Document:

seb_EX_10.25

		

			Exhibit 10.25

		

		

			 

		

		
			FIRST AMENDMENT TO asset purchase AGREEMENT
		

		
			 
		

		
			This First Amendment to Asset Purchase Agreement (this “Amendment”) is made and entered into this 6th day of February,  2016, by and among Seaboard Foods of Iowa, LLC, a Delaware limited liability company ("SFI"), Seaboard Foods LLC, an Oklahoma limited liability company ("SF"), Woodford Creek Farms LLP, an Iowa limited liability partnership ("Woodford" and, together with SFI and SF, "Buyer Parties" and each individually a "Buyer Party"), Christensen Farms & Feedlots, Inc., a Minnesota corporation ("CFFI"), and Christensen Farms Midwest, LLC, a Minnesota limited liability company ("CFM" and, together with CFFI, "Seller Parties" and each individually a "Seller Party").  Each Seller Party and Buyer Party is sometimes individually referred to as a "Party," and they are sometimes collectively referred to as the "Parties."
		

		
			 
		

		
			WHEREAS, the Parties wish to amend certain provisions and schedules of that certain Asset Purchase Agreement, dated January 26, 2016,  by and among the Parties (the “Agreement”) as set forth below.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the terms, conditions and covenants contained herein, the parties mutually agree to amend the terms and conditions of the Agreement as follows:
		

		
			 
		

			
	
			
				 1.
			All capitalized terms not defined herein have the meanings assigned to them in the Agreement. 

		
			 
		

			
	
			
				 2.
			Acquired Assets Purchased by SFI.  

		
			 
		

			
	
			
				 a.
			The parties amend and restate Section 1.1(a)(i) of the Agreement in its entirety as follows:

		
			 
		

		
			“the real property owned by Seller Parties and comprising the CFF Sites located in Colorado, as more specifically identified and described on Schedule 1.1(a)(i), together with all Improvements located thereon and all easements (other than the Effluent Easements), rights-of-way, water rights, oil, gas and mineral rights, wells, all other rights appurtenant thereto and all zoning rights, air rights and development rights, in each case, relating to CFF Sites located in Colorado;”  
		

		
			 
		

			
	
			
				 b.
			The parties amend and restate Section 1.1(a)(x) of the Agreement in its entirety as follows:

		
			 
		

		
			“all of Seller Parties' rights and incidents of interest in, to and under the Contracts set forth on Schedule 1.1(a)(x)(1), including the contractor-producer Contracts related to the Contract Producer Sites identified and described on Schedule 1.1(a)(x)(2), the lease Contracts related to the leased Iowa Rolling Stock, and the effluent and manure spreading agreements related to the CFF Sites located in Colorado (collectively, the "SFI Acquired Contracts");”  
		

		
			 
		

			
	
			
				 c.
			The parties amend and restate Section 1.1(a)(xii) of the Agreement in its entirety as follows:

		
			 
		

		
			“all fixed assets, equipment, machinery, inventory, fixtures, furniture, computers and Software on the computers necessary to operate such hardware at the Facilities, tools, spare parts, supplies and other tangible personal property owned or leased by a Seller Party, in each case, that is (A) located at the Facilities in Colorado, (B) located at the Feed Mill, (C) located at a Truck Wash, (D) located at the Bloomfield, Iowa office, (E) identified in Schedule 1.1(a)(xii) or Schedule 1.1(b)(viii), or (F) used or held for use primarily or exclusively in connection with the Business located in Colorado (the "SFI Tangible Personal Property");”  
		

		
			 
		

			
	
			
				 d.
			The parties add the following as Section 1.1(a)(xvii) of the Agreement:

		
			 
		

		
			“all of Seller Parties' rights and incidents of interest in, to and under the easements set forth on Schedule 1.1(b)(x) (collectively, the "Colorado Effluent Easements");”
		

		
			
		

		 

 

			
	
			
				 3.
			Acquired Assets Purchased by SF.  

		
			 
		

		
			 
		

			
	
			
				 a.
			The parties amend and restate Section 1.1(b)(i) of the Agreement in its entirety as follows:

		
			 
		

		
			“[Intentionally Omitted]”  
		

		
			 
		

			
	
			
				 b.
			The parties amend and restate Section 1.1(b)(viii) of the Agreement in its entirety as follows:

		
			 
		

		
			“[Intentionally Omitted]”  
		

		
			 
		

			
	
			
				 c.
			The parties amend and restate Section 1.1(b)(ix) of the Agreement in its entirety as follows:

		
			 
		

		
			“all of Seller Parties' rights and incidents of interest in, to and under the Contracts (in each case, other than the Colorado Effluent Easements) set forth on Schedule 1.1(b)(ix), including the lease Contracts related to the leased Colorado Rolling Stock (collectively, the "SF Acquired Contracts");”  
		

		
			 
		

			
	
			
				 d.
			The parties amend and restate Section 1.1(b)(x) of the Agreement in its entirety as follows:

		
			 
		

		
			“[Intentionally Omitted]”  
		

		
			 
		

			
	
			
				 4.
			Acquired Assets Purchased by Woodford.  

		
			 
		

			
	
			
				 a.
			The parties amend Section 1.1(c)(vi) of the Agreement by deleting all references to the “Colorado Tangible Personal Property.”

		
			 
		

			
	
			
				 5.
			Total Consideration.

		
			 
		

			
	
			
				 a.
			The parties amend and restate Section 1.5(a)(i) of the Agreement in its entirety as follows: “$21,620,412,  plus.”

		
			 
		

			
	
			
				 b.
			The parties amend and restate Section 1.5(b)(i) of the Agreement in its entirety as follows: “$44,500,  plus.”

		
			 
		

			
	
			
				 6.
			Definitions.   

		
			 
		

			
	
			
				 a.
			The Parties hereby delete the defined term and definition of “Colorado Tangible Personal Property” from Section 11.1 of the Agreement.

		
			 
		

			
	
			
				 b.
			The Parties hereby amend and restate the definition of “Colorado Effluent Easements” in Section 11.1 of the Agreement in its entirety as follows:

		
			 
		

		
			“Colorado Effluent Easements" has the meaning set forth in Section 1.1(a)(xvii).”  
		

		
			 
		

			
	
			
				 7.
			Exhibit A. The Parties hereby amend and restate Exhibit A to the Agreement in its entirety and replace it with the Exhibit A attached hereto as Schedule 1.

		
			 
		

			
	
			
				 8.
			Schedules to the Agreement.   The Parties hereby amend and restate the Schedules to the Agreement in their entirety and replace them with the Schedules attached hereto as Schedule 2.

			
	
			
				 9.
			This Amendment amends and modifies the Agreement only to the extent of the items expressly noted herein. Except for those items expressly modified, deleted or amended herein, all the terms, conditions, covenants and warranties contained in the Agreement are ratified as of the date hereof, are incorporated herein by this reference and remain in full force and effect, unaltered and unchanged by this Amendment.

		
			 
		

		
			
		

		 

		

			2

		

 

			
	
			
				 10.
			This Amendment and the Agreement shall be binding upon the legal representatives, successors and assigns of the parties hereto.

		
			 
		

			
	
			
				 11.
			The parties acknowledge and agree that any further modification, deletion, amendment or extension of the Agreement shall be the subject of separate negotiations between the parties, and that the Agreement and this Amendment shall not be further modified or extended, except by written instrument executed by all parties hereto.

		
			 
		

		
			[Signature Page Follows]
		

		
			
		

		
			

		 

		

			3

		

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment effective as of the day and year first above written.
		

		
			 
		

			
					
						 

					
					
						CHRISTENSEN FARMS & FEEDLOTS, INC.

				
	
					
						 

					
					
						a Minnesota corporation

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Glenn Stolt

				
	
					
						 

					
					
						Name:

					
					
						Glenn Stolt

				
	
					
						 

					
					
						Title:

					
					
						President and Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CHRISTENSEN FARMS MIDWEST, LLC

				
	
					
						 

					
					
						a Minnesota limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Glenn Stolt

				
	
					
						 

					
					
						Name:

					
					
						Glenn Stolt

				
	
					
						 

					
					
						Title:

					
					
						President and Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SEABOARD FOODS OF IOWA, LLC

				
	
					
						 

					
					
						a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Terry J. Holton

				
	
					
						 

					
					
						Name:

					
					
						Terry J. Holton

				
	
					
						 

					
					
						Title:

					
					
						President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						SEABOARD FOODS LLC

				
	
					
						 

					
					
						an Oklahoma limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Terry J. Holton

				
	
					
						 

					
					
						Name:

					
					
						Terry J. Holton

				
	
					
						 

					
					
						Title:

					
					
						President and Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WOODFORD CREEK FARMS LLP

				
	
					
						 

					
					
						an Iowa limited liability partnership

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Stephen G. Summerlin

				
	
					
						 

					
					
						Name:

					
					
						Stephen G. Summerlin

				
	
					
						 

					
					
						Title:

					
					
						President and Chief Executive Officer

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			4

		

 

schedules to the FIRST AMENDMENT TO asset purchase AGREEMENT
		

		
			 
		

		
			Following is a list of the Schedules to the First Amendment to Asset Purchase Agreement, which are omitted from the First Amendment to Asset Purchase Agreement which is filed with the Securities and Exchange Commission ("SEC"). Seaboard Corporation ("Seaboard") undertakes to provide to the SEC the Exhibits, as requested, subject to Seaboard's right to request confidential treatment under the Freedom of Information Act.
		

		
			 
		

		
			Schedule 1                      Exhibit A to the Agreement
		

		
			Schedule 2                      Schedules to the Agreement
		

		
			 
		

		 

		

			5seb_EX_10.8

		

			Exhibit 10.8

		

		
			FIRST AMENDMENT TO THE
		

		
			SEABOARD CORPORATION
		

		
			409A EXECUTIVE RETIREMENT PLAN
		

		
			AMENDED AND RESTATED
		

		
			EFFECTIVE JANUARY 1, 2013
		

		
			 
		

		
			   Seaboard Corporation (the “Company”) adopted the Seaboard Corporation 409A Executive Retirement Plan, amended and restated and effective January 1, 2013 (the “Plan”), and desires to adopt this First Amendment (the “Amendment”) to amend the Plan effective January 1, 2015 to allow other Participants to enter the Plan, and to make certain other changes to the Plan with respect to said Participants.
		

		
			   NOW, THEREFORE, the Plan is amended as follows:
		

		
			   1.  Amendment to Section 3.1.  Section 3.1 of the Plan is amended to delete at the end of said Section the following sentence:  “There will be no other Participants in the Plan.”, and to add the following sentence in place thereof:
		

		
			The President of the Company may designate additional employees of the Company to become a Participant in the Plan.  If an additional employee is so designated, a new Addendum B, including the added Participant, shall be prepared and attached to the Plan.  Such employee’s Participation Date will be the date specified by the President of the Company.
		

		
			   2.  Amendment to Section 2.4 – Definition of Actuarial Value.  Section 2.4 of the Plan setting forth the definition of Actuarial Value is deleted and replaced with the following definition:
		

		
			Section 2.4  Actuarial Value means the lump sum equivalent value as of the payment date of a Participant’s Post 2012 Accrued Benefit or Pre 2013 Accrued Benefit payable at his Normal Retirement Date and determined by using (i) the average annual interest rate on 30 year Treasury securities as specified by the Commissioner of the Internal Revenue Service (the “Commissioner”) for the 36 month period ending on November immediately preceding the Plan Year in which the earlier of such lump sum is (a) paid to the Participant or (b) calculated and credited to the Participant’s 162(m) Account, which interest rate shall not be less than 5 percent to determine the Actuarial Value for any employee becoming a Participant in the Plan on or after January 1, 2015, and (ii) the applicable mortality table used for purposes of satisfying the requirements of Code Section 417(e) as of the applicable benefit commencement date set forth in Section 6.3.
		

		
			   3.  Amendment to Section 2.12 – Definition of Disability.  Section 2.12 of the Plan is amended to change the two references in Section 2.12 from “six months” to “twelve months” in the fourth and sixth lines of said Section 2.12.
		

		
			   4.  Amendment to Section 2.19 – Definition of Final Average Earnings Limit.  Section 2.19 of the Plan setting forth the definition for Final Average Earnings Limit is deleted and replaced with the following definition:
		

		
			Section 2.19.  Final Average Earnings Limit means:
		

		
			(A)  with respect to Participants in the Plan prior to the Effective Date, a limitation generally based upon a Participant’s Earnings for the 2011 Plan Year, as provided in this Section 2.19.  Unless otherwise provided in an agreement between a Participant and the Company, for each of Steven Bresky, Robert Steer, David Dannov and Terry Holton, Final Average Earnings cannot exceed one hundred percent (100%) of such Participant’s 2011 Earnings.  Unless otherwise provided in an agreement between a Participant and the Company, for any other Participant, 

		 

 

Final Average Earnings cannot exceed one hundred fifty percent (150%) of such Participant’s 2011 Earnings; and
		

		
			(B)  with respect to employees becoming Participants in the Plan on or after January 1, 2015, the Final Average Earnings for purposes of the Plan cannot exceed the amount specified in the designation of the President pursuant to Section 3.1 pursuant to which the employee  became a Participate in the Plan.
		

		
			   5.  Amendment to Section 2.45 – Years of Post Participation Accrual Service Limit.
		

		
			Section 2.45.  Years of Post Participation Accrual Service Limit means:
		

		
			(A)  (a) with respect to Participants in the Plan prior to the Effective Date, unless otherwise provided in an agreement between a Participant and the Company, for each Participant who is as of the Effective Date a Named Executive Officer or an Officer of Seaboard Corporation, 20 Years of Post Participation Accrual Service, (b) for each Participant who is as of the Effective Date an Officer of a Related Company, 15 Years of Post Participation Accrual Service, and (c) for each Participant who is as of the Effective Date neither a Named Executive Officer nor an Officer of the Company or any Related Company, 10 Years of Post Participation Accrual Service.  For these purposes, the General Counsel of SOTG (Zach Holden) is an Officer of a Related Company and not the Company; and
		

		
			(B)  with respect to employees becoming Participants in the Plan on or after January 1, 2015, the Years of Post Participation Accrual Service Limit for purposes of the Plan cannot exceed the amount specified in the designation of the President pursuant to Section 3.1 pursuant to which the employee  became a Participate in the Plan.
		

		
			   6.  Amendment to Section 4.1(b)(ii) – Post Participation Service Benefit.  Section 4.1(b)(ii) is deleted from the Plan and replaced with the following:
		

		
			(ii)  Post Participation Service Benefit.  A Participant’s Post Participation Service Benefit will be determined taking into account the Participant’s Years of Post Participation Accrual Service and will be an amount equal to:  (A) with respect to Participants in the Plan prior to January 1, 2015, two and one half percent (2.5%) of Final Average Earnings, multiplied by his Years of Post Participation Accrual Service; and (B) with respect to employees who become Participants in the Plan on or after January 1, 2015, two percent (2%) of his Final Average Earnings, multiplied by his Years of Post Participation Accrual Service.  The relevant Post Participation Service Benefit percentage for each Participant shall be listed on Addendum B.
		

		
			   7.  Plan Continues in Effect.  The Plan, as amended by this First Amendment, shall continue in full force and effect, pursuant to the terms of the Plan, as amended by this First Amendment.
		

		
			   IN WITNESS WHEREOF, the Company has caused this Amendment to be executed as of this 14th day of January, 2016.
		

			
					
						 

				
	
					
						 

					
					
						SEABOARD CORPORATION

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Steven J. Bresky

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Steven J. Bresky

					
					
						 

				
	
					
						 

					
					
						 

					
					
						President

					
					
						 

				

		
			 
		

		 

		

			2

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