Document:

EX-10.3

 Exhibit 10.3 
 CONSENT AND SECOND AMENDMENT TO 
 SECOND AMENDED AND RESTATED CREDIT
AGREEMENT 
 THIS CONSENT AND SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 12,
2013 (this “Amendment”), is among SMITHFIELD FOODS, INC., a Virginia corporation (the “Company”), the subsidiary guarantors party hereto, the banks and other lending institutions party hereto, and COÖPERATIEVE
CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH, as administrative agent (in such capacity, the “Administrative Agent”). 

RECITALS: 
 The Company, certain of its subsidiaries as guarantors, certain of the banks and other lending institutions party thereto and the Administrative Agent have entered into that certain Second Amended and
Restated Credit Agreement dated as of June 9, 2011 (as amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of January 31, 2013 and that certain Increased Commitment Supplement dated as of
January 31, 2013, the “Agreement”). On or about April 18, 2013, FCS Financial, PCA assigned all of its rights under the Loan Documents to 1st Farm Credit Services, PCA. 
 The Company has informed the Administrative Agent and the Lenders that (a) pursuant to that certain Agreement and Plan of Merger, dated as of May 28, 2013 (the “Amendment Date Merger
Agreement”), by and among Shuanghui International Holdings Limited, a corporation formed under the laws of the Cayman Islands (“Shuanghui”), Sun Merger Sub, Inc., a Virginia corporation (“Mergerco”) and
wholly-owned subsidiary of Shuanghui, and the Company, Shuanghui desires to merge Mergerco with and into the Company (the “Shuanghui Merger”) so that, following consummation of such merger, (i) the Company will continue as the
surviving corporation and will be a wholly owned subsidiary of Shuanghui (the “Shuanghui Acquisition”) and (ii) unsecured notes in an aggregate principal amount not to exceed $1,000,000,000 issued by Mergerco shall become
Indebtedness of the Company (such notes, and any unsecured notes issued in exchange thereof, the “New Company Notes”), (b) the Company anticipates declaring and paying a cash dividend to Shuanghui, redeeming Equity Interests of
existing shareholders of the Company and/or acquiring certain Equity Interests issued by Mergerco in an aggregate amount not to exceed $800,000,000 contemporaneously with consummation of the Shuanghui Merger (such Restricted Payments and Investments
described in this clause (b), the “Acquisition Restricted Payment”), (c) upon the connsummation of the Shuanghui Acquisition, the Company will repay the outstanding Indebtedness under that certain Term Loan Agreement, dated
February 4, 2013, between the Company and Bank of America, N.A. (collectively, the “Debt Repayment”), (d) the Company anticipates incurring unsecured Indebtedness in an aggregate principal amount not to exceed $750,000,000
to provide funds, if necessary, to effect the Shuanghui Merger (the “Unsecured Bridge Facility”), (e) in connection with the Shuanghui Acquisition, the Company will be required to make redemption offers in respect of the 2017
Notes and the Company’s 6.625% Senior Notes due 2022 (the “2017 and 2022 Covered Notes”) that could give rise to redemption of all or a portion of the 2017 and 2022 Covered Notes (the “Covered Notes
Redemption”), and (f) if all or a portion of the 2017 and 2022 Covered Notes are required to be redeemed pursuant to the Covered Notes Redemption, the Company may obtain unsecured bridge loans and/or issue unsecured notes in an
aggregate principal amount necessary to redeem such 2017 and 2022 Covered Notes required to be redeemed but in no event to exceed $1,500,000,000 in order to provide funds to effect such Covered Notes Redemption (such unsecured loans and/or notes,
and any unsecured loans and/or notes issued upon conversion or exchange thereof, the “Covered Notes Refinancing Debt”). 

 In accordance with the Agreement, the Company and the other Loan Parties have requested that
the Lenders consent to the Company’s (i) consummation of the Shuanghui Merger and the Shuanghui Acquisition, (ii) incurrence of the Indebtedness under the New Company Notes, the Unsecured Bridge Facility and, to the extent required to
consummate the Covered Notes Redemption, the Covered Notes Refinancing Debt, and (iii) making of the Acquisition Restricted Payment, the Debt Repayment, and the Covered Notes Redemption (the transactions referred to in clauses (i), (ii), and
(iii) are, collectively, the “Transactions”). Furthermore, the Company has requested that Section 6.08(a) of the Agreement be amended as herein set forth. 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows effective as of the date hereof unless otherwise indicated: 
 ARTICLE 1. 
 Definitions 

Section 1.1. Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have
the same meanings as in the Agreement, as amended hereby. 
 ARTICLE 2. 

Amendments 

Section 2.1. Addition to Section 1.01 (Defined Terms). The following definition is added to
Section 1.01 (Defined Terms) of the Agreement in appropriate alphabetical order: 
 “Acquisition
Restricted Payment” shall have the meaning set forth in that certain Consent and Second Amendment to Second Amended and Restated Credit Agreement, dated as of July 12, 2013, among the Company, the Administrative Agent and the other
Lenders party thereto. 
 Section 2.2. Amendment to Section 6.08(a) (Restricted Payments). Subclause
(vi) of Section 6.08(a) to the Agreement is amended in its entirety to read as follows: 
 (vi) Restricted
Payments not otherwise permitted under this Section 6.08 as long as with respect to any Restricted Payment made in reliance on this clause (vi): (A) no Default shall exist or result (including any Default arising as a result of any
violation of the Covered Note Documents) and (B) the Dollar Equivalent amount of such Restricted Payment together with the aggregate amount of all Restricted Payments made since the Effective Date (excluding the Dollar Equivalent of the
Acquisition Restricted Payment actually paid) in reliance on this clause (vi) shall not exceed an amount equal to the sum of (1) $100,000,000 plus (2) an aggregate amount equal to the sum of the following but in no event less than
zero: (x) 50% of the positive Net Income of the Company and its Restricted Subsidiaries for each fiscal quarter ended after the fiscal year ended on April 28, 2013 minus (y) 100% of the negative Net Income of the Company and its
Restricted Subsidiaries for any fiscal quarter ended after the fiscal year ended on April 28, 2013 plus (3) the Acquisition Basket Amount. 

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 2 

 ARTICLE 3. 
 Consent 
 Section 3.1. Consent. Subject to the satisfaction of
the conditions precedent described in Article 4 hereof, each of the undersigned Lenders: 
 (a) notwithstanding anything
to the contrary in Section 6.03(a) of the Agreement, consents to the consummation of the Shuanghui Merger so long as (i) the Shuanghui Merger is consummated in accordance with the Amendment Date Merger Agreement, without any
amendment or modification thereto in a manner that is material and adverse to the Lenders unless otherwise consented to by the Administrative Agent (such consent not to be unreasonably withheld or delayed) (it being agreed that any change in the
purchase price set forth in the Amendment Date Merger Agreement by an amount equal to five percent (5%) or more of such purchase price shall require the consent of the Administrative Agent, such consent not to be unreasonably withheld or
delayed; provided, however, no consent of the Administrative Agent shall be required if the purchase price is increased by five percent (5%) or more but such increase in excess of five percent (5%) will be funded solely with equity from
Shaunghui and not by the assumption or incurrence of Indebtedness by the Company or any other Loan Party) and (ii) the Shuanghui Merger is consummated, if consummated at all, on or prior to December 6, 2013; 

(b) notwithstanding anything to the contrary in Sections 6.04, 6.08(a) or 6.09 of the Agreement, consents to the
Company’s declaring and making the Acquisition Restricted Payment; provided, however, that such Acquisition Restricted Payment, if paid at all, shall be paid upon consummation of the Shuanghui Merger in accordance with
Section 3.1(a) above, and in any event on or prior to December 6, 2013; 
 (c) agrees that to the extent
consummated in accordance with this Amendment, the Shuanghui Acquisition shall not constitute a Default pursuant to (i) Section 7.01(m) of the Agreement solely to the extent that a Change of Control occurs as the result of the
Shuanghui Acquisition or (ii) Section 7.01(g) of the Agreement solely to the extent arising out of the obligation of the Company or any Subsidiary to make a redemption offer in respect of, or redeem, the 2017 and 2022 Covered Notes
as a result of the Shuanghui Acquisition; 
 (d) notwithstanding anything to the contrary in Section 6.01 or
6.10 of the Agreement, consents to assumption of the New Company Notes by the Company contemporaneously with the consummation of the Shuanghui Merger and the incurrence of the Covered Notes Refinancing Debt; provided, however, that the
maturity dates of the New Company Notes and the Covered Notes Refinancing Debt shall be after June 30, 2016; 
 (e)
notwithstanding anything to the contrary in Section 6.01, 6.10 or 7.01(g) of the Agreement, consents to the incurrence of the Unsecured Bridge Facility and any required prepayments in respect thereof that are not triggered
by the occurrence of a default; provided, however, that (i) the proceeds of such Indebtedness, if any, shall be used to effect the Shuanghui Acquisition and (ii) the obligations in respect of such prepayments shall otherwise be subject to
the limitations set forth in Section 6.08(b) of the Agreement; 
 (f) notwithstanding anything to the contrary in
Section 6.08(b) of the Agreement, consents to the Company making the Debt Repayment upon the consummation of the Shuanghui Acquisition and making the Covered Notes Redemption, in each case, in connection with the Shuanghui Acquisition;
and 

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 3 

 (g) notwithstanding anything to the contrary in Section 6.11 of the Agreement,
consents to the amendments of the Receivables Securitization documents and the Rabobank Nederland Facility referred to in Section 4.1 of this Amendment. 
 Section 3.2. Limitations on Consent. To induce the Lenders to agree to the terms of Section 3.1, the Company and the other Loan Parties (by their execution below) agree that the
consent set forth herein shall not be deemed to be a consent to the departure from or waiver of (a) any of the covenants identified in Section 3.1 for any purpose other than to permit the Transactions on the terms described in this
Amendment, (b) any other covenant or condition in any Loan Document or (c) any Event of Default that otherwise may arise as a result of the transactions described in this Amendment. 

ARTICLE 4. 

Conditions Precedent 
 Section 4.1. Conditions. The effectiveness of Article 2 and 3 of this Amendment is subject to the satisfaction (or waiver in accordance with Section 9.02
(Waiver; Amendments) of the Agreement) of the following conditions precedent: 
 (a) The Administrative Agent shall
have received from each Loan Party and the Required Lenders either (i) a counterpart of this Amendment signed and delivered on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include
telecopy or other electronic transmission of a signed signature page to this Amendment) that such party has signed and delivered a counterpart of this Amendment; 
 (b) The Administrative Agent shall have received a true, correct and complete copy of any amendment or consent related to the Receivables Securitization documents which is being executed concurrently
herewith, which shall be in form and substance reasonably acceptable to the Administrative Agent; 
 (c) The Administrative
Agent shall have received a true, correct and complete copy of a consent and amendment related to the Rabobank Nederland Facility which is being executed concurrently herewith, which shall be in form and substance reasonably acceptable to the
Administrative Agent; 
 (d) The Administrative Agent shall have received all fees and other amounts due and payable on or prior
to the effective date of this Amendment including, without limitation, a non-refundable amendment fee for the account of each Lender who executes and delivers this Amendment to the Administrative Agent on or prior to July 1, 2013 in an amount
equal to 0.15% of such Lender’s Commitment; and 
 (e) All proceedings taken in connection with the transactions
contemplated by this Amendment and all documentation and other legal matters incident thereto shall be satisfactory to the Administrative Agent and its legal counsel. 

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 4 

 ARTICLE 5. 
 Ratifications, Representations and Warranties 
 Section 5.1.
Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth in the Agreement and except as expressly modified and superseded pursuant to Article 2
of this Amendment, the terms and provisions of the Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and effect. Each Loan Party, the Administrative Agent, and the Lenders party hereto agree that the
Agreement as amended hereby and the other Loan Documents shall continue to be legal, valid, binding and enforceable in accordance with their respective terms. 
 Section 5.2. Representations and Warranties. Each Loan Party represents and warrants to the Administrative Agent and the Lenders as follows: (a) no Default exists and (b) the
representations and warranties set forth in the Agreement are true and correct in all material respects (or, in the case of any representation and warranty qualified by materiality, in all respects) on and as of the date hereof with the same effect
as though made on and as of such date except with respect to any representations and warranties limited by their terms to an earlier date (in which case such representation and warranty shall be true and correct in all material respects as of such
earlier date, or in the case of any representation and warranty qualified by materiality, in all respects as of such earlier date). IN ADDITION, TO INDUCE THE ADMINISTRATIVE AGENT AND THE LENDERS TO AGREE TO THE TERMS OF THIS AMENDMENT, EACH LOAN
PARTY REPRESENTS AND WARRANTS THAT AS OF THE DATE OF ITS EXECUTION OF THIS AMENDMENT THERE ARE NO CLAIMS OR OFFSETS AGAINST OR RIGHTS OF RECOUPMENT WITH RESPECT TO OR DEFENSES OR COUNTERCLAIMS TO ITS OBLIGATIONS UNDER THE LOAN DOCUMENTS AND IN
ACCORDANCE THEREWITH IT: 
 (a) WAIVER. WAIVES ANY AND ALL SUCH CLAIMS, OFFSETS, RIGHTS OF RECOUPMENT, DEFENSES OR
COUNTERCLAIMS, WHETHER KNOWN OR UNKNOWN, ARISING PRIOR TO THE DATE OF ITS EXECUTION OF THIS AMENDMENT; AND 
 (b)
RELEASE. RELEASES AND DISCHARGES THE ADMINISTRATIVE AGENT AND THE LENDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SHAREHOLDERS, AFFILIATES AND ATTORNEYS (COLLECTIVELY THE “RELEASED PARTIES”) FROM ANY AND
ALL OBLIGATIONS, INDEBTEDNESS, LIABILITIES, CLAIMS, RIGHTS, CAUSES OF ACTION OR DEMANDS WHATSOEVER, WHETHER KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, IN LAW OR EQUITY, WHICH ANY LOAN PARTY EVER HAD, NOW HAS, CLAIMS TO HAVE OR MAY HAVE AGAINST ANY
RELEASED PARTY ARISING PRIOR TO THE DATE HEREOF AND FROM OR IN CONNECTION WITH THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY. 
 ARTICLE 6. 
 Miscellaneous 

Section 6.1. Survival of Representations and Warranties. All representations and warranties made in this Amendment or any
other Loan Document including any Loan Document furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by the Administrative Agent or any Lender or
any closing shall affect the representations and warranties or the right of the Administrative Agent or any Lender to rely upon them. 

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 5 

 Section 6.2. Reference to Agreement. Upon and after the effectiveness of
Article 2 of this Amendment, each reference to the Agreement in each of the Loan Documents, including the Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof
or pursuant to the terms of the Agreement as amended hereby, are amended so that any reference in such Loan Documents to the Agreement shall mean a reference to the Agreement as amended hereby. 

Section 6.3. Expenses of Administrative Agent. As provided in Section 9.03(a) (Expense Reimbursement) of
the Agreement, the Company agrees to pay all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, and execution of this Amendment and the other Loan
Documents executed pursuant hereto, including without limitation, the reasonable costs and fees of Administrative Agent’s legal counsel. 
 Section 6.4. Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
 Section 6.5.
Governing Law. This Amendment and all other Loan Documents executed pursuant hereto shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof, but giving
effect to federal laws applicable to national banks. This governing law election has been made by the parties in reliance (at least in part) on Section 5–1401 of the General Obligations Law of the State of New York, as amended (as and to
the extent applicable), and other applicable law. 
 Section 6.6. Successors and Assigns. This Amendment is binding
upon and shall inure to the benefit of the Administrative Agent, each Lender, each Loan Party, and their respective successors and permitted assigns, except no Loan Party may assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Lenders. Any assignment or other transfer made in violation of this Section shall be void. 
 Section 6.7. Counterparts. This Amendment may be executed in one or more counterparts and on telecopy or other electronically reproduced counterparts, each of which when so executed shall be
deemed to be an original, but all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic communication shall be effective as
delivery of a manually executed counterpart of this Amendment. 
 Section 6.8. Effect of Waiver. No consent or
waiver, express or implied, by Administrative Agent or any Lender to or for any breach of or deviation from any covenant, condition or duty hereunder by the Company or any other Loan Party shall be deemed a consent or waiver to or of any other
breach of the same or any other covenant, condition or duty. 
 Section 6.9. Headings. The headings, captions, and
arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment. 

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 6 

 Section 6.10. Entire Agreement. This Amendment and all other instruments,
documents and agreements executed and delivered in connection with this Amendment embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations and understandings, whether
written or oral, relating to this Amendment, and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of the parties hereto. 

Section 6.11. Required Lenders. Pursuant to Section 9.02 (Waiver; Amendments) of the Agreement, the
Agreement may be modified as provided in this Amendment with the agreement of the Required Lenders which means Lenders having Credit Exposures and unused Commitments representing more than 50% of the Aggregate Credit Exposures and unused Commitments
(such percentage applicable to a Lender, herein such Lender’s “Required Lender Percentage”). For purposes of determining the effectiveness of this Amendment, each Lender’s Required Lender Percentage is set forth on
Schedule 6.11 hereto. 
 Executed as of the date first written above. 

 

			
	COMPANY:
	
	Smithfield Foods, Inc., a Virginia corporation
		
	By:	 	/s/ Timothy Dykstra
		 	Name: Timothy Dykstra
		 	Title:   Vice President and Corporate Treasurer

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 7 

 
							
	OTHER LOAN PARTIES:
	
	 Brown’s Realty Partnership, a North Carolina general partnership

Carroll’s Realty Partnership, a North Carolina general partnership
 Smithfield-Carroll’s Farms, a Virginia general partnership

			
		 	By:	 	Murphy-Brown, LLC, as a general partner of each
				
		 		 	By:	 	/s/ Timothy Dykstra
		 		 	Name: Timothy Dykstra
	 		 	Title:   Vice President

  

			
	 Armour-Eckrich Meats LLC, a Delaware limited liability company

Farmland Foods, Inc., a Delaware corporation
 John Morrell & Co., a Delaware corporation
 Murphy-Brown LLC, a Delaware
limited liability company
 Murphy Farms of Texhoma, Inc., an Oklahoma corporation

Patrick Cudahy, LLC, a Delaware limited liability company
 Premium Pet Health, LLC, a Delaware limited liability company
 Premium Standard Farms,
LLC, a Delaware limited liability company
 Smithfield Global Products Inc., a Delaware corporation

The Smithfield Packing Company, Incorporated, a Delaware corporation
 Smithfield Purchase Corporation, a North Carolina corporation
 Smithfield Transportation
Co., Inc., a Delaware corporation
 Stefano Foods, Inc., a North Carolina corporation

SFRMH Liquidation, Inc. (f/k/a RMH Foods, Inc.), a Delaware corporation

		
	By:	 	/s/ Timothy Dykstra
		 	Name: Timothy Dykstra
		 	Title:   Vice President

  

			
	 Jonmor Investments, Inc., a Delaware corporation
 Patcud Investments, Inc., a Delaware corporation
 SFFC, INC., a Delaware
corporation
 SF Investments, Inc., a Delaware corporation

		
	By:	 	/s/ Jeffrey A. Porter
		 	Name: Jeffrey A. Porter
		 	Title:   President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 8 

 
			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	 COÖPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK B.A.,
 “RABOBANK NEDERLAND”, NEW

YORK BRANCH, as Administrative Agent

		
	By:	 	/s/ James V. Kenwood
		 	Name: James V. Kenwood
		 	Title:   Managing Director

  

			
		
	By:	 	/s/ Jeff Geisbauer
		 	Name: Jeff Geisbauer
		 	Title:   Executive Director

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 9 

 
			
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By: 	 	/s/ Tony Young
	Name: Tony Young
	Title:   Executive Director

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 10 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By: 	 	/s/ Sreedhar R. Kona
	Name: Sreedhar R. Kona
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 11 

 
			
	AGFIRST FARM CREDIT BANK, as a Lender
		
	By: 	 	/s/ Steven J. O’Shea
	Name: Steven J. O’Shea
	Title:   Vice President
	
	Voting Participants:

  

			
	Farm Credit Bank of Texas
		
	By: 	 	/s/ Chris M. Levine
	Name: Chris M. Levine
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 12 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By: 	 	/s/ Michelle Latzoni
	Name: Michelle Latzoni
	Title:   Authorized Signatory

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 13 

 
			
	BANK OF MONTREAL, as a Lender
		
	By: 	 	/s/ Philip Langheim
	Name: Philip Langheim
	Title:   Managing Director

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 14 

 
			
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By: 	 	/s/ Brendan MacBride
	Name: Brendan MacBride
	Title:   Authorized Signatory

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 15 

 
			
	COBANK, ACB, as a Lender
		
	By: 	 	/s/ Alan Schuler
	Name: Alan Schuler
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 16 

 
			
	SOCIETE GENERALE, as a Lender
		
	By: 	 	/s/ Emmanuel Chesneau
	Name: Emmanuel Chesneau
	Title:   Managing Director
		
	By: 	 	/s/ Linda A. Garcia
	Name: Linda Garcia
	Title:   Director

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 17 

 
			
	 U.S. BANK NATIONAL ASSOCIATION, 
 as a Lender

		
	By: 	 	/s/ Harry J. Brown
	Name: Harry J. Brown
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 18 

 
			
	 AGSTAR FINANCIAL SERVICES, PCA, 
 as a Lender

		
	By:	 	/s/ Troy Mostaert
		 	Troy Mostaert, Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 19 

 
			
	 NORTHWEST FARM CREDIT SERVICES, PCA,

as a Lender

		
	By: 	 	/s/ Carol L. Sobson
	Name: Carol L. Sobson
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 20 

 
			
	 BANK OF AMERICA, N.A., 
 as a Lender

		
	By: 	 	/s/ David L. Catherall
	Name: David L. Catherall
	Title:   Managing Director

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 21 

 
			
	 UNITED FCS, PCA D/B/A FCS COMMERCIAL
 FINANCE GROUP, as a Lender

		
	By: 	 	/s/ Lisa Caswell
	Name: Lisa Caswell
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 22 

 
			
	FARM CREDIT SERVICES OF MID-AMERICA, PCA,
	as a Lender
		
	By: 	 	/s/ W. Heath Hoagland
	Name: W. Heath Hoagland
	Title:   Credit Officer

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 23 

 
			
	 SOVEREIGN BANK, N.A.
 (formerly known an Sovereign Bank),
 as a Lender

		
	By: 	 	/s/ Carlos A. Calixto
	Name: Carlos A. Calixto
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 24 

 
			
	 ING CAPITAL LLC, 
 as a Lender

		
	By: 	 	/s/ Daniel W. Lamprecht
	Name: Daniel W. Lamprecht
	Title:   Managing Director

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 25 

 
			
	 CREDIT AGRICOLE CORPORATE AND
 INVESTMENT BANK, as a Lender

		
	By: 	 	/s/ Blake Wright
	Name: Blake Wright
	Title:   Managing Director
		
	By:	 	/s/ James Austin
	Name: James Austin
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 26 

 
			
	 COMPASS BANK, 
 as a Lender

		
	By: 	 	/s/ Mark Taylor
	Name: Mark Taylor
	Title:   Senior Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 27 

 
			
	FARM CREDIT SERVICES OF AMERICA, PCA,
	as a Lender
		
	By: 	 	/s/ Bruce Dean
	Name: Bruce Dean
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 28 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as a Lender
		
	By: 	 	/s/ Christopher Day
	Name: Christopher Day
	Title:   Authorized Signatory
		
	By:	 	/s/ Michael Spaight
	Name: Michael Spaight
	Title:   Authorized Signatory

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 29 

 AMERICAN AGCREDIT, PCA (successor by merger to Farm Credit Services of the Mountain Plains, PCA), as
a Lender 
  

			
	By: 	 	/s/ John Gunderson
	Name: John Gunderson
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 30 

 
			
	
1ST FARM CREDIT SERVICES, PCA, 
 as a Lender

		
	By: 	 	/s/ Dale A. Richardson
	Name: Dale A. Richardson
	Title:   Vice President, Capital Markets Group

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 31 

 
			
	GREENSTONE FARM CREDIT SERVICES, ACA/FLCA, as a Lender
		
	By: 	 	/s/ Alfred S. Compton, Jr.
	Name: Alfred S. Compton, Jr.
	Title:   SVP/Managing Director

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 32 

 
			
	 FARM CREDIT WEST, PCA, 
 as a Lender

		
	By:	 	/s/ Ben Madonna
		 	Ben Madonna, Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 33 

 
			
	 FARMERS BANK, 
 as a Lender

		
	By: 	 	/s/ Vernon M. Towler
	Name: Vernon M. Towler
	Title:   President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 34 

 
			
	GENERAL ELECTRIC CAPITAL CORPORATION,
	as a Lender
		
	By: 	 	/s/ Brent Chase
	Name: Brent Chase
	Title:   Duly authorized signatory

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 35 

 
			
	COBANK, FCB (successor in interest by merger to U.S. AgBank, FCB), as a Lender
		
	By: 	 	/s/ Alan Schuler
	Name: Alan Schuler
	Title:   Vice President

  
 CONSENT AND SECOND AMENDMENT
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, Page 36 

 Schedule 6.11 
 to 
 Smithfield Foods, Inc. 

Consent and Second Amendment to Second Amended and Restated Credit Agreement 

Required Lender Percentage 
  

									
	 Lender
	  	Required Lender
Percentage Held	 	 	Lenders Agreeing to
Consent Letter(insert % from
prior column if Lender
signs
Consent Letter then total % in
this column)	 
	 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch
	  	 	7.695451512	% 	 	 	7.695451512	% 
	 Barclays Bank PLC
	  	 	6.390243902	% 	 	 	6.390243902	% 
	 AgFirst Farm Credit Bank
	  	 	11.707317073	% 	 	 	11.707317073	% 
	 Goldman Sachs Bank USA
	  	 	4.780487805	% 	 	 	4.780487805	% 
	 Bank of Montreal
	  	 	4.780487805	% 	 	 	4.780487805	% 
	 Morgan Stanley Bank, N.A.
	  	 	2.926829268	% 	 	 	2.926829268	% 
	 CoBank, ACB
	  	 	4.938694829	% 	 	 	4.938694829	% 
	 JPMorgan Chase Bank, N. A.
	  	 	4.780487805	% 	 	 	4.780487805	% 
	 Societe Generale
	  	 	4.780487805	% 	 	 	4.780487805	% 
	 U.S. Bank National Association
	  	 	4.195121951	% 	 	 	4.195121951	% 
	 AgStar Financial Services, PCA
	  	 	3.414634146	% 	 	 	3.414634146	% 
	 Northwest Farm Credit Services, PCA
	  	 	3.414634146	% 	 	 	3.414634146	% 
	 Bank of America, N.A.
	  	 	3.219512195	% 	 	 	3.219512195	% 
	 United FCS, PCA d/b/a FCS Commercial Finance Group
	  	 	2.682926829	% 	 	 	2.682926829	% 
	 Farm Credit Services of Mid-America, PCA
	  	 	2.682926829	% 	 	 	2.682926829	% 
	 Sovereign Bank, N.A. (formerly known as Sovereign Bank)
	  	 	2.682926829	% 	 	 	2.682926829	% 
	 ING Capital LLC
	  	 	2.365853659	% 	 	 	2.365853659	% 
	 Credit Agricole Corporate and Investment Bank
	  	 	2.731707317	% 	 	 	2.731707317	% 
	 Compass Bank
	  	 	2.146341463	% 	 	 	2.146341463	% 
	 Farm Credit Services of America, PCA
	  	 	2.365853659	% 	 	 	2.365853659	% 
	 Credit Suisse AG, Cayman Islands Branch
	  	 	2.146341463	% 	 	 	2.146341463	% 
	 American AgCredit, PC
	  	 	2.146341463	% 	 	 	2.146341463	% 
	 1st Farm Credit Services, PCA
	  	 	3.219512195	% 	 	 	3.219512195	% 
	 GreenStone Farm Credit Services, ACA/FLCA
	  	 	2.243902439	% 	 	 	2.243902439	% 
	 Farm Credit West, PCA
	  	 	1.951219512	% 	 	 	1.951219512	% 
	 CoBank, FCB (successor to U.S. AgBank FCB)
	  	 	1.463414634	% 	 	 	1.463414634	% 
	 Farmers Bank
	  	 	0.487804878	% 	 	 	0.487804878	% 
	 General Electric Capital Corporation
	  	 	1.658536585	% 	 	 	1.658536585	% 
		  	  
	  
	 	 	  
	  
	 
	 TOTAL
	  	 	100.00	% 	 	 	100.000000000	% 
		  	  
	  
	 	 	  
	  
	 

 Schedule 6.11 to Consent and Second Amendment to Amended and Restated Intercreditor Agreement, Solo PageEX-10.4

 Exhibit 10.4 
 LETTER OF CREDIT AGREEMENT 
 dated as of 

July 12, 2013 

between 

SMITHFIELD FOODS, INC., 
 as the Company, 
 and 

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., 
 “RABOBANK NEDERLAND”, NEW YORK BRANCH, 
 as the Issuer 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 ARTICLE I       DEFINITIONS
	  	 	1	  
		 	Section 1.1.	  	Defined Terms	  	 	1	  
		 	Section 1.2.	  	Terms Generally	  	 	9	  
		 	Section 1.3.	  	Accounting Terms; GAAP	  	 	10	  
		 	Section 1.4.	  	Classification of LC Disbursement and Borrowings	  	 	10	  
	 ARTICLE II     THE FACILITY
	  	 	10	  
		 	Section 2.1.	  	Request for Issuance	  	 	10	  
		 	Section 2.2.	  	Issuance	  	 	11	  
		 	Section 2.3.	  	Disbursement and Reimbursement	  	 	11	  
		 	Section 2.4.	  	Payments and Prepayments of LC Disbursements	  	 	12	  
		 	Section 2.5.	  	LC Disbursements and Borrowings	  	 	13	  
		 	Section 2.6.	  	Interest Elections	  	 	14	  
		 	Section 2.7.	  	Interest	  	 	14	  
		 	Section 2.8.	  	Fees	  	 	15	  
		 	Section 2.9.	  	Alternate Rate of Interest; Break Funding Payments	  	 	16	  
		 	Section 2.10.	  	Increased Costs	  	 	16	  
		 	Section 2.11.	  	Taxes	  	 	17	  
		 	Section 2.12.	  	Payments Generally	  	 	19	  
		 	Section 2.13.	  	Mitigation Obligations; Designation of a Different Issuing Office	  	 	19	  
		 	Section 2.14.	  	Returned Payments	  	 	19	  
	 ARTICLE III      CONDITIONS
	  	 	20	  
		 	Section 3.1.	  	Conditions to Effectiveness	  	 	20	  
	 ARTICLE IV      REPRESENTATIONS AND WARRANTIES
	  	 	21	  
		 	Section 4.1.	  	Organization; Powers	  	 	21	  
		 	Section 4.2.	  	Authorization; Enforceability	  	 	21	  
		 	Section 4.3.	  	Governmental Approvals; No Conflicts	  	 	21	  
		 	Section 4.4.	  	Financial Condition; No Material Adverse Change	  	 	21	  
		 	Section 4.5.	  	Properties	  	 	22	  
		 	Section 4.6.	  	Litigation and Environmental Matters	  	 	22	  
		 	Section 4.7.	  	Compliance with Laws and Agreements	  	 	22	  
		 	Section 4.8.	  	Investment Company Status	  	 	22	  
		 	Section 4.9.	  	Taxes	  	 	22	  
		 	Section 4.10.	  	ERISA	  	 	22	  
		 	Section 4.11.	  	Disclosure	  	 	23	  
		 	Section 4.12.	  	Solvency	  	 	23	  
	 ARTICLE V      COVENANTS
	  	 	23	  
		 	Section 5.1.	  	Use of Letter of Credit	  	 	23	  
		 	Section 5.2.	  	Amendments to Merger Agreement	  	 	23	  
		 	Section 5.3.	  	Payments in connection with Acquisition	  	 	24	  
	 ARTICLE VI     EVENTS OF DEFAULT; REMEDIES
	  	 	24	  
		 	Section 6.1.	  	Events of Default	  	 	24	  
		 	Section 6.2.	  	Remedies	  	 	25	  
	 ARTICLE VII    MISCELLANEOUS
	  	 	26	  
		 	Section 7.1.	  	Notices	  	 	26	  
		 	Section 7.2.	  	Waivers; Amendments	  	 	27	  
		 	Section 7.3.	  	Expenses; Indemnity; Waiver	  	 	27	  
		 	Section 7.4.	  	Successors and Assigns	  	 	28	  

  
 i 

									
		 	Section 7.5.	  	Survival	  	 	29	  
		 	Section 7.6.	  	Counterparts; Integration; Effectiveness	  	 	29	  
		 	Section 7.7.	  	Severability	  	 	29	  
		 	Section 7.8.	  	Right of Setoff	  	 	29	  
		 	Section 7.9.	  	Governing Law; Jurisdiction; etc.	  	 	29	  
		 	Section 7.10.	  	WAIVER OF JURY TRIAL	  	 	30	  
		 	Section 7.11.	  	Headings	  	 	30	  
		 	Section 7.12.	  	Confidentiality	  	 	30	  
		 	Section 7.13.	  	Interest Rate Limitation	  	 	31	  
		 	Section 7.14.	  	Construction	  	 	32	  
		 	Section 7.15.	  	Equitable Relief	  	 	32	  
		 	Section 7.16.	  	No Fiduciary Duty	  	 	32	  
		 	Section 7.17.	  	USA PATRIOT Act Notice	  	 	32	  

 Exhibits 
  

	
	Exhibit A: Form of Request
	Exhibit B: Form of Interest Election Request

  
 ii 

 LETTER OF CREDIT AGREEMENT dated as of July 12, 2013, among SMITHFIELD FOODS,
INC., a Virginia corporation (the “Company”), and COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH (the “Issuer”). 

RECITALS 

The Company has requested that the Issuer issue an irrevocable standby letter of credit for the account of the Company in a face amount
not to exceed $750,000,000. Subject to the terms and conditions set forth herein, the Issuer is willing to issue the Letter of Credit. 
 Accordingly, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.1. Defined Terms. 
 As used in this Agreement, the
following terms have the meanings specified below: 
 “ABL Credit Facility” means that certain
Second Amended and Restated Credit Agreement dated as of June 9, 2011, among the Company, certain of its Subsidiaries party thereto, the lenders party thereto, and the Issuer, as administrative agent thereunder, as amended by that certain
consent letter dated July 18, 2012, that certain First Amendment to Second Amended and Restated Credit Agreement dated as of January 31, 2013, that certain Increased Commitment Supplement dated as of January 31, 2013, that certain
Consent and Second Amendment to Second Amended and Restated Credit Agreement dated as of July 12, 2013, and as may be further amended, amended and restated, supplemented, or otherwise modified, so long as the Issuer remains party as the
“Administrative Agent” thereunder immediately after giving effect to the related amendment, amendment and restatement, supplement, or other modification. If the Issuer ceases to be the “Administrative Agent” under the ABL Credit
Facility, then “ABL Credit Facility” shall, for the avoidance of doubt, be deemed to mean the ABL Credit Facility in the form which existed immediately prior to the date on which the Issuer ceased to be the Administrative Agent thereunder.

 “ABR”, when used in reference to any LC Disbursement or Borrowing, refers to whether
such LC Disbursement, or the LC Disbursements comprising such Borrowing, bears interest at a rate determined by reference to the Alternate Base Rate. 
 “Act” has the meaning assigned to such term in Section 7.17 (PATRIOT ACT Provision). 
 “Acquisition” means the acquisition by Shuanghui of one hundred percent (100%) of the capital stock issued by the Company pursuant to the Merger Agreement. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest
rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (i) the LIBO Rate for such Interest Period multiplied by (ii) the Statutory Reserve Rate. 

“Affiliate” has the meaning assigned to such term in the Term Loan Agreement. 

  
 LETTER OF CREDIT AGREEMENT,
Page 1 

 “Alternate Base Rate” means, for any
day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greater of (i) the Base Rate in effect on such day and (ii) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Base Rate or the Federal Funds Effective Rate shall be effective from and including the opening of business on the effective date of
such change in the Base Rate or the Federal Funds Effective Rate, respectively. 
 “Applicable
Margin” means, for any day with respect to any ABR LC Disbursement or Eurodollar LC Disbursement, the rate per annum set forth below under the caption “ABR Spread” or “Eurodollar Spread”, as the case may be,
for the applicable time period following the Draw Date. 
  

									
	 Time Period
	  	Eurodollar
Spread	 	 	ABR Spread	 
	 0 – 90 days following the Draw Date
	  	 	4.00	% 	 	 	3.00	% 
	 91-180 days following the Draw Date
	  	 	4.50	% 	 	 	3.50	% 
	 181-270 days following the Draw Date
	  	 	5.00	% 	 	 	4.00	% 
	 271-360 days following the Draw Date
	  	 	5.50	% 	 	 	4.50	% 
	 361-450 days following the Draw Date
	  	 	6.00	% 	 	 	5.00	% 
	 451-540 days following the Draw Date
	  	 	6.50	% 	 	 	5.50	% 
	 541-630 days following the Draw Date
	  	 	7.00	% 	 	 	6.00	% 
	 631 days following the Draw Date and thereafter
	  	 	7.50	% 	 	 	6.50	% 

 “Availability” has the meaning assigned to such term in the ABL Credit
Facility. 
 “Availability Period” means the period beginning on the Effective Date and ending
on the date the Commitment terminates pursuant to Section 2.1(d). 
 “Base Rate” means the rate
of interest per annum quoted from time to time by the Issuer as its base rate in effect at its principal office in New York City; each change in the Base Rate shall be effective from and including the date such change is quoted as being effective.

 “Bankruptcy Law” means title 11 of the United States Code or any similar federal or state law
for the relief of debtors. 
 “Board” means the Board of Governors of the Federal Reserve System
of the United States of America (or any successor thereto). 
 “Board of Directors” means the
Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board of Directors with respect to the relevant matter. 
 “Borrowing” means, at any time after the Conversion Date, LC Disbursements of the same Type converted or continued on the same date and, in the case of Eurodollar
LC Disbursements, as to which a single Interest Period is in effect. 

  
 LETTER OF CREDIT AGREEMENT,
Page 2 

 “Borrowing Limit” has the meaning assigned to such term in
that certain Amended and Restated Credit and Security Agreement dated as of January 31, 2013 among the Issuer, as the administrative agent, Smithfield Receivables Funding LLC, the Company, Nieuw Amsterdam Receivables Corporation, and the other
lenders party thereto, as amended by that certain Amendment No. 1 to Amended and Restated Credit and Security Agreement, dated as of May 31, 2013, that certain Waiver No. 1 to Amended and Restated Receivables Sale Agreement and
Amended and Restated Credit and Security Agreement, dated as of July 12, 2013, and as may be further amended, amended and restated, supplemented, or otherwise modified, so long as the Issuer remains party as the “Administrative Agent”
thereunder immediately after giving effect to the related amendment, amendment and restatement, supplement, or other modification. 
 “Business Day” means any day (i) that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed and
(ii) if such day relates to a Borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or the Interest Period for, a Eurodollar Borrowing, or to a notice by the Company with respect to any
such Borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings in deposits denominated in Dollars are carried out in the London interbank market. 

“Cash Equivalents” has the meaning assigned to such term in the Term Loan Agreement. 

“Change in Law” means (i) the adoption of any law, rule or regulation after the date of this
Agreement, (ii) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (iii) compliance by the Issuer (or, for purposes of
Section 2.10(b), by any lending office of the Issuer or by the Issuer’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date
of this Agreement. Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and
(y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities,
in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued. Basel III is a global regulatory standard on bank capital adequacy, stress testing and market
liquidity risk agreed upon by the members of the Basel Committee on Banking Supervision in 2010-11. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commitment” means the commitment of the Issuer to issue the Letter of Credit hereunder in a face amount
of $750,000,000.00, on the terms and subject to the conditions set forth herein. 
 “Company”
has the meaning assigned to such term in the first paragraph of this Agreement. 
 “Conversion
Date” means the third Business Day immediately following the Draw Date. 

  
 LETTER OF CREDIT AGREEMENT,
Page 3 

 “Custodian” means any receiver, trustee, assignee,
liquidator, custodian or similar official under any Bankruptcy Law. 
 “Default” means any event
or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Dollars” or “$” refers to lawful money of the United States of America. 
 “Domestic Subsidiary” has the meaning assigned to such term in the Term Loan Agreement. 
 “Draw Date” means the date on which the LC Disbursement is made under and in accordance with the Letter of Credit. 

“Effective Date” has the meaning assigned to such term in Section 3.1. 

“Environmental Laws” has the meaning assigned to such term in the Term Loan Agreement. 

“Environmental Liability” has the meaning assigned to such term in the Term Loan Agreement. 

“ERISA Event” has the meaning assigned to such term in the Term Loan Agreement. 

“Eurodollar”, when used in reference to any LC Disbursement or Borrowing, refers to whether such
LC Disbursement, or the LC Disbursements comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of Default” has the meaning assigned to such term in Section 6.1. 
 “Excluded Taxes” means, with respect to the Issuer or any other recipient of any payment to be made by or on account of any obligation of the Company hereunder, (a) Taxes imposed on
(or measured by) its net income, franchise taxes, and branch profits taxes, in each case (i) imposed by the United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is
located or, in the case of the Issuer, in which its applicable lending office is located, or (ii) that are Other Connection Taxes, (b) Taxes attributable to the recipient’s failure to comply with Section 2.11(e), and (c) any
U.S. federal withholding Taxes imposed under FATCA. 
 “FATCA” means Sections 1471 through 1474
of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any
agreements entered into pursuant to Section 1471(b)(1) of the Code. 
 “Federal Funds Effective
Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal 

  
 LETTER OF CREDIT AGREEMENT,
Page 4 

 
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such
day for such transactions received by the Issuer from three Federal funds brokers of recognized standing selected by it. 
 “Fee Letter” means that certain fee letter dated July 12, 2013 between the Issuer and the Company. 

“Fiscal Year” means the fiscal year of the Company ending on the Sunday closest to April 30 of each
year or such other fiscal year as may be determined by the Company and the Board of Directors and of which the Issuer shall receive written notice. 
 “Full Satisfaction” means, as of any date, that on or before such date: (a) the principal of and interest accrued to such date on the Obligations (other than the contingent LC
Exposure) shall have been paid in full in cash, (b) all fees, expenses and other amounts then due and payable which constitute Obligations (other than the contingent LC Exposure and other contingent amounts not then liquidated) shall have been
paid in full in cash, (c) the Commitment shall have expired or irrevocably been terminated, and (d) the contingent LC Exposure shall have been secured by: (i) the grant of a first priority, perfected Lien on cash or Cash Equivalents
(subject only to Liens of the type described in clauses (iv) and (ix) of the definition of “Permitted Liens” in the Term Loan Agreement) in an amount at least equal to 105% of the amount of such LC Exposure or other collateral
which is acceptable to the Issuer in its sole discretion or (ii) the issuance of a “back–to–back” letter of credit in form and substance acceptable to the Issuer with an original face amount at least equal to 105% of the
amount of such LC Exposure and issued by an issuing bank satisfactory to the Issuer in its sole discretion. 

“Governmental Authority” means the government of the United States of America, any other nation or any
political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government. 
 “Hazardous Materials” has the meaning assigned to
such term in the Term Loan Agreement. 
 “Indebtedness” has the meaning assigned to such term in
the Term Loan Agreement. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of the Company under any LC Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitee” has the meaning assigned to such term in Section 7.3(b). 

“Information” has the meaning assigned to such term in Section 7.12. 

“Interest Election Request” means a request by the Company to convert or continue a Borrowing in
substantially the form of Exhibit B hereto in accordance with Section 2.6. 

  
 LETTER OF CREDIT AGREEMENT,
Page 5 

 “Interest Payment Date” means (i) with respect to any
ABR LC Disbursement, the last day of each March, June, September and December and (ii) with respect to any Eurodollar LC Disbursement, the last day of the Interest Period applicable to the Borrowing of which such LC Disbursement
is a part. 
 “Interest Period” means, with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the day that is one, two, or three months thereafter, as the Company may elect; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest
Period that commences on the last Business Day of a calendar month, shall end on the last Business Day of the last calendar month of such Interest Period and (iii) no Interest Period shall extend beyond the Termination Date. For purposes
hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Issuance Fee” means that certain non-refundable issuance fee described in the Fee Letter. 

“LC Disbursement” means the draft honored by the Issuer under the Letter of Credit, the term loan
resulting from a deemed conversion pursuant to Section 2.4(a), or both, as the context may require. 

“LC Documents” means this Agreement, the Request, the Letter of Credit, the Fee Letter, and all
other agreements, instruments, and other documents governing or providing for (a) the rights and obligations of the parties hereto with respect to the Letter of Credit or (b) any collateral provided hereunder as security for any of the
Obligations, in each case now or hereafter executed and/or delivered pursuant to or in connection with any of the foregoing. The parties confirm that that the Merger Agreement and the documents relating thereto and to the Acquisition shall not
constitute LC Documents. 
 “LC Exposure” means, at any time, the sum of (a) the
aggregate undrawn amount of the Letter of Credit at such time plus (b) the aggregate amount of the LC Disbursements that have not been reimbursed by the Company at such time. 

“Letter of Credit” has the meaning given in Section 2.1(a). 

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, the rate appearing
on Bloomberg L.P. (the “Service”) Page BBAM1/(Official BBA USD Dollar Libor Fixings) or any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the Issuer from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in an amount equal to the relevant Borrowing in
the London interbank market) at approximately 11:00 a.m., London time, two London Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that
such rate is not available at such time for any reason, then the LIBO Rate with respect to such Eurodollar Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next 1/16 of 1%) at which dollar deposits of
$5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Issuer in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two London Business
Days prior to the commencement of such Interest Period. 

  
 LETTER OF CREDIT AGREEMENT,
Page 6 

 “Lien” has the meaning assigned to such term in the Term
Loan Agreement. 
 “London Business Day” means any day that is a day on which dealings in
deposits denominated in Dollars are carried out in the London interbank market. 
 “Material Adverse
Effect” means a material adverse effect on (a) the business, assets, operations, property or condition, financial or otherwise, of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform its
obligations under the LC Documents, or (c) the rights of or benefits available to the Issuer thereunder. 
 “Maximum Rate” has the meaning assigned to such term in Section 7.13(a). 
 “Merger Agreement” means that certain Agreement and Plan of Merger, dated as of May 28, 2013 by and among the Company, Shuanghui, and Merger Sub, and all amendments and modifications
thereto made after the Effective Date permitted by Section 5.2 hereof. 
 “Merger Sub”
means Sun Merger Sub, Inc., a Virginia corporation and wholly-owned subsidiary of Shuanghui. 

“Obligations” means the obligation of the Company (without duplication) to reimburse each
LC Disbursement, repay any Borrowings and pay all accrued and unpaid fees, interest, costs, expenses, and other amounts provided for in the LC Documents now or hereafter existing, whether fixed, contingent, liquidated, or unliquidated. The
term Obligations includes any and all post-petition interest and expenses (including attorneys’ fees and disbursements) whether or not allowed under any bankruptcy, insolvency, or other similar law. 

“Other Connection Taxes” means, with respect to any recipient, Taxes imposed as a result of a present or
former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any LC Document) or sold or assigned an interest in this Agreement or any other LC Document. 

“Other Taxes” means any and all present or future stamp, documentary, intangible, recording, filing or
similar Taxes arising from any payment made hereunder or under any other LC Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other LC Document. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” has the
meaning assigned to such term in the Term Loan Agreement. 

  
 LETTER OF CREDIT AGREEMENT,
Page 7 

 “Public Bond Documents” has the meaning assigned to such
term in the Term Loan Agreement. 
 “Receivables Securitization” has the meaning assigned to
such term in the ABL Credit Facility. 
 “Related Parties” means, with respect to any specified
Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Request” means at any time a request by the Company for the issuance of the Letter of Credit hereunder, substantially in the form attached hereto as Exhibit A. 

“Restricted Subsidiary” has the meaning assigned to such term in the Term Loan Agreement. 

“Shuanghui” means Shuanghui International Holdings Limited, a corporation formed under the laws of the
Cayman Islands. 
 “Significant Subsidiary” means any Restricted Subsidiary that is a
“Significant Subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the Securities and Exchange Commission. 
 “Statutory Reserve Rate” means for any day (or for the Interest Period for any Eurodollar Borrowing), a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the arithmetic mean of the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the
Issuer is subject for eurocurrency funding (currently referred to as “Eurodollar liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar
LC Disbursements shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to the Issuer under
such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subsidiary” means, with respect to any Person, any corporation, association, limited liability company,
partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other equity interests (including partnership or joint venture interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such Person or (b) one or more Subsidiaries of such Person. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
 LETTER OF CREDIT AGREEMENT,
Page 8 

 “Term Loan Agreement” means that certain Amended and
Restated Term Loan Agreement dated as of August 31, 2012, among the Company, the lenders party thereto, and the Issuer, as administrative agent thereunder, as the same has been amended by that certain First Amendment to Amended and Restated
Term Loan Agreement dated as of January 31, 2013, that certain consent letter dated July 12, 2013, and as may be further amended, amended and restated, supplemented, or otherwise modified, so long as the Issuer remains party as the
“Administrative Agent” thereunder immediately after giving effect to the related amendment, amendment and restatement, supplement, or other modification. If the Issuer ceases to be the “Administrative Agent” under the Term Loan
Agreement, then “Term Loan Agreement” shall, for the avoidance of doubt, be deemed to mean the Term Loan Agreement in the form which existed immediately prior to the date on which the Issuer ceased to be the Administrative Agent
thereunder. 
 “Termination Date” means June 10, 2016. 

“Transactions” means the execution, delivery and performance by the Company of this Agreement and the
other LC Documents and the Issuer’s issuance of the Letter of Credit hereunder. 

“Type”, when used in reference to any LC Disbursement or Borrowing, refers to whether the rate of
interest on such LC Disbursement, or on the LC Disbursements comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“UCC” means the Uniform Commercial Code as adopted in the State of New York. 

“Wire Transfer Instructions” means the following wire transfer instructions or such other instructions
then most recently designated by the Issuer: 
  

					
	 Wire funds to:
	 	JPMorgan Chase N.A.	 	
	 ABA Number:
	 	021000021	 	
	 For the Account of:
	 	Rabobank International New York Branch
	 Account Number:
	 	400-212307	 	
	 For Further Credit to:
	 	Smithfield	 	
	 Reference:
	 	Loan Synd. /# 80223	 	
	 Attn:
	 	Punam Gambhir	 	

 Section 1.2. Terms Generally. 

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth
herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, this Agreement, (e) reference herein to any law or regulation shall be construed to include any amendment, replacement or other modification thereto and (f) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

  
 LETTER OF CREDIT AGREEMENT,
Page 9 

 Section 1.3. Accounting Terms; GAAP. 

Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP,
as in effect from time to time, provided that, if the Company notifies the Issuer that the Company requests an amendment to any provision (including any definition) hereof to eliminate the effect of any change occurring after the Effective Date in
GAAP or in the application thereof on the operation of such provision (or if the Issuer notifies the Company that the Issuer requests an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or
after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or
such provision amended in accordance herewith. 
 Section 1.4. Classification of LC Disbursement and
Borrowings. 
 For purposes of this Agreement, LC Disbursements outstanding after 5:00 p.m. (New York time)
on the Conversion Date may be classified and referred to by Type (e.g., a “Eurodollar LC Disbursements” or “ABR LC Disbursements”). For the avoidance of doubt, after such time Borrowings also may be
classified and referred to by Type (e.g., a “Eurodollar Borrowing” or “ABR Borrowing”). 

ARTICLE II 

THE FACILITY 
 Section 2.1. Request for Issuance. 
 (a) Subject to the terms
and conditions set forth herein, during the Availability Period, the Company or the Merger Sub may request the issuance of, and the Issuer shall issue to the Merger Sub, an irrevocable standby letter of credit for the Company’s account in the
form attached as Annex I to the Request (the “Letter of Credit”). The Company authorizes the Issuer to accept a Request for the issuance of the Letter of Credit during the Availability Period signed solely by the Merger Sub.

 (b) To request the issuance of the Letter of Credit, the Company or the Merger Sub, as the case may be, shall deliver by hand
or facsimile to the Issuer (no less than three (3) Business Days prior to the requested date of issuance) a Request requesting the issuance of the Letter of Credit and containing only the information required by the Request attached hereto as
Exhibit A, it being understood and agreed that no other information shall be necessary or required for Issuer to prepare or issue the Letter of Credit. The Letter of Credit shall be governed by the laws of the State of New York and the International
Standby Practices 1998, International Chamber of Commerce Publication No. 590, and shall provide for a single draw on the Draw Date. 
 (c) The Letter of Credit shall have a stated expiry date as provided in paragraph 7 of the Letter of Credit. 
 (d) The Commitment shall terminate on the earliest to occur of: (i) the issuance of the Letter of Credit, (ii) 5:00 p.m., New York City time, on December 6, 2013, (iii) the
Issuer’s receipt of written notice from the Company terminating the Commitment hereunder and (iv) the first Business Day following the consummation of the Acquisition. Any termination of the Commitment is permanent. 

  
 LETTER OF CREDIT AGREEMENT,
Page 10 

 Section 2.2. Issuance. 

The obligation of the Issuer to issue the Letter of Credit is subject to the satisfaction of the following conditions: 

(a) the Issuer shall have received the Request in accordance with Section 2.1(b); 

(b) the Availability Period shall not have ended; and 
 (c) the Issuer shall have received the Issuance Fee from the Company or the Merger Sub. 
 Section 2.3. Disbursement and Reimbursement. 
 (a) The Issuer
shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under the Letter of Credit. The Issuer shall promptly after such examination notify the Company by telephone (confirmed by facsimile or
electronic communication) of such demand for payment and whether the Issuer has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Company of its obligation to
reimburse the Issuer with respect to the LC Disbursement. 
 (b) Subject to Section 2.4, the Company shall reimburse
the LC Disbursement by paying the amount thereof to the Issuer on or before the third Business Day immediately following the Draw Date. Any LC Disbursement outstanding after the Draw Date shall bear interest on the outstanding amount
thereof in accordance with Section 2.7 and, if outstanding at the Conversion Date, shall be deemed to be converted to a term loan in accordance with Section 2.4. Notwithstanding anything to the contrary set forth herein, any failure by the
Company to reimburse such LC Disbursement on or prior to the Conversion Date shall not be a Default. 
 (c) The Issuer
shall maintain in accordance with its usual practice an account evidencing the LC Disbursement, any Borrowings and all other amounts payable by the Company under this Agreement and the other LC Documents. The entries made in such account
shall be prima facie evidence of the existence, Types, and amounts of the Obligations recorded therein and such determination shall be conclusive absent manifest error; provided that the failure of the Issuer to maintain such accounts
or any error therein shall not in any manner affect the obligation of the Company to pay the Obligations in accordance with the terms of this Agreement and the other LC Documents. Amounts received by the Issuer (i) not constituting either
(A) a specific payment of principal, interest, fees or other sum payable under the LC Documents (which shall be applied as specified by the Company), (B) a mandatory prepayment (which shall be applied in accordance with
Section 2.4(c)), or (C) amounts to be used to cash collateralize LC Exposure, or (ii) for so long as an Event of Default exists, shall be applied, without duplication, (v) first, to pay the accrued and unpaid fees owing to the
Issuer hereunder, until such amounts are paid in full, (w) second, to pay accrued and unpaid interest on the LC Disbursements, until such amount is paid in full, (x) third, to pay the unreimbursed principal amount of
LC Disbursements, until paid in full, (y) fourth, to pay all other outstanding Obligations until fully paid, and (z) fifth, to return any remaining amounts to the Company. 

  
 LETTER OF CREDIT AGREEMENT,
Page 11 

 (d) The Company’s obligation to reimburse LC Disbursements as provided in this
Agreement shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of the Letter of Credit or this Agreement, or any term or provision therein, (ii) the Request for the Letter of Credit or any draft or other document presented under the Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuer under the Letter of Credit against presentation of a draft or other document that does not comply with the terms of the Letter of Credit or
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the
Company’s obligations hereunder. Neither the Issuer nor any of its Related Parties shall have any liability or responsibility by reason of or in connection with the issuance or transfer of the Letter of Credit or any payment or failure to make
any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to
the Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuer; provided that the foregoing shall not be
construed to excuse the Issuer from liability to the Company to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Company to the extent permitted by applicable law) suffered by
the Company that are caused by the Issuers’ failure to exercise care when determining whether drafts and other documents presented under the Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence
of gross negligence or willful misconduct on the part of the Issuer (as finally determined by final non-appealable judgment by a court of competent jurisdiction), the Issuer shall be deemed to have exercised care in each such determination. In
furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of the Letter of Credit, the Issuer may,
in its sole discretion, either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such
documents are not in strict compliance with the terms of the Letter of Credit. 
 (e) The Issuer shall not be required to take
any action which the Issuer reasonably believes exposes it to personal liability or which the Issuer reasonably believes is contrary to any LC Document or applicable law. The Company assumes all risks of the acts or omissions of the beneficiary
with respect to its use of any of the proceeds of the Letter of Credit. If at any time it becomes unlawful for the Issuer to comply with any of its obligations under the Letter of Credit (including as a result of any sanctions imposed by the United
Nations, the European Union, the Netherlands, the United Kingdom and/or the United States of America), such obligations shall be suspended (and all corresponding rights shall cease to accrue) until such time as it may again become lawful for the
Issuer to comply with them, and the Issuer shall not be liable for any losses which the Company may incur as a result. 
 (f)
All amounts payable hereunder shall be paid on the date due in immediately available funds in Dollars. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business
Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. 

Section 2.4. Payments and Prepayments of LC Disbursements. 

(a) The aggregate amount of the LC Disbursement which remains outstanding as of 5:00 p.m. (New York time) on the Conversion
Date shall automatically be deemed to be converted, without any further action or notice by any Person, to a term loan advanced on the Draw Date by the Issuer to the Company in an aggregate principal amount equal to the aggregate amount of the

  
 LETTER OF CREDIT AGREEMENT,
Page 12 

 
LC Disbursement which remains outstanding as of 5:00 p.m. (New York time) on the Conversion Date, with the outstanding principal amount of such term loan being due and payable in full on the
Termination Date. The Company hereby promises to pay the principal amount of such converted LC Disbursement and all accrued and unpaid interest thereon in full on the Termination Date. 

(b) After the Conversion Date, the Company shall have the right at any time and from time to time to prepay such LC Disbursements,
in whole or in part, without premium or penalty other than payment of any loss, cost or expense in accordance with Section 2.9(b), subject to the Company providing the Issuer written notice of the amount and date of prepayment no less than
(i) in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment, and (ii) in the case of prepayment of an ABR Borrowing, not later than
11:00 a.m., New York City time, one Business Day before the date of prepayment. 
 (c) On each Business Day after a
Liquidity Determination Date, the Company shall prepay the outstanding principal amount of the LC Disbursements, along with all accrued but unpaid interest thereon in accordance with Section 2.7(d), in an amount equal to the Excess Liquidity
Amount calculated as of such Liquidity Determination Date. 
 As used in this Section 2.4(c): 

“Excess Liquidity Amount” means, as of any Liquidity Determination Date, an amount equal to the lesser of
(i) the positive difference, if any, of (x) the Liquidity minus (y) $350,000,000 and (ii) the maximum amount permitted by the terms of the ABL Credit Facility to prepay the L/C Disbursements pursuant to this Section 2.4(c).
 
 “Liquidity” means, as of any Liquidity Determination Date, an amount equal to the sum of:
(i) the unrestricted cash and Cash Equivalents of the Company and its Domestic Subsidiaries, (ii) the amount of the Borrowing Limit available to Smithfield Receivables Funding LLC or any similar or corresponding term governing the amount
available to the Company or its Subsidiaries for borrowing under any refinancing or replacement of the Receivables Securitization and (iii) the amount of Availability under the ABL Credit Facility or any similar or corresponding term governing
the amount available to the Company or its Subsidiaries for borrowing under any refinancing or replacement of the ABL Credit Facility. 
 “Liquidity Determination Date” shall mean (i) in the case of any date occurring on or prior to the 90th day following the Conversion Date, each Thursday (or if such Thursday is not a Business Day, the first Business Day
prior thereto) after the Conversion Date, and (ii) in the case of any date thereafter, each Business Day. 

Section 2.5. LC Disbursements and Borrowings. 

(a) The LC Disbursement outstanding as of 5:00 p.m. (New York time) on the Conversion Date shall be deemed to be a single ABR
Borrowing. Thereafter, subject to Section 2.9, each Borrowing constituting the converted LC Disbursement shall be comprised entirely of ABR Borrowings or Eurodollar Borrowings as the Company may request in accordance herewith. 

(b) At the commencement of each Interest Period for any Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $1,000,000 and not less than $5,000,000. Borrowings of more than one Type may be outstanding at the same time; provided, that there shall not at any time be more than a total of nine Eurodollar Borrowings outstanding.

  
 LETTER OF CREDIT AGREEMENT,
Page 13 

 (c) Notwithstanding any other provision of this Agreement, the Company shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Termination Date. 
 Section 2.6. Interest Elections. 
 (a) From and after the
Conversion Date, the Company may elect to convert the converted LC Disbursement to one or more Borrowings of different Types or to continue any Borrowings of either Type and, in the case of a Eurodollar Borrowing, may elect Interest Periods
therefor, all as provided in this Section 2.6. Subject to the other provisions hereof, the Company may elect different options with respect to different Borrowings comprising portions of the converted LC Disbursement, and each such portion
shall be considered a separate Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Issuer notifies the Company, then (i) no outstanding Borrowing may be converted to or
continued as a Eurodollar Borrowing, and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period therefor. 
 (b) To make an election pursuant to this Section 2.6, the Company shall notify the Issuer of such election by telephone by: (i) in the case of a Eurodollar Borrowing, not later than
11:00 a.m., New York City time, three Business Days before the date of the proposed election and (ii) in the case of an ABR Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed
election. Each such telephonic request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Issuer of a written Interest Election Request and signed by the Company. 

(c) Each telephonic and written Interest Election Request shall specify the following information: the Borrowing to which such Interest
Election Request applies; the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and if the resulting
Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period”. If any such Interest Election
Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Company shall be deemed to have selected an Interest Period of one month’s duration. 

(d) If the Company fails to deliver a timely Interest Election Request with respect to a Eurodollar Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period, the Company shall be deemed to have selected to continue such Eurodollar Borrowing with an Interest Period of one
month’s duration. 
 Section 2.7. Interest. 

(a) If the Issuer shall make the LC Disbursement under the Letter of Credit, then, unless the Company shall reimburse the same in
full on the Draw Date, the unpaid amount thereof shall bear interest, for each day from and including the Draw Date to but excluding the earlier of (x) the date that the Company reimburses the LC Disbursement in full and (y) the
Conversion Date, at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin. If the LC Disbursement is not reimbursed in full on or prior to the Conversion Date, then from and including the Conversion Date and at all times
thereafter, the outstanding LC Disbursement shall continue to bear interest at the Alternate Base Rate plus the Applicable Margin until fully paid, subject to any conversion of a Borrowing to a Eurodollar Borrowing in accordance with
Section 2.6. 

  
 LETTER OF CREDIT AGREEMENT,
Page 14 

 (b) Each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable
Margin. Each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 
 (c) Notwithstanding the foregoing, if any LC Disbursement, any interest thereon, any fee or other amount payable by the Company hereunder is not paid when due (after giving effect, and subject, to
Section 2.4(a) hereof), whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to the sum of the Alternate Base Rate plus the Applicable
Margin plus two percent (2.0%). Automatically when an Event of Default of the type described in Section 6.1 (g) or (h) exists (to the fullest extent permitted by law) and, at the election of the Issuer, whenever any other Event of
Default is continuing, all outstanding Obligations shall bear interest at a rate per annum equal to the sum of the Alternate Base Rate plus the Applicable Margin plus two percent (2.0%). 

(d) Accrued interest on each ABR or Eurodollar LC Disbursement shall be payable in arrears on each Interest Payment Date for such
ABR or Eurodollar LC Disbursement and on the Termination Date; provided that (i) interest accrued pursuant to clause (c) of this Section 2.7 shall be payable on demand, (ii) in the event of any repayment or prepayment of any
LC Disbursement, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment; and (iii) in the event of any conversion of any Eurodollar Borrowing prior to the end of the current
Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date of such conversion. 
 (e)
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Base Rate shall be computed on the basis of a
year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate and Adjusted LIBO Rate shall be
determined by the Issuer, and such determination shall be conclusive absent manifest error. 
 Section 2.8.
Fees. 
 (a) The Company shall pay to the Issuer a drawing fee equal to one percent (1.0%) of the aggregate
principal amount of the LC Disbursements outstanding as of 5:00 p.m. (New York time) on the Conversion Date, which drawing fee shall be due and payable on the first Business Day following the Conversion Date. 

(b) On the first anniversary of the Draw Date, the Company shall pay to the Issuer a fee equal to one-half of one percent (0.50%) of the
aggregate principal amount of the LC Disbursements outstanding on such date. 
 (c) The Company shall pay to the Issuer
from time to time such customary fees and commissions for the amendment, presentation, or processing of the Letter of Credit as the Issuer may then customarily charge to its customers for standby letters of credit. Such fees and commissions shall be
due and payable within ten (10) days after written demand therefor. 
 (d) All fees payable hereunder or under the Fee
Letter shall be paid on the dates due, in immediately available funds, to the Issuer. Fees paid shall not be refundable under any circumstances. 

  
 LETTER OF CREDIT AGREEMENT,
Page 15 

 Section 2.9. Alternate Rate of Interest; Break Funding Payments.

 (a) If prior to the commencement of any Interest Period: 

 

	 	(i)	the Issuer determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for such Interest Period; or 

  

	 	(ii)	the Issuer determines (which determination shall be conclusive absent manifest error) that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest
Period will not adequately and fairly reflect the cost to the Issuer of making or maintaining the LC Disbursements included in such Borrowing for such Interest Period; 

 then the Issuer shall give notice thereof to the Company by telephone or telecopy as promptly as practicable thereafter and, until the Issuer notifies the Company that the circumstances giving rise to
such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or the continuation of any Borrowing as, a Eurodollar Borrowing, shall be ineffective and (ii) all such Borrowings (unless
prepaid) shall be continued as, or converted to, an ABR Borrowing. 
 (b) In the event of (i) the payment of any principal
of any Eurodollar LC Disbursement other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (ii) the conversion of any Eurodollar LC Disbursement other than on the last day of
the Interest Period applicable thereto, or (iii) the failure to convert, continue or prepay any Eurodollar LC Disbursement on the date specified in any notice delivered pursuant hereto, then, in any such event, the Company shall compensate
the Issuer for the loss, cost and expense attributable to such event. In the case of a Eurodollar LC Disbursement, such loss, cost or expense to the Issuer shall be deemed to include an amount determined by the Issuer to be the excess, if any,
of (y) the amount of interest which would have accrued on the principal amount of such LC Disbursement had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such LC Disbursement, for the period from
the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to convert or continue, for the period that would have been the Interest Period for such LC Disbursement), over (z) the
amount of interest which would accrue on such principal amount for such period at the interest rate which the Issuer would bid were it to bid, at the commencement of such period, for deposits of a comparable amount and period from other banks in the
Eurodollar market. A certificate of the Issuer setting forth any amount or amounts that the Issuer is entitled to receive pursuant to this Section 2.9(b) shall be delivered to the Company and shall be conclusive absent manifest error. The
Company shall pay the Issuer the amount shown as due on any such certificate within ten days after receipt thereof. 

Section 2.10. Increased Costs. 
 (a) If any Change in Law shall: 
  

	 	(i)	impose, modify or deem applicable any reserve, special deposit, compulsory loan, or similar requirement against assets of, deposits with or for the account of, or
credit extended or financial accommodation provided by the Issuer (except any such reserve requirement reflected in the Adjusted LIBO Rate); 

  
 LETTER OF CREDIT AGREEMENT,
Page 16 

	 	(ii)	subject the Issuer to any (or any increase in any) Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes) with respect to this Agreement, the Letter
of Credit or any other LC Document; or 

  

	 	(iii)	impose on the Issuer or the London interbank market any other condition, cost or expense affecting this Agreement, the Letter of Credit or any other LC Document;

 and the result of any of the foregoing shall be to increase the cost to the Issuer of issuing or maintaining the Letter of
Credit (or of maintaining its obligation to issue the Letter of Credit) or any other Obligation, or to reduce the amount of any sum received or receivable by the Issuer hereunder (whether of principal, interest or any other amount) then, upon
request of the Issuer, the Company will pay to the Issuer such additional amount or amounts as will compensate the Issuer for such additional costs incurred or reduction suffered. 

(b) If the Issuer determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of
return on the Issuer’s capital or on the capital of the Issuer’s holding company, if any, as a consequence of this Agreement, the Letter of Credit, any other LC Document, or the Commitment hereunder, to a level below that which the
Issuer or the Issuer’s holding company could have achieved but for such Change in Law (taking into consideration the Issuer’s policies and the policies of the Issuer’s holding company, in each case, with respect to capital adequacy),
then from time to time the Company will pay to the Issuer such additional amount or amounts as will compensate the Issuer or the Issuer’s holding company for any such reduction suffered. 

(c) A certificate of the Issuer setting forth in reasonable detail calculations of the amount or amounts necessary to compensate the
Issuer or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Company and shall be conclusive absent manifest error. The Company shall pay the Issuer the amount shown as
due on any such certificate within 10 days after receipt thereof. 
 (d) Failure or delay on the part of the Issuer to demand
compensation pursuant to this Section shall not constitute a waiver of the Issuer’s right to demand such compensation; provided that the Company shall not be required to compensate the Issuer pursuant to this Section for any increased
costs incurred or reductions suffered more than 270 days prior to the date that the Issuer notifies the Company of the Change in Law giving rise to such increased costs or reductions and of the Issuer’s intention to claim compensation therefor;
provided, further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270 day period referred to above shall be extended to include the period of retroactive effect thereof. 

Section 2.11. Taxes. 
 (a) Any and all payments by or on account of any Obligation of the Company under any LC Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or
Other Taxes; provided that if the Company shall be required by applicable law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then: (i) the sum payable shall be increased as necessary so that after making
all required deductions (including deductions applicable to additional sums payable under this Section) the Issuer receives an amount equal to the sum it would have received had no such deductions been made; (ii) the Company shall make such
deductions; and (iii) the Company shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

  
 LETTER OF CREDIT AGREEMENT,
Page 17 

 (b) Without limiting the provisions of paragraph (a) above, the Company shall timely
pay, or at the option of and upon written request from the Issuer timely reimburse it for the payment of, any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) The Company shall indemnify the Issuer, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or
Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid or payable by the Issuer or required to be withheld or deducted from a payment to the Issuer, and any
penalties, interest and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
setting forth in reasonable detailed calculations of the amount of such payment or liability delivered to the Company by the Issuer shall be conclusive absent manifest error. 
 (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Company to a Governmental Authority, the Company shall deliver to the Issuer the original or a certified copy of a
receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Issuer. 

(e) For so long as the Issuer is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which
the Company is resident for tax purposes (or any treaty to which such jurisdiction is a party) with respect to payments under any LC Document, the Issuer shall deliver to the Company at the time or times prescribed by applicable law or
reasonably requested by the Company, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, the Issuer, if
requested by the Company, shall deliver such other documentation prescribed by applicable law or as will enable the Company to determine whether or not the Issuer is subject to backup withholding or information reporting requirements. The Issuer
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Company in writing of its legal inability to do so.
Notwithstanding anything to the contrary in the preceding three sentences, the completion, execution and submission of such documentation shall not be required if in the Issuer’s reasonable judgment such completion, execution or submission
would subject the Issuer to any material unreimbursed costs or expenses or would materially prejudice the legal or commercial position of the Issuer. 
 (f) If a payment made to the Issuer under any LC Document would be subject to U.S. federal withholding Tax imposed by FATCA if the Issuer were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Issuer shall deliver to the Company at the time or times prescribed by law and at such time or times reasonably requested by the
Company such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company as may be necessary for the Company to comply with
its obligations under FATCA and to determine that the Issuer has complied with its obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph (f), “FATCA” shall
include any amendments made to FATCA after the date of this Agreement. 
 (g) If the Issuer determines, in its sole discretion
exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 2.11, it shall pay to the Company an amount equal to such refund (but only to the extent of the indemnity payments
made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket 

  
 LETTER OF CREDIT AGREEMENT,
Page 18 

 
expenses (including Taxes) of the Issuer and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). The Company, upon the request of
the Issuer, shall repay to the Issuer the amount paid over pursuant to this Section 2.11(g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that the Issuer is required to repay such
refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.11(g), in no event will the Issuer be required to pay any amount to the Company pursuant to this Section 2.11(g) the payment of which would
place the Issuer in a less favorable net after-Tax position than the Issuer would have been in if the Tax subject to indemnification payments or additional amounts with respect to such Tax had never been paid. This Section 2.11(g) shall not be
construed to require the Issuer to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Company or any other Person. 

Section 2.12. Payments Generally. 
 Except as otherwise provided herein, the Company shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or otherwise)
or under any other LC Document by 12:00 Noon, New York City time, on the date when due, in immediately available funds in Dollars, without set-off, deduction or counterclaim. Unless expressly otherwise provided in the applicable
LC Document, all such payments shall be made to the Issuer pursuant to the Wire Transfer Instructions. 

Section 2.13. Mitigation Obligations; Designation of a Different Issuing Office. 

If the Issuer requests compensation under Section 2.10, or if the Company is required to pay any additional amount to the Issuer or
any Governmental Authority for the account of the Issuer pursuant to Section 2.11, then the Issuer shall use reasonable efforts to designate a different issuing office for the Letter of Credit hereunder or to assign its rights and obligations
hereunder to another of its offices or branches if, in the judgment of the Issuer, such designation or assignment (a) would eliminate or reduce amounts payable pursuant to Section 2.10 or 2.11, as the case may be, in the future and
(b) would not subject the Issuer to any unreimbursed cost or expense and would not otherwise be disadvantageous to the Issuer; provided that, upon any such change in any lending office or assignment, the Issuer shall provide or cause to be
delivered to the Company the appropriate forms specified in and to the extent required by Section 2.11. The Company hereby agrees to pay all reasonable costs and expenses incurred by the Issuer in connection with any such designation or
assignment. 
 Section 2.14. Returned Payments. 

If after receipt of any payment which is applied to the payment of all or any part of the Obligations, the Issuer is for any reason
compelled to surrender such payment or proceeds to any Person because such payment or application of proceeds is invalidated, declared fraudulent, set aside, determined to be void or voidable as a preference, impermissible setoff, or a diversion of
trust funds, or for any other reason, then the Obligations or part thereof intended to be satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment or proceeds had not been received by the Issuer.
The provisions of this Section 2.14 shall be and remain effective notwithstanding any contrary action which may have been taken by the Issuer in reliance upon such payment or application of proceeds. The provisions of this Section 2.14
shall survive the termination of this Agreement. 

  
 LETTER OF CREDIT AGREEMENT,
Page 19 

 ARTICLE III 
 CONDITIONS 
 Section 3.1. Conditions to Effectiveness.

 The Commitment of the Issuer shall not become effective until the date on which each of the following conditions is
satisfied (or waived in writing by the Issuer) (such date, the “Effective Date”): 
 (a) The Issuer (or
its counsel) shall have received from the Company either (i) a counterpart of each of this Agreement and the Fee Letter signed by the Company or (ii) written evidence satisfactory to the Issuer (which may include telecopy or other
electronic transmission of signed signature pages) that the Company has signed a counterpart of each of this Agreement and the Fee Letter; 
 (b) The Issuer (or its counsel) shall have received a favorable written opinion (addressed to the Issuer and dated the Effective Date) of counsel for the Company, addressing the matters relating to the
Company set forth in Sections 4.1, 4.2, and 4.3 of this Agreement and covering such other matters relating to the Company, this Agreement, the Letter of Credit, the other LC Documents or the other Transactions as the Issuer shall reasonably
request (and the Company hereby requests such counsel to deliver such opinion); 
 (c) The Issuer (or its counsel) shall have
received a certificate of the Secretary or Assistant Secretary of the Company (i) attaching true, correct and complete copies of the Company’s articles of incorporation, the Company’s bylaws and the resolutions adopted by the board of
directors of the Company evidencing the Company’s power and authority to enter into this Agreement and the other LC Documents and (ii) certifying the incumbency, power and authority of each signatory to execute this Agreement and each
other LC Document on behalf of the Company, and the genuineness of the specimen signature of each such signatory; 
 (d)
The Issuer (or its counsel) shall have received a good standing certificate of the Company issued by the Secretary of State of the State of Virginia as of a date not earlier than June 27, 2013; 

(e) The Issuer shall have received reimbursement or payment of all fees and out-of-pocket expenses required to be reimbursed or paid by
the Company hereunder; 
 (f) The representations and warranties of the Company set forth in this Agreement and the
LC Documents shall be true and correct in all material respects (or, in the case of any representation and warranty qualified by materiality, in all respects) on and as of the date hereof except to the extent such representations and warranties
expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, or, in the case of any representation and warranty qualified by materiality, in all
respects as of such earlier date); and 
 (g) No Default shall exist immediately prior to the Effective Date. 

Notwithstanding the foregoing, the Commitment shall not become effective unless each of the foregoing conditions is satisfied (or waived in writing by
the Issuer) at or prior to 5:00 p.m., New York City time, on or before July 12, 2013. The Issuer shall notify the Company of the Effective Date and such notice shall be conclusive and binding. 

  
 LETTER OF CREDIT AGREEMENT,
Page 20 

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 The Company represents and warrants to the
Issuer that: 
 Section 4.1. Organization; Powers. 

Each of the Company and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction of
its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is
qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

Section 4.2. Authorization; Enforceability. 

The Transactions are within the Company’s corporate powers and have been duly authorized by all necessary corporate and, if
required, shareholder action. Each of this Agreement and the other LC Documents has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable in accordance with its terms,
subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 Section 4.3. Governmental Approvals; No Conflicts. 

The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational documents of the Company or any of its Subsidiaries or any order of any Governmental Authority, (c) are permitted
by the Receivables Securitization, the ABL Credit Facility and the Public Bond Documents and will not otherwise violate or result in a default under any of the Public Bond Documents, the ABL Credit Facility, the Receivables Securitization, or any
other indenture, agreement or other instrument binding upon the Company or any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Subsidiaries, and (d) will not
result in the creation or imposition of any Lien on any asset of the Company or any of its Subsidiaries. 
 Section 4.4.
Financial Condition; No Material Adverse Change. 
 (a) The Company has heretofore furnished to the
Issuer its consolidated balance sheet, statements of income, shareholders equity and cash flows and pro forma information as of and for the Fiscal Year ended April 28, 2013, reported on by Ernst & Young LLP, independent
public accountants. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in
accordance with GAAP, subject to year-end audit adjustments. 
 (b) Since April 28, 2013, there has been no event,
development or circumstance that has had or could reasonably be expected to have a Material Adverse Effect. 
 (c) The Company
does not have on the date of this Agreement any contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated losses from any unfavorable commitments in each case that are material, except as
referred to or reflected in the balance sheets as at April 28, 2013. 

  
 LETTER OF CREDIT AGREEMENT,
Page 21 

 Section 4.5. Properties. 

(a) The Company and its Subsidiaries has good and indefeasible title to, or valid leasehold interests in, all its real and personal
property material to its business, except for defects in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes, free of all Liens other than
those permitted by the Term Loan Agreement. 
 Section 4.6. Litigation and Environmental Matters.

 (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or,
to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries (i) as to which an adverse determination is reasonably likely and that, if adversely determined, could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement, the other LC Documents or the Transactions. 
 (b) Except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither the Company nor any of its
Subsidiaries (i) has failed to comply with any of the Environmental Laws or to obtain, maintain or comply with any permit, license or other approval required under any of the Environmental Laws, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 
 Section 4.7. Compliance with Laws and Agreements.  
 Each of the Company and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other
instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default or Event of Default has occurred and is continuing.

 Section 4.8. Investment Company Status.  

Neither the Company nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940. 
 Section 4.9. Taxes.  

Each of the Company and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed
and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its
books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 Section 4.10. ERISA.  
 No ERISA Event has
occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all
accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87), individually and in the aggregate, did not, as of the date of the most recent financial
statements reflecting such amounts, exceed the fair market value of the assets of such Plan or Plans by an amount which could reasonably be expected to result in a Material Adverse Effect. 

  
 LETTER OF CREDIT AGREEMENT,
Page 22 

 Section 4.11. Disclosure.  

The Company and its Subsidiaries have disclosed to the Issuer all agreements, instruments and corporate or other restrictions to which
they are subject, and all other matters known to them, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 Section 4.12. Solvency. 
 Immediately after
giving pro forma effect to the Indebtedness of the Company to be incurred hereunder, pro forma effect to all Indebtedness of the Company to be incurred in connection with the Acquisition and all repayments of Indebtedness of the Company to be repaid
in connection with the Acquisition: (a) the fair value of the assets of the Company, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of
the Company will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the
Company will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured and (d) the Company will not have unreasonably small capital with which to conduct the
business in which it is engaged as such business is now conducted and is proposed to be conducted after the Effective Date including, without limitation, after giving effect to the Acquisition and the transactions related thereto. The Company does
not intend, and does not believe that it will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it (whether from anticipated refinancings, asset sales, capital
contributions or otherwise) and the timing of the amounts of cash to be payable on or in respect of its Indebtedness. 

ARTICLE V 

COVENANTS 

Section 5.1. Use of Letter of Credit. 

The Company or the Merger Sub shall request the issuance of the Letter of Credit for the account of the Company hereunder solely to
support the Company’s obligations arising in connection with the Merger Agreement and the transactions contemplated thereby. 
 Section 5.2. Amendments to Merger Agreement. 

The Company will not amend or modify the Merger Agreement in a manner that is material and adverse to the Issuer unless otherwise
consented in writing by the Issuer (which consent shall not be unreasonably withheld or delayed). The Company and the Issuer agree that any change in the purchase price set forth in the Merger Agreement (as in effect on the Effective Date) by an
amount equal to five percent (5.0%) or more of such purchase price shall require the consent of the Issuer, such consent not be unreasonably withheld or delayed; provided, however, no consent of the Issuer shall be required if the purchase
price is increased by five percent (5.0%) or more but such increase in excess of five percent (5.0%) will be funded solely with equity from Shuanghui and not by the assumption or incurrence of Indebtedness by the Company. 

  
 LETTER OF CREDIT AGREEMENT,
Page 23 

 Section 5.3. Payments in connection with Acquisition.

 The Company shall not permit the aggregate amount of (a) the LC Disbursement, (b) funds drawn under the ABL
Credit Facility and under the Receivables Securitization, and (c) cash-on hand of the Company, in each case, which are used to fund the Merger (as defined in the Merger Agreement) and the other transactions related thereto (including the
repayment of indebtedness and the repurchase of capital stock in connection therewith) to exceed $800,000,000. 
 ARTICLE VI

 EVENTS OF DEFAULT; REMEDIES 
 Section 6.1. Events of Default. 
 If any
of the following events (“Events of Default”) shall occur: 
 (a) the Company shall fail to reimburse or
pay any principal of any LC Disbursement (after giving effect to the conversion contemplated by Section 2.4(a), if applicable) when and as the same shall become due and payable, whether at the due date thereof or upon acceleration or
otherwise; 
 (b) the Company shall fail to pay any interest or any fee or any other amount (other than an amount referred to in
Section 6.1(a)) payable under this Agreement or under any other LC Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five or more days; 

(c) any representation, warranty or certification made or deemed made by or on behalf of the Company or the Merger Sub in or in
connection with this Agreement or any other LC Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in
connection with this Agreement or any other LC Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, shall prove to have been incorrect in any material respect when made or deemed made; 

(d) the Company fails to comply with Section 5.1, 5.2 or 5.3 of this Agreement; 

(e) the Company defaults in the performance of or a breach of any other covenant or agreement in this Agreement or any other
LC Document (other than those referred to in clauses (a), (b), (c), or (d) above), and such breach or default continues for a period of thirty (30) days after the Company receives written notice thereof from the Issuer; 

(f) if any LC Disbursement is outstanding (i) the occurrence of any “Event of Default” as defined in the Term Loan
Agreement or (ii) any material provision of the Term Loan Agreement for any reason ceases to be valid, binding and enforceable in accordance with its terms (or the Company shall challenge the enforceability of the Term Loan Agreement or shall
assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Term Loan Agreement has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); 

  
 LETTER OF CREDIT AGREEMENT,
Page 24 

 (g) the Company or a Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law: (i) commences a voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary case; (iii) consents to the appointment of a Custodian of it or for any substantial part of its property;
(iv) makes a general assignment for the benefit of its creditors; or (v) takes any comparable action under any foreign laws relating to insolvency; 
 (h) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (i) is for relief against the Company or any Significant Subsidiary in an involuntary case;
(ii) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of its property; (iii) orders the winding up or liquidation of the Company or any Significant Subsidiary; or (iv) any similar relief is
granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 60 days; or 
 (i) any
material provision of any LC Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or the Company shall challenge the enforceability of any LC Document or shall assert in writing, or engage in
any action or inaction based on any such assertion, that any provision of any of the LC Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms). 

Section 6.2. Remedies. 
 Upon the occurrence of an Event of Default (other than an Event of Default with respect to the Company described in clause (g) or (h) of Section 6.1) and at any time thereafter during the
continuance of such event, the Issuer may, by written notice to the Company: 
 (a) declare all Obligations then outstanding to
be due and payable, and thereupon the Obligations shall immediately become due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all of which are hereby waived by
the Company; and 
 (b) if the Letter of Credit is then issued and outstanding, require the Company to deposit within one
(1) Business Day after such notice, into an account established and maintained on the books and records of the Issuer, which account may be a “securities account” (within the meaning of Section 8-501 of the UCC), in the name of
the Issuer and for the benefit of the Issuer (the “LC Collateral Account”), an amount in immediately available funds in Dollars equal to 105% of the LC Exposure as of such date plus any accrued and unpaid interest thereon. Such
deposits shall be held by the Issuer as collateral for the LC Exposure under this Agreement and for the payment and performance of the Obligations, and for this purpose the Issuer shall have exclusive dominion and control, including the exclusive
right of withdrawal, over the LC Collateral Account, the LC Collateral Account shall be subject to a deposit account control agreement or securities account control agreement, in form acceptable to the Issuer, and the Company hereby grants a
security interest to the Issuer in the LC Collateral Account and in any financial assets (as defined in the UCC) or other property held therein. Other than any interest earned on the investment of such deposits, which investments shall be made at
the option and sole discretion of the Issuer and at the Company’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the LC Collateral Account. Moneys and financial
assets in the LC Collateral Account shall be applied by the Issuer to reimburse the LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of
the Company for the LC Exposure at such time. The Issuer shall cause all such cash collateral (to the extent not applied as aforesaid) to be returned to the Company within three Business Days after the applicable Event of Default shall have been
cured or waived. The Company will, at its expense, execute and deliver any and all further documents, agreements and instruments, and take all such further actions (including any filing or recording of financing statements or other documents in
connection with cash collateral delivered pursuant hereto), which the Issuer may reasonably request to grant, preserve, protect or perfect the Lien of the Issuer on the LC Collateral Account or the validity or priority of such Lien. 

  
 LETTER OF CREDIT AGREEMENT,
Page 25 

 In case of any event with respect to the Company described in clause (g) or (h) of
Section 6.1, the Obligations shall automatically become due and payable and the obligation of the Company to cash collateralize the LC Exposure and accrued and unpaid interest thereon as aforesaid shall automatically become due and effective,
in each case without further act of the Issuer and without any presentment, demand, protest, notice of any kind, all of which are hereby waived by the Company. In the event of acceleration or cash collateralization because an Event of Default set
forth in clause (f) (i) (as a result of an “Event of Default” (as defined in the Term Loan Agreement) described in clause (h) of Article VIII of the Term Loan Agreement) above has occurred and is continuing, such
acceleration and cash collateralization shall be automatically rescinded and annulled if the event triggering such Event of Default shall be remedied or cured by the Company and/or the relevant Significant Subsidiaries or waived by the holders of
the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. In addition, if any Event of Default shall exist, the Issuer may exercise any and all rights and remedies afforded by applicable law, by any of the
LC Documents, by equity, or otherwise. 
 ARTICLE VII 

MISCELLANEOUS 
 Section 7.1. Notices. 
 (a) Except in the case of
notices and other communications expressly permitted to be given by telephone (and subject to clause (b) of this Section 7.1), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by facsimile or by other electronic transmission, as follows: 
  

	 	(i)	if to the Company at: 

 Smithfield Foods, Inc. 
 200 Commerce Street 

Smithfield, VA 23430 
 Attention: Robert Manly (Telecopy No. 757-365-3025) 
 and Ken
Sullivan (Telecopy No. 757-365-3018); 
  

	 	(ii)	if to the Issuer at: 

 Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., 

“Rabobank Nederland”, New York Branch 

245 Park Avenue 
 New York, NY 10167 
 Attention: Trade Services Department

 Fax: 201-499-5479 
 Phone: 212-574-7315 

  
 LETTER OF CREDIT AGREEMENT,
Page 26 

 With a copy to: 

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., 

“Rabobank Nederland”, New York Branch 

15305 N. Dallas Parkway, Suite 1250 

Addison, TX 75001 
 United States of America 
 Attention: James V. Kenwood 

Telecopy (972) 419-6315 
 Telephone: (972) 419-5282 
 (b) Communications to the Issuer hereunder may be
delivered or furnished by electronic communications pursuant to procedures approved by the Issuer; provided that the foregoing shall not apply to notices under Article II unless otherwise agreed by the Issuer (it being understood that such
agreement may be limited to particular notices or communications). The Issuer or the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it;
provided that approval of such procedures may be limited to particular notices or communications. 
 (c) Any party hereto
may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt. 
 Section 7.2. Waivers; Amendments.

 No failure or delay by the Issuer in exercising any right or power hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the Issuer hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. Neither this Agreement nor any other LC Document nor any provision hereof or thereof may be waived, amended or
modified except pursuant to an agreement in writing entered into by the Company and the Issuer, and then only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the issuance of the Letter
of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Issuer may have had notice or knowledge thereof at the time. 
 Section 7.3. Expenses; Indemnity; Waiver. 
 (a)
The Company agrees to pay (i) all reasonable and documented out-of-pocket expenses incurred by the Issuer, including the reasonable fees and disbursements of its counsel, in connection with the preparation and administration of this Agreement
and the other LC Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) in addition to, but without duplication
of, any fees payable to the Issuer pursuant to Section 2.8(c), all reasonable and documented out-of-pocket expenses incurred by the Issuer connection with the issuance, amendment, extension or other modification of the Letter of Credit or any
demand for payment thereunder, (iii) all reasonable and documented out-of-pocket expenses incurred by the Issuer, including the fees and reasonable disbursements of any counsel for the Issuer, in connection with the enforcement or protection of
its rights in connection with this Agreement, the Letter of Credit and the other LC Documents, including in connection with any workout, restructuring or negotiations in respect thereof and (iv) all taxes, assessments and other charges, if
any, imposed by a Governmental Authority and incurred in connection with any filing, registration, recording or perfection of any security interest contemplated hereby or any other LC Document. 

  
 LETTER OF CREDIT AGREEMENT,
Page 27 

 (b) The Company hereby indemnifies the Issuer and each of its Related Parties (each such
Person being an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any
Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any other LC Document or any agreement or instrument contemplated hereby or
thereby (including, without limitation, that certain letter agreement dated the date hereof among the Company, the Issuer and the Merger Sub), the performance by the parties hereto of their respective obligations hereunder or thereunder or the
consummation of the Transactions or any other transactions contemplated hereby or thereby, and the acceptance of a Request from the Merger Sub, (ii) the Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuer
to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of the Letter of Credit), (iii) any actual or alleged presence or release of Hazardous
Materials on, at, to or from any property currently or formerly owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries and (iv) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined in a final and non-appealable judgment of a court of competent jurisdiction to have resulted from the gross
negligence or willful misconduct of such Indemnitee. This Section 7.3(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim. 

(c) To the extent permitted by applicable law, the Company shall not assert, and hereby waives, any claim against any Indemnitee, on any
theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any other LC Document, the Transactions, the Letter
of Credit or the use of the proceeds thereof. 
 (d) All amounts due under this Section 7.3 shall be payable within ten
(10) days after written demand therefor. 
 Section 7.4. Successors and Assigns.

 The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Issuer (and any attempted assignment or transfer by
the Company without such consent shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to
the extent expressly contemplated hereby, the Related Parties of the Issuer) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
 LETTER OF CREDIT AGREEMENT,
Page 28 

 Section 7.5. Survival. 

All covenants, agreements, certifications, representations and warranties made by the Company herein and in the certificates or other
instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the Issuer and shall survive the execution and delivery of this Agreement and the issuance of the Letter of Credit, regardless of
any investigation made by the Issuer or on its behalf and notwithstanding that the Issuer may have had notice or knowledge of any Default or incorrect certification, representation or warranty at the time the Letter of Credit is issued hereunder,
and shall continue in full force and effect until the Full Satisfaction of the Obligations. The provisions of Sections 2.10, 2.11, 2.14 and 7.3 shall survive and remain in full force and effect regardless of the consummation of the transactions
contemplated hereby, the expiration of the Letter of Credit, the repayment of the LC Disbursements and other Obligations or the termination of this Agreement or any provision thereof. 

Section 7.6. Counterparts; Integration; Effectiveness. 

This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, and all of which when taken together shall constitute a single contract. This Agreement and the other LC Documents constitute the entire contract between and among the parties relating to the subject matter hereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
Delivery of an executed counterpart of a signature page to this Agreement by telecopy or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 7.7. Severability. 
 Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 Section 7.8. Right of Setoff. 

If an Event of Default shall have occurred and be continuing, the Issuer and each of its Affiliates are hereby authorized at any time and
from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Indebtedness or obligations at any time owing by the Issuer or
Affiliate to or for the credit or the account of the Company against any of and all the Obligations of the Company now or hereafter existing under any LC Document, irrespective of whether or not the Issuer shall have made any demand and
although such Obligations may be unmatured. The rights of the Issuer under this Section are in addition to other rights and remedies (including other rights of setoff) which the Issuer may have. 

Section 7.9. Governing Law; Jurisdiction; etc. 

(a) This Agreement shall be construed in accordance with, and all matters arising out of or relating to this Agreement (whether in
contract, tort or otherwise) shall be governed by, the law of the State of New York, other than those conflict of law provisions that would defer to the substantive laws of another jurisdiction. This governing law election has been made by the
parties in reliance on Section 5-1401 of the General Obligations Law of the State of New York, as amended (as and to the extent applicable), and other applicable law. 
 (b) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW

  
 LETTER OF CREDIT AGREEMENT,
Page 29 

 
YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE
OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Issuer may otherwise have to bring any action or proceeding relating to any LC Document against the Company or its properties in the courts of any
jurisdiction. 
 (c) Each party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any LC Document in any court referred to in clause (b) of this Section. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party irrevocably consents to service of process in the manner provided for notices in Section 7.1. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

Section 7.10. WAIVER OF JURY TRIAL. 
 EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OTHER LC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTY HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 7.11.
Headings. 
 Articles and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 Section 7.12. Confidentiality. 
 The
Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to 

  
 LETTER OF CREDIT AGREEMENT,
Page 30 

 
keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (d) to any other party to this Agreement or the other LC Documents, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the other
LC Documents or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, (i) to any assignee of, or any prospective assignee of, any of its
rights or obligations under this Agreement or the other LC Documents or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Company, (g) with the consent of the Company
or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 7.12 or (ii) becomes available to the Issuer on a nonconfidential basis from a source other than the Company.
For the purposes of this Section, “Information” means all information received from the Company relating to the Company’s business, other than any such information that is available to the Issuer on a nonconfidential basis
prior to disclosure by the Company; provided, that, in the case of information received from the Company after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 
 Section 7.13. Interest Rate Limitation.

 (a) No interest rate specified herein shall at any time exceed the Maximum Rate. If at any time the interest rate (the
“Contract Rate”) for any obligation under the LC Documents shall exceed the Maximum Rate, thereby causing the interest accruing on such obligation to be limited to the Maximum Rate, then any subsequent reduction in the Contract
Rate for such obligation shall not reduce the rate of interest on such obligation below the Maximum Rate until the aggregate amount of interest accrued on such obligation equals the aggregate amount of interest which would have accrued on such
obligation if the Contract Rate for such obligation had at all times been in effect. As used herein, the term “Maximum Rate” means at any time the maximum rate of nonusurious interest under applicable law that the Issuer may charge
the Company. The Maximum Rate shall be calculated in a manner that takes into account any and all fees, payments, and other charges contracted for, charged, or received in connection with the LC Documents that constitute interest under
applicable law. Each change in any interest rate provided for herein based upon the Maximum Rate resulting from a change in the Maximum Rate shall take effect without notice to the Company at the time of such change in the Maximum Rate. 

(b) No provision of any LC Document shall require the payment or the collection of interest in excess of the maximum amount
permitted by applicable law. If any excess of interest in such respect is hereby provided for, or shall be adjudicated to be so provided, in any LC Document or otherwise in connection with the Transactions, the provisions of this Section shall
govern and prevail and neither the Company nor its successors or permitted assigns shall be obligated to pay the excess amount of such interest or any other excess sum paid for the use, forbearance, or detention of amounts owing pursuant hereto. In
the event the Issuer receives, collects, or applies as interest any such sum, such amount which would be in excess of the maximum amount permitted by applicable law shall be applied as a payment and reduction of the principal of the obligations
outstanding hereunder, and, if the principal of the obligations outstanding hereunder has been paid in full, any remaining excess shall forthwith be paid to the Company. In determining whether or not the interest paid or payable exceeds the Maximum
Rate, the Company and the Issuer shall, to the extent permitted by applicable law, (a) characterize any non-principal payment as an expense, fee, or premium rather than as interest, (b) exclude voluntary prepayments and the effects
thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the entire contemplated term of the obligations outstanding hereunder so that interest for the entire term does not
exceed the Maximum Rate. 

  
 LETTER OF CREDIT AGREEMENT,
Page 31 

 Section 7.14. Construction. 

Each of the Company (by its execution of the LC Documents) and the Issuer acknowledges that it has had the benefit of legal counsel
of its own choice and has been afforded an opportunity to review the LC Documents with its legal counsel and that the LC Documents shall be construed as if jointly drafted by the parties thereto. 

Section 7.15. Equitable Relief. 

The Company recognizes that in the event the Company fails to pay, perform, observe, or discharge any or all of the obligations under the
LC Documents, any remedy at law may prove to be inadequate relief to the Issuer. The Company therefore agrees that the Issuer shall be entitled to seek temporary and permanent injunctive relief in any such case without the necessity of proving
actual damages. 
 Section 7.16. No Fiduciary Duty. 

All attorneys, accountants, appraisers, and other professional Persons and consultants retained by the Issuer shall have the right to act
exclusively in the interest of the Issuer and shall have no duty of disclosure, duty of loyalty, duty of care, or other duty or obligation of any type or nature whatsoever to the Company, its shareholders or any other Person. The relationship
between the Company on the one hand and the Issuer on the other is solely that of an account party and a provider of financial accommodation, and the Issuer has no fiduciary or other special relationship with the Company, and no term or condition of
any of the LC Documents shall be construed so as to deem the relationship between the Company on the one hand and the Issuer on the other to be otherwise. 
 Section 7.17. USA PATRIOT Act Notice. 

The Issuer hereby notifies the Company that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that
will allow the Issuer to identify the Company in accordance with the Act. The Company shall, and shall cause each of its Subsidiaries to, provide, to the extent commercially reasonable, such information and take such actions as are reasonably
requested by the Issuer to maintain compliance with the Act. 
 [SIGNATURE PAGE FOLLOWS] 

  
 LETTER OF CREDIT AGREEMENT,
Page 32 

 IN WITNESS WHEREOF, the each of the parties hereto has caused this Agreement to be
duly executed and delivered by its officer or officers thereunto duly authorized as of the date first above written. 
  

			
	 Company:
  

SMITHFIELD FOODS, INC.

		
	By:	 	/s/ Timothy Dykstra
	 Name: Timothy Dykstra
 Title:   Vice President and Corporate Treasurer

  

			
	 Issuer:
  

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH

		
	By:	 	/s/ James V. Kenwood
	 Name: James V. Kenwood
 Title:   Managing Director

		
	By:	 	/s/ Jeff Geisbauer
	 Name: Jeff Geisbauer

Title:   Executive Director

  
 LETTER OF CREDIT AGREEMENT,
Signature Page 

 EXHIBIT A 
 to 
 LETTER OF CREDIT AGREEMENT 

Form of Request 
 EXHIBIT
A, Cover Page 

 LETTER OF CREDIT REQUEST 

                 , 2013 

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., 
 “Rabobank Nederland”, New York Branch 
 245 Park Avenue 

New York, NY 10167 
 Attention Trade Services
Department 
 Fax: 201-499-5479 
 Phone:
212-574-7315 
 and 

Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., 
 “Rabobank Nederland”, New York Branch 
 15305 N. Dallas Parkway, Suite 1250 

Addison, TX 75001 
 United States of America

 Attention James V. Kenwood 
 Telecopy
(972) 419-6315 
 Telephone: (972) 419-5282 
 Pursuant to Section 2.1 of the Letter of Credit Agreement dated as of July 12, 2013 (as in effect from time to time, the “Agreement”) between Smithfield Foods, Inc., a Virginia
corporation (the “Company”) and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank Nederland”, New York Branch, as Issuer (the “Issuer”), [the Company] [Sun Merger Sub, Inc., a
Virginia corporation (“Merger Sub”)] hereby requests the Letter of Credit to be issued (the “Requested Action”) on the following terms: 
  

	 	(a)	Date of issuance:                  , 2013 

 

	 	(b)	Date of expiry: December 6, 2013 

  

	 	(c)	Amount (in Dollars): $750,000,000 

  

	 	(d)	Name and address of beneficiary: 

Sun Merger Sub, Inc. 
 c/o Shuanghui International Holdings Limited 
 Room 7602B-7604A, 76 Floor

 International Commerce Centre 
 1 Austin Road West, Kowloon 
 Hong Kong 

Attention: Mr. Yang Zhijun 
  

	 	(e)	The form of the Letter of Credit is attached hereto as Annex I. 

  
 FORM OF REQUEST, Page 1

 With respect to the Requested Action, the undersigned officer of [the Company] [Merger Sub] hereby
represents, warrants and certifies to the Issuer that Merger Sub reasonably expects that it will cause to be issued no later than August 2, 2013 at least $800,000,000 in unsecured notes, the proceeds of which will be used to pay Indebtedness in
connection with the Acquisition or otherwise fund the Acquisition. 
 Capitalized terms used but not herein defined shall have the meanings
given such terms in the Agreement. 
 Dated:             
    , 2013 
  

			
	 [SMITHFIELD FOODS, INC.]
 [SUN MERGER SUB, INC.]

		
	By:	 	 
	 Name:

Title:

  

 ANNEX I 
 To 
 LETTER OF CREDIT REQUEST 

Form of Letter of Credit 

  
 ANNEX 1 TO LETTER OF CREDIT
REQUEST, Cover Page 

 FORM OF LETTER OF CREDIT 

COÖPERATIEVE CENTRALE 
 RAIFFEISEN-BOERENLEENBANK B.A., 
 “RABOBANK NEDERLAND”, NEW YORK BRANCH

 245 Park Avenue 
 New York, NY 10167 
 Attention: Trade Services Department 

Irrevocable Standby Letter of Credit 
                  , 2013 
 Beneficiary: 
 Sun Merger Sub, Inc. 
 c/o Shuanghui International Holdings Limited 
 Room 7602B-7604A, 76 Floor 

International Commerce Centre 
 1 Austin Road
West, Kowloon 
 Hong Kong 
 Attention:
Mr. Yang Zhijun 
 Applicant: 

Smithfield Foods, Inc. 
 200 Commerce Street

 Smithfield, VA 23430, 
 Attention:
Robert Manly and Ken Sullivan 
 Re: Our Irrevocable Standby Letter of Credit No.
[            ] 
 Ladies and Gentlemen: 

We hereby issue in your favor this Irrevocable Standby Letter of Credit No.
[            ] (as amended from time to time, this “Letter of Credit”) in the original amount of SEVEN HUNDRED FIFTY MILLION AND NO/100 UNITED STATES DOLLARS
(US$750,000,000.00) (such amount, as it may be subsequently decreased from time to time as provided in paragraph 2 below, being referred to as the “Stated Amount”) for the account of Smithfield Foods, Inc., a Virginia corporation
(the “Account Party”). This Letter of Credit is issued to Sun Merger Sub, Inc., a Virginia corporation (the “Merger Sub” or “you”), in connection with the transactions contemplated by that certain
Agreement and Plan of Merger, dated as of May 28, 2013 (as amended, restated, supplemented or otherwise modified from time to time, the “Merger Agreement”) by and among Account Party, Merger Sub and Shuanghui International
Holdings Limited. 

  
 FORM OF LETTER OF CREDIT,
Page 1 

 1. We hereby irrevocably authorize you to draw on us, up to the Stated Amount and in
accordance with the terms and conditions set forth in this Letter of Credit, as follows: in only one drawing by your sight draft drawn on us (in the form of Annex 1 (Draft for Payment) hereto, the “Payment
Draft”) completed and signed by one of your Authorized Signatories (as defined in paragraph 8 below), and accompanied by your drawing certificate (in the form of Annex 2 (Certificate for Drawing) hereto, the
“Drawing Certificate”; along with the Payment Draft, the “Presentation Documents”), completed and signed by one of your Authorized Signatories, in an amount not exceeding the Stated Amount. 

2. The Stated Amount under this Letter of Credit shall be reduced upon our honoring the Payment Draft presented by you pursuant to
paragraph 1 above, in which case the Stated Amount shall be automatically reduced to zero dollars ($0) and subsequently closed. At such time, we shall be fully discharged of our obligation under this Letter of Credit and we shall not thereafter
be obligated to make any further payments under this Letter of Credit. 
 3. Funds under this Letter of Credit are available to
you as set forth in paragraph 9 upon our receipt of the Presentation Documents, each of which shall be dated no later than the date of its presentation, and shall be presented by hand delivery, courier service, or facsimile to us, addressed to
us as follows (and at the following facsimile number (if presented by facsimile): 
 COÖPERATIEVE CENTRALE 

RAIFFEISEN-BOERENLEENBANK B.A., 
 “RABOBANK NEDERLAND”, NEW YORK BRANCH 
 245 Park Avenue 

New York, NY 10167 
 Attention Trade Services Department 
 Facsimile No.: 914-304-9330 

Presentation of the Presentation Documents by facsimile transmission to the facsimile number noted above shall be as effective as delivery by hand. If a
presentation is made by facsimile transmission, you shall (i) provide telephone notification thereof to us at 212-574-7315 prior to or simultaneously with the sending of such facsimile transmission and (ii) send the original of the
Presentation Documents by overnight courier to our address noted above. Notwithstanding the foregoing, our receipt of such telephone notice or original documents shall not be a condition to payment or reduction of the Stated Amount. 

We agree that we shall have no duty or right to inquire as to the basis, under any underlying agreement between you and the Account Party or third
parties or otherwise, upon which you have determined to present to us any Payment Draft or Drawing Certificate under this Letter of Credit. 

If a demand for payment made by you hereunder on or before the expiration date of this Letter of Credit does not, in any instance, conform to the terms
and conditions of this Letter of Credit, we shall give you notice that we are refusing to honor such demand for payment, state in detail each discrepancy in respect of which we refuse to honor such demand for payment, and that we are holding any
presented documents pending further instructions from you. 

  
 FORM OF LETTER OF CREDIT,
Page 2 

 4. Partial drawings are permitted under this Letter of Credit. 

5. Multiple presentations are prohibited under this Letter of Credit. 

6. This Letter of Credit is issued subject to the International Standby Practices 1998, International Chamber of Commerce Publication
No. 590 (the “ISP”) and the laws of the State of New York. 
 7. This Letter of Credit expires on the
earliest to occur of (i) 5:00 p.m. New York City time on December 6, 2013, (ii) the date on which the Stated Amount is reduced to $0.00, (iii) the third Business Day following the closing under the Merger Agreement, or
(iv) the date you surrender to us the original of this Letter of Credit for cancellation together with your written consent to such cancellation. There is no automatic renewal or extension of this Letter of Credit. This Letter of Credit is not
transferable. 
 8. As used in this Letter of Credit, the following terms have the following meanings: 

“Authorized Signatory” means anyone who purports to be one of your duly authorized signatories. 

“Business Day” means any day that is not Saturday, Sunday or other day on which commercial banks in New York City, New
York are authorized or required by law to remain closed. 
 9. If we receive the Presentation Documents not later than the
Presentment Time (defined below) on any Presentment Date (defined below), we will honor the same on the Presentment Date, not later than 5:00 p.m., New York City time, in accordance with your payment instructions set forth in the Payment Draft. If
we receive the Presentation Documents after the Presentment Time on any Presentment Date, we will honor the same not later than 5:00 p.m., New York City time, on the Business Day immediately following the Presentment Date in accordance with your
payment instructions. The term “Presentment Time” shall mean 1:00 p.m. New York City time, on any Presentment Date. The term “Presentment Date” shall mean any Business Day on which the Presentation Documents are
presented to us in accordance with the terms hereof. Payment under this Letter of Credit will be made by wire transfer, no later than 5:00 p.m., New York City time, on the day on which we are to make payment to you hereunder, in same day funds.

 10. This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way be modified, amended,
amplified or limited by reference to any document, instrument or agreement referred to herein (other than the Presentation Documents), and any such reference shall not be deemed to incorporate herein by reference any document, instrument or
agreement (other than the Presentation Documents). 
 11. Communications to us with respect to this Letter of Credit shall be in
writing and shall be presented to us by mail, courier service, hand delivery or facsimile to us at the address specified in paragraph 3 above, specifically referring to the number of this Letter of Credit. 

  
 FORM OF LETTER OF CREDIT,
Page 3 

 
			
	 Very truly yours,
  

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH

		
	BY	 	 
		 	 Name:

Title:

		
	BY	 	 
		 	 Name:

Title:

  
 FORM OF LETTER OF CREDIT,
Page 4 

 ANNEX 1 
 DRAFT FOR PAYMENT 
 Date:
                , 2013 
 COÖPERATIEVE CENTRALE

 RAIFFEISEN-BOERENLEENBANK B.A., 

“RABOBANK NEDERLAND”, NEW YORK BRANCH 

245 Park Avenue 
 New York, NY 10167 

Attention Trade Services Department 
 Facsimile
No.: 914-304-9330 
 Pay to the order of SUN MERGER SUB, INC. the sum of
                             and
            /100 United States Dollars ($                    ) at
sight, drawn on COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH, as issuer of its Irrevocable Standby Letter of Credit
No. [            ] dated [            ] [    ], 2013. Please wire such payment in
immediately available funds to Account No.                  at [Insert Name and wire instructions of the financial institution where such account is
maintained]. 
  

			
	SUN MERGER SUB, INC.
		
	By:	 	 
		 	 Name:
 Title: Its Duly
Authorized Signatory

  
 ANNEX 1 TO FORM OF LETTER OF
CREDIT, Solo Page 

 ANNEX 2 
 CERTIFICATE FOR DRAWING 
 Date:
                , 2013 
 COÖPERATIEVE CENTRALE

 RAIFFEISEN-BOERENLEENBANK B.A., 

“RABOBANK NEDERLAND”, NEW YORK BRANCH 

245 Park Avenue 
 New York, NY 10167 

Attention Trade Services Department 
 Facsimile
No.: 914-304-9330 
 Ladies and Gentlemen: 
 The undersigned, a duly Authorized Signatory of Sun Merger Sub, Inc., a Virginia corporation (the “Merger Sub”), hereby certifies to you with reference to your Irrevocable Standby Letter
of Credit No. [            ] dated [            ] [    ], 2013 (as amended, the
“Letter of Credit”; capitalized terms used herein and not defined herein are being used herein as defined in the Letter of Credit) issued by you in favor of the Merger Sub, as follows: 

 

	 	(i)	the amount of the draft accompanying this certificate in the form of Annex 1 to the Letter of Credit is
$             (the “Payment Draft”); 

  

	 	(ii)	the Agreement and Plan of Merger, dated as of May 28, 2013, by and among the Account Party, the Merger Sub and Shuanghui International Holdings Limited has not
been amended, restated, supplemented or otherwise modified since July 12, 2013 in any manner that is material or adverse to you or, if any such amendment, restatement, supplement or modification has occurred, you have previously consented in
writing to such amendment, restatement, supplement or modification; 

  

	 	(iii)	the amount of the purchase price set forth in the Agreement and Plan of Merger, dated as of May 28, 2013 by and among the Account Party, the Merger Sub and
Shuanghui International Holdings Limited has not been increased, reduced or otherwise modified since July 12, 2013 by an amount equal to or greater than five percent (5%) of such purchase price unless (A) the purchase price was
increased by five percent (5%) or more but such increase has been funded solely with equity of Shuanghui International Holdings Limited or (B) you have consented in writing to such increase, reduction or modification of the purchase price;

  

	 	(iv)	the Merger (as defined in the Merger Agreement) has been consummated, or shall be consummated substantially concurrently with the honoring by you of the Payment Draft
(the “L/C Funding”), in accordance with the terms of the Merger Agreement; 

  
 ANNEX 2 TO FORM OF LETTER OF
CREDIT, Page 1 

	 	(v)	the proceeds of the L/C Funding shall be used solely to finance the Merger and the transactions contemplated by the Merger Agreement; 

 

	 	(vi)	the net proceeds from the offering of no less than US$800,000,000 in unsecured notes by the Merger Sub have been, or substantially concurrently with the L/C Funding
shall be, released to the Merger Sub, and 

  

	 	(vii)	the aggregate amount of the L/C Funding plus the aggregate amount of funds distributed by the Account Party to the Merger Sub from funds drawn under the ABL Credit
Facility (as defined in that certain Letter of Credit Agreement, dated as of July 12, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “LC Agreement”), between you and the Account
Party), from the Receivables Securitization (as defined in the LC Agreement) and from cash-on hand of the Account Party, which are used to fund the Merger (as defined in the Merger Agreement) and the other transactions related thereto (including the
repayment of indebtedness therewith) does not exceed US$800,000,000. 

 IN WITNESS WHEREOF, the Merger Sub has
caused this certificate to be executed and delivered on the date first above written by its Authorized Signatory. 
  

			
	SUN MERGER SUB, INC.
		
	By:	 	 
		 	 Name:
 Title: Its Duly
Authorized Signatory

  
 ANNEX 2 TO FORM OF LETTER OF
CREDIT, Page 2 

 EXHIBIT B 
 To 
 LETTER OF CREDIT AGREEMENT 

Form of Interest Election Request 

  
 EXHIBIT B, Cover Page

 INTEREST ELECTION REQUEST 

(LC Disbursements) 
                  , 201     

Rabobank Nederland 
 15305 N. Dallas Parkway,
Suite 1250 
 Addison, TX 75001 
 United
States of America 
 Attention: James V. Kenwood 
 Telecopy (972) 419-6315 
 Telephone: (972) 419-5282 

Ladies and Gentlemen: 
 This
Interest Election Request (the “Request”) is being delivered pursuant to that certain Letter of Credit Agreement (as amended, the “Agreement”) dated as of July 12, 2013 between Smithfield Foods, Inc. (the
“Company”) and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. “Rabobank Nederland”, New York Branch (the “Issuer”). All capitalized terms, unless otherwise defined herein, shall have the same
meanings as in the Agreement. 
 The Company hereby gives the Issuer notice pursuant to Section 2.6 of the Agreement that
the Company requests a conversion or continuation (a “Change”) of the Borrowing or Borrowings specified on Schedule 1. 
 By its execution below, the Company represents and warrants to the Issuer that no Default nor any Event of Default exists. 
 The instructions set forth herein are irrevocable. A telecopy of these instructions shall be deemed valid and may be accepted and relied upon by the Issuer as an original. 

 

					
	SMITHFIELD FOODS, INC.
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 INTEREST ELECTION REQUEST,
Solo Page 

 SCHEDULE 1 
 TO 
 INTEREST ELECTION REQUEST 

 

											
	 Current Type
(ABR or

Eurodollar)
	 	 Current
Principal

Amount
	 	 Current Interest
Period

Expiration Date
	 	 Continue as

(Type)
	 	 Convert to

(Type)
	 	 New

Interest
Period

Length

		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  
	 	  

  
 SCHEDULE 1 TO INTEREST
ELECTION REQUEST, Solo Page

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