Document:

Exhibit 10.3

Exhibit 10.3

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This Amended and Restated Employment Agreement (this “Agreement”) is entered into as
of January 21, 2011 (the “Effective Date”) between BLUELINX CORPORATION, a Georgia
corporation (the “Company”), and Dean A. Adelman (“Executive”).

RECITALS:

WHEREAS, the Company and Executive entered into an Employment Agreement dated June 4, 2009
(the “Prior Agreement”), pursuant to which Executive agreed to provide services to the
Company and the Company agreed to provide certain compensation and benefits to Executive; and

WHEREAS, the Company and Executive mutually desire to amend and completely restate the Prior
Agreement, to update the terms of Executive’s employment as the Chief Administrative Officer of the
Company.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

1. Certain Definitions. Certain words or phrases with initial capital letters not
otherwise defined herein are to have the meanings set forth in Section 8.

2. Employment. The Company shall continue to employ Executive, and Executive accepts
continued employment with the Company upon the terms and conditions set forth in this Agreement for
the period beginning on the Effective Date and ending as provided in Section 5 (the “Employment
Period”).

3. Position and Duties.

(a) During the Employment Period, Executive shall serve as the Chief Administrative Officer
of the Company and BlueLinx Holdings Inc. (“BHI”) and shall have the normal duties,
responsibilities and authority of an executive serving in such position, including those duties
described on Exhibit A hereto, subject to the power of the Board of Directors of the
Company (the “Company Board”) and the Board of Directors of BHI (the “BHI Board”),
to provide oversight and direction with respect to such duties, responsibilities and authority,
either generally or in specific instances. The Executive also shall hold similar titles, offices
and authority with BHI’s direct and indirect subsidiaries, as requested by the BHI Board from time
to time, subject to the oversight and direction of the respective boards of directors of such
entities.

(b) During the Employment Period, Executive shall devote Executive’s reasonable best efforts
and Executive’s full professional time and attention (except for permitted vacation periods and
reasonable periods of illness or other incapacity) to the business and affairs of the Company, BHI
and their respective subsidiaries and affiliates. Executive shall perform Executive’s duties and
responsibilities to the best of Executive’s abilities in a diligent, trustworthy and business-like
manner. During the Employment Period, Executive shall not
serve as a director or a principal of another company or any charitable or civic organization
without the Company Board’s prior consent. Notwithstanding the foregoing, during the Employment
Period, Executive may render charitable and civic services so long as such services do not
materially interfere with Executive’s ability to discharge his duties hereunder.

 

 

 

(c) Executive shall perform Executive’s duties and responsibilities with his principal office
located in the Atlanta, Georgia metropolitan area.

4. Compensation and Benefits.

(a) Salary. The Company agrees to pay Executive a salary during the Employment
Period in installments based on the Company’s payroll practices as may be in effect from time to
time. The Executive’s salary is currently set at the rate of $315,000 per year (“Base
Salary”). The Base Salary shall be reviewed at least annually and may be increased at the
sole discretion of the BHI Board or Compensation Committee of the BHI Board.

(b) Annual Bonus.

(i) Executive shall be eligible to receive an annual bonus, with the annual bonus target to be
50% of Base Salary (i.e., 50% upon achievement of annual “target” performance goals) and a maximum
of 100% of Base Salary (i.e., 100% upon achievement of annual “maximum” performance goals), with
the “target” and “maximum” based upon satisfaction of performance goals and bonus criteria to be
defined and approved by the Compensation Committee of the BHI Board in advance for each fiscal
year. The Company shall pay any such annual bonus earned to Executive in accordance with the terms
of the applicable bonus plan, but in no event later than March 15 of the calendar year following
the calendar year in which such bonus is earned and vested.

(ii) During the Employment Period, Executive will be eligible to participate in long term
incentive programs of the Company and BHI now or hereafter made available to senior executives, in
accordance with the provisions thereof as in effect from time to time, and as deemed appropriate by
the Compensation Committee to be applicable to this position.

(c) Expense Reimbursement. The Company shall reimburse Executive for all reasonable
expenses incurred by Executive during the Employment Period in the course of performing
Executive’s duties under this Agreement in accordance with the Company’s policies in effect from
time to time with respect to travel, entertainment and other business expenses, and subject to the
Company’s requirements applicable generally with respect to reporting and documentation of such
expenses and subject to the Reimbursement Rules. In order to be entitled to expense
reimbursement, the Executive must be employed as Chief Administrative Officer on the date the
Executive incurred the expense.

(d) Standard Executive Benefits Package. Executive is entitled during the Employment
Period to participate, on the same basis as the Company’s other senior executives, in the
Company’s Standard Executive Benefits Package. The Company’s “Standard Executive Benefits
Package” means those benefits (including insurance, vacation and other benefits, but
excluding, except as hereinafter provided in Section 6, any severance pay program or policy of
the Company) for which substantially all of the executives of the Company are from time to
time generally eligible, as determined from time to time by the Board. A summary of such benefits
available to Executive as in effect on the date of this Agreement is attached hereto as
Exhibit B.

 

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(e) Additional Compensation/Benefits. The Compensation Committee of the BHI Board,
in its sole discretion, will determine any compensation or benefits to be provided to Executive
during the Employment Period other than as set forth in this Agreement, including, without
limitation, any future grant of stock options or other equity awards.

(f) Disgorgement of Compensation. If BHI or the Company is required to prepare an
accounting restatement due to material noncompliance by BHI or the Company, as a result of
misconduct, with any financial reporting requirement under the federal securities laws, to the
extent required by law Executive will reimburse the Company for (i) any bonus or other
incentive-based or equity-based compensation received by Executive from the Company (including such
compensation payable in accordance with this Section 4 and Section 6) during the 12-month period
following the first public issuance or filing with the Securities and Exchange Commission
(whichever first occurs) of the financial document embodying that financial reporting requirement;
and (ii) any profits realized by Executive from the improper or unlawful sale of BHI’s securities
during that 12-month period.

5. Employment Period.

(a) Subject to subsection 5(b), the Employment Period will commence on the Effective Date and
will continue until, and will end upon January 20, 2013 (the “Initial Term”). The
Agreement shall automatically be extended for successive one year terms (each, a “Renewal
Term”), unless either party shall have given the other written notice of non-extension at
least 90 days prior the expiration of the Initial Term or any Renewal Term.

(b) Notwithstanding subsection 5(a), the Employment Period will end upon the first to occur of
any of the following events: (i) Executive’s death; (ii) the Company’s termination of Executive’s
employment on account of Disability; (iii) the Company’s termination of Executive’s employment for
Cause (a “Termination for Cause”); (iv) the Company’s termination of Executive’s employment
without Cause or expiration of this Employment Period as a result of Company’s notification not to
renew as provided in Section 5(a) above, (a “Termination without Cause”); (v) Executive’s
termination of Executive’s employment for Good Reason (a “Termination for Good Reason”); or
(vi) Executive’s termination of Executive’s employment for any reason other than Good Reason (a
“Voluntary Termination”).

(c) Any termination of Executive’s employment under subsection 5(b) (other than 5(b)(i)) must
be communicated by a Notice of Termination delivered by the Company or Executive, as the case may
be, to the other party.

(d) Executive will be deemed to have waived any right to a Termination for Good Reason based
on the occurrence or existence of a particular event or circumstance constituting Good Reason
unless Executive delivers a Notice of Termination within 45 days from the date the BHI Board first
made Executive aware of the event or circumstance.

 

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6. Post-Employment Period Payments.

(a) Except as otherwise provided in 6(c) below, at the Date of Termination, Executive will be
entitled to (i) any Base Salary that has accrued but is unpaid, any annual bonus that has been
earned for the fiscal year prior to the year in which the Date of Termination occurs, but is
unpaid, any reimbursable expenses that have been incurred but are unpaid, and any unexpired
vacation days that have accrued under the Company’s vacation policy but are unused, as of the end
of the Employment Period, which amount shall be paid in a lump sum in cash within 30 days of the
Date of Termination in accordance with the Reimbursement Rules, where applicable, (ii) any plan
benefits that by their terms extend beyond termination of Executive’s employment (but only to the
extent provided in any such benefit plan in which Executive has participated as a Company employee
and excluding, except as hereinafter provided in Section 6, any Company severance pay program or
policy) and (iii) any benefits to which Executive is entitled in accordance with Part 6 of Subtitle
B of Title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”).
Except as specifically described in this subsection 6(a) and in the succeeding subsections of this
Section 6 (under the circumstances described in those succeeding subsections), from and after the
Date of Termination Executive shall cease to have any rights to salary, bonus, expense
reimbursements or other benefits from the Company, BHI or any of their subsidiaries or affiliates.

(b) If Executive’s employment terminates on account of Executive’s death, Disability,
Voluntary Termination, or Termination for Cause in accordance with Section 5(a), the Company will
make no further payments to Executive except as contemplated in subsection 6(a).

(c) If Executive’s employment terminates on account of a Termination without Cause or a
Termination for Good Reason, Executive shall be entitled to the following:

(i) payment equal to one (1) time the Executive’s annual Base Salary in effect immediately
prior to the Date of Termination, plus one (1) time the cash bonus amount equal to the
Target Bonus set forth in clause (i) of subparagraph 4(b) hereof for the fiscal year prior to the
year of termination of Executive’s employment, payable in twelve equal monthly installments
commencing on the earlier to occur of the first business day of the seventh month after the Date of
Termination or Executive’s death;

(ii) automatic vesting of all unvested restricted stock grants effective as of the Date of
Termination;

(iii) continued participation in the Company’s medical and dental plans, on the same basis as
active employees participate in such plans, until the earlier of (1) Executive’s eligibility for
any such coverage under another employer’s or any other medical or dental insurance plans or (2)
the first anniversary of the Date of Termination; except that in the event that participation in
any such plan is barred, the Company shall reimburse Executive on a monthly basis in accordance
with the Reimbursement Rules for any premiums paid by Executive to obtain benefits (for Executive
and his dependents) equivalent to the benefits he is entitled to receive under the Company’s
benefit plans. Executive agrees that the period of coverage under such plans (or the period of
reimbursement if participation is barred) shall count against the plans’ obligation to provide
continuation coverage pursuant to COBRA;

 

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(iv) up to $25,000 in aggregate outplacement services to be used within one year of the Date
of Termination, the scope and provider of which shall be selected by Executive in his sole
discretion; and

(v) to the extent not theretofore paid or provided, any other amounts or benefits required to
be paid or provided or which the Executive is eligible to receive under any plan, program, policy
or practice or contract or agreement of the Company (such other amounts and benefits shall be
hereinafter referred to as the “Other Benefits”).

(d) The Company shall have no obligation to make any payments in accordance with subsection
6(c) if Executive declines to sign and return a Release Agreement or revokes the Release Agreement
within the time provided in the Release Agreement.

(e) Executive is not required to mitigate the amount of any payment or benefit provided for in
this Agreement by seeking other employment or otherwise.

7. Competitive Activity; Confidentiality; Non-solicitation.

(a) Confidential Information and Trade Secrets.

(i) The Executive shall hold in a fiduciary capacity for the benefit of the Company and BHI
all Confidential Information and Trade Secrets. During his employment with the Company and for a
period of five years following the termination of the Executive’s employment for any reason, the
Executive shall not, without the prior written consent of the Company or BHI or as may otherwise be
required by law or legal process, communicate or divulge Confidential Information; provided,
however, that if the Confidential Information is deemed a trade secret under Georgia law, then the
period for nondisclosure shall continue for the applicable period under Georgia Trade Secret laws
in effect at the time of Executive’s termination. In addition, except as necessary to perform his
duties for the Company, during Executive’s employment and thereafter for the applicable period
under Georgia Trade Secret laws in effect at the time of Executive’s termination, Executive will
not, directly or indirectly, transmit or disclose any Trade Secrets to any person or entity, and
will not, directly or indirectly, make use of any Trade Secrets, for himself or herself or any
other person or entity, without the express written consent of the Company. This provision will
apply for so long as a particular Trade Secret retains its status as a trade secret under
applicable law. The protection afforded to Trade Secrets and/or Confidential Information by this
Agreement is not intended by the parties hereto to limit, and is intended to be in addition to, any
protection provided to any such information under any applicable federal, state or local law.

(ii) All files, records, documents, drawings, specifications, data, computer programs,
customer or vendor lists, specific customer or vendor information, marketing techniques, business
strategies, contract terms, pricing terms, discounts and management compensation of the Company,
BHI or any of their respective subsidiaries and affiliates, whether prepared by the Executive or
otherwise coming into the Executive’s possession, shall remain the exclusive property of the
Company, BHI or any of their respective subsidiaries and affiliates, and the Executive shall not
remove any such items from the premises
of the Company, BHI or any of their respective subsidiaries and affiliates, except in
furtherance of the Executive’s duties.

 

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(iii) It is understood that while employed by the Company, the Executive will promptly
disclose to the Company in writing, and assign to the Company the Executive’s interest in any
invention, improvement, copyrightable material or discovery made or conceived by the Executive,
either alone or jointly with others, which arises out of the Executive’s employment (“Executive
Invention”). At the Company’s request and expense, the Executive will reasonably assist the
Company, BHI or any of their respective subsidiaries and affiliates during the period of the
Executive’s employment by the Company and thereafter in connection with any controversy or legal
proceeding relating to an Executive Invention and in obtaining domestic and foreign patent or other
protection covering an Executive Invention. As a matter of record, Executive hereby states that he
or she has provided below a list of all unpatented inventions in which Executive owns all or
partial interest. Executive agrees not to assert any right against BHI with respect to any
invention which is not patented or which is not listed.

(iv) As requested by the Company and at the Company’s expense, from time to time and upon the
termination of the Executive’s employment with the Company for any reason, the Executive will
promptly deliver to the Company, BHI or any of their respective subsidiaries and affiliates all
copies and embodiments, in whatever form, of all Confidential Information in the Executive’s
possession or within his control (including, but not limited to, memoranda, records, notes, plans,
photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media,
disks, diskettes, tapes and all other materials containing any Confidential Information)
irrespective of the location or form of such material. If requested by the Company, the Executive
will provide the Company with written confirmation that all such materials have been delivered to
the Company as provided herein.

(b) Non-Solicitation. During his employment with the Company and for a period of one
year following the termination of the Executive’s employment for any reason, the Executive shall
not solicit or attempt to solicit, (a) any party who is a customer of the Company, BHI or any of
their respective subsidiaries and affiliates and with which the Executive had contact while
employed with the Company, for the purpose of marketing, selling or providing to any such party any
services or products offered by the Company, BHI or any of their respective subsidiaries and
affiliates to such customer other than general solicitations to the public and not directed
specifically at a customer of the Company, (b) any party who is a vendor of the Company, BHI or any
of their respective subsidiaries and affiliates to sell similar products and with which the
Executive had contact while employed with the Company or (c) any employee of the Company, BHI or
any of their respective subsidiaries and affiliates to terminate such employee’s employment
relationship with the Company, BHI and any of their respective subsidiaries and affiliates in
order, in either case, to enter into a similar relationship with the Executive, or any other person
or any entity in competition with the Company, BHI or any of their respective subsidiaries and
affiliates (other than with respect to general employment solicitations to the public and not
directed specifically at employees of the Company, BHI and any of their respective subsidiaries and
affiliates).

 

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(c) Non-Competition. During Executive’s employment by the Company and, if the Executive is
terminated pursuant to Section 6(c) or in the event of Executive’s Voluntary Termination, for a
period of one year following the termination of the Executive’s employment (the “Restricted
Period”), the Executive shall not render services substantially the same as the services
rendered by Executive to the Company to any person or entity that engages in or owns, invests in,
operates, manages or controls any venture or enterprise which engages or proposes to engage in the
building products distribution business in the United States (the “Business”).
Notwithstanding anything to the contrary herein, during the Restricted Period, in no event shall
Executive render services substantially the same as the services rendered by Executive to the
Company to the Company’s competitors listed on Exhibit C hereto or any of their
subsidiaries or affiliates. Notwithstanding the foregoing, nothing in this Agreement shall prevent
the Executive from owning for passive investment purposes not intended to circumvent this
Agreement, less than five percent (5%) of the publicly traded voting securities of any company
engaged in the Business (so long as the Executive has no power to manage, operate, advise, consult
with or control the competing enterprise and no power, alone or in conjunction with other
affiliated parties, to select a director, manager, general partner, or similar governing official
of the competing enterprise other than in connection with the normal and customary voting powers
afforded the Executive in connection with any permissible equity ownership).

(d) Remedies; Specific Performance. The parties acknowledge and agree that the
Executive’s breach or threatened breach of any of the restrictions set forth in this Section 7 will
result in irreparable and continuing damage to the Company, BHI and their respective subsidiaries
and affiliates for which there may be no adequate remedy at law and that the Company and BHI shall
be entitled to equitable relief, including specific performance and injunctive relief as remedies
for any such breach or threatened or attempted breach. The Executive hereby consents to the grant
of an injunction (temporary or otherwise) against the Executive or the entry of any other court
order against the Executive prohibiting and enjoining him from violating, or directing him to
comply with any provision of this Section 7. The Executive also agrees that such remedies shall be
in addition to any and all remedies, including damages, available to the Company and BHI against
him for such breaches or threatened or attempted breaches. In addition, without limiting the
remedies of the Company and BHI for any breach of any restriction on the Executive set forth in
this Section 7, except as required by law, the Executive shall not be entitled to any payments set
forth in Section 6 hereof if the Executive breaches the covenant applicable to the Executive
contained in this Section 7 and the Company, BHI and their respective subsidiaries and affiliates
will have no obligation to pay any of the amounts that remain payable by the Company under Section
6.

(e) Communication of Contents of Agreement. During Executive’s employment and for one
year thereafter, Executive will communicate his obligations under this Section 7 to any person,
firm, association, partnership, corporation or other entity which Executive intends to be employed
by, associated with, or represent.

(f) The existence of any claim, demand, action or cause of action of Executive against the
Company, whether predicated upon this Agreement or otherwise, is not to constitute a defense to the
Company’s enforcement of any of the covenants or agreements contained in Section 7. The Company’s
rights under this Agreement are in addition to, and not in lieu of, all
other rights the Company may have at law or in equity to protect its confidential information,
trade secrets and other proprietary interests.

 

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(g) Extension. If a court of competent jurisdiction finally determines that Executive
has violated any of Executive’s obligations under this Section 7, then the period applicable to
those obligations is to automatically be extended by a period of time equal in length to the period
during which those violations occurred.

8. Definitions.

(a) “Cause” means, as determined by the BHI Board in good faith:

(i) a Material Breach of the duties and responsibilities of Executive;

(ii) Executive’s (x) commission of a felony or (y) commission of any misdemeanor involving
willful misconduct (other than minor violations such as traffic violations) if such misdemeanor
causes material damage to the property, business or reputation of BHI or the Company or their
respective subsidiaries and affiliates;

(iii) acts of dishonesty by Executive resulting or intending to result in personal gain or
enrichment at the expense of the Company, BHI or their respective subsidiaries and affiliates;

(iv) Executive’s Material Breach of any provision of this Agreement;

(v) Executive’s failure to follow the lawful written directions of the Company Board or the
BHI Board;

(vi) conduct by Executive in connection with his duties hereunder that is fraudulent, unlawful
or willful and materially injurious to the Company, BHI or their respective subsidiaries and
affiliates;

(vii) Executive’s engagement in habitual insobriety or the use of illegal drugs or substances;

(viii) Executive’s failure to cooperate fully, or failure to direct the persons under
Executive’s management or direction, or employed by, or consultants or agents to, the Company (or
its subsidiaries and affiliates) to cooperate fully, with all corporate investigations or
independent investigations by the Board or the BHI Board, all governmental investigations of the
Company or its subsidiaries and affiliates, and all orders involving Executive or the Company (or
its subsidiaries and affiliates) entered by a court of competent jurisdiction;

(ix) Executive’s material violation of BHI’s Code of Conduct (including as applicable to
senior executive officers), or any successor codes;

(x) Executive’s engagement in activities prohibited by Section 7; or

 

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(xi) Notwithstanding the foregoing, no termination of the Executive’s employment shall be for
Cause until (a) there shall have been delivered to the Executive a copy of a written notice setting
forth the basis for such termination in reasonable detail, and (b) the Executive shall have been
provided an opportunity to be heard in person by the BHI Board (with the assistance of the
Executive’s counsel if the Executive so desires). No act, or failure to act, on the Executive’s
part shall be considered “willful” unless the Executive has acted or failed to act with a lack of
good faith and with a lack of reasonable belief that the Executive’s action or failure to act was
in the best interests of the Company. Any act, or failure to act, based upon authority given
pursuant to a resolution duly adopted by the BHI Board or the Company Board or based upon the
advice of counsel for BHI or the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the Company. Any termination
of the Executive’s employment by the Company hereunder shall be deemed to be a termination other
than for Cause unless it meets all requirements of this Section 8(a)(xi).

(b) “Confidential Information” means knowledge or data relating to the Company, BHI or
any of their respective subsidiaries and affiliates, and their respective businesses that is not
generally known to persons not employed by the Company, BHI or any of their respective subsidiaries
and affiliates, is not generally disclosed by the Company, BHI or any of their respective
subsidiaries and affiliates, and is the subject of reasonable efforts to keep it confidential.
Confidential Information includes, but is not limited to, information regarding product or service
cost or pricing, information regarding personnel allocation or organizational structure,
information regarding the business operations or financial performance of the Company, BHI or any
of their respective subsidiaries and affiliates, sales and marketing plans, and strategic
initiatives (independent or collaborative), information regarding existing or proposed methods of
operation, current and future development and expansion or contraction plans, sale/acquisition
plans and non-public information concerning the legal or financial affairs of the Company, BHI or
any of their respective subsidiaries and affiliates. Confidential Information does not include
information that has become generally available to the public by the act of one who has the right
to disclose such information without violating any right or privilege of the Company, BHI or any of
their respective subsidiaries and affiliates. This definition is not intended to limit any
definition of confidential information or any equivalent term under applicable federal, state or
local law.

(c) “Date of Termination” means (i) if Executive’s employment is terminated by the
Company for Disability, 30 days after the Company gives Notice of Termination to Executive
(provided that Executive has not returned to the performance of Executive’s duties on a full-time
basis during this 30-day period), (ii) if Executive’s employment is terminated by Executive for
Good Reason, the date specified in the Notice of Termination (but in no event prior to 30 days
following the delivery of the Notice of Termination), and (iii) if Executive’s employment is
terminated by the Company for any other reason, the date on which a Notice of Termination is given;
except that if within 30 days after any Notice of Termination is given to Executive by the Company,
Executive notifies the Company that a dispute exists concerning the termination, the Date of
Termination is to be the date the dispute is finally determined, whether by mutual written
agreement of the parties or upon final judgment, order or decree of a court of competent
jurisdiction (the time for appeal thereof having expired and no appeal having been perfected). A
termination of employment shall not be deemed to have occurred for purposes of any provision
of this Agreement providing for the payment of any amounts or benefits subject to Section 409A
upon or following a termination of employment unless such termination is also a “separation from
service” within the meaning of Section 409A.

 

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(d) “Disability” means the determination by the Company, in accordance with applicable
law, based on information provided by a physician selected by the Company or its insurers and
reasonably acceptable to Executive or Executive’s legal representative that, as a result of a
physical or mental injury or illness, Executive has been unable to perform the essential functions
of his job with or without reasonable accommodation for a period of (i) 90 consecutive days or (ii)
180 days in any one-year period. Notwithstanding the foregoing, in the event that as a result of
absence because of mental or physical incapacity the Executive incurs a “separation from service”
within the meaning of the term under Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”), the Executive shall on such date automatically be terminated from employment
because of Disability.

(e) “Good Reason” means, without the consent of Executive, (A) the assignment to
Executive of any duties inconsistent in any material adverse respect with Executive’s position
(including offices, titles and reporting requirements), authority, duties or responsibilities
immediately following the Effective Date, or any other action by the Company which results in a
material diminution in such position, authority, duties or responsibilities; (B) a material
reduction by the Company in Executive’s Base Salary or annual bonus opportunity, other than
pursuant to a reduction generally applicable to senior executives of the Company; (C) the Company’s
requiring Executive to be based at any office or location outside of the metropolitan area of
Atlanta, Georgia; or (D) any failure by the Company to comply with and satisfy the requirements for
any assignment of its rights and obligations under Section 13. Notwithstanding the foregoing,
“Good Reason” shall not be deemed to exist for purposes of (A) through (D) if the event or
circumstances are rescinded or remedied by the Company within thirty (30) days after receipt of
notice thereof given by Executive.

(f) “Material Breach” means an intentional act or omission by Executive which
constitutes substantial non-performance of Executive’s obligations under this Agreement and causes
material damage to the Company.

(g) “Notice of Termination” means a written notice that indicates those specific
termination provisions in this Agreement relied upon and that sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated. For purposes of this Agreement, no purported termination by either
party is to be effective without a Notice of Termination.

(h) “Reimbursement Rules” means the requirement that any amount of expenses eligible
for reimbursement under this Agreement be made (i) in accordance with the reimbursement payment
date set forth in the applicable provision of the Agreement providing for the reimbursement or
(ii) where the applicable provision does not provide for a reimbursement date, thirty (30)
calendar days following the date on which Executive incurs the expense, but, in each case, no
later than December 31 of the year following the year in which the Executive incurs the related
expenses; provided, that in no event shall the reimbursements or in-kind benefits to be provided
by the Company in one taxable year affect the amount of
reimbursements or in-kind benefits to be provided in any other taxable year, nor shall the
Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for
another benefit.

 

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(i) “Release Agreement” means an agreement, substantially in a form approved by the
Company, pursuant to which Executive releases all current or future claims, known or unknown,
arising on or before the date of the release against the Company, its subsidiaries and its
officers.

(j) “Standard Executive Benefits Package” means those benefits (including, without
limitation, retirement, insurance and other welfare benefits, but excluding, except as provided in
Section 6, any severance pay program or policy of the Company) for which substantially all of the
Company’s senior executives are from time to time generally eligible, as determined from time to
time by the Board.

(k) “Trade Secrets” means all secret, proprietary or confidential information
regarding the Company, BHI or any of their respective subsidiaries and affiliates or that meets the
definition of “trade secrets” within the meaning set forth in O.C.G.A. § 10-1-761.

9. Executive Representations. Executive represents to the Company that (a) the
execution, delivery and performance of this Agreement by Executive does not and will not conflict
with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment
or decree to which Executive is a party or by which Executive is bound, (b) Executive is not a
party to or bound by any employment agreement, noncompete agreement or confidentiality agreement
with any other person or entity and (c) upon the execution and delivery of this Agreement by the
Company, this Agreement will be the valid and binding obligation of Executive, enforceable in
accordance with its terms.

10. Withholding of Taxes. The Company shall withhold from any amounts payable under
this Agreement all federal, state, city or other taxes that the Company is required to withhold
under any applicable law, regulation or ruling.

11. Section 409A.

(a) Notwithstanding any provisions of this Agreement to the contrary, if the Executive is a
“specified employee” (within the meaning of Section 409A and determined pursuant to procedures
adopted by the Company) at the time of his separation from service (within the meaning of Section
409A) and if any portion of the payments or benefits to be received by the Executive upon
separation from service would be considered deferred compensation under Section 409A, amounts that
would otherwise be payable pursuant to this Agreement during the six-month period immediately
following the Executive’s separation from service (the “Delayed Payments”) and benefits
that would otherwise be provided pursuant to this Agreement (the “Delayed Benefits”) during
the six-month period immediately following the Executive’s separation from service (such period,
the “Delay Period”) shall instead be paid or made available on the earlier of (i) the first
business day of the seventh month following the date of the Executive’s separation from service or
(ii) Executive’s death (the applicable date, the “Permissible Payment Date”). The Company
shall also reimburse the Executive for the after-tax
cost incurred by the Executive in independently obtaining any Delayed Benefits (the
“Additional Delayed Payments”).

 

11

 

(b) With respect to any amount of expenses eligible for reimbursement under Section 6(a), such
expenses shall be reimbursed by the Company within thirty (30) calendar days following the date on
which the Company receives the applicable invoice from the Executive but in no event later than
December 31 of the year following the year in which the Executive incurs the related expenses;
provided, that with respect to reimbursement relating to the Additional Delayed Payments, such
reimbursement shall be made on the Permissible Payment Date. In no event shall the reimbursements
or in-kind benefits to be provided by the Company in one taxable year affect the amount of
reimbursements or in-kind benefits to be provided in any other taxable year, nor shall the
Executive’s right to reimbursement or in-kind benefits be subject to liquidation or exchange for
another benefit.

(c) Each payment under this Agreement shall be considered a “separate payment” and not of a
series of payments for purposes of Section 409A.

(d) Any Delayed Payments shall bear interest at the United States 5-year Treasury Rate plus
2%, which accumulated interest shall be paid to the Executive on the Permissible Payment Date.

12. Excess Parachute Payments.

(a) In the event that it shall be determined, based upon the advice of the independent public
accountants for BHI or the Company (the “Accountants”), that any payment, benefit or
distribution by the Company, BHI or any of their respective subsidiaries or affiliates (a
“Payment”) constitute “parachute payments” under Section 280G(b)(2) of the Code, as
amended, then, if the aggregate present value of all such Payments (collectively, the
“Parachute Amount”) exceeds 2.99 times the Executive’s “base amount”, as defined in Section
280G(b)(3) of the Code (the “Executive Base Amount”), the amounts constituting “parachute payments”
which would otherwise be payable to or for the benefit of Executive shall be reduced to the extent
necessary so that the Parachute Amount is equal to 2.99 times the Executive Base Amount (the
“Reduced Amount”); provided that such amounts shall not be so reduced if the Executive
determines, based upon the advice of the Accountants, that without such reduction Executive would
be entitled to receive and retain, on a net after tax basis (including, without limitation, any
excise taxes payable under Section 4999 of the Code), an amount which is greater than the amount,
on a net after tax basis, that the Executive would be entitled to retain upon his receipt of the
Reduced Amount.

(b) If the determination made pursuant to clause (a) of this Section 12 results in a reduction
of the payments that would otherwise be paid to Executive except for the application of clause (a)
of this Section 12, Executive may then elect, in his sole discretion, which and how much of any
particular entitlement shall be eliminated or reduced and shall advise the Company in writing of
his election within ten days of the determination of the reduction in payments. If no such
election is made by Executive within such ten-day period, the Company may elect which and how much
of any entitlement shall be eliminated or reduced and shall notify Executive promptly of such
election.

 

12

 

(c) As a result of the uncertainty in the application of Section 280G of the Code at the time
of a determination hereunder, it is possible that payments will be made by the Company which
should not have been made under clause (a) of this Section 12 (“Overpayment”) or that
additional payments which are not made by the Company pursuant to clause (a) of this Section 12
should have been made (“Underpayment”). In the event that there is a final determination
by the Internal Revenue Service, or a final determination by a court of competent jurisdiction,
that an Overpayment has been made, any such Overpayment shall be repaid by Executive to the
Company together with interest at the applicable Federal rate provided for in Section 7872(f)(2)
of the Code. In the event that there is a final determination by the Internal Revenue Service, a
final determination by a court of competent jurisdiction or a change in the provisions of the Code
or regulations pursuant to which an Underpayment arises, any such Underpayment shall be promptly
paid by the Company to or for the benefit of Executive, together with interest at the applicable
Federal rate provided for in Section 7872(f)(2) of the Code.

13. Successors and Assigns. This Agreement is to bind and inure to the benefit of and
be enforceable by Executive, the Company and their respective heirs, executors, personal
representatives, successors and assigns, except that neither party may assign any rights or
delegate any obligations hereunder without the prior written consent of the other party. Executive
hereby consents to the assignment by the Company of all of its rights and obligations under this
Agreement to any successor to the Company by merger or consolidation or purchase of all or
substantially all of the Company’s assets, provided that the transferee or successor assumes the
Company’s liabilities under this Agreement by agreement in form and substance reasonably
satisfactory to Executive.

14. Survival. Subject to any limits on applicability contained therein, Section 7
will survive and continue in full force in accordance with its terms notwithstanding any
termination of the Employment Period.

15. Choice of Law. This Agreement is to be governed by the internal law, and not the
laws of conflicts, of the State of Georgia.

16. Severability. Whenever possible, each provision of this Agreement is to be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement is held to be invalid, illegal or unenforceable in any respect under any
applicable law or rule in any jurisdiction, that invalidity, illegality or unenforceability is not
to affect any other provision or any other jurisdiction, and this Agreement is to be reformed,
construed and enforced in the jurisdiction as if the invalid, illegal or unenforceable provision
had never been contained herein.

 

13

 

17. Notices. Any notice provided for in this Agreement is to be in writing and is to
be either personally delivered, sent by reputable overnight carrier or mailed by first class mail,
return receipt requested, to the recipient at the address indicated as follows:

Notices to Executive:

To the address listed in the personnel records of the Company.

Notices to the Company:

BlueLinx Corporation

4300 Wildwood Parkway

Atlanta, Georgia 30339

Attention: Legal Department

Facsimile: (770) 953-7008

or any other address or to the attention of any other person as the recipient party shall have
specified by prior written notice to the sending party. Any notice under this Agreement is to be
deemed to have been given when so delivered, sent or mailed.

18. Amendment and Waiver. The provisions of this Agreement may be amended or waived
only with the prior written consent of the Company and Executive, and no course of conduct or
failure or delay in enforcing the provisions of this Agreement is to affect the validity, binding
effect or enforceability of this Agreement.

19. Complete Agreement. This Agreement embodies the complete agreement and
understanding between the parties with respect to the subject matter hereof and effective as of its
date supersedes and preempts any prior understandings, agreements or representations by or between
the parties, written or oral, that may have related to the subject matter hereof in any way,
including, but not limited to, any prior agreements with respect to Executive’s employment or
termination of employment with the Company.

20. Counterparts. This Agreement may be executed in separate counterparts, each of
which are to be deemed to be an original and both of which taken together are to constitute one and
the same agreement.

The parties are signing this Agreement as of the date stated in the introductory clause.

	 	 	 	 	 
	 	BLUELINX CORPORATION

 	 
	 	By:  	/s/ George R. Judd
 	 
	 	 	Name:  	George R. Judd 	 
	 	 	Title:  	President & CEO 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Dean A. Adelman
 	 
	 	Dean A. Adelman 	 
	 	 	 
	 

 

14

 

LIST OF UNPATENTED INVENTIONS

Executive represents that he or she has no such inventions by initialing below next to the word
“NONE.”

	 	 	 	 	 
	NONE:

	 	/s/ DAA
	 	 
	 

	 	 	 	 

 

15

 

EXHIBIT A

EXECUTIVE’S DUTIES

Position Purpose Summary:

Executive team member, fully responsible for ensuring HR plans, programs and policies are
competitive, cost effective and aligned with the business strategies and compensation philosophy.
Provides direction and leadership for the company’s legal department. Oversee legal issues related
to the development and implementation of the company’s business strategy, governance, compliance
policies and employment law matters (discrimination and other EEO-related matters). Plays an
active leadership role in the company’s commitment to growth and leads organization realignment
effectively across the organization. Provides leadership in the continuing roll-out of the
company’s articulated goals, values, vision and culture while encouraging aggressive and prudent
risk-oriented business activities by leaders and employees across the company.

KEY TASKS / RESPONSIBILITIES

In priority order of importance

	•	 	Understands the company’s vision, mission, and strategy; understands business unit
objectives and sets/accomplishes individual performance goals accordingly.

	 
	•	 	Provide legal advice to the Executive Management Team. Leads a team of legal professionals
who provide all legal services required by BlueLinx. Identify, assess and manage risk to
protect BlueLinx’ interests in employment law and transactional law matters, including merger
and acquisition transactions, financing transactions, commercial agreements, SEC filings, etc.

	 
	•	 	Directs the development and implementation of integrated human resource programs including
talent acquisition, performance management, compensation, benefits, career development and
learning, succession planning, labor relations and safety.

	 
	•	 	Partners with senior leadership team to build support for human resource strategy and
ensure alignment with overall business plans; collaborates with business heads to identify and
address talent-related issues.

	 
	•	 	Develops the HR function within the business through the assessment and development of HR
professionals within the group to ensure value-added HR services are delivered. Institutes a
human resources culture that is proactive and viewed by its internal clients at all levels to
be expert, leading edge, strategic, effective and vital to the organization’s success.

	 
	•	 	Implements and ensures the effectiveness of performance driven compensation, rewards,
benefits strategies, plans and practices to support the culture and standards envisioned by
the company’s leadership.

	 
	•	 	Establishes personal credibility with the executive team and leaders throughout the
organization, through a deep understanding of the business and strategic levers and
facilitates high-impact consulting with the leaders of the organization.

	 
	•	 	Establishes, measures, and monitors key metrics to evaluate the effectiveness of the human
resource function.

 

16

 

EXHIBIT B

EXECUTIVE BENEFITS PACKAGE

The following benefits will be provided as for other salaried employees

Salaried 401(k) Plan

Medical and Dental Insurance

The following benefits will be provided to Mr. Adelman:

	 	•	 	Life Insurance — $800,000.00

	 
	 	•	 	Executive Annual Physical

	 
	 	•	 	Annual tax/accounting allowance — up to $3,500.00

 

17

 

EXHIBIT C

COMPANY’S COMPETITORS

Weyerhauser

Boise Cascade

Georgia-Pacific

Louisiana Pacific

Norbord

Beacon Roofing Supply

Huttig

Universal Forest Products

Builders Firstsource

Watsco

Interline Brands

 

18exv4w1

Exhibit 4.1

EXECUTION COPY

GUARANTY

     GUARANTY (this “Guaranty”), dated as of January 27, 2011, between PETRÓLEO BRASILEIRO
S.A.—PETROBRAS (the “Guarantor”), a sociedade de economia mista organized and existing
under the laws of the Federative Republic of Brazil (“Brazil”), and THE BANK OF NEW YORK
MELLON, a New York banking corporation, as trustee for the holders of the 2016 Notes (as defined
below) issued pursuant to the Indenture (as defined below) (the “Trustee”).

WITNESSETH:

     WHEREAS, Petrobras International Finance Company, an exempted company incorporated with
limited liability under the laws of the Cayman Islands and a wholly-owned Subsidiary of the
Guarantor (the “Issuer”), has entered into an Indenture dated as of December 15, 2006 (the
“Original Indenture”) with the Trustee, as supplemented by the Fifth Supplemental Indenture
among the Issuer, the Guarantor and the Trustee dated as of the date hereof (the “Fifth
Supplemental Indenture”). The Original Indenture, as supplemented by the Fifth Supplemental
Indenture and as amended or supplemented from time to time with respect to the 2016 Notes, is
hereinafter referred to as the “Indenture”;

     WHEREAS, the Issuer has duly authorized the issuance of its notes in such principal amount or
amounts as may from time to time be authorized in accordance with the Indenture and is, on the date
hereof, issuing U.S.$2,500,000,000 aggregate principal amount of its 3.875% Global Notes due 2016
under the Indenture (the “2016 Notes”);

     WHEREAS, the Guarantor is willing to enter into this Guaranty in order to provide the holders
of the 2016 Notes (the “Noteholders”) with an irrevocable and unconditional guaranty that,
if the Issuer shall fail to make any required payments of principal, interest or other amounts due
in respect of the 2016 Notes and the Indenture, the Guarantor will pay any such amounts whether at
stated maturity, or earlier or later by acceleration or otherwise;

     WHEREAS, the Guarantor agrees that it will derive substantial direct and indirect benefits
from the issuance of the 2016 Notes by the Issuer;

     WHEREAS, it is a condition precedent to the issuance of the 2016 Notes that the Guarantor
shall have executed this Guaranty.

     WHEREAS, each of the parties hereto is entering into this Guaranty for the benefit of the
other party and for the equal and ratable benefit of the Noteholders.

     NOW, THEREFORE, the Guarantor and the Trustee hereby agree as follows:

     SECTION 1. Definitions. (a) All capitalized terms used but not defined herein shall have the
meanings ascribed to such terms in the Original Indenture, as supplemented and amended by the Fifth
Supplemental Indenture. All such definitions shall be read in a manner consistent with the terms of
this Guaranty.

1

 

     (b) As used herein, the following capitalized terms shall have the following meanings:

          “Affiliate,” with respect to any Person, means any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person; it being
understood that for purposes of this definition, the term “control” (including the terms
“controlling,” “controlled by” and “under common control with”) of a Person shall mean the
possession, direct or indirect, of the power to vote 25% or more of the equity or similar voting
interests of such Person or to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise.

          “Authorized Representative” of the Guarantor or any other Person means the person or
persons authorized to act on behalf of such entity by its chief executive officer, president, chief
operating officer, chief financial officer or any vice president or its Board of Directors or any
other governing body of such entity.

          “Board of Directors”, when used with respect to a corporation, means either the board
of directors of such corporation or any committee of that board duly authorized to act for it, and
when used with respect to a limited liability company, partnership or other entity other than a
corporation, any Person or body authorized by the organizational documents or by the voting equity
owners of such entity to act for them.

          “Denomination Currency” has the meaning specified in Section 14(b).

          “Guaranteed Obligations” has the meaning specified in Section 2.

          “Indebtedness” means any obligation (whether present or future, actual or contingent
and including, without limitation, any Guarantee) for the payment or repayment of money which has
been borrowed or raised (including money raised by acceptances and all leases which, under
generally accepted accounting principles in the country of incorporation of the relevant obligor,
would constitute a capital lease obligation).

          “Judgment Currency” has the meaning specified in Section 14(b).

          “Material Adverse Effect” means a material adverse effect on (a) the business,
operations, assets, property, condition (financial or otherwise) or, results of operation, of the
Guarantor together with its consolidated Subsidiaries, taken as a whole, (b) the validity or
enforceability of this Guaranty or any other Transaction Document or (c) the ability of the
Guarantor to perform its obligations under this Guaranty or any other Transaction Document, or (d)
the material rights or benefits available to the Noteholders or the Trustee, as representative of
the Noteholders under the Indenture, this Guaranty or any of the other Transaction Documents.

          “Material Subsidiary” means, as to any Person, any Subsidiary of such Person which, on
any given date of determination, accounts for more than 10% of Petrobras’ total consolidated
assets, as such total assets are set forth on the most recent consolidated financial statements of
Petrobras prepared in accordance with Reporting GAAP (or if Petrobras does not prepare financial
statements in Reporting GAAP, consolidated financial statements prepared in accordance with
Brazilian generally accepted accounting principles).

2

 

          “Officer’s Certificate” means a certificate of an Authorized Representative of the
Guarantor.

          “Opinion of Counsel” means a written opinion of counsel from any Person either
expressly referred to herein or otherwise reasonably satisfactory to the Trustee which may include,
without limitation, counsel for the Guarantor, whether or not such counsel is an employee of the
Guarantor.

          “Permitted Lien” means a:

          (i) Lien granted in respect of Indebtedness owed to the Brazilian government, Banco Nacional
de Desenvolvimento Econômico e Social or any official government agency or department of the
government of Brazil or of any state or region thereof;

          (ii) Lien arising by operation of law, such as merchants’, maritime or other similar Liens
arising in the Guarantor’s ordinary course of business or that of any Subsidiary or Lien in respect
of taxes, assessments or other governmental charges that are not yet delinquent or that are being
contested in good faith by appropriate proceedings;

          (iii) Lien arising from the Guarantor’s obligations under performance bonds or surety bonds
and appeal bonds or similar obligations incurred in the ordinary course of business and consistent
with the Guarantor’s past practice;

          (iv) Lien arising in the ordinary course of business in connection with Indebtedness maturing
not more than one year after the date on which such Indebtedness was originally incurred and which
is related to the financing of export, import or other trade transactions;

          (v) Lien granted upon or with respect to any assets hereafter acquired by the Guarantor or
any Subsidiary to secure the acquisition costs of such assets or to secure Indebtedness incurred
solely for the purpose of financing the acquisition of such assets, including any Lien existing at
the time of the acquisition of such assets as long as the maximum amount so secured shall not
exceed the aggregate acquisition costs of all such assets or the aggregate Indebtedness incurred
solely for the acquisition of such assets, as the case may be;

          (vi) Lien granted in connection with the Indebtedness of a Wholly-Owned Subsidiary owing to
the Guarantor or another Wholly-Owned Subsidiary;

          (vii) Lien existing on any asset or on any stock of any Subsidiary prior to the acquisition
thereof by the Guarantor or any Subsidiary as long as such Lien is not created in anticipation of
such acquisition;

          (viii) Lien over any Qualifying Asset relating to a project financed by, and securing
Indebtedness incurred in connection with, the Project Financing of such project by the Guarantor,
any of the Guarantor’s Subsidiaries or any consortium or other venture in which the Guarantor or
any Subsidiary has any ownership or other similar interest;

          (ix) Lien existing as of the date of the Fifth Supplemental Indenture;

3

 

          (x) Lien resulting from the Transaction Documents;

          (xi) Lien incurred in connection with the issuance of debt or similar securities of a type
comparable to those already issued by the Issuer, on amounts of cash or cash equivalents on deposit
in any reserve or similar account to pay interest on such securities for a period of up to 24
months as required by any Rating Agency as a condition to such Rating Agency rating such securities
investment grade or as is otherwise consistent with market conditions at such time, as such
conditions are satisfactorily demonstrated to the Trustee;

          (xii) Lien granted or incurred to secure any extension, renewal, refinancing, refunding or
exchange (or successive extensions, renewals, refinancings, refundings or exchanges), in whole or
in part, of or for any Indebtedness secured by a Lien referred to in paragraphs (i) through (xi)
above (but not paragraph (iv)), provided that such Lien does not extend to any other property, the
principal amount of the Indebtedness secured by such Lien is not increased, and in the case of
paragraphs (i), (ii), (iii) and (vii), the obligees meet the requirements of such paragraphs and in
the case of paragraph (viii), the Indebtedness is incurred in connection with a Project Financing
by the Guarantor, any of the Guarantor’s Subsidiaries or any consortium or other venture in which
the Guarantor or any Subsidiary have any ownership or other similar interests; and

          (xiii) Lien in respect of Indebtedness the principal amount of which in the aggregate,
together with all Liens not otherwise qualifying as the Guarantor’s Permitted Liens pursuant to
clauses (i) through (xii) of this definition, does not exceed 15% of the Guarantor’s consolidated
total assets (as determined in accordance with Reporting GAAP) at any date as at which the
Guarantor’s balance sheet is prepared and published in accordance with applicable Law.

          “Process Agent has the meaning specified in Section 15(c).

          “Project Financing” of any project means the incurrence of Indebtedness relating to
the exploration, development, expansion, renovation, upgrade or other modification or construction
of such project pursuant to which the providers of such Indebtedness or any trustee or other
intermediary on their behalf or beneficiaries designated by any such provider, trustee or other
intermediary are granted security over one or more Qualifying Assets relating to such project for
repayment of principal, premium and interest or any other amount in respect of such Indebtedness.

          “Qualifying Asset” in relation to any Project Financing means:

     (i) any concession, authorization or other legal right granted by any Governmental
Authority to the Guarantor or any of the Guarantor’s Subsidiaries, or any consortium or
other venture in which the Guarantor or any Subsidiary has any ownership or other similar
interest;

     (ii) any drilling or other rig, any drilling or production platform, pipeline, marine
vessel, vehicle or other equipment or any refinery, oil or gas field, processing plant, real property (whether leased or owned), right of way or plant or other fixtures or equipment;

4

 

     (iii) any revenues or claims which arise from the operation, failure to meet
specifications, failure to complete, exploitation, sale, loss or damage to, such concession,
authorization or other legal right or such drilling or other rig, drilling or production
platform, pipeline, marine vessel, vehicle or other equipment or refinery, oil or gas field,
processing plant, real property, right of way, plant or other fixtures or equipment or any
contract or agreement relating to any of the foregoing or the Project Financing of any of
the foregoing (including insurance policies, credit support arrangements and other similar
contracts) or any rights under any performance bond, letter of credit or similar instrument
issued in connection therewith;

     (iv) any oil, gas, petrochemical or other hydrocarbon-based products produced or
processed by such project, including any receivables or contract rights arising therefrom or
relating thereto and any such product (and such receivables or contract rights) produced or
processed by other projects, fields or assets to which the lenders providing the Project
Financing required, as a condition therefor, recourse as security in addition to that
produced or processed by such project; and

     (v) shares or other ownership interest in, and any subordinated debt rights owing to
the Guarantor by, a special purpose company formed solely for the development of a project,
and whose principal assets and business are constituted by such project and whose
liabilities solely relate to such project.

          “Reporting GAAP” means (i) generally accepted accounting principles in effect in the
United States of America applied on a basis consistent with the principles, methods, procedures and
practices in effect from time to time or (ii) International Financial Reporting Standards (IFRS) as
adopted by the International Accounting Standards Board (IASB) as from the date the Guarantor
adopts IFRS as its primary reporting or accounting standard in its reports filed with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act.

          “SEC” means the United States Securities and Exchange Commission.

          “Successor Company” has the meaning specified in Section 7(f)(A).

          “Termination Date” has the meaning specified in Section 6.

          “Transaction Documents” means, collectively, the Indenture, the 2016 Notes and this
Guaranty.

     (c) Construction. The parties agree that items (1) through (5) of Section 1.01 of the
Original Indenture shall apply to this Guaranty, except as otherwise expressly provided or unless
the context otherwise requires.

5

 

          SECTION 2. Guaranty. (a) The Guarantor hereby unconditionally and irrevocably guarantees the
full and punctual payment when due, as a guaranty of payment and not of collection, whether at the
Stated Maturity, or earlier or later by acceleration or otherwise, of all obligations of the Issuer
now or hereafter existing under the Indenture and the 2016 Notes, whether for principal, interest,
make-whole premium, fees, indemnities, costs, expenses or otherwise (such obligations being the
“Guaranteed Obligations”), and the Guarantor agrees to pay any and all expenses (including
reasonable and documented counsel fees and expenses) incurred by the Trustee or any Noteholder in
enforcing any rights under this Guaranty with respect to such Guaranteed Obligations. Without
limiting the generality of the foregoing, the Guarantor’s liability shall extend to all amounts
that constitute part of the Guaranteed Obligations and would be owed by the Issuer to the Trustee
or any Noteholder under the Indenture and the 2016 Notes but for the fact that they are
unenforceable or not allowable due to the existence of a bankruptcy, insolvency, reorganization or
similar proceeding involving the Issuer.

          (b) In the event that the Issuer does not make payments to the Trustee of all or any portion
of the Guaranteed Obligations, upon receipt of notice of such non-payment by the Trustee, the
Guarantor will make immediate payment to the Trustee of any such amount or portion of the
Guaranteed Obligations owing or payable under the Indenture and the 2016 Notes. Such notice shall
specify the amount or amounts under the Indenture and the 2016 Notes that were not paid on the date
that such amounts were required to be paid under the terms of the Indenture and the 2016 Notes.

          (c) The obligation of the Guarantor under this Guaranty shall be absolute and unconditional
upon receipt by it of the notice contemplated herein absent manifest error. The Guarantor shall
not be relieved of its obligations hereunder unless and until the Trustee shall have indefeasibly
received all amounts required to be paid by the Guarantor hereunder (and any Event of Default under
the Indenture has been cured, it being understood that the Guarantor’s obligations hereunder shall
terminate following payment by the Issuer and/or the Guarantor of the entire principal, all accrued
interest and all other amounts due and owing in respect of the 2016 Notes and the Indenture. All
amounts payable by the Guarantor hereunder shall be payable in U.S. dollars and in immediately
available funds to the Trustee.

          All payments actually received by the Trustee pursuant to this Section 2 after 1:00 p.m. (New
York time) on any Business Day will be deemed, for purposes of this Guaranty, to have been received
by the Trustee on the next succeeding Business Day.

          SECTION 3. Guaranty Absolute. (a) The Guarantor’s obligations under this Guaranty are absolute
and unconditional regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of any Noteholder under its 2016 Notes
or the Indenture. The obligations of the Guarantor under or in respect of this Guaranty are
independent of the Guaranteed Obligations or any other obligations of the Issuer, the Issuer’s
Subsidiaries or the Guarantor’s Subsidiaries under or in respect of the Indenture and the 2016
Notes or any other document or agreement, and a separate action or actions may be brought and
prosecuted against the Guarantor to enforce this Guaranty, irrespective of whether any action is
brought against the Issuer or whether the Issuer is joined in any such action or actions. The
liability of the Guarantor under this Guaranty shall be irrevocable, absolute and unconditional
irrespective of, 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 following:

6

 

     (i) any lack of validity or enforceability of any of the Transaction Documents;

     (ii) any provision of applicable Law or regulation purporting to prohibit the payment
by the Issuer of any amount payable by it under the Indenture and the 2016 Notes;

     (iii) any provision of applicable Law or regulation purporting to prohibit the payment
by the Guarantor of any amount payable by it under this Guaranty;

     (iv) any change in the time, manner or place of payment of, or in any other term of,
all or any of the Guaranteed Obligations or any other obligations of any other person or
entity under or in respect of the Transaction Documents, or any other amendment or waiver of
or any consent to departure from any Transaction Document, including, without limitation,
any increase in the obligations of the Issuer under the Indenture and the 2016 Notes as a
result of further issuances, any rescheduling of the Issuer’s obligations under the 2016
Notes of the Indenture or otherwise;

     (v) any taking, release or amendment or waiver of, or consent to departure from, any
other guaranty or agreement similar in function to this Guaranty, for all or any of the
obligations of the Issuer under the Indenture or the 2016 Notes;

     (vi) any manner of sale or other disposition of any assets of any Noteholder;

     (vii) any change, restructuring or termination of the corporate structure or existence
of the Issuer or the Guarantor or any Subsidiary thereof or any change in the name,
purposes, business, capital stock (including ownership thereof) or constitutive documents of
the Issuer or the Guarantor;

     (viii) any failure of the Trustee to disclose to the Guarantor any information relating
to the business, condition (financial or otherwise), operations, performance, properties or
prospects of the Issuer or any of its Subsidiaries (the Guarantor hereby waiving any duty on
the part of the Trustee or any Noteholders to disclose such information);

     (ix) the failure of any other person or entity to execute or deliver any other guaranty
or agreement or the release or reduction of liability of any other guarantor or surety with
respect to the Indenture;

     (x) any other circumstance (including, without limitation, any statute of limitations)
or any existence of or reliance on any representation by the Trustee or any Noteholder that
might otherwise constitute a defense available to, or a discharge of, the Issuer or the
Guarantor or any other party; or

7

 

     (xi) any claim of set-off or other right which the Guarantor may have at any time
against the Issuer or the Trustee, whether in connection with this transaction or with any
unrelated transaction.

          (b) This Guaranty shall continue to be effective or be reinstated, as the case may be, if at
any time any payment of any of the Guaranteed Obligations is rescinded or must otherwise be
returned by any Noteholder or any other person or entity upon the insolvency, bankruptcy or
reorganization of the Issuer or the Guarantor or otherwise, all as though such payment had not been
made.

          SECTION 4. Independent Obligation. The obligations of the Guarantor hereunder are independent of the
Issuer’s obligations under the 2016 Notes and the Indenture. The Trustee, on behalf of the
Noteholders, may neglect or forbear to enforce payment under the Indenture and the 2016 Notes,
without in any way affecting or impairing the liability of the Guarantor hereunder. The Trustee
shall not be obligated to exhaust recourse or remedies against the Issuer to recover payments
required to be made under the Indenture nor take any other action against the Issuer before being
entitled to payment from the Guarantor of all amounts contemplated in Section 2 hereof owed
hereunder or proceed against or have resort to any balance of any deposit account or credit on the
books of the Trustee in favor of the Issuer or in favor of the Guarantor. Without limiting the
generality of the foregoing, the Trustee shall have the right to bring a suit directly against the
Guarantor, either prior or subsequent to or concurrently with any lawsuit against, or without
bringing suit against, the Issuer.

          SECTION 5. Waivers and Acknowledgments. (a) The Guarantor hereby unconditionally and irrevocably
waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice of
nonperformance, default, acceleration, protest or dishonor and any other notice with respect to any
of the Guaranteed Obligations and this Guaranty and any requirement that the Trustee, on behalf of
the Noteholders, protect, secure, perfect or insure any Lien or any property subject thereto or
exhaust any right or take any action against the Issuer or any other Person.

          (b) The Guarantor hereby unconditionally and irrevocably waives any right to revoke this
Guaranty and acknowledges that this Guaranty is continuing in nature and applies to the Guaranteed
Obligations, whether the same are existing now or in the future.

          (c) The Guarantor hereby unconditionally and irrevocably waives (i) any defense arising by
reason of any claim or defense based upon an election of remedies by any Noteholder or the Trustee
on behalf of the Noteholders that in any manner impairs, reduces, releases or otherwise adversely
affects the subrogation, reimbursement, exoneration, contribution or indemnification rights of the
Guarantor or other rights of the Guarantor to proceed against the Issuer or any other person or
entity and (ii) any defense based on any right of set-off or counterclaim against or in respect of
the Guaranteed Obligations of the Guarantor hereunder.

          (d) The Guarantor hereby unconditionally and irrevocably waives any duty on the part of the
Trustee or any Noteholder to disclose to the Guarantor any matter, fact or thing relating to the
business, condition (financial or otherwise), operations, performance, properties or prospects of
the Issuer now or hereafter known by the Trustee or any Noteholder, as applicable.

8

 

          (e) The Guarantor acknowledges that it will receive substantial direct and indirect benefits
from the financing arrangements contemplated by the Transaction Documents and that the waivers set
forth in this Section 5 are knowingly made in contemplation of such benefits.

          (f) The recitals contained in this Guaranty shall be taken as the statements of the Issuer and
the Guarantor, as applicable, and the Trustee assumes no responsibility for the correctness of the
same. The Trustee makes no representation as to the validity or sufficiency of this Guaranty, of
any offering materials, the Indenture or of the 2016 Notes.

          (g) The Guarantor unconditionally and irrevocably waives, to the fullest extent permitted
under Brazilian law, any benefit it may be entitled to under Articles 827, 834, 835, 838 and 839 of
the Brazilian Civil Code, and under Article 595, caput, of the Brazilian Civil Procedure Code.

          SECTION 6. Claims Against the Issuer. The Guarantor hereby unconditionally and irrevocably agrees
not to exercise any rights that it may now have or hereafter acquire against the Issuer or any
other guarantor that arise from the existence, payment, performance or enforcement of the
Guarantor’s obligations under or in respect of this Guaranty or any other Transaction Document,
including, without limitation, any right of subrogation, reimbursement, exoneration, contribution
or indemnification, or to participate in any claim or remedy of the Trustee, on behalf of the
Noteholders, against the Issuer or any other person, whether or not such claim, remedy or right
arises in equity or under contract, statute or common law, including, without limitation, the right
to take or receive from the Issuer or any other person, directly or indirectly, in cash or other
property or by set-off or in any other manner, payment or security on account of such claim, remedy
or right, unless and until all of the Guaranteed Obligations and all other amounts payable under
this Guaranty shall have been paid in full in cash. If any amount shall be paid to the Guarantor
in violation of the immediately preceding sentence at any time prior to the later of (a) the
payment in full in cash of the Guaranteed Obligations and all other amounts payable under this
Guaranty and (b) the date on which all of the obligations of the Issuer under the Indenture and the
2016 Notes have been discharged in full (the later of such dates being the “Termination
Date”), such amount shall be paid over to and received and held by the Trustee in trust for the
benefit of the Noteholders, shall be segregated from other property and funds of the Guarantor
and shall forthwith be paid or delivered to the Trustee in the same form as so received (with any
necessary endorsement or assignment) to be credited and applied to the Guaranteed Obligations and
all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the
terms of the Indenture. If (i) the Guarantor shall make payment to any Noteholder or the Trustee,
on behalf of the Noteholders, of all or any part of the Guaranteed Obligations, (ii) all of the
Guaranteed Obligations and all other amounts payable under this Guaranty shall have been paid in
full in cash and (iii) the Termination Date shall have occurred, then the Trustee, on behalf of the
Noteholders, will, at the Guarantor’s written request and expense, execute and deliver to the
Guarantor appropriate documents, without recourse and without representation or warranty, necessary
to evidence the transfer by subrogation to the Guarantor of an interest in the Guaranteed
Obligations resulting from such payment made by the Guarantor pursuant to this Guaranty.

9

 

          SECTION 7. Covenants. For so long as the 2016 Notes remain outstanding or any amount remains
unpaid on the 2016 Notes and the Indenture, the Guarantor will, and will cause each of its
Subsidiaries, as applicable, to comply with the terms and covenants set forth below (except as
otherwise provided in a duly authorized amendment to this Guaranty as provided herein):

          (a) Performance of Obligations. The Guarantor shall pay all amounts owed by it and
comply with all its other obligations under the terms of this Guaranty and the Indenture in
accordance with the terms thereof.

          (b) Maintenance of Corporate Existence. The Guarantor will (i) maintain in effect its
corporate existence and all registrations necessary therefor except as otherwise permitted by
Section 7 (f) and (ii) take all actions to maintain all rights, privileges, titles to property,
franchises, concessions and the like necessary or desirable in the normal conduct of its business,
activities or operations; provided, however, that this Section 7(b) shall not require the Guarantor
to maintain any such right, privilege, title to property or franchise if the failure to do so does
not, and will not, have a Material Adverse Effect.

          (c) Maintenance of Office or Agency. So long as any of the 2016 Notes are
outstanding, the Guarantor will maintain in the Borough of Manhattan, The City of New York, an
office or agency where notices to and demands upon the Guarantor in respect of this Guaranty may be
served, and the Guarantor will not change the designation of such office without prior written
notice to the Trustee and designation of a replacement office in the same general location.

          (d) Ranking. The Guarantor will ensure at all times that its obligations under this
Guaranty will constitute the general senior unsecured and unsubordinated obligations of the
Guarantor and will rank pari passu, without any preferences among themselves, with all other
present and future senior unsecured and unsubordinated obligations of the Guarantor (other than
obligations preferred by statute or by operation of law) that are not, by their terms, expressly
subordinated in right of payment to the obligations of the Guarantor under this Guaranty.

          (e) Notice of Defaults. The Guarantor will give written notice to the Trustee, as
soon as is practicable and in any event within ten calendar days after the Guarantor becomes aware,
or should reasonably become aware, of the occurrence of any Default or Event of Default,
accompanied by a certificate of an officer of the Guarantor setting forth the details
thereof and stating what action the Guarantor proposes to take with respect thereto.

          (f) Limitation on Consolidation, Merger, Sale or Conveyance. (i) The Guarantor will
not, in one or a series of transactions, consolidate or amalgamate with or merge into any
corporation or convey, lease or transfer substantially all of its properties, assets or revenues to
any person or entity (other than a direct or indirect Subsidiary of the Guarantor) or permit any
person or entity (other than a direct or indirect Subsidiary of the Guarantor) to merge with or
into it, unless:

     (A) either the Guarantor is the continuing entity or the person (the “Successor
Company”) formed by such consolidation or into which the Guarantor is merged or that acquired or leased such property or assets of the Guarantor will assume (jointly and
severally with the Guarantor unless the Guarantor shall have ceased to exist as a result of
such merger, consolidation or amalgamation), by an amendment to this Guaranty (the form and
substance of which shall be previously approved by the Trustee), all of the Guarantor’s
obligations under this Guaranty;

10

 

     (B) the Successor Company (jointly and severally with the Guarantor unless the
Guarantor shall have ceased to exist as part of such merger, consolidation or amalgamation)
agrees to indemnify each Noteholder against any tax, assessment or governmental charge
thereafter imposed on such Noteholder solely as a consequence of such consolidation, merger,
conveyance, transfer or lease with respect to the payment of principal of, or interest on,
the 2016 Notes pursuant to this Guaranty;

     (C) immediately after giving effect to such transaction, no Event of Default, and no
Default has occurred and is continuing; and

     (D) the Guarantor has delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such merger consolidation, sale, transfer or other conveyance
or disposition and the amendment to this Guaranty comply with the terms of this Guaranty and
that all conditions precedent provided for herein and relating to such transaction have been
complied with.

          (ii) Notwithstanding anything to the contrary in the foregoing, so long as no Default or Event
of Default shall have occurred and be continuing at the time of such proposed transaction or would
result therefrom and the Guarantor has delivered notice of any such transaction to the Trustee
(which notice shall contain a description of such merger, consolidation or conveyance):

     (A) the Guarantor may merge, amalgamate or consolidate with or into, or convey,
transfer, lease or otherwise dispose of all or substantially all of its properties, assets
or revenues to a direct or indirect Subsidiary of the Guarantor in cases when the Guarantor
is the surviving entity in such transaction and such transaction would not have
a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole, it
being understood that if the Guarantor is not the surviving entity, the Guarantor shall be
required to comply with the requirements set forth in the previous paragraph; or

     (B) any direct or indirect Subsidiary of the Guarantor may merge or consolidate with or
into, or convey, transfer, lease or otherwise dispose of assets to, any person (other than
the Guarantor or any of its Subsidiaries or Affiliates) in cases when such transaction would
not have a Material Adverse Effect on the Guarantor and its Subsidiaries taken as a whole;
or

     (C) any direct or indirect Subsidiary of the Guarantor may merge or consolidate with or
into, or convey, transfer, lease or otherwise dispose of assets to, any direct or indirect
Subsidiary of the Guarantor; or

11

 

     (D) any direct or indirect Subsidiary of the Guarantor may liquidate or dissolve if the
Guarantor determines in good faith that such liquidation or dissolution is in the best
interests of the Guarantor, and would not result in a Material Adverse Effect on the
Guarantor and its Subsidiaries taken as a whole and if such liquidation or dissolution is
part of a corporate reorganization of the Guarantor.

          (g) Negative Pledge. So long as any 2016 Note remains outstanding, the Guarantor will
not create or permit any Lien, other than a Permitted Lien, on any of the Guarantor’s assets to
secure (i) any of the Guarantor’s Indebtedness or (ii) the Indebtedness of any other person, unless
the Guarantor contemporaneously creates or permits such Lien to secure equally and ratably the
Guarantor’s obligations under this Guaranty or the Guarantor provides such other security for the
2016 Notes as is duly approved by the Trustee, at the direction of the Noteholders, in accordance
with the Indenture. In addition, the Guarantor will not allow any of the Guarantor’s Material
Subsidiaries to create or permit any Lien, other than a Permitted Lien, on any of the Guarantor’s
assets to secure (i) any of the Guarantor’s Indebtedness, (ii) any of the Indebtedness of the
Guarantor’s Material Subsidiaries or (iii) the Indebtedness of any other person, unless it
contemporaneously creates or permits the Lien to secure equally and ratably the Guarantor’s
obligations under this Guaranty or the Guarantor or such Material Subsidiary provides such other
security for the 2016 Notes as is duly approved by the Trustee, at the direction of the
Noteholders, in accordance with the Indenture.

          (h) Provision of Financial Statements and Reports. (i) The Guarantor will provide to
the Trustee, in English or accompanied by a certified English translation thereof, (A) within 90
calendar days after the end of each fiscal quarter (other than the fourth quarter), its unaudited
and consolidated balance sheet and statement of income calculated in accordance with Reporting
GAAP, (B) within 120 calendar days after the end of each fiscal year, its audited and consolidated
balance sheet and statement of income calculated in accordance with Reporting GAAP and (C) such
other financial data as the Trustee may reasonably request. 

          (ii) The Guarantor will provide, together with each of the financial statements delivered
pursuant to Sections 7(h)(i)(A) and (B), an Officer’s Certificate stating that a review of the
activities of the Guarantor and the Issuer has been made during the period covered by such
financial statements with a view to determining whether the Guarantor and the Issuer have kept,
observed, performed and fulfilled their covenants and agreements under this Guaranty and that
no Default or Event of Default has occurred during such period or, if one or more have actually
occurred, specifying all such events and what actions have been taken and will be taken with
respect to such Default or Event of Default.

     (iii) The Guarantor shall, whether or not it is required to file reports with the SEC,
file with the SEC and deliver to the Trustee (for redelivery to all Noteholders) all reports
and other information as it would be required to file with the SEC under the Exchange Act if
it were subject to those regulations; provided, however, that if the SEC does not permit the
filing described in the first sentence of this Section 7(h)(iii), the Guarantor will provide
annual and interim reports and other information to the Trustee within the same time periods
that would be applicable if the Guarantor were required and permitted to file these reports
with the SEC.

12

 

     (iv) Upon written request of any Holder or The Depository Trust Company (DTC), the
reports and other information provided for in this paragraph (h) shall be delivered to DTC
representing the Noteholders, at 55 Water Street, 25th Floor, New York, NY, 10041,
Attention: Proxy Department, or such other address as DTC may provide to the Trustee in
writing.

     (v) Delivery of the above reports to the Trustee is for informational purposes only and
the Trustee’s receipt of such reports shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including
the Guarantor’s compliance with any of its covenants in the Indenture (as to which the
Trustee is entitled to rely exclusively on an Officer’s Certificate).

          SECTION 8. Amendments, Etc. No amendment or waiver of any provision of this Guaranty and no
consent to any departure by the Guarantor therefrom shall in any event be effective unless the same
shall be in writing and signed by the Trustee and the Guarantor, and then such waiver or consent
shall be effective only in the specific instance and for the specific purpose for which given. For
the avoidance of doubt, Article IX of the Indenture shall apply to an amendment to this Guaranty to
determine whether the consent of Holders is required for an amendment and if so, the required
percentage of Holders of the 2016 Notes required to approve the amendment.

          SECTION 9. Indemnity. The Guarantor agrees to fully indemnify the Trustee and any predecessor
Trustee and their agents for, and to hold it harmless against, any and all loss, liability,
damages, claims or expense arising out of or in connection with the performance of its duties under
this Guaranty, including the costs and expenses of defending itself against any claim or liability
in connection with the exercise or performance of any of its powers or duties hereunder except to
the extent that any such loss, liability or expense may be attributable to its negligence or bad
faith.

          SECTION 10. Notices, Etc. (a) All notices and other communications provided for hereunder shall
be in writing (including telegraphic or telecopy) and mailed, telecopied or delivered by hand, if
to the Guarantor, addressed to it at Avenida República do Chile, 65, 20035-900 Rio de Janeiro — RJ,
Brazil, Telephone: (55-21) 3224-4079, Telecopier: (55-21) 3224-6197, Attention: Sonia Tereza Terra
Figueiredo Vasconcellos, Corporate Finance & Treasury/Debt Control, if to the Trustee, at The Bank
of New York Mellon, 101 Barclay Street, 4E, New York, New York, 10286, USA, Telephone: (1-212)
815-4259, Telecopier: (1-212) 815-5603, Attention: Corporate Trust Department or, as to any party,
at such other address as shall be designated by such party in a written notice to each other party.
All such notices and other communications shall, when telecopied, be effective when transmitted.
Delivery by telecopier of an executed counterpart of a signature page to any amendment or waiver of
any provision of this Guaranty shall be effective as delivery of an original executed counterpart
thereof.

          (b) All payments made by the Guarantor to the Trustee hereunder shall be made to the Payment
Account (as defined in the Indenture).

13

 

          SECTION 11. Survival. Without prejudice to the survival of any of the other agreements of the
Guarantor under this Guaranty or any of the other Transaction Documents, the agreements and
obligations of the Guarantor contained in Section 2 (with respect to the payment of all other
amounts owed under the Indenture), Section 9 and Section 14 shall survive the payment in full of
the Guaranteed Obligations and all of the other amounts payable under this Guaranty, the
termination of this Guaranty and/or the resignation or removal of the Trustee.

          SECTION 12. No Waiver; Remedies. No failure on the part of the Trustee to exercise, and no delay
in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

          SECTION 13. Continuing Agreement; Assignment of Rights Under the Indenture and the 2016 Notes.
This Guaranty is a continuing guaranty and shall (a) remain in full force and effect until the
later of (i) the repayment in full by the Issuer of all amounts due and owing under the Indenture
with respect to the 2016 Notes and (ii) the repayment in full of all Guaranteed Obligations and all
other amounts payable under this Guaranty, (b) be binding upon the Guarantor, its successors and
assigns and (c) inure to the benefit of and be enforceable by the Trustee, on behalf of
Noteholders, and their successors, transferees and assigns. Without limiting the generality of
clause (c) of the immediately preceding sentence, any Noteholder may assign or otherwise transfer
its rights and obligations under the Indenture (including, without limitation, the 2016 Note or
2016 Notes held by it) to any other person or entity, and such other person or entity shall
thereupon become vested with all the benefits in respect thereof granted to such Noteholder herein
or otherwise, in each case as and to the extent provided in the Indenture. The Guarantor shall not
have the right to assign its rights hereunder or any interest herein without the prior written
consent of all of the Noteholders.

          SECTION 14. Currency Rate Indemnity (a) The Guarantor shall (to the extent lawful) indemnify the
Trustee and the Noteholders and keep them indemnified against:

     (i) in the case of nonpayment by the Guarantor of any amount due to the Trustee, on
behalf of the Noteholders, under this Guaranty any loss or damage incurred by any of them
arising by reason of any variation between the rates of exchange used for the purposes of
calculating the amount due under a judgment or order in respect thereof and those prevailing
at the date of actual payment by the Guarantor; and

     (ii) any deficiency arising or resulting from any variation in rates of exchange
between (a) the date as of which the local currency equivalent of the amounts due or
contingently due under this Guaranty or in respect of the 2016 Notes is calculated for the
purposes of any bankruptcy, insolvency or liquidation of the Guarantor, and (b) the final
date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation.
The amount of such deficiency shall be deemed not to be increased or reduced by any
variation in rates of exchange occurring between the said final date and the date of any
bankruptcy, insolvency or liquidation or any distribution of assets in connection therewith.

14

 

          (b) The Guarantor agrees that, if a judgment or order given or made by any court for the
payment of any amount in respect of its obligations hereunder is expressed in a currency (the
“Judgment Currency”) other than U.S. dollars (the “Denomination Currency”), it will
indemnify the relevant Holder and the Trustee against any deficiency arising or resulting from any
variation in rates of exchange between the date at which the amount in the Denomination Currency is
notionally converted into the amount in the Judgment Currency for the purposes of such judgment or
order and the date of actual payment thereof.

          (c) The above indemnities shall constitute separate and independent obligations of the
Guarantor from its obligations hereunder, will give rise to separate and independent causes of
action, will apply irrespective of any indulgence granted from time to time and will continue in
full force and effect notwithstanding any judgment or the filing of any proof
or proofs in any bankruptcy, insolvency or liquidation of the Guarantor for a liquidated sum
or sums in respect of amounts due under this Guaranty, or under the Indenture or the 2016 Notes or
under any judgment or order.

          SECTION 15. Governing Law; Jurisdiction; Waiver of Immunity, Etc.

          (a) This Guaranty shall be governed by, and construed in accordance with, the laws of the
State of New York.

          (b) The Guarantor hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of any New York State court or federal court of the United States
of sitting in New York City, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Guaranty or any of the other Transaction Documents to which it
is or is to be a party, or for recognition or enforcement of any judgment, and the Guarantor hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in any such New York State court or, to the extent permitted by law, in
such federal court. The Guarantor agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Guaranty or any other Transaction Document shall
affect any right that any party may otherwise have to bring any action or proceeding against the
Issuer or the Guarantor, as the case may be, relating to this Guaranty or any other Transaction
Document in the courts of any jurisdiction.

          (c) The Guarantor hereby irrevocably appoints and empowers the New York office of Petróleo
Brasileiro S.A., located at 570 Lexington Avenue, 43rd Floor, New York, New York 10022 as its
authorized agent (the “Process Agent”) to accept and acknowledge for and on its behalf and
on behalf of its property service of any and all legal process, summons, notices and documents
which may be served in any such suit, action or proceedings in any New York State court or United
States federal court sitting in the State of New York in the Borough of Manhattan and any appellate
court from any thereof, which service may be made on such designee, appointee and agent in
accordance with legal procedures prescribed for such courts. The Guarantor will take any and all
action necessary to continue such designation in full force and effect and to advise the Trustee of
any change of address of such Process Agent and; should such Process Agent become
unavailable for this purpose for any reason, the Guarantor will promptly and irrevocably designate
a new Process Agent within New York, New York, which will agree

15

 

to act as such, with the powers and
for the purposes specified in this subsection (c). The Guarantor irrevocably consents and agrees
to the service of any and all legal process, summons, notices and documents out of any of the
aforesaid courts in any such action, suit or proceeding by hand delivery, to it at its address set
forth in Section 10 or to any other address of which it shall have given notice pursuant to Section
10 or to its Process Agent. Service upon the Guarantor or the Process Agent as provided for herein
will, to the fullest extent permitted by law, constitute valid and effective personal service upon
it and the failure of the Process Agent to give any notice of such service to the Guarantor shall
not impair or affect in any way the validity of such service or any judgment rendered in any action
or proceeding based thereon.

          (d) The Guarantor irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection that it may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or relating to this Guaranty
or any of the other Transaction Documents to which it is or is to be a party in any New York State
or federal court. The Guarantor hereby irrevocably waives, to the fullest extent permitted by law,
the defense of an inconvenient forum to the maintenance of such suit, action or proceeding in any
such court.

          (e) THE GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS GUARANTY, ANY OF THE TRANSACTION DOCUMENTS, THE ADVANCES OR THE ACTIONS OF ANY
NOTEHOLDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

          (f) This Guaranty and any other documents delivered pursuant hereto, and any actions taken
hereunder, constitute commercial acts by the Guarantor. The Guarantor irrevocably and
unconditionally and to the fullest extent permitted by law, waives, and agrees not to plead or
claim, any immunity from jurisdiction of any court or from any legal process (whether through
service of notice, attachment prior to judgment, attachment in aid of execution, execution or
otherwise) for itself, the Issuer or any of their property, assets or revenues wherever located
with respect to its obligations, liabilities or any other matter under or arising out of or in
connection with this Guaranty, any of the Transaction Documents or any document delivered pursuant
hereto, in each case for the benefit of each assigns, it being intended that the foregoing waiver
and agreement will be effective, irrevocable and not subject to withdrawal in any and all
jurisdictions, and, without limiting the generality of the foregoing, agrees that the waivers set
forth in this subsection (f) shall have the fullest scope permitted under the United States Foreign
Sovereign Immunities Act of 1976 and are intended to be irrevocable for the purposes of such act.

          SECTION 16. Execution in Counterparts. This Guaranty and each amendment, waiver and consent with
respect hereto may be executed in any number of counterparts and by different parties thereto in
separate counterparts, 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. Delivery of an executed
counterpart of a signature page to this Guaranty by telecopier shall be effective as delivery of an
original executed counterpart of this Guaranty.

16

 

          SECTION 17. Entire Agreement This Guaranty, together with the Indenture and the 2016 Notes, sets
forth the entire agreement of the parties hereto with respect to the subject matter hereof.

[Signature page follows]

17

 

          IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	PETRÓLEO BRASILEIRO S.A. — PETROBRAS

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 	 	 	 	 
	 	 	WITNESSES:
	 
	 	 	 	 	 	 	 	 
	 

	 	1.	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	2.	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 

 

 

	 	 	 	 	 	 	 

	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

     On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is the Attorney-in-Fact of Petróleo Brasileiro S.A.—Petrobras , a corporation described in and
which executed the foregoing instrument and acknowledges said instrument to be the free act and
deed of said entity.

     On this ___ day of January 2011, before me personally came ___________________ and
_________________ to me personally known, who being duly sworn, did say that they signed their
names to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	  	
 	 
	 	 	Notary Public 	 
	 	 	COMMISSION EXPIRES 	 

 

 

ACKNOWLEDGED:

THE BANK OF NEW YORK MELLON, as Trustee and not

in its individual capacity

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

	 	 	 	 	 	 	 	 	 

	 	 	WITNESSES:
	 
	 

	 	1.	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	2.	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 

 

 

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	COUNTY OF NEW YORK

	 	 	)	 	 	 

     On this ___ day of January 2011, before me, a notary public within and for said county,
personally appeared __________________, to me personally known, who being duly sworn, did say that
___ is a ____________________ of The Bank of New York Mellon, one of the persons described in and
which executed the foregoing instrument, and acknowledges said instrument to be the free act and
deed of said entity.

     On this ___ day of January 2011, before me personally came _________________ and
________________ to me personally known, who being duly sworn, did say that they signed their names
to the foregoing instrument as witnesses.

[Notarial Seal]

	 	 	 	 	 
	 	 	 
	 	  	
 	 
	 	 	Notary Public 	 
	 	 	COMMISSION EXPIRES 	 
	 

 

 

GUARANTY

Dated as of January 27, 2011

between

PETRÓLEO BRASILEIRO S.A.—PETROBRAS,

as Guarantor,

and

THE BANK OF NEW YORK MELLON, as

Trustee for the Noteholders

Referred to Herein

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	SECTION 1. Definitions
	 	 	1	 
	SECTION 2. Guaranty
	 	 	6	 
	SECTION 3. Guaranty Absolute
	 	 	6	 
	SECTION 4. Independent Obligation
	 	 	8	 
	SECTION 5. Waivers and Acknowledgments
	 	 	8	 
	SECTION 6. Claims Against the Issuer
	 	 	9	 
	SECTION 7. Covenants
	 	 	10	 
	SECTION 8. Amendments, Etc.
	 	 	13	 
	SECTION 9. Indemnity
	 	 	13	 
	SECTION 10. Notices, Etc.
	 	 	13	 
	SECTION 11. Survival
	 	 	14	 
	SECTION 12. No Waiver; Remedies
	 	 	14	 
	SECTION 13. Continuing Agreement; Assignment of Rights Under the
Indenture and the 2016 Notes
	 	 	14	 
	SECTION 14. Currency Rate Indemnity
	 	 	14	 
	SECTION 15. Governing Law; Jurisdiction; Waiver of Immunity, Etc.
	 	 	15	 
	SECTION 16. Execution in Counterparts
	 	 	16	 
	SECTION 17. Entire Agreement
	 	 	17

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