMENT 

BY AND BETWEEN 
 PNC BANCORP, INC. 
 THE PNC FINANCIAL SERVICES GROUP, INC.

 AND 
 BLACKROCK, INC. 
 Dated as of May 21, 2012 

 EXCHANGE AGREEMENT 

THIS EXCHANGE AGREEMENT (this “Agreement”) is made and entered into as of May 21, 2012 by and
among PNC Bancorp, Inc., a Delaware corporation (“PNC”) and the PNC Financial Services Group, Inc., a Pennsylvania corporation (“PNC Parent”), and BlackRock, Inc., a Delaware corporation
(“BlackRock”). 
 WHEREAS, BlackRock and PNC Parent are parties to an Amended and Restated
Implementation and Stockholder Agreement, dated as of February 27, 2009, as amended by Amendment No. 1, dated as of June 11, 2009, to the Amended and Restated Implementation and Stockholder Agreement (as so amended, the
“PNC Stockholder Agreement”); 
 WHEREAS, one of the Selling Stockholders (as defined below) proposes to
sell through an underwritten public offering (the “Secondary Offering”) shares of BlackRock’s common stock, par value $0.01 per share (the “Common Stock”), including shares of Common Stock
issuable upon the conversion of an equal number of shares of BlackRock’s Series B non-voting convertible participating preferred stock, par value $0.01 per share (“Series B Preferred Stock”); 

WHEREAS, BlackRock and Barclays Bank PLC (“Barclays”) propose to enter into a transaction (the
“Repurchase Transaction”) whereby certain subsidiaries of Barclays (each, a “Selling Stockholder” and, collectively, the “Selling Stockholders”) shall sell to BlackRock, and
BlackRock shall purchase from such Selling Stockholders, certain shares of Series B Preferred Stock and Common Stock, as set forth in the Stock Repurchase Agreement, dated as of May 21, 2012, by and between BlackRock and Barclays; 

WHEREAS, concurrently with the closing of the Secondary Offering and the Repurchase Transaction, BlackRock and Barclays propose to
consummate an exchange transaction whereby one or more affiliates of Barclays will exchange shares of Common Stock for a like number of shares of Series B Preferred Stock, in an amount to be determined as provided therein, if, immediately following
the consummation of the Secondary Offering and the Repurchase Transaction, Barclays and its affiliates collectively own more than 1% of the outstanding Common Stock (together with the Secondary Offering and the Repurchase Transaction, the
“Barclays Transactions”); and 
 WHEREAS, concurrently with the closing of the Secondary Offering and
the Repurchase Transaction, PNC will exchange a portion of the shares of Series B Preferred Stock owned by it or its subsidiaries for an equal number of shares of Common Stock (the “PNC Exchange”); 

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as follows: 

 ARTICLE I 
 EXCHANGE 
 Section 1.1 Exchange of PNC Class B Exchange
Shares. Under the terms and subject to the conditions hereof and in reliance upon the representations, warranties and agreements contained herein, at the Closing (as defined herein), PNC shall exchange or cause to be exchanged such number of
shares of Series B Preferred Stock, owned by PNC and its subsidiaries (the “PNC Class B Exchange Shares”) equal to the lesser of (a) such number of PNC Class B Exchange Shares that, upon exchange thereof for
shares of Common Stock, would result in PNC’s percentage beneficial ownership of Common Stock equaling 23.75% of the outstanding Common Stock (such percentage calculated taking into account the Barclays Transactions occurring concurrently on
the Closing Date, but not any option to purchase additional shares exercised thereafter) and (b) two million shares of Series B Preferred Stock, for an equal number of shares of Common Stock (the “Exchange Shares”), as
appropriately adjusted for any stock split, combination, reorganization, recapitalization, reclassification, stock dividend, stock distribution or similar event declared or effected prior to the Closing (as defined herein). 

Section 1.2 Closing. The closing (the “Closing”) of the exchange of the PNC Class B Exchange
Shares for the Exchange Shares shall be held at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, Four Times Square, New York, New York, immediately subsequent to the satisfaction or waiver of the conditions set forth in
Articles V and VI herein, or at such other time, date or place as PNC and BlackRock may agree in writing. The date on which the Closing occurs is hereinafter referred to as the “Closing Date.” 

Section 1.3 Deliveries. 
 (a) At the Closing, PNC shall deliver or cause to be delivered to BlackRock (the “PNC Closing Deliveries”) transfer authorization evidencing the transfer of the PNC Class B Exchange
Shares from PNC or its subsidiaries to BlackRock in the form attached hereto as Exhibit A free and clear of any Lien (as defined below). 
 (b) At the Closing, BlackRock shall deliver to PNC certificates registered or evidence of book-entry credits, in PNC’s name (or the name(s) of one or more subsidiaries of PNC that it shall so
designate in writing) representing the Exchange Shares (the “BlackRock Closing Deliveries”). 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF PNC 

PNC represents and warrants to BlackRock, as follows: 

  
 2 

 Section 2.1 Title to PNC Class B Exchange Shares. As of the Closing, PNC will
own, directly or indirectly, and deliver the PNC Class B Exchange Shares free and clear of any and all option, call, contract, commitment, mortgage, pledge, security interest, encumbrance, lien, tax, claim or charge of any kind or right of others of
whatever nature (collectively, a “Lien”) of any kind. 
 Section 2.2 Authority Relative
to this Agreement. PNC has the requisite corporate power and authority to execute and deliver this Agreement, and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by PNC, and the consummation by
PNC of the transactions contemplated hereby has been duly authorized, and no other corporate or stockholder proceedings on the part of PNC are necessary to authorize this Agreement or for PNC to consummate the transactions contemplated hereby. This
Agreement has been duly and validly executed and delivered by PNC and, assuming the due authorization, execution and delivery thereof by BlackRock, constitutes the valid and binding obligation of PNC, enforceable against it in accordance with its
terms, except as may be limited by bankruptcy, insolvency or other equitable remedies. 
 Section 2.3 Governmental
Approvals. No material consent, approval, authorization or order of, or registration, qualification or filing with, any court, regulatory authority, governmental body or any other third party is required to be obtained or made by PNC for the
execution, delivery or performance by PNC of this Agreement or the consummation by PNC of the transactions contemplated hereby. 

Section 2.4 Receipt of Information. PNC has received all the information it considers necessary or appropriate to decide
whether to acquire the Exchange Shares in exchange for the PNC Class B Exchange Shares. PNC has had an opportunity to ask questions and receive answers from BlackRock regarding the terms and conditions of the offering of the Exchange Shares and the
business and financial condition of BlackRock and to obtain additional information necessary to verify the accuracy of any information furnished to it or to which it had access. PNC has not received, and is not relying on, any representations or
warranties from BlackRock, other than as provided herein. 
 Section 2.5 Restricted Securities. PNC understands that
the Exchange Shares may not be sold, transferred or otherwise disposed of without registration under the Securities Act of 1933, as amended (the “Securities Act”), or an exemption therefrom, and that in the absence of
an effective registration statement covering the Exchange Shares or an available exemption from registration under the Securities Act, the Exchange Shares must be held indefinitely. In particular, PNC is aware that the Exchange Shares may not be
sold pursuant to Rule 144 promulgated under the Securities Act unless all of the conditions of the rule are met. 

Section 2.6 Legends. It is understood that, in addition to the legend required by the PNC Stockholder Agreement, the
certificates evidencing the Exchange Shares will bear the following legend: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO
BLACKROCK, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.” 

  
 3 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF BLACKROCK 
 Section 3.1
Exchange Shares. The Exchange Shares have been duly and validly authorized, and, when issued upon the terms hereof, will be fully paid, nonassessable and free of statutory preemptive rights and contractual stockholder preemptive rights, with
no personal liability attaching to the ownership thereof. 
 Section 3.2 Authority Relative to this Agreement.
BlackRock has the requisite corporate power and authority to execute and deliver this Agreement and the requisite corporate power and authority to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the
consummation by BlackRock of the transactions contemplated hereby has been duly authorized by BlackRock’s board of directors (including a majority of BlackRock’s Independent Directors (as defined in the PNC Stockholder Agreement)), and no
other corporate or stockholder proceedings on the part of BlackRock are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by BlackRock and,
assuming the due authorization, execution and delivery thereof by PNC, constitutes the valid and binding obligation of BlackRock, enforceable against BlackRock in accordance with its terms, except as may be limited by bankruptcy, insolvency or other
equitable remedies. 
 Section 3.3 Governmental Approvals. No material consent, approval, authorization or order of,
or registration, qualification or filing with, any court, regulatory authority, governmental body or any other third party is required to be obtained or made by BlackRock for the execution, delivery or performance by BlackRock of this Agreement or
the consummation by BlackRock of the transactions contemplated thereby, except those contemplated hereby. 
 ARTICLE IV

 ADDITIONAL AGREEMENTS 
 Section 4.1 Compliance with PNC Stockholder Agreement and Related Agreements. The parties intend that this Agreement and the transactions contemplated hereby be consistent with the conditions
and restrictions applicable to the parties and/or their affiliates pursuant to the PNC Stockholder Agreement. BlackRock and PNC shall take all commercially reasonable actions, and deliver any necessary consent or waiver to comply with the provisions
of the PNC Stockholder Agreement relating to the exchange of the PNC Class B Exchange Shares for the Exchange Shares pursuant hereto. 

  
 4 

 Section 4.2 Commercially Reasonable Efforts. The parties shall each cooperate
with each other and use (and shall cause their respective subsidiaries to use) their respective commercially reasonable efforts to promptly take or cause to be taken all necessary actions, and do or cause to be done all things, necessary, proper or
advisable under this Agreement and applicable laws to consummate and make effective all the transactions contemplated by this Agreement as soon as practicable. 
 Section 4.3 Public Announcements. Except as may be required by applicable law, neither party hereto shall make any public announcements or otherwise communicate with any news media with
respect to this Agreement or any of the transactions contemplated hereby, without prior consultation with the other party as to the timing and contents of any such announcement or communications; provided, however, that nothing contained herein
shall prevent any party from promptly making all filings with any governmental entity or disclosures with the stock exchange, if any, on which such party’s capital stock is listed, as may, in its judgment, be required in connection with the
execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. 
 ARTICLE V

 CONDITIONS TO CLOSING OF BLACKROCK 
 The obligation of BlackRock to acquire the PNC Class B Exchange Shares from PNC and to issue the Exchange Shares to PNC at the Closing is subject to the fulfillment to BlackRock’s satisfaction on or
prior to the Closing Date of each of the following conditions: 
 Section 5.1 Representations and Warranties. Each
representation and warranty made by PNC in Article II above shall be true and correct on and as of the Closing Date as though made as of the Closing Date. 
 Section 5.2 Performance. All covenants, agreements and conditions contained in this Agreement to be performed or complied with by PNC on or prior to the Closing Date shall have been performed
or complied with by PNC in all respects. 
 Section 5.3 Certificates and Documents. PNC shall have delivered at or
prior to the Closing to BlackRock or its designee the PNC Closing Deliveries. 
 Section 5.4 Completion of Barclays
Transactions. The Barclays Transactions shall have been completed. For greater certainty the completion of the Secondary Offering does not require the exercise of any option granted to the underwriters for such offering. 

  
 5 

 ARTICLE VI 
 CONDITIONS TO CLOSING OF PNC 
 The obligation of PNC to acquire the
Exchange Shares from BlackRock, and to transfer the PNC Class B Exchange Shares to BlackRock, at the Closing is subject to the fulfillment to PNC’s satisfaction on or prior to the Closing Date of each of the following conditions: 

Section 6.1 Representations and Warranties. Each representation and warranty made by BlackRock in Article III above shall be
true and correct in all material respects on and as of the Closing Date as though made as of the Closing Date. 

Section 6.2 Performance. All covenants, agreements and conditions contained in this Agreement to be performed or complied
with by BlackRock on or prior to the Closing Date shall have been performed or complied with by BlackRock in all respects. 

Section 6.3 Certificates and Documents. BlackRock shall have delivered at or prior to the Closing to PNC the BlackRock
Closing Deliveries. 
 Section 6.4 Completion of Barclays Transactions. The Barclays Transactions shall have been
completed. For greater certainty the completion of the Secondary Offering does not require the exercise of any option granted to the underwriters for such offering. 
 ARTICLE VII 
 MISCELLANEOUS 

Section 7.1 Termination. This Agreement may be terminated prior to the Closing as follows: (i) at any time on or prior
to the Closing Date, by mutual written consent of PNC and BlackRock; or (ii) at the election of PNC or BlackRock by written notice to the other party hereto after 5:00 p.m., New York time, on the date upon which the Offering is terminated prior
to consummation or, if sooner, June 15, 2012, if the Closing shall not have occurred, unless such date is extended by the mutual written consent of PNC and BlackRock; provided, however, that the right to terminate this Agreement pursuant to
this clause (ii) shall not be available to a party whose failure or whose affiliate’s failure to perform or observe in any material respect any of its obligations under this Agreement in any manner shall have been the principal cause of or
resulted in the failure of the Closing to occur on or before such date. 
 Section 7.2 Savings Clause. No provision
of this Agreement shall be construed to require any party or its affiliates to take any action that would violate any applicable law (whether statutory or common), rule or regulation. 

Section 7.3 Amendment and Waiver. Except as otherwise provided herein, this Agreement may not be amended except by an
instrument in writing signed on behalf of each of the parties hereto. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such
party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

  
 6 

 Section 7.4 Severability. If any provision of this Agreement shall be declared
by any court of competent jurisdiction to be illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and effect. 

Section 7.5 Entire Agreement. Except as otherwise expressly set forth herein, this Agreement, together with the several
agreements and other documents and instruments referred to herein or therein or annexed hereto, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior
understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way. Without limiting the generality of the foregoing, to the extent that any of the terms hereof are
inconsistent with the rights or obligations of PNC under any other agreement with BlackRock, the terms of this Agreement shall govern. 
 Section 7.6 Successors and Assigns. Neither this Agreement nor any of the rights or obligations of any party under this Agreement shall be assigned, in whole or in part by any party without
the prior written consent of the other parties. 
 Section 7.7 Counterparts. This Agreement may be executed in
separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement. 
 Section 7.8 Remedies. 
 (a) Each party hereto acknowledges that
monetary damages would not be an adequate remedy in the event that each and every one of the covenants or agreements in this Agreement are not performed in accordance with their terms, and it is therefore agreed that, in addition to and without
limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing
specifically each and every one of the terms and provisions hereof. Each party hereto agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to waive any requirement for the securing or
posting of any bond in connection with such remedy. 
 (b) All rights, powers and remedies provided under this Agreement or
otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such
right, power or remedy by such party. 
 Section 7.9 Notices. All notices and other communications hereunder shall
be in writing and shall be deemed given if delivered personally, sent by electronic mail, telecopied (upon telephonic confirmation of receipt), on the first business day following the date of dispatch if delivered by a recognized next day courier
service, or on the third business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other
instructions as may be designated in writing by the party to receive such notice. 

  
 7 

 If to BlackRock: 
 c/o BlackRock, Inc. 
 55 East 52nd Street 

New York, NY 10055 
 Facsimile: 212-810-8760 
 Attn: Susan L. Wagner 

and 
 40 East 52nd
Street 
 New York, NY 10022 
 Facsimile: 212-810-3744 
 Attn: General Counsel 

with a copy (which shall not constitute notice) to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 

New York, NY 10036 
 Facsimile: 212-735-2000 
 Attention: Stacy J. Kanter, Esq. 

If to PNC: 

The PNC Financial Services Group, Inc. 
 One PNC Plaza 
 Pittsburgh, PA 15222 

Facsimile: 412-762-2875 
 Attention: General Counsel 
 with a copy (which shall not constitute notice) to:

 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, NY 10019 
 Facsimile: 212-403-2000 

Attention: Nicholas G. Demmo, Esq. 
 Section 7.10 Governing Law; Consent to Jurisdiction. 
 (a) This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to the principles of conflicts of law. Each of the parties hereto hereby irrevocably and unconditionally consents to submit to
the exclusive 

  
 8 

 
jurisdiction in the Court of Chancery of the State of Delaware or any court of the United States located in the State of Delaware, for any action, proceeding or investigation in any court or
before any governmental authority (“Litigation”) arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties hereto hereby irrevocably and unconditionally waives, and agrees not
to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Litigation, the defense of sovereign immunity, any claim that it is not personally subject to the jurisdiction of the aforesaid courts for any reason other than the
failure to serve process in accordance with this Section 7.10, that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment
prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and to the fullest extent permitted by applicable law, that the Litigation in any such court is brought in an inconvenient forum, that the venue of
such Litigation is improper, or that this Agreement, or the subject matter hereof, may not be enforced in or by such courts and further irrevocably waives, to the fullest extent permitted by applicable law, the benefit of any defense that would
hinder, fetter or delay the levy, execution or collection of any amount to which the party is entitled pursuant to the final judgment of any court having jurisdiction. Each of the parties irrevocably and unconditionally waives, to the fullest extent
permitted by applicable law, any and all rights to trial by jury in connection with any Litigation arising out of or relating to this Agreement or the transactions contemplated hereby. 

(b) Each of the parties expressly acknowledges that the foregoing waiver is intended to be irrevocable under the laws of the State of
Delaware and of the United States of America; provided that consent by PNC and BlackRock to jurisdiction and service contained in this Section 7.10 is solely for the purpose referred to in this Section 7.10 and shall not be deemed
to be a general submission to said courts or in the State of Delaware other than for such purpose. 
 Section 7.11
Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include”, “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”. 
 [Signature Pages Follow] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Exchange Agreement to be duly
executed and delivered as of the date first above written. 
  

					
	THE PNC FINANCIAL SERVICES GROUP, INC.
		
	By:	 	 /s/ David J. Williams

		 	Name:	 	David J. Williams
		 	Title:	 	Senior Vice President

  

					
	PNC BANCORP, INC.
		
	By:	 	 /s/ George P. Long, III

		 	Name:	 	George P. Long, III
		 	Title:	 	Assistant Secretary

  

					
	BLACKROCK, INC.
		
	By:	 	 /s/ Daniel Waltcher

		 	Name:	 	Daniel Waltcher
		 	Title:	 	Managing Director, Deputy General Counsel and Assistant Secretary

 Exhibit A 

 

 
 Transfer of Stock Ownership Form BNY Mellon Shareowner Services P.O. Box 358010
Pittsburgh, PA 15252-8010 Section A - Issuer Name Company Name Cusip Number Account Key Section B - Current Shareowner Investor ID or SSN/TIN Registration/Name and Address exactly as it appears on your certificate or statement Section C - Shares To
Be Transferred Original Stock Certificate Shares* Book-entry Shares Total Shares To Be Transferred To Be Transferred To Be Transferred *Please attach and send the original stock certificates together with this form. Section D - Transfer Reason1 Lost
Certificates Lost Certificates Please call 1-800-370-1163 Check only one: All transfers will be assumed to be Gifts if no reason is provided. If we receive documentation (e.g., death certificate) indicating that the registered shareowner is
deceased, the transfer reason will default to Death. Gift Date of Gift2: __/__/___ (Gift date applies to certificates only) Death Date of Death3:__/__/___ Value per Share4: USD_____._ _ Private Sale Date of Sale3: __/__/___ Value per Share:
USD_____._ _ None of the above5:___________________________________________________________ (Please Specify) 1 You may wish to consult with your tax advisor on the definition and tax implications for each type of transfer. 2 If not provided, gift
date for certificates will default to the date that the transfer is processed. For book entry shares, the gift date will always be the date that the transfer is processed. 3 Date of Sale/Death will default to the date that the transfer is processed
unless provided. For transfers due to death, date of death will default to the date indicated in the documents (e.g., death certificate) received with the transfer instructions, if any. 4 Determines cost basis for beneficiaries. Value per share will
default to the fair market value on date of death unless provided. 5 Existing cost basis of shares will be carried over to the new account. Section E - Required Signature and Medallion Signature Guarantee The undersigned hereby irrevocably
constitutes and appoints BNY Mellon Shareowner Services as attorney to transfer the shares with full power of substitution in the premise. Signature:____________________________ Signature:____________________________ Date:
____________________________ Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program. Each registered owner must sign his/her name exactly as it appears on the account, or an authorized person must sign in his/her
legal capacity. Page 1 of 2 

 

 
 Section F - New Shareowner(s) Account Type If you wish to divide your shares between
two or more owners individually, please use additional copies of this page. Account Type Check One Individual Joint Custodial Trust Estate Corporation Other: (please specify) Section G - New Shareowner(s) Account Information Total Shares to be
Transferred to this Account Account Key (If Transferring to Existing Account) Registration/Name and Address of New Owner Section H - Taxpayer ID Certification (Substitute Form W-9) (To be completed by the new shareowner) YOUR ACCOUNT MAY BE SUBJECT
TO BACKUP WITHHOLDING AT THE APPLICABLE RATE IF YOU DO NOT COMPLETE THIS SUBSTITUTE FORM W-9. All new security holders are required to sign and return this certification. If the requested information is not known at the time of the transfer or the
new owner is not available to sign, a W-9 Form will be mailed to the new shareholder(s) once the shares are transferred. The new shareholder alternatively may go online to www.bnymelloninvestor.com/equityaccess and certify their Taxpayer
Identification Number. For further instructions on filling out the form, please refer to www.irs.gov. Check appropriate box: Individual/Sole proprietor C Corporation S Corporation Partnership Trust/estate Limited liability company. Enter the tax
classification (C=C corporation, S=S corporation, P=partnership) Other (see instructions at www.irs.gov) New Shareholder’s Taxpayer ID Number Under penalties of perjury, I certify that: 1. The number shown on this form is my correct taxpayer
identification number (or I am waiting for a number to be issued to me), and 2. I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am
subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding, and 3. I am a U.S. citizen or other U.S. person (defined in the
instructions). Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. For
real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an individual retirement arrangement (IRA), and generally, payments other than
interest and dividends, you are not require to sign the certification, but you must provide your correct TIN. Sign Here Signature of U.S. person DateFirst Amendment to Amended and Restated Loan Agreement

 EXHIBIT 10.1 
 FIRST AMENDMENT TO 
 AMENDED AND RESTATED LOAN AGREEMENT

 THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”), dated as of
May 21, 2012, is made by and among OMEGA PROTEIN CORPORATION, a Nevada corporation (the “Parent”), and OMEGA PROTEIN, INC., a Virginia corporation (“OPI” and, collectively with the Parent, the
“Borrowers”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent (the “Administrative Agent”) and the Lenders (as defined in the Loan Agreement). 

R E C I T A L S: 

A. Borrowers and Administrative Agent are parties to that certain Amended and Restated Loan Agreement (as heretofore or hereafter
amended, modified, supplemented or restated, collectively, the “Loan Agreement”) dated as of March 21, 2012 by and among Borrowers, the Administrative Agent, and for the Lenders (the “Lenders”) from time to
time party thereto. 
 B. Borrowers have requested that the Lenders and Administrative Agent consent to certain transactions and
waive certain covenants, which, but for this Amendment, would be prohibited by the Loan Agreement, and the Lenders and Administrative Agent have agreed to the same upon the terms and conditions set forth in this Amendment. 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01 Definitions Above. As used herein, the terms “Amendment,” “Administrative Agent,” “Borrowers,” “Loan Agreement”
“Lenders,” “Parent,” and “OPI” shall have the meanings as set forth above. 

Section 1.02 Definitions in Agreement. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall
have the same meanings as set forth in the Loan Agreement; without limiting the foregoing, the following terms are defined in the Loan Agreement: “Excluded Property”. 

 ARTICLE II 
 AMENDMENTS TO AGREEMENT 
 Section 2.01 Defined Terms.
Section 1.01 of the Loan Agreement is hereby amended as follows: 
 (a) The term “Released
Louisiana and Mississippi Properties” is inserted to read in full as follows: 
 “Released
Louisiana and Mississippi Properties” shall mean (i) the properties of OPI located at 100 Omega Lane, Amelia, Louisiana, 5659 Elder Ferry Road, Moss Point, Mississippi, and 5735 Elder Ferry Road, Moss Point, Mississippi, (ii) the
improvements thereon, and (iii) the fixtures attached thereto. 
 (b) The term “Excluded
Property” is amended by deleting the word “and” before clause (m), and inserting the following language immediately after clause (m): “, and (n) subject to Section 7.14(d), the Released Louisiana and
Mississippi Properties.” 
 Section 2.02 Released Louisiana and Mississippi Properties. Section 7.14 is hereby
amended by adding clause (d) to read in full as follows: 
 (d) Released Louisiana and Mississippi
Properties. Upon request of the Administrative Agent, the Released Louisiana and Mississippi Properties shall cease to be Excluded Property, and the Borrowers shall cause such Properties to be subject at all times to a first priority, perfected
and title insured Lien in favor of the Administrative Agent on behalf of the Secured Parties to secure the Secured Obligations, subject in any case to Permitted Liens, and shall deliver such documentation set forth in Section 5.01,
including Section 5.01(d), reasonably required by the Administrative Agent. 
 Section 2.03 Amendment to Schedule
6.17. Schedule 6.17 of the Loan Agreement is hereby amended by designating the properties at 100 Omega Lane, Amelia, Louisiana, 5659 Elder Ferry Road, Moss Point, Mississippi, and 5735 Elder Ferry Road, Moss Point, Mississippi as excluded
collateral. 
 Section 2.04 Release of Liens. Pursuant to Section 10.09 of the Loan Agreement and subject to
this Amendment, Administrative Agent shall promptly release, at Borrowers’ cost, all Liens of Secured Parties on the Released Louisiana and Mississippi Properties. 
 ARTICLE III 
 CONDITIONS PRECEDENT 

The effectiveness of this Agreement is conditioned upon the satisfaction of the following further conditions which must be satisfied as
of the date of this Amendment: 

 Section 3.01 Representations and Warranties True and Correct. The representations and
warranties contained herein and in all other Loan Documents, as amended hereby and by the other documents given in connection with this Amendment, shall be true and correct as of the date hereof except as previously disclosed to the Administrative
Agent. 
 Section 3.02 No Default. No Default or Event of Default shall exist. 

Section 3.03 Borrower Documents. Borrowers shall have executed and delivered to the Administrative Agent, for the benefit of the
Lenders, the following documents, in form and substance satisfactory to the Administrative Agent in its sole discretion; each of such documents shall be a Loan Document: 

(a) this Agreement; and 
 (b) such other documents as the Administrative Agent shall reasonably require. 

ARTICLE IV 

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES 
 Section 4.01 Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Loan Agreement and except as
expressly modified and superseded by this Amendment, the terms and provisions of the Loan Agreement are ratified and confirmed and shall continue in full force and effect. Borrowers, Administrative Agent and Lenders agree that the Loan Agreement as
amended hereby shall continue to be legal, valid, binding and enforceable in accordance with its terms. The terms, provisions, and conditions of any and all of the Loan Documents are hereby ratified and confirmed in every respect by Borrowers and
shall continue in full force and effect. 
 Section 4.02 Representations and Warranties. Borrowers hereby represent and
warrant to Administrative Agent and Lenders that: 
 (a) the execution, delivery and performance of this
Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all requisite corporate action on the part of Borrowers and will not violate the articles of incorporation or bylaws of
Borrowers; 
 (b) after giving effect to the modifications contained in this Amendment, and any other Loan
Document, the representations and warranties contained in the Loan Agreement are true and correct in all material respects on and as of the date hereof except as previously disclosed to Administrative Agent and Lenders; 

(c) after giving effect to the modifications contained in this Amendment, no Default or Event of Default has occurred and
is continuing and no event or condition has occurred that with the giving of notice or lapse of time or both would be a Default or an Event of Default; 

 (d) after giving effect to the modifications contained in this Amendment,
Borrowers are in full compliance with all covenants and agreements contained in the Loan Agreement as amended hereby; and 
 (e) Borrowers are not presently aware of any claim they have against Administrative Agent or any Lender, nor are they aware of any claim any of their respective Subsidiaries have against Administrative
Agent or any Lender, for damages arising out of any prior action or inaction on the part of the Administrative Agent, or their representatives or agents. 
 ARTICLE V 
 MISCELLANEOUS 

Section 5.01 Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other
Loan Document including any Loan Document furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and the other Loan Documents executed in connection with this Amendment. 

Section 5.02 Reference to Agreement. Each of the Loan Documents, including the Loan Agreement and any and all other agreements,
documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Loan Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Loan Agreement
shall mean a reference to the Loan Agreement as amended hereby. 
 Section 5.03 Expenses of the Administrative Agent and
Lenders. As provided in the Loan Agreement, Borrowers agree to pay on demand all reasonable costs and expenses incurred by Administrative Agent or Lenders in connection with the preparation, negotiation, and execution of this Amendment and the
other Loan Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including without limitation the reasonable costs and fees of Administrative Agent’s and Lenders’ legal counsels, and all
reasonable costs and expenses incurred by Administrative Agent and Lenders in connection with the enforcement or preservation of any rights under the Loan Agreement as amended hereby, or any other Loan Document, including without limitation the
reasonable costs and fees of Administrative Agent’s and Lender’s legal counsels. 
 Section 5.04 Severability.
Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid
or unenforceable. 
 Section 5.05 APPLICABLE LAW. THIS AMENDMENT IS ENTERED INTO AND PERFORMABLE IN HARRIS COUNTY, TEXAS,
AND THE SUBSTANTIVE LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS, OF THE UNITED STATES AND THE STATE OF TEXAS SHALL GOVERN THE CONSTRUCTION OF THIS AGREEMENT AND THE DOCUMENTS EXECUTED AND DELIVERED PURSUANT HERETO, AND THE RIGHTS
AND REMEDIES OF THE PARTIES HERETO AND THERETO. 

 Section 5.06 Successors and Assigns. This Amendment is binding upon and shall inure
to the benefit of Administrative Agent, Lenders and Borrowers and their respective successors and assigns, except Borrowers may not assign or transfer any of their rights or obligations hereunder without the prior written consent as set forth
in the Loan Agreement as amended hereby. 
 Section 5.07 Counterparts. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. 
 Section 5.08 Effect of Waiver. No consent or waiver, express or implied, by Administrative Agent or Lenders to or for any breach of or deviation from any covenant, condition or duty by Borrowers
shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty. 
 Section
5.09 Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 
 Section 5.10 SECTION 26.02 NOTICE. THE LOAN AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THE LOAN AGREEMENT
AND THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE LOAN AGREEMENT AND THIS AMENDMENT,
AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. 
 THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO. 
 EXECUTED as of
the date first written above. 
 [Signature pages follow.] 

 
			
	 BORROWERS:
  

OMEGA PROTEIN CORPORATION,
 as
Borrower

		
	By:	 	/s/ Andrew Johannesen
		 	 Andrew Johannesen
 Executive
Vice President and
 Chief Financial Officer

  

			
	 PROTEIN FINANCE COMPANY
 OMEGA PROTEIN, INC.,
 as Borrower

		
	By:	 	/s/ Andrew Johannesen
		 	 Andrew Johannesen
 Vice
President
 Chief Financial Officer

 
			
	 ADMINISTRATIVE AGENT AND LENDERS:

 
 WELLS FARGO BANK,
 NATIONAL ASSOCIATION,
 as Administrative Agent, Swingline Lender,

Issuing Lender, and Lender

		
	By:	 	/s/ John L. Kallina
		 	 John L. Kallina
 Senior Vice
President

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as Lender

		
	By:	 	/s/ Seth Laroche
		 	 Seth Laroche
 Vice
President

 RATIFICATION OF GUARANTORS 

As an inducement to Administrative Agent and Lenders to grant the release and amend the Agreement as set forth in the foregoing
Amendment, each of the Guarantors hereby: 
 (a) ratifies and confirms its obligations under all Loan Documents to which it is a
party; 
 (b) agrees that the Agreement and all other Loan Documents as amended hereby are and shall continue to be legal,
valid, binding and enforceable in accordance with their respective terms and are hereby ratified and confirmed; 
 (c) agrees
that the execution of this Amendment shall in no way obligate Administrative Agent or Lenders to obtain the consent of, or give the signatories below notice of, any further amendment, modification, waiver or release relating to the Loans, the Loan
Agreement, or any other Loan Documents to which such Guarantor is not a signatory, all of which have been and are hereby waived. 

[Signature pages follow.] 

 
			
	PROTEIN FINANCE COMPANY
		
	By:	 	/s/ Andrew Johannesen
	 Andrew Johannesen

Vice President

  

			
	OMEGA SHIPYARD, INC.
		
	By:	 	/s/ Andrew Johannesen
	 Andrew Johannesen

Vice President

  

			
	PROTEIN INDUSTRIES, INC.
		
	By:	 	/s/ Andrew Johannesen
	 Andrew Johannesen

Vice President

  

			
	CYVEX NUTRITION, INC.
		
	By:	 	/s/ Andrew Johannesen
	 Andrew Johannesen

Vice President

  

			
	INCON PROCESSING, L.L.C.
		
	By:	 	/s/ Andrew Johannesen
	 Andrew Johannesen

Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]