Document:

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                                                                   EXHIBIT 10.40

                               SWIFT FOODS COMPANY
                             2002 STOCK OPTION PLAN

1.       Purpose.

         Swift Foods Company, a Delaware corporation (herein, together with its
successors, referred to as the "Company"), by means of this 2002 Stock Option
Plan (the "Plan"), desires to afford certain individuals and key employees of
the Company and any parent corporation or subsidiary corporation thereof now
existing or hereafter formed or acquired (such parent and subsidiary
corporations sometimes referred to herein as "Related Entities") who are
responsible for the continued growth of the Company an opportunity to acquire a
proprietary interest in the Company, and thus to create in such persons an
increased interest in and a greater concern for the welfare of the Company and
any Related Entities. As used in the Plan, the terms "parent corporation" and
"subsidiary corporation" shall mean, respectively, a corporation within the
definition of such terms contained in Sections 424(e) and 424(f), respectively,
of the Internal Revenue Code of 1986, as amended (the "Code"). All defined terms
not otherwise defined in Sections 1 through 17 of this Plan shall have the
meanings set forth in Section 18 of this Plan.

         The stock options described in Sections 6 and 7 (the "Options") and the
shares of Common Stock (as hereinafter defined) acquired pursuant to the
exercise of such Options are a matter of separate inducement and are not in lieu
of any salary or other compensation for services.

2.       Administration.

         (a) Committee. The Board of Directors of the Company (the "Board of
Directors") shall administer the Plan with respect to all Key Employees (as
hereinafter defined) or Eligible Non-Employees (as hereinafter defined) or may
delegate all or part of its duties under this Plan to any committee or
sub-committee appointed by the Board of Directors (the "Committee") or to any
officer or committee of officers of the Company, subject in each case to such
conditions and limitations as the Board of Directors may establish and subject
to the following sentence. Unless a majority of the members of the Board of
Directors determines otherwise: (i) the Committee shall be constituted in a
manner that satisfies the requirements of Rule 16b-3, which Committee shall
administer the Plan with respect to all Key Employees or Eligible Non-Employees
who are subject to Section 16 of the Exchange Act in a manner that satisfies the
requirements of Rule 16b-3; and (ii) the Committee shall be constituted in a
manner that satisfies the requirements of Section 162(m), which Committee shall
administer the Plan with respect to "performance-based compensation" for all Key
Employees or Eligible Non-Employees who are reasonably expected to be "covered
employees" as those terms are defined in Section 162(m). The number of persons
that shall constitute the Committee shall be determined from time to time by a
majority of all the members of the Board of Directors. Except for references in
Sections 2(a), 2(b), and 2(c) and unless the context otherwise requires,
references herein to the Committee shall also refer to the Board of Directors as
administrator of the Plan for Key Employees or Eligible Non-Employees or to the
appropriate delegate of the Committee or the Board of Directors.

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         (b) Duration, Removal, Etc. The members of the Committee shall serve at
the pleasure of the Board of Directors, which shall have the power, at any time
and from time to time, to remove members from or add members to the Committee.
Removal from the Committee may be with or without cause. Any individual serving
as a member of the Committee shall have the right to resign from membership in
the Committee by written notice to the Board of Directors. The Board of
Directors, and not the remaining members of the Committee, shall have the power
and authority to fill vacancies on the Committee, however caused.

         (c) Meetings and Actions of Committee. The Board of Directors shall
designate which of the Committee members shall be the chairman of the Committee.
If the Board of Directors fails to designate a Committee chairman, the members
of the Committee shall elect one of the Committee members as chairman, who shall
act as chairman until he ceases to be a member of the Committee or until the
Board of Directors elects a new chairman. The Committee shall hold its meetings
at those times and places as the chairman of the Committee may determine. At all
meetings of the Committee, a quorum for the transaction of business shall be
required, and a quorum shall be deemed present if at least a majority of the
members of the Committee are present. At any meeting of the Committee, each
member shall have one vote. All decisions and determinations of the Committee
shall be made by the majority vote or majority decision of all of its members
present at a meeting at which a quorum is present; provided, however, that any
decision or determination reduced to writing and signed by all of the members of
the Committee shall be as fully effective as if it had been made at a meeting
that was duly called and held. The Committee may make any rules and regulations
as it may deem advisable for the conduct of its business that are not
inconsistent with the provisions of the Plan, the certificate of incorporation
of the Company, the by-laws of the Company, Rule 16b-3 so long as it is
applicable, and Section 162(m) so long as it is applicable.

3.       Shares Available.

         Subject to the adjustments provided in Section 10, the maximum
aggregate number of shares of Common Stock, $.0001 par value, of the Company
("Common Stock") in respect of which Options may be granted for all purposes
under the Plan shall be 19,500,000 shares. If, for any reason, any shares as to
which Options have been granted cease to be subject to purchase thereunder,
including the expiration of such Option, the termination of such Option prior to
exercise, or the forfeiture of such Option, such shares shall thereafter be
available for grants under the Plan. Options granted under the Plan may be
fulfilled in accordance with the terms of the Plan with (i) authorized and
unissued shares of the Common Stock, (ii) issued shares of such Common Stock
held in the Company's treasury, or (iii) issued shares of Common Stock
reacquired by the Company in each situation as the Board of Directors or the
Committee may determine from time to time.

4.       Eligibility and Bases of Participation.

         Grants of Incentive Options (as hereinafter defined) and Non-Qualified
Options (as hereinafter defined) may be made under the Plan, subject to and in
accordance with Section 6, to Key Employees. As used herein, the term "Key
Employee" shall mean any employee of the Company or any Related Entity,
including officers and directors of the Company or any Related

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Entity who are also employees of the Company or any Related Entity, who is
regularly employed on a salaried basis and who is so employed on the date of
such grant, whom the Committee identifies as having a direct and significant
effect on the performance of the Company or any Related Entity.

         Grants of Non-Qualified Options may be made, subject to and in
accordance with Section 7, to any Eligible Non-Employee. As used herein, the
term "Eligible Non-Employee" shall mean any director of the Company who is not
regularly employed on a salaried basis with the Company and any other person or
entity of any nature whatsoever, specifically including an individual, a firm, a
company, a corporation, a partnership, a trust, or other entity (collectively, a
"Person"), that the Committee designates as eligible for a grant of Options
pursuant to this Plan because such Person performs bona fide consulting,
advisory, or other services for the Company or any Related Entity (other than
services in connection with the offer or sale of securities in a capital-raising
transaction) and the Board of Directors or the Committee determines that the
Person has a direct and significant effect on the financial development of the
Company or any Related Entity.

         The adoption of this Plan shall not be deemed to give any Person a
right to be granted any Options.

         Notwithstanding any other provision of this Plan to the contrary, with
respect to the grant of any Options to any Key Employee or Eligible
Non-Employee, the Committee shall first determine the number of shares in
respect of which Options are to be granted to such Key Employee or Eligible
Non-Employee and shall then cause to be granted to such Key Employee or Eligible
Non-Employee an Option exercisable for such shares. The exercise price per share
of Common Stock under each Option shall be fixed by the Committee at the time of
grant of the Option and shall equal at least 100% of the Fair Market Value of a
share of Common Stock on the date of grant.

5.       Authority of Committee.

         Subject to the express provisions of the Plan and any applicable law
with which the Company intends the Plan to comply, the Committee shall have the
authority, in its sole and absolute discretion, (a) to adopt, amend, and rescind
administrative and interpretive rules and regulations relating to the Plan,
including without limitation to adopt and observe such procedures concerning the
counting of Options against the Plan and individual maximums as it may deem
appropriate from time to time; (b) to determine the Key Employees or Eligible
Non-Employees to whom, and the time or times at which, Options shall be granted;
(c) to determine the number of shares of Common Stock, that shall be the subject
of each Option; (d) to determine the terms and provisions of each award
evidencing Options granted hereunder (which need not be identical), including
provisions defining or otherwise relating to (i) the term and the period or
periods and extent of exercisability of the Options, (ii) the extent to which
the transferability of shares of Common Stock issued or transferred pursuant to
any Option is restricted, (iii) the effect of termination of employment on the
Option, (iv) the effect of approved leaves of absence (consistent with any
applicable regulations of the Internal Revenue Service) and (v) the
establishment of procedures for an optionee (A) to have withheld from the total
number of shares of Common Stock to be acquired upon the exercise of an Option
that number of shares having a

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Fair Market Value which, together with such cash as shall be paid in respect of
fractional shares, shall equal the aggregate exercise price under such Option
for the number of shares then being acquired (including the shares to be so
withheld), and (B) to exercise a portion of an Option by delivering that number
of shares of Common Stock already owned by such optionee having an aggregate
Fair Market Value which shall equal the partial Option exercise price and to
deliver the shares thus acquired by such optionee in payment of shares to be
received pursuant to the exercise of additional portions of such Option, the
effect of which shall be that such optionee can in sequence utilize such newly
acquired shares in payment of the exercise price of the entire Option, together
with such cash as shall be paid in respect of fractional shares; provided,
however, that (A) in the case of Incentive Options, no shares shall be used to
pay the exercise price under this paragraph unless (1) such shares were not
acquired through the exercise of Incentive Options or (2) if so acquired, (x)
such shares have been held for more than two years since the grant of such
Incentive Options and for more than one year since the exercise of such
Incentive Options (the "Holding Period"), or (y) if such shares have not been
held for the Holding Period, the optionee elects in writing to use such shares
to pay the exercise price under this paragraph, and (B) no such procedure shall
be available if there is an opinion of the Company's independent accounting firm
that the use of such a procedure could negatively affect the financial
statements of the Company or a Related Entity; (e) to accelerate, pursuant to
Section 8 or otherwise, the time of exercisability of any Option that has been
granted; (f) to construe the respective awards evidencing Options granted
pursuant to the Plan; (g) to make determinations of the Fair Market Value of the
Common Stock pursuant to the Plan; (h) to delegate its duties under the Plan to
such agents as it may appoint from time to time, subject to the second sentence
of Section 2(a); and (i) to make all other determinations, perform all other
acts, and exercise all other powers and authority necessary or advisable for
administering the Plan, including the delegation of those ministerial acts and
responsibilities as the Committee deems appropriate. The Committee may correct
any defect, supply any omission or reconcile any inconsistency in the Plan, in
any Option, or in any awards evidencing Options granted hereunder in the manner
and to the extent it deems necessary or desirable to carry the Plan into effect,
and the Committee shall be the sole and final judge of that necessity or
desirability. The determinations of the Committee on the matters referred to in
this Section 5 shall be final and conclusive. The Committee shall not have the
power to appoint members of the Committee or to terminate, modify, or amend the
Plan. Those powers are vested in the Board of Directors.

         From time to time, the Board of Directors and appropriate officers of
the Company shall be and are authorized to take whatever actions are necessary
to file required documents with governmental authorities, stock exchanges, and
other appropriate Persons to make shares of Common Stock available for issuance
pursuant to awards evidencing Options granted hereunder.

6.       Stock Options for Key Employees.

         Subject to the express provisions of this Plan, the Committee shall
have the authority to grant incentive stock options pursuant to Section 422 of
the Code ("Incentive Options"), to grant non-qualified stock options (options
which do not qualify under Section 422 of the Code) ("Non-Qualified Options"),
and to grant both types of Options to Key Employees. No Incentive Option shall
be granted pursuant to this Plan after the earlier of ten years from the date of
adoption of the Plan or ten years from the date of approval of the Plan by the
stockholders of the Company. Notwithstanding anything in this Plan to the
contrary, Incentive Options may be granted only to

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Key Employees. The terms and conditions of the Options granted under this
Section 6 shall be determined from time to time by the Committee; provided,
however, that the Options granted under this Section 6 shall be subject to all
terms and provisions of the Plan (other than Section 7), including the
following:

         (a) Option Exercise Price. Subject to Section 4, the Committee shall
establish the Option exercise price at the time any Option is granted at such
amount as the Committee shall determine; provided, that such price shall not be
less than the Fair Market Value per share of Common Stock at the date the Option
is granted with respect to Incentive Options; and provided, further, that in the
case of an Incentive Option granted to a person who, at the time such Incentive
Option is granted, owns shares of the Company or any Related Entity which
possess more than 10% of the total combined voting power of all classes of
shares of the Company or of any Related Entity, the option exercise price shall
not be less than 110% of the Fair Market Value per share of Common Stock at the
date the Option is granted. The Option exercise price shall be subject to
adjustment in accordance with the provisions of Section 10 of the Plan.

         (b) Payment. The price per share of Common Stock with respect to each
Option exercise shall be payable at the time of such exercise. Such price shall
be payable in cash or by any other means acceptable to the Committee, including
delivery to the Company of shares of Common Stock owned by the optionee or by
the delivery or withholding of shares pursuant to a procedure created pursuant
to Section 5(d) of the Plan. Shares delivered to or withheld by the Company in
payment of the Option exercise price shall be valued at the Fair Market Value of
the Common Stock on the day preceding the date of the exercise of the Option.

         (c) Continuation of Employment. Each Incentive Option shall require the
optionee to remain in the continuous employ of the Company or any Related Entity
from the date of grant of the Incentive Option until no more than three months
prior to the date of exercise of the Incentive Option.

         (d) Exercisability of Stock Option. Subject to Section 8, each Option
shall be exercisable in one or more installments as the Committee may determine
at the time of the grant. No Incentive Option by its terms shall be exercisable
after the expiration of ten years from the date of grant of such Option;
provided, however, that no Incentive Option granted to a person who, at the time
such Option is granted, owns stock of the Company, or any Related Entity,
possessing more than 10% of the total combined voting power of all classes of
stock of the Company, or any Related Entity, shall be exercisable after the
expiration of five years from the date such Option is granted.

         (e) Death. If any optionee's employment with the Company or a Related
Entity terminates due to the death of such optionee, the estate of such
optionee, or a Person who acquired the right to exercise such Option by bequest
or inheritance or by reason of the death of the optionee, shall, subject to the
provisions of Section 9, have the right to exercise such Option in accordance
with its terms at any time and from time to time within 180 days after the date
of death unless a shorter or longer period is expressly provided in such Option
or established by the Committee pursuant to Section 8 (but in no event after the
expiration date of such Option).

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         (f) Disability. If the employment of any optionee terminates because of
his Disability (as defined in Section 18), such optionee or his legal
representative shall, subject to the provisions of Section 9, have the right to
exercise the Option in accordance with its terms at any time and from time to
time within one year after the date of such termination unless a shorter or
longer period is expressly provided in such Option or established by the
Committee pursuant to Section 8 (but not after the expiration date of the
Option); provided, however, that in the case of an Incentive Option, the
optionee or his legal representative shall in any event be required to exercise
the Incentive Option within one year after termination of the optionee's
employment due to his Disability.

         (g) Termination for Good Cause. Unless an optionee's Option expressly
provides otherwise or the Committee determines otherwise, such optionee shall
immediately forfeit all rights under his Option, except as to the shares of
stock already purchased thereunder, if the employment of such optionee with the
Company or a Related Entity is terminated by the Company or any Related Entity
for Good Cause (as defined in Section 18 below). The determination that there
exists Good Cause for termination shall be made by the Committee (unless
otherwise agreed to in writing by the Company and the optionee) and any decision
in respect thereof by the Committee shall be final and binding on all parties in
interest.

         (h) Other Termination of Employment. If the employment of an optionee
with the Company or a Related Entity terminates for any reason other than those
specified in subsections 6(e), (f) or (g) above, such optionee shall, subject to
the provisions of Section 9, have the right to exercise his Option in accordance
with its terms, within 90 days after the date of such termination, unless a
shorter or longer period is expressly provided in such Option or established by
the Committee pursuant to Section 8 (but not after the expiration date of the
Option); provided, that no Incentive Option shall be exercisable more than three
months after such termination.

         (i) Maximum Exercise. The number of shares of Common Stock, which
relate to an Incentive Option granted by the Company or any Related Entity to
any one optionee, which vest in a given calendar year may not have an aggregate
Fair Market Value which exceeds $100,000. For purposes of a valuation pursuant
to this Section 6(i), the Fair Market Value of a share of Common Stock shall be
the Fair Market Value of such share on the date of the grant of the Incentive
Option even though the limitation is applied to the year in which the shares
which relate to the Incentive Option vest, which may not be the same calendar
year in which the Incentive Option is granted.

7.       Stock Option Grants to Eligible Non-Employees.

         (a) Subject to the express provisions of this Plan, the Committee shall
have the authority to grant Non-Qualified Options to Eligible Non-Employees. The
terms and conditions of the Options granted under this Section 7 shall be
determined from time to time by the Committee; provided, however, that the
Options granted under this Section 7 shall be subject to all terms and
provisions of the Plan (other than Section 6), including the following:

                  (i)      Option Exercise Price. Subject to Section 4, the
                           Committee shall establish the Option exercise price
                           at the time any Non-Qualified Option is granted

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                           at such amount as the Committee shall determine. The
                           Option exercise price shall be subject to adjustment
                           in accordance with the provisions of Section 10 of
                           the Plan.

                  (ii)     Payment. The price per share of Common Stock with
                           respect to each Option exercise shall be payable at
                           the time of such exercise. Such price shall be
                           payable in cash or by any other means acceptable to
                           the Committee, including delivery to the Company of
                           shares of Common Stock owned by the optionee or by
                           the delivery or withholding of shares pursuant to a
                           procedure created pursuant to Section 5(d) of the
                           Plan. Shares delivered to or withheld by the Company
                           in payment of the Option exercise price shall be
                           valued at the Fair Market Value of the Common Stock
                           on the day preceding the date of the exercise of the
                           Option.

                  (iii)    Exercisability of Stock Option. Subject to Section
                           8, each Option shall be exercisable in one or more
                           installments as the Committee may determine at the
                           time of the grant. No Option shall be exercisable
                           after the expiration of ten years from the date of
                           grant of the Option, unless otherwise expressly
                           provided in such Option.

                  (iv)     Death. If the retention by the Company or any Related
                           Entity of the services of any Eligible Non-Employee
                           terminates because of his death, the estate of such
                           optionee, or a Person who acquired the right to
                           exercise such Option by bequest or inheritance or by
                           reason of the death of the optionee, shall, subject
                           to the provisions of Section 9, have the right to
                           exercise such Option in accordance with its terms, at
                           any time and from time to time within 180 days after
                           the date of death unless a shorter or longer period
                           is expressly provided in such Option or established
                           by the Committee pursuant to Section 8 (but in no
                           event after the expiration date of such Option).

                  (v)      Disability. If the retention by the Company or any
                           Related Entity of the services of any Eligible
                           Non-Employee terminates because of his Disability,
                           such optionee or his legal representative shall,
                           subject to the provisions of Section 9, have the
                           right to exercise the Option in accordance with its
                           terms at any time and from time to time within one
                           year after the date of the optionee's termination
                           unless a shorter or longer period is expressly
                           provided in such Option or established by the
                           Committee pursuant to Section 8 (but not after the
                           expiration of the Option).

                  (vi)     Termination for Good Cause. If the retention by the
                           Company or any Related Entity of the services of any
                           Eligible Non-Employee is terminated (A) for Good
                           Cause or (B) as a result of removal of the optionee
                           from office as a director of the Company or of any
                           Related Entity for cause by action of the
                           stockholders of the Company or such Related Entity in
                           accordance with the by-laws of the Company or such
                           Related Entity, as

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                           applicable, and the corporate law of the jurisdiction
                           of incorporation of the Company or such Related
                           Entity, then such optionee shall immediately forfeit
                           his rights under his Option except as to the shares
                           of stock already purchased. The determination that
                           there exists Good Cause for termination shall be made
                           by the Committee (unless otherwise agreed to in
                           writing by the Company and the optionee) and any
                           decision in respect thereof by the Committee shall be
                           final and binding on all parties in interest.

                  (vii)    Other Termination of Relationship. If the retention
                           by the Company or any Related Entity of the services
                           of any Eligible Non-Employee terminates for any
                           reason other than those specified in subsections
                           7(a)(iv), (a)(v) or (a)(vi) above, such optionee
                           shall, subject to the provisions of Section 9, have
                           the right to exercise his or its Option in accordance
                           with its terms within 90 days after the date of such
                           termination, unless a shorter or longer period is
                           expressly provided in such Option or established by
                           the Committee pursuant to Section 8 (but not after
                           the expiration date of the Option).

         (b) An Eligible Non-Employee that is a non-employee director of the
Company may elect to receive Options in lieu of all or a portion of such
director's annual cash retainer fee for services as a director of the Company.
Notwithstanding subsection 7(a)(ii), the following shall apply if a non-employee
director elects to receive all or a portion of his/her annual cash retainer in
Options:

                  (i)      Method of Election. Except as otherwise specified by
                           the Committee, a non-employee director's election
                           shall be made in accordance with the following
                           provisions. Unless the Committee provides otherwise,
                           the election may be made only by written notice
                           delivered to the Committee prior to the first day of
                           the calendar year or the fiscal year, as determined
                           by the Committee, in which the cash payment would
                           otherwise be made. The election shall specify the
                           amount of the annual cash retainer that is to be paid
                           in the form of Options and shall be irrevocable
                           except for payments otherwise payable in the next
                           calendar year after the date of a written notice of
                           revocation.

                  (ii)     Terms of Options. The date of grant of an Option
                           granted pursuant to this Section 7(b) shall be the
                           date on which the portion of the annual cash retainer
                           fee that the non-employee director has elected not to
                           receive would otherwise have been paid. The number of
                           shares subject to that Option shall be determined by
                           dividing the foregone amount of the annual cash
                           retainer fee otherwise due and payable on the date of
                           grant by the value of an Option for one share of
                           Common Stock on the date of grant having the terms
                           set forth herein, which value shall be calculated
                           pursuant to the Black-Scholes Model. The exercise
                           price with respect to a share of Common Stock subject
                           to that Option shall be the Fair Market Value of a
                           share of Common Stock on the Option's date of grant.

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8.       Change of Control; Sale of the Company.

         Except as otherwise expressly provided in a particular Option, if (a) a
Change of Control or a Sale of the Company shall occur, (b) the Company shall
enter into an agreement providing for a Change of Control or a Sale of the
Company, or (c) any member of the HMC Group shall enter into an agreement
providing for a Sale of the Company, then the Committee may declare any or all
Options outstanding under the Plan to be exercisable in full at such time or
times as the Committee shall determine and the Company may purchase any or all
of such Options for an amount of cash equal to the amount that could have been
attained upon the exercise of such Options or the realization of the optionee's
rights had such Option been currently exercisable. Each Option accelerated by
the Committee pursuant to the preceding sentence shall terminate,
notwithstanding any express provision thereof or any other provision of the
Plan, on such date (not later than the stated exercise date) as the Committee
shall determine.

9.       Purchase Option.

         (a) Except as otherwise expressly provided in any particular Option, if
(i) any optionee's employment (or, in the case of any Option granted under
Section 7, the optionee's relationship) with the Company or a Related Entity
terminates for any reason at any time or (ii) a Change of Control occurs, the
Company (and/or its designees) shall have the option (the "Purchase Option") to
purchase, and the optionee (or the optionee's executor or the administrator of
the optionee's estate or the Person who acquired the right to exercise the
Option by bequest or inheritance, in the event of the optionee's death, or the
optionee's legal representative in the event of the optionee's incapacity)
(hereinafter, collectively with such optionee, the "Grantor") shall sell to the
Company and/or its assignee(s), all or any portion (at the Company's option) of
the shares of Common Stock acquired by exercise of an Option and/or Options held
by the Grantor (such shares of Common Stock and Options collectively being
referred to as the "Purchasable Shares").

         (b) The Company shall give notice in writing to the Grantor of the
exercise of the Purchase Option within one year from the date of the termination
of the optionee's employment or engagement or such Change of Control. Such
notice shall state the number of Purchasable Shares to be purchased and the
determination of the Board of Directors of the Fair Market Value per share of
such Purchasable Shares. If no notice is given within the time limit specified
above, the Purchase Option shall terminate.

         (c) The purchase price to be paid for the Purchasable Shares purchased
pursuant to the Purchase Option shall be, in the case of any Common Stock, an
amount equal to the Fair Market Value per share as of the date of the notice of
exercise of the Purchase Option multiplied by the number of shares being
purchased, and in the case of any Option, an amount equal to the Fair Market
Value per share less the applicable per share Exercise Price multiplied by the
number of vested shares subject to such Option which are being purchased;
provided, however, that in the case of any voluntary termination by the optionee
or in the case of the optionee's termination by the Company or a Related Entity
for Good Cause the purchase price to be paid for the Purchasable Shares
purchased pursuant to the Purchase Option shall be, in the case of any Common
Stock, an amount equal to the lesser of the Fair Market Value per share as of
the date of the notice of exercise of the Purchase Option, or the per share cost
of the Common Stock,

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multiplied by the number of shares being purchased, and in the case of any
Option, the Option shall, at the discretion of the Company, be forfeited for no
consideration. The purchase price shall be paid in cash. The closing of such
purchase shall take place at the Company's principal executive offices within
ten days after the purchase price has been determined. At such closing, the
Grantor shall deliver to the purchasers the certificates or instruments
evidencing the Purchasable Shares being purchased, duly endorsed (or accompanied
by duly executed stock powers) and otherwise in good form for delivery, against
payment of the purchase price by check of the purchasers. In the event that,
notwithstanding the foregoing, the Grantor shall have failed to obtain the
release of any pledge or other encumbrance on any Purchasable Shares by the
scheduled closing date, at the option of the purchasers, the closing shall
nevertheless occur on such scheduled closing date, with the cash purchase price
being reduced to the extent of all unpaid indebtedness for which such
Purchasable Shares are then pledged or encumbered.

         (d) To assure the enforceability of the Company's rights under this
Section 9, each certificate or instrument representing Common Stock or an Option
held by him or it shall bear a conspicuous legend in substantially the following
form:

                  THE SHARES [REPRESENTED BY THIS CERTIFICATE] [ISSUABLE
                  PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO AN OPTION TO
                  REPURCHASE PROVIDED UNDER THE PROVISIONS OF THE COMPANY'S 2002
                  STOCK OPTION PLAN. A COPY OF SUCH OPTION PLAN IS AVAILABLE
                  UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE
                  OFFICES.

         The Company's rights under this Section 9 shall terminate upon the
consummation of a Qualifying Public Offering.

10.      Adjustment of Shares.

         Except as otherwise contemplated in Section 8, and unless otherwise
expressly provided in a particular Option, in the event that, by reason of any
merger, consolidation, combination, liquidation, reorganization,
recapitalization, stock dividend, stock split, split-up, split-off, spin-off,
combination of shares, exchange of shares or other like change in capital
structure of the Company (collectively, a "Reorganization"), the Common Stock is
substituted, combined, or changed into any cash, property, or other securities,
or the shares of Common Stock are changed into a greater or lesser number of
shares of Common Stock, the number and/or kind of shares and/or interests
subject to an Option and the per share price or value thereof shall be
appropriately adjusted by the Committee to give appropriate effect to such
Reorganization. Any fractional shares or interests resulting from such
adjustment shall be eliminated. Notwithstanding the foregoing, (i) each such
adjustment with respect to an Incentive Option shall comply with the rules of
Section 424(a) of the Code, and (ii) in no event shall any adjustment be made
which would render any Incentive Option granted hereunder other than an
"incentive stock option" for purposes of Section 422 of the Code. The maximum
aggregate number of shares of Common Stock in respect of which Options may be
granted under this Plan as provided for in Section 3 shall also be subject to
adjustment as contemplated above.

                                      -10-
<PAGE>

         Except as otherwise contemplated in Section 8, and unless otherwise
expressly provided in a particular Option, in the event that the Company is not
the surviving entity of a Reorganization and, following such Reorganization and,
in connection with such Reorganization, any optionee will hold Options issued
pursuant to this Plan which have not been exercised, canceled, or terminated in
connection therewith, the Company shall cause such Options to be assumed (or
canceled and replacement Options issued) by the surviving entity or a Related
Entity with such changes in the number and/or kind of shares and/or interests
subject to an Option and the per share price or the value thereof as the
Committee determines is necessary to give appropriate effect to such
Reorganization. In the event of any perceived conflict between the provisions of
Section 8 and this Section 10, the Committee's determination under Section 8
shall control.

11.      Assignment or Transfer.

         (a) Transfer of Incentive Options. Incentive Options are not
transferrable by an optionee other than by will or the laws of descent and
distribution.

         (b) Transfer of Non-Qualified Options.

                  (i)      Permitted Transferees. The Committee may, in its
                           discretion, permit an optionee to transfer all or any
                           portion of a Non-Qualified Option, or authorize all
                           or a portion of any Non-Qualified Option to be
                           granted to an optionee to be on terms which permit
                           transfer by such optionee, to (A) the spouse, former
                           spouse, children, stepchildren, grandchildren,
                           parents, stepparents, grandparents, siblings, nieces,
                           nephews, mother-in-law, father-in-law, sons-in-law,
                           daughters-in-law, brothers-in-law, or sisters-in-law
                           of the optionee, including adoptive relationships, or
                           any other person sharing the optionee's household
                           (other than a tenant or employee) (collectively,
                           "Immediate Family Members"), (B) a trust or trusts in
                           which such Immediate Family Members have more than
                           fifty percent of the beneficial interest, (C) a
                           foundation in which such Immediate Family Members (or
                           the optionee) control the management of assets, or
                           (D) any other entity in which such Immediate Family
                           Members (or the optionee) own more than fifty percent
                           of the voting interests (collectively, "Permitted
                           Transferees"); provided that (x) there may be no
                           consideration for any such transfer, (y) subsequent
                           transfers of Non-Qualified Options transferred as
                           provided above shall be prohibited except subsequent
                           transfers back to the option grantee and transfers to
                           other Permitted Transferees of the option grantee.

                  (ii)     Domestic Relations Orders. In the Committee's sole
                           discretion Non-Qualified Options may be transferred
                           pursuant to domestic relations orders entered or
                           approved by a court of competent jurisdiction upon
                           delivery to the Company of written notice of such
                           transfer and a certified copy of such order.

                                      -11-
<PAGE>

                  (iii)    Other Transfers and Exercise Rights. Except as
                           expressly permitted by Sections 11(b)(i) and
                           11(b)(ii), Non-Qualified Options shall not be
                           transferable other than by will or the laws of
                           descent and distribution. In the event that a legal
                           representative has been appointed in connection with
                           the Disability of an optionee, the optionee's options
                           may be exercised by the legal representative.

                  (iv)     Effect of Transfer. Following the transfer of any
                           Non-Qualified Option as contemplated by Sections
                           11(b)(i), 11(b)(ii) and 11(b)(iii), (A) such
                           Non-Qualified Option shall continue to be subject to
                           the same terms and conditions as were applicable
                           immediately prior to transfer, provided that the term
                           "optionee" shall be deemed to refer to the Permitted
                           Transferee, the recipient under a domestic relations
                           order, or the estate or heirs of a deceased optionee,
                           as applicable, to the extent appropriate to enable
                           the optionee to exercise the transferred
                           Non-Qualified Option in accordance with the terms of
                           this Plan and applicable law, (B) the provisions of
                           Sections 7(a)(iv) through (vii) and Sections 6(e)
                           through (h) hereof shall continue to be applied with
                           respect to the original optionee and, following the
                           occurrence of any such events described therein the
                           Non-Qualified Options shall be exercisable by the
                           Permitted Transferee, the recipient under a domestic
                           relations order, or the estate or heirs of a deceased
                           Holder, as applicable, only to the extent and for the
                           periods specified in Sections 7(a)(iv) through (vii)
                           and Sections 6(e) through (h), and (C) in the
                           discretion of the Committee, all voting control in
                           the Common Stock transferred pursuant to the exercise
                           of Non-Qualified Options shall be retained in the
                           option grantee.

         (c) Procedures and Restrictions. Any optionee desiring to transfer an
Option as permitted under Section 11(a) or 11(b) shall make application therefor
in the manner and time specified by the Committee and shall comply with such
other requirements as the Committee may require to assure compliance with all
applicable securities laws. The Committee shall not give permission for such a
transfer if (i) it would give rise to short-swing liability under Section 16(b)
of the Exchange Act, or (ii) it may not be made in compliance with all
applicable federal, state and foreign securities laws.

         (d) At least ninety (90) days prior to selling, pledging,
hypothecating, transferring or otherwise disposing ("Transfer") of any interest
in Common Stock issued upon exercise of an Option, the optionee, provided that,
for purposes of this Section 11(d), the term "optionee" shall be deemed to refer
to the Permitted Transferee, the recipient under a qualified domestic relations
order, or the estate or heirs of a deceased optionee, as applicable proposing
such Transfer shall deliver a written notice (the "Sale Notice") to the Company.
The Sale Notice will disclose in reasonable detail the identity of the
prospective transferee(s) and the terms and conditions of the proposed transfer.
Such optionee shall not consummate any such Transfer until ninety (90) days
after the Sale Notice has been delivered to the Company, unless the Company has
notified such optionee in writing that it will not exercise its rights under
this Section 11(d) (the date of the first to occur of such events is referred to
herein as the "Authorization Date"). The Company or its designee may elect to
purchase all (but not less than all) of the shares of Common Stock to be

                                      -12-
<PAGE>

Transferred upon the same terms and conditions as those set forth in the Sale
Notice ("Right of First Refusal") by delivering a written notice of such
election to such optionee, within thirty (30) days after the receipt of the Sale
Notice by the Company (the "Election Notice"). If the Company has not elected to
purchase all of the shares of Common Stock specified in the Sale Notice, such
optionee, may Transfer the shares of Common Stock to the prospective
transferee(s) as specified in the Sale Notice, at a price and on terms no more
favorable to the transferee(s) thereof than specified in the Sale Notice, during
the 90-day period immediately following the Authorization Date. Any shares of
Common Stock not so transferred within such 90-day period must be reoffered to
the Company in accordance with the provisions of this Section 11(d). The Right
of First Refusal will not apply with respect to Transfers of such shares of
Common Stock by will or pursuant to applicable laws of descent and distribution
or among the optionee's family group; provided that the restrictions contained
in this Section 11(d) will continue to be applicable to the shares of Common
Stock after any such Transfer and provided further that the transferees of such
shares of Common Stock have agreed in writing to be bound by the terms and
provisions of this Plan and the applicable Option Agreement, as each may be
amended from time to time. In addition, upon any transfer to a member of the
optionee's family group, the optionee shall be required to give notice to the
Company and as a condition to such Transfer to a member of the optionee's family
group, the optionee will maintain all voting control over all of the shares of
Common Stock. The optionee's "family group" means the optionee's spouse and
lineal descendants (whether natural or adopted) and any trust solely for the
benefit of the optionee and/or the optionee's spouse and/or lineal descendants.
In addition, with the prior approval of the Committee, notwithstanding the
provisions of this Section 11(d), an optionee may pledge such shares of Common
Stock creating a security interest therein; provided, that the pledgee agrees in
writing to be bound, and that such shares of Common Stock remain bound, by the
terms and provisions of this Plan and the applicable Option Agreement, as each
may be amended from time to time.

         To assure the enforceability of the Company's rights under this Section
11(d), each certificate or instrument representing Common Stock or an Option
held by him or it shall bear a conspicuous legend in substantially the following
form:

                  THE SHARES [REPRESENTED BY THIS CERTIFICATE] [ISSUABLE
                  PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO A RIGHT OF FIRST
                  REFUSAL PROVIDED UNDER THE COMPANY'S 2002 STOCK OPTION PLAN. A
                  COPY OF SUCH OPTION PLAN IS AVAILABLE UPON WRITTEN REQUEST TO
                  THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.

         (e) The rights and obligations pursuant to Section 11(d) hereof will
terminate upon the consummation of a Qualifying Public Offering.

12.      Compliance with Securities Laws.

         The Company shall not in any event be obligated to file any
registration statement under the Securities Act or any applicable state
securities law to permit exercise of any option or to issue any Common Stock in
violation of the Securities Act or any applicable state securities law. Each
optionee (or, in the event of his death or, in the event a legal representative
has been

                                      -13-
<PAGE>

appointed in connection with his Disability, the Person exercising the Option)
shall, as a condition to his right to exercise any Option, deliver to the
Company an agreement or certificate containing such representations, warranties
and covenants as the Company may deem necessary or appropriate to ensure that
the issuance of shares of Common Stock pursuant to such exercise is not required
to be registered under the Securities Act or any applicable state securities
law.

         Certificates for shares of Common Stock, when issued, may have
substantially the following legend, or statements of other applicable
restrictions, endorsed thereon, and may not be immediately transferable:

                  THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE HAVE NOT
                  BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY STATE
                  SECURITIES LAWS. THE SHARES MAY NOT BE OFFERED FOR SALE, SOLD,
                  PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF UNTIL THE HOLDER
                  HEREOF PROVIDES EVIDENCE SATISFACTORY TO THE ISSUER (WHICH, IN
                  THE DISCRETION OF THE ISSUER, MAY INCLUDE AN OPINION OF
                  COUNSEL SATISFACTORY TO THE ISSUER) THAT SUCH OFFER, SALE,
                  PLEDGE, TRANSFER OR OTHER DISPOSITION WILL NOT VIOLATE
                  APPLICABLE FEDERAL OR STATE LAWS.

         This legend shall not be required for shares of Common Stock issued
pursuant to an effective registration statement under the Securities Act and in
accordance with applicable state securities laws.

13.      Withholding Taxes.

         By acceptance of the Option, the optionee will be deemed to (i) agree
to reimburse the Company or Related Entity by which the optionee is employed for
any federal, state, or local taxes required by any government to be withheld or
otherwise deducted by such corporation in respect of the optionee's exercise of
all or a portion of the Option; (ii) authorize the Company or any Related Entity
by which the optionee is employed to withhold from any cash compensation paid to
the optionee or in the optionee's behalf, an amount sufficient to discharge any
federal, state, and local taxes imposed on the Company, or the Related Entity by
which the optionee is employed, and which otherwise has not been reimbursed by
the optionee, in respect of the optionee's exercise of all or a portion of the
Option; and (iii) agree that the Company may, in its discretion, hold the stock
certificate to which the optionee is entitled upon exercise of the Option as
security for the payment of the aforementioned withholding tax liability, until
cash sufficient to pay that liability has been accumulated, and may, in its
discretion, effect such withholding by retaining shares issuable upon the
exercise of the Option having a Fair Market Value on the date of exercise which
is equal to the amount to be withheld.

14.      Costs and Expenses.

         The costs and expenses of administering the Plan shall be borne by the
Company and shall not be charged against any Option nor to any employee
receiving an Option.

                                      -14-
<PAGE>

15.      Funding of Plan.

         The Plan shall be unfunded. The Company shall not be required to make
any segregation of assets to assure the payment of any Option under the Plan.

16.      Other Incentive Plans.

         The adoption of the Plan does not preclude the adoption by appropriate
means of any other incentive plan for employees.

17.      Effect on Employment.

         Nothing contained in the Plan or any agreement related hereto or
referred to herein shall affect, or be construed as affecting, the terms of
employment of any Key Employee except to the extent specifically provided herein
or therein. Nothing contained in the Plan or any agreement related hereto or
referred to herein shall impose, or be construed as imposing, an obligation on
(a) the Company or any Related Entity to continue the employment of any Key
Employee, and (b) any Key Employee to remain in the employ of the Company or any
Related Entity.

18.      Definitions.

         In addition to the terms specifically defined elsewhere in the Plan, as
used in the Plan, the following terms shall have the respective meanings
indicated unless another definition is agreed to in writing by the Company and
the optionee in an option grant agreement with respect to such term or a similar
term:

         (a) "Affiliate" shall mean, as to any Person, a Person that directly,
or indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such Person.

         (b) "Authorization Date" shall have the meaning set forth in Section
11(d) hereof.

         (c) "Board of Directors" shall have the meaning set forth in Section 2
hereof.

         (d) "Change of Control" shall mean the first to occur of the following
events: (i) any sale, lease, exchange, or other transfer (in one transaction or
series of related transactions) of all or substantially all of the assets of the
Company to any Person or group of related Persons for purposes of Section 13(d)
of the Exchange Act, other than one or more members of the HMC Group, (ii) a
majority of the Board of Directors of the Company shall consist of Persons who
are not Continuing Directors; or (iii) the acquisition after the date of
acceptance of this Plan by any Person or Group (other than one or more members
of the HMC Group) of the power, directly or indirectly, to vote or direct the
voting of securities having more than 50% of the ordinary voting power for the
election of directors of the Company.

         (e) "Code" shall have the meaning set forth in Section 1 hereof.

         (f) "Committee" shall have the meaning set forth in Section 2 hereof.

                                      -15-
<PAGE>

         (g) "Common Stock" shall have the meaning set forth in Section 3
hereof.

         (h) "Company" shall have the meaning set forth in Section 1 hereof.

         (i) "Continuing Director" shall mean, as of the date of determination,
any Person who (i) was a member of the Board of Directors of the Company on the
date of adoption of this Plan, (ii) was nominated for election or elected to the
Board of Directors of the Company with the affirmative vote of a majority of the
Continuing Directors who were members of such Board of Directors at the time of
such nomination or election, or (iii) is a member of the HMC Group.

         (j) "Designated Date" means the first date on which each of the
following conditions shall have been met: (i) the Company shall have consummated
a Qualifying Public Offering and (ii) the Company shall have ceased to be an
Equity Fund Company.

         (k) "Disability" shall mean permanent disability as defined under
Section 22(e)(3) of the Code.

         (l) "Election Notice" shall have the meaning set forth in Section 11(d)
hereof.

         (m) "Eligible Non-Employee" shall have the meaning set forth in Section
4 hereof.

         (n) "Equity Fund Company" means any Person in which one or more Equity
Fund Investment Vehicles own(s), directly or indirectly, more than 10% of the
fully-diluted common stock or has an unrecovered investment of $1,000,000 or
more, and each Subsidiary thereof.

         (o) "Equity Fund Investment Vehicle" means Hicks, Muse, Tate & Furst
Equity Fund II, L.P.; Hicks, Muse, Tate & Furst Equity Fund III, L.P.; Hicks,
Muse, Tate & Furst Equity Fund IV, L.P.; Hicks, Muse, Tate & Furst Equity Fund
V, L.P.; or any other similar investment entity formed by Hicks, Muse, Tate &
Furst Incorporated.

         (p) "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended.

         (q) "Fair Market Value", shall, as it relates to the Common Stock,
mean, at the option of the Committee, the average of the high and low prices or
the closing price of such Common Stock as reported on the principal national
securities exchange on which the shares of Common Stock are then listed or the
Nasdaq National Market System, as applicable, on the date specified herein for
such a determination, or if there were no sales on such date, on the next
succeeding day or immediately preceding day on which there were sales, or if
such Common Stock is not listed on a national securities exchange or the Nasdaq
National Market System, the last reported bid price in the over-the-counter
market, or if such shares are not traded in the over-the-counter market, the per
share cash price for which all of the outstanding Common Stock could be sold to
a willing purchaser in an arms length transaction (without regard to minority
discount, absence of liquidity, or transfer restrictions imposed by any
applicable law or agreement) at the date of the event giving rise to a need for
a determination. Except as may be otherwise expressly provided in a particular
Option, Fair Market Value shall be determined in good faith by the Committee.

                                      -16-
<PAGE>

         (r) "Good Cause", with respect to any Key Employee, shall mean (unless
another definition is agreed to in writing by the Company and the optionee)
termination by action of the Board of Directors because of: (A) the optionee's
conviction of, or plea of nolo contendere to, a felony or a crime involving
moral turpitude; (B) the optionee's personal dishonesty, incompetence, willful
misconduct, willful violation of any law, rule, or regulation (other than minor
traffic violations or similar offenses) or breach of fiduciary duty which
involves personal profit; (C) the optionee's commission of material
mismanagement in the conduct of his duties as assigned to him by the Board of
Directors or the optionee's supervising officer or officers of the Company or
any Related Entity; (D) the optionee's willful failure to execute or comply with
the policies of the Company or any Related Entity or his stated duties as
established by the Board of Directors or the optionee's supervising officer or
officers of the Company or any Related Entity, or the optionee's intentional
failure to perform the optionee's stated duties; or (E) substance abuse or
addiction on the part of the optionee. "Good Cause", with respect to any
Eligible Non-Employee, shall mean (unless another definition is agreed to in
writing by the Company and the optionee) termination by action of the Board of
Directors because of: (A) the optionee's conviction of, or plea of nolo
contendere to, a felony or a crime involving moral turpitude; (B) the optionee's
personal dishonesty, incompetence, willful misconduct, willful violation of any
law, rule, or regulation (other than minor traffic violations or similar
offenses) or breach of fiduciary duty which involves personal profit; (C) the
optionee's commission of material mismanagement in providing services to the
Company or any Related Entity; (D) the optionee's willful failure to comply with
the policies of the Company in providing services to the Company or any Related
Entity, or the optionee's intentional failure to perform the services for which
the optionee has been engaged; (E) substance abuse or addiction on the part of
the optionee; or (F) the optionee's willfully making any material
misrepresentation or willfully omitting to disclose any material fact to the
board of directors of the Company or any Related Entity with respect to the
business of the Company or any Related Entity.

         (s) "Grantor" shall have the meaning set forth in Section 9 hereof.

         (t) "Hicks Muse Company" shall mean any Person in which the HMC Group
beneficially owns more than 25% of the fully-diluted common stock or has an
unrecovered investment of $1,000,000 or more, and each Subsidiary thereof.

         (u) "HMC Group" shall mean Hicks, Muse, Tate & Furst Incorporated, its
Affiliates and their respective employees, officers, and directors (and members
of their respective families and trusts for the primary benefit of such family
members).

         (v) "Holding Period" shall have the meaning set forth in Section 5
hereof.

         (w) "Incentive Options" shall have the meaning set forth in Section 6
hereof.

         (x) The terms "include," "included" or "including" when used herein
shall mean "including, but not limited to".

         (y) "Key Employee" shall have the meaning set forth in Section 4
hereof.

         (z) "Marketable Securities" shall mean securities (i) of a class or
series listed or traded on the New York Stock Exchange, American Stock Exchange,
or Nasdaq National Market

                                      -17-
<PAGE>

System and (ii) which, as a matter of law, shall at the time of acquisition be
(or which at the date of acquisition are legally committed to become within six
months after the date of acquisition) freely saleable in unlimited quantities by
the HMC Group to the public, either pursuant to an effective registration
statement under the Securities Act (including a current prospectus which is
available for delivery) or without the necessity of such registration.

         (aa) "Non-Qualified Options" shall have the meaning set forth in
Section 6 hereof.

         (bb) "Options" shall have the meaning set forth in Section 1 hereof.

         (cc) "Person" shall have the meaning set forth in Section 4 hereof.

         (dd) "Plan" shall have the meaning set forth in Section 1 hereof.

         (ee) "Purchasable Shares" shall have the meaning set forth in Section 9
hereof.

         (ff) "Purchase Option" shall have the meaning set forth in Section 9
hereof.

         (gg) "Qualifying Public Offering" shall mean a firm commitment
underwritten public offering of Common Stock for cash where the proceeds to the
Company (prior to deducting any underwriters' discounts and commissions) exceed
$20 million and the shares of Common Stock registered under the Securities Act
are listed on a national securities exchange or the Nasdaq National Market
System.

         (hh) "Related Entities" shall have the meaning set forth in Section 1
hereof.

         (ii) "Reorganization" shall have the meaning set forth in Section 10
hereof.

         (jj) "Right of First Refusal" shall have the meaning set forth in
Section 11(d) hereof.

         (kk) "Rule 16b-3" shall mean Rule 16b-3, as amended, or other
applicable rules under Section 16(b) of the Exchange Act.

         (ll) "Sale Notice" shall have the meaning set forth in Section 11(d)
hereof.

         (mm) "Sale of the Company" shall mean the first to occur of (i) any
sale, lease, exchange, or other transfer (in one transaction or series of
related transactions) of all or substantially all of the assets of the Company
to any Person or group of related Persons for purposes of Section 13(d) of the
Exchange Act, other than one or more members of the HMC Group, (ii) the
Company's ceasing to be a Hicks Muse Company in a transaction or series of
related transactions initiated or agreed to by the HMC Group (other than the
distribution by one or more Equity Fund Investment Vehicles, following a
Qualifying Public Offering, of equity securities of the Company to the investors
in such Equity Fund Investment Vehicle(s)), or (iii) the consummation of a
transaction or series of related transactions initiated or agreed to by the HMC
Group pursuant to which the HMC Group receives, in respect of its shares of
Common Stock, cash and/or Marketable Securities which have an aggregate value
equal to at least 75% of the total value of all Common Stock owned by the HMC
Group immediately prior to such transaction, as determined by the Board of
Directors in good faith; provided, however, that the

                                      -18-
<PAGE>

occurrence of an event described in clause (i), (ii) or (iii) on any date after
the Designated Date shall not constitute a "Sale of the Company".

         (nn) "Section 162(m)" means Section 162(m) of the Code and the rules
and regulations adopted from time to time thereunder, or any successor law or
rule as it may be amended from time to time.

         (oo) "Securities Act" shall mean the Securities Act of 1933.

         (pp) "Subsidiary" shall mean, with respect to any Person, any other
Person of which such first Person owns or has the power to vote, directly or
indirectly, securities representing a majority of the votes ordinarily entitled
to be cast for the election of directors or other governing Persons.

         (qq) "Transfer" shall have the meaning set forth in Section 11(b)
hereof.

19.      Amendment of Plan.

         The Board of Directors shall have the right to amend, modify, suspend
or terminate the Plan at any time; provided, that no amendment shall be made
which shall increase the total number of shares of the Common Stock which may be
issued and sold pursuant to Options granted under the Plan, or which modifies
the individuals or class of individuals eligible to receive Options, unless such
amendment is made by or with the approval of the stockholders. The Board of
Directors shall have the right to amend the Plan and the Options outstanding
thereunder, without the consent or joinder of any optionee or other Person, in
such manner as may be determined necessary or appropriate by the Board of
Directors in order to cause the Plan and the Options outstanding thereunder (i)
to qualify as "incentive stock options" within the meaning of Section 422 of the
Code, (ii) to comply with Rule 16b-3 (or any successor rule) under the Exchange
Act (or any successor law) and the regulations (including any temporary
regulations) promulgated thereunder, or (iii) to comply with Section 162(m) of
the Code (or any successor section) and the regulations (including any temporary
regulations) promulgated thereunder. Except as provided above, no amendment,
modification, suspension or termination of the Plan shall alter or impair any
Options previously granted under the Plan, without the consent of the holder
thereof.

20.      Effective Date.

         The Plan is effective as of September 19, 2002.

                                      -19-<PAGE>
                                                                   EXHIBIT 10.41

                          PLEDGE AND SECURITY AGREEMENT

                         DATED AS OF SEPTEMBER 19, 2002

                                      AMONG

                                 SWIFT & COMPANY
                                  AS A GRANTOR

                                       AND

                               EACH OTHER GRANTOR
                         FROM TIME TO TIME PARTY HERETO

                                       AND

                               CITICORP USA, INC.
                             AS ADMINISTRATIVE AGENT

                           WEIL, GOTSHAL & MANGES LLP
                                767 FIFTH AVENUE
                          NEW YORK, NEW YORK 10153-0119

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                       PAGE

<S>                                                                                                    <C>
ARTICLE I.        DEFINED TERMS.........................................................................1

         Section 1.1       Definitions..................................................................1
         Section 1.2       Certain Other Terms..........................................................5

ARTICLE II.       GRANT OF SECURITY INTEREST............................................................6

         Section 2.1       Collateral...................................................................6
         Section 2.2       Grant of Security Interest in Collateral.....................................7
         Section 2.3       Cash Collateral Accounts.....................................................7

ARTICLE III.      REPRESENTATIONS AND WARRANTIES........................................................8

         Section 3.1       Title; No Other Liens........................................................8
         Section 3.2       Perfection and Priority......................................................8
         Section 3.3       Jurisdiction of Organization; Chief Executive Office.........................8
         Section 3.4       Inventory and Equipment......................................................8
         Section 3.5       Pledged Collateral...........................................................8
         Section 3.6       Accounts.....................................................................9
         Section 3.7       Intellectual Property........................................................9
         Section 3.8       Deposit Accounts; Control Accounts..........................................10
         Section 3.9       Commercial Tort Claims......................................................10
         Section 3.10      Buyers, Commission Merchants and Selling Agents.............................10

ARTICLE IV.       COVENANTS............................................................................10

         Section 4.1       Generally...................................................................10
         Section 4.2       Maintenance of Perfected Security Interest; Further Documentation...........10
         Section 4.3       Changes in Locations, Name, Etc.............................................11
         Section 4.4       Pledged Collateral..........................................................12
         Section 4.5       Control Accounts............................................................13
         Section 4.6       Accounts....................................................................13
         Section 4.7       Delivery of Instruments and Chattel Paper...................................14
         Section 4.8       Intellectual Property.......................................................14
         Section 4.9       Vehicles....................................................................16
         Section 4.10      Payment of Obligations......................................................16
         Section 4.11      Notice of Commercial Tort Claims............................................16

ARTICLE V.        REMEDIAL PROVISIONS..................................................................17

         Section 5.1       Code and Other Remedies.....................................................17
         Section 5.2       Accounts and Payments in Respect of General Intangibles.....................17
         Section 5.3       Pledged Collateral..........................................................18
         Section 5.4       Proceeds to be Turned Over To Administrative Agent..........................19
         Section 5.5       Registration Rights.........................................................19
         Section 5.6       Deficiency..................................................................20

ARTICLE VI.       THE ADMINISTRATIVE AGENT.............................................................21

         Section 6.1       Administrative Agent's Appointment as Attorney-in-Fact......................21
         Section 6.2       Duty of Administrative Agent................................................22
         Section 6.3       Execution of Financing Statements...........................................23
         Section 6.4       Authority of Administrative Agent...........................................23

ARTICLE VII.      MISCELLANEOUS........................................................................23

         Section 7.1       Amendments in Writing.......................................................23
</Table>

                                        i
<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<Table>
<Caption>
                                                                                                      PAGE

<S>                                                                                                   <C>
         Section 7.2       Notices.....................................................................23
         Section 7.3       No Waiver by Course of Conduct; Cumulative Remedies.........................23
         Section 7.4       Successors and Assigns......................................................24
         Section 7.5       Counterparts................................................................24
         Section 7.6       Severability................................................................24
         Section 7.7       Section Headings............................................................24
         Section 7.8       Entire Agreement............................................................24
         Section 7.9       Governing Law...............................................................25
         Section 7.10      Additional Grantors.........................................................25
         Section 7.11      Release of Collateral.......................................................25
         Section 7.12      Reinstatement...............................................................26
</Table>

                                       ii

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

                              ANNEXES AND SCHEDULES

         Annex 1      Form of Deposit Account Control Agreement
         Annex 2      Form of Control Account Agreement
         Annex 3      Form of Pledge Amendment
         Annex 4      Form of Joinder Agreement
         Annex 5      Form of Short Form Copyright Security Agreement
         Annex 6      Form of Short Form Patent Security Agreement
         Annex 7      Form of Short Form Trademark Security Agreement

         Schedule 1   Jurisdiction of Organization; Principal Executive Office
         Schedule 2   Pledged Collateral
         Schedule 3   Filings
         Schedule 4   Location of Inventory and Equipment
         Schedule 5   Intellectual Property
         Schedule 6   Bank Accounts; Control Accounts
         Schedule 7   Commercial Tort Claims

                                       iii
<PAGE>

                  PLEDGE AND SECURITY AGREEMENT, dated as of September 19, 2002,
by S&C Holdco 3, Inc. ("Holdings"), Swift & Company (the "Company"), and each of
the other entities listed on the signature pages hereof or that becomes a party
hereto pursuant to Section 7.10 (Additional Grantors) (collectively with
Holdings and the Company, the "Grantors," and each a "Grantor"), in favor of
Citicorp USA, Inc. ("Citicorp"), as agent for the Secured Parties (as defined in
the Credit Agreement referred to below) (in such capacity, the "Administrative
Agent").

                                   WITNESSETH:

                  WHEREAS, pursuant to the Credit Agreement, dated as of
September 19, 2002 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among the
Company, S&C Australia Holdco Pty. Ltd., ("Australian Holdings"), Australia Meat
Holdings Pty. Ltd. (the "Australian Company," together with Australian Holdings,
the "Australian Borrowers," and collectively with the Company, the "Borrowers"),
Holdings, the Lenders and Issuers party thereto, Citicorp USA, Inc., as
administrative and collateral agent for the Lenders and Issuers and as
Australian agent for the Lenders and Issuers, JPMorgan Chase Bank, as
syndication agent for the Lenders and Issuers, Citisecurities Limited, as
Australian collateral trustee for the Lenders and Issuers, and General Electric
Capital Corporation, U.S. Bank National Association and Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank International", New York Branch, each
as co-documentation agents for the Lenders and Issuers, the Lenders and the
Issuers have severally agreed to make extensions of credit to the Borrowers upon
the terms and subject to the conditions set forth therein;

                   WHEREAS, the Grantors are party to the Domestic Guaranty
pursuant to which (i) the Company has guaranteed the Obligations of the
Australian Borrowers and (ii) each other Grantor has guaranteed the Obligations
of all the Borrowers; and

                  WHEREAS, it is a condition precedent to the obligation of the
Lenders and the Issuers to make their respective extensions of credit to the
Borrowers under the Credit Agreement that the Grantors shall have executed and
delivered this Agreement to the Administrative Agent;

                  NOW, THEREFORE, in consideration of the premises and to induce
the Lenders, the Issuers and the Administrative Agent to enter into the Credit
Agreement and to induce the Lenders and the Issuers to make their respective
extensions of credit to the Borrowers thereunder, each Grantor hereby agrees
with the Administrative Agent as follows:

         ARTICLE I DEFINED TERMS

                  SECTION 1.1 DEFINITIONS

                  (a) Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein have the meanings given to them in the Credit
Agreement.

                  (b) Terms used herein that are defined in the UCC have the
meanings given to them in the UCC, including the following terms (which are
capitalized herein):

<PAGE>

                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  "Account Debtor"
                  "Accounts"
                  "Certificated Security"
                  "Chattel Paper"
                  "Commercial Tort Claim"
                  "Commodity Account"
                  "Commodity Intermediary"
                  "Deposit Account"
                  "Documents"
                  "Entitlement Holder"
                  "Entitlement Order"
                  "Equipment"
                  "Farm Products"
                  "Financial Asset"
                  "General Intangibles"
                  "Instruments"
                  "Inventory"
                  "Investment Property"
                  "Letter-of-Credit Right"
                  "Payment Intangibles"
                  "Proceeds"
                  "Securities Account"
                  "Securities Intermediary"
                  "Security"
                  "Security Entitlement"

                  (c) The following terms shall have the following meanings:

                  "Additional Pledged Collateral" means any Pledged Collateral
acquired by any Grantor after the date hereof, including (i) all Stock and Stock
Equivalents of any Person that are acquired by any Grantor after the date
hereof, together with all certificates or other instruments representing any of
the foregoing; all Security Entitlements of any Grantor in respect of any of the
foregoing, (ii) all additional indebtedness from time to time owed to any
Grantor by any obligor on the Pledged Instruments and the instruments evidencing
such indebtedness and (iii) all interest, cash, instruments and other property
or Proceeds from time to time received, receivable or otherwise distributed in
respect of or in exchange for any of the foregoing. "Additional Pledged
Collateral" may be General Intangibles or Investment Property.

                  "Agreement" means this Pledge and Security Agreement.

                  "Approved Securities Intermediary" means a Securities
Intermediary or Commodity Intermediary selected or approved by the
Administrative Agent and with respect to which a Grantor has delivered to the
Administrative Agent an executed Control Account Agreement.

                  "Cash Collateral Account" means any Deposit Account or
Securities Account established by the Administrative Agent in which cash and
Cash Equivalents may from time to time be on deposit or held therein as provided
in Section 5.2 (Accounts and Payments in Respect of General Intangibles) or 5.4
(Proceeds to be Turned Over To Administrative Agent) or the Credit Agreement.

                                       2
<PAGE>

                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  "Clear Title" means the U.S. Department of Agriculture program
for enforcing UCC security interests in Farm Products against buyers in the
ordinary course, pursuant to Section 1324 of the United States Food Security Act
of 1985, as amended.

                  "Collateral" has the meaning specified in Section 2.1
(Collateral).

                  "Control Account" means a Securities Account or Commodity
Account that is the subject of an effective Control Account Agreement and that
is maintained by any Grantor with an Approved Securities Intermediary. "Control
Account" includes all Financial Assets held in a Securities Account or a
Commodity Account and all certificates and instruments, if any, representing or
evidencing the Financial Assets contained therein.

                  "Control Account Agreement" means a letter agreement,
substantially in the form of Annex 2 (Form of Control Account Agreement) (with
such changes as may be agreed to by the Administrative Agent), executed by the
relevant Grantor, the Administrative Agent and the relevant Approved Securities
Intermediary.

                  "Copyright Licenses" means any written agreement naming any
Grantor as licensor or licensee granting any right under any Copyright,
including the grant of any right to copy, publicly perform, create derivative
works, manufacture, distribute, exploit or sell materials derived from any
Copyright.

                  "Copyrights" means (a) all copyrights arising under the laws
of the United States, any other country or any political subdivision thereof,
whether registered or unregistered and whether published or unpublished, all
registrations and recordings thereof and all applications in connection
therewith, including all registrations, recordings and applications in the
United States Copyright Office or in any foreign counterparts thereof, and (b)
the right to obtain all renewals thereof.

                  "Deposit Account Control Agreement" means a letter agreement,
substantially in the form of Annex 1 (Form of Deposit Account Control Agreement)
(with such changes as may be agreed to by the Administrative Agent), executed by
the Grantor, the Administrative Agent and the relevant financial institution.

                  "Domestic Secured Obligations" means, with respect to any
Grantor, the Secured Obligations of such Grantor (other than in respect of such
Grantor's guaranty of the Obligations of the Australian Borrowers).

                  "Intellectual Property" means, collectively, all rights,
priorities and privileges of any Grantor relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise,
including Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks,
Trademark Licenses and trade secrets, Internet domain names and all rights to
sue at law or in equity for any infringement or other impairment thereof,
including the right to receive all proceeds and damages therefrom.

                  "Intercompany Notes" means any promissory note (including the
Australian Intercompany Note) evidencing loans made by any Grantor or any of its
Subsidiaries to any of its Subsidiaries or to another Grantor.

                                       3
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  "LLC" means each limited liability company in which a Grantor
has an interest, including those set forth on Schedule 2 (Pledged Collateral).

                  "LLC Agreement" means each operating agreement with respect to
an LLC, as each agreement has heretofore been, and may hereafter be, amended,
restated, supplemented or otherwise modified from time to time.

                  "Material Intellectual Property" means Intellectual Property
owned by or licensed to a Grantor and material to such Grantor's business.

                  "Non-U.S. Person" means any Person that is not a Domestic
Person.

                  "Packers and Stockyard Act" means the United States Packers
and Stockyards Act, 1921, as amended (7 U.S.C. Section 181-231).

                  "Partnership" means each partnership in which a Grantor has an
interest, including those set forth on Schedule 2 (Pledged Collateral).

                  "Partnership Agreement" means each partnership agreement
governing a Partnership, as each such agreement has heretofore been, and may
hereafter be, amended, restated, supplemented or otherwise modified.

                  "Patents" means (a) all letters patent of the United States,
any other country or any political subdivision thereof and all reissues and
extensions thereof, (b) all applications for letters patent of the United States
or any other country and all divisions, continuations and continuations-in-part
thereof and (c) all rights to obtain any reissues or extensions of the
foregoing.

                  "Patent License" means all agreements, whether written or
oral, providing for the grant by or to any Grantor of any right to manufacture,
have made, use, import, sell or offer for sale any invention covered in whole or
in part by a Patent.

                  "Pledged Certificates" means all Certificated Securities and
any other Stock and Stock Equivalent of a Person evidenced by a certificate,
Instrument or other equivalent document, in each case owned by any Grantor,
including all Stock listed on Schedule 2 (Pledged Collateral).

                  "Pledged Collateral" means, collectively, the Pledged
Instruments, the Pledged Interests, any other Investment Property of any Grantor
(other than Investment Property whose value, in the aggregate, does not exceed
$100,000), all certificates or other instruments representing any of the
foregoing and all Security Entitlements of any Grantor in respect of any of the
foregoing. Pledged Collateral may be General Intangibles or Investment Property.

                  "Pledged Instruments" means all right, title and interest of
any Grantor in Instruments evidencing any Indebtedness owed to such Grantor,
including all Indebtedness described on Schedule 2 (Pledged Collateral), issued
by the obligors named therein.

                  "Pledged Interests" means all Pledged Certificates and all
Pledged Uncertificated Interests.

                                       4
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  "Pledged Uncertificated Interests" means any Stock or Stock
Equivalent of any Person that is not a Pledged Certificate, including all right,
title and interest of any Grantor as a limited or general partner in any
Partnership or as a member of any LLC and all right, title and interest of any
Grantor in, to and under any Partnership Agreement or LLC Agreement to which it
is a party.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Trademark License" means any agreement, whether written or
oral, providing for the grant by or to any Grantor of any right to use any
Trademark.

                  "Trademarks" means (a) all trademarks, trade names, corporate
names, company names, business names, fictitious business names, trade styles,
service marks, logos and other source or business identifiers, and, in each
case, all goodwill associated therewith, whether now existing or hereafter
adopted or acquired, all registrations and recordings thereof and all
applications in connection therewith, in each case whether in the United States
Patent and Trademark Office or in any similar office or agency of the United
States, any State thereof or any other country or any political subdivision
thereof, or otherwise, and all common-law rights related thereto, and (b) the
right to obtain all renewals thereof.

                  "UCC" means the Uniform Commercial Code as from time to time
in effect in the State of New York; provided, however, that, in the event that,
by reason of mandatory provisions of law, any of the attachment, perfection or
priority of the Administrative Agent's and the Secured Parties' security
interest in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, the term "UCC" shall
mean the Uniform Commercial Code as in effect in such other jurisdiction for
purposes of the provisions hereof relating to such attachment, perfection or
priority and for purposes of definitions related to such provisions.

                  "Vehicles" means all vehicles covered by a certificate of
title law of any state.

                  SECTION 1.2 CERTAIN OTHER TERMS

                  (a) In this Agreement, in the computation of periods of time
from a specified date to a later specified date, the word "from" means "from and
including" and the words "to" and "until" each mean "to but excluding" and the
word "through" means "to and including."

                  (b) The terms "herein," "hereof," "hereto" and "hereunder" and
similar terms refer to this Agreement as a whole and not to any particular
Article, Section, subsection or clause in this Agreement.

                  (c) References herein to an Annex, Schedule, Article, Section,
subsection or clause refer to the appropriate Annex or Schedule to, or Article,
Section, subsection or clause in this Agreement.

                  (d) The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms.

                  (e) Where the context requires, provisions relating to any
Collateral, when used in relation to a Grantor, shall refer to such Grantor's
Collateral or any relevant part thereof.

                                       5
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  (f) Any reference in this Agreement to a Loan Document shall
include all appendices, exhibits and schedules thereto, and, unless specifically
stated otherwise all amendments, restatements, supplements or other
modifications thereto, and as the same may be in effect at any time such
reference becomes operative.

                  (g) The term "including" means "including without limitation"
except when used in the computation of time periods.

                  (h) The terms "Lender," "Issuer," "Administrative Agent" and
"Secured Party" include their respective successors.

                  (i) References in this Agreement to any statute shall be to
such statute as amended or modified and in effect from time to time.

         ARTICLE II GRANT OF SECURITY INTEREST

                  SECTION 2.1 COLLATERAL

                  For the purposes of this Agreement, all of the following
property now owned or at any time hereafter acquired by a Grantor or in which a
Grantor now has or at any time in the future may acquire any right, title or
interests is collectively referred to as the "Collateral":

                  (a) all Accounts;

                  (b) all Chattel Paper;

                  (c) all Deposit Accounts (including all Cash Collateral
Accounts);

                  (d) all Documents;

                  (e) all Equipment;

                  (f) all Farm Products;

                  (g) all General Intangibles (including Payment Intangibles);

                  (h) all Instruments (including the Intercompany Notes);

                  (i) all Inventory;

                  (j) all Investment Property;

                  (k) all Letter-of-Credit Rights;

                  (l) all Vehicles;

                  (m) the Commercial Tort Claims described on Schedule 7
(Commercial Tort Claims) and on any supplement thereto received by the
Administrative Agent pursuant to Section 4.11 (Notice of Commercial Tort
Claims);

                  (n) all books and records pertaining to the other property
described in this Section 2.1;

                  (o) all other goods and personal property of such Grantor,
whether tangible or intangible and wherever located;

                  (p) all property of any Grantor held by the Administrative
Agent or any other Secured Party, including all property of every description,
in the possession or custody of or

                                       6
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

in transit to the Administrative Agent or such Secured Party for any purpose,
including safekeeping, collection or pledge, for the account of such Grantor or
as to which such Grantor may have any right or power; and

                  (q) to the extent not otherwise included, all Proceeds of each
of the foregoing.

                  SECTION 2.2 GRANT OF SECURITY INTEREST IN COLLATERAL

                  Each Grantor, as collateral security for the full, prompt and
complete payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations of such Grantor, hereby
collaterally assigns, mortgages, pledges and hypothecates to the Administrative
Agent for the benefit of the Secured Parties, and grants to the Administrative
Agent for the benefit of the Secured Parties a lien on and security interest in,
all of its right, title and interest in, to and under the Collateral of such
Grantor; provided, however, that only the outstanding Voting Stock of a direct
Subsidiary of such Grantor that is not a Domestic Person possessing (together
with any other Grantor) up to but not exceeding 65% of the voting power of all
classes of Voting Stock of such Subsidiary shall be deemed to be pledged
hereunder to secure the Domestic Secured Obligations of such Grantor; and
provided, further, that (a) the foregoing grant shall not include any Collateral
to the extent that the consent of any Person that is not an Affiliate of such
Grantor (other than a Governmental Authority) is required under any valid and
enforceable Contractual Obligation of any Loan Party for such grant and such
consent has not been obtained despite such Grantor's commercially reasonable
efforts to obtain it, provided, however, that such exclusion shall operate only
for so long as and only to the extent that (i) such consent as not been
obtained, (ii) the provision in the Contractual Obligation of such Grantor
requiring such consent remains valid and enforceable and is not otherwise deemed
ineffective by applicable Requirements of Law and (iii) notwithstanding the
foregoing in this clause (a), such grant shall include the right to receive any
payment of money (including General Intangibles for money due or to become due)
from, and any Proceeds, products, offspring, accessions, rents, profits, income,
benefits, substitutions and replacements of, any such Collateral and (b) should
any Collateral no longer be excluded pursuant to clause (a) above, the
Administrative Agent shall be deemed to have, and all times after the date
hereof to have had, a security interest in such Collateral.

                  SECTION 2.3 CASH COLLATERAL ACCOUNTS

                  The Administrative Agent has established a Deposit Account at
Citibank, N.A., designated as "Citicorp USA, Inc. - Swift & Company
Concentration Account". The Administrative Agent may establish one or more other
Deposit Accounts and one or more Securities Accounts with such depositaries and
Securities Intermediaries as it in its sole discretion shall determine. Each
such account shall be in the name of the Administrative Agent (but may also have
words referring to the respective Borrower and the account's purpose). The
Company agrees that each such account shall be under the sole dominion and
control of the Administrative Agent. The Administrative Agent shall be the
Entitlement Holder with respect to each such Securities Account and the only
Person authorized to give Entitlement Orders with respect thereto.

         ARTICLE III REPRESENTATIONS AND WARRANTIES

                  To induce the Lenders, the Issuers and the Administrative
Agent to enter into the Credit Agreement, each Grantor hereby represents and
warrants each of the following to the Administrative Agent, the Lenders, the
Issuers and the other Secured Parties:

                                       7
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  SECTION 3.1 TITLE; NO OTHER LIENS

                  Except for the Lien granted to the Administrative Agent
pursuant to this Agreement and the other Liens permitted to exist on the
Collateral under the Credit Agreement, such Grantor is the record and beneficial
owner of the Pledged Collateral pledged by it hereunder constituting Instruments
or certificated securities, is the Entitlement Holder of all such Pledged
Collateral constituting Investment Property held in a Securities Account and has
rights in or the power to transfer each other item of Collateral in which a Lien
is granted by it hereunder, free and clear of any Lien.

                  SECTION 3.2 PERFECTION AND PRIORITY

                  The security interest granted pursuant to this Agreement shall
constitute a valid and continuing perfected security interest in favor of the
Administrative Agent in the Collateral for which perfection is governed by the
UCC or filing with the United States Copyright Office or with the United States
Patent and Trademark Office upon (i) the completion of the filings and other
actions specified on Schedule 3 (Filings) (which, in the case of all filings and
other documents referred to on such schedule, have been delivered to the
Administrative Agent in completed and duly executed form), (ii) the delivery to
the Administrative Agent of all Collateral consisting of Instruments and
certificated securities, in each case properly endorsed for transfer to the
Administrative Agent or in blank, (iii) the execution of Control Account
Agreements with respect to Investment Property not in certificated form, (iv)
the execution of Deposit Account Control Agreements with respect to all Deposit
Accounts (other than the Cash Collateral Account) and (v) all appropriate
filings having been made with the United States Copyright Office or with the
United States Patent and Trademark Office. Such security interest shall be prior
to all other Liens on the Collateral except for Customary Permitted Liens having
priority over the Administrative Agent's Lien by operation of law or otherwise
as permitted under the Credit Agreement.

                  SECTION 3.3 JURISDICTION OF ORGANIZATION; CHIEF EXECUTIVE
OFFICE

                  On the date hereof such Grantor's jurisdiction of
organization, organizational identification number, if any, and the location of
such Grantor's chief executive office or sole place of business is specified on
Schedule 1 (Jurisdiction of Organization; Principal Executive Office).

                  SECTION 3.4 INVENTORY AND EQUIPMENT

                  On the date hereof, such Grantor's Inventory and Equipment
(other than mobile goods and Inventory or Equipment in transit) are kept at the
locations listed on Schedule 4 (Location of Inventory and Equipment).

                  SECTION 3.5 PLEDGED COLLATERAL

                  (a) The Pledged Interests pledged hereunder by such Grantor
are listed on Schedule 2 (Pledged Collateral) and constitute that percentage of
the issued and outstanding equity of all classes of each issuer thereof as set
forth on Schedule 2 (Pledged Collateral).

                  (b) All of the Pledged Interests have been duly and validly
issued and are fully paid and nonassessable.

                                       8
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  (c) Each of the Pledged Instruments constitutes the legal,
valid and binding obligation of the obligor with respect thereto, enforceable in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors' rights generally, and general equitable
principles (whether considered in a proceeding in equity or at law).

                  (d) All Pledged Collateral and, if applicable, any Additional
Pledged Collateral, consisting of certificated securities or Instruments has
been delivered to the Administrative Agent in accordance with Section 4.4(a)
(Pledged Collateral).

                  (e) All Pledged Collateral held by a Securities Intermediary
in a Securities Account is in a Control Account.

                  (f) Other than Pledged Interests that constitute General
Intangibles, there is no Pledged Collateral other than that represented by
certificated securities or Instruments in the possession of the Administrative
Agent or that consisting of Financial Assets held in a Control Account.

                  SECTION 3.6 ACCOUNTS

                  The aggregate amount payable to such Grantor under or in
connection with any Account evidenced by any Instrument or Chattel Paper that
has not been delivered to the Administrative Agent, properly endorsed for
transfer, to the extent delivery is required by Section 4.4 (Pledged Collateral)
does not exceed $100,000.

                  SECTION 3.7 INTELLECTUAL PROPERTY

                  (a) Schedule 5 (Intellectual Property) lists all Material
Intellectual Property of such Grantor on the date hereof, separately identifying
that owned by such Grantor and that licensed to such Grantor. Such Grantor owns
or has a right to use all Intellectual Property necessary to conduct its
business.

                  (b) On the date hereof, all Material Intellectual Property
owned by such Grantor is valid, subsisting and unexpired, has not been adjudged
invalid and has not been abandoned and the use thereof in the business of such
Grantor does not infringe the intellectual property rights of any other Person.

                  (c) Except as set forth in Schedule 5 (Intellectual Property),
on the date hereof, none of the Material Intellectual Property owned by such
Grantor is the subject of any exclusive licensing or franchise agreement
pursuant to which such Grantor is the licensor or franchisor.

                  (d) No holding, decision or judgment has been rendered by any
Governmental Authority that would limit, cancel or question the validity of, or
such Grantor's rights in, any Material Intellectual Property.

                  (e) No action or proceeding seeking to limit, cancel or
question the validity of any Material Intellectual Property owned by such
Grantor or such Grantor's ownership interest therein is on the date hereof
pending or, to the knowledge of such Grantor, threatened. There are no claims,
judgments or settlements to be paid by such Grantor relating to the Material
Intellectual Property.

                                       9
<PAGE>

                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  SECTION 3.8 DEPOSIT ACCOUNTS; CONTROL ACCOUNTS

                  The only Deposit Accounts or Securities Accounts maintained by
any Grantor on the date hereof are those listed on Schedule 6 (Bank Accounts;
Control Accounts), which sets forth such information separately for each
Grantor.

                  SECTION 3.9 COMMERCIAL TORT CLAIMS

                  The only Commercial Tort Claims of any Grantor existing on the
date hereof (regardless of whether the amount, defendant or other material facts
can be determined and regardless of whether such Commercial Tort Claim has been
asserted, threatened or has otherwise been made known to the obligee thereof or
whether litigation has been commenced for such claims) are those listed on
Schedule 7 (Commercial Tort Claims), which sets forth such information
separately for each Grantor.

                  SECTION 3.10 BUYERS, COMMISSION MERCHANTS AND SELLING AGENTS

                  As of the date hereof, no Grantor sells Farm Products to any
buyer, commission merchant or selling agent (as such terms are used in Section
1324 of the U.S. Food Security Act of 1985, as amended).

         ARTICLE IV COVENANTS

                  Each Grantor agrees with the Administrative Agent to the
following, as long as any Obligation or Commitment remains outstanding and, in
each case, unless the Requisite Lenders otherwise consent in writing:

                  SECTION 4.1 GENERALLY

                  Such Grantor shall (a) except for the security interest
created by this Agreement, not create or suffer to exist any Lien upon or with
respect to any Collateral, except Liens permitted under Section 8.2 (Liens,
Etc.) of the Credit Agreement, (b) not use or permit any Collateral to be used
unlawfully or in violation of any provision of this Agreement, any other Loan
Document, any Related Document, any Requirement of Law or any policy of
insurance covering the Collateral, (c) not sell, transfer or assign (by
operation of law or otherwise) any Collateral except as permitted under the
Credit Agreement, (d) not enter into any agreement or undertaking restricting
the right or ability of such Grantor or the Administrative Agent to sell, assign
or transfer any Collateral if such restriction would have a Material Adverse
Effect and (e) promptly notify the Administrative Agent of its entry into any
agreement or assumption of undertaking that restricts the ability to sell,
assign or transfer any Collateral regardless of whether or not it has a Material
Adverse Effect.

                  SECTION 4.2 MAINTENANCE OF PERFECTED SECURITY INTEREST;
                              FURTHER DOCUMENTATION

                  (a) Such Grantor shall maintain the security interest created
by this Agreement as a perfected security interest having at least the priority
described in Section 3.2 (Perfection and Priority) and shall defend such
security interest against the claims and demands of all Persons.

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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  (b) Such Grantor shall furnish to the Administrative Agent
from time to time statements and schedules further identifying and describing
the Collateral and such other reports in connection with the Collateral as the
Administrative Agent may reasonably request, all in reasonable detail and in
form and substance reasonably satisfactory to the Administrative Agent.

                  (c) At any time and from time to time, upon the written
request of the Administrative Agent, and at the sole expense of such Grantor,
such Grantor shall promptly and duly execute and deliver, and have recorded,
such further instruments and documents and take such further action as the
Administrative Agent may reasonably request for the purpose of obtaining or
preserving the full benefits of this Agreement and of the rights and powers
herein granted, including the filing of any financing or continuation statement
under the UCC (or other similar laws) in effect in any jurisdiction with respect
to the security interest created hereby, filing effective financing statements
or giving notice under Clear Title, enforcing any right under the Packers and
Stockyards Act, and the execution and delivery of Deposit Account Control
Agreements and Control Account Agreements.

                  SECTION 4.3 CHANGES IN LOCATIONS, NAME, ETC.

                  (a) Except upon 15 days' prior written notice to the
Administrative Agent and delivery to the Administrative Agent of (i) all
documents reasonably requested by the Administrative Agent to maintain the
validity, perfection and priority of the security interests provided for herein
and (ii) if applicable, a written supplement to Schedule 4 (Location of
Inventory and Equipment) showing (x) any new locations where Inventory or
Equipment shall be kept and (y) any changes in the location at which Inventory
or Equipment shall be kept that would require the Administrative Agent to take
any action to maintain a perfected security interest in such Collateral, such
Grantor shall not do any of the following:

                  (i) permit any Inventory or Equipment to be kept at a location
         other than those listed on Schedule 4 (Location of Inventory and
         Equipment), except for Inventory or Equipment in transit;

                  (ii) change its jurisdiction of organization or the location
         of its chief executive office or sole place of business, as applicable,
         from that referred to in Section 3.3 (Jurisdiction of Organization;
         Chief Executive Office); provided, however, that each Grantor that is a
         registered organization may change its chief executive office or sole
         place of business without prior written notice but shall nonetheless
         provide the Administrative Agent prompt notice thereof; or

                  (iii) change its name, identity or corporate structure to such
         an extent that any financing statement filed in connection with this
         Agreement would become misleading.

                  (b) Such Grantor shall keep and maintain at its own cost and
expense satisfactory and complete records of the Collateral, including a record
of all payments received and all credits granted with respect to the Collateral
and all other dealings with the Collateral. If requested by the Administrative
Agent, the security interest of the Administrative Agent shall be noted on the
certificate of title of each Vehicle that is not subject to a purchase money
security interest.

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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  SECTION 4.4 PLEDGED COLLATERAL

                  (a) Such Grantor shall (i) deliver to the Administrative
Agent, all certificates and Instruments representing or evidencing any Pledged
Collateral (including Additional Pledged Collateral), and, at the Administrative
Agent's request, all Instruments, whether now existing or hereafter acquired, in
suitable form for transfer by delivery or, as applicable, accompanied by such
Grantor's endorsement, where necessary, or duly executed instruments of transfer
or assignment in blank, all in form and substance satisfactory to the
Administrative Agent, together, in respect of any Additional Pledged Collateral,
with a Pledge Amendment, duly executed by the Grantor, in substantially the form
of Annex 3 (Form of Pledge Amendment) or such other documentation acceptable to
the Administrative Agent and (ii) maintain all other Pledged Collateral
constituting Investment Property in a Control Account. Such Grantor authorizes
the Administrative Agent to attach each Pledge Amendment to this Agreement. The
Administrative Agent shall have the right, at any time in its discretion and
without notice to the Grantor, to transfer to or to register in its name or in
the name of its nominees any Pledged Collateral. The Administrative Agent shall
have the right at any time to exchange any certificate or instrument
representing or evidencing any Pledged Collateral for certificates or
instruments of smaller or larger denominations.

                  (b) Except as provided in Article V (Remedial Provisions),
such Grantor shall be entitled to receive all cash dividends paid in respect of
the Pledged Collateral (other than liquidating or distributing dividends) with
respect to the Pledged Collateral. Any sums paid upon or in respect of any
Pledged Collateral upon the liquidation or dissolution of any issuer of any
Pledged Collateral, any distribution of capital made on or in respect of any
Pledged Collateral or any property distributed upon or with respect to any
Pledged Collateral pursuant to the recapitalization or reclassification of the
capital of any issuer of Pledged Collateral or pursuant to the reorganization
thereof shall, unless otherwise subject to a perfected security interest in
favor of the Administrative Agent, be delivered to the Administrative Agent to
be held by it hereunder as additional collateral security for the Secured
Obligations. If any sum of money or property so paid or distributed in respect
of any Pledged Collateral shall be received by such Grantor, such Grantor shall,
until such money or property is paid or delivered to the Administrative Agent,
hold such money or property in trust for the Administrative Agent, segregated
from other funds of such Grantor, as additional security for the Secured
Obligations.

                  (c) Except as provided in Article V (Remedial Provisions),
such Grantor shall be entitled to exercise all voting, consent and corporate,
partnership or limited liability company rights with respect to the Pledged
Collateral; provided, however, that no vote shall be cast, consent given or
right exercised or other action taken by such Grantor that would impair the
Collateral, be inconsistent with or result in any violation of any provision of
the Credit Agreement, this Agreement or any other Loan Document or, without
prior notice to the Administrative Agent, enable or permit any issuer of Pledged
Collateral to issue any Stock or other equity Securities of any nature or to
issue any other securities convertible into or granting the right to purchase or
exchange for any Stock or other equity Securities of any nature of any issuer of
Pledged Collateral.

                  (d) Such Grantor shall not grant control (within the meaning
of Section 9-106 of the UCC) over any Investment Property to any Person other
than the Administrative Agent.

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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  (e) In the case of each Grantor that is an issuer of Pledged
Collateral, such Grantor agrees to be bound by the terms of this Agreement
relating to the Pledged Collateral issued by it and shall comply with such terms
insofar as such terms are applicable to it. In the case of any Grantor that is a
holder of any Stock or Stock Equivalent in any Person that is an issuer of
Pledged Collateral, such Grantor consents to (i) the exercise of the rights
granted to the Administrative Agent hereunder (including those described in
Section 5.3 (Pledged Collateral)), and (ii) the pledge by each other Grantor,
pursuant to the terms hereof, of the Pledged Interests in such Person and to the
transfer of such Pledged Interests to the Administrative Agent or its nominee
and to the substitution of the Administrative Agent or its nominee as a holder
of such Pledged Interests with all the rights, powers and duties of other
holders of Pledged Interests of the same class and, if the Grantor having
pledged such Pledged Interests hereunder had any right, power or duty at the
time of such pledge or at the time of such substitution beyond that of such
other holders, with all such additional rights, powers and duties. Such Grantor
agrees to execute and deliver to the Administrative Agent such certificates,
agreements and other documents as may be necessary to evidence, formalize or
otherwise give effect to the consents given in this clause (e).

                  (f) Such Grantor shall not, without the consent of the
Administrative Agent, agree to any amendment of any Constituent Document that in
any way adversely affects the perfection of the security interest of the
Administrative Agent in the Pledged Collateral pledged by such Grantor
hereunder, including any amendment electing to treat any membership interest or
partnership interest that is part of the Pledged Collateral as a security under
Section 8-103 of the UCC, or any election to certificate any previously
uncertificated membership interest or partnership interest that is part of the
Pledged Collateral.

                  SECTION 4.5 CONTROL ACCOUNTS

                  (a) Such Grantor shall not establish or maintain any
Securities Account that is not a Control Account.

                  (b) In the event (i) such Grantor or any Approved Securities
Intermediary shall, after the date hereof, terminate an agreement with respect
to the maintenance of a Control Account for any reason, (ii) the Administrative
Agent shall demand such termination as a result of the failure of an Approved
Securities Intermediary to comply with the terms of the applicable Control
Account Agreement, or (iii) the Administrative Agent determines in its sole
discretion that the financial condition of an Approved Securities Intermediary
has materially deteriorated, such Grantor agrees to notify all of its obligors
that were making payments to such terminated Control Account to make all future
payments to another Control Account.

                  SECTION 4.6 ACCOUNTS

                  (a) Such Grantor shall not, other than in the ordinary course
of business, (i) grant any extension of the time of payment of any Account, (ii)
compromise or settle any Account for less than the full amount thereof, (iii)
release, wholly or partially, any Person liable for the payment of any Account,
(iv) allow any credit or discount on any Account or (v) amend, supplement or
modify any Account in any manner that could adversely affect the value thereof.

                  (b) The Administrative Agent shall have the right to make test
verifications of the Accounts in any manner and through any medium that it
reasonably considers advisable, and such Grantor shall furnish all such
assistance and information as the Administrative Agent

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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

may reasonably require in connection therewith. At any time and from time to
time, upon the Administrative Agent's request and at the expense of the relevant
Grantor, such Grantor shall cause independent public accountants or others
satisfactory to the Administrative Agent to furnish to the Administrative Agent
reports showing reconciliations, aging and test verifications of, and trial
balances for, the Accounts; provided, however, that unless a Default or Event of
Default shall be continuing, the Administrative Agent shall request no more than
four such reports during any calendar year.

                  SECTION 4.7 DELIVERY OF INSTRUMENTS AND CHATTEL PAPER

                  If any amount in excess of $100,000 payable under or in
connection with any Collateral owned by such Grantor shall be or become
evidenced by an Instrument or Chattel Paper, such Grantor shall immediately
deliver such Instrument or Chattel Paper to the Administrative Agent, duly
indorsed in a manner satisfactory to the Administrative Agent, or, if consented
to by the Administrative Agent, shall mark all such Instruments and Chattel
Paper with the following legend: "This writing and the obligations evidenced or
secured hereby are subject to the security interest of Citicorp USA, Inc., as
Administrative Agent".

                  SECTION 4.8 INTELLECTUAL PROPERTY

                  (a) Such Grantor (either itself or through licensees) shall
(i) continue to use each Trademark that is Material Intellectual Property in
order to maintain such Trademark in full force and effect with respect to each
class of goods for which such Trademark is currently used, free from any claim
of abandonment for non-use, (ii) maintain as in the past the quality of products
and services offered under such Trademark, (iii) use such Trademark with the
appropriate notice of registration and all other notices and legends required by
applicable Requirements of Law, (iv) not adopt or use any mark that is
confusingly similar or a colorable imitation of such Trademark unless the
Administrative Agent shall obtain a perfected security interest in such mark
pursuant to this Agreement and (v) not (and not permit any licensee or
sublicensee thereof to) do any act or knowingly omit to do any act that
invalidates or materially impairs such Trademark or destroys or materially harms
the goodwill associated with any Trademark.

                  (b) Such Grantor (either itself or through licensees) shall
not do any act, or omit to do any act, whereby any Patent that is Material
Intellectual Property may become forfeited, abandoned or dedicated to the
public.

                  (c) Such Grantor (either itself or through licensees) (i)
shall not (and shall not permit any licensee or sublicensee thereof to) do any
act or omit to do any act whereby any portion of the Copyrights that is Material
Intellectual Property may become invalidated or otherwise impaired and (ii)
shall not (either itself or through licensees) do any act whereby any portion of
the Copyrights that is Material Intellectual Property may fall into the public
domain.

                  (d) Such Grantor (either itself or through licensees) shall
not do any act, or omit to do any act, whereby any trade secret that is Material
Intellectual Property may become publicly available or otherwise unprotectable.

                  (e) Such Grantor (either itself or through licensees) shall
not do any act that knowingly uses any Material Intellectual Property to
infringe the intellectual property rights of any other Person.

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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  (f) Such Grantor shall notify the Administrative Agent
immediately if it knows, or has reason to know, that any application or
registration relating to any Material Intellectual Property may become
forfeited, abandoned or dedicated to the public, or of any adverse determination
or development (including the institution of, or any such determination or
development in, any proceeding in the United States Patent and Trademark Office,
the United States Copyright Office or any court or tribunal in any country)
regarding such Grantor's ownership of, right to use, interest in, or the
validity of, any Material Intellectual Property or such Grantor's right to
register the same or to own and maintain the same.

                  (g) Whenever such Grantor, either by itself or through any
agent, licensee or designee, shall file an application for the registration of
any Intellectual Property with the United States Patent and Trademark Office,
the United States Copyright Office or any similar office or agency within or
outside the United States or register any Internet domain name, such Grantor
shall report such filing to the Administrative Agent within five Business Days
after the last day of the fiscal quarter in which such filing occurs. Upon
request of the Administrative Agent, such Grantor shall execute and deliver, and
have recorded, all agreements, instruments, documents and papers as the
Administrative Agent may request to evidence the Administrative Agent's security
interest in any Copyright, Patent, Trademark or Internet domain name and the
goodwill and general intangibles of such Grantor relating thereto or represented
thereby.

                  (h) Such Grantor shall take all reasonable actions necessary
or requested by the Administrative Agent, including in any proceeding before the
United States Patent and Trademark Office, the United States Copyright Office or
any similar office or agency and any Internet domain name registrar, to maintain
and pursue each application (and to obtain the relevant registration) and to
maintain each registration of any Copyright, Trademark, Patent or Internet
domain name that is Material Intellectual Property, including filing of
applications for renewal, affidavits of use, affidavits of incontestability and
opposition and interference and cancellation proceedings.

                  (i) In the event that any Material Intellectual Property is
infringed upon or misappropriated or diluted by a third party, such Grantor
shall notify the Administrative Agent promptly after such Grantor learns
thereof. Such Grantor shall take appropriate and commercially reasonable action
in response to such infringement, misappropriation of dilution, including
promptly bringing suit for infringement, misappropriation or dilution and to
recover all damages for such infringement, misappropriation of dilution, and
shall take such other actions may be appropriate in its reasonable judgment
under the circumstances to protect such Material Intellectual Property.

                  (j) Unless otherwise agreed to by the Administrative Agent,
such Grantor shall execute and deliver to the Administrative Agent for filing in
(i) the United States Copyright Office a short-form copyright security agreement
in the form attached hereto as Annex 5 (Form of Short Form Copyright Security
Agreement), (ii) in the United States Patent and Trademark Office a short-form
patent security agreement in the form attached hereto as Annex 6 (Form of Short
Form Patent Security Agreement), (iii) the United States Patent and Trademark
Office and with the Secretary of State of any appropriate State of the United
States a short-form trademark security agreement in form attached hereto as
Annex 7 (Form of Short Form Trademark Security Agreement) and (iv) with the
appropriate Internet domain name registrar, a duly executed form of assignment
for such Internet domain name (together with appropriate supporting
documentation as may be requested by the Administrative Agent) in form and
substance reasonably acceptable to the Administrative Agent. In the case of
clause (iv) above, such Grantor hereby authorizes the Administrative Agent to
file such assignment in such Grantor's name and to otherwise do all other
actions necessary to complete such registration in the name of such Grantor.

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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  SECTION 4.9 VEHICLES

                  Upon the request of the Administrative Agent, within 30 days
after the date of such request and, with respect to any Vehicle that is acquired
by such Grantor subsequent to the date of any such request and that is not
subject to a purchase money security interest, within 30 days after the date of
acquisition thereof, such Grantor shall file all applications for certificates
of title or ownership indicating the Administrative Agent's first priority
security interest in the Vehicle covered by such certificate and any other
necessary documentation, in each office in each jurisdiction that the
Administrative Agent shall deem advisable to perfect its security interests in
the Vehicles.

                  SECTION 4.10 PAYMENT OF OBLIGATIONS

                  Such Grantor shall pay and discharge before they become
delinquent, all lawful governmental claims, taxes, assessments, charges or
levies imposed upon the Collateral or in respect of income or profits therefrom,
as well as all claims of any kind (including claims for labor, materials and
supplies) against or with respect to the Collateral, except that no such charge
need be paid if the amount or validity thereof is currently being contested in
good faith by proper proceedings, adequate reserves in conformity with GAAP with
respect thereto have been provided on the books of such Grantor and such
proceedings could not reasonably be expected to result in the sale, forfeiture
or loss of any material portion of the Collateral or any interest therein.

                  SECTION 4.11 NOTICE OF COMMERCIAL TORT CLAIMS

                  Such Grantor agrees that, from and after such time as it shall
acquire any interest in Commercial Tort Claims (whether from another Person or
because such Commercial Tort Claim shall have come into existence) in which the
aggregate amount claimed exceeds $100,000, (i) such Grantor shall, immediately
upon any such acquisition, deliver to the Administrative Agent, in each case in
form and substance satisfactory to the Administrative Agent, a notice of the
existence and nature of such Commercial Tort Claims and deliver a supplement to
Schedule 7 (Commercial Tort Claims) containing a specific description of such
Commercial Tort Claims, (ii) the provision of Section 2.1 (Collateral) shall
apply to such Commercial Tort Claims and (iii) such Grantor shall execute and
deliver to the Administrative Agent, in each case in form and substance
satisfactory to the Administrative Agent, any certificate, agreement and other
document, and take all other action, deemed by the Administrative Agent to be
reasonably necessary or appropriate for the Administrative Agent to obtain, on
behalf of the Lenders, a first-priority, perfected security interest in all such
Commercial Tort Claims. Any supplement to Schedule 7 (Commercial Tort Claims)
delivered pursuant to this Section 4.11 (Notice of Commercial Tort Claims)
shall, after the receipt thereof by the Administrative Agent, become part of
Schedule 7 (Commercial Tort Claims) for all purposes hereunder other than in
respect of representations and warranties made prior to the date of such
receipt.

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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

         ARTICLE V REMEDIAL PROVISIONS

                  SECTION 5.1 CODE AND OTHER REMEDIES

                  During the continuance of an Event of Default, the
Administrative Agent may exercise, in addition to all other rights and remedies
granted to it in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Secured Obligations, all rights and
remedies of a secured party under the UCC or any other applicable law. Without
limiting the generality of the foregoing, the Administrative Agent, without
demand of performance or other demand, presentment, protest, advertisement or
notice of any kind (except any notice required by law referred to below) to or
upon any Grantor or any other Person (all and each of which demands, defenses,
advertisements and notices are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon any Collateral, and may
forthwith sell, lease, assign, give option or options to purchase, or otherwise
dispose of and deliver any Collateral (or contract to do any of the foregoing),
in one or more parcels at public or private sale or sales, at any exchange,
broker's board or office of the Administrative Agent or any Lender or elsewhere
upon such terms and conditions as it may deem advisable and at such prices as it
may deem best, for cash or on credit or for future delivery without assumption
of any credit risk. The Administrative Agent shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such private
sale or sales, to purchase the whole or any part of the Collateral so sold, free
of any right or equity of redemption in any Grantor, which right or equity is
hereby waived and released. Each Grantor further agrees, at the Administrative
Agent's request, to assemble the Collateral and make it available to the
Administrative Agent at places that the Administrative Agent shall reasonably
select, whether at such Grantor's premises or elsewhere. The Administrative
Agent shall apply the net proceeds of any action taken by it pursuant to this
Section 5.1, after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any
Collateral or in any way relating to the Collateral or the rights of the
Administrative Agent and any other Secured Party hereunder, including reasonable
attorneys' fees and disbursements, to the payment in whole or in part of the
Secured Obligations, in such order as the Credit Agreement shall prescribe, and
only after such application and after the payment by the Administrative Agent of
any other amount required by any provision of law, need the Administrative Agent
account for the surplus, if any, to any Grantor. To the extent permitted by
applicable law, each Grantor waives all claims, damages and demands it may
acquire against the Administrative Agent or any other Secured Party arising out
of the exercise by them of any rights hereunder. If any notice of a proposed
sale or other disposition of Collateral shall be required by law, such notice
shall be deemed reasonable and proper if given at least 10 days before such sale
or other disposition.

                  SECTION 5.2 ACCOUNTS AND PAYMENTS IN RESPECT OF GENERAL
INTANGIBLES

                  (a) If required by the Administrative Agent at any time during
the continuance of an Event of Default, any payment of Accounts or payment in
respect of General Intangibles, when collected by any Grantor, shall be
forthwith (and, in any event, within two Business Days) deposited by such
Grantor in the exact form received, duly indorsed by such Grantor to the
Administrative Agent if required, in an Approved Deposit Account or a Cash
Collateral Account, subject to withdrawal by the Administrative Agent as
provided in Section 5.4 (Proceeds to be Turned Over To Administrative Agent).
Until so turned over, such payment shall be held by such Grantor in trust for
the Administrative Agent, segregated from other funds of such Grantor. Each such
deposit of Proceeds of Accounts and payments in respect of General

                                       17
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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

Intangibles shall be accompanied by a report identifying in reasonable detail
the nature and source of the payments included in the deposit.

                  (b) At the Administrative Agent's request, during the
continuance of an Event of Default, each Grantor shall deliver to the
Administrative Agent all original and other documents evidencing, and relating
to, the agreements and transactions that gave rise to the Accounts or payments
in respect of General Intangibles, including all original orders, invoices and
shipping receipts.

                  (c) The Administrative Agent may, without notice, at any time
during the continuance of an Event of Default, limit or terminate the authority
of a Grantor to collect its Accounts or amounts due under General Intangibles or
any thereof.

                  (d) The Administrative Agent in its own name or in the name of
others may at any time during the continuance of an Event of Default communicate
with Account Debtors to verify with them to the Administrative Agent's
satisfaction the existence, amount and terms of any Account or amounts due under
any General Intangible.

                  (e) Upon the request of the Administrative Agent at any time
during the continuance of an Event of Default, each Grantor shall notify Account
Debtors that the Accounts or General Intangibles have been collaterally assigned
to the Administrative Agent and that payments in respect thereof shall be made
directly to the Administrative Agent. In addition, the Administrative Agent may
at any time during the continuance of an Event of Default enforce such Grantor's
rights against such Account Debtors and obligors of General Intangibles.

                  (f) Notwithstanding anything herein to the contrary, each
Grantor shall remain liable under each of the Accounts and payments in respect
of General Intangibles to observe and perform all the conditions and obligations
to be observed and performed by it thereunder, all in accordance with the terms
of any agreement giving rise thereto. Neither the Administrative Agent nor any
other Secured Party shall have any obligation or liability under any agreement
giving rise to an Account or a payment in respect of a General Intangible by
reason of or arising out of this Agreement or the receipt by the Administrative
Agent nor any other Secured Party of any payment relating thereto, nor shall the
Administrative Agent nor any other Secured Party be obligated in any manner to
perform any obligation of any Grantor under or pursuant to any agreement giving
rise to an Account or a payment in respect of a General Intangible, to make any
payment, to make any inquiry as to the nature or the sufficiency of any payment
received by it or as to the sufficiency of any performance by any party
thereunder, to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts that may have been assigned
to it or to which it may be entitled at any time or times.

                  SECTION 5.3 PLEDGED COLLATERAL

                  (a) During the continuance of an Event of Default, upon notice
by the Administrative Agent to the relevant Grantor or Grantors, (i) the
Administrative Agent shall have the right to receive any Proceeds of the Pledged
Collateral and make application thereof to the Obligations in the order set
forth in the Credit Agreement and (ii) the Administrative Agent or its nominee
may exercise (A) any voting, consent, corporate and other right pertaining to
the Pledged

                                       18
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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

Collateral at any meeting of shareholders, partners or members, as the case may
be, of the relevant issuer or issuers of Pledged Collateral or otherwise and (B)
any right of conversion, exchange and subscription and any other right,
privilege or option pertaining to the Pledged Collateral as if it were the
absolute owner thereof (including the right to exchange at its discretion any of
the Pledged Collateral upon the merger, consolidation, reorganization,
recapitalization or other fundamental change in the corporate structure of any
issuer of Pledged Securities, the right to deposit and deliver any Pledged
Collateral with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as the Administrative Agent may
determine), all without liability except to account for property actually
received by it; provided, however, that the Administrative Agent shall have no
duty to any Grantor to exercise any such right, privilege or option and shall
not be responsible for any failure to do so or delay in so doing.

                  (b) In order to permit the Administrative Agent to exercise
the voting and other consensual rights that it may be entitled to exercise
pursuant hereto and to receive all dividends and other distributions that it may
be entitled to receive hereunder, (i) each Grantor shall promptly execute and
deliver (or cause to be executed and delivered) to the Administrative Agent all
such proxies, dividend payment orders and other instruments as the
Administrative Agent may from time to time reasonably request and (ii) without
limiting the effect of clause (i) above, such Grantor hereby grants to the
Administrative Agent an irrevocable proxy to vote all or any part of the Pledged
Collateral and to exercise all other rights, powers, privileges and remedies to
which a holder of the Pledged Collateral would be entitled (including giving or
withholding written consents of shareholders, partners or members, as the case
may be, calling special meetings of shareholders, partners or members, as the
case may be, and voting at such meetings), which proxy shall be effective,
automatically and without the necessity of any action (including any transfer of
any Pledged Collateral on the record books of the issuer thereof) by any other
person (including the issuer of such Pledged Collateral or any officer or agent
thereof) during the continuance of an Event of Default and which proxy shall
only terminate upon the payment in full of the Secured Obligations.

                  (c) Each Grantor hereby expressly authorizes and instructs
each issuer of any Pledged Collateral pledged hereunder by such Grantor to (i)
comply with any instruction received by it from the Administrative Agent in
writing that (A) states that an Event of Default has occurred and is continuing
and (B) is otherwise in accordance with the terms of this Agreement, without any
other or further instructions from such Grantor, and each Grantor agrees that
such issuer shall be fully protected in so complying and (ii) unless otherwise
expressly permitted hereby, pay any dividend or other payment with respect to
the Pledged Collateral directly to the Administrative Agent

                  SECTION 5.4 PROCEEDS TO BE TURNED OVER TO ADMINISTRATIVE AGENT

                  All Proceeds that are Cash Equivalents received by the
Administrative Agent hereunder shall be held by the Administrative Agent in a
Cash Collateral Account. All Proceeds while held by the Administrative Agent in
a Cash Collateral Account (or by such Grantor in trust for the Administrative
Agent) shall continue to be held as collateral security for the Secured
Obligations and shall not constitute payment thereof until applied as provided
in the Credit Agreement.

                  SECTION 5.5 REGISTRATION RIGHTS

                  (a) If the Administrative Agent shall determine to exercise
its right to sell any the Pledged Collateral pursuant to Section 5.1 (Code and
Other Remedies), and if in the opinion of the Administrative Agent it is
necessary or advisable to have the Pledged Collateral, or

                                       19
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                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

any portion thereof to be registered under the provisions of the Securities Act,
the relevant Grantor shall cause the issuer thereof to (i) execute and deliver,
and cause the directors and officers of such issuer to execute and deliver, all
such instruments and documents, and do or cause to be done all such other acts
as may be, in the opinion of the Administrative Agent, necessary or advisable to
register the Pledged Collateral, or that portion thereof to be sold, under the
provisions of the Securities Act, (ii) use its best efforts to cause the
registration statement relating thereto to become effective and to remain
effective for a period of one year from the date of the first public offering of
the Pledged Collateral, or that portion thereof to be sold and (iii) make all
amendments thereto or to the related prospectus that, in the opinion of the
Administrative Agent, are necessary or advisable, all in conformity with the
requirements of the Securities Act and the rules and regulations of the
Securities and Exchange Commission applicable thereto. Each Grantor agrees to
cause such issuer to comply with the provisions of the securities or "Blue Sky"
laws of any jurisdiction that the Administrative Agent shall designate and to
make available to its security holders, as soon as practicable, an earnings
statement (which need not be audited) satisfying the provisions of Section 11(a)
of the Securities Act.

                  (b) Each Grantor recognizes that the Administrative Agent may
be unable to effect a public sale of any Pledged Collateral by reason of certain
prohibitions contained in the Securities Act and applicable state securities
laws or otherwise or may determine that a public sale is impracticable or not
commercially reasonable and, accordingly, may resort to one or more private
sales thereof to a restricted group of purchasers that shall be obliged to
agree, among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each
Grantor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner. The Administrative
Agent shall be under no obligation to delay a sale of any Pledged Collateral for
the period of time necessary to permit the issuer thereof to register such
securities for public sale under the Securities Act, or under applicable state
securities laws, even if such issuer would agree to do so.

                  (c) Each Grantor agrees to use its best efforts to do or cause
to be done all such other acts as may be necessary to make such sale or sales of
all or any portion of the Pledged Collateral pursuant to this Section 5.5 valid
and binding and in compliance with all other applicable Requirements of Law.
Each Grantor further agrees that a breach of any covenant contained in this
Section 5.5 will cause irreparable injury to the Administrative Agent and other
Secured Parties, that the Administrative Agent and the other Secured Parties
have no adequate remedy at law in respect of such breach and, as a consequence,
that each and every covenant contained in this Section 5.5 shall be specifically
enforceable against such Grantor, and such Grantor hereby waives and agrees not
to assert any defense against an action for specific performance of such
covenants except for a defense that no Event of Default has occurred under the
Credit Agreement.

                  SECTION 5.6 DEFICIENCY

                  Each Grantor shall remain liable for any deficiency if the
proceeds of any sale or other disposition of the Collateral are insufficient to
pay the Secured Obligations and the reasonable fees and disbursements of any
attorney employed by the Administrative Agent or any other Secured Party to
collect such deficiency.

                                       20
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

         ARTICLE VI THE ADMINISTRATIVE AGENT

                  SECTION 6.1 ADMINISTRATIVE AGENT'S APPOINTMENT AS
ATTORNEY-IN-FACT

                  (a) Each Grantor hereby irrevocably constitutes and appoints
the Administrative Agent and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of such Grantor and in the name of
such Grantor or in its own name, for the purpose of carrying out the terms of
this Agreement, to take any appropriate action and to execute any document or
instrument that may be necessary or desirable to accomplish the purposes of this
Agreement, and, without limiting the generality of the foregoing, each Grantor
hereby gives the Administrative Agent the power and right, on behalf of such
Grantor, without notice to or assent by such Grantor, to do any of the
following:

                  (i) in the name of such Grantor or its own name, or otherwise,
         take possession of and indorse and collect any check, draft, note,
         acceptance or other instrument for the payment of moneys due under any
         Account or General Intangible or with respect to any other Collateral
         and file any claim or take any other action or proceeding in any court
         of law or equity or otherwise deemed appropriate by the Administrative
         Agent for the purpose of collecting any such moneys due under any
         Account or General Intangible or with respect to any other Collateral
         whenever payable;

                  (ii) in the case of any Intellectual Property, execute and
         deliver, and have recorded, any agreement, instrument, document or
         paper as the Administrative Agent may request to evidence the
         Administrative Agent's security interest in such Intellectual Property
         and the goodwill and General Intangibles of such Grantor relating
         thereto or represented thereby;

                  (iii) pay or discharge taxes and Liens levied or placed on or
         threatened against the Collateral, effect any repair or pay any
         insurance called for by the terms of this Agreement (including all or
         any part of the premiums therefor and the costs thereof);

                  (iv) execute, in connection with any sale provided for in
         Section 5.1 (Code and Other Remedies) or 5.5 (Registration Rights), any
         endorsement, assignment or other instrument of conveyance or transfer
         with respect to the Collateral; or

                  (v) (A) direct any party liable for any payment under any
         Collateral to make payment of any moneys due or to become due
         thereunder directly to the Administrative Agent or as the
         Administrative Agent shall direct, (B) ask or demand for, collect, and
         receive payment of and receipt for, any moneys, claims and other
         amounts due or to become due at any time in respect of or arising out
         of any Collateral, (C) sign and indorse any invoice, freight or express
         bill, bill of lading, storage or warehouse receipt, draft against
         debtors, assignment, verification, notice and other document in
         connection with any Collateral, (D) commence and prosecute any suit,
         action or proceeding at law or in equity in any court of competent
         jurisdiction to collect any Collateral and to enforce any other right
         in respect of any Collateral, (E) defend any suit, action or proceeding
         brought against such Grantor with respect to any Collateral, (F)
         settle, compromise or adjust any such suit, action or proceeding and,
         in connection therewith, give such discharges or releases as the
         Administrative Agent may deem appropriate, (G) assign any Copyright,
         Patent or Trademark (along with the goodwill of the business to which
         any such

                                       21
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

         Trademark pertains) throughout the world for such term or terms, on
         such conditions, and in such manner as the Administrative Agent shall
         in its sole discretion determine, including the execution and filing of
         any document necessary to effectuate or record such assignment and (H)
         generally, sell, transfer, pledge and make any agreement with respect
         to or otherwise deal with any Collateral as fully and completely as
         though the Administrative Agent were the absolute owner thereof for all
         purposes, and do, at the Administrative Agent's option and such
         Grantor's expense, at any time, or from time to time, all acts and
         things that the Administrative Agent deems necessary to protect,
         preserve or realize upon the Collateral and the Administrative Agent's
         and the other Secured Parties' security interests therein and to effect
         the intent of this Agreement, all as fully and effectively as such
         Grantor might do.

Anything in this clause (a) to the contrary notwithstanding, the Administrative
Agent agrees that it shall not exercise any right under the power of attorney
provided for in this clause (a) unless an Event of Default shall be continuing.

                  (b) If any Grantor fails to perform or comply with any of its
agreements contained herein, the Administrative Agent, at its option, but
without any obligation so to do, may perform or comply, or otherwise cause
performance or compliance, with such agreement.

                  (c) The expenses of the Administrative Agent incurred in
connection with actions undertaken as provided in this Section 6.1, together
with interest thereon at a rate per annum equal to the rate per annum at which
interest would then be payable on past due Revolving Dollar Loans that are Base
Rate Loans under the Credit Agreement, from the date of payment by the
Administrative Agent to the date reimbursed by the relevant Grantor, shall be
payable by such Grantor to the Administrative Agent on demand.

                  (d) Each Grantor hereby ratifies all that said attorneys shall
lawfully do or cause to be done by virtue hereof. All powers, authorizations and
agencies contained in this Agreement are coupled with an interest and are
irrevocable until this Agreement is terminated and the security interests
created hereby are released.

                  SECTION 6.2 DUTY OF ADMINISTRATIVE AGENT

                  The Administrative Agent's sole duty with respect to the
custody, safekeeping and physical preservation of the Collateral in its
possession shall be to deal with it in the same manner as the Administrative
Agent deals with similar property for its own account. Neither the
Administrative Agent, any other Secured Party nor any of their respective
officers, directors, employees or agents shall be liable for failure to demand,
collect or realize upon any Collateral or for any delay in doing so or shall be
under any obligation to sell or otherwise dispose of any Collateral upon the
request of any Grantor or any other Person or to take any other action
whatsoever with regard to any Collateral. The powers conferred on the
Administrative Agent hereunder are solely to protect the Administrative Agent's
interest in the Collateral and shall not impose any duty upon the Administrative
Agent or any other Secured Party to exercise any such powers. The Administrative
Agent and the other Secured Parties shall be accountable only for amounts that
they actually receive as a result of the exercise of such powers, and neither
they nor any of their respective officers, directors, employees or agents shall
be responsible to any Grantor for any act or failure to act hereunder, except
for their own gross negligence or willful misconduct.

                                       22
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  SECTION 6.3 EXECUTION OF FINANCING STATEMENTS

                  Each Grantor authorizes the Administrative Agent, its counsel
or its representative, at any time and from time to time, to file or record
financing statements, amendments to financing statements, and other filing or
recording documents or instruments with respect to the Collateral without the
signature of such Grantor in such form and in such offices as the Administrative
Agent reasonably determines appropriate to perfect the security interests of the
Administrative Agent under this Agreement, and such financing statements and
amendments to financing statements may describe the Collateral covered by such
financing statements as "all assets of the Grantor", "all personal property of
the Grantor", or words of similar effect. Each Grantor also hereby authorizes
the Administrative Agent, its counsel or its representative, at any time and
from time to time, to file continuation statements with respect to previously
filed financing statements. A photographic or other reproduction of this
Agreement shall be sufficient as a financing statement or other filing or
recording document or instrument for filing or recording in any jurisdiction.

                  SECTION 6.4 AUTHORITY OF ADMINISTRATIVE AGENT

                  Each Grantor acknowledges that the rights and responsibilities
of the Administrative Agent under this Agreement with respect to any action
taken by the Administrative Agent or the exercise or non-exercise by the
Administrative Agent of any option, voting right, request, judgment or other
right or remedy provided for herein or resulting or arising out of this
Agreement shall, as between the Administrative Agent and the other Secured
Parties, be governed by the Credit Agreement and by such other agreements with
respect thereto as may exist from time to time among them, but, as between the
Administrative Agent and the Grantors, the Administrative Agent shall be
conclusively presumed to be acting as agent for the Administrative Agent and the
other Secured Parties with full and valid authority so to act or refrain from
acting, and no Grantor shall be under any obligation, or entitlement, to make
any inquiry respecting such authority.

         ARTICLE VII MISCELLANEOUS

                  SECTION 7.1 AMENDMENTS IN WRITING

                  None of the terms or provisions of this Agreement may be
waived, amended, supplemented or otherwise modified except in accordance with
Section 11.1 (Amendments, Waivers, Etc.) of the Credit Agreement.

                  SECTION 7.2 NOTICES

                  All notices, requests and demands to or upon the
Administrative Agent or any Grantor hereunder shall be effected in the manner
provided for in Section 11.8 (Notices, Etc.) of the Credit Agreement; provided,
however, that any such notice, request or demand to or upon any Grantor shall be
addressed in case the Company at the Company's notice address set forth in such
Section 11.8.

                  SECTION 7.3 NO WAIVER BY COURSE OF CONDUCT; CUMULATIVE
REMEDIES

                  Neither the Administrative Agent nor any other Secured Party
shall by any act (except by a written instrument pursuant to Section 7.1
(Amendments in Writing)), delay,

                                       23
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default. No failure
to exercise, nor any delay in exercising, on the part of the Administrative
Agent or any other Secured Party, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. A waiver by the
Administrative Agent or any other Secured Party of any right or remedy hereunder
on any one occasion shall not be construed as a bar to any right or remedy that
the Administrative Agent or such other Secured Party would otherwise have on any
future occasion. The rights and remedies herein provided are cumulative, may be
exercised singly or concurrently and are not exclusive of any other rights or
remedies provided by law.

                  SECTION 7.4 SUCCESSORS AND ASSIGNS

                  This Agreement shall be binding upon the successors and
assigns of each Grantor and shall inure to the benefit of the Administrative
Agent and each other Secured Party and their successors and assigns; provided,
however, that no Grantor may assign, transfer or delegate any of its rights or
obligations under this Agreement without the prior written consent of the
Administrative Agent.

                  SECTION 7.5 COUNTERPARTS

                  This Agreement may be executed by one or more of the parties
to this Agreement on any number of separate counterparts (including by
telecopy), each of which when so executed shall be deemed to be an original and
all of which taken together shall constitute one and the same agreement.
Signature pages may be detached from multiple counterparts and attached to a
single counterpart so that all signature pages are attached to the same
document. Delivery of an executed counterpart by telecopy shall be effective as
delivery of a manually executed counterpart.

                  SECTION 7.6 SEVERABILITY

                  Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

                  SECTION 7.7 SECTION HEADINGS

                  The Article and Section titles contained in this Agreement
are, and shall be, without substantive meaning or content of any kind whatsoever
and are not part of the agreement of the parties hereto.

                  SECTION 7.8 ENTIRE AGREEMENT

                  This Agreement together with the other Loan Documents
represents the entire agreement of the parties and supersedes all prior
agreements and understandings relating to the subject matter hereof.

                                       24
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  SECTION 7.9 GOVERNING LAW

                  This Agreement and the rights and obligations of the parties
hereto shall be governed by, and construed and interpreted in accordance with,
the law of the State of New York.

                  SECTION 7.10 ADDITIONAL GRANTORS

                  If, pursuant to Section 7.11 (Additional Collateral and
Guaranties) of the Credit Agreement, Holdings or the Company shall be required
to cause any Subsidiary of Holdings or the Company that is not a Grantor to
become a Grantor hereunder, such Subsidiary shall execute and deliver to the
Administrative Agent a Joinder Agreement in the form of Annex 4 (Form of Joinder
Agreement) and shall thereafter for all purposes be a party hereto and have the
same rights, benefits and obligations as a Grantor party hereto on the Closing
Date.

                  SECTION 7.11 RELEASE OF COLLATERAL

                  (a) At the time provided in Section 10.7(b)(i) (Concerning the
Collateral and the Collateral Documents) of the Credit Agreement, the Collateral
shall be released from the Lien created hereby and this Agreement and all
obligations (other than those expressly stated to survive such termination) of
the Administrative Agent and each Grantor hereunder shall terminate, all without
delivery of any instrument or performance of any act by any party, and all
rights to the Collateral shall revert to the Grantors. At the request and sole
expense of any Grantor following any such termination, the Administrative Agent
shall deliver to such Grantor any Collateral of such Grantor held by the
Administrative Agent hereunder and execute and deliver to such Grantor such
documents as such Grantor shall reasonably request to evidence such termination.

                  (b) If the Administrative Agent shall be permitted pursuant to
Section 10.7(b)(ii) or (iii) (Concerning the Collateral and the Collateral
Documents) of the Credit Agreement to release any Lien created hereby upon any
Collateral (including any Collateral sold or disposed of by any Grantor in a
transaction permitted by the Credit Agreement), such Collateral shall be
released from the Lien created hereby to the extent provided under, and subject
to the terms and conditions set forth in, Section 10.7(b)(ii) or (iii)
(Concerning the Collateral and the Collateral Documents) of the Credit
Agreement. In connection therewith, the Administrative Agent, at the request and
sole expense of the Company, shall execute and deliver to the Company all
releases or other documents reasonably necessary or desirable for the release of
the Lien created hereby on such Collateral. At the request and sole expense of
the Company, a Grantor shall be released from its obligations hereunder in the
event that all the capital stock of such Grantor shall be so sold or disposed;
provided, however, that the Company shall have delivered to the Administrative
Agent, at least ten Business Days prior to the date of the proposed release, a
written request for release identifying the relevant Grantor and the terms of
the sale or other disposition in reasonable detail, including the price thereof
and any expenses in connection therewith, together with a certification by the
Company in form and substance satisfactory to the Administrative Agent stating
that such transaction is in compliance with the Credit Agreement and the other
Loan Documents.

                                       25
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

                  SECTION 7.12 REINSTATEMENT

                  Each Grantor further agrees that, if any payment made by any
Loan Party or other Person and applied to the Obligations is at any time
annulled, avoided, set aside, rescinded, invalidated, declared to be fraudulent
or preferential or otherwise required to be refunded or repaid, or the proceeds
of Collateral are required to be returned by any Secured Party to such Loan
Party, its estate, trustee, receiver or any other party, including any Grantor,
under any bankruptcy law, state or federal law, common law or equitable cause,
then, to the extent of such payment or repayment, any Lien or other Collateral
securing such liability shall be and remain in full force and effect, as fully
as if such payment had never been made or, if prior thereto the Lien granted
hereby or other Collateral securing such liability hereunder shall have been
released or terminated by virtue of such cancellation or surrender), such Lien
or other Collateral shall be reinstated in full force and effect, and such prior
cancellation or surrender shall not diminish, release, discharge, impair or
otherwise affect any Lien or other Collateral securing the obligations of any
Grantor in respect of the amount of such payment.

                            [SIGNATURE PAGES FOLLOW]

                                       26
<PAGE>
                                                   PLEDGE AND SECURITY AGREEMENT
                                                                 SWIFT & COMPANY

         IN WITNESS WHEREOF, each of the undersigned has caused this Pledge and
Security Agreement to be duly executed and delivered as of the date first above
written.

                                         Grantors:

                                           S&C HOLOCO 3, INC.,

                                           By: /s/ DANNY HERRON
                                               ---------------------------------
                                               Name:  Danny Herron
                                               Title: Vice President and CFO

                                           SWIFT & COMPANY,

                                           By: /s/ DANNY HERRON
                                               ---------------------------------
                                               Name:  Danny Herron
                                               Title: Vice President and CFO

                                           MILLER BROS. CO., INC.
                                           MONFORT FOOD DISTRIBUTION COMPANY
                                           MONFORT INTERNATIONAL SALES
                                              CORPORATION
                                           MONFORT, INC.
                                           SWIFT BEEF COMPANY (F/K/A CONAGRA
                                              BEEF COMPANY)
                                           SWIFT PORK COMPANY (F/K/A SWIFT &
                                              COMPANY)
                                           SWIFT BRANDS COMPANY

                                           By: /s/ DANNY HERRON
                                               ---------------------------------
                                               Name:  Danny Herron
                                               Title: Vice President and CFO

ACKNOWLEDGED AND AGREED
as of the date first above written:

CITICORP USA, INC.,
as Administrative Agent

By: /s/ THOMAS M. HALSCH
    ------------------------------------
    Name:  Thomas M. Halsch
    Title: Director

     [SIGNATURE PAGE TO PLEDGE AND SECURITY AGREEMENT FOR SWIFT & COMPANY'S
                               CREDIT AGREEMENT]

<PAGE>

                                     ANNEX 1
                                       TO
                          PLEDGE AND SECURITY AGREEMENT

                    FORM OF DEPOSIT ACCOUNT CONTROL AGREEMENT

                                                          ------------- --, ----

[Financial Institution]
[Address]

Ladies and Gentlemen:

                  Reference is made to account no. [__________] maintained with
you (the "Bank") by [           ] (the "Company") into which funds are deposited
from time to time (the "Account"). [The Company] [Swift & Company, an affiliate
of the Company,] has entered into a Credit Agreement, dated as of September 19,
2002 (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the "Credit Agreement"), among [Swift & Company,] [the
Company,] S&C Australia Holdco Pty. Ltd., Australia Meat Holdings Pty. Ltd.,
S&C Holdco 3, Inc., the Lenders and Issuers party thereto, Citicorp USA, Inc.,
as administrative and collateral agent for the Lenders and Issuers (in such
capacity the "Administrative Agent") and as Australian agent for the Lender and
Issuers, JPMorgan Chase Bank, as syndication agent for the Lenders and the
Issuers, Citisecurities Limited, as Australian collateral trustee for the
Lenders and Issuers and General Electric Capital Corporation, U.S. Bank National
Association and Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., "Rabobank
International", New York Branch each as co-documentation agents for the Lenders
and Issuers.

                  Pursuant to the Credit Agreement and related documents, the
Company has granted to the Administrative Agent, for the benefit of the Secured
Parties, a security interest in certain property of the Company, including,
among other things, accounts, inventory, equipment, instruments, investment
property, general intangibles and all proceeds thereof (the "Collateral").
Payments with respect to the Collateral are or hereafter may be made to the
Account. You, the Company and the Administrative Agent are entering into this
letter agreement to perfect the security interest of the Administrative Agent in
the Account.

                  The Company hereby transfers to the Administrative Agent
exclusive control of the Account and all funds and other property on deposit
therein. By your execution of this letter agreement, you (i) agree that you
shall comply with instructions originated by the Administrative Agent directing
disposition of the funds and other property on deposit in the Account without
further consent of the Company and (ii) acknowledge that the Administrative
Agent now has exclusive control of the Account, that all funds in the Account
shall be transferred to the Administrative Agent as provided herein, that the
Account is being maintained by you for the benefit of the Administrative Agent
and that all amounts and other property therein are held by you as custodian for
the Administrative Agent.

                  Except as provided in clause (d) below, the Account shall not
be subject to deduction, set-off, banker's lien, counterclaim, defense,
recoupment or any other right in favor of any person or entity other than the
Administrative Agent. By your execution of this letter agreement you also
acknowledge that, as of the date hereof, you have received no notice of any
other pledge or assignment of the Account and have not executed any agreements
with third

                                      A1-1

<PAGE>

parties covering the disposition of funds in the Account. You agree with the
Administrative Agent as follows:

                  (a) Notwithstanding anything to the contrary or any other
         agreement relating to the Account, the Account is and shall be
         maintained for the benefit of the Administrative Agent[, shall be
         entitled "Citicorp USA, Inc. [name of Company] Account"](1) and shall
         be subject to written instructions only from an authorized officer of
         the Administrative Agent.

                  (b) You shall maintain a record of all checks and other
         remittance items received in the Account and, in addition to providing
         the Company with photostatic copies thereof, vouchers, enclosures and
         the like of such checks and remittance items on a daily basis, furnish
         to the Administrative Agent a monthly statement of the Account to
         Citicorp USA, Inc., as Administrative Agent at the following address:
         388 Greenwich Street, New York, New York, 10013, Attention:
         [____________], with a copy to the Company.

                  (c) You shall transfer (by wire transfer or other method of
         transfer mutually acceptable to you and the Administrative Agent) to
         the Agent, in same day funds, on each business day, the entire balance
         in the Account to the following account:

                           ABA Number:
                                        ----------------------------------
                           Citibank, N.A.
                           388 Greenwich Street
                           New York, New York 10013

                           Account Name:
                                          --------------------------------
                                                 Concentration Account
                           Account Number:
                                           -------------------------------
                           Reference:
                                      ------------------------------------
                           Attn:
                                  ----------------------------------------

         or to such other account as the Administrative Agent may from time to
         time designate in writing (the "Administrative Agent Concentration
         Account").

                  (d) All customary service charges and fees with respect to the
         Account shall be debited to the Account. In the event insufficient
         funds remain in the Account to cover such customary service charges and
         fees, the Company shall pay and indemnify you for the amounts of such
         customary service charges and fees.

                  This letter agreement shall be binding upon and shall inure to
the benefit of you, the Company, the Administrative Agent, the Secured Parties
referred to in the Credit Agreement and the respective successors, transferees
and assigns of any of the foregoing. This letter agreement may not be modified
except upon the mutual consent of the Administrative Agent, the Company and you.
You may terminate this letter agreement only upon 30 days' prior written notice
to the Company and the Administrative Agent. The Administrative Agent may
terminate this letter agreement upon 10 days' prior written notice to you and
the Company. Upon such termination you shall close the Account and transfer all
funds in the Account to the Administrative Agent Concentration Account or as
otherwise directed by the Administrative

----------
(1) Only required for new accounts.

                                      A1-2

<PAGE>

Agent. After any such termination, you shall nonetheless remain obligated to
transfer promptly to the Administrative Agent Concentration Account or as the
Administrative Agent may otherwise direct all funds and other property received
in respect of the Account.

                  This letter agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this letter agreement by telecopier
shall be effective as delivery of a manually executed counterpart of this letter
agreement.

                  This letter agreement supersedes all prior agreements, oral or
written, with respect to the subject matter hereof and may not be amended,
modified or supplemented except by a writing signed by the Administrative Agent,
the Company and you. You have not and will not agree with any third party to
comply with instructions or other directions concerning the Account or the
disposition of funds in the Account originated by such third party without the
prior written consent of the Administrative Agent and the Company.

                  The Company hereby agrees to indemnify and hold you harmless,
your directors, officers, agents and employees against any and all claims,
causes of action, liabilities, lawsuits, demands, and damages, including,
without limitation, any and all court costs and reasonable attorneys fees, in
any way related to or arising out of or in connection with this letter agreement
or any action taken or not taken pursuant hereto, except to the extent caused by
your gross negligence or willful misconduct.

                  This letter agreement shall be governed by, and construed in
accordance with, the law of the State of New York.

                                      A1-3

<PAGE>

                  Upon acceptance of this letter agreement it shall be the valid
and binding obligation of the Company, the Administrative Agent, and you, in
accordance with its terms.

                            Very truly yours,

                            [NAME OF COMPANY]

                            By:
                                 ---------------------------------------
                                   Name:
                                   Title:

                            CITICORP USA, INC.,
                            as Administrative Agent

                            By:
                                 ---------------------------------------
                                   Name:
                                   Title:

ACKNOWLEDGED AND AGREED as of the date first above written:

[FINANCIAL INSTITUTION]

By:
     -------------------------------
Name:
Title:

                [SIGNATURE PAGE TO PLEDGE AND SECURITY AGREEMENT]
<PAGE>

                                     ANNEX 2
                                       TO
                          PLEDGE AND SECURITY AGREEMENT

                        FORM OF CONTROL ACCOUNT AGREEMENT

[Name and Address
of Approved Securities
Intermediary]

                                                          _____________ __, 20__

Ladies and Gentlemen:

                  The undersigned ___________________ (the "Pledgor") together
with certain of its affiliates are party to a Pledge and Security Agreement
dated September 19, 2002 in favor of Citicorp USA, Inc., as administrative agent
for the Secured Parties referred to therein (the "Pledgee" and such agreement
the "Pledge and Security Agreement") pursuant to which a security interest is
granted by the Pledgor in all present and future Assets (hereinafter defined) in
Account No. _______ of the Pledgor (the "Pledge").

                  In connection therewith, the Pledgor hereby instructs you (the
"Approved Securities Intermediary") to do all of the following:

         1.       maintain the Account, as "________ - Citicorp USA Control
                  Account";

         2.       hold in the Account the assets, including, without limitation,
                  all financial assets, securities, security entitlements and
                  all other property and rights now or hereafter received in
                  such Account (collectively the "Assets"), including, without
                  limitation, those assets listed on Schedule A (List of Assets)
                  attached hereto and made a part hereof;

         3.       provide to the Pledgee, with a duplicate copy to the Pledgor,
                  a monthly statement of Assets and a confirmation statement of
                  each transaction effected in the Account after such
                  transaction is effected; and

         4.       honor only the instructions or entitlement orders in regard to
                  or in connection with the Account given by an Authorized
                  Officer of the Pledgee, except that until such time as the
                  Pledgee gives a written notice to the Approved Securities
                  Intermediary that the Pledgor's rights under this sentence
                  have been terminated (on which notice the Approved Securities
                  Intermediary may rely exclusively), the Pledgor acting through
                  an Authorized Officer may (a) exercise any voting right that
                  it may have with respect to any Asset, (b) give instructions
                  to enter into purchase or sale transactions in the Account and
                  (c) withdraw and receive for its own use all regularly
                  scheduled interest paid with respect to the Assets ("Permitted
                  Withdrawals"); provided, however, that, unless the Pledgee has
                  consented to the specific transaction, the Pledgor shall not
                  instruct the Approved Securities Intermediary to deliver and,
                  except as may be required by law or by court order, the
                  Approved Securities Intermediary shall not deliver, cash,

                                      A2-1

<PAGE>

                  securities, or proceeds from the sale of, or distributions on,
                  such securities out of the Account to the Pledgor or to any
                  other person or entity other than Permitted Withdrawals.

                  By its signature below, the Approved Securities Intermediary
agrees to comply with the entitlement orders and instructions of an Authorized
Officer of the Pledgee (including, without limitation, any instruction with
respect to sales, trades, transfers and withdrawals of cash or other of the
Assets) without the consent of the Pledgor or any other person (it being
understood and agreed by the Pledgor that the Approved Securities Intermediary
shall have no duty or obligation whatsoever of any kind or character to have
knowledge of the terms of the Pledge and Security Agreement or to determine
whether or not an event of default exists thereunder).

                  The Authorized Officer of the Pledgee who shall give oral
instructions hereunder shall confirm the same in writing to the Approved
Securities Intermediary within five days after such oral instructions are given.

                  For the purpose of this Agreement, the term "Authorized
Officer of the Pledgor" shall refer in the singular to ___________________ or
___________________ (each of whom is, on the date hereof, an officer or director
of the Pledgor) and "Authorized Officer of the Pledgee" shall refer in the
singular to any person who is a vice president or managing director of the
Pledgee. In the event that the Pledgor shall find it advisable to designate a
replacement for any of its Authorized Officers, written notice of any such
replacement shall be given to the Approved Securities Intermediary and the
Pledgee.

                  Except with respect to the obligations and duties as set forth
herein, this Agreement shall not impose or create any obligation or duty upon
the Approved Securities Intermediary greater than or in addition to the
customary and usual obligations and duties of the Approved Securities
Intermediary to the Pledgor.

                  As long as the Assets are pledged to the Pledgee, (i) the
Approved Securities Intermediary shall not invade the Assets to cover margin
debits or calls in any other account of the Pledgor and (ii) the Approved
Securities Intermediary agrees that, except for liens resulting from customary
commissions, fees, or charges based upon transactions in the Account, it
subordinates in favor of the Pledgee any security interest, lien or right of
setoff the Approved Securities Intermediary may have. The Approved Securities
Intermediary acknowledges that it has not received notice of any other security
interest in the Account or the Assets. In the event any such notice is received,
the Approved Securities Intermediary shall promptly notify the Pledgee. The
Pledgor herein represents that the Assets are free and clear of any lien or
encumbrance and agrees that, with the exception of the security interest granted
to the Pledgee, no lien or encumbrance shall be placed by it on the Assets
without the express written consent of both the Pledgee and the Approved
Securities Intermediary.

                  This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns and it and the
rights and obligations of the parties hereto shall be governed by, and construed
and interpreted in accordance with, and the law of the Approved Securities
Intermediary's jurisdiction for the purposes of Section 8-110 of the Uniform
Commercial Code in effect in the State of New York (the "UCC") shall be, the law
of the State of New York.

                                      A2-2

<PAGE>

                  The Approved Securities Intermediary shall treat all property
at any time held by the Approved Securities Intermediary in the Account as
financial assets within the meaning of the UCC. The Approved Securities
Intermediary acknowledges that this Agreement constitutes written notification
to the Approved Securities Intermediary, pursuant to the UCC and any applicable
federal regulations for the Federal Reserve Book Entry System, of the Pledgee's
security interest in the Assets. The Pledgor, Pledgee and Approved Securities
Intermediary are entering into this Agreement to provide for the Pledgee's
control of the Assets and to confirm the first priority of the Pledgee's
security interest in the Assets. The Approved Securities Intermediary agrees to
promptly make and thereafter maintain all necessary entries or notations in its
books and records to reflect the Pledgee's security interest in the Assets.

                  If any term or provision of this Agreement is determined to be
invalid or unenforceable, the remainder of this Agreement shall be construed in
all respects as if the invalid or unenforceable term or provision were omitted.
This Agreement may not be altered or amended in any manner without the express
written consent of the Pledgor, the Pledgee and the Approved Securities
Intermediary. This Agreement may be executed in any number of counterparts, all
of which shall constitute one original agreement.

                  This Agreement may be terminated by the Approved Securities
Intermediary upon 30 day's prior written notice to the Pledgor and the Pledgee.
Upon expiration of such 30-day period, the Approved Securities Intermediary
shall be under no further obligation except to hold the Assets in accordance
with the terms of this Agreement, pending receipt of written instructions from
the Pledgor and the Pledgee, jointly, regarding the further disposition of the
pledged Assets.

                  The Pledgor acknowledges that this Agreement supplements any
existing agreement of the Pledgor with the Approved Securities Intermediary and,
except as expressly provided herein, is in no way intended to abridge any right
that the Approved Securities Intermediary might otherwise have.

                  The Pledgor hereby agrees to indemnify and hold you harmless,
your affiliates, directors, officers, agents and employees against any and all
claims, causes of action, liabilities, lawsuits, demands, and damages,
including, without limitation, any and all court costs and reasonable attorneys
fees, in any way related to or arising out of or in connection with this letter
agreement or any action taken or not taken pursuant hereto, except to the extent
caused by your gross negligence or willful misconduct.

                                      A2-3

<PAGE>

                  IN WITNESS WHEREOF, the Pledgor and the Pledgee have caused
this Agreement to be executed by their duly authorized officers all as of the
date first above written.

                                      [NAME OF PLEDGOR]

                                      By:
                                           ------------------------------
                                             Name:
                                             Title:

                                      CITICORP USA, INC.,
                                      as Administrative Agent

                                      By:
                                           ------------------------------
                                             Name:
                                             Title:

ACCEPTED AND AGREED
as of the date first above written:

[APPROVED FINANCIAL INTERMEDIARY]

By:
     ----------------------------------
      Name:
      Title:

                  [SIGNATURE PAGE TO CONTROL ACCOUNT AGREEMENT]

<PAGE>
                                   SCHEDULE A

                                       TO

                                CONTROL AGREEMENT

     LIST OF ASSETS FOR PLEDGED COLLATERAL ACCOUNT NUMBER: _______________

                                      A2-5

<PAGE>

                                     ANNEX 3
                                       TO
                          PLEDGE AND SECURITY AGREEMENT

                            FORM OF PLEDGE AMENDMENT

                  This PLEDGE AMENDMENT, dated as of September 19, 2002, is
delivered pursuant to Section 4.4(a) (Pledged Collateral) of the Pledge and
Security Agreement, dated as of September 19, 2002, by SWIFT & COMPANY (the
"Company"), the [undersigned Grantor and the other] Subsidiaries of the Company
from time to time party thereto as Grantors in favor of Citicorp USA, Inc., as
the agent for the Secured Parties referred to therein (the "Pledge and Security
Agreement") and the undersigned hereby agrees that this Pledge Amendment may be
attached to the Pledge and Security Agreement and that the Pledged Collateral
listed on this Pledge Amendment shall be and become part of the Collateral
referred to in the Pledge and Security Agreement and shall secure all Secured
Obligations of the undersigned. Capitalized terms used herein but not defined
herein are used herein with the meaning given them in the Pledge and Security
Agreement.

                                    [GRANTOR]

                                    By:
                                          -----------------------------------
                                          Name:
                                          Title:

                                  Pledged Stock

<Table>
<Caption>
                                                                                NUMBER OF
                                                                                SHARES,
                                                                                UNITS OR
ISSUER         CLASS                 CERTIFICATE NO(S).   PAR VALUE             INTERESTS
------         -----                 ------------------   ---------             ---------
<S>            <C>                   <C>                  <C>                   <C>

</Table>

                                  Pledged Debt

<Table>
<Caption>
                                                                                    PRINCIPAL
ISSUER              DESCRIPTION OF DEBT   CERTIFICATE NO(S).   FINAL MATURITY       AMOUNT
------              -------------------   ------------------   --------------       ------
<S>                 <C>                   <C>                  <C>                  <C>

</Table>

                                      A3-1

<PAGE>

ACKNOWLEDGED AND AGREED as of the date first above written:

CITICORP USA, INC.,
as Administrative Agent

By:
     ---------------------------------
      Name:
      Title:

                                      A3-2

<PAGE>

                                     ANNEX 4
                                       TO
                          PLEDGE AND SECURITY AGREEMENT

                            FORM OF JOINDER AGREEMENT

                  This JOINDER AGREEMENT, dated as of September 19, 2002, is
delivered pursuant to Section 7.10 (Additional Grantors) of the Pledge and
Security Agreement, dated as of September 19, 2002, by SWIFT & COMPANY (the
"Company") and the Subsidiaries of the Company listed on the signature pages
thereof or joined thereto in favor of the Citicorp USA, Inc., as administrative
agent for the Secured Parties referred to therein (the "Pledge and Security
Agreement"). Capitalized terms used herein but not defined herein are used with
the meanings given them in the Pledge and Security Agreement.

                  By executing and delivering this Joinder Agreement, the
undersigned, as provided in Section 7.10 (Additional Grantors) of the Pledge and
Security Agreement, hereby becomes a party to the Pledge and Security Agreement
as a Grantor thereunder with the same force and effect as if originally named as
a Grantor therein and, without limiting the generality of the foregoing, hereby
grants to the Administrative Agent, as collateral security for the full, prompt
and complete payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations of the undersigned, hereby
collaterally assigns, mortgages, pledges and hypothecates to the Administrative
Agent and grants to the Administrative Agent a Lien on and security interest in,
all of its right, title and interest in, to and under the Collateral of the
undersigned and expressly assumes all obligations and liabilities of a Grantor
thereunder.

                  The information set forth in Annex 1-A is hereby added to the
information set forth in Schedules 1 through 6 to the Pledge and Security
Agreement.

                  The undersigned hereby represents and warrants that each of
the representations and warranties contained in Article III (Representations and
Warranties) of the Pledge and Security Agreement applicable to it is true and
correct on and as the date hereof as if made on and as of such date.

                  IN WITNESS WHEREOF, the undersigned has caused this Joinder
Agreement to be duly executed and delivered as of the date first above written.

                                     [ADDITIONAL GRANTOR]

                                     By:
                                          ----------------------------------
                                            Name:
                                            Title:

                                      A4-1

<PAGE>

ACKNOWLEDGED AND AGREED
as of the date first above written:

CITICORP USA, INC.,
as Administrative Agent

By:
     -----------------------------------
      Name:
      Title:

                                      A4-2

<PAGE>

                                     ANNEX 5
                                       TO
                          PLEDGE AND SECURITY AGREEMENT

                 FORM OF SHORT FORM COPYRIGHT SECURITY AGREEMENT

                  COPYRIGHT SECURITY AGREEMENT, dated as of September 19, 2002,
by each of the entities listed on the signature pages hereof or that becomes a
party hereto pursuant to Section 7.10 (Additional Grantors) of the Security
Agreement referred to below (each a "Grantor" and, collectively, the
"Grantors"), in favor of Citicorp USA, Inc. ("Citicorp"), as administrative and
collateral agent for the Secured Parties (as defined in the Credit Agreement
referred to below) (in such capacity, the "Administrative Agent").

                                   WITNESSETH:

                  WHEREAS, pursuant to the Credit Agreement, dated as of
September 19, 2002 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among Swift &
Company (the "Company"), S&C Australia Holdco Pty. Ltd. ("Australian Holdings"),
Australia Meat Holdings Pty. Ltd. (the "Australian Company," together with
Australian Holdings, the "Australian Borrowers," and collectively with the
Company, the "Borrowers"), S&C Holdco 3, Inc., the Lenders and Issuers party
thereto, Citicorp USA, Inc., as Administrative Agent for the Lenders and Issuers
and as Australian agent for the Lenders and Issuers, JPMorgan Chase Bank, as
syndication agent for the Lenders and Issuers, Citisecurities Limited as
Australian collateral trustee for the Lenders and Issuers and General Electric
Capital Corporation, U.S. Bank National Association and Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank International", New York Branch each
as co-documentation agents for the Lenders and Issuers, the Lenders and the
Issuers have severally agreed to make extensions of credit to the Borrowers upon
the terms and subject to the conditions set forth therein;

                  WHEREAS, the Grantors are party to the Domestic Guaranty
pursuant to which they have guaranteed the Obligations; and

                  WHEREAS, all the Grantors are party to a Pledge and Security
Agreement of even date herewith in favor of the Administrative Agent (the
"Security Agreement") pursuant to which the Grantors are required to execute and
deliver this Copyright Security Agreement;

                  NOW, THEREFORE, in consideration of the premises and to induce
the Lenders, the Issuers and the Administrative Agent to enter into the Credit
Agreement and to induce the Lenders and the Issuers to make their respective
extensions of credit to the Borrowers thereunder, each Grantor hereby agrees
with the Administrative Agent as follows:

                  SECTION 1. DEFINED TERMS

                  Unless otherwise defined herein, terms defined in the Credit
Agreement or in the Security Agreement and used herein have the meaning given to
them in the Credit Agreement or the Security Agreement.

                  SECTION 2. GRANT OF SECURITY INTEREST IN COPYRIGHT COLLATERAL

                  Each Grantor, as collateral security for the full, prompt and
complete payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of the

                                      A5-1

<PAGE>

Secured Obligations of such Grantor, hereby collaterally assigns, mortgages,
pledges and hypothecates to the Administrative Agent for the benefit of the
Secured Parties, and grants to the Administrative Agent for the benefit of the
Secured Parties a lien on and security interest in, all of its right, title and
interest in, to and under the following Collateral of such Grantor (the
"Copyright Collateral"):

                  (a) all of its Copyrights and Copyright Licenses to which it
is a party, including, without limitation, those referred to on Schedule I
hereto;

                  (b) all reissues, continuations or extensions of the
foregoing; and

                  (c) all Proceeds of the foregoing, including, without
limitation, any claim by Grantor against third parties for past, present, future
infringement or dilution of any Copyright or Copyright licensed under any
Copyright License.

                  SECTION 3. SECURITY AGREEMENT

                  The security interest granted pursuant to this Copyright
Security Agreement is granted in conjunction with the security interest granted
to the Administrative Agent pursuant to the Security Agreement and each Grantor
hereby acknowledges and affirms that the rights and remedies of the
Administrative Agent with respect to the security interest in the Copyright
Collateral made and granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference
herein as if fully set forth herein.

                            [SIGNATURE PAGES FOLLOW]

                                      A5-2

<PAGE>

                  IN WITNESS WHEREOF, each Grantor has caused this Copyright
Security Agreement to be executed and delivered by its duly authorized offer as
of the date first set forth above.

                                   Very truly yours,

                                   [GRANTOR],
                                   as Grantor

                                   By:
                                        --------------------------------------
                                         Name:
                                         Title:

ACCEPTED AND AGREED
as of the date first above written:

CITICORP USA, INC.,
as Administrative Agent

By:
    -----------------------------------------
     Name:
     Title:

                [SIGNATURE PAGE TO COPYRIGHT SECURITY AGREEMENT]

<PAGE>
                           ACKNOWLEDGEMENT OF GRANTOR

STATE OF ________________)
                         )    ss.
COUNTY OF _______________)

                  On this ___ day of ________ __, 20__ before me personally
appeared ______________________, proved to me on the basis of satisfactory
evidence to be the person who executed the foregoing instrument on behalf of
________________, who being by me duly sworn did depose and say that he is an
authorized officer of said corporation, that the said instrument was signed on
behalf of said corporation as authorized by its Board of Directors and that he
acknowledged said instrument to be the free act and deed of said corporation.

                          ----------------------------
                                  Notary Public

          [ACKNOWLEDGMENT OF GRANTOR FOR COPYRIGHT SECURITY AGREEMENT]

<PAGE>

                                   SCHEDULE I

                                       TO

                          COPYRIGHT SECURITY AGREEMENT

                             COPYRIGHT REGISTRATIONS

A.     REGISTERED COPYRIGHTS

       [Include Copyright Registration Number and Date]

B.     COPYRIGHT APPLICATIONS

C.     COPYRIGHT LICENSES

       [Include complete legal description of agreement (name of agreement,
       parties and date)]

                                      A5-5

<PAGE>

                                     ANNEX 6
                                       TO
                          PLEDGE AND SECURITY AGREEMENT

                  FORM OF SHORT FORM PATENT SECURITY AGREEMENT

                  PATENT SECURITY AGREEMENT, dated as of September 19, 2002, by
each of the entities listed on the signature pages hereof or which becomes a
party hereto pursuant to Section 7.10 (Additional Grantors) of the Security
Agreement referred to below (each a "Grantor" and, collectively, the
"Grantors"), in favor of Citicorp USA, Inc. ("Citicorp"), as administrative and
collateral agent for the Secured Parties (as defined in the Credit Agreement
referred to below) (in such capacity, the "Administrative Agent").

                                   WITNESSETH:

                  WHEREAS, pursuant to the Credit Agreement, dated as of
September 19, 2002 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among Swift &
Company (the "Company"), S&C Australia Holdco Pty. Ltd., Australia Meat Holdings
Pty. Ltd., S&C Holdco 3, Inc., the Lenders and Issuers party thereto, Citicorp
USA, Inc., as Administrative Agent for the Lenders and Issuers and as Australian
agent for the Lender and Issuers, JPMorgan Chase Bank, as syndication agent for
the Lenders and the Issuers, Citisecurities Limited, as Australian collateral
trustee for the Lenders and Issuers and General Electric Capital Corporation,
U.S. Bank National Association and Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank International", New York Branch, each
as co-documentation agents for the Lenders and Issuers, the Lenders and the
Issuers have severally agreed to make extensions of credit to the Borrowers upon
the terms and subject to the conditions set forth therein;

                  WHEREAS, the Grantors are party to the Domestic Guaranty
pursuant to which they have guaranteed the Obligations; and

                  WHEREAS, all the Grantors are party to a Pledge and Security
Agreement of even date herewith in favor of the Administrative Agent (the
"Security Agreement") pursuant to which the Grantors are required to execute and
deliver this Patent Security Agreement;

                  NOW, THEREFORE, in consideration of the premises and to induce
the Lenders, the Issuers and the Administrative Agent to enter into the Credit
Agreement and to induce the Lenders and the Issuers to make their respective
extensions of credit to the Borrowers thereunder, each Grantor hereby agrees
with the Administrative Agent as follows:

                  SECTION 1. DEFINED TERMS

                  Unless otherwise defined herein, terms defined in the Credit
Agreement or in the Security Agreement and used herein have the meaning given to
them in the Credit Agreement or the Security Agreement.

                  SECTION 2. GRANT OF SECURITY INTEREST IN PATENT COLLATERAL

                  Each Grantor, as collateral security for the full, prompt and
complete payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations of such Grantor, hereby
collaterally assigns, mortgages, pledges and hypothecates to the Administrative
Agent for the benefit of the Secured Parties, and grants to the Administrative
Agent for the benefit of the Secured Parties a lien on and security interest in,
all of

                                      A6-1

<PAGE>

its right, title and interest in, to and under the following Collateral of such
Grantor (the "Patent Collateral"):

                  (a) all of its Patents and Patent Licenses to which it is a
party, including, without limitation, those referred to on Schedule I hereto;

                  (b) all reissues, continuations or extensions of the
foregoing; and

                  (c) all Proceeds of the foregoing, including, without
limitation, any claim by Grantor against third parties for past, present or
future infringement or dilution of any Patent or any Patent licensed under any
Patent License.

                  SECTION 3. SECURITY AGREEMENT

                  The security interest granted pursuant to this Patent Security
Agreement is granted in conjunction with the security interest granted to the
Administrative Agent pursuant to the Security Agreement and each Grantor hereby
acknowledges and affirms that the rights and remedies of the Administrative
Agent with respect to the security interest in the Patent Collateral made and
granted hereby are more fully set forth in the Security Agreement, the terms and
provisions of which are incorporated by reference herein as if fully set forth
herein.

                            [SIGNATURE PAGES FOLLOW]

                                      A6-2

<PAGE>

                  IN WITNESS WHEREOF, each Grantor has caused this Patent
Security Agreement to be executed and delivered by its duly authorized offer as
of the date first set forth above.

                                      Very truly yours,

                                      [GRANTOR],
                                      as Grantor

                                      By:
                                           ----------------------------------
                                            Name:
                                            Title:

ACCEPTED AND AGREED
as of the date first above written:

CITICORP USA, INC.,
as Administrative Agent

By:
    ----------------------------------------
     Name:
     Title:

                  [SIGNATURE PAGE TO PATENT SECURITY AGREEMENT]

<PAGE>

                           ACKNOWLEDGEMENT OF GRANTOR

STATE OF ________________)
                         )    ss.
COUNTY OF _______________)

                  On this ___ day of ________, 20__ before me personally
appeared ______________________, proved to me on the basis of satisfactory
evidence to be the person who executed the foregoing instrument on behalf of
________________, who being by me duly sworn did depose and say that he is an
authorized officer of said corporation, that the said instrument was signed on
behalf of said corporation as authorized by its Board of Directors and that he
acknowledged said instrument to be the free act and deed of said corporation.

                          ----------------------------
                                  Notary Public

           [ACKNOWLEDGEMENT OF GRANTOR FOR PATENT SECURITY AGREEMENT]

<PAGE>

                                   SCHEDULE I

                                       TO

                            PATENT SECURITY AGREEMENT

                              PATENT REGISTRATIONS

A.     REGISTERED PATENTS

       [Include Patent Registration Number and Date]

B.     PATENT APPLICATIONS

C.     PATENT LICENSES

       [Include complete legal description of agreement (name of agreement,
       parties and date)]

                                      A6-5

<PAGE>

                                     ANNEX 7
                                       TO
                          PLEDGE AND SECURITY AGREEMENT

                 FORM OF SHORT FORM TRADEMARK SECURITY AGREEMENT

                  TRADEMARK SECURITY AGREEMENT, dated as of September 19, 2002,
by each of the entities listed on the signature pages hereof or which becomes a
party hereto pursuant to Section 7.10 (Additional Grantors) of the Security
Agreement referred to below (each a "Grantor" and, collectively, the
"Grantors"), in favor of Citicorp USA, Inc. ("Citicorp"), as administrative and
collateral agent for the Secured Parties (as defined in the Credit Agreement
referred to below) (in such capacity, the "Administrative Agent").

                                   WITNESSETH:

                  WHEREAS, pursuant to the Credit Agreement, dated as of
September 19, 2002 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among Swift &
Company (the "Company"), S&C Australia Holdco Pty. Ltd., Australia Meat Holdings
Pty. Ltd., S&C Holdco 3, Inc., the Lenders and Issuers party thereto, Citicorp
USA, Inc., as Administrative Agent for the Lenders and Issuers and as Australian
agent for the Lender and Issuers, JPMorgan Chase Bank, as syndication agent for
the Lenders and the Issuers, Citisecurities Limited, as Australian collateral
trustee for the Lenders and Issuers and General Electric Capital Corporation,
U.S. Bank National Association and Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., "Rabobank International", New York Branch, each
as co-documentation agents for the Lenders and Issuers, the Lenders and the
Issuers have severally agreed to make extensions of credit to the Borrowers upon
the terms and subject to the conditions set forth therein;

                  WHEREAS, the Grantors are party to the Domestic Guaranty
pursuant to which they have guaranteed the Obligations; and

                  WHEREAS, all the Grantors are party to a Pledge and Security
Agreement of even date herewith in favor of the Administrative Agent (the
"Security Agreement") pursuant to which the Grantors are required to execute and
deliver this Trademark Security Agreement;

                  NOW, THEREFORE, in consideration of the premises and to induce
the Lenders, the Issuers and the Administrative Agent to enter into the Credit
Agreement and to induce the Lenders and the Issuers to make their respective
extensions of credit to the Borrowers thereunder, each Grantor hereby agrees
with the Administrative Agent as follows:

                  SECTION 1. DEFINED TERMS

                  Unless otherwise defined herein, terms defined in the Credit
Agreement or in the Security Agreement and used herein have the meaning given to
them in the Credit Agreement or the Security Agreement.

                  SECTION 2. GRANT OF SECURITY INTEREST IN TRADEMARK COLLATERAL

                  Each Grantor, as collateral security for the full, prompt and
complete payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations of such Grantor, hereby
collaterally assigns, mortgages, pledges and hypothecates to the Administrative
Agent for the benefit of the Secured Parties, and grants to the Administrative
Agent for the benefit of the Secured Parties a lien on and security interest in,
all of

                                      A7-1

<PAGE>

its right, title and interest in, to and under the following Collateral of such
Grantor (the "Trademark Collateral"):

                  (a) all of its Trademarks and Trademark Licenses to which it
is a party, including, without limitation, those referred to on Schedule I
hereto;

                  (b) all reissues, continuations or extensions of the
foregoing;

                  (c) all goodwill of the business connected with the use of,
and symbolized by, each Trademark and each Trademark License; and

                  (d) all Proceeds of the foregoing, including, without
limitation, any claim by Grantor against third parties for past, present, future
(i) infringement or dilution of any Trademark or Trademark licensed under any
Trademark License or (ii) injury to the goodwill associated with any Trademark
or any Trademark licensed under any Trademark License.

                  SECTION 3. SECURITY AGREEMENT

                  The security interest granted pursuant to this Trademark
Security Agreement is granted in conjunction with the security interest granted
to the Administrative Agent pursuant to the Security Agreement and each Grantor
hereby acknowledges and affirms that the rights and remedies of the
Administrative Agent with respect to the security interest in the Trademark
Collateral made and granted hereby are more fully set forth in the Security
Agreement, the terms and provisions of which are incorporated by reference
herein as if fully set forth herein.

                            [SIGNATURE PAGES FOLLOW]

                                      A7-2

<PAGE>

                                   SCHEDULE I

                                       TO

                          TRADEMARK SECURITY AGREEMENT

                             TRADEMARK REGISTRATIONS

A.     REGISTERED TRADEMARKS

       [Include trademark registration number and date of registration]

B.     TRADEMARK APPLICATIONS

C.     TRADEMARK LICENSES

       [Include complete legal description of agreement (name of agreement,
       parties and date)]

                                      A7-3

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