Document:

EX-10.23

 Exhibit 10.23 

AMENDED AND RESTATED TERM LOAN NOTE 
  

	 $7,909,523.84 
	June 18, 2020 

 FOR VALUE RECEIVED, VITAL FARMS, INC., a corporation formed under the
laws of the State of Delaware (“Vital Farms”), VITAL FARMS OF MISSOURI, LLC, a limited liability company organized under the laws of the State of Missouri (“Vital Farms Missouri”), VITAL FARMS, LLC, a
limited liability company organized under the laws of the State of Montana (“Vital Farms Montana”), SAGEBRUSH FOODSERVICE, LLC, a limited liability company organized under the laws of the State of Delaware
(“Sagebrush”), BARN DOOR FARMS, LLC, a limited liability company organized under the laws of the State of Delaware (“Barn Door”), and BACKYARD EGGS, LLC, a limited liability company organized under the
laws of the State of Delaware (“Backyard”, and together with Vital Farms, Vital Farms Missouri, Vital Farms Montana, Sagebrush, Barn Door and each Person joined as a borrower from time to time, collectively, the
“Borrowers”, and each individually, a “Borrower”), hereby jointly and severally promise to pay to the order of PNC BANK, NATIONAL ASSOCIATION (“PNC”), at the office of Agent (as defined
below) at the address set forth in the Loan Agreement (as defined below) or at such other place as Agent may from time to time designate to Borrowing Agent in writing: (i) at the end of the Term or (ii) earlier as provided in the Loan
Agreement, the principal sum of SEVEN MILLION NINE HUNDRED NINE THOUSAND FIVE HUNDRED TWENTY THREE DOLLARS AND EIGHTY FOUR CENTS ($7,909,523.84) or such lesser sum which then represents PNC’s Term Loan Commitment Percentage of the aggregate
unpaid principal amount of the Term Loan, in installments of principal as set forth in the Loan Agreement, each of which installments of principal shall be due and payable in accordance with the terms of the Loan Agreement, in lawful money of the
United States of America in immediately available funds, together with interest on the principal amount hereunder remaining unpaid from time to time until this Term Loan Note is fully paid, at the rate or rates from time to time in effect under the
Loan Agreement. 
 THIS AMENDED AND RESTATED TERM LOAN NOTE is executed and delivered under and pursuant to the terms of that certain
Revolving Credit, Term Loan and Security Agreement, dated as of October 4, 2017 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”), by and among Borrowers, the
various financial institutions named therein or which hereafter become a party thereto as lenders (the “Lenders”) and PNC, in its capacity as agent for Lenders (in such capacity, the “Agent”) and in its capacity as
a Lender. Capitalized terms used herein and not otherwise defined herein shall have the meanings provided in the Loan Agreement. 

Borrowers hereby waive diligence, presentment, demand, protest and notice of any kind whatsoever as further set forth in the Loan Agreement.

 This Amended and Restated Term Loan Note is the Term Note referred to in the Loan Agreement, which among other things, contains
provisions for the acceleration of the maturity hereof upon the happening of certain events, for optional and mandatory prepayments of the principal hereof prior to the maturity hereof and for the amendment or waiver of certain terms and conditions
therein specified. 

 This Amended and Restated Term Loan Note amends, restates and replaces in its entirety that
certain Term Loan Note, dated October 4, 2017 (the “Existing Note”), executed by Borrowers and payable to the order of PNC, but no novation of the indebtedness evidenced by the Existing Note is intended nor shall be deemed to have
occurred by virtue of this amendment and restatement of the Existing Note, the indebtedness evidenced hereby continues to be outstanding and owing by the Borrowers to PNC, and by its signatures below, the Borrowers confirm and reaffirm their
liability for the payment when due of such indebtedness. 
 THIS AMENDED AND RESTATED TERM LOAN NOTE, AND ALL MATTERS RELATING HERETO OR
ARISING HEREFROM (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 [SIGNATURES TO FOLLOW ON SEPARATE PAGE] 

 IN WITNESS WHEREOF, the undersigned have executed this Amended and Restated Revolving Credit
Note the day and year first written above intending to be legally bound hereby. 
  

					
	 VITAL FARMS, INC.
	 		 	
			
		 	 By:
	 	/s/ Jason Dale
		 	 Name: Jason Dale

		 	 Title:  Chief Operating Officer

			
	 VITAL FARMS OF MISSOURI, LLC
	 		 	
		 	By its Member: Vital Farms, Inc.
			
		 	 By:
	 	/s/ Jason Dale
		 	 Name: Jason Dale

		 	 Title:  Chief Operating Officer

			
	 VITAL FARMS, LLC
	 		 	
		 	By its Manager: Vital Farms, Inc.
			
		 	 By:
	 	/s/ Jason Dale
		 	 Name: Jason Dale

		 	 Title:  Chief Operating Officer

			
	 SAGEBRUSH FOODSERVICE, LLC
	 		 	
		 	By its Manager: Vital Farms, Inc.
			
		 	 By:
	 	/s/ Jason Dale
		 	 Name: Jason Dale

		 	 Title:  Chief Operating Officer

			
	 BARN DOOR FARMS, LLC
	 		 	
		 	By its Manager: Vital Farms, Inc.
			
		 	 By:
	 	/s/ Jason Dale
		 	 Name: Jason Dale

		 	 Title:  Chief Operating
Officer

  

[SIGNATURE PAGE TO AMENDED AND RESTATED REVOLVING CREDIT NOTE] 

					
	 BACKYARD EGGS, LLC

		 	 By its Manager: Vital Farms, Inc.

			
		 	 By:
	 	 /s/ Jason Dale

		 	 Name: Jason Dale

		 	 Title:  Chief Operating Officer

  
 [SIGNATURE PAGE TO AMENDED AND RESTATED
TERM LOAN NOTE]EX-10.24

 Exhibit 10.24 

SEVENTH AMENDMENT TO 

REVOLVING CREDIT, TERM LOAN, AND SECURITY AGREEMENT 

This Seventh Amendment to Revolving Credit, Term Loan, and Security Agreement (the “Amendment”) is made this 8th day of July,
2020 by and among VITAL FARMS, INC., a corporation organized under the laws of the State of Delaware (“Vital Farms”), VITAL FARMS OF MISSOURI, LLC, a limited liability company organized under the laws of the State of Missouri
(“Vital Farms Missouri”), VITAL FARMS, LLC, a limited liability company organized under the laws of the State of Montana (“Vital Farms Montana”), SAGEBRUSH FOODSERVICE, LLC, a limited liability company organized
under the laws of the State of Delaware (“Sagebrush”), BARN DOOR FARMS, LLC, a limited liability company organized under the laws of the State of Delaware (“Barn Door”), BACKYARD EGGS, LLC, a limited liability
company organized under the laws of the State of Delaware (“Backyard”, and together with Vital Farms, Vital Farms Missouri, Vital Farms Montana, Sagebrush, Barn Door and each Person joined as a borrower from time to time,
collectively, the “Borrowers”, and each a “Borrower”), the financial institutions which are now or which hereafter become a party (collectively, the “Lenders” and each individually, a
“Lender”) and PNC BANK, NATIONAL ASSOCIATION (“PNC”), as agent for Lenders (PNC, in such capacity, the “Agent”). 

BACKGROUND 
 A. On
October 4, 2017, Borrowers, Lenders, and Agent entered into a certain Revolving Credit, Term Loan, and Security Agreement (as same has been or may be amended, modified, renewed, extended, replaced or substituted from time to time, the
“Loan Agreement”) to reflect certain financing arrangements between the parties thereto. The Loan Agreement and all other documents executed in connection therewith are collectively referred to as the “Existing Financing
Agreements.” All capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Loan Agreement. 

B. Borrowers have informed Agent and Lenders that Vital Farms intends to file a public registration statement with the SEC in accordance with
the Securities Act to initiate consummation of an initial public offering with respect to Vital Farms (such transaction, the “IPO”). 

C. Borrowers have requested and Agent and Lenders have agreed, subject to the terms and conditions of this Amendment, to modify certain
definitions, terms and conditions in the Loan Agreement related to the IPO. 
 NOW, THEREFORE, with the foregoing background hereinafter deemed incorporated
by reference herein and made part hereof, the parties hereto, intending to be legally bound, promise and agree as follows: 
 1.
Amendments to Loan Agreement. Upon the consummation of the IPO, the Loan Agreement shall be amended as follows: 

 (a) Existing Definition. The following definition contained in Section 1.2 of
the Loan Agreement shall be amended and restated in its entirety as follows: 
 “Change of Control” shall mean: (a) the
occurrence of any Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), but excluding any employee benefit plan of such
Person and its Subsidiaries and any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, shall have, directly or indirectly, acquiring beneficial ownership of Equity Interests representing
more than thirty-five (35%) percent or more of the aggregate voting power represented by the issued and outstanding Equity Interests of Vital Farms entitled to vote generally in the election of directors of Vital Farms, (b) the occurrence of
any event (whether in one or more transactions) which results in Vital Farms failing to own one hundred (100%) percent of the Equity Interests (on a fully diluted basis) of any other Borrower, or (c) the occurrence of any merger, consolidation
or sale of substantially all of the property or assets of any Borrower. 
 (b) Mandatory Prepayment. Section 2.20(b) of the Loan
Agreement shall be amended and restated in its entirety as follows: 
 (b) In the event of any issuance or other incurrence of Indebtedness
(other than Permitted Indebtedness) by Borrowers or the issuance of any Equity Interests (other than the Equity Interests issued by Vital Farms in connection with the consummation of its initial public offering) by any Borrower, Borrowers shall, no
later than three (3) Business Days after the receipt by Borrowers of (i) the cash proceeds from any such issuance or incurrence of Indebtedness or (ii) the net cash proceeds of any such issuance of Equity Interests, as applicable,
repay the Advances in an amount equal to (x) one hundred percent (100%) of such cash proceeds in the case of such incurrence or issuance of Indebtedness and (y) one hundred percent (100%) of such net cash proceeds in the case of such
issuance of Equity Interests. Such repayments will be applied in the same manner as set forth in Section 2.20(a) hereof. 
 (c)
Federal Securities Laws. Section 5.21 of the Loan Agreement shall be amended and restated in its entirety as follows: 
 5.21
Reserved. 
 (d) Federal Securities Laws. Section 6.10 of the Loan Agreement shall be amended and restated in its entirety as
follows: 
 6.10 Reserved. 

  
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 (e) Fiscal Year and Accounting Changes. Section 7.13 of the Loan Agreement shall
be amended and restated in its entirety as follows: 
 7.13 Fiscal Year and Accounting Changes. Change its fiscal year from a 52-53-week fiscal year ending on the last Sunday of each December or make any significant change (i) in accounting treatment and reporting practices except as required by
GAAP or (ii) in tax reporting treatment except as required by law. 
 (f) Annual Financial Statements. Section 9.7 of the
Loan Agreement shall be amended and restated in its entirety as follows: 
 9.7 Annual Financial Statements. Furnish Agent no later
than the earlier to occur of (x) the date by which Vital Farms is required to file its annual report on form 10-K with the SEC after the close of each fiscal year of Borrowers or (y) the one hundred
twentieth (120th) day after the end of each fiscal year of Borrowers, financial statements of Borrowers on a consolidating and consolidated basis including, but not limited to, statements of
income and stockholders’ equity and cash flow from the beginning of the current fiscal year to the end of such fiscal year and the balance sheet as at the end of such fiscal year, all prepared in accordance with GAAP applied on a basis
consistent with prior practices, and in reasonable detail and reported upon without qualification by an independent certified public accounting firm selected by Borrowers and satisfactory to Agent (the “Accountants”). In addition, the
reports shall be accompanied by a Compliance Certificate. 

  
 3 

 (g) Quarterly Financial Statements. Section 9.8 of the Loan Agreement shall be
amended and restated in its entirety as follows: 
 9.8 Quarterly Financial Statements. Furnish Agent no later than the earlier to
occur of (x) the date by which Vital Farms is required to file its quarterly report on form 10-Q with the SEC after the close of each fiscal quarter of Borrowers or (y) the forty-fifth (45th) day after the end of each fiscal quarter of Borrowers, an unaudited balance sheet of Borrowers on a consolidated and consolidating basis and unaudited statements of income and stockholders’
equity and cash flow of Borrowers on a consolidated and consolidating basis reflecting results of operations from the beginning of the fiscal year to the end of such quarter and for such quarter, prepared on a basis consistent with prior practices
and complete and correct in all material respects, subject to normal and recurring year-end adjustments that individually and in the aggregate are not material to Borrowers’ business operations and
setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal year. The reports shall be accompanied by a Compliance Certificate. 

(h) Information as to Borrowers. Article IX of the Loan Agreement shall be amended by adding a new Section 9.19 to the end thereof
as follows: 
 9.19 SEC Reports. Furnish Agent, promptly upon becoming available to Borrowers, any reports, including Forms 10-K, 10-Q and 8-K, registration statements and prospectuses and other shareholder communications, filed by any Borrower with the SEC
and not posted to the EDGAR website; provided that Borrowing Agent shall promptly notify Agent of the posting of any such documents to the EDGAR website that are material and not filed in the ordinary course of the Borrowers’ business. 

2. Representations and Warranties. Each Borrower hereby: 

(a) reaffirms all representations and warranties made to Agent and Lenders under the Loan Agreement and all of the other Existing Financing
Agreements and confirms that all are true and correct in all respects as of the date hereof as if made on and as of the date hereof, except for representations and warranties which related exclusively to an earlier date, which shall be true and
correct in all respects as of such earlier date; 
 (b) reaffirms all of the covenants contained in the Loan Agreement, covenants to abide
thereby until all Advances, Obligations and other liabilities of Borrowers to Agent and Lenders under the Loan Agreement of whatever nature and whenever incurred, are satisfied and/or released by Agent and Lenders; 

(c) represents and warrants that after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing under
any of the Existing Financing Agreements; 

  
 4 

 (d) represents and warrants that it has the authority and legal right to execute, deliver
and carry out the terms of this Amendment, that such actions were duly authorized by all necessary corporate action and that the officers executing this Amendment on its behalf were similarly authorized and empowered, and that this Amendment does
not contravene any provisions of its articles of incorporation, bylaws or other formation documents, or of any contract or agreement to which it is a party or by which any of its properties are bound; and 

(e) represents and warrants that this Amendment and all assignments, instruments, documents, and agreements executed and delivered in
connection herewith are valid, binding and enforceable in accordance with their respective terms except as such enforceability may be limited by equitable principles or any applicable bankruptcy, insolvency, moratorium or similar laws affecting
creditors’ rights generally. 
 3. Conditions Precedent/Effectiveness Conditions. This Amendment shall be
effective upon satisfaction of the following conditions precedent (all documents to be in form and substance satisfactory to Agent and Agent’s counsel): 

(a) Agent shall have received this Amendment fully executed by Borrowers; 

(b) Agent shall have received documentation evidencing that Vital Farms has publically filed to initiate consummation of the IPO; and 

(c) Execution and/or delivery of all other agreements, instruments and documents requested by Agent to effectuate and implement the terms
hereof. 
 4. Amendments to Organizational Documents and Stock Split. Notwithstanding anything to the contrary
contained in the Loan Agreement, Agent and Lenders consent to the amendment and restatement of Vital Farms’ articles of incorporation and bylaws (with such amended and restated articles of incorporation and bylaws being referred to collectively
as the “Amended Organizational Documents”) and the stock split consummated in connection with, or prior to initiation of, the IPO so long as Agent and Lenders have received and approved final versions of the Amended Organizational
Documents in advance of the execution and/or filing thereof, as applicable. 
 5. Post-Closing Covenant. Immediately
upon consummation of the IPO, Borrowers shall deliver to Agent all material documentation evidencing such consummation (including, without limitation, executed and/or filed copies of the Amended Organizational Documents, as applicable). 

6. Further Assurances. Borrowers hereby agree to take all such actions and to execute and/or deliver to Agent and Lenders
all such documents, assignments, financing statements and other documents, as Agent and Lenders may reasonably require from time to time, to effectuate and implement the purposes of this Amendment. 

7. Payment of Expenses. Borrowers shall pay or reimburse Agent and Lenders for their reasonable attorneys’ fees and
expenses in connection with the preparation, negotiation and execution of this Amendment and the documents provided for herein or related hereto. 

  
 5 

 8. Reaffirmation of Loan Agreement. Except as modified by the terms
hereof, all of the terms and conditions of the Loan Agreement, as amended, and all other of the Existing Financing Agreements are hereby reaffirmed and shall continue in full force and effect as therein written. 

9. Confirmation of Indebtedness. Borrowers confirm and acknowledge that as of the close of business on July
[    ], 2020, Borrowers were indebted to Agent and Lenders for the Advances under the Loan Agreement without any deduction, defense, setoff, claim or counterclaim, of any nature, in the aggregate principal amount of
$[        ] due on account of Revolving Advances, $[        ] due on account of the Term Loan and
$[            ] due on account of the Equipment Loans, plus all fees, costs and expenses incurred to date in connection with the Loan Agreement and the Other Documents. 

10. Release. In consideration of Agent’s and Lenders’ agreements contained in this Amendment, Borrowers hereby
irrevocably release and forever discharge Agent, Lenders and their respective affiliates, subsidiaries, successors, assigns, partners, members, shareholders, directors, officers, employees, agents, consultants, attorneys and other professional
advisors (each, a “Released Person”) of and from any and all claims, suits, actions, investigations, proceedings or demands, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute
or common law of any kind or character, known or unknown, which Borrowers ever had or now have against any Released Person which relates, directly or indirectly, to any acts or omissions of any Released Person relating to the Loan Agreement or any
Other Document on or prior to the date hereof. 
 11. Miscellaneous. 

(a) Third Party Rights. No rights are intended to be created hereunder for the benefit of any third party donee, creditor, or
incidental beneficiary. 
 (b) Headings. The headings of any paragraph of this Amendment are for convenience only and shall not be
used to interpret any provision hereof. 
 (c) Modifications. No modification hereof or any agreement referred to herein shall be
binding or enforceable unless in writing and signed on behalf of the party against whom enforcement is sought. 
 (d) Governing Law.
This Amendment shall, in accordance with Section 5-1401 of the General Obligations Law of the State of New York, be governed by and construed in accordance with the laws of the State of New York applied
to contracts to be performed wholly within the State of New York. 
 (e) Counterparts. This Amendment may be executed in any number
of counterparts and by facsimile or electronic transmission, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE] 

  
 6 

 IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered by
their duly authorized officers as of the date first above written. 
  

			
	BORROWERS:
	
	VITAL FARMS, INC.
		
	By:	 	 /s/ Jason Dale

	Name:	 	Jason Dale
	Title:	 	Chief Operating Officer
	
	VITAL FARMS OF MISSOURI, LLC
	By its Member: Vital Farms, Inc.
		
	By:	 	 /s/ Jason Dale

	Name:	 	Jason Dale
	Title:	 	Chief Operating Officer
	
	VITAL FARMS, LLC
	By its Manager: Vital Farms, Inc.
		
	By:	 	 /s/ Jason Dale

	Name:	 	Jason Dale
	Title:	 	Chief Operating Officer
	
	SAGEBRUSH FOODSERVICE, LLC
	By its Manager: Vital Farms, Inc.
		
	By:	 	 /s/ Jason Dale

	Name:	 	Jason Dale
	Title:	 	Chief Operating Officer
	
	BARN DOOR FARMS, LLC
	By its Manager: Vital Farms, Inc.
		
	By:	 	 /s/ Jason Dale

	Name:	 	Jason Dale
	Title:	 	Chief Operating Officer

  
 [SIGNATURE PAGE TO
SEVENTH AMENDMENT TO REVOLVING CREDIT, 
 TERM LOAN, AND SECURITY AGREEMENT] 

 
			
	BACKYARD EGGS, LLC
	By its Manager: Vital Farms, Inc.
		
	By:	 	 /s/ Jason Dale

	Name:	 	Jason Dale
	Title:	 	Chief Operating Officer

  
 [SIGNATURE PAGE TO
SEVENTH AMENDMENT TO REVOLVING CREDIT, 
 TERM LOAN, AND SECURITY AGREEMENT] 

									
	AGENT AND LENDER:	 		 	PNC BANK, NATIONAL ASSOCIATION, as Agent and Lender
					
		 		 		 	By:	 	 /s/ Lauren Wagner

		 		 		 	Name:	 	Lauren Wagner
		 		 		 	Title:	 	Vice President

  
 [SIGNATURE PAGE TO
SEVENTH AMENDMENT TO REVOLVING CREDIT, 
 TERM LOAN, AND SECURITY AGREEMENT]

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