Document:

Specimen of Common Stock Certificate

			
	 	  	Exhibit 4.8
	

  
 CC

 U.S. CITIZENS COMMON STOCK 
 HORIZON LINES, INC. 
 SEE REVERSE FOR CERTAIN TRANSFER LIMITATIONS, OWNERSHIP
RESTRICTIONS, AND APPLICATION TO TRANSFER SHARES 
 CUSIP 44044K 10 1 
 THIS CERTIFIES THAT: 
 IS THE OWNER OF: 
 FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK, $0.01 PAR VALUE, OF 

HORIZON LINES, INC. 
 hereinafter called the “Corporation”, transferable on the books of the Corporation by the holder hereof in person, or by his authorized attorney, upon the surrender of this Certificate properly endorsed. This Certificate is
not valid until countersigned and registered by the Transfer Agent and Registrar. 
 WITNESS the facsimile seal of the
Corporation and the facsimile signatures of its duly authorized officers. 
 Dated: 
 PRESIDENT 
 SECRETARY 

			
	

 NON-U.S. CITIZENS COMMON STOCK 
 HORIZON LINES, INC. 
 SEE REVERSE FOR CERTAIN TRANSFER LIMITATIONS, OWNERSHIP RESTRICTIONS, AND APPLICATION TO TRANSFER SHARES 
 CUSIP 44044K 10 1 
 THIS CERTIFIES THAT: 
 IS THE OWNER OF: 
 FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK, $0.01 PAR VALUE, OF 
 HORIZON LINES, INC.

 hereinafter called the “Corporation”, transferable on the books of the Corporation by the holder hereof in
person, or by his authorized attorney, upon the surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned and registered by the Transfer Agent and Registrar. 
 WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 
 Dated: 
 PRESIDENT 
 SECRETARY 

 

 
  
 THE COMPANY IS
AUTHORIZED TO ISSUE MORE THAN ONE SERIES OF PREFERRED STOCK. THE COMPANY WILL FURNISH, WITHOUT CHARGE, TO THE HOLDER OF THIS CERTIFICATE, UPON SUCH HOLDER’S WRITTEN REQUEST, THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING,
OPTIONAL, OR OTHER SPECIAL RIGHTS OF EACH SERIES OF PREFERRED STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. 
 THE SECURITIES OF THE COMPANY REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE OWNERSHIP RESTRICTIONS, TRANSFER RESTRICTIONS AND OTHER TRANSFER PROVISIONS SET FORTH IN THE COMPANY’S CERTIFICATE
OF INCORPORATION, AS IN EFFECT FROM TIME TO TIME. A copy of the Certificate of Incorporation will be furnished without charge by the Company to the holder hereof upon written request. For the definitions of “beneficially owned,” “U.S.
Citizen,” and “Non-U.S. Citizen,” see the Certificate of Incorporation. Under the Certificate of Incorporation, no more than 19.9% of the outstanding shares of each class or series of the Company’s stock may be Beneficially Owned
by Non-U.S. Citizens, and the Company may not recognize any purported transfer of shares of such class or series to Non-U.S. Citizens if such percentage would be exceeded, except to the extent necessary to effect the remedies available under the
Certificate of Incorporation, which include voiding such transfer, treating such shares as having been transferred into a trust for the benefit of U.S. Citizens, or redeeming such shares. The trust and redemption remedies apply equally to
stockholders that become Non-U.S. Citizens. Subject to the foregoing transfer restrictions, the shares represented by this Certificate will be transferred on the books of the Company only if the Application to Transfer Shares set forth below has
been duly executed by the transferee. 
 APPLICATION TO TRANSFER SHARES 
 The undersigned (the “Applicant”) hereby applies to transfer to the name of the Applicant of the number of shares of the
Company’s common stock indicated below and hereby certifies to the Company that (please complete (a) or (b) and (c) and/or (d) as applicable): 
 (a) The Applicant is a U.S. CITIZEN. (b) The Applicant is a NON-U.S. CITIZEN. (c) The Applicant will hold shares for one or more beneficial owners who are U.S. CITIZENS. 
 (d) The Applicant will hold shares for one or more beneficial owners who are NON-U.S. CITIZENS. 
 I certify that, to the best of my knowledge and belief, this Application is correct and, if applicable, I have authority to sign this
Application to on behalf of the entity that is the Applicant. 
 Printed Name (add entity name if applicable) Title (if
applicable) Signature & Date 
 The following abbreviations, when used in the inscription on the face of this certificate,
shall be construed as though they were written out in full according to applicable laws or regulations: 
 TEN COM -- as
tenants in common TEN ENT -- as tenants by the entireties JT TEN -- as joint tenants with right of survivorship and not as tenants in common COM PROP -- as community property 
 UNIF GIFT MIN ACT -- Custodian 
 (Cust) (Minor) under Uniform Gifts to Minors Act 
 (State) 
 UNIF TRF MIN ACT -- Custodian (until age ) 
 (Cust) under Uniform Transfers 
 (Minor) to Minors Act 
 (State) 
 Additional abbreviations may also be used though not in the above list. 
 FOR VALUE RECEIVED, hereby sell,
assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 
 Shares of the
capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint 
 Attorney to transfer
the said stock on the books of the within named Corporation with full power of substitution in the premises. 
 Dated

 X 
 NOTICE: 
 THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF
THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER. 
 Signature(s) Guaranteed

 By 
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C.
RULE 17Ad-15.Amendment to Management Agreement

 Exhibit 10.5.1 
  
 FIRST AMENDMENT TO MANAGEMENT AGREEMENT 
  
 This FIRST AMENDMENT TO MANAGEMENT AGREEMENT dated as of September 7, 2005 (this “Amendment”), amending
that certain Agreement, dated as of July 7, 2004 (the “Management Agreement”), is made and entered into by and among Castle Harlan, Inc., a Delaware corporation (“CHI”), Horizon Lines Holding Corp., a Delaware
corporation (“Holdings I”), Horizon Lines, LLC (“Holdings II”), and Horizon Lines, Inc., a Delaware corporation formerly known as H-Lines Holding Corp. (“Holdings III”; and together with Holdings I
and Holdings II, the “Companies”). 
  
 The
parties hereto desire to amend the Management Agreement as herein provided. 
  
 NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned
hereby agree as follows: 
  
 1. Defined Terms. Capitalized
terms used herein but not defined herein shall have the meanings ascribed to them in the Management Agreement. 
  
 2. Amendment of Section 2. Section 2 of the Management Agreement is hereby deleted in its entirety and replaced by the following: 

  
 “Term. The terms of Section 3,
Section 4, and Sections 5(a) through (d) of this Agreement (the “Term”) shall expire upon the first to occur of (x) December 31, 2009 and (y) the receipt by CHI of a payment from the Companies to CHI pursuant to this clause (y) of
cash in the aggregate amount of $7.5 million (the “Special Payment”); provided, that, notwithstanding the making by the Company of the Special Payment, the terms of Section 3, Section 4, Section 5(b), Section 5(c) and Section
5(d) of this Agreement shall be reinstated (a “Reinstatement”) automatically on January 1, 2006, if the firm, commitment underwritten public offering of shares of a class of common stock of Holdings III (an “Initial Public
Offering”) has not been consummated, or at such earlier date that the Board of Directors of Holdings III abandons the Initial Public Offering. Upon a Reinstatement, the amount of the Special Payment will be applied, on a dollar-for-dollar
basis, to the satisfaction of any amounts that shall be owed by the Companies to CHI from time to time on and after September 7, 2005 under Section 5(b)(ii) or Section 5(c) of the Agreement. Notwithstanding any other provisions contained in this
Agreement to the contrary, the provisions of Section 5(e) and Sections 6 through 16 of this Agreement shall survive indefinitely.” 

 3. Amendment of Section 5(e). Section 5(e) of the Management Agreement is hereby deleted in its
entirety and replaced by the following:  
  
 “In addition to the Initial Annual Fee and any Subsequent Annual Fee, the Companies shall, at the direction of CHI, pay directly or reimburse CHI for its Out-of-Pocket Expenses (as hereinafter defined) incurred in connection with (i)
the Services provided for in Section 3 hereof and (ii) following the expiration of the term of Section 3 pursuant to Section 2 hereof, any services provided by CHI (or its affiliates) (whether before or after the Initial Public Offering) to the
Companies and their direct and indirect subsidiaries (collectively, the “Special Services”). For purposes of this Agreement, the term “Out-of-Pocket Expenses” shall mean the reasonable amounts paid by CHI in
connection with the Services provided for in Section 3 or the Special Services, including (x) fees and disbursements of any independent professionals and organizations, including independent auditors and outside legal counsel, investment bankers or
other financial advisors or consultants, (y) costs of any outside services of independent contractors such as financial printers, couriers, business publications or similar services and (z) transportation, per diem, telephone calls, entertainment
and all other reasonable expenses actually incurred by CHI in rendering the Services provided for herein or the Special Services. All reimbursements for Out-of-Pocket Expenses shall be made promptly upon or as soon as practicable after presentation
by CHI to the Companies of a statement in connection therewith. The provision of any Special Services shall not be required of CHI (or its affiliates). No fees shall be payable to CHI in respect of such Special Services without the approval of the
Board of Directors of Holdings III.” 
  
 4. No Other
Amendments. Except as expressly provided in this Amendment, the Management Agreement remains in full force and effect in accordance with its terms. 
  
 5. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall constitute an original instrument, but all of
which when taken together shall constitute this Amendment. 
  
 6.
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed and interpreted in accordance with the internal laws of the State of New York. 
  
 7. Headings. The headings used herein are for convenience of reference
only and shall not affect the construction of nor shall they be taken into consideration in interpreting, this Amendment. 
  
 8. Effectiveness. This Amendment shall become effective on the date when it is executed and delivered by each of the parties specified herein.

  
 * * * 

 IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Management Agreement to be
duly executed and delivered. 
  

			
	 CASTLE HARLAN, INC.

		
	By:	 	/S/    HOWARD WEISS
	 	 	 Name:    Howard Weiss

	 	 	 Title:      Chief Financial Officer

	
	 HORIZON LINES HOLDING CORP.

		
	By:	 	/S/ CHARLES G. RAYMOND
	 	 	 Name:    Charles G. Raymond

	 	 	 Title:      President and Chief Executive Officer

	
	 HORIZON LINES, LLC

		
	By:	 	/S/ CHARLES G. RAYMOND
	 	 	 Name:    Charles G. Raymond

	 	 	 Title:      President and Chief Executive Officer

	
	 HORIZON LINES, INC.
(formerly known as H-Lines Holding Corp.)

		
	By:	 	/S/ CHARLES G. RAYMOND
	 	 	 Name:    Charles G. Raymond

	 	 	 Title:      President and Chief Executive Officer

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