Document:

Nutrastar International Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Exhibit 10.1

NUTRASTAR INTERNATIONAL INC. 
2009
EQUITY INCENTIVE PLAN 
(as amended on July 23, 2012) 

	1. 	
      Purposes of the Plan. Nutrastar International
      Inc., a Nevada corporation (the “Company”) hereby establishes the
      Nutrastar International Inc. 2009 EQUITY INCENTIVE PLAN (the
      “Plan”).The purposes of this Plan are to attract and retain the
      best available personnel for positions of substantial responsibility, to
      provide additional incentive to Employees, Directors and Consultants, and
      to promote the long-term growth and profitability of the Company. The Plan
      permits the grant of Incentive Stock Options, Nonstatutory Stock Options,
      Restricted Stock, Restricted Stock Units, Stock Appreciation Rights,
      Performance Units and Performance Shares as the Administrator may
      determine.

	 	 
	2. 	
      Definitions. The following definitions will apply
      to the terms in the Plan:

“Administrator” means the Board or any of its Committees
as will be administering the Plan, in accordance with Section 4. 

“Applicable Laws” means the requirements relating to the
administration of equity-based awards under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation
system on which the Common Stock is listed or quoted and the applicable laws of
any foreign country or jurisdiction where Awards are, or will be, granted under
the Plan. 

“Award” means, individually or collectively, a grant
under the Plan of Options, SARs, Restricted Stock, Restricted Stock Units,
Performance Units or Performance Shares. 

“Award Agreement” means the written or electronic
agreement setting forth the terms and provisions applicable to each Award
granted under the Plan. The Award Agreement is subject to the terms and
conditions of the Plan. 

“Board” means the Board of Directors of the Company.

“Change in Control” means the occurrence of any of the
following events: 

(i)     Any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) becomes the "beneficial owner" (as defined in Rule
13d-3 of the Exchange Act), directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the total voting power represented
by the Company's then outstanding voting securities; provided however, that for
purposes of this subsection (i) any acquisition of securities directly from the
Company shall not constitute a Change in Control; or 

(ii)     The consummation of the sale or disposition by the Company
of all or substantially all of the Company's assets; 

(iii)     A change in the composition of the Board occurring within
a two-year period, as a result of which fewer than a majority of the directors
are Incumbent Directors. “Incumbent Directors” means directors who either (A)
are Directors as of the effective date of the Plan, or (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a
majority of the Incumbent Directors at the time of such election or nomination
(but will not include an individual whose election or nomination is in
connection with an actual or threatened proxy contest relating to the election
of directors to the Company); or 

(iv)     The consummation of a merger or consolidation of the
Company with any other corporation, other than a merger or consolidation which
would result in the voting securities of the Company outstanding immediately
prior thereto continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or its parent) at
least fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or its parent outstanding
immediately after such merger or consolidation. 

For avoidance of doubt, a transaction will not constitute a
Change in Control if: (i) its sole purpose is the change the state of the
Company’s incorporation, or (ii) its sole purpose is to create a holding company
that will be owned in substantially the same proportions by the persons who held
the Company’s securities immediately before such transaction.

“Code” means the Internal Revenue Code of 1986, as
amended. Any reference in the Plan to a section of the Code will be a reference
to any successor or amended section of the Code. 

“Committee” means a committee of Directors or of other
individuals satisfying Applicable Laws appointed by the Board in accordance with
Section 4 hereof. 

“Common Stock” means the common stock of the Company.

“Company” means Nutrastar International Inc., a Nevada
corporation, or any successor thereto. 

“Consultant” means any person, including an advisor,
engaged by the Company or a Parent or Subsidiary to render services to such
entity. 

“Director” means a member of the Board. 

2 

“Disability” means total and permanent disability as
determined by the Administrator in its discretion in accordance with uniform and
non-discriminatory standards adopted by the Administrator from time to time.

“Employee” means any person, including Officers and
Directors, employed by the Company or any Parent or Subsidiary of the Company.
Neither service as a Director nor payment of a director's fee by the Company
will be sufficient to constitute "employment" by the Company. 

“Exchange Act” means the Securities Exchange Act of
1934, as amended. 

“Exchange Program” means a program under which (i)
outstanding Awards are surrendered or cancelled in exchange for Awards of the
same type (which may have lower exercise prices and different terms), Awards of
a different type and/or cash, and/or (ii) the exercise price of an outstanding
Award is reduced.

“Fair Market Value” means, as of any date, the value of
Common Stock determined as follows: 

(i)     If the Common Stock is listed on
any established stock exchange or a national market system, including without
limitation any division or subdivision of the Nasdaq Stock Market, its Fair
Market Value will be the closing sales price for such stock (or the closing bid,
if no sales were reported) as quoted on such exchange or system on the day of
determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable; 

(ii)     If the Common Stock is regularly
quoted by a recognized securities dealer but selling prices are not reported,
including without limitation quotation through the over the counter bulletin
board (“OTCBB”) quotation service administered by the Financial Industry
Regulatory Authority (“FINRA”) , the Fair Market Value of a Share will be the
mean between the high bid and low asked prices for the Common Stock on the day
of determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable; or 

(iii)     In the absence of an established
market for the Common Stock, the Fair Market Value will be determined in good
faith by the Administrator, and to the extent Section 15 applies (a) with
respect to ISOs, the Fair Market Value shall be determined in a manner
consistent with Code section 422 or (b) with respect to NSOs or SARs, the Fair
Market Value shall be determined in a manner consistent with Code section
409A.

“Fiscal Year” means the fiscal year of the Company. 

“Grant Date” means, for all purposes, the date on which
the Administrator determines to grant an Award, or such other later date as is
determined by the Administrator, provided that the Administrator cannot grant an
Award prior to the date the material terms of the Award are established. Notice of the
Administrator’s determination to grant an Award will be provided to each
Participant within a reasonable time after the Grant Date.

3 

“Incentive Stock Option” or “ISO” means an Option that
by its terms qualifies and is otherwise intended to qualify as an incentive
stock option within the meaning of Section 422 of the Code and the regulations
promulgated thereunder. 

“Nonstatutory Stock Option” or “NSO” means an Option
that by its terms does not qualify or is not intended to qualify as an ISO. 

“Officer” means a person who is an officer of the
Company within the meaning of Section 16 of the Exchange Act and the rules and
regulations promulgated thereunder. 

“Option” means a stock option granted pursuant to the
Plan. 

“Optioned Shares” means the Common Stock subject to an
Option. 

“Optionee” means the holder of an outstanding Option.

“Parent” means a “parent corporation,” whether now or
hereafter existing, as defined in Section 424(e) of the Code. 

“Participant” means the holder of an outstanding Award.

“Performance Share” means an Award denominated in Shares
which may vest in whole or in part upon attainment of performance goals or other
vesting criteria as the Administrator may determine pursuant to Section 10. 

“Performance Unit” means an Award which may vest in
whole or in part upon attainment of performance goals or other vesting criteria
as the Administrator may determine and which may be settled for cash, Shares or
other securities or a combination of the foregoing pursuant to Section 10. 

“Period of Restriction” means the period during which
Shares of Restricted Stock are subject to forfeiture or restrictions on transfer
pursuant to Section 7. 

“Restricted Stock” means Shares awarded to a Participant
which are subject to forfeiture and restrictions on transferability in
accordance with Section 7. 

“Restricted Stock Unit” means the right to receive one
Share at the end of a specified period of time, which right is subject to
forfeiture in accordance with Section 8 of the Plan. 

“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any
successor to Rule 16b-3.

4 

“Section” means a paragraph or section of this Plan.

“Section 16(b)” means Section 16(b) of the Exchange Act.

“Service Provider” means an Employee, Director or
Consultant. 

“Share” means a share of the Common Stock, as adjusted
in accordance with Section 13. 

“Stock Appreciation Right” or “SAR” means the
right to receive payment from the Company in an amount no greater than the
excess of the Fair Market Value of a Share at the date the SAR is exercised over
a specified price fixed by the Administrator in the Award Agreement, which shall
not be less than the Fair Market Value of a Share on the Grant Date. In the case
of a SAR which is granted in connection with an Option, the specified price
shall be the Option exercise price.

“Subsidiary” means a "subsidiary corporation", whether
now or hereafter existing, as defined in Section 424(f) of the Code. 

“Ten Percent Owner” means any Service Provider who is,
on the grant date of an ISO, the owner of Shares (determined with application of
ownership attribution rules of Code Section 424(d)) possessing more than 10% of
the total combined voting power of all classes of stock of the Company or any of
its Subsidiaries. 

	3. 	
      Stock Subject to the
Plan.

	 	a. 	
      Stock Subject to the Plan. Subject to the
      provisions of Section 13, the maximum aggregate number of Shares that may
      be issued under the Plan is 2.5 million (2,500,000) Shares. The Shares may
      be authorized but unissued, or reacquired Common Stock.

	 	 	 
	 	b. 	
      Lapsed Awards. If an Award expires or becomes
      unexercisable without having been exercised in full or, with respect to
      Restricted Stock, Restricted Stock Units, Performance Shares or
      Performance Units, is forfeited in whole or in part to the Company, the
      unpurchased Shares (or for Awards other than Options and SARs, the
      forfeited or unissued Shares) which were subject to the Award will become
      available for future grant or sale under the Plan (unless the Plan has
      terminated). With respect to SARs, only Shares actually issued pursuant to
      a SAR will cease to be available under the Plan; all remaining Shares
      subject to the SARs will remain available for future grant or sale under
      the Plan (unless the Plan has terminated). Shares that have actually been
      issued under the Plan under any Award will not be returned to the Plan and
      will not become available for future distribution under the Plan;
      provided, however, that if Shares issued pursuant to Awards of Restricted
      Stock, Restricted Stock Units, Performance Shares or Performance Units are
      forfeited to the Company, such Shares will become available for
    future grant under the Plan. Shares withheld by the Company to pay the
exercise price of an Award or to satisfy tax withholding obligations with
respect to an Award will become available for future grant or sale under the
Plan. To the extent an Award under the Plan is paid out in cash rather than
Shares, such cash payment will not result in reducing the number of Shares
available for issuance under the Plan. 

5 

	 	 	
       
	 	c. 	
      Share Reserve. The Company, during the term of
      this Plan, will at all times reserve and keep available such number of
      Shares as will be sufficient to satisfy the requirements of the
    Plan.

	4. 	
      Administration of the
Plan.

	 	a. 	
      Procedure. The Plan shall be administered by the
      Board or a Committee (or Committees) appointed by the Board, which
      Committee shall be constituted to comply with Applicable Laws. If and so
      long as the Common Stock is registered under Section 12(b) or 12(g) of the
      Exchange Act, the Board shall consider in selecting the Administrator and
      the membership of any committee acting as Administrator the requirements
      regarding (i) “nonemployee directors” within the meaning of Rule 16b-3
      under the Exchange Act; (ii) “independent directors” as described in the
      listing requirements for any stock exchange on which Shares are listed;
      and (iii) Section 15(b)(i) of the Plan if the Company pays salaries for
      which it claims deductions that are subject to the Code section 162(m)
      limitation on its U.S. tax returns. The Board may delegate the
      responsibility for administering the Plan with respect to designated
      classes of eligible Participants to different committees consisting of two
      or more members of the Board, subject to such limitations as the Board or
      the Administrator deems appropriate. Committee members shall serve for
      such term as the Board may determine, subject to removal by the Board at
      any time.

	 	 	 
	 	b. 	
      Powers of the Administrator. Subject to the
      provisions of the Plan and the approval of any relevant authorities, and
      in the case of a Committee, subject to the specific duties delegated by
      the Board to such Committee, the Administrator will have the authority, in
      its discretion:

i.     to determine the Fair Market Value;

ii.     to select the Service Providers to
whom Awards may be granted hereunder; 

iii.     to determine the number of Shares
to be covered by each Award granted hereunder;

iv.     to approve forms of agreement for
use under the Plan; 

v.     to determine the terms and
conditions, not inconsistent with the terms of the Plan, of any Award granted
hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times
when Awards may be exercised (which may be based on continued employment,
continued service or performance criteria), any vesting acceleration (whether by
reason of a Change of Control or otherwise) or waiver of forfeiture
restrictions, and any restriction or limitation regarding any Award or the
Shares relating thereto, based in each case on such factors as the
Administrator, in its sole discretion, will determine;

6 

vi.     subject to Section 15(c) of the
Plan, to reduce, without prior stockholder approval, the exercise price of any
Award to the then current Fair Market Value of the Common Stock covered by such
Award if the Fair Market Value has declined since the Grant Date; 

vii.     to construe and interpret the
terms of the Plan and Awards granted pursuant to the Plan, including the right
to construe disputed or doubtful Plan and Award provisions;

viii.     to prescribe, amend and rescind
rules and regulations relating to the Plan;

ix.     to modify or amend each Award
(subject to Section 19(c)) to the extent any modification or amendment is
consistent with the terms of the Plan. The Administrator shall have the
discretion to extend the exercise period of Options generally provided the
exercise period is not extended beyond the earlier of the original term of the
Option or 10 years from the original grant date, or specifically (1) if the
exercise period of an Option is extended (but to no more than 10 years from the
original grant date) at a time when the exercise price equals or exceeds the
fair market value of the Optioned Shares or (2) an Option cannot be exercised
because such exercise would violate Applicable Laws, provided that the exercise
period is not extended more than 30 days after the exercise of the Option would
no longer violate Applicable Laws.

x.     to allow Participants to satisfy
withholding tax obligations in such manner as prescribed in Section 14; 

xi.     to authorize any person to execute
on behalf of the Company any instrument required to effect the grant of an Award
previously granted by the Administrator; 

xii.     to delay issuance of Shares or
suspend Participant’s right to exercise an Award as deemed necessary to comply
with Applicable Laws; and

xiii.     to make all other determinations
deemed necessary or advisable for administering the Plan.

c.     Effect of Administrator’s
Decision. The Administrator’s decisions, determinations and interpretations
will be final and binding on all Participants and any other holders of Awards.
Any decision or action taken or to be taken by the Administrator, arising out of or in connection with the
construction, administration, interpretation and effect of the Plan and of its
rules and regulations, shall, to the maximum extent permitted by Applicable
Laws, be within its absolute discretion (except as otherwise specifically
provided in the Plan) and shall be final, binding and conclusive upon the
Company, all Participants and any person claiming under or through any
Participant. 

7 

	 	
       
	5. 	
      Eligibility. NSOs, Restricted Stock, Restricted
      Stock Units, SARs, Performance Units and Performance Shares may be granted
      to Service Providers. ISOs may be granted as specified in Section
      15(a).

	 	 
	6. 	
      Stock Options.

a.     Grant of Options. Subject to
the terms and conditions of the Plan, the Administrator, at any time and from
time to time, may grant Options to Service Providers in such amounts as the
Administrator will determine in its sole discretion. For purposes of the
foregoing sentence, Service Providers shall include prospective employees or
consultants to whom Options are granted in connection with written offers of
employment or engagement of services, respectively, with the Company; provided
that no Option granted to a prospective employee or consultant may be exercised
prior to the commencement of employment or services with the Company. The
Administrator may grant NSOs, ISOs, or any combination of the two. ISOs shall be
granted in accordance with Section 15(a) of the Plan.

b.     Option Award Agreement. Each
Option shall be evidenced by an Award Agreement that shall specify the type of
Option granted, the Option price, the exercise date, the term of the Option, the
number of Shares to which the Option pertains, and such other terms and
conditions (which need not be identical among Participants) as the Administrator
shall determine in its sole discretion. If the Award Agreement does not specify
that the Option is to be treated as an ISO, the Option shall be deemed a
NSO.

c.     Exercise Price. The per Share
exercise price for the Shares to be issued pursuant to exercise of an Option
will be no less than the Fair Market Value per Share on the Grant Date.

d.     Term of Options. The term of
each Option will be stated in the Award Agreement. Unless terminated sooner in
accordance with the remaining provisions of this Section 6, each Option shall
expire either ten (10) years after the Grant Date, or after a shorter term as
may be fixed by the Board.

e.     Time and Form of Payment.

i.     Exercise Date. Each Award
Agreement shall specify how and when Shares covered by an Option may be
purchased. The Award Agreement may specify waiting periods, the dates on which
Options become exercisable or “vested” and, subject to the termination
provisions of this section, exercise periods. The Administrator may accelerate the exercisability of
any Option or portion thereof.

8 

ii.     Exercise of Option. Any
Option granted hereunder will be exercisable according to the terms of the Plan
and at such times and under such conditions as determined by the Administrator
and set forth in the Award Agreement. An Option may not be exercised for a
fraction of a Share. An Option will be deemed exercised when the Company
receives: (1) notice of exercise (in such form as the Administrator specify from
time to time) from the person entitled to exercise the Option, and (2) full
payment for the Shares with respect to which the Option is exercised (together
with all applicable withholding taxes). Full payment may consist of any
consideration and method of payment authorized by the Administrator and
permitted by the Award Agreement and the Plan (together with all applicable
withholding taxes). Shares issued upon exercise of an Option will be issued in
the name of the Optionee or, if requested by the Optionee, in the name of the
Optionee and his or her spouse. Until the Shares are issued (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to vote or receive dividends or any other rights
as a stockholder will exist with respect to the Optioned Shares, notwithstanding
the exercise of the Option. The Company will issue (or cause to be issued) such
Shares promptly after the Option is exercised. No adjustment will be made for a
dividend or other right for which the record date is prior to the date the
Shares are issued, except as provided in Section 13. 

iii.     Payment. The Administrator
will determine the acceptable form of consideration for exercising an Option,
including the method of payment. Such consideration may consist entirely of:

(1)     cash; 

(2)     check;

(3)     to the extent not prohibited by
Section 402 of the Sarbanes-Oxley Act of 2002, a promissory note;

(4)     other Shares, provided Shares have
a Fair Market Value on the date of surrender equal to the aggregate exercise
price of the Shares as to which said Option will be exercised;

(5)     to the extent not prohibited by
Section 402 of the Sarbanes-Oxley Act of 2002, in accordance with any
broker-assisted cashless exercise procedures approved by the Company and as in
effect from time to time; 

(6)     by asking the Company to withhold
Shares from the total Shares to be delivered upon exercise equal to the number
of Shares having a value equal to the aggregate Exercise Price of the Shares
being acquired; 

9 

(7)     any combination of the foregoing
methods of payment; or

(8)     such other consideration and
method of payment for the issuance of Shares to the extent permitted by
Applicable Laws. 

f.     Forfeiture of Options. All
unexercised Options shall be forfeited to the Company in accordance with the
terms and conditions set forth in the Award Agreement and again will become
available for grant under the Plan.

	7. 	
      Restricted Stock.

a.     Grant of Restricted Stock.
Subject to the terms and conditions of the Plan, the Administrator, at any time
and from time to time, may grant Shares of Restricted Stock to Service Providers
in such amounts as the Administrator will determine in its sole discretion. 

b.     Restricted Stock Award
Agreement. Each Award of Restricted Stock will be evidenced by an Award
Agreement that will specify the Period of Restriction, the number of Shares
granted, and such other terms and conditions (which need not be identical among
Participants) as the Administrator will determine in its sole discretion. Unless
the Administrator determines otherwise, the Company as escrow agent will hold
Shares of Restricted Stock until the restrictions on such Shares have
lapsed.

c.     Vesting Conditions and Other
Terms.

i.     Vesting Conditions. The
Administrator, in its sole discretion, may impose such conditions on the vesting
of Shares of Restricted Stock as it may deem advisable or appropriate, including
but not limited to, achievement of Company-wide, business unit, or individual
goals (including, but not limited to, continued employment or service), or any
other basis determined by the Administrator in its discretion. The
Administrator, in its discretion, may accelerate the time at which any
restrictions will lapse or be removed. The Administrator may, in its discretion,
also provide for such complete or partial exceptions to an employment or service
restriction as it deems equitable.

ii.     Voting Rights. During the
Period of Restriction, Service Providers holding Shares of Restricted Stock
granted hereunder may exercise full voting rights with respect to those Shares,
unless the Administrator determines otherwise.     

iii    . Dividends and Other
Distributions. During the Period of Restriction, Service Providers holding
Shares of Restricted Stock will be entitled to receive all dividends and other
distributions paid with respect to such Shares, unless the Administrator
determines otherwise. If any such dividends or distributions are paid in Shares,
the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with
respect to which they were paid. 

10 

iv.     Transferability. Except as
provided in this Section, Shares of Restricted Stock may not be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated until the
end of the applicable Period of Restriction.

d.     Removal of Restrictions. All
restrictions imposed on Shares of Restricted Stock shall lapse and the Period of
Restriction shall end upon the satisfaction of the vesting conditions imposed by
the Administrator. Vested Shares of Restricted Stock will be released from
escrow as soon as practicable after the last day of the Period of Restriction or
at such other time as the Administrator may determine, but in no event later
than the 15th day of the third month following the end of the year in
which vesting occurred. 

e    . Forfeiture of Restricted
Stock. On the date set forth in the Award Agreement, the Shares of
Restricted Stock for which restrictions have not lapsed will be forfeited and
revert to the Company and again will become available for grant under the Plan.

	8. 	
      Restricted Stock Units.

a.     Grant of Restricted Stock
Units. Subject to the terms and conditions of the Plan, the Administrator,
at any time and from time to time, may grant Restricted Stock Units to Service
Providers in such amounts as the Administrator will determine in its sole
discretion.

b.     Restricted Stock Units Award
Agreement. Each Award of Restricted Stock Units will be evidenced by an
Award Agreement that will specify the number of Restricted Stock Units granted,
vesting criteria, form of payout, and such other terms and conditions (which
need not be identical among Participants) as the Administrator will determine in
its sole discretion.

c.     Vesting Conditions. The
Administrator shall set vesting criteria in its discretion, which, depending on
the extent to which the criteria are met, will determine the number of
Restricted Stock Units that will be paid out to the Participant. The
Administrator may set vesting criteria based upon the achievement of
Company-wide, business unit, or individual goals (including, but not limited to,
continued employment or service), or any other basis determined by the
Administrator in its discretion. At any time after the grant of Restricted Stock
Units, the Administrator, in its sole discretion, may reduce or waive any
vesting criteria that must be met to receive a payout.

d.     Time and Form of Payment.
Upon satisfaction of the applicable vesting conditions, payment of vested
Restricted Stock Units shall occur in the manner and at the time provided in the
Award Agreement, but in no event later than the 15th day of the third
month following the end of the year in which vesting occurred. Except as
otherwise provided in the Award Agreement, Restricted Stock Units may be paid in
cash, Shares, or a combination thereof at the sole discretion of the
Administrator. Restricted Stock Units that are fully paid in cash will not reduce the number of
Shares available for issuance under the Plan.

11 

e.     Forfeiture of Restricted Stock
Units. All unvested Restricted Stock Units shall be forfeited to the Company
on the date set forth in the Award Agreement and again will become available for
grant under the Plan. 

	9. 	
      Stock Appreciation Rights.

a.     Grant of SARs. Subject to the
terms and conditions of the Plan, the Administrator, at any time and from time
to time, may grant SARs to Service Providers in such amounts as the
Administrator will determine in its sole discretion.

b.     Award Agreement. Each SAR
grant will be evidenced by an Award Agreement that will specify the exercise
price, the number of Shares underlying the SAR grant, the term of the SAR, the
conditions of exercise, and such other terms and conditions (which need not be
identical among Participants) as the Administrator will determine in its sole
discretion.

c.     Exercise Price and Other
Terms. The per Share exercise price for the exercise of an SAR will be no
less than the Fair Market Value per Share on the Grant Date.

d.     Time and Form of Payment of SAR
Amount. Upon exercise of a SAR, a Participant will be entitled to receive
payment from the Company in an amount no greater than: (i) the difference
between the Fair Market Value of a Share on the date of exercise over the
exercise price; times (ii) the number of Shares with respect to which the SAR is
exercised. An Award Agreement may provide for a SAR to be paid in cash, Shares
of equivalent value, or a combination thereof.

e.     Forfeiture of SARs. All
unexercised SARs shall be forfeited to the Company in accordance with the terms
and conditions set forth in the Award Agreement and again will become available
for grant under the Plan. 

	10. 	
      Performance Units and Performance
  Shares.

a.     Grant of Performance Units and
Performance Shares. Performance Units or Performance Shares may be granted
to Service Providers at any time and from time to time, as will be determined by
the Administrator, in its sole discretion. The Administrator will have complete
discretion in determining the number of Performance Units and Performance Shares
granted to each Participant.

b.     Award Agreement. Each Award
of Performance Units and Shares will be evidenced by an Award Agreement that
will specify the initial value, the Performance Period, the number of
Performance Units or Performance Shares granted, and such other terms and
conditions (which need not be identical among Participants) as the Administrator
will determine in its sole discretion.

12 

c.     Value of Performance Units and
Performance Shares. Each Performance Unit will have an initial value that is
established by the Administrator on or before the Grant Date. Each Performance
Share will have an initial value equal to the Fair Market Value of a Share on
the Grant Date. 

d.     Vesting Conditions and
Performance Period. The Administrator will set performance objectives or
other vesting provisions (including, without limitation, continued status as a
Service Provider) in its discretion which, depending on the extent to which they
are met, will determine the number or value of Performance Units or Performance
Shares that will be paid out to the Service Providers. The time period during
which the performance objectives or other vesting provisions must be met will be
called the “Performance Period.” The Administrator may set performance
objectives based upon the achievement of Company-wide, divisional, or individual
goals or any other basis determined by the Administrator in its discretion. 

e.     Time and Form of Payment.
After the applicable Performance Period has ended, the holder of Performance
Units or Performance Shares will be entitled to receive a payout of the number
of vested Performance Units or Performance Shares by the Participant over the
Performance Period, to be determined as a function of the extent to which the
corresponding performance objectives or other vesting provisions have been
achieved. Vested Performance Units or Performance Shares will be paid as soon as
practicable after the expiration of the applicable Performance Period, but in no
event later than the 15th day of the third month following the end of
the year the applicable Performance Period expired. An Award Agreement may
provide for the satisfaction of Performance Unit or Performance Share Awards in
cash or Shares (which have an aggregate Fair Market Value equal to the value of
the vested Performance Units or Performance Shares at the close of the
applicable Performance Period) or in a combination thereof.

f.     Forfeiture of Performance Units
and Performance Shares. All unvested Performance Units or Performance Shares
will be forfeited to the Company on the date set forth in the Award Agreement,
and again will become available for grant under the Plan. 

	11. 	
      Leaves of Absence/Transfer Between Locations.
      Unless the Administrator provides otherwise or as required by Applicable
      Laws, vesting of Awards will be suspended during any unpaid leave of
      absence. An Employee will not cease to be an Employee in the case of (i)
      any leave of absence approved by the Company or (ii) transfers between
      locations of the Company or between the Company, its Parent, or any
      Subsidiary.

	 	 
	12. 	
      Transferability of Awards. Unless determined
      otherwise by the Administrator, an Award may not be sold, pledged,
      assigned, hypothecated, transferred, or disposed of in any manner other
      than by will or by the laws of descent or distribution and may be
      exercised, during the lifetime of the Participant, only by the
      Participant. If the Administrator makes an Award transferable, such Award will contain such additional
terms and conditions as the Administrator deems appropriate.

13 

	 	
       
	13. 	
      Adjustments; Dissolution or Liquidation; Merger or
      Change in Control.

a.     Adjustments. In the event
that any dividend or other distribution (whether in the form of cash, Shares,
other securities, or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Shares or other securities of the
Company, or other change in the corporate structure of the Company affecting the
Shares occurs, the Administrator, in order to prevent diminution or enlargement
of the benefits or potential benefits intended to be made available under the
Plan, shall appropriately adjust the number and class of Shares that may be
delivered under the Plan and/or the number, class, and price of Shares covered
by each outstanding Award.

b.     Dissolution or Liquidation.
In the event of the proposed dissolution or liquidation of the Company, the
Administrator will notify each Participant as soon as practicable prior to the
effective date of such proposed transaction. To the extent it has not been
previously exercised, an Award will terminate immediately prior to the
consummation of such proposed action. 

c.     Change in Control. In the
event of a merger or Change in Control, any or all outstanding Awards may be
assumed by the successor corporation, which assumption shall be binding on all
Participants. In the alternative, the successor corporation may substitute
equivalent Awards (after taking into account the existing provisions of the
Awards). The successor corporation may also issue, in place of outstanding
Shares of the Company held by the Participant, substantially similar shares or
other property subject to vesting requirements and repurchase restrictions no
less favorable to the Participant than those in effect prior to the merger or
Change in Control.

    In the event that the successor
corporation does not assume or substitute for the Award, unless the
Administrator provides otherwise, the Participant will fully vest in and have
the right to exercise all of his or her outstanding Options and SARs, including
Shares as to which such Awards would not otherwise be vested or exercisable, all
restrictions on Restricted Stock and Restricted Stock Units will lapse, and,
with respect to Performance Shares and Performance Units, all Performance Goals
or other vesting criteria will be deemed achieved at target levels and all other
terms and conditions met. In addition, if an Option or SAR is not assumed or
substituted in the event of a Change in Control, the Administrator will notify
the Participant in writing or electronically that the Option or SAR will be
exercisable for a period of time determined by the Administrator in its sole
discretion, and the Option or SAR will terminate upon the expiration of such
period. 

    For the purposes of this Section 13(c),
an Award will be considered assumed if, following the Change in Control, the
Award confers the right to purchase or receive, for each Share subject to the
Award immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or
property) or, in the case of a SAR upon the exercise of which the Administrator
determines to pay cash or a Performance Share or Performance Unit which the
Administrator can determine to pay in cash, the fair market value of the
consideration received in the merger or Change in Control by holders of Common
Stock for each Share held on the effective date of the transaction (and if
holders were offered a choice of consideration, the type of consideration chosen
by the holders of a majority of the outstanding Shares); provided, however, that
if such consideration received in the Change in Control is not solely common
stock of the successor corporation or its Parent, the Administrator may, with
the consent of the successor corporation, provide for the consideration to be
received upon the exercise of an Option or SAR or upon the payout of a
Restricted Stock Unit, Performance Share or Performance Unit, for each Share
subject to such Award (or in the case of Restricted Stock Units and Performance
Units, the number of implied shares determined by dividing the value of the
Restricted Stock Units and Performance Units, as applicable, by the per share
consideration received by holders of Common Stock in the Change in Control), to
be solely common stock of the successor corporation or its Parent equal in fair
market value to the per share consideration received by holders of Common Stock
in the Change in Control. 

14 

    Notwithstanding anything in this
Section 13(c) to the contrary, an Award that vests, is earned or paid-out upon
the satisfaction of one or more performance goals will not be considered assumed
if the Company or its successor modifies any of such performance goals without
the Participant's consent; provided, however, a modification to such performance
goals only to reflect the successor corporation's post-Change in Control
corporate structure will not be deemed to invalidate an otherwise valid Award
assumption.

	14. 	
      Tax Withholding.

a.     Withholding Requirements.
Prior to the delivery of any Shares or cash pursuant to an Award (or exercise
thereof), the Company will have the power and the right to deduct or withhold,
or require a Participant to remit to the Company, an amount sufficient to
satisfy federal, state, local, foreign or other taxes required by Applicable
Laws to be withheld with respect to such Award (or exercise thereof). 

b.     Withholding Arrangements. The
Administrator, in its sole discretion and pursuant to such procedures as it may
specify from time to time, may permit a Participant to satisfy such tax
withholding obligation, in whole or in part by (without limitation) (i) paying
cash, (ii) electing to have the Company withhold otherwise deliverable Shares
having a Fair Market Value equal to the amount required to be withheld, or (iii)
delivering to the Company already-owned Shares having a Fair Market Value equal
to the amount required to be withheld. The amount of the withholding requirement
will be deemed to include any amount which the Administrator agrees may be
withheld at the time the election is made. The Fair Market Value of the Shares
to be withheld or delivered will be determined as of the date that the taxes are
required to be withheld. 

15 

	15. 	
      Provisions Applicable In the Event the Company or the
      Service Provider is Subject to U.S.
Taxation.

	 	a. 	
      Grant of Incentive Stock Options. If the
      Administrator grants Options to Employees subject to U.S. taxation, the
      Administrator may grant such Employee an ISO and the following terms shall
      also apply:

i.     Maximum Amount. Subject to
the provisions of Section 13, to the extent consistent with Section 422 of the
Code, not more than an aggregate of 2.5 million (2,500,000.00) Shares may be
issued as ISOs under the Plan. 

ii.     General Rule. Only
Employees shall be eligible for the grant of ISOs.

iii.     Continuous Employment. The
Optionee must remain in the continuous employ of the Company or its Subsidiaries
from the date the ISO is granted until not more than three months before the
date on which it is exercised. A leave of absence approved by the Company may
exceed ninety (90) days if reemployment upon expiration of such leave is
guaranteed by statute or contract. If reemployment upon expiration of a leave of
absence approved by the Company is not so guaranteed, then three (3) months
following the ninety-first (91st) day of such leave any ISO held by the Optionee
will cease to be treated as an ISO.

iv.     Award Agreement.

(1)     The Administrator shall designate
Options granted as ISOs in the Award Agreement. Notwithstanding such
designation, to the extent that the aggregate Fair Market Value of the Shares
with respect to which ISOs are exercisable for the first time by the Optionee
during any calendar year (under all plans of the Company and any Parent or
Subsidiary) exceeds one hundred thousand dollars ($100,000), Options will not
qualify as an ISO. For purposes of this section, ISOs will be taken into account
in the order in which they were granted. The Fair Market Value of the Shares
will be determined as of the time the Option with respect to such Shares is
granted. 

(2)     The Award Agreement shall specify
the term of the ISO. The term shall not exceed ten (10) years from the Grant
Date or five (5) years from the Grant Date for Ten Percent Owners.

(3)     The Award Agreement shall specify
an exercise price of not less than the Fair Market Value per Share on the Grant
Date or one hundred ten percent (110%) of the Fair Market Value per Share on the
Grant Date for Ten Percent Owners. 

16 

(4)     The Award Agreement shall specify
that an ISO is not transferable except by will, beneficiary designation or the
laws of descent and distribution.

v.     Form of Payment. The
consideration to be paid for the Shares to be issued upon exercise of an ISO,
including the method of payment, shall be determined by the Administrator at the
time of grant in accordance with Section 6(e)(iii).

vi.     “Disability”, for purposes
of an ISO, means total and permanent disability as defined in Section 22(e)(3)
of the Code.

vii.     Notice. In the event of
any disposition of the Shares acquired pursuant to the exercise of an ISO within
two years from the Grant Date or one year from the exercise date, the Optionee
will notify the Company thereof in writing within thirty (30) days after such
disposition. In addition, the Optionee shall provide the Company with such
information as the Company shall reasonably request in connection with
determining the amount and character of Optionee’s income, the Company’s
deduction, and the Company’s obligation to withhold taxes or other amounts
incurred by reason of a disqualifying disposition, including the amount
thereof.

	 	b. 	
      Performance-based Compensation. If the Company
      pays salaries for which it claims deductions that are subject to the Code
      section 162(m) limitation on its U.S. tax returns, then the following
      terms shall be applied in a manner consistent with the requirements of,
      and only to the extent required for compliance with, the exclusion from
      the limitation on deductibility of compensation under Code Section
      162(m):

i.     Outside Directors. The Board
shall consider in selecting the Administrator and the membership of any
committee acting as Administrator the provisions regarding “outside directors”
within the meaning of Code Section 162(m).

ii.     Maximum Amount.

(1)     Subject to the provisions of
Section 13, the maximum number of Shares that can be awarded to any individual
Participant in the aggregate in any one fiscal year of the Company is five
hundred thousand (500,000) Shares;

(2)     For Awards denominated in Shares
and satisfied in cash, the maximum Award to any individual Participant in the
aggregate in any one fiscal year of the Company is the Fair Market Value of five
hundred thousand (500,000) Shares on the Grant Date; and

17 

(3)     The maximum amount payable
pursuant to any cash Awards to any individual Participant in the aggregate in
any one fiscal year of the Company is the Fair Market Value of five hundred
thousand (500,000) Shares on the Grant Date. 

iii.     Performance Criteria. All
performance criteria must be objective and be established in writing prior to
the beginning of the performance period or at later time as permitted by Code
Section 162(m). Performance criteria may include alternative and multiple
performance goals and may be based on one or more business and/or financial
criteria. In establishing the performance goals, the Committee in its discretion
may include one or any combination of the following criteria in either absolute
or relative terms, for the Company or any Subsidiary: 

(1)     Increased revenue; 

(2)     Net income measures (including but
not limited to income after capital costs and income before or after taxes);

(3)     Stock price measures (including
but not limited to growth measures and total stockholder return); 

(4)     Market share; 

(5)     Earnings per Share (actual or
targeted growth); 

(6)     Earnings before interest, taxes,
depreciation, and amortization (“EBITDA”); 

(7)     Cash flow measures (including but
not limited to net cash flow and net cash flow before financing activities);

(8)     Return measures (including but not
limited to return on equity, return on average assets, return on capital,
risk-adjusted return on capital, return on investors’ capital and return on
average equity); 

(9)     Operating measures (including
operating income, funds from operations, cash from operations, after-tax
operating income, sales volumes, production volumes, and production efficiency);

(10)     Expense measures (including but
not limited to overhead cost and general and administrative expense); 

(11)     Margins; 

(12)     Stockholder value; 

(13)     Total stockholder return; 

(14)     Proceeds from dispositions; 

(15)     Production volumes; 

18 

(16)     Total market value; and 

(17)     Corporate values measures
(including but not limited to ethics compliance, environmental, and safety).

	 	c. 	
      Stock Options and SARs Exempt from Code section
      409A. If the Administrator grants Options or SARs to Employees subject
      to U.S. taxation the Administrator may not modify or amend the Options or
      SARs to the extent that the modification or amendment adds a feature
      allowing for additional deferral within the meaning of Code section
      409A.

	16. 	
      No Effect on Employment or Service. Neither the
      Plan nor any Award will confer upon any Participant any right with respect
      to continuing the Participant's relationship as a Service Provider with
      the Company or any Parent or Subsidiary of the Company, nor will they
      interfere in any way with the Participant's right or the Company's or its
      Parent’s or Subsidiary’s right to terminate such relationship at any time,
      with or without cause, to the extent permitted by Applicable
  Laws.

	 	 
	17. 	
      Effective Date. The Plan’s effective date is the
      date on which it is adopted by the Board, so long as it is approved by the
      Company’s stockholders at any time within 12 months of such adoption. Upon
      approval of the Plan by the stockholders of the Company, all Awards issued
      pursuant to the Plan on or after the Effective Date shall be fully
      effective as if the stockholders of the Company had approved the Plan on
      the Effective Date. If the stockholders fail to approve the Plan within
      one year before or after the Effective Date, any Awards made hereunder
      shall be null and void and of no effect.

	 	 
	18. 	
      Term of Plan. The Plan will terminate 10 years
      following the earlier of (i) the date it was adopted by the Board or (ii)
      the date it became effective upon approval by stockholders of the Company,
      unless sooner terminated by the Board pursuant to Section 19.

	 	 
	19. 	
      Amendment and Termination of the
  Plan.

a.     Amendment and Termination.
The Board may at any time amend, alter, suspend or terminate the Plan. 

b.     Stockholder Approval. The
Company will obtain stockholder approval of any Plan amendment to the extent
necessary and desirable to comply with Applicable Laws. 

c.     Effect of Amendment or
Termination. No amendment, alteration, suspension or termination of the Plan
will impair the rights of any Participant, unless mutually agreed otherwise
between the Participant and the Administrator, which agreement must be in
writing and signed by the Participant and the Company. Termination of the Plan
will not affect the Administrator's ability to exercise the powers granted to it
hereunder with respect to Awards granted under the Plan prior to the date of
such termination. 

	20. 	
      Conditions Upon Issuance of
  Shares.

19 

a.     Legal Compliance. The
Administrator may delay or suspend the issuance and delivery of Shares, suspend
the exercise of Options or SARs, or suspend the Plan as necessary to comply
Applicable Laws. Shares will not be issued pursuant to the exercise of an Award
unless the exercise of such Award and the issuance and delivery of such Shares
will comply with Applicable Laws and will be further subject to the approval of
counsel for the Company with respect to such compliance. 

b.     Investment Representations.
As a condition to the exercise of an Award, the Company may require the person
exercising such Award to represent and warrant at the time of any such exercise
that the Shares are being purchased only for investment and without any present
intention to sell or distribute such Shares if, in the opinion of counsel for
the Company, such a representation is required. 

	21. 	
      Inability to Obtain Authority. The inability of
      the Company to obtain authority from any regulatory body having
      jurisdiction, which authority is deemed by the Company’s counsel to be
      necessary to the lawful issuance and sale of any Shares hereunder, will
      relieve the Company of any liability in respect of the failure to issue or
      sell such Shares as to which such requisite authority will not have been
      obtained.

	 	 
	22. 	
      Exchange Programs. The Administrator may authorize
      the Company, without prior stockholder approval, to institute one or more
      Exchange Programs. An Exchange Program may, at the discretion of the
      Administrator, be offered to individual Participants selected by the
      Administrator on a case-by-case basis, or to a class of Participants
      identified by the Administrator. The terms and conditions of any Exchange
      Program will be determined by the Administrator in its sole discretion,
      not inconsistent with the terms of the Plan, including without limitation,
      Section 15(c); provided however, that no Exchange Program may adversely
      affect the rights of a Participant under an outstanding Award unless the
      Participant consents in writing to be bound by the terms and conditions of
      the Exchange Program..

	 	 
	23. 	
      Substitution and Assumption of Awards. The
      Administrator may make Awards under the Plan that assume, substitute or
      replace performance shares, phantom shares, stock awards, stock options,
      stock appreciation rights or similar awards granted by another entity
      (including a Parent or Subsidiary), if such assumption, substitution or
      replacement is in connection with an asset acquisition, stock acquisition,
      merger, consolidation or similar transaction involving the Company (and/or
      its Parent or Subsidiary) and such other entity (and/or its affiliate).
      The Administrator may also cause the Plan to assume an equity-based award
      granted by the Company prior to the adoption and approval of the Plan or
      substitute or replace such prior award with a similar type of Award under
      this Plan. Notwithstanding any provision of the Plan (other than the
      maximum number of shares of Common Stock that may be issued under the
      Plan), (i) in the case of an Award that assumes, substitutes or replaces
      an award of another entity pursuant to a corporate transaction, such Award
      shall be subject to the same terms and conditions as the original award,
      with such adjustments or modifications as the Administrator deems
      necessary and appropriate to give effect to the relevant provisions of any
      agreement entered into in connection with the such corporate transaction or (ii) in the
case of an Award that assumes, substitutes or replaces a prior Company award,
such Award shall be subject to the same terms and conditions as the original
award, except to the extent that any such term or condition is inconsistent with
the Plan, in which event the terms of the Plan shall control. Notwithstanding
the foregoing, in no event may the assumption, substitution or replacement of a
prior Company award with an Award under the Plan adversely affect the
Participant’s rights under the prior Company award unless the Participant
consents in writing to such assumption, substitution or replacement. Shares
issued pursuant to assumed, substituted or replaced awards shall count against
the total number of shares authorized to be issued under the Plan pursuant to
Section 3. 

20 

	 	
       
	24. 	
      Governing Law. The Plan and all Agreements shall
      be construed in accordance with and governed by the laws of the State of
      Nevada.

Adopted by the Board of Directors on July 23, 2012 

21AMENDMENT NO. 5 TO
CREDIT
AGREEMENT

     AMENDMENT NO.
5 TO CREDIT AGREEMENT, dated as of May 1, 2012 (this “Agreement”), among PILGRIM’S PRIDE
CORPORATION, a Delaware corporation (the “Company”), TO-RICOS, LTD., a Bermuda
company, TO-RICOS DISTRIBUTION, LTD., a Bermuda company (collectively, the
“Borrowers”), the various Subsidiaries (such capitalized term and all other
capitalized terms not defined herein shall have the meanings provided for in
Article I)
of the Company parties hereto, the various financial institutions parties hereto
(collectively, the “Lenders”), and COBANK, ACB, as administrative agent (in such
capacity, the “Administrative
Agent”) for the Lenders.

W I T N E S S E T H:

    
WHEREAS, the Borrowers, the Lenders and the Administrative Agent are
parties to the Credit Agreement, dated as of December 28, 2009, as amended (the
“Existing Credit Agreement”), and the other Loan Documents;

    
WHEREAS, the Borrowers have requested that, as of the Effective Date, the
Existing Credit Agreement be amended as herein provided; and

    
WHEREAS, the Lenders are willing, subject to the terms and conditions
hereinafter set forth, to make such amendments;

    
NOW, THEREFORE, in consideration of the agreements herein contained, the
parties hereto hereby agree as follows:

ARTICLE I 

DEFINITIONS

    
SECTION 1.1. Certain
Definitions. The following terms (whether or
not underscored) when used in this Agreement shall have the following
meanings:

    
“Administrative Agent” is defined in the preamble.

    
“Agreement” is defined in the preamble.

    
“Amended Credit
Agreement” means the Existing Credit
Agreement as amended by this Agreement as of the Effective Date.

    
“Borrowers” is defined in the preamble.

    
“Company” is defined in the
preamble.

    
“Effective Date” is defined in Section
5.1.

    
“Existing Credit
Agreement” is defined in the first recital.

    
“Lenders” is defined in the preamble.

    
SECTION 1.2. Other
Definitions. Unless otherwise defined or the
context otherwise requires, terms used herein (including in the preamble and
recitals hereto) have the meanings provided for in the Existing Credit
Agreement.

ARTICLE II

AMENDMENTS

     Effective on
(and subject to the occurrence of) the Effective Date, the Existing Credit
Agreement is amended as follows:

    
SECTION 2.1.
Amendments to Section 1.01. (1) The following new defined terms are added in the
appropriate alphabetical order to Section 1.01 of the Existing Credit
Agreement:

          (i)
“Amendment No. 5 Effective
Date” means the “Effective Date” as defined
in Amendment No. 4 to Credit Agreement.

          (ii)
“Amendment No. 5 to Credit
Agreement” means Amendment No. 5 to Credit
Agreement, dated as of May 1, 2012, among the parties thereto.

    
SECTION 2.2. Amendments to Section
2.13(a) Section 2.13(a) of the Existing
Credit Agreement is amended as follows:

    
“(a) The Borrowers agree to pay to the Administrative Agent for the
account of each Lender a commitment fee, which shall accrue at a per annum rate
of .50% on the average daily amount of the Available Revolving Commitment of
such Lender during the period from and including the Effective Date to but
excluding the date on which the Lenders’ Revolving Commitments terminate (it
being agreed that, with respect to any Lender that is also the Swingline Lender,
the Aggregate Revolving Exposure of such Lender (but not any other Lender) shall
include the aggregate principal amount of Swingline Loans). Commitment fees
accrued through and including the last day of each calendar quarter shall be
payable on the 15th day of each April, July, October and January of
each year and on the date on which the Revolving Commitments terminate,
commencing on the first such date to occur after the Effective Date. All
commitment fees shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed.”

ARTICLE III

REPRESENTATIONS AND
WARRANTIES

    
In order to induce the Lenders to make the amendments provided for in
Article II,
each Borrower hereby (a) represents and warrants that (i) each of the
representations and warranties of the Loan Parties contained in the Existing
Credit Agreement and in the other Loan Documents is true and correct in all
material respects on and as of the date hereof, except that such representations
and warranties (A) that relate solely to an earlier date shall be true and
correct in all material respects as of such earlier date and (B) shall be true
and correct in all respects to the extent they are qualified by a materiality
standard and (ii) no Default or Event of Default has occurred and is continuing;
and (b) agrees that the incorrectness in any respect of any representation and
warranty contained in the preceding clause
(a) shall constitute an immediate Event of
Default. Without limiting the foregoing, each Borrower hereby (x) ratifies and
confirms all of the terms, covenants and conditions set forth in the Loan
Documents and hereby agrees that it remains unconditionally liable to the
Administrative Agent and the Lenders in accordance with the respective terms,
covenants and conditions set forth in the Loan Documents, and all the Collateral
thereto in favor of the Administrative Agent (for the benefit of the Lender
Parties) continues unimpaired and in full force and effect, and (y) waives all
defenses, claims, counterclaims, rights of recoupment or set-off against any of
its Obligations.

ARTICLE IV

ACKNOWLEDGMENT OF
SUBSIDIARIES

    
By executing this Agreement, each Subsidiary of the Company that is a
party hereto hereby confirms and agrees that each Loan Document to which it is a
party is, and shall continue to be, in full force and effect and is hereby
ratified and confirmed in all respects, except that on and after the Effective
Date each reference therein to the Credit Agreement shall refer to the Existing
Credit Agreement after giving effect to this Agreement. Without limiting the
foregoing, each such Subsidiary waives all defenses, claims, counterclaims,
rights of recoupment or set-off with respect to any of such Subsidiary’s
Obligations.

ARTICLE V

CONDITIONS TO EFFECTIVENESS;
EXPIRATION

    
SECTION 5.1. Effective
Date. This Agreement shall become effective
as of May 1, 2012 (the “Effective
Date”) when the conditions set forth in this
Section have been satisfied.

     SECTION 5.1.1
Execution of Agreement. The Administrative Agent shall have received counterparts of
this Agreement duly executed and delivered on behalf of the Borrowers, each of
the Subsidiaries of the Company parties to the Existing Credit Agreement and the
Required Lenders.

    
SECTION 5.1.2 Representations and
Warranties. The representations and
warranties made by the Borrowers pursuant to Article III as of the Effective Date
shall be true and correct.

    
SECTION 5.2. Expiration. If the Effective Date has not occurred on or prior to 10:00
a.m. (New York, New York time) on May 18, 2012, the agreements of the parties
contained in this Agreement shall terminate immediately on such date and without
further action.

ARTICLE VI

MISCELLANEOUS

    
SECTION 6.1. Cross-References. References in this
Agreement to any Article or Section are, unless otherwise specified, to such
Article or Section of this Agreement.

    
SECTION 6.2. Loan Document Pursuant to
Amended Credit Agreement. This Agreement is a
Loan Document executed pursuant to the Amended Credit Agreement. Except as
expressly amended hereby, all of the representations, warranties, terms,
covenants and conditions contained in the Existing Credit Agreement and each
other Loan Document shall remain unamended or otherwise unmodified and in full
force and effect.

    
SECTION 6.3. Limitation of
Amendments. The amendments set forth in
Article II
shall be limited precisely as provided for herein and shall not be deemed to be
a waiver of, amendment of, consent to or modification of any other term or
provision of the Existing Credit Agreement or of any term or provision of any
other Loan Document or of any transaction or further or future action on the
part of any Borrower or any other Loan Party which would require the consent of
any of the Lenders under the Existing Credit Agreement or any other Loan
Document.

    
SECTION 6.4. Counterparts. This Agreement may be
executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when
taken together shall constitute a single contract.

    
SECTION 6.5. Successors and
Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors
and assigns.

    
SECTION 6.6. Further
Assurances. The Borrowers shall execute and
deliver, and shall cause each other Loan Party to execute and deliver, from time
to time in favor of the Administrative Agent and the Lenders, such documents,
agreements, certificates and other instruments as shall be necessary or
advisable to effect the purposes of this Agreement.

    
SECTION 6.7. Costs and
Expenses. The Borrowers agree to pay all
reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent, including the reasonable and documented out-of-pocket fees, charges and
disbursements of legal counsel for the Administrative Agent, that are incurred
in connection with the execution and delivery of this Agreement and the other
agreements and documents entered into in connection herewith.

    
SECTION 6.8. Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CONFLICT OF LAWS PRINCIPLES THEREOF.

    
SECTION 6.9. WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION.

     SECTION 6.10. Entire
Agreement. This Agreement constitutes the
entire contract among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof.

     IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers hereunto duly authorized as of the day and year first above
written.

	BORROWERS:
	 
	PILGRIM’S PRIDE
      CORPORATION
	 
	By 	/s/ Fabio Sandri
		Name: Fabio Sandri
		Title: CFO
	 
	TO-RICOS,
    LTD.
	 
	By	/s/ Fabio Sandri
		Name: Fabio Sandri
		Title: CFO
	 
	TO-RICOS
      DISTRIBUTION, LTD.
	 
	By	/s/ Fabio Sandri
		Name: Fabio Sandri
		Title: CFO
	 
	OTHER LOAN PARTIES:
	 
	PILGRIM’S PRIDE
      CORPORATION OF WEST VIRGINIA, INC.
	 
	By	/s/ Fabio Sandri
		Name: Fabio Sandri
		Title: CFO
	 
	ADMINISTRATIVE AGENT:
	 
	COBANK,
  ACB,
	as Administrative
      Agent
	  
	By	/s/ James Matzat
		Name: James Matzat
		Title: Vice
  President

	LENDERS:
	 
	COBANK, ACB,
	as Lender and as Swingline Lender
	 
	By 	/s/ James
  Matzat
		Name: James Matzat
		Title: Vice President
	 
	COÖPERATIEVE CENTRALE RAIFFEISEN-
	BOERENLEENBANK B.A., “RABOBANK INTERNATIONAL”,
	NEW YORK BRANCH,
	as Lender
	 
	By	/s/ Michelene
      Donegan
		Name: Michelene Donegan
		Title: Executive Director
	 
	By	/s/ Brett
  Delfino
		Name: Brett Delfino
		Title: Executive Director
	 
	BANK OF MONTREAL,
	as Lender
	 
	By	/s/ Philip
    Langheim
		Name: Philip Langheim
		Title: Managing Director
	 
	BARCLAYS BANK PLC,
	as Lender
	 
	By	/s/ Ronnie
  Glenn
		Name: Ronnie Glenn
		Title: Vice President
	 
	 
	MORGAN STANLEY SENIOR FUNDING, INC., as Lender
	 
	By	/s/ Chris
    Winthrop
		Title: Vice President
		Name: Chris
    Winthrop

	AGRILAND, FARM CREDIT SERVICES ACA, as
      Lender
	 	 
  
	By  	/s/ Jake Aragon
		Name: Jake Aragon
		Title: LCO
	 	
	ING CAPITAL LLC,
	as Lender
	 	
	By 	/s/ Daniel W. Lamprecht
		Name: Daniel W. Lamprecht
		Title: Managing Director
		 
	THE UNITED STATES LIFE INSURANCE COMPANY IN
      THE
	CITY OF NEW YORK,
	as Lender
		 
	WESTERN NATIONAL LIFE INSURANCE COMPANY, as
      Lender
		 
	THE VARIABLE ANNUITY LIFE INSURANCE COMPANY,
      as
	Lender
		 
	AMERICAN GENERAL LIFE INSURANCE COMPANY, as
      Lender
	By: AIG Asset Management (U.S.), LLC, as
    investment adviser
		 
	By 	/s/ William H. Hasson
		Name: William H. Hasson
		Title: Managing Director
		 
	MERIT LIFE INSURANCE COMPANY,
	as Lender
		 
	By 	/s/ Robert A. Cole
		Name: Robert A. Cole
		Title: President
		 
	METROPOLITAN LIFE INSURANCE COMPANY, as
    Lender
		 
	By 	/s/ Barry L. Bogseth
		Name: Barry L. Bogseth
		Title: Director

	JOHN HANCOCK LIFE INSURANCE
      COMPANY (U.S.A.), as
	successor by merger to John
      Hancock Life Insurance Company and
	to John Hancock Variable
      Life Insurance Company, as Lender
		 
	By 	/s/ Dwayne Bertrand
		Name: Dwayne
      Bertrand
		Title: Managing
      Director
	 
	JOHN HANCOCK LIFE
      & HEALTH INSURANCE COMPANY, as
	Lender
	 
	By	/s/ Dwayne Bertrand
		Name: Dwayne
      Bertrand
		Title: Managing
      Director
	 
	TRANSAMERICA LIFE
      INSURANCE COMPANY, as Lender
	 
	By	/s/ Stephen Noonan
		Name: Stephen
      Noonan
		Title: Vice
      President
	 
	U.S. BANK NATIONAL
      ASSOCIATION,
	as
Lender
	 
	By	/s/ Harry J. Brown
		Name: Harry J.
      Brown
		Title: Vice
      President
	 
	BANK OF THE
      WEST,
	as
Lender
	 
	By	/s/ Michael D. Hogg
		Name: Michael D.
      Hogg
		Title: Vice
      President
	 
	BANK OF AMERICA,
      N.A., as Lender
	 
	By	/s/ Kory Clark
		Name: Kory
      Clark
		Title:
  SVP

	THE BANK OF NOVA SCOTIA, as
      Lender
	 
	By 	/s/ Paula Czach
		Name: Paula
  Czach
		Title: Managing Director -
      Execution Head
	 
	SOCIÉTÉ GENERALE, as
      Lender
	 
	By 	/s/ Sebastien Ribatto
		Name: Sebastien
      Ribatto
		Title: Managing
      Director
	 
	FIFTH THIRD BANK, as
      Lender
	 
	By	/s/ Dwayne Sharp
		Name: Dwayne
      Sharp
		Title: Vice
      President
	 
	FARM CREDIT EAST, ACA
      formerly known as
	FIRST PIONEER FARM
      CREDIT, ACA, as Lender
	 
	By	/s/ Thomas W. Cosgrove
		Name: Thomas W.
      Cosgrove
		Title: Vice
      President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]