Document:

EX-10.1

 EXHIBIT 10.1 

FIRST AMENDMENT TO THIRD 

AMENDED AND RESTATED CREDIT AGREEMENT 

This FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), is dated as of
September 6, 2017, by and among PILGRIM’S PRIDE CORPORATION, a Delaware corporation (the “Company”), TO-RICOS, LTD., a Bermuda company, and TO-RICOS DISTRIBUTION, LTD., a Bermuda company, as borrowers (collectively with the Company, the “Borrowers”), each of the various financial institutions which is a signatory hereto, as a
Lender, and COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, in its capacity as administrative agent and collateral agent (in such capacity, “Administrative Agent”). 

W I T N E S S E T H: 

WHEREAS, the Borrowers, certain other Subsidiaries of the Company, the financial institutions signatory thereto as “Lenders”, and
Administrative Agent are parties to that certain Third Amended and Restated Credit Agreement dated as of May 8, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 

WHEREAS, pursuant to the Moy Park Acquisition Agreement (as defined in Section 1 below) , the Moy Park Acquisition Sub (as defined in
Section 1 below) will acquire all of the Equity Interests of Granite Holdings Sàrl, an entity organized under the laws of Luxembourg, from JBS S.A. (the “Moy Park Acquisition”); and 

WHEREAS, in connection with the Moy Park Acquisition, the Borrowers have requested that certain terms and conditions of the Credit Agreement
be amended as more specifically set forth herein and the Administrative Agent and the Required Lenders have agreed to the requested amendments on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that all capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Credit Agreement, and further
agree as follows: 
 1.    Amendments to Credit Agreement. 

(a)    Section 1.1 of the Credit Agreement, Defined Terms, is hereby modified and amended by deleting the
definitions of “Intangible Assets” and “Prepayment Event” set forth therein in their entirety and inserting in lieu thereof the following: 

““Intangible Assets” means assets of the Company on a consolidated basis that are considered to be
intangible assets under GAAP, including customer lists, goodwill, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized 

 
deferred charges, unamortized debt discount and capitalized research and development costs; provided that solely for purposes of determining the Moy Park Intangible Amount to be included
in the calculation of Intangible Assets for any purpose hereunder, any such calculation made on a pro forma basis for the Fiscal Quarter ended June 25, 2017 and any such calculation for the Fiscal Quarter ending September 24, 2017 shall in
each case only include 25% of the Moy Park Intangible Amount, and thereafter, the percentage of the Moy Park Intangible Amount included in the calculation of Intangible Assets shall increase by 5% for the Fiscal Quarter ending December 31,
2017, and for each subsequent Fiscal Quarter thereafter until the full Moy Park Intangible Amount is included in the calculation of Intangible Assets; provided, further, that the aggregate amount included as an Intangible Asset for the
Moy Park Acquisition shall not exceed the actual Moy Park Intangible Amount at the time of such calculation. 

“Prepayment Event” means: 

(a)    any sale, transfer or other disposition of any property or asset of any Loan Party described in
Section 6.05(e), (g), (h) or (m); provided that the receipt of amounts from transactions described in this paragraph (a) shall constitute a Prepayment Event only to the extent such
amounts exceed $25,000,000 in any Fiscal Year; or 
 (b)    any casualty or other insured damage to, or
any taking under power of eminent domain or by condemnation or similar proceeding of, any property or asset of any Loan Party with a fair value immediately prior to such event equal to or greater than $5,000,000; provided that the receipt of
amounts from transactions described in this paragraph (b) shall constitute a Prepayment Event only to the extent such amounts exceed $25,000,000 in any Fiscal Year; or 

(c)    the issuance of any Equity Interests of, or contributions to, the Company, other than any of the
foregoing if the Net Proceeds therefrom are (i) used to finance a Permitted Acquisition or to repay or refinance all or any portion of Indebtedness under the Moy Park Bridge Financing, (ii) used to make Capital Expenditures in accordance
with Section 6.12 or (iii) received by the Company in connection with issuances to directors, officers, employees or members of management of the Company or any Subsidiary (or the estates, heirs, family members,
spouses or former spouses of any of the foregoing) pursuant to any employee benefit plan or employment agreement, or for other compensatory reasons; or 

  
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 (d)    the incurrence by any Loan Party of any Indebtedness,
other than Indebtedness permitted under Section 6.01 (other than Section 6.01(t)(i), unless the Net Proceeds of such Indebtedness are used to finance a Permitted Acquisition or to repay or
refinance all or any portion of Indebtedness under the Moy Park Bridge Financing).” 
 (b)    Section 1.1 of the
Credit Agreement, Defined Terms, is hereby modified and amended by adding the following new defined terms thereto in appropriate alphabetical order: 

““Moy Park Acquisition” means the acquisition by the Moy Park Acquisition Sub of all of the Equity
Interests of the Moy Park Target pursuant to the terms of the Moy Park Acquisition Agreement. 
 “Moy Park
Acquisition Agreement” means that certain Share Purchase Agreement by and among JBS S.A., the Company, the Moy Park Target and the Moy Park Acquisition Sub. 

“Moy Park Acquisition Sub” means the wholly owned Subsidiary of the Company that will acquire all of the
Equity Interests of the Moy Park Target. 
 “Moy Park Bridge Financing” means an unsecured short-term or
bridge term loan financing arrangement in the principal amount not to exceed $800,000,000 entered into by the Company, the Moy Park Acquisition Sub or a Subsidiary thereof, as borrower or maker, and the Company or a Subsidiary thereof, as guarantor,
with and in favor of JBS S.A. or a Subsidiary thereof, as lender or payee, for the purpose of financing the consummation of the Moy Park Acquisition; provided that (a) interest shall accrue on such Indebtedness at a rate not to exceed 8%
per annum of the outstanding principal amount of such Indebtedness and customary default interest, (b) except for a one-time fee in an amount not to exceed 1.5% of the outstanding principal amount of such
Indebtedness, no fees shall be payable in connection with such Indebtedness, (c) such Indebtedness shall not require any scheduled payment of principal or mandatory redemption or redemption at the option of the holders thereof (including
pursuant to a sinking fund obligation) prior to its stated maturity date (in each case, other than mandatory repayment events required upon the incurrence of unsecured Indebtedness or the issuance of Equity Interests as permitted by
Section 6.01(t)), (d) such Indebtedness shall be subordinated in right of payment and action to the Obligations in a manner reasonably acceptable to Administrative Agent and (e) such Indebtedness shall not contain any
financial 

  
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performance covenants, shall not be cross defaulted (but may be cross accelerated) to this Agreement and any baskets, thresholds and the equivalent set forth in any covenants and events of
default therein (including change of control provisions) are less restrictive than the analogous baskets, thresholds and the equivalent set forth in the covenants and events of default contained in this Agreement. 

“Moy Park Bridge Financing Permitted Payments” means payments made at any time by the Company, the Moy Park
Acquisition Sub or any Subsidiary of the Moy Park Acquisition Sub out of their respective available cash on hand to pay amounts outstanding under the Moy Park Bridge Financing, provided that both immediately before and after giving effect to
each such payment, on a Pro Forma Basis: 
 (a)    the Borrowers shall be in compliance with the covenant
set forth in Section 6.13; 
 (b)    Availability is not less than the greater
of $250,000,000 or 30% of the Revolving Commitment; and 
 (c)    no Default or Event of Default shall
have occurred and be continuing. 
 “Moy Park Intangible Amount” means, as of the date of any determination,
the amount of goodwill and other intangible assets attributable to the Moy Park Target as of such determination, as determined in accordance with GAAP. 

“Moy Park Target” means Granite Holdings Sàrl, an entity organized under the laws of Luxembourg and the
owner of 100% of the Equity Interests of Moy Park Holdings (Europe) Limited.” 
 (c)    Section 1.1 of the Credit
Agreement, Defined Terms, is hereby modified and amended by deleting the reference to “Section 6.03(b)” in clause (c) of the definition of “Permitted Acquisition” and substituting in lieu thereof the
reference to “Section 6.03(c)”. 
 (d)    Article III of the Credit Agreement, REPRESENTATIONS AND
WARRANTIES, is hereby modified and amended by adding the following new Section 3.23, Source of Repayments, immediately after Section 3.22 thereof: 

“SECTION 3.23. Source of Repayments. The funds used as the source of the Borrowers’ repayments to the Lenders
have not been derived, directly or indirectly, from activities in violation of any law, rule, regulation, order, or decree of any Governmental Authority, including those identified specifically in Section 5.08, except where
the foregoing (other than those specified in clauses (w) to (y) of Section 5.08), individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.” 

  
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 (e)    Section 5.08 of the Credit Agreement, Use of Proceeds, is
hereby modified and amended by deleting such section in its entirety and inserting in lieu thereof the following: 

“SECTION 5.08. Use of Proceeds. The proceeds of the Loans will be used (a) on the Effective Date, (i) for
the PPC Refinancing, and (ii) to pay the fees and expenses incurred in connection with the Transactions and (b) on and after the Effective Date, to finance the general corporate purposes of the Borrowers (including Capital Expenditures,
Permitted Acquisitions, payments of principal and interest on the Loans, and any refinancing(s) of or modifications to Indebtedness permitted in this Agreement, subject to the relevant limitations contained in this Agreement). No part of the
proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. No Loan Party will, directly or indirectly,
use the proceeds of the Loans, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (w) to fund in violation of Sanctions any activities or business of or with any Person, or in
any country, region, or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, including, without limitation, currently the Region of Crimea, Cuba, Iran, North Korea, Sudan and Syria, (x) in any
other manner that would result in a violation of Sanctions by any Person (including any Person participating in the Loans, whether as underwriter, advisor, investor, or otherwise), (y) directly or indirectly, for any payments to any governmental
official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of any
Anti-Corruption Laws that may be applicable, or (z) in violation of any other law, rule, regulation, order or decree of any Government Authority except, in the case of this clause (z), where the foregoing, individually or in the aggregate,
could not reasonably be expected to have a Material Adverse Effect.” 
 (f)    Article V of the Credit Agreement,
AFFIRMATIVE COVENANTS, is hereby modified and amended by adding the following new Section 5.14, Source of Repayments, immediately after Section 5.13 thereof: 

“SECTION 5.14. Source of Repayments. The funds used as the source of the Borrowers’ repayments to the Lenders
shall not derive, directly or indirectly, from activities in violation of any 

  
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rule, regulation, order, or decree of any Governmental Authority, including those identified specifically in Section 5.08, except, in each case (other than those
specified in clauses (w) to (y) of Section 5.08), where the foregoing, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.” 

(g)    Section 6.01 of the Credit Agreement, Indebtedness, is hereby modified and amended by deleting clause
(i) of such section in its entirety and inserting in lieu thereof the following: 

“(i)    Indebtedness of (i) PPC Mexico and its Mexican Subsidiaries in respect of the Mexican
Credit Facility in an aggregate principal amount not to exceed the greater of $100,000,000 or MXN$1,500,000,000 at any time outstanding and (ii) the Moy Park Target and its Subsidiaries in the aggregate principal amount not to exceed the
greater of $225,000,000 or £150,000,000 at any time outstanding;” 
 (h)    Section 6.01 of the Credit
Agreement, Indebtedness, is hereby further modified and amended by deleting clause (t) of such section in its entirety and inserting in lieu thereof the following: 

“(t)    other (i) unsecured Indebtedness (including the aggregate principal amount of the 2015
Senior Notes and any Permitted Subordinated Indebtedness at any time outstanding) in an aggregate principal amount not to exceed at any time outstanding the result of (A) $4,000,000,000 minus (B) the principal amount of all
secured Indebtedness then outstanding (including pursuant to Section 6.01(a), (b), (e), and (t)(ii) but excluding pursuant to Section 6.01(i)), and (ii) secured
Indebtedness in an aggregate amount not to exceed $50,000,000 at any time outstanding, provided that (X) no principal payment or prepayment shall be made under such Indebtedness prior to six months following the latest Maturity Date in effect
on the date of the incurrence of such Indebtedness (other than (1) in the case of unsecured Indebtedness permitted by clause (i) above, (I) in connection with a refinancing of such Indebtedness with new unsecured Indebtedness permitted by
clause (t)(i) to the extent such proceeds are not required to repay the Loans pursuant to Section 2.12(c), (II) with the proceeds of the issuance of any Equity Interests of the Company to the extent such Equity Interest
proceeds are not required to repay the Loans pursuant to Section 2.12(c) and (III) Moy Park Bridge Financing Permitted Payments, and (2) in the case of secured Indebtedness permitted by clause (ii) above, in
connection with a refinancing of such Indebtedness permitted by clause (t)(ii) and Section 6.02), unless 

  
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in each case, both concurrently with and after giving effect to such payment under such Indebtedness, there are no Loans outstanding, (Y) the stated maturity date of such Indebtedness shall
not be earlier than six months following the latest Maturity Date in effect on the date of the incurrence of such Indebtedness (other than the Moy Park Bridge Financing); and (Z) no such Indebtedness may be created or incurred unless both
before and after giving effect to such Indebtedness, on a Pro Forma Basis (1) no Default or Event of Default shall exist or result therefrom, and (2) the Borrowers shall be in compliance with the covenant set forth in
Section 6.13 for the Test Period for which financial statements have been delivered pursuant to Section 5.01(a) or (b) ending immediately prior to the incurrence of such
Indebtedness;” 
 (i)    Section 6.02 of the Credit Agreement, Liens, is hereby modified and amended by
deleting clause (i) of such section in its entirety and inserting in lieu thereof the following: 

“(i)    Liens solely on the assets of the Foreign Subsidiaries and Equity Interests issued by the
Foreign Subsidiaries, in each case that secure outstanding Indebtedness permitted by Section 6.01(i); and” 

(j)    Section 6.04 of the Credit Agreement, Investments, Loans, Advances, Guarantees and Acquisitions, is hereby
modified and amended by deleting clause (c) of such section in its entirety and inserting in lieu thereof the following: 

“(c)    Investments among the Borrowers and the Subsidiaries; provided that any Investment of
any Loan Party in any Subsidiary that is not a Loan Party shall not in the aggregate exceed the amount of $400,000,000 at any time for all such Investments made after the Original Closing Date, except that such amount shall not include or otherwise
restrict (i) any amounts that are contributed, loaned or otherwise transferred by the Company or any Subsidiary thereof in or to the Moy Park Acquisition Sub for the purpose of paying the total consideration for the Moy Park Acquisition in
excess of the amount of the Moy Park Bridge Financing to the extent permitted by Section 6.09(k)(iii), (ii) the contribution or advance by the Company or any Subsidiary thereof to the Moy Park Acquisition Sub of
(A) the proceeds of new unsecured Indebtedness of the Company permitted by Section 6.01(t)(i), (B) the proceeds of the issuance of Equity Interests by the Company, and (C) Moy Park Bridge Financing Permitted
Payments, in each case solely for the purposes of paying amounts outstanding under, or refinancing, the Moy Park Bridge Financing, and (iii) in the event that the Investment permitted in clause (ii) above is structured as a loan by the
Company or any Subsidiary 

  
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thereof to the Moy Park Acquisition Sub, the contribution by the Company or a Subsidiary thereof of the note evidencing such Indebtedness to another of its Subsidiaries;” 

(k)    Section 6.08 of the Credit Agreement, Restricted Payments: Certain Payments of Indebtedness and Management
Fees, is hereby modified and amended by deleting subclauses (i) and (ii) of clause (b) of such section in their entirety and inserting in lieu thereof, respectively, the following: 

“(i)    (A) payment of amounts outstanding under the Moy Park Bridge Financing with Moy Park Bridge Financing
Permitted Payments, and (B) payment of regularly scheduled interest and principal payments as and when due, subject to any restrictions set forth in this Agreement (including, without limitation, the restrictions set forth in
Section 6.01(t)); 
 (ii)    (A) any refinancing, refunding, extension, renewal or replacement
of such Indebtedness to the extent permitted by Section 6.01, (B) repayment of any Indebtedness of the Moy Park Target or any of its Subsidiaries outstanding on the date the Moy Park Acquisition is consummated, and
(C) any principal payments made with respect to any Indebtedness under a revolving credit or receivables facility of a Foreign Subsidiary; and” 

(l)    Section 6.09 of the Credit Agreement, Transactions with Affiliates, is hereby modified and amended by
deleting clause (k) of such section in its entirety and inserting in lieu thereof the following: 

“(k)    the following transactions with any Affiliate that is not a Subsidiary: 

(i)    Indebtedness permitted under Section6.01(b) and (r); 

(ii)    Investments permitted under Section 6.04(b), (e), (h), (q)
(provided that the relevant Investments are at prices and on terms and conditions not less favorable than could be obtained on an arm’s-length basis from unrelated third parties), (s) and
(t); 
 (iii)    the Moy Park Acquisition provided the total consideration to be paid by the
Company and its Subsidiaries for the Moy Park Acquisition does not exceed £1,100,000,000; and 

(iv)    the Moy Park Bridge Financing;” 

  
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 (m)    Section 6.10 of the Credit Agreement, Restrictive Agreements,
is hereby modified and amended by deleting clause (iii) of the first proviso of such section in its entirety and inserting in lieu thereof the following: 

“(iii) restrictions and conditions imposed upon the Company (but solely with respect to the Equity Interests held by the Company in PPC
Mexico or any other Foreign Subsidiary), PPC Mexico and its Subsidiaries, and any other Foreign Subsidiary and its Subsidiaries, in each case with respect to Indebtedness of PPC Mexico or such other Foreign Subsidiary permitted by
Section 6.01(i);” 
 (n)    Section 6.10 of the Credit Agreement, Restrictive
Agreements, is hereby further modified and amended by deleting clause (vii) of the first proviso of such section in its entirety and inserting in lieu thereof the following: 

“(vii) any agreement in effect at the time such Person becomes a Subsidiary of the Company, so long as such agreement was not entered into
in contemplation of such Person becoming a Subsidiary of the Company (provided that such restrictions and conditions apply only to such Subsidiary, its Subsidiaries and their respective assets, and not any Loan Party or other Subsidiary or
the assets of any Loan Party or other Subsidiary);” 
 (o)    Section 6.13 of the Credit Agreement, Minimum
Consolidated Tangible Net Worth, is hereby modified and amended by deleting such section in its entirety and inserting in lieu thereof the following: 

“SECTION 6.13. Minimum Consolidated Tangible Net Worth. The Borrowers shall maintain as of the Fiscal Quarter
ending March 26, 2017, and as of the end of each Fiscal Quarter thereafter, Consolidated Tangible Net Worth of not less than an amount equal to the sum of (a) $370,000,000, plus (b) for each Fiscal Quarter ending September 24, 2017
and December 31, 2017, an amount equal to 50% of Net Income (excluding any Net Income that is a loss for such period of determination) of the Company and the Subsidiaries for each such Fiscal Quarter, as reported in the Company’s unaudited
financial statements for each such Fiscal Quarter, on a cumulative basis, plus (c) for the Fiscal Year ended 2018 and each Fiscal Year thereafter, an amount equal to 50% of cumulative Net Income (excluding any Net Income that is a loss for such
period of determination) of the Company and the Subsidiaries as reported in the Company’s audited financial statements for each such Fiscal Year, in each case for purposes of this clause (c), on a cumulative basis.” 

  
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 2.    No Other Amendments. Except as expressly set forth above, the
execution, delivery and effectiveness of this Amendment shall not operate as an amendment, modification or waiver of any right, power or remedy of Administrative Agent or the Lenders under the Credit Agreement or any of the other Loan Documents, nor
constitute a waiver of any provision of the Credit Agreement or any of the other Loan Documents. Except for the amendments set forth above, the text of the Credit Agreement and all other Loan Documents shall remain unchanged and in full force and
effect and the Loan Parties hereby ratify and confirm their obligations thereunder. This Amendment shall not constitute a modification of the Credit Agreement or any of the other Loan Documents or a course of dealing with Administrative Agent or the
Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by Administrative Agent or any Lender to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the
future, except as expressly set forth herein. The Loan Parties acknowledge and expressly agree that Administrative Agent and the Lenders reserve the right to, and do in fact, require strict compliance with all terms and provisions of the Credit
Agreement and the other Loan Documents (subject to any qualifications set forth therein), as amended herein. 

3.    Representations and Warranties. In consideration of the execution and delivery of this Amendment by
Administrative Agent and the Required Lenders, each Loan Party hereby represents and warrants in favor of Administrative Agent and the Lenders as follows: 

(a)    The execution, delivery and performance by each Loan Party of this Amendment (i) are all within such Loan
Party’s organizational powers, (ii) have been duly authorized, (iii) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made
and are in full force and effect, (iv) will not violate any Requirement of Law applicable to any Loan Party or any of the Subsidiaries, (v) will not violate or result in a default under any indenture or other agreement or instrument
binding upon any Loan Party or any of the Subsidiaries or its assets, or give rise to a right under any such indenture, agreement or instrument (other than a Loan Document) to require any payment to be made by any Loan Party or any of the
Subsidiaries, and (vii) will not result in the creation or imposition of any Lien on any asset of any Loan Party or any of the Subsidiaries, except Liens created or permitted pursuant to the Loan Documents, except to the extent that any such
failure to make or obtain, or any such violation, default or payment, in each case referred to in clauses (iii) through (v), individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; 

(b)    This Amendment has been duly executed and delivered by each Loan Party, and constitutes a legal, valid and binding
obligation of each Loan Party, 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; 
 (c)    The representations and warranties of
the Loan Parties set forth in the Credit Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date hereof, both before and after giving effect to this Amendment, except that such representations
and warranties (i) that relate solely to an earlier date shall be true and correct in all material respects as of such earlier date and (ii) shall be true and correct in all respects to the extent they are qualified by a materiality
standard; and 

  
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 (d)    Immediately after giving effect hereto, no event has occurred and is
continuing which constitutes a Default or an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 

4.    Effectiveness. This Amendment shall become effective as of the date set forth above upon Administrative
Agent’s receipt of each of the following, in form and substance satisfactory to Administrative Agent: 

(a)    this Amendment duly executed by the applicable Loan Parties, Administrative Agent, and the Required Lenders; and

 (b)    all other certificates, reports, statements, instruments or other documents as Administrative Agent may have
reasonably requested prior to the effectiveness of this Amendment. 
 5.    Moy Park Acquisition Agreement. The
Borrowers covenant and agree to deliver to the Administrative Agent a copy of the duly executed Moy Park Acquisition Agreement (together with all disclosure schedules and other material agreements executed in connection therewith or required by the
terms thereof). The Borrowers may, following the consummation of the Moy Park Acquisition, provide updates of the disclosure schedules to the Credit Agreement to the Administrative Agent solely with respect the Moy Park Target and its Subsidiaries
involving matters existing as of the date of the Moy Park Acquisition, provided that such updates will be subject to the prior approval of the Administrative Agent in its reasonable discretion. 

6.    Costs and Expenses. The Borrowers agree to pay on demand all reasonable and documented out-of-pocket costs and expenses of Administrative Agent in connection with the preparation, execution and delivery of this Amendment and any other instruments and documents
to be delivered hereunder (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for Administrative Agent with respect thereto). 

7.    Affirmation of Guaranty/Loan Documents. Each Loan Party hereby acknowledges that as of the date hereof, the
security interests and liens granted to Administrative Agent for the benefit of the Secured Parties under the Loan Documents are in full force and effect and are enforceable in accordance with the terms of the applicable Loan Documents, and will
continue to secure the Obligations. Additionally, by executing this Amendment, each U.S. Loan Guarantor and each Bermuda Loan Guarantor hereby acknowledges, consents and agrees that all of its respective obligations and liability under the U.S.
Guaranty and Bermuda Guaranty (as applicable) and all other Loan Documents to which such U.S. Loan Guarantor or Bermuda Loan Guarantor is a party remain in full force and effect, and that the execution and delivery of this Amendment and any and all
documents executed in connection therewith shall not alter, amend, reduce or modify its obligations and liability under the U.S. Guaranty and Bermuda Guaranty and all other Loan Documents. 

8.    Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of a signature page hereto by facsimile transmission or by other electronic transmission shall be as effective
as delivery of a manually executed counterpart hereof. 

  
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 9.    Reference to and Effect on the Loan Documents. Upon the
effectiveness of this Amendment, on and after the date hereof, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each
reference in the other Loan Documents to “the Credit Agreement,” “thereunder,” thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby. 

10.    Governing Law. This Amendment shall be construed in accordance with, and this Amendment and all matters
arising out of or relating in any way whatsoever to this Amendment (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 (at least in part) on Section 5-1401 of the General Obligation Law of the State of New York, as amended (as
and to the extent applicable), and other applicable law. 
 11.    Final Agreement. This Amendment represents the
final agreement between the Loan Parties, Administrative Agent and the Lenders as to the subject matter hereof and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no unwritten
oral agreements between the parties. 
 12.    Loan Document. This Amendment shall be deemed to be a Loan
Document for all purposes under the Credit Agreement. 
 13.    No Novation. This Amendment is not intended by
the parties to be, and shall not be construed to be, a novation of the Credit Agreement or an accord and satisfaction in regard thereto. 

[Remainder of this page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused their respective duly authorized officers or
representatives to execute and deliver this Amendment as of the day and year first above written. 
  

							
	BORROWERS:	 		 	PILGRIM’S PRIDE CORPORATION
				
		 		 	By:	 	 /s/ Fabio Sandri

		 		 	Name:	 	Fabio Sandri
		 		 	Title:	 	Chief Financial Officer
			
		 		 	TO-RICOS, LTD.
				
		 		 	By:	 	 /s/ Fabio Sandri

		 		 	Name:	 	Fabio Sandri
		 		 	Title:	 	Chief Financial Officer
			
		 		 	TO-RICOS DISTRIBUTION, LTD.
				
		 		 	By:	 	 /s/ Fabio Sandri

		 		 	Name:	 	Fabio Sandri
		 		 	Title:	 	Chief Financial Officer

  
 FIRST
AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

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	OTHER LOAN PARTIES:	 		 	PILGRIM’S PRIDE CORPORATION OF WEST VIRGINIA, INC.
				
		 		 	By:	 	
/s/ Fabio Sandri                
                                         
               

		 		 	Name:	 	Fabio Sandri
		 		 	Title:	 	Chief Financial Officer
			
		 		 	JFC LLC
				
		 		 	By:	 	 /s/ Fabio Sandri

		 		 	Name:	 	Fabio Sandri
		 		 	Title:	 	Chief Financial Officer
			
		 		 	GOLD’N PLUMP POULTRY, LLC
				
		 		 	By:	 	 /s/ Fabio Sandri

		 		 	Name:	 	Fabio Sandri
		 		 	Title:	 	Chief Financial Officer
			
		 		 	GOLD’N PLUMP FARMS, LLC
				
		 		 	By:	 	 /s/ Fabio Sandri

		 		 	Name:	 	Fabio Sandri
		 		 	Title:	 	Chief Financial Officer

  
 FIRST
AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

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	ADMINISTRATIVE AGENT:	 		 		 	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as Administrative Agent
					
		 		 		 	By:	 	 /s/ Eric J. Rogowski

		 		 		 	Name:	 	Eric J. Rogowski
		 		 		 	Title:	 	Executive Director
					
		 		 		 	By:	 	 /s/ Nader Pasdar

		 		 		 	Name:	 	Nader Pasdar
		 		 		 	Title:	 	Managing Director

  
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	AMERICAN AGCREDIT, PCA, as a Lender
		
	By:	 	 /s/ Bradley K. Leafgren

	Name:	 	Bradley K. Leafgren
	Title:	 	Vice President

  
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	COÖPERATIEVE RABOBANK U.A., NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ Stewart Kalish

	Name:	 	Stewart Kalish
	Title:	 	Executive Director
		
	By:	 	 /s/ Michaelene Donegan

	Name:	 	Michalene Donegan
	Title:	 	Executive Director

  
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	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ Gordon MacArthur

	Name:	 	Gordon MacArthur
	Title:	 	Authorized Signatory

  
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	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Harry J. Brown

	Name:	 	Harry J. Brown
	Title:	 	Vice President

  
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	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Marguerite Sutton

	Name:	 	Marguerite Sutton
	Title:	 	Vice President

  
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	COMPEER FINANCIAL, PCA (as successor to AGSTAR FINANCIAL SERVICES, PCA), as a Lender
		
	By:	 	 /s/ Lee Fuchs

	Name:	 	Lee Fuchs
	Title:	 	Director, Capital Markets

  
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	COBANK, FCB, as a Lender
		
	By:	 	 /s/ James H. Matzat

	Name:	 	James H. Matzat
	Title:	 	Vice President

  
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	COMPEER FINANCIAL, FLCA (as successor to
1ST FARM CREDIT SERVICES, FLCA and BADGERLAND FINANCIAL, FLCA), as a Voting Participant
		
	By:	 	 /s/ Lee Fuchs

	Name:	 	Lee Fuchs
	Title:	 	Director, Capital Markets

  
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	AGFIRST FARM CREDIT BANK, as a Voting Participant
		
	By:	 	 /s/ Matt Jeffords

	Name:	 	Matt Jeffords
	Title:	 	Vice President

  
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	FARM CREDIT BANK OF TEXAS, as a Voting Participant
		
	By:	 	 /s/ Alan Robinson

	Name:	 	Alan Robinson
	Title:	 	Vice President

  
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	FARM CREDIT WEST, FLCA, as a Voting Participant
		
	By:	 	 /s/ Ben Madonna

	Name:	 	Ben Madonna
	Title:	 	Vice President

  
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	FARM CREDIT MID-AMERICA, FLCA, as a Voting Participant
		
	By:	 	 /s/ Matthew Dixon

	Name:	 	Matthew Dixon
	Title:	 	Credit Officer Capital Markets

  
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	FCS COMMERCIAL FINANCE GROUP, for AGCOUNTRY FARM CREDIT SERVICES, FLCA, as a Voting Participant
		
	By:	 	 /s/ Daniel J. Best

	Name:	 	Daniel J. Best
	Title:	 	Vice President

  
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	FARM CREDIT SERVICES OF AMERICA, FLCA, as a Voting Participant
		
	By:	 	 /s/ Bruce Dean

	Name:	 	Bruce Dean
	Title:	 	Vice President

  
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	GREENSTONE FARM CREDIT SERVICES, FLCA, as a Voting Participant
		
	By:	 	 /s/ Curtis Flammini

	Name:	 	Curtis Flammini
	Title:	 	VP of Capital Markets

  
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	NORTHWEST FARM CREDIT SERVICES, FLCA, as a Voting Participant
		
	By:	 	 /s/ Paul Hadley

	Name:	 	Paul Hadley
	Title:	 	Vice President

  
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AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

S-26EX-10.2

 Exhibit 10.2 

SUBORDINATED PROMISSORY NOTE 
  

			
	£562,490,000	  	September 8, 2017

 1. FOR VALUE RECEIVED, ONIX INVESTMENTS UK LTD, a private limited company incorporated under the laws of
England and Wales (the “Maker”), and a wholly owned Subsidiary of PILGRIM’S PRIDE CORPORATION, a Delaware corporation (the “Guarantor”), HEREBY PROMISES TO PAY to the order of JBS S.A., a sociedade
anônima organized under the laws of the Federative Republic of Brazil (the “Payee”), the principal amount of Five Hundred Sixty Two Million Four Hundred Ninety Thousand Pounds Sterling (£562,490,000) or, if less, the
aggregate unpaid principal amount of this Note, on the Maturity Date, subject to the provisions herein. This Note is being delivered pursuant to the Share Purchase Agreement, dated as of September 8, 2017 (the “Purchase
Agreement”), by and among the Maker, the Payee, the Guarantor and GRANITE HOLDINGS S.À R.L, a société à responsabilité limitée organized under the laws of the Grand Duchy of Luxembourg,
having its registered office at 8-10 avenue de la Gare, L-1610 Luxembourg and registered with the Luxembourg Register of Commerce and Companies under number B 200528, as
the same may be amended or modified. This Note is the “Subordinated Promissory Note” referenced in the Purchase Agreement. 

2. Payments. 

(a) Repayment of Note. On the Maturity Date, the Maker shall pay to the Noteholder the aggregate principal amount of the
Note outstanding. 
 (b) Interest. Interest on the outstanding principal balance of the Note shall accrue at the rate
per annum equal to (i) from and after November 8, 2017 and prior to January 7, 2018, 4.00%, (ii) from and after January 7, 2018 and prior to March 8, 2018, 6.00% and (iii) from and after March 8, 2018, 8.00%.
Interest shall be computed on the basis of a 365-day year for the actual number of days elapsed from and including the date hereof to the Maturity Date. Such interest shall be payable on the last Business Day
of each month, commencing with November 2017, and ending on the Maturity Date or such earlier date on which the principal of this Note is paid in full. 

(c) Funding Fee. The Maker agrees that if any principal amount of this Note remains outstanding on the Funding Fee Date,
the Maker shall pay to the Noteholder on the Funding Fee Date a fee equal to 1.50% of the aggregate principal amount then outstanding. 

(d) Default Rate. If the Maker fails to pay, when due, any amount owed under this Note, all overdue amounts owed under
this Note (including, to the extent permitted by law, unpaid interest) shall accrue interest at the Default Rate until all overdue amounts have been paid in full. 

(e) Mandatory Prepayments. If the Guarantor or any of its Subsidiaries incurs or issues any unsecured Indebtedness after
the date hereof, the Maker, to the extent permitted by Section 6.01(t) of the Credit Agreement as in effect on the date hereof, shall, on or prior to the date that is five Business Days after the incurrence or issuance of such Indebtedness,
prepay the principal of this Note, together with accrued and unpaid interest thereon, in an amount equal to the Net Proceeds of such Indebtedness. 

 (f) Optional Prepayment. Subject to the provisions herein (including,
without limitation, the subordination provisions of Section 3), the Maker may, at any time prior to the Maturity Date, prepay the principal amount of this Note, in whole or in part, without penalty or premium, on any Business Day;
provided that the Maker shall give the Noteholder irrevocable notice of each prepayment no later than 3:00 p.m., New York City time, on the Business Day immediately preceding such prepayment. Prepayments of this Note must be accompanied by
payment of accrued and unpaid interest on the principal amount prepaid to and including the date of payment. 
 (g) Other
Terms. Payments of principal hereof and interest hereon shall be made to such account of the Noteholder located in New York, New York as the Noteholder may designate in writing to the Maker. Except as otherwise provided herein, any payment
hereunder which would be payable on a day which is not a Business Day shall instead be due and payable on the Business Day next following such date for payment, and interest shall continue to accrue to but not including such Business Day. 

(h) Exchange Rates. All payments hereunder shall be made in Dollars and in immediately available funds. For purposes of
determining the Dollar equivalent of amounts denominated in pounds sterling payable hereunder (including principal, interest and fees), and the pounds sterling equivalent of the reduction in the principal amount of this Note upon the making of any
voluntary or mandatory prepayment hereunder, such equivalent amount will be determined at the rate of exchange quoted by the Reuters World Currency Page (https://www.reuters.com/finance/currencies) for the applicable currency at 5:00 p.m. (New York
City time) on the Business Day immediately prior to the applicable date of payment or prepayment (or, in the event such rate does not appear on any Reuters World Currency Page, by reference to such other publicly available service for displaying
exchange rates as may be agreed upon by the Maker and the Noteholder, or, in the absence of such agreement, by reference to such publicly available service for displaying exchange rates as the Noteholder selects in its reasonable discretion). 

3. Subordination Provisions. 

(a) Payment Provisions. Notwithstanding anything to the contrary herein, until the Senior Obligations shall have been
Paid in Full, no payment or prepayment of principal of or interest on this Note may be made, directly or indirectly to the Noteholder, if at the time of such payment or prepayment: 

 

	 	(i)	the Maker, the Guarantor or any of their respective properties are subject to any Insolvency Proceeding; 

  

	 	(ii)	a payment default shall have occurred and be continuing with respect to any Senior Obligations; or 

  

	 	(iii)	a Payment Blockage Period shall have occurred and be continuing. 

  
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 (b) Payment Over. If the Noteholder shall receive any payment in violation
of the terms of this Section 3, it shall hold such payment in trust for the benefit of the Senior Creditors and forthwith pay it over to the Senior Debt Agent, for application in accordance with the Senior Debt Documents. 

(c) Insolvency Proceedings; Acceleration of Senior Obligations. (i) In the event of any Insolvency Proceeding
relative to the Maker or the Guarantor or their respective properties or any acceleration of any Senior Obligations, then all of the Senior Obligations shall first be Paid in Full before the Noteholder may receive and retain any payment (whether in
cash, securities, property or otherwise) upon this Note, and in any such proceedings any payment or distribution of any kind or character, whether in cash or property or securities, which may be payable or deliverable in respect of this Note shall
be paid or delivered directly to the Senior Debt Agent to the extent of any unpaid Senior Obligations, unless and until all such Senior Obligations are Paid in Full, except that the Noteholder may receive shares of stock and any debt securities that
are subordinated to such Senior Obligations, and to any debt securities received by holders of Senior Obligations, to at least the same extent as this Note is subordinated to the Senior Obligations. 

(ii) In the event that, notwithstanding the foregoing, upon any such Insolvency Proceeding, any payment or distribution of the
assets of the Maker or the Guarantor of any kind or character, whether in cash, property or securities, shall be received by the Noteholder in respect of this Note before all Senior Obligations are Paid in Full, such payment or distribution shall be
held in trust for the Senior Creditors and shall forthwith be paid over to the Senior Debt Agent to the extent any Senior Obligations have not been Paid in Full after giving effect to any concurrent payment or distribution to the Senior Debt Agent.

 (d) Standstill; Certain Other Agreements. (i) The Noteholder agrees that, until the earlier to occur of the
Maturity Date (as such date may be extended from time to time pursuant to Section 6 below) or the date the Senior Obligations are Paid in Full, (A) if a payment default shall have occurred and be continuing with respect to any Senior
Obligations or a Payment Blockage Period shall have occurred and be continuing or if an Insolvency Proceeding shall have commenced, it will not take or demand or sue for (including by set-off or in any other
manner) any payment of all or any part of this Note and (B) it will not file, join in or facilitate any petition or proceeding seeking the involuntary bankruptcy of the Maker or the Guarantor. The failure to make a payment pursuant to this Note
by reason of any provision in this Section 3 shall not be construed as preventing the occurrence of a Default hereunder. Except as provided in this paragraph (d), nothing in this Section 3 shall have any effect on the right of the
Noteholder to accelerate the maturity of this Note during the continuance of an Event of Default. 
 (ii) The Senior
Creditors, or any of them, may, at any time and from time to time, without the consent of or notice to the Noteholder, without incurring any responsibility to the Noteholder, and without impairing or releasing any of the rights of any of the Senior
Creditors, or any of the obligations of the Noteholder: 

  
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	 	(A)	change the amount or terms of or renew or extend any Senior Obligations or amend any Senior Debt Document, as the case may be, in any manner or enter into or amend in any manner any other agreement relating to any
Senior Obligations; 

  

	 	(B)	sell, exchange, release or otherwise deal with any property at any time pledged or mortgaged or subject to any lien to secure any Senior Obligations; 

 

	 	(C)	release anyone liable in any manner for the payment or collection of any Senior Obligations; and 

  

	 	(D)	exercise or refrain from exercising any rights against the Maker, the Guarantor or any other Person (including the Noteholder). 

(e) Subrogation. After all Senior Obligations are Paid in Full and until this Note is paid in full, the Noteholder shall
be subrogated to the rights of the holders of such Senior Obligations to receive distributions applicable to such Senior Obligations. A distribution made under this paragraph (e) to holders of such Senior Obligations which otherwise would have
been made to the Noteholder is not, as between the Maker and the Guarantor, on the one hand, and the Noteholder, on the other hand, a payment by the Maker or the Guarantor on such Senior Obligations. 

(f) Acknowledgement of Subordination and Payment Restrictions. The subordination provisions contained herein are for the
benefit of the Senior Debt Agent, the Senior Creditors and their respective successors and assigns and, notwithstanding anything in Section 12(b) hereof, may not be rescinded or cancelled or modified in any way without the prior written consent
of the Senior Debt Agent. The Senior Obligations shall have the benefit of these subordination provisions even if all or part of the Senior Obligations or the security interests securing any of the Senior Obligations are subordinated, set aside,
avoided or disallowed in any Insolvency Proceeding, and if any of the Senior Obligations is rescinded or must otherwise be returned by any holder of the Senior Obligations. The Noteholder, by its acceptance of this Note, hereby expressly
acknowledges and agrees to the subordination provisions and payment restrictions contained herein. The subordination provisions contained herein apply equally to the Guaranty, and to the rights of the Noteholder to proceed against the Guarantor and
to receive and retain any payment in respect of the Guaranty. 
 4. Notice of Default. The Maker covenants and agrees
that, for so long as any principal of and interest on this Note or any other amount payable hereunder remains unpaid or unsatisfied, unless waived by the Noteholder, the Maker shall promptly give notice to the Noteholder of any Default or Event of
Default hereunder and any Default or Event of Default under the Credit Agreement. 
 5. Fundamental Changes. So long
as any principal of and interest on this Note or any other amount payable hereunder remains unpaid or unsatisfied neither the Maker nor the Guarantor shall merge or consolidate with or into any Person nor sell all or

  
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substantially all of their assets, except that so long as both prior to and subsequent to such merger or consolidation, no Event of Default has occurred and is continuing, the Maker or the
Guarantor may merge or consolidate with any Person, provided that (i) the Maker or the Guarantor, as applicable, shall be the continuing or surviving Person or (ii) (x) if the Maker or the Guarantor, as applicable, shall not be the
surviving Person, such surviving Person shall have assumed the obligations of the Maker or the Guarantor, as applicable, hereunder pursuant to documentation in form and substance reasonably satisfactory to the Noteholder and (y) in the case of
the Maker, such surviving Person shall be a corporation or limited liability company organized under the laws of the United Kingdom (each such merger or consolidation, a “Permitted Merger”). 

6. Events of Default. The following are “Events of Default”: 

(a) The Maker fails to pay any principal of this Note as and on the date when due; 

(b) The Maker fails to pay any interest or fees on this Note as and on the date when due and such failure shall continue
unremedied for more than three Business Days; 
 (c) The Maker or the Guarantor fails to perform or observe any term,
covenant or agreement contained in Section 4 or 5 hereof; 
 (d) An involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) bankruptcy, liquidation, reorganization or other relief in respect of the Maker, the Guarantor or any Subsidiary of the Guarantor or its debts, or of a substantial part of its assets, under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Maker, the Guarantor or
any Subsidiary of the Guarantor or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed or unstayed for 90 days or an order or decree approving or ordering any of the foregoing shall be
entered; 
 (e) The Maker, the Guarantor or any Subsidiary of the Guarantor shall (i) voluntarily commence any
proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect; (ii) consent to the institution of, or fail
to contest in a timely and appropriate manner, any proceeding or petition described in paragraph (d) of this Section 6; (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for the Maker, the Guarantor or any Subsidiary of the Guarantor or for a substantial part of its assets; (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding;
(v) make a general assignment for the benefit of creditors; or (vi) take any action for the purpose of effecting any of the foregoing; 

  
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 (f) the maturity of any of the Senior Obligations shall have been accelerated
following any Event of Default (as defined in the Credit Agreement as in effect on the date hereof); 
 (g) the Guaranty of
the Guarantor ceases, for any reason, to be in full force and effect, or the Maker or the Guarantor so asserts; or 
 (h) any
representation or warranty made by the Maker or the Guarantor in Sections 4.01, 4.02, 4.03 or 4.04 of the Purchase Agreement is incorrect in any material respect on the date as of which such representation or warranty is made; 

provided that, if the Maker fails to pay any principal of, or any interest or fees on, this Note solely as a result of the Guarantor not
meeting the conditions for repayment set forth in Section 6.01(t) of the Credit Agreement as in effect on the date hereof, such failure shall not be a Default or an Event of Default; provided, further, that if such failure
continues to be in effect as of the Maturity Date, the Maturity Date shall automatically be extended to the earlier of (x) the first Business Day on which the Maker or the Guarantor is permitted to pay such principal of, or interest or fees on,
this Note under Section 6.01(t) of the Credit Agreement as in effect on the date hereof and (y) the date the Credit Agreement is terminated and all of the Senior Obligations are Paid in Full; provided, further, that, for the
avoidance of doubt, the second immediately preceding proviso shall not prejudice any right of the Noteholder under any paragraph of this Section 6 other than paragraphs (a) and (b). 

Upon the occurrence of an Event of Default, the Noteholder, by notice to the Maker, may declare all sums outstanding hereunder, including all
interest thereon, to be immediately due and payable, whereupon the same shall become and be immediately due and payable; provided, however, that upon the occurrence of an Event of Default described in paragraph (d) or (e) above
with respect to the Maker or the Guarantor, all sums outstanding hereunder, including all interest thereon, shall become and be immediately due and payable, without notice of default, presentment or demand for payment, protest or notice of
nonpayment or dishonor, or other notices or demands of any kind or character, all of which are hereby expressly waived. 
 7.
Guaranty. 
 (a) Guaranty. The Guarantor hereby absolutely and unconditionally guarantees, as a guaranty of
payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all existing and future
indebtedness and liabilities of every kind, nature and character, direct or indirect, absolute or contingent, liquidated or unliquidated, voluntary or involuntary and whether for principal, interest, premiums, fees, indemnities, damages, costs,
expenses or otherwise, of the Maker to the Noteholder under this Note (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Noteholder in
connection with the collection or enforcement thereof), and whether recovery upon such indebtedness and 

  
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liabilities may be or hereafter become unenforceable or shall be an allowed or disallowed claim under any proceeding or case commenced by or against the Guarantor or the Maker under any Debtor
Relief Law, and including interest that accrues after the commencement by or against the Maker of any proceeding under any Debtor Relief Laws (such obligations, the “Guaranteed Obligations” and such guaranty, the
“Guaranty”). This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Guaranteed Obligations or any instrument or agreement evidencing any Guaranteed Obligations, or by any fact or
circumstance relating to the Guaranteed Obligations which might otherwise constitute a defense to the obligations of the Guarantor under this Guaranty, and the Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in
any way relating to any or all of the foregoing. 
 (b) Rights of Noteholder. The Guarantor guarantees that the
Guaranteed Obligations will be paid strictly in accordance with the terms of this Note. The Guarantor consents and agrees that the Noteholder may, at any time and from time to time, without notice or demand, and without affecting the enforceability
or continuing effectiveness hereof: (i) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Guaranteed Obligations or any part thereof; (ii) take, hold, exchange, enforce,
waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Guaranteed Obligations; (iii) apply such security and direct the order or manner of sale thereof as the Noteholder in its sole
discretion may determine; and (iv) release or substitute one or more of any endorsers or other guarantors of any of the Guaranteed Obligations. Without limiting the generality of the foregoing, the Guarantor consents to the taking of, or
failure to take, any action which might in any manner or to any extent vary the risks of the Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of the Guarantor. 

(c) Certain Waivers. The Guarantor waives (i) any defense arising by reason of any disability or other defense of
the Maker or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of the Noteholder) of the liability of the Maker; (ii) any defense based on any claim that the Guarantor’s obligations exceed or
are more burdensome than those of the Maker; (iii) any right to require the Noteholder to proceed against the Maker, proceed against or exhaust any security for the Indebtedness evidenced by this Note, or pursue any other remedy in the
Noteholder’s power whatsoever; (iv) any benefit of and any right to participate in any security now or hereafter held by the Noteholder; and (v) to the fullest extent permitted by law, any and all other defenses or benefits that may
be derived from or afforded by applicable law limiting the liability of or exonerating guarantors or sureties. The Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of
nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Guaranteed Obligations, and all notices of acceptance of this Guaranty or of the
existence, creation or incurrence of new or additional Guaranteed Obligations. 

  
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 (d) Subrogation. The Guarantor shall not exercise any right of
subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Guaranteed Obligations and any amounts payable under this Guaranty have been indefeasibly paid and
performed in full. If any amounts are paid to the Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Noteholder and shall forthwith be paid to the Noteholder to reduce the amount of
the Guaranteed Obligations, whether matured or unmatured. 
 (e) Termination; Reinstatement. This Guaranty is a
continuing and irrevocable guaranty of all Guaranteed Obligations now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations and any other amounts payable under this Guaranty are indefeasibly paid in full in
cash. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Maker or the Guarantor is made, or the Noteholder exercises its right of setoff, in
respect of the Guaranteed Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered
into by the Noteholder in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, all as if such payment had not been made or such setoff had not occurred
and whether or not the Noteholder is in possession of or has released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. 

8. Taxes. (a) Any and all payments by or on account of any obligation of the Maker under this Note
shall be made without deduction or withholding for any Taxes, except as required by applicable laws. If the Maker shall be required by any applicable laws (as determined in good faith by the Maker) to withhold or deduct any Taxes from any payment,
then to the extent that amounts are so deducted and withheld and paid over to the appropriate governmental authority, such amounts shall be treated for all purposes of this Note as having been paid to the Noteholder. 

(b) Without limiting the provisions of paragraph (a) above, the Maker shall timely pay to the relevant governmental
authority in accordance with applicable law any Other Taxes. 
 (c) The Maker shall indemnify the Noteholder, and shall make
payment in respect thereof within 10 days after demand therefor, for the full amount of any Other Taxes (including Other Taxes imposed or asserted on or attributable to amounts payable under this Section 8) payable or paid by the Noteholder or
required to be withheld or deducted from a payment to the Noteholder, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Other Taxes were correctly or legally imposed or asserted by the
relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Maker by the Noteholder shall be conclusive absent manifest error. 

  
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 (d) Upon request by the Maker or the Noteholder, as the case may be, after any
payment of Taxes (other than income Taxes) on amounts payable under this Note to a governmental authority as provided in this Section 8, the Maker shall deliver to the Noteholder or the Noteholder shall deliver to the Maker, as the case may be,
the original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Maker or the
Noteholder, as the case may be. 
 (e) By its acceptance of this Note, the Noteholder agrees that if it 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 by the Maker, it shall pay to the Maker an amount equal to such refund (but only to the extent of indemnity payments made by the
Maker under this Section 8 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by the Noteholder,
and without interest (other than any interest paid by the relevant governmental authority with respect to such refund), provided that the Maker, upon the request of the Noteholder, agrees to repay the amount paid over to the Maker (plus any
penalties, interest or other charges imposed by the relevant governmental authority) to the Noteholder in the event the Noteholder is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary in this
subsection, in no event will the Noteholder be required to pay any amount to the Maker pursuant to this subsection the payment of which would place the Noteholder in a less favorable net after-Tax position
than the Noteholder would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had
never been paid. This subsection shall not be construed to require the Noteholder to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Maker or any other Person. 

(f) Each party’s obligations under this Section 8 shall survive any assignment of rights by, or the replacement of,
the Payee and the repayment, satisfaction or discharge of all obligations under this Note. 
 9. Securities Demand.
The Guarantor agrees, upon the request of the Payee after the receipt of a Securities Demand (as defined below), to engage one or more investment banks reasonably satisfactory to the Payee (collectively, the “Investment Bank”) to
publicly sell or privately place debt or equity securities of the Guarantor, the Maker or another Subsidiary of the Guarantor (the “Securities”) that will provide proceeds in an amount sufficient to repay all or any portion of the
principal and other amounts outstanding under this Note. At any time and from time to time (but on no more than three occasions) on or after October 8, 2017, within 10 Business Days after receipt of notice from the Noteholder (a
“Securities Demand”), the Guarantor will use commercially reasonable efforts to consummate an offering of the Securities, the Net Proceeds of which shall be used to repay this Note; provided that the terms and conditions of
the Securities (including the type of Securities, the issuer of the Securities, maturity, ranking, interest rate, yields and redemption prices) shall be determined by the Guarantor and the Investment Bank (and shall be commercially reasonable based
on prevailing market conditions at the time, as determined in the reasonable judgment of management and the Board of Directors of the Guarantor). 

  
 9 

 10. Successors and Assigns; Transfer and Exchanges. The provisions of this
Note shall be binding upon and inure to the benefit of the Maker, the Guarantor and the Payee and their respective successors and assigns permitted hereby, except that neither the Maker nor the Guarantor may assign its rights and obligations under
this Note other than pursuant to a Permitted Merger. The Noteholder may (i) sell or otherwise transfer this Note (A) (I) to an Affiliate of the Payee at any time or (II) upon the occurrence and during the continuation of an Event of
Default, to any Person or (B) with the Maker’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed and (ii) assign this Note to its lenders as collateral at any time. 

11. Definitions. As used in this Note, the following terms shall have the following meanings: 

“Affiliate” means, with respect to a specified Person, any other Person that possesses, directly or
indirectly, the power to direct or cause the direction of the management or policies of the Person specified, whether through the ability to exercise voting power, by contract or otherwise. 

“Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified,
succeeded, or replaced from time to time. 
 “Business Day” means any day other than a Saturday, Sunday or a
day on which banks in New York, London or São Paulo are authorized or obligated by applicable Law or executive order to close. 

“Credit Agreement” means that certain Third Amended and Restated Credit Agreement, dated as of May 8,
2017 (together with all exhibits and schedules thereto and as amended, restated, amended and restated, extended, replaced, refinanced, supplemented or otherwise modified in writing from time to time) among the Guarantor, To-Ricos, Ltd. and To-Ricos
Distribution, Ltd., as borrowers, certain subsidiaries of the Guarantor, Coöperatieve Rabobank U.A., New York Branch, as administrative agent and collateral agent, and the other financial institutions party thereto, true and complete copies of
which have been provided to Payee. 
 “Debtor Relief Laws” means the Bankruptcy Code, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States, the United Kingdom, Brazil or other
applicable jurisdictions from time to time in effect. 
 “Default” means any event or condition that
constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 

  
 10 

 “Default Rate”, at any time, means a rate per annum equal to
2.00% above the rate of interest set forth in Section 2 applicable at such time. 
 “Dollar” means
lawful money of the United States. 
 “Events of Default” has the meaning specified in Section 6. 

“Funding Fee Date” means March 8, 2018. 

“Guaranteed Obligations” has the meaning specified in Section 7(a). 

“Guarantor” has the meaning specified in Section 1. 

“Guaranty” has the meaning specified in Section 7(a). 

“Indebtedness” of any Person means all obligations of such Person for borrowed money. 

“Insolvency Proceeding” means (a) an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) bankruptcy, liquidation, reorganization or other relief in respect of the Maker or the Guarantor or their respective debts, or of a substantial part of their respective assets, under any Debtor Relief Laws or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for any of the Maker or the Guarantor or for a substantial part of their respective assets, and, in any such case, such proceeding or petition
shall continue undismissed or unstayed for 90 days or an order or decree approving or ordering any of the foregoing shall be entered or (b) any of the Maker or the Guarantor shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any Debtor Relief Laws; (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (a) of
this definition; (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Maker or the Guarantor or for a substantial part of their respective assets; (iv) file
an answer admitting the material allegations of a petition filed against it in any such proceeding; or (v) make a general assignment for the benefit of creditors. 

“Investment Bank” has the meaning specified in Section 9. 

“Maker” has the meaning specified in Section 1. 

“Maturity Date” means September 6, 2018, or if such day is not a Business Day, the preceding Business
Day, as may be extended pursuant to Section 6. 
 “Net Proceeds” means, with respect to any issuance of
unsecured Indebtedness or Securities, but only as and when received by the Guarantor or any of its Subsidiaries, (a) the cash proceeds received in respect of such unsecured Indebtedness or Securities including any cash received in respect of
any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or 

  
 11 

 
installment receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments); net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third parties (other than Affiliates of the Guarantor) in connection with such event, (ii) all out-of-pocket expenses reimbursed to Affiliates of the Guarantor in connection with such event and (iii) the amount of all Taxes and Tax Distributions paid (or reasonably estimated to be payable),
including in connection with the grant, exercise, conversion or vesting of any award of equity interests of the Guarantor, in each case during the fiscal year or period that such event occurred or the next succeeding fiscal year or period and that
are directly attributable to such event (as determined reasonably and in good faith by a financial officer); provided that, to the extent that any such reserves are not utilized by the Guarantor or its Subsidiaries to fund the applicable
liabilities prior to the end of such succeeding fiscal year or period, the amount of such unutilized reserves shall constitute “Net Proceeds”. 

“Note” means this Subordinated Promissory Note, as amended, restated, extended, supplemented or otherwise
modified in writing from time to time. 
 “Noteholder” means the Payee and its permitted successors and
assigns. 
 “Other Connection Taxes” means, with respect to the Payee, Taxes imposed as a result of a
present or former connection between the Payee and the jurisdiction imposing such Tax (other than connections arising from the Payee having executed, delivered, become a party to, performed its obligations under, received payments under, engaged in
any other transaction pursuant to or enforced this Note, or sold or assigned an interest in this Note). 
 “Other
Taxes” means all present or future stamp, court or documentary intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or otherwise
with respect to this Note, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 

“Paid in Full” means, with respect to Senior Obligations, the payment in full in cash and other satisfaction
in full of such obligations in accordance with the terms of the applicable Senior Debt Document. 
 “Payee”
has the meaning specified in Section 1. 
 “Payment Blockage Notice” means a notice by the Senior Debt
Agent (a) stating that one or more Events of Default shall have occurred and be continuing under (and as defined in) the applicable Senior Debt Document (and listing such Events of Default(s) in reasonable detail), and (b) directing that
all payments under this Note be subject to Section 3(b). 
 “Payment Blockage Period” means the period
commencing from the receipt by the Maker, the Guarantor or the Noteholder of a Payment Blockage Notice and ending on the earliest to occur of (a) the date on which the Events of Default(s) listed in such Payment Blockage Notice shall have been
cured or waived in accordance with the terms of the Senior Debt Documents, (b) if arising as a result of any default other than a payment default, 180 days from the commencement of such period, or (c) the revocation, withdrawal or
termination of such Payment Blockage Notice by the Senior Debt Agent. 

  
 12 

 “Permitted Merger” has the meaning specified in Section 5.

 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, governmental authority or other entity. 
 “Purchase Agreement” has the
meaning specified in Section 1. 
 “Securities” has the meaning specified in Section 9. 

“Securities Demand” has the meaning specified in Section 9. 

“Senior Creditors” means the holders of the Senior Obligations. 

“Senior Debt Agent” means the “Administrative Agent” as defined in the Credit Agreement. 

“Senior Debt Documents” means collectively, the “Loan Documents” as defined in the Credit Agreement.

 “Senior Obligations” means, collectively, the “Secured Obligations” under, and as defined in,
the Credit Agreement. 
 “Subsidiary” means, with respect to any Person (the “parent”) at
any date, any corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the ordinary voting power (or, in the case of a partnership, more
than 50% of the voting power general partnership interests) are, as of such date, owned, controlled or held; or (b) in which, as of such date, the parent is the controlling general partner or otherwise possesses the ability (without the consent
of any other Person but giving effect to any contractual arrangements with third Persons) to control at least a majority of the directors (or the functional equivalent) of such Person (whether by the parent or one or more subsidiaries of the parent
or by the parent and one or more subsidiaries of the parent). 
 “Taxes” has the meaning set forth in the
Purchase Agreement. 
 “Tax Distribution” means, with respect to any Person, any dividend or other
distribution to any direct or indirect member of an affiliated group that files a consolidated U.S. Federal tax return with such Person, in accordance with any tax sharing agreement or similar arrangement in each case in an amount not in excess of
the amount that such Person (or such Person and its subsidiaries) would have been required to pay in respect of Federal, State or local Taxes, as the case may be, in respect of such year if such Person had paid such Taxes directly as a stand-alone
taxpayer (or on behalf of a stand-alone group). 

  
 13 

 The definitions in Section 11 shall apply equally to both 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”. 

12. Miscellaneous. 

(a) Section Headings. The section headings contained in this Note are for reference purposes only and shall not affect
the meaning or interpretation of this Note. 
 (b) Amendments and Waivers. No amendment or waiver of any provision of
this Note and no consent by the Noteholder to any departure therefrom by the Maker or the Guarantor shall be effective unless such amendment, waiver or consent shall be in writing and signed by the Noteholder, and any such amendment, waiver or
consent shall then be effective only for the period and on the conditions and for the specific instance specified in such writing. No failure or delay by the Noteholder in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other rights, power or privilege. 

(c) Setoff. All payments hereunder shall be made without setoff, recoupment or counterclaim of any kind. 

(d) Notices. Except as otherwise expressly provided herein, notices and other communications to each party provided for
herein shall be in writing and shall be delivered by hand or overnight courier service, mailed or sent by telecopy or by electronic transmission to the address provided from time to time by such party. All notices and other communications shall be
effective upon receipt. 
 (e) Lost, Stolen, Destroyed or Mutilated Note. Upon receipt of evidence reasonably
satisfactory to Maker of the loss, theft, destruction or mutilation of this Note and upon surrender or cancellation of this Note if mutilated, the Maker shall make and deliver a new note of like tenor in lieu of such lost, stolen, destroyed or
mutilated Note, at the Noteholder’s expense. 
 (f) Expenses. The Maker agrees to pay all reasonable expenses
incurred by the Noteholder, including all reasonable and documented attorneys’ fees and expenses incurred by the Noteholder, in each case in connection with the collection, enforcement or protection of its rights following an Event of Default
in connection with this Note. The obligations of the Maker under this Section shall survive the termination of this Note. 

(g) Severability. If any provision of this Note is held to be illegal, invalid or unenforceable, (i) the legality,
validity and enforceability of the remaining provisions of this Note shall not be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with

  
 14 

 
valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 (h) GOVERNING LAW;
JURISDICTION. THIS NOTE IS GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW RULES OF SUCH STATE. EACH OF THE MAKER AND THE GUARANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT AND EACH STATE COURT IN THE CITY OF NEW YORK AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT. EACH OF THE MAKER AND THE GUARANTOR IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING
BY THE MAILING OF COPIES OF SUCH PROCESS TO THE MAKER OR THE GUARANTOR AT ITS ADDRESSES SET FORTH BENEATH ITS SIGNATURE HERETO AND WITHOUT PREJUDICE TO ANY OTHER MODE OF SERVICE ALLOWED UNDER ANY RELEVANT LAW, THE MAKER IRREVOCABLY APPOINTS THE
GUARANTOR AS ITS AGENT FOR SERVICE OF PROCESS IN RELATION TO ANY PROCEEDINGS IN CONNECTION WITH THIS NOTE. EACH OF THE MAKER AND THE GUARANTOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(i) WAIVER OF JURY TRIAL. THE MAKER, THE GUARANTOR AND, BY ITS ACCEPTANCE OF THIS NOTE, THE NOTEHOLDER EACH WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ITS RIGHT TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(j) ENTIRE AGREEMENT. THIS NOTE REPRESENTS THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

  
 15 

 IN WITNESS WHEREOF, the Maker and the Guarantor have executed and delivered this Note as of the
date first written above. 
  

			
	ONIX INVESTMENTS UK LTD
		
	By:	 	 /s/ Fabio Sandri

	Name:	 	Fabio Sandri
	Title:	 	Sole Director
	
	Address: 1770 Promontory Circle
	
	Greeley, Colorado, 80634
	
	PILGRIM’S PRIDE CORPORATION
		
	By:	 	 /s/ Fabio Sandri

	Name:	 	Fabio Sandri
	Title:	 	CFO
	
	Address: 1770 Promontory Circle
	
	Greeley, Colorado, 80634

 [Promissory Note Signature Page]

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