Document:

WARRANT AGREEMENT

 Exhibit 4.5 
 EXECUTION VERSION 
  
  

 
 WARRANT AGREEMENT 

Dated as of 

October 5, 2011 
 between 
 HORIZON LINES, INC., 

and 
 THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. 
 as Warrant Agent 

 
  

Warrants for 

Common Stock 
  

 
  

 
  

 Table of Contents 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	  
			
	Section 1.01.	  	 Definitions.
	  	 	1	  
	Section 1.02.	  	 Rules of Construction.
	  	 	3	  
	
	ARTICLE II	  
	
	WARRANTS	  
			
	Section 2.01.	  	 Form.
	  	 	3	  
	Section 2.02.	  	 Execution and Countersignature.
	  	 	4	  
	Section 2.03.	  	 Registry.
	  	 	5	  
	Section 2.04.	  	 Transfer and Exchange.
	  	 	6	  
	Section 2.05.	  	 Definitive Warrants.
	  	 	7	  
	Section 2.06.	  	 Replacement Certificates.
	  	 	9	  
	Section 2.07.	  	 Outstanding Warrants.
	  	 	9	  
	Section 2.08.	  	 Cancellation.
	  	 	9	  
	Section 2.09.	  	 CUSIP Numbers.
	  	 	9	  
	
	ARTICLE III	  
	
	EXERCISE TERMS	  
			
	Section 3.01.	  	 Exercise.
	  	 	10	  
	Section 3.02.	  	 Manner of Exercise and Issuance of Shares.
	  	 	10	  
	Section 3.03.	  	 Jones Act Restrictions.
	  	 	10	  
	Section 3.04.	  	 Covenant to Make Stock Certificates Available.
	  	 	11	  
	
	ARTICLE IV	  
	
	ANTIDILUTION PROVISIONS	  
			
	Section 4.01.	  	 Antidilution Adjustments; Notice of Adjustment.
	  	 	11	  
	Section 4.02.	  	 Adjustment to Warrant Certificate.
	  	 	12	  
	
	ARTICLE V	  
	
	WARRANT AGENT	  
			
	Section 5.01.	  	 Appointment of Warrant Agent.
	  	 	12	  
	Section 5.02.	  	 Rights and Duties of Warrant Agent.
	  	 	12	  
	Section 5.03.	  	 Individual Rights of Warrant Agent.
	  	 	14	  
	Section 5.04.	  	 Warrant Agent’s Disclaimer.
	  	 	14	  
	Section 5.05.	  	 Compensation and Indemnity.
	  	 	14	  

  
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	Section 5.06.	  	 Successor Warrant Agent.
	  	 	14	  
	Section 5.07.	  	 Representations of the Company.
	  	 	16	  
	
	ARTICLE VI	  
	
	MISCELLANEOUS	  
			
	 Section 6.01.
	  	 Persons Benefitting.
	  	 	17	  
	 Section 6.02.
	  	 Amendment.
	  	 	17	  
	 Section 6.03.
	  	 Notices.
	  	 	18	  
	 Section 6.04.
	  	 Governing Law.
	  	 	18	  
	 Section 6.05.
	  	 Successors.
	  	 	18	  
	 Section 6.06.
	  	 Multiple Originals.
	  	 	19	  
	 Section 6.07.
	  	 Inspection of Agreement.
	  	 	19	  
	 Section 6.08.
	  	 Table of Contents.
	  	 	19	  
	 Section 6.09.
	  	 Severability.
	  	 	19	  
	 Section 6.10.
	  	 Waiver of Jury Trial.
	  	 	19	  
	 Section 6.11.
	  	 Force Majeure.
	  	 	19	  
			
	 EXHIBIT A
	  	 Form of Warrant
	  			

  
 ii 

 WARRANT AGREEMENT dated as of October 5, 2011 (this “Agreement”),
between Horizon Lines, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as warrant agent (the “Warrant Agent”). 

The Company will issue the warrants described herein (each, a “Warrant” and collectively, the
“Warrants”) to any Person entitled to receive shares of Common Stock (i) pursuant to the Exchange Offer (the “Exchange Offer”) described in the Company’s Registration Statement on Form S-4 (File
No. 333-176520 and Nos. 333-176520-01 through -012) (the “Registration Statement”) or (ii) upon conversion of the Company’s 6.00% Series A Convertible Senior Secured Notes due 2017 (the “Series A
Notes”) and its 6.00% Series B Convertible Senior Secured Notes (the “Series B Notes” and, together with the Series A Notes, the “Notes”), in each case, who cannot establish to the Company’s reasonable
satisfaction that it is a U.S. Citizen (as defined below) for purposes of the Company’s compliance with the Jones Act if and to the extent such shares would constitute Excess Shares (as defined below) if they were issued. 

Each Warrant entitles the registered Warrantholder (as defined below) thereof to purchase one share of Common Stock, subject to the
provisions of this Agreement and the relevant Warrant Certificate. Each Warrant Certificate (including any Global Warrant) shall evidence such number of Warrants as is set forth therein, subject to adjustment pursuant to the provisions of the
Warrant Certificate. 
 The Company desires the Warrant Agent to act on behalf of the Company in connection with the
registration, transfer, exchange, redemption, exercise and cancellation of the Warrants as provided herein and the Warrant Agent is willing to so act. 
 The Warrants and the shares of Common Stock issuable upon exercise of the Warrants have been registered with the Securities and Exchange Commission pursuant to the Registration Statement and will be
freely transferable by Warrantholders that are not Affiliates of the Company. 
 Each party agrees as follows for the benefit of
the other party and for the equal and ratable benefit of the Warrantholders: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01. Definitions. 
 “Affiliate” means, with
respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether
through the ownership of voting securities by contract or otherwise. 

 “Agent Members” means the securities brokers and dealers, banks and trust
companies, clearing organizations and certain other organizations that are participants in the Depositary’s system. 

“Charter” means, with respect to any Person, its certificate or articles of incorporation, articles of association, or
similar organizational document. 
 “Common Stock” means the common stock, par value $0.01 per share, of the
Company. 
 “Conversion Right” has the meaning set forth in Section 2 of the form of Warrant Certificate
attached as Exhibit A hereto. 
 “Definitive Warrant” means a Warrant Certificate in definitive form that is
not deposited with the Depositary or with the Warrant Agent as custodian for the Depositary. 
 “Depositary”
means The Depository Trust Company, its nominees and their respective successors. 
 “Excess Shares” has the
meaning set forth in the Company’s Charter. 
 “Exercise Price” has the meaning set forth in the form of
Warrant Certificate attached as Exhibit A hereto. 
 “Expiration Date” has the meaning set forth in the form of
Warrant Certificate attached as Exhibit A hereto. 
 “Global Warrant” has the meaning set forth in
Section 2.01(a) hereof. 
 “Jones Act” has the meaning set forth in Section 3.03 hereof. 

“Maritime Laws” has the meaning set forth in the Company’s Charter. 

“Non-U.S. Citizen” has the meaning set forth in the Company’s Charter. 

“Officer” means the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the
Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 
 “Officers’
Certificate” means a certificate signed by two Officers. 
 “Opinion of Counsel” means a written
opinion reasonably acceptable to the Warrant Agent from legal counsel. Such counsel may be an employee of or counsel to the Company or the Warrant Agent. 
 “Person” means an individual, corporation, partnership, joint venture, association, joint-stock company, limited liability company, limited liability partnership, trust, unincorporated
organization, or government or any agency or political subdivision thereof or any other entity. 

  
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 “Registry” has the meaning set forth in Section 2.03 hereof.

 “Required Warrantholders” means holders of a majority of the aggregate number of the Warrrants at the time
outstanding. 
 “Shares” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A
hereto. 
 “Transfer Agent” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A
hereto. 
 “U.S. Citizen” has the meaning set forth in the Company’s Charter. 

“Warrant Certificate” means any fully registered certificate (including a Global Warrant) issued by the Company and
authenticated by the Warrant Agent under this Agreement evidencing Warrants, in the form attached as Exhibit A hereto. 

“Warrantholder” means a registered owner of Warrants as set forth in the Registry. 

“Warrant Share Number” has the meaning set forth in the form of Warrant Certificate attached as Exhibit A hereto.

 Section 1.02. Rules of Construction. 
 Unless the text otherwise requires: 
 (i) “or” is not
exclusive; 
 (ii) “including” means including, without limitation; and 

(iii) words in the singular include the plural and words in the plural include the singular. 

ARTICLE II 

WARRANTS 

Section 2.01. Form. 
 (a) Global Warrants. Except as provided in Section 2.04 or 2.05, Warrants issued in connection with the Exchange Offer or upon conversion of the Notes, and any Warrants issued upon any
transfer or exchange thereof, shall be issued in the form of one or more permanent global Warrants in fully registered form with the global securities legend set forth in Exhibit A hereto (each, a “Global Warrant”), which shall be
deposited on behalf of the Company with the Warrant Agent, as custodian for the Depositary (or with such other custodian as the Depositary may direct), and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the
Company and countersigned by the Warrant Agent as hereinafter provided. 

  
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 (b) Book-Entry Provisions. The following provisions of this Section 2.01(b)
shall apply only to a Global Warrant deposited with or on behalf of the Depositary: 
 (i) The Company shall
execute and the Warrant Agent shall, in accordance with Section 2.02, countersign, by either manual or facsimile signature, one or more Global Warrants that shall be registered in the name of the Depositary or the nominee of the Depositary. The
Warrant Agent shall deliver the Global Warrants to the Depositary or pursuant to the Depositary’s instructions or held by the Warrant Agent as custodian for the Depositary. Each Global Warrant shall be dated the date of its countersignature by
the Warrant Agent. 
 (ii) Agent Members shall have no rights under this Agreement with respect to any Global
Warrant held on their behalf by the Depositary or by the Warrant Agent as the custodian of the Depositary or under such Global Warrant except to the extent set forth herein or in a Warrant Certificate, and the Depositary may be treated by the
Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (A) prevent the Company, the Warrant
Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (B) impair, as between the Depositary and the Agent Members, the operation of
customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Global Warrant shall be exercised through the Depositary subject to the applicable
procedures of the Depositary except to the extent set forth herein or in a Warrant Certificate. 
 (c) Definitive
Securities. Except as provided in Section 2.04 or 2.05, owners of beneficial interests in Global Warrants will not be entitled to receive physical delivery of Definitive Warrants. 

(d) Warrant Certificates. Warrant Certificates shall be in substantially the form attached as Exhibit A hereto and shall be typed,
printed, lithographed or engraved or produced by any combination of such methods or produced in any other manner permitted by the rules of any securities exchange on which the Warrants may be listed, all as determined by the Officer or Officers
executing such Warrant Certificates, as evidenced by their execution thereof. Any Warrant Certificate shall have such insertions as are appropriate or required or permitted by this Agreement and may have such letters, numbers or other marks of
identification and such legends and endorsements, stamped, printed, lithographed or engraved thereon, (i) as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, (ii) as may be required to
comply with this Agreement, any law or any rule of any securities exchange on which the Warrants may be listed, and (iii) as may be necessary to conform to customary usage. 

Section 2.02. Execution and Countersignature. 
 At least one Officer shall sign the Warrant Certificates for the Company by manual or facsimile signature. 

  
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 If an Officer whose signature is on a Warrant Certificate no longer holds that office at the
time the Warrant Agent countersigns the Warrant Certificate, the Warrants evidenced by such Warrant Certificate shall be valid nevertheless. 
 The Warrant Agent shall initially countersign, by either manual or facsimile signature, and deliver Warrant Certificates entitling the Warrantholders thereof to purchase in the aggregate such number of
shares of Common Stock as shall be set forth on such Warrant Certificates (subject to adjustment as provided in such Warrant Certificates) upon a written order of the Company signed by one Officer of the Company. Each Warrant Certificate shall be
dated the date of its countersignature by the Warrant Agent. 
 At any time and from time to time after the execution of this
Agreement, the Warrant Agent shall upon receipt of a written order of the Company signed by an Officer of the Company countersign, by either manual or facsimile signature, for issue a Warrant Certificate evidencing the number of Warrants specified
in such order; provided, however, that the Warrant Agent shall be entitled to receive an Officers’ Certificate and an Opinion of Counsel of the Company containing such representations and opinions as it may reasonably request in
connection with such countersignature of Warrants. Such order shall specify the number of Warrants to be evidenced on the Warrant Certificate to be countersigned, the date on which such Warrant Certificate is to be countersigned and the number of
Warrants then authorized. 
 The Warrants evidenced by a Warrant Certificate shall not be valid until an authorized signatory of
the Warrant Agent countersigns the Warrant Certificate either manually or by facsimile signature. Such signature shall be solely for the purpose of authenticating the Warrant Certificate and shall be conclusive evidence that the Warrant Certificate
so countersigned has been duly authenticated and issued under this Agreement. 
 Section 2.03. Registry. 

The Warrants shall be issued in registered form only. The Warrant Agent shall keep a registry (the “Registry”) of the
Warrant Certificates and of their transfer and exchange. The Registry shall show the names and addresses of the respective Warrantholders and the date and number of Warrants evidenced on the face of each of the Warrant Certificates. The
Warrantholder of any Global Warrant will be the Depositary or a nominee of the Depositary in whose name the Global Warrant is registered. The Warrant holdings of Agent Members will be recorded on the books of the Depositary. The beneficial interests
in the Global Warrant held by customers of Agent Members will be reflected on the books and records of such Agent Members and will not be known to the Warrant Agent, the Company or to the Depositary. 

Except as otherwise provided herein or in the Warrant Certificate, the Company and the Warrant Agent may deem and treat any Person in
whose name a Warrant Certificate is registered in the Registry as the absolute owner of such Warrant Certificate for all purposes whatsoever and neither the Company nor the Warrant Agent shall be affected by notice to the contrary. 

  
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 Section 2.04. Transfer and Exchange. 

(a) Transfer and Exchange of Global Warrants. 

(i) Registration of the transfer and exchange of Global Warrants or beneficial interests therein shall be effected through
the book-entry system maintained by the Depositary, in accordance with this Agreement and the Warrant Certificates and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Warrant (or the relevant Agent Member
on behalf of such transferor) shall deliver to the Warrant Agent (x) a written order given in accordance with the Depositary’s procedures containing information regarding the account of the Agent Member to be credited with a beneficial
interest in the Global Warrant and (y) a written instruction of transfer in form satisfactory to the Warrant Agent, duly executed by the Warrantholder thereof or by his attorney, duly authorized in writing. Additionally, prior to the
Warrantholder registering the transfer or making the exchange as requested, the requirements for such transfer or exchange to be issued in a name other than the registered Warrantholder shall be met. Such requirements include, inter alia, a
signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable evidence of authority that may be required by the Warrant Agent. Upon
satisfaction of the conditions in this Clause (i), the Warrant Agent shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Agent Member specified in such instructions a beneficial interest in the Global
Warrant and to debit the account of the Agent Member making the transfer of the beneficial interest in the Warrant being transferred. 
 (ii) Notwithstanding any other provisions of this Agreement (other than the provisions set forth in Section 2.05), a Global Warrant may only be transferred as a whole, and not in part, and only by
(i) the Depositary, to a nominee of the Depositary, (ii) a nominee of the Depositary, to the Depositary or another nominee of the Depositary, or (iii) the Depositary or any such nominee to a successor Depositary or its nominee.

 (iii) In the event that a Global Warrant is exchanged and transferred for Definitive Warrants pursuant to
Section 2.05, such Warrants may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.04 and the requirements of any Warrant Certificate and such other procedures as may
from time to time be adopted by the Company that are not inconsistent with the terms of this Agreement or of any Warrant Certificate. 
 (b) Cancellation or Adjustment of Global Warrant. At such time as all beneficial interests in a Global Warrant have been exchanged for Definitive Warrants, redeemed, repurchased or canceled, such
Global Warrant shall be returned to the Depositary for cancellation or retained and canceled by the Warrant Agent. At any time prior to such cancellation, if any beneficial interest in a Global Warrant is transferred or exchanged for Definitive
Warrants, redeemed, repurchased or canceled, the number of Warrants represented by such Global Warrant shall be reduced and an adjustment shall be made on the books and records of the Warrant Agent to reflect such reduction. 

  
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 (c) Obligations with Respect to Transfers and Exchanges of Warrants. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent shall countersign,
by either manual or facsimile signature, Global Warrants and Definitive Warrants as required pursuant to the provisions of Section 2.02 and this Section 2.04. 

(ii) No service charge shall be made to a Warrantholder for any registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith. 
 (iii) All Warrants issued upon any registration of transfer or exchange pursuant to the terms of this Agreement shall be the valid obligations of the Company, entitled to the same benefits under this
Agreement as the Warrants surrendered upon such registration for transfer or exchange. 
 (d) No Obligation of the Warrant
Agent. 
 (i) The Warrant Agent shall have no responsibility or obligation to any beneficial owner of a
Global Warrant, any Agent Member or other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Warrants or with respect to the
delivery to any Agent Member, beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount, under or with respect to such Warrants. All notices and communications to be given to the Warrantholders and all
payments to be made to Warrantholders under the Warrants shall be given or made only to or upon the order of the registered Warrantholders (which shall be the Depositary or its nominee in the case of a Global Warrant). The rights of beneficial
owners in any Global Warrant shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Warrant Agent may conclusively rely and shall be fully protected in relying upon information furnished
by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) The Warrant Agent
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Agreement or under applicable law with respect to any transfer of any interest in any Warrant (including any
transfer between or among the Agent Members or beneficial owners in any Global Warrant) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of this Agreement, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 Section 2.05. Definitive Warrants. 
 (a) Beneficial interests in a
Global Warrant deposited with the Depositary or with the Warrant Agent as custodian for the Depositary pursuant to Section 2.01 shall be transferred to each beneficial owner thereof in the form of Definitive Warrants evidencing a number of
Warrants equivalent to such owner’s beneficial interest in such Global Warrant, in exchange for 

  
 7 

 
such Global Warrant, only if such transfer complies with Section 2.04 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such
Global Warrant or if at any time the Depositary ceases to be a “clearing agency” registered under the Securities Exchange Act of 1934, as amended, and, in each such case, a successor Depositary is not appointed by the Company within 90
days of such notice, (ii) the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to cause the issuance of Definitive Warrants under this Agreement, or (iii) the Company shall be adjudged a bankrupt or
insolvent or makes an assignment for the benefit of its creditors or institutes proceedings to be adjudicated a bankrupt or shall consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or consent seeking
reorganization under Federal bankruptcy laws or any other similar applicable Federal or State law, or shall consent to the filing of any such petition, or shall consent to the appointment of a receiver or custodian of all or any substantial part of
its property, or shall admit in writing its inability to pay or meet its debts as they mature, or if a receiver or custodian of it or all or any substantial part of its property shall be appointed, or if a public officer shall have taken charge or
control of the Company or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation. 
 (b) Any
Global Warrant that is transferable to the beneficial owners thereof in the form of Definitive Warrants pursuant to this Section 2.05 shall be surrendered by the Depositary to the Warrant Agent, to be so transferred, in whole or from time to
time in part, without charge, and the Warrant Agent shall countersign, by either manual or facsimile signature, and deliver to each beneficial owner in the name of such beneficial owner, upon such transfer of each portion of such Global Warrant,
Definitive Warrants evidencing a number of Warrants equivalent to such beneficial owner’s beneficial interest in the Global Warrant. The Warrant Agent shall register such transfer in the Registry, and upon such transfer the surrendered Global
Warrant shall be cancelled by the Warrant Agent. 
 (c) All Definitive Warrants issued upon registration of transfer pursuant to
this Section 2.05 shall be the valid obligations of the Company, evidencing the same obligations of the Company and entitled to the same benefits under this Agreement and the Global Warrant surrendered for registration of such transfer.

 (d) Subject to the provisions of Section 2.05(b), the registered Warrantholder of a Global Warrant may grant proxies and
otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Warrantholder is entitled to take under this Agreement or the Warrants. 

(e) In the event of the occurrence of any of the events specified in Section 2.05(a), the Company will promptly make available to
the Warrant Agent a reasonable supply of Definitive Warrants in definitive, fully registered form. 
 (f) Neither the Company
nor the Warrant Agent will be liable or responsible for any registration or transfer of any Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. 

  
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 Section 2.06. Replacement Certificates. 

If a mutilated Warrant Certificate is surrendered to the Warrant Agent or if the Warrantholder of a Warrant Certificate provides proof
reasonably satisfactory to the Company and the Warrant Agent that the Warrant Certificate has been lost, destroyed or wrongfully taken, the Company shall issue and the Warrant Agent shall countersign, by either manual or facsimile signature, a
replacement Warrant Certificate of like tenor and representing an equivalent number of Warrants, if the reasonable requirements of the Warrant Agent and of Section 8-405 of the Uniform Commercial Code as in effect in the State of New York are
met. If required by the Warrant Agent or the Company, such Warrantholder shall furnish an indemnity bond sufficient in the reasonable judgment of the Company and the Warrant Agent to protect the Company and the Warrant Agent from any loss that
either of them may suffer if a Warrant Certificate is replaced. The Company and the Warrant Agent may charge the Warrantholder for their expenses in replacing a Warrant Certificate. Every replacement Warrant Certificate evidences an additional
obligation of the Company. 
 Section 2.07. Outstanding Warrants. 

The Warrants outstanding at any time are all Warrants evidenced on all Warrant Certificates authenticated by the Warrant Agent except for
those canceled by it and those delivered to it for cancellation. A Warrant ceases to be outstanding if the Company or an Affiliate of the Company holds the Warrant. 
 If a Warrant Certificate is replaced pursuant to Section 2.06, the Warrants evidenced thereby cease to be outstanding unless the Warrant Agent and the Company receive proof satisfactory to them that
the replaced Warrant Certificate is held by a bona fide purchaser. 
 Section 2.08. Cancellation. 

In the event the Company shall purchase or otherwise acquire Definitive Warrants, the same shall thereupon be delivered to the Warrant
Agent for cancellation. 
 The Warrant Agent and no one else shall cancel and dispose of all Warrant Certificates surrendered
for registration of transfer, exchange, replacement, exercise or cancellation in its customary manner and deliver a certificate of such disposal to the Company upon its request therefor unless the Company directs the Warrant Agent to deliver
canceled Warrant Certificates to the Company. The Company may not issue new Warrant Certificates to replace Warrant Certificates to the extent they evidence Warrants that have been exercised or Warrants that the Company has purchased or otherwise
acquired. 
 Section 2.09. CUSIP Numbers. 
 The Company in issuing the Warrants may use “CUSIP” numbers (if then generally in use) and, if so, the Warrant Agent shall use “CUSIP” numbers in notices as a convenience to
Warrantholders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Warrant Certificates or as contained in any notice and that reliance may be
placed only on the other identification numbers printed on the Warrant Certificates. 

  
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 ARTICLE III 
 EXERCISE TERMS 
 Section 3.01. Exercise. 

The Exercise Price of each Warrant, the Warrant Share Number and the number of Warrants evidenced by any Warrant Certificate and the
Expiration Date of each Warrant shall be set forth in the related Warrant Certificate. The Warrant Share Number is subject to adjustment pursuant to the terms set forth in the Warrant Certificate. 

Section 3.02. Manner of Exercise and Issuance of Shares. 

Warrants may be exercised in the manner set forth in Section 3 of the Warrant Certificate, and upon any such exercise, Shares shall
be issued in the manner set forth in Section 4 of the Warrant Certificate. In connection with any exercise of any Warrant, each Warrantholder may exercise its Conversion Right with respect to such Warrant in the manner set forth in
Section 2 of the Warrant Certificate. 
 Section 3.03. Jones Act Restrictions. 

Notwithstanding the other provisions of this Warrant Agreement, in order to facilitate the Company’s compliance with the provisions
of 46 U.S.C. § 55102 and the regulations promulgated thereunder, commonly referred to as the “Jones Act,” and related Maritime Laws concerning the ownership of the Common Stock by Non-U.S. Citizens, with regard to its operation
of vessels in the coastwise trade of the United States and with certain contractual obligations of the Company with the United States Government: 
 (a) In connection with any exercise or conversion of the Warrant, a Warrantholder (or, if not the Warrantholder, the Person that the Warrantholder has designated to receive the Common Stock issuable upon
exercise or conversion of the Warrants) shall advise the Company whether or not it satisfies the requirements to be a U.S. Citizen. Under its Charter, the Company may require a Warrantholder (or, if not the Warrantholder, the Person that the
Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) to provide it with such documents and other information as it may request as reasonable proof of that the Warrantholder (or, if not the
Warrantholder, such other Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) satisfies the requirements to be a U.S. Citizen. 

(b) No Warrantholder who cannot establish to the Company’s reasonable satisfaction that it (or, if not the Warrantholder, the Person
that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act compliance may exercise or convert any Warrants to the extent the receipt of the
Common Stock deliverable upon exercise or conversion of the Warrants would cause such Person or any Person whose ownership position would be aggregated with that of such Person to exceed 4.9% of the aggregate number of shares of Common Stock
outstanding at such time (excluding, for purposes of this Section 3.03(b), shares of Common Stock issuable upon exercise or conversion of all outstanding Warrants and Notes). 

  
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 (c) No Warrantholder who cannot establish to the Company’s reasonable satisfaction that
it (or, if not the Warrantholder, the Person that the Warrantholder has designated to receive the stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act compliance may exercise or convert any Warrants
to the extent the shares of Common Stock deliverable upon exercise or conversion of the Warrants would constitute Excess Shares if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise
or conversion of a Warrant. 
 (d) Any sale, transfer or other disposition of a Warrant by any Warrantholder that is a Non-U.S.
Citizen to a Person who is a U.S. Citizen must be a complete transfer of such Warrantholder’s interests to such Person in the Warrant and the Common Stock issuable upon exercise or conversion thereof with no ability to direct or control such
Person. The foregoing restriction shall also apply to any Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants. 

Section 3.04. Covenant to Make Stock Certificates Available. 

(a) The Warrant Agent is hereby authorized to requisition from time to time from any stock transfer agents of the Company stock
certificates required to honor outstanding Warrants upon exercise or conversion thereof in accordance with the terms of this Agreement, and the Company agrees to authorize and direct such transfer agents to comply with all such requests of the
Warrant Agent. The Company shall supply such transfer agents with duly executed stock certificates for such purposes and shall provide or otherwise make available any cash or scrip that may be payable upon exercise or conversion of Warrants as
provided herein and in each Warrant Certificate. 
 (b) The Warrant Agent is hereby authorized and directed to create a special
account for the reserve of shares of Common Stock to be issued upon exercise or conversion of the Warrants. 
 (c) In connection
with the shares of Common Stock to be issued upon exercise, the Company shall provide an Opinion of Counsel, stating that all such shares, when issued, will be: 
 (i) registered, or subject to a valid exemption from registration, under the Securities Act of 1933, as amended, and all material and necessary State securities law filings will have been made with
respect to such shares; and 
 (ii) validly issued, fully paid and non-assessable. 

ARTICLE IV 

ANTIDILUTION PROVISIONS 
 Section 4.01. Antidilution Adjustments; Notice of Adjustment. 
 The
Warrant Share Number shall be subject to adjustment from time to time as provided in Section 12 of the Warrant Certificate. Whenever the Warrant Share Number is so 

  
 11 

 
adjusted or is proposed to be adjusted as provided in Section 12 of the Warrant Certificate, the Company shall deliver to the Warrant Agent the notices or statements, and shall cause a copy
of such notices or statements to be sent or communicated to each Warrantholder pursuant to Section 6.03, as provided in Section 12(I) of the Warrant Certificate. 
 Section 4.02. Adjustment to Warrant Certificate. 
 The form of Warrant
Certificate need not be changed because of any adjustment made pursuant to the Warrant Certificate, and Warrant Certificates issued after such adjustment may state the same Exercise Price and the same Warrant Share Number as are stated in the
Warrant Certificates initially issued pursuant to this Agreement. 
 The Company, however, may at any time in its sole
discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate, and any Warrant Certificate thereafter issued or
countersigned, whether in exchange or substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed. 
 ARTICLE V 
 WARRANT AGENT 

Section 5.01. Appointment of Warrant Agent. 
 The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the provisions of this Agreement and the Warrant Agent hereby accepts such appointment. The Warrant Agent
shall not be liable for anything that it may do or refrain from doing in connection with this Agreement, except in the case of a final judicial determination of its own gross negligence or willful misconduct. 

Section 5.02. Rights and Duties of Warrant Agent. 
 (a) Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any
obligation or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 
 (b) Counsel. The Warrant Agent may consult with counsel of its own selection (who may be counsel to the Company), and the advice of such counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 
 (c) Documents. The Warrant Agent shall be fully protected, may conclusively rely upon and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any
Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 

  
 12 

 (d) No Implied Obligations. The Warrant Agent shall be obligated to perform only such
duties as are specifically set forth herein and in the Warrant Certificates, and no implied duties or obligations of the Warrant Agent shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. 

The Warrant Agent shall not be under any obligation to take any action hereunder that may involve it in any expense or liability for
which it does not receive indemnity satisfactory to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates countersigned by the Warrant Agent and delivered by
it to the Warrantholders or on behalf of the Warrantholders pursuant to this Agreement or for the application by the Company of the proceeds of the Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the
Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a Warrantholder with respect to such default, including any duty or responsibility to
initiate or attempt to initiate any proceedings at law or otherwise. 
 The Warrant Agent may execute any of the powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it
hereunder. The Warrant Agent shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
agreement. In no event shall the Warrant Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Warrant Agent has been
advised of the likelihood of such loss or damage and regardless of the form of action. 
 (e) Not Responsible for Adjustments
or Validity of Stock. 
 The Warrant Agent shall not at any time be under any duty or responsibility to any Warrantholder to
determine whether any facts exist that may require an adjustment of the Warrant Share Number, or with respect to the nature or extent of any adjustment when made, or with respect to the method employed, or herein or in any supplemental agreement
provided to be employed, in making the same. The Warrant Agent shall not be accountable with respect to the validity or value of any Shares or of any securities or property that may at any time be issued or delivered upon the exercise of any Warrant
or upon any adjustment pursuant to Section 12 of the Warrant Certificate, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any cash payment or to issue,
transfer or deliver any Shares or stock certificates upon the surrender of any Warrant Certificate for the purpose of exercise or upon any adjustment pursuant to Section 12 of the Warrant Certificate, or to comply with any of the covenants of
the Company contained in the Warrant Certificate. 
 (f) Notices to the Company. If the Warrant Agent shall receive any
written notice or demand (other than Notice of Exercise of Warrants) addressed to the Company by the Warrantholder of a Warrant, the Warrant Agent shall promptly forward such notice or demand to the Company. 

  
 13 

 Section 5.03. Individual Rights of Warrant Agent. 

The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or
other securities of the Company or its affiliates or become pecuniarily interested in transactions in which the Company or its affiliates may be interested, or contract with or lend money to the Company or its affiliates or otherwise act as fully
and freely as though it were not the Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

Section 5.04. Warrant Agent’s Disclaimer. 
 The Warrant Agent shall not be responsible for, and makes no representation as to the validity or adequacy of, this Agreement (except the due and valid authorized execution and delivery of this Agreement
by the Warrant Agent) or the Warrant Certificates (except the due countersignature of the Warrant Certificate(s) by the Warrant Agent) and it shall not be responsible for any statement in this Agreement or the Warrant Certificates other than its
countersignature thereon. 
 Section 5.05. Compensation and Indemnity. 

(a) The Company agrees to pay the Warrant Agent from time to time reasonable compensation for its services as agreed and to reimburse the
Warrant Agent upon request for all out-of-pocket expenses incurred by it, including the reasonable compensation and expenses of the Warrant Agent’s agents and counsel as agreed. The Company shall indemnify the Warrant Agent, its officers,
directors, agents and counsel against any loss, liability or expense (including reasonable agents’ and attorneys’ fees and expenses) incurred by it without gross negligence or willful misconduct on its part arising out of or in connection
with the acceptance or performance of its duties under this Agreement. The Warrant Agent shall notify the Company promptly of any claim for which it may seek indemnity. The Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Warrant Agent through its own willful misconduct or gross negligence. The Company’s payment obligations pursuant to this Section shall survive the termination of this Agreement. 

To secure the Company’s payment obligations under this Agreement, the Warrant Agent shall have a lien prior to the Warrantholders on
all money or property held or collected by the Warrant Agent. 
 Section 5.06. Successor Warrant Agent. 

(a) Company to Provide and Maintain Warrant Agent. The Company agrees for the benefit of the Warrantholders that there shall at
all times be a Warrant Agent hereunder until all the Warrants have been exercised or cancelled or are no longer exercisable. 

  
 14 

 (b) Resignation and Removal. The Warrant Agent may at any time resign by giving
written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided, however, that such date shall not be less than 60 days after the date on which such
notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company or the Required Warrantholders and specifying such
removal and the date when it shall become effective, which date shall not be less than 60 days after such notice is given unless the Warrant Agent otherwise agrees. Any removal under this Section shall take effect upon the appointment by the Company
or the Required Warrantholders as hereinafter provided of a successor Warrant Agent (which shall be (i) a bank or trust company, (ii) organized under the laws of the United States of America or one of the states thereof,
(iii) authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers, (iv) having a combined capital and surplus of at least $50,000,000 (as set forth in its most recent reports of condition published
pursuant to law or to the requirements of any United States federal or state regulatory or supervisory authority) and (v) having an office in the Borough of Manhattan, The City of New York) and the acceptance of such appointment by such
successor Warrant Agent. The obligations of the Company under Section 5.05 shall continue to the extent set forth herein notwithstanding the resignation or removal of the Warrant Agent. 

The Warrant Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Warrant Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder. The Warrant Agent shall not be liable for any action taken, suffered, or omitted
to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this agreement. In no event shall the Warrant Agent be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Warrant Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(c) Company to Appoint Successor. In the event that at any time the Warrant Agent shall resign, or shall be removed, or shall
become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or State bankruptcy, insolvency or
similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment
for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in
the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or State bankruptcy, insolvency or similar law, or a
decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or
affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or 

  
 15 

 
liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. In the event that a
successor Warrant Agent is not appointed by the Company, a successor Warrant Agent, qualified as aforesaid, may be appointed by the Warrant Agent or the Required Warrantholders or the Warrant Agent or the Required Warrantholders may petition a court
to appoint a successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder; provided,
however, that in the event of the resignation of the Warrant Agent under this subsection (c), such resignation shall be effective on the earlier of (i) the date specified in the Warrant Agent’s notice of resignation and
(ii) the appointment and acceptance of a successor Warrant Agent hereunder. 
 (d) Successor to Expressly Assume
Duties. Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any
further act, deed or conveyance, shall become vested with all the rights and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then
unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent
hereunder. 
 (e) Successor by Merger. Any entity into which the Warrant Agent hereunder may be merged or consolidated,
or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any entity to which the Warrant Agent shall sell or otherwise transfer all or substantially all of its assets and business, shall be the
successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided, however, that it shall be qualified as aforesaid. 

Section 5.07. Representations of the Company. 
 The Company represents and warrants to the Warrant Agent that: 
 (a) the Company
has been duly organized and is validly existing under the laws of the jurisdiction of its incorporation; 
 (b) this Agreement
has been duly authorized, executed and delivered by the Company and is enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting the
enforcement of creditors’ rights generally; and 
 (c) the execution and delivery of this Agreement does not, and the
issuance of the Warrants in accordance with the terms of this Agreement and the Warrant Certificate will not, (i) violate the Company’s Charter or by-laws, (ii) violate any law or regulation applicable to the Company or order or
decree of any court or public authority having jurisdiction over the Company, or (iii) result in a breach of any mortgage, indenture, contract, agreement or undertaking to which the Company is a party or by which it is bound, except in the case
of (ii) and (iii) for any violations or breaches that could not reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole. 

  
 16 

 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.01. Persons Benefitting. 

Nothing in this Agreement is intended or shall be construed to confer upon any Person other than the Company, the Warrant Agent and the
Warrantholders any right, remedy or claim under or by reason of this Agreement or any part hereof. 
 Section 6.02.
Amendment. 
 This Agreement and the Warrants may be amended by the parties hereto without the consent of any
Warrantholder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or therein or adding or changing any other provisions with respect to matters or questions arising under this
Agreement or the Warrants as the Company and the Warrant Agent may deem necessary or desirable; provided, however, that such action shall not adversely affect the rights of any of the Warrantholders in any material respect. This
Agreement and the Warrants may be amended or supplemented at any time with the written consent of the Required Warrantholders; provided that the consent of each Warrantholder affected thereby shall be required for any amendment pursuant to
which (i) the Warrant Share Number would be decreased (in each case, other than pursuant to adjustments provided for in Section 12 of the Warrant Certificate), (ii) the time period during which the Warrants are exercisable would be
shortened or (iii) any change adverse to the Warrantholder would be made to the anti-dilution provisions set forth in Article IV of this Agreement or Section 12 of the Warrant Certificate. In determining whether the Required Warrantholders
have concurred in any direction, waiver or consent, Warrants owned by the Company or by any Affiliate of the Company shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Warrant Agent shall
be protected in relying on any such direction, waiver or consent, only Warrants that the Warrant Agent knows are so owned shall be so disregarded. Also, subject to the foregoing, only Warrants outstanding at the time shall be considered in any such
determination. The Warrant Agent shall have no duty to determine whether any such amendment would have an effect on the rights or interests of the holders of the Warrants. Upon receipt by the Warrant Agent of an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the execution of the amendment have been complied with and such execution is permitted by this Agreement and the Warrant Certificate, the Warrant Agent shall join in the execution of
such amendment; provided, that the Warrant Agent may, but shall not be obligated to, execute any amendment or supplement which affects the rights or changes or increases the duties or obligations of the Warrant Agent. 

  
 17 

 Section 6.03. Notices. 

Any notice or communication shall be in writing and delivered in person or mailed by first-class mail addressed as follows: 

if to the Company: 
 Horizon Lines, Inc. 
 4064 Colony Road, Suite 200 

Charlotte, NC 28211 
 Telephone: (704) 973-7000 
 Facsimile: (704) 973-7010 

Attention: General Counsel 
 if to the Warrant Agent: 
 The Bank of New York Mellon Trust Company, N.A.

 10161 Centurion Parkway 
 Jacksonville, FL 
 Facsimile: (904) 645-1921 

Attention: Corporate Trust Administration 
 The Company or the Warrant Agent by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Unless the Warrant is a Global Warrant, any notice or communication mailed to a Warrantholder shall be mailed to the Warrantholder at the
Warrantholder’s address as it appears on the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to the owners of a beneficial interest in a Global Warrant shall be distributed through the Depositary in
accordance with the procedures of the Depositary. Communications to such Warrantholder shall be deemed to be effective at the time of dispatch to the Depositary. 
 Failure to provide a notice or communication to a Warrantholder or any defect in it shall not affect its sufficiency with respect to other Warrantholders. 

If a notice or communication is provided in the manner provided above, it is duly given, whether or not the intended recipient actually
receives it. 
 Section 6.04. Governing Law. 

This Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and
to be performed entirely within such State. 
 Section 6.05. Successors. 

All agreements of the Company in this Agreement and the Warrants shall bind its successors. All agreements of the Warrant Agent in this
Agreement shall bind its successors. 

  
 18 

 Section 6.06. Multiple Originals. 

The parties may sign any number of copies of this Agreement. Each signed copy shall be an original, but all of them together represent
the same agreement. One signed copy shall be sufficient to prove this Agreement. 
 Section 6.07. Inspection of
Agreement. 
 A copy of this Agreement shall be made available at all reasonable times for inspection by any registered
Warrantholder or owner of a beneficial interest in a Global Warrant at the principal office of the Warrant Agent (or successor warrant agent). 
 Section 6.08. Table of Contents. 
 The table of contents and headings
of the Articles and Sections of this Agreement have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 6.09. Severability. 
 The provisions of this Agreement are severable, and if any clause or provision shall be held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any manner affect such clause or provision in any other jurisdiction or any other clause or provision of this Agreement in any
jurisdiction. 
 Section 6.10. Waiver of Jury Trial. 

Each of the Company and the Warrant Agent hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all
right to trial by jury in any legal proceeding arising out of or relating to this Agreement, the Warrants, the Notes or the transactions contemplated hereby. 
 Section 6.11. Force Majeure. 
 In no event shall the Warrant Agent be
responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Warrant
Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 19 

 IN WITNESS WHEREOF, the parties have caused this Warrant Agreement to be duly executed as of
the date first written above. 
  

			
	HORIZON LINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Warrant Agent,

		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT A 
 FORM OF WARRANT 
 [Global Securities Legend] 

Unless this Global Warrant is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), New York, New York, to the Company or its agent for registration of transfer, exchange or payment, and any Warrant Certificate issued is registered in the name of Cede & Co. or such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is
wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
 Transfers of this
Global Warrant shall be limited to transfers in whole, but not in part, to nominees of DTC or to a successor thereof or such successor’s nominee and transfers of portions of this Global Warrant shall be limited to transfers made in accordance
with the restrictions set forth in the Warrant Agreement referred to on the reverse hereof. 

 GLOBAL WARRANT 
 representing 
 WARRANTS 

to purchase 

Shares of 

Common Stock 

of 

HORIZON LINES, INC. 
  

			
	No. [    ]	  	CUSIP No: 44044K 119

 This Warrant Certificate is issued under and in accordance with a Warrant Agreement dated as of
October 5, 2011 (the “Warrant Agreement”), among Horizon Lines, Inc. (the “Company”) and The Bank of New York Mellon Trust Company, N.A., as warrant agent (the “Warrant Agent”), and is subject
to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the beneficial owners of the Warrants and the Warrantholders consent by acceptance hereof. 

1. Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. Any
capitalized terms used but not defined in this Warrant Certificate shall have the meanings given to such terms in the Warrant Agreement. 
 “Board of Directors” means the board of directors of the Company, including any duly authorized committee thereof. 

“Capital Stock” means (A) with respect to any Person that is a corporation or company, any and all shares,
interests, participations or other equivalents (however designated) of capital or capital stock of such Person and (B) with respect to any Person that is not a corporation or company, any and all partnership or other equity interests of such
Person. 
 “Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Common Stock Equivalent” means any security or obligation which by its terms is, directly or indirectly, convertible
into, or exchangeable or exercisable for, shares of Common Stock, including, without limitation, any preferred stock and any option, warrant or other subscription or purchase right with respect to Common Stock or any Common Stock Equivalent.

 “Current Market Price” means, as of any date, (a) the average of the daily Market Price of the Common
Stock during the immediately preceding 30 trading days ending on such date or (b) if the Common Stock is not then listed or admitted to trading on any national securities exchange, the Market Price on that date. 

 “Excess Shares” has the meaning set forth in the Company’s Charter.

 “Excluded Transaction” means any issuance of any shares of Common Stock or Common Stock Equivalents
(a) pursuant to any present or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any such plan,
(b) pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of its subsidiaries, (c) pursuant to any option, warrant, right or exercisable, exchangeable or convertible
security not described in (b) above and outstanding as of the date of the Warrant Agreement, or (d) in order to redeem Common Stock (or issued pursuant to Common Stock Equivalents that are issued to redeem such Common Stock) that
constitute Excess Shares under the Company’s Charter as amended from time to time. 
 “Exercise Price”
means $0.01. 
 “Expiration Date” means the twenty-fifth anniversary of the date of the Warrant Agreement.

 “Fair Market Value” means, with respect to any security or other property, the fair market value of such
security or other property as determined by in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this purpose. 

“Maritime Laws” has the meaning set forth in the Company’s Charter. 

“Market Price” means, with respect to a particular security, the per-share volume weighted average price of such
security for a period of 30 consecutive trading days, as calculated on Bloomberg (or, if such volume weighted average price is unavailable via Bloomberg, the average market value of one share of such security over such 30 trading day period
determined, using a volume weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company), or if such security is not listed or admitted to trading on any national securities
exchange, the average of the closing bid and ask prices as furnished by two members of the Financial Industry Regulatory Authority, Inc. selected from time to time by the Company for that purpose. “Market Price” shall be determined without
reference to after hours or extended hours trading. If such security is not listed and traded in a manner that the quotations referred to above are available for the period required hereunder, the Market Price per share of Common Stock shall be
deemed to be the fair market value per share of such security as determined in good faith by the Board of Directors in reliance on an opinion of a nationally recognized independent investment banking corporation retained by the Company for this
purpose; provided that if any such security is listed or traded on a non-U.S. market, such fair market value shall be determined by reference to the closing price of such security as of the end of the most recently ended Business Day in such
market prior to the date of determination; and further, provided that if making such determination requires the conversion of any currency other than U.S. dollars into U.S. dollars, such conversion shall be done in accordance with
customary procedures based on the rate for conversion of such currency into U.S. dollars displayed on the relevant page by Bloomberg L.P. (or any successor or replacement service) on or by 4:00 p.m., New York City time, on such exercise date. For
the purposes of determining the 

  
 A-2

 
Market Price of the Common Stock on the “trading day” preceding, on or following the occurrence of an event, (i) that trading day shall be deemed to commence immediately after the
regular scheduled closing time of trading on the New York Stock Exchange or, if trading is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next regular scheduled closing time, or if trading is closed at
an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00 p.m. and
the specified event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price). 
 “New Issuance” has the meaning set forth in Section 12(B). 

“Non-U.S. Citizen” has the meaning set forth in the Company’s Charter. 

“Relevant Date” has the meaning set forth in Section 12(B). 

“Shares” has the meaning set forth in Section 2. 

“Significant Transaction” means: 
 (a) any reorganization, reclassification or other change of outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value);

 (b) any voluntary sale, conveyance, exchange or transfer by the Company to any other Person of all or a material portion of
the assets of the Company or any material subsidiary thereof; 
 (c) any voluntary sale, conveyance, exchange or transfer by the
stockholders of the Company to any Person of the Capital Stock of the Company if, immediately after giving effect to such sale, conveyance, exchange or transfer, the stockholders of the Company immediately prior to such sale, conveyance, exchange or
transfer do not hold Capital Stock of the Company representing at least a majority of the voting power of the Company; and 

(d) any merger, consolidation or other business combination of the Company with any other Person (including by way of a tender offer) if,
immediately after giving effect to such merger, consolidation or other business combination, the stockholders of the Company immediately prior to such merger, consolidation or other business combination do not hold Capital Stock of the surviving
Person representing at least a majority of the voting power of the surviving Person. 
 “trading day” means
(A) if the shares of Common Stock are not traded on any national or regional securities exchange or association or over-the-counter market, a Business Day or (B) if the shares of Common Stock are traded on any national or regional
securities exchange or association or over-the-counter market, a Business Day on which such relevant exchange or quotation system is scheduled to be open for business and on which the shares of Common Stock (i) are not suspended from trading on
any national or regional securities exchange or association or over-the-counter market for any period or periods aggregating one 

  
 A-3

 
half hour or longer; and (ii) have traded at least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading
of the shares of Common Stock. The term “trading day” with respect to any security other than the Common Stock shall have a correlative meaning based on the primary exchange or quotation system on which such security is listed or traded.

 “Transfer Agent” means American Stock Transfer & Trust Company, as transfer agent of the Company,
and any successor transfer agent. 
 “U.S. Citizen” has the meaning set forth in the Company’s Charter.

 “Warrant” means a right to purchase a number of shares of the Company’s Common Stock equal to the
Warrant Share Number as provided herein. References herein to “Warrant” shall include the Global Warrant where the context requires. 
 “Warrant Share Number” means one share of Common Stock, as subsequently adjusted pursuant to the terms of this Warrant and the Warrant Agreement. 

2. Number of Shares; Exercise Price. This certifies that, for value received, Cede & Co., and any of its registered
assigns, is the registered owner of the number of Warrants set forth on Schedule A hereto, each of which entitles the Warrantholder to purchase from the Company, upon the terms and subject to the conditions hereinafter set forth, a number of fully
paid and nonassessable shares of Common Stock (each a “Share” and collectively the “Shares”) equal to the Warrant Share Number at a purchase price per share equal to the Exercise Price. In lieu of payment of the
aggregate Exercise Price, the Warrantholder shall have the right (but not the obligation) to require the Company to convert the Warrants (the “Conversion Right”), upon the terms and subject to the conditions hereafter set forth,
into a number of Shares equal to the Warrant Share Number without any required payment. The Warrant Share Number is subject to adjustment as provided herein, and all references to “Warrant Share Number” herein shall be deemed to include
any such adjustment or series of adjustments. 
 3. Exercise of Warrant; Term. Subject to Section 2 and
Section 17, to the extent permitted by applicable laws and regulations, all or a portion of the Warrants evidenced by this Warrant Certificate are exercisable or convertible by the Warrantholder, at any time or from time to time after the
execution and delivery of this Warrant Certificate by the Company on the date hereof, but in no event later than 5:00 p.m., New York City time, on the Expiration Date, by (A) delivery to the Warrant Agent of a Notice of Exercise, in the form
annexed hereto, duly completed and executed (or to the Company or to such other office or agency of the Company in the United States as the Company may designate by notice in writing to the Warrantholders pursuant to Section 18), and
(B) if applicable, payment of the Exercise Price for the Shares thereby purchased by having the Company withhold, from the shares of Common Stock that would otherwise be delivered to such Warrantholder upon such exercise, Shares issuable upon
exercise of the Warrants so exercised equal in value to the aggregate Exercise Price as to such Shares, based on the Market Price of the Common Stock on the trading day on which such Warrants are exercised and the Notice of Exercise is delivered to
the Warrant Agent pursuant to this Section 3. For the avoidance of doubt, if Warrants are exercised such that the Exercise Price would exceed the value of the Shares issuable upon exercise, no amount shall be due and payable

  
 A-4

 
by the Warrantholder to the Company. In the case of a Global Warrant, any person with a beneficial interest in such Global Warrant shall effect compliance with the requirements in clauses
(A) and (B) above through the relevant Agent Member in accordance with procedures of the Depositary. 
 In the case of
a Global Warrant, whenever some but not all of the Warrants represented by such Global Warrant are exercised in accordance with the terms thereof and of the Warrant Agreement, such Global Warrant shall be surrendered by the Warrantholder to the
Warrant Agent, which shall cause an adjustment to be made to Schedule A to such Global Warrant so that the number of Warrants represented thereby will be equal to the number of Warrants theretofor represented by such Global Warrant less the number
of Warrants then exercised. The Warrant Agent shall thereafter promptly return such Global Warrant to the Warrantholder or its nominee or custodian. In the case of a Definitive Warrant, whenever some but not all of the Warrants represented by such
Definitive Warrant are exercised in accordance with the terms thereof and of the Warrant Agreement, the Warrantholder shall be entitled, at the request of such Warrantholder, to receive from the Company within a reasonable time, not to exceed three
business days, a new Definitive Warrant in substantially identical form for the number of Warrants equal to the number of Warrants theretofor represented by such Definitive Warrant less the number of Warrants then exercised. 

If this Warrant Certificate shall have been exercised in full, the Warrant Agent shall promptly cancel such certificate following its
receipt from the Warrantholder or the Depositary, as applicable. 
 Notwithstanding anything in this Warrant Certificate to the
contrary, in the case of Warrants evidenced by a Global Warrant, any Agent Member may, without the consent of the Warrant Agent or any other person, on its own behalf and on behalf of any beneficial owner for which it is acting, enforce, and may
institute and maintain, any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, its right to exercise, and to receive Shares for, its Warrants as provided in the Global Warrant, and to enforce the Warrant
Agreement. 
 4. Issuance of Shares; Authorization; Listing. Shares issued upon exercise or conversion of Warrants
evidenced by this Warrant Certificate shall be (i) issued in such name or names as the exercising Warrantholder may designate and (ii) delivered by the Transfer Agent to such Warrantholder or its nominee or nominees (A) via book-entry
transfer crediting the account of such Warrantholder (or the relevant Agent Member for the benefit of such Warrantholder) through the Depositary’s DWAC system (if the Transfer Agent participates in such system), or (B) otherwise in
certificated form by physical delivery to the address specified by the Warrantholder in the Notice of Exercise. The Company shall use its commercially reasonable efforts to cause its Transfer Agent to be a participant in the Depositary’s DWAC
system. The Company shall cause the number of full Shares to which such Warrantholder shall be entitled to be so delivered by the Transfer Agent within a reasonable time, not to exceed three Business Days after the date on which Warrants evidenced
by this Warrant Certificate have been duly exercised or converted in accordance with the terms hereof. 

  
 A-5

 The Company hereby represents and warrants that any Shares issued upon the exercise or
conversion of Warrants evidenced by this Warrant Certificate in accordance with the provisions of Section 3 will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges (other than
liens or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise of the Warrant or taxes in respect of any transfer occurring contemporaneously therewith). The Company agrees that the Shares so issued
will be deemed to have been issued to a Warrantholder as of the close of business on the date on which Warrants evidenced by this Warrant Certificate have been duly exercised or converted, notwithstanding that the stock transfer books of the Company
may then be closed or certificates representing such Shares may not be actually delivered on such date. The Company will at all times reserve and keep available, out of its authorized but unissued Common Stock, solely for the purpose of providing
for the exercise of Warrants evidenced by this Warrant Certificate, the aggregate number of shares of Common Stock then issuable upon exercise hereof at any time. The Company will (A) procure, at its sole expense, the listing of the Shares
issuable upon exercise hereof at any time, subject to issuance or notice of issuance, on all principal stock exchanges on which the Common Stock is then listed or traded and (B) maintain such listings of such Shares at all times after issuance.
The Company will use reasonable best efforts to ensure that the Shares may be issued without violation of any applicable law or regulation or of any requirement of any securities exchange on which the Shares are listed or traded. 

5. No Fractional Shares or Scrip. No fractional Shares or scrip representing fractional Shares shall be issued upon any exercise
of Warrants evidenced by this Warrant Certificate. In lieu of any fractional Share that would otherwise be issued to a Warrantholder upon the exercise of any Warrants, the Company shall round up to the nearest whole number the number of Shares to be
issued to such Warrantholder. 
 6. No Rights as Stockholders; Transfer Books. Warrants evidenced by this Warrant
Certificate do not entitle the Warrantholder or the owner of any beneficial interest in such Warrants to any voting rights or other rights as a stockholder of the Company prior to the date of exercise or conversion hereof. The Company shall at no
time close its transfer books against transfer of Warrants in any manner which interferes with the timely exercise hereof. 
 7.
Charges, Taxes and Expenses. Issuance of Shares in certificated or book-entry form to the Warrantholder upon the exercise or conversion of Warrants evidenced by this Warrant Certificate shall be made without charge to the Warrantholder for
any issue or transfer tax or other incidental expense in respect of the issuance of such Shares (other than liens or charges created by a Warrantholder, income and franchise taxes incurred in connection with the exercise or conversion of the Warrant
or taxes in respect of any transfer occurring contemporaneously therewith), all of which taxes and expenses shall be paid by the Company. 
 8. Transfer/Assignment. This Warrant Certificate and all rights hereunder are transferable, in whole or in part, upon the books of the Company (or an agent duly appointed by the Company) by the
registered holder hereof in person or by duly authorized attorney, and one or more new Warrant Certificates shall be made and delivered by the Company, of the same tenor and date as this Warrant Certificate but registered in the name of one or more
transferees, upon surrender of this Warrant Certificate, duly endorsed, to the office or agency of the 

  
 A-6

 
Company described in Section 3; provided that if this Warrant Certificate is a Global Warrant registered in the name of the Depositary, transfers of such Global Warrant may only be
made as a whole, and not in part, and only by (i) the Depositary to a nominee of the Depositary, (ii) a nominee of the Depositary to the Depositary or another nominee of the Depositary or (iii) the Depositary or any such nominee to a
successor Depositary or its nominee. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new Warrant Certificates pursuant to this Section 8 shall be paid by
the Company. 
 If this Warrant Certificate is a Global Warrant, then so long as the Global Warrant is registered in the name of
the Depositary, the holders of beneficial interests in the Warrants evidenced thereby shall have no rights under this Warrant Certificate with respect to the Global Warrant held on their behalf by the Depositary or the Warrant Agent as its
custodian, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of the Global Warrant for all purposes whatsoever except to the extent set forth herein.
Accordingly, any such owner’s beneficial interest in the Global Warrant will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or the Agent Members, and neither the Company
nor the Warrant Agent shall have any responsibility with respect to such records maintained by the Depositary or the Agent Members. Notwithstanding the foregoing, nothing herein shall (i) prevent the Company, the Warrant Agent or any agent of
the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or (ii) impair, as between the Depositary and the Agent Members, the operation of customary practices
governing the exercise of the rights of a holder of a beneficial interest in any Warrant. Except as may otherwise be provided in this Warrant Certificate or the Warrant Agreement, the rights of beneficial owners in a Global Warrant shall be
exercised through the Depositary subject to the applicable procedures of the Depositary. Any holder of the Global Warrant shall, by acceptance of the Global Warrant, agree that transfers of beneficial interests in the Global Warrant may be effected
only through a book-entry system maintained by the Depositary, and that ownership of a beneficial interest in the Warrants represented thereby shall be required to be reflected in book-entry form. 

A Global Warrant shall be exchanged for Definitive Warrants, and Definitive Warrants may be transferred or exchanged for a beneficial
interest in a Global Warrant, only at such times and in the manner specified in the Warrant Agreement. Subject to the provisions of the Warrant Agreement, the holder of a Global Warrant may grant proxies and otherwise authorize any person, including
Agent Members and persons that may hold beneficial interests in such Global Warrant through Agent Members, to take any action that a Warrantholder is entitled to take under a Warrant or the Warrant Agreement. 

9. Exchange and Registry of Warrants. This Warrant Certificate is exchangeable, upon the surrender hereof by the Warrantholder to
the Company, for a new Warrant Certificate or Warrant Certificates of like tenor and representing the same aggregate number of Warrants. The Company or an agent duly appointed by the Company (which initially shall be the Warrant Agent) shall
maintain a Registry showing the name and address of the Warrantholder as the registered holder of this Warrant Certificate. This Warrant Certificate may be surrendered for exchange or exercise in accordance with its terms, at the office of the
Company or any such agent, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such Registry. 

  
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 10. Loss, Theft, Destruction or Mutilation of Warrant Certificate. Upon receipt by
the Company of proof reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant Certificate, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity or security reasonably
satisfactory to the Company and the Warrant Agent, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant Certificate, the Company shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant
Certificate, a new Warrant Certificate of like tenor and representing the same aggregate number of Warrants as provided for in such lost, stolen, destroyed or mutilated Warrant Certificate. 

11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a business day, then such action may be taken or such right may be exercised on the next succeeding day that is a business day. 
 12. Adjustments and Other Rights. The Warrant Share Number shall be subject to adjustment from time to time as follows; provided that if more than one subsection of this Section 12 is
applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment under more than one subsection of this Section 12 so as to result in duplication: 

(A) Dividend, Subdivision, Combination or Reclassification of Common Stock. In the event that the Company shall at any time or
from time to time, after the issuance of this Warrant but prior to the exercise or conversion hereof, (a) make a dividend or distribution on the outstanding shares of Common Stock payable in shares of Common Stock, (b) subdivide the
outstanding shares of Common Stock into a larger number of shares, (c) combine the outstanding shares of Common Stock into a smaller number of shares or (d) issue any shares of its Capital Stock in a reclassification of the Common Stock
(other than any such event for which an adjustment is made pursuant to another provision of this Section 12), then, and in each such case, the Warrant Share Number immediately prior to such event shall be adjusted (and any other appropriate
actions shall be taken by the Company) so that the Warrantholder shall be entitled to receive upon the exercise or conversion of this Warrant the number of shares of Common Stock or other securities of the Company that the Warrantholder would have
owned or would have been entitled to receive upon or by reason of any event described above, had this Warrant been exercised or converted immediately prior to the occurrence of such event. Any adjustment made pursuant to this Section 12(A)
shall become effective retroactively (i) in the case of any such dividend or distribution, to the date immediately following the close of business on the record date for the determination of holders of shares of Common Stock entitled to receive
such dividend or distribution or (ii) in the case of any such subdivision, combination or reclassification, to the close of business on the date on which such corporate action becomes effective. 

  
 A-8

 (B) Issuance of Common Stock or Common Stock Equivalents Below Current Market Price.

 (a) Adjustment of Warrant Share Number. Subject to Section 12(B)(d), if, at any time or from time
to time after the issuance of this Warrant but prior to the exercise or conversion hereof, the Company shall issue or sell any shares of Common Stock or Common Stock Equivalents (each such issuance or sale, a “New Issuance”) at a
new issue price that is less than the Current Market Price as of the record date or issuance date, as the case may be, for such New Issuance (the “Relevant Date”), then, and in each such case, the Warrant Share Number shall be
increased to a number equal to the product of (x) the Warrant Share Number immediately prior to the Relevant Date multiplied by (y) the quotient of: 
 (i) the sum of (A) the number of shares of Common Stock (determined on a fully-diluted basis) outstanding on the Relevant Date, plus (B) the number of additional shares of Common Stock
(determined on a fully-diluted basis) issued or to be issued in such New Issuance (including the maximum number of shares of Common Stock into which the Common Stock Equivalents issued or to be issued in such New Issuance initially are convertible,
exchangeable or exercisable); divided by 
 (ii) the sum of (A) the number of shares of Common Stock
(determined on a fully-diluted basis) outstanding on the Relevant Date, plus (B) the number of shares of Common Stock which the aggregate consideration, before the deduction of any underwriting or placement agency fees, discounts,
commissions and expenses, for the number of such additional shares of Common Stock (determined on a fully-diluted basis) issued or to be issued in such New Issuance (including the maximum number of shares of Common Stock into which the Common Stock
Equivalents issued or to be issued in such New Issuance initially are convertible, exchangeable or exercisable) would purchase at the Current Market Price on the Relevant Date, plus (C) the number of shares of Common Stock which the
aggregate amount of any additional consideration initially payable upon conversion, exchange or exercise of any Common Stock Equivalents issued or to be issued in such New Issuance would purchase at the Current Market Price on the Relevant Date.

 Such adjustment shall be made whenever such shares of Common Stock or Common Stock Equivalents are issued, and shall become
effective retroactively (1) in the case of any issuance to the stockholders of the Company, as such, to the date immediately following the close of business on the record date for the determination of the stockholders of the Company entitled to
receive such shares of Common Stock or Common Stock Equivalents and (2) in all other cases, on the date of such issuance of such shares of Common Stock or Common Stock Equivalents; provided, however, that the determination as to
whether an adjustment is required to be made pursuant to this Section 12(B) shall be made only upon the issuance of such shares of Common Stock or Common Stock Equivalents, and not upon the issuance of any security that is issued upon the
conversion, exchange or exercise of such Common Stock Equivalents. Solely for purposes of this Section 12(B)(a): (y) the term “Common Stock” shall include the Common Stock and each other class of Capital Stock of the Company that
does not have a preference over any other class of Capital Stock of the Company as to dividends or 

  
 A-9

 
upon liquidation, dissolution or winding up of the Company and, in each case, shall include any other class of Capital Stock of the Company into which such stock is reclassified or reconstituted;
and (z) if the provisions of any Common Stock Equivalents or any rights or options to purchase any shares of Common Stock or Common Stock Equivalents are amended after the date of issuance so as to reduce the applicable conversion price,
exchange price or exercise price, such amendment shall be deemed to be a new issuance of such Common Stock Equivalents. 
 (b) Amount of Consideration. If the Company shall issue or sell any shares of Common Stock or Common Stock Equivalents or any rights or options to purchase any shares of Common Stock or Common
Stock Equivalents for cash, then the consideration received therefor shall be deemed to be the amount of cash received by the Company therefor, without deduction therefrom of any expenses incurred or any underwriting commissions or concessions or
discounts paid or allowed by the Company in connection therewith. If the Company shall issue or sell any shares of Common Stock or Common Stock Equivalents or any rights or options to purchase any Common Stock or Common Stock Equivalents for any
consideration other than cash, then the amount of such non-cash consideration received by the Company shall be deemed to be the Fair Market Value of such non-cash consideration, without deduction therefrom of any expenses incurred or any
underwriting commissions or concessions or discounts paid or allowed by the Company in connection therewith, as such Fair Market Value shall determined in good faith by a majority of the Board of Directors; provided, however, that in
the case of any such issuance or sale to an Affiliate of the Company, such Fair Market Value shall be determined by a nationally recognized investment banking firm chosen by the Board of Directors with the consent of a majority of the Board of
Directors. 
 (c) Readjustment of Warrant Share Number upon Expiration of Common Stock Equivalents. If any
Common Stock Equivalents (or any portions thereof) which shall have given rise to an adjustment pursuant to this Section 12(B) shall have expired or terminated without the conversion, exchange or exercise thereof and/or if by reason of the
terms of such Common Stock Equivalents there shall have been an increase or increases, with the passage of time or otherwise, in the price payable upon the conversion, exchange or exercise thereof, then the Warrant Share Number shall be readjusted
(but to no greater extent than originally adjusted) in order to (a) eliminate from the computation any additional shares of Common Stock corresponding to such Common Stock Equivalents as shall have expired or terminated, (b) treat the
additional shares of Common Stock, if any, actually issued or issuable pursuant to any previous conversions, exchanges or exercises of such Common Stock Equivalents as having been issued for the consideration actually received and receivable
therefor and (c) treat any such Common Stock Equivalents which remain outstanding as being subject to conversion, exchange or exercise on the basis of such conversion, exchange or exercise price as shall be in effect at the time. 

(d) Excluded Transactions. Notwithstanding anything to the contrary in this Warrant, the provisions of this
Section 12(B) shall not apply to (a) any New Issuance for which an adjustment is made pursuant to another provision of this Section 12, (b) any New Issuance in connection with an Excluded Transaction or (c) a change in the par
value of the Common Stock. 

  
 A-10

 (C) Certain Distributions. If, at any time or from time to time after the issuance of
this Warrant but prior to the exercise or conversion hereof, the Company shall distribute to all holders of shares of Common Stock (including any such distribution made in connection with a merger or consolidation in which the Company is the
resulting or surviving Person and shares of Common Stock are not changed or exchanged) cash, evidences of indebtedness of the Company or another issuer, securities of the Company or another issuer or other assets (excluding (a) any dividend or
other distribution payable in shares of Common Stock for which adjustment is made under Section 12(A) and (b) any distribution in connection with an Excluded Transaction) or rights or warrants to subscribe for or purchase any of the
foregoing, then, and in each such case, the Warrant Share Number shall be increased to a number equal to the product of (i) the Warrant Share Number immediately prior to the record date for the distribution of such cash, evidences of
indebtedness, securities, other assets or rights or warrants multiplied by (ii) the quotient of: 

(a) the Current Market Price immediately prior to the record date for the distribution of such cash, evidences of
indebtedness, securities or other assets or rights or warrants; divided by 
 (b) the total (which total
shall be greater than zero) of (x) the Current Market Price immediately prior to the record date for the distribution of such cash, evidences of indebtedness, securities or other assets or rights or warrants minus (y) the Fair
Market Value per share of Common Stock (as determined by a nationally recognized investment banking firm chosen by the Board of Directors with the consent of a majority of the Board of Directors) of such cash, evidences of indebtedness, securities
or other assets or rights or warrants. 
 Such adjustment shall be made whenever any such distribution is made and shall become
effective retroactively to the date immediately following the close of business on the record date for the determination of stockholders of the Company entitled to receive such distribution. 

(D) Other Changes. If, at any time or from time to time after the issuance of this Warrant but prior to the exercise or conversion
hereof, (a) the Company shall take any action which (i) affects the Common Stock and (ii) is similar to, or has an effect similar to, any of the actions described in any of Sections 12(A), 12(B), 12(C) or 12(H) (but not including any
action described in any such Section) and (b) the Board of Directors in good faith determines that it would be equitable under such circumstances to adjust the Warrant Share Number as a result of such action, then, and in each such case, the
Warrant Share Number shall be adjusted in such manner and at such time as the Board of Directors in good faith determines would be equitable under such circumstances, which determination shall be evidenced in a resolution of the Board of Directors,
a certified copy of which shall be mailed by the Company to the Warrantholder. 
 (E) No Adjustment. Notwithstanding
anything herein to the contrary, no adjustment under this Section 12 shall be made to the Warrant Share Number if the Company 

  
 A-11

 
receives written notice from the Warrantholder that no such adjustment is required. Notwithstanding the foregoing, if an adjustment to the Warrant Share Number in respect of the issuance or sale
of a Common Stock Equivalent has been previously made, the exercise of such Common Stock Equivalent in accordance with its terms existing at the time such adjustment was made shall not result in a further adjustment. If an adjustment to the Warrant
Share Number in respect of the issuance or sale of a Common Stock Equivalent was not required, the exercise of such Common stock Equivalent in accordance with its terms existing at the time of issuance shall not result in an adjustment pursuant
thereto. 
 (F) Abandonment. If the Company (a) shall take a record of the holders of shares of Common Stock for the
purpose of entitling them to receive a dividend or other distribution and (b) shall, before paying or delivering such dividend or distribution to the stockholders of the Company, legally abandon its plan to pay or deliver such dividend or
distribution, then no adjustment in the Warrant Share Number shall be required by reason of the taking of such record. 
 (G)
Certificate as to Adjustments. Upon any adjustment in the Warrant Share Number, the Company shall, within 20 days following the event requiring such adjustment, deliver to the Warrantholder a certificate, signed by the Chief Financial Officer
of the Company, which (a) sets forth in reasonable detail (i) the event requiring such adjustment and (ii) the method by which such adjustment was calculated and (b) specifies the adjusted Warrant Share Number in effect following
such adjustment. 
 (H) Spin-off; Significant Transaction. 

(a) Spin-off. If, at any time after the issuance of this Warrant but prior to the exercise or conversion hereof,
the Company shall spin-off another Person, then the Company (a) shall issue to the Warrantholder a new warrant to purchase, at the Exercise Price, or convert its new warrant into, the number of shares of common stock or other proprietary
interest in the spin-off entity that the Warrantholder would have owned had the Warrantholder exercised or converted this Warrant immediately prior to the consummation of such spin-off and (b) shall make provision therefor in the agreement, if
any, relating to such spin-off. Such new warrant shall provide for rights and obligations which shall be as nearly equivalent as may be practicable to the rights and obligations provided for in this Warrant. The provisions of this
Section 12(H)(a) (and any equivalent thereof in any such new warrant) shall apply to successive transactions. 
 (b) Significant Transaction. If, at any time after the issuance of this Warrant but prior to the exercise or conversion hereof, any Significant Transaction shall occur, then, at least 10 days prior
to the consummation of such Significant Transaction, the Company: 
 (i) shall execute and deliver to the
Warrantholder a certificate stating that from and after the consummation of such Significant Transaction: 
 (x)
the Warrantholder shall, upon the surrender of this Warrant to the Surviving Person in such Significant Transaction, 

  
 A-12

 
have the right to receive the kind and amount of shares of stock or other securities, property or cash receivable upon the consummation of such Significant Transaction by a holder of the number
of shares of Common Stock into which this Warrant could have been exercised or converted immediately prior to the consummation of such Significant Transaction; and 

(y) this Warrant shall be deemed to have been cancelled; and 

(ii) the Company shall make provision therefor in the agreement, if any, relating to such Significant Transaction.

 (I) Notices. If, at any time or from time to time: 

(a) the Company shall declare a divided or other distribution on the Common Stock; 

(b) the Company shall authorize the granting to the holders of shares of Common Stock any rights or warrants to subscribe
for or purchase any shares of Capital Stock or any other rights or warrants; or 
 (c) there shall occur a
spin-off or a Significant Transaction; 
 then, at least 10 days prior to the applicable date specified below, the Company shall
mail to the Warrantholder a notice stating: (i) the date on which a record is to be taken for the purpose of such dividend, distribution or granting of rights or warrants or, if a record is not to be taken, the date as of which the holders of
Common Stock of record to be entitled to such dividend, distribution or granting of rights or warrants are to be determined; or (ii) the date on which such spin-off or Significant Transaction is expected to be consummated and the date as of
which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for shares of stock or other securities or property or cash deliverable upon the consummation of such spin-off or Significant Transaction.
Notwithstanding the foregoing, in the case of any Significant Transaction, the Company shall also deliver to the Warrantholder the certificate described in such Section 12(H)(b) to the Warrantholder at least 10 days prior to consummating such
Significant Transaction. 
 13. No Impairment. The Company will not, by amendment of its Charter or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the
Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant Certificate and in taking of all such action as may be necessary or appropriate in order to protect the rights of the Warrantholder.

  
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 14. Governing Law. This Warrant Certificate and the Warrants evidenced hereby shall
be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 
 15. Binding Effect; Countersignature by Warrant Agent. This Warrant Certificate shall be binding upon any successors or assigns of the Company. This Warrant Certificate shall not be valid until an
authorized signatory of the Warrant Agent (as defined below) or its agent as provided in the Warrant Agreement (as defined below) countersigns this Warrant Certificate. Such signature shall be solely for the purpose of authenticating this Warrant
Certificate and shall be conclusive evidence that this Warrant Certificate has been countersigned under the Warrant Agreement. 

16. Warrant Agreement; Amendments. The Warrant Agreement is hereby incorporated herein by reference and made a part hereof.
Reference is hereby made to the Warrant Agreement for a statement of the respective rights, limitations of rights, duties and obligations of the Company, the Warrant Agent and the Warrantholders and beneficial owners of the Warrants. A copy of the
Warrant Agreement may be obtained for inspection by the Warrantholders or beneficial owners of the Warrants upon request to the Warrant Agent at the address of the Warrant Agent (or successor warrant agent) set forth in the Warrant Agreement. The
Warrant Agreement and this Warrant Certificate may be amended and the observance of any term of the Warrant Agreement or this Warrant Certificate may be waived only to the extent provided in the Warrant Agreement. 

17. Jones Act Restrictions. Notwithstanding the other provisions of this Warrant Agreement, in order to facilitate the
Company’s compliance with the provisions of 46 U.S.C. § 55102 and the regulations promulgated thereunder, commonly referred to as the “Jones Act,” and related Maritime Laws concerning the ownership of the Common Stock by
Non-U.S. Citizens, with regard to its operation of vessels in the coastwise trade of the United States and with certain contractual obligations of the Company with the United States Government: 

(A) In connection with any exercise or conversion of the Warrant, Warrantholder (or, if not the Warrantholder, the Person that the
Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) shall advise the Company whether or not it satisfies the requirements to be a U.S. Citizen. Under its Charter, the Company may require a
Warrantholder (or, if not the Warrantholder, the Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) to provide it with such documents and other information as it may request
as reasonable proof of that the Warrantholder (or, if not the Warrantholder, such other Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) satisfies the requirements to be a
U.S. Citizen. 
 (B) No Warrantholder who cannot establish to the Company’s reasonable satisfaction that it (or, if not the
Warrantholder, the Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act compliance may exercise or convert any Warrants to the
extent the receipt of the Common Stock deliverable upon exercise or conversion of the Warrants would cause such Person or any Person whose ownership position would be aggregated with that of 

  
 A-14

 
such Person to exceed 4.9% of the aggregate number of shares of Common Stock outstanding at such time (excluding, for purposes of this Section 17(B), shares of Common Stock issuable upon
exercise or conversion of all outstanding Warrants and Notes). 
 (C) No Warrantholder who cannot establish to the
Company’s reasonable satisfaction that it (or, if not the Warrantholder, the Person that the Warrantholder has designated to receive the stock issuable upon exercise or conversion of the Warrants) is a U.S. Citizen for purposes of Jones Act
compliance may exercise or convert any Warrants to the extent the shares of Common Stock deliverable upon exercise or conversion of the Warrants would constitute Excess Shares if they were issued, which shall be determined by the Company in its sole
discretion at the time of any proposed exercise or conversion of a Warrant. 
 (D) Any sale, transfer or other disposition of a
Warrant by any Warrantholder that is a Non-U.S. Citizen to a Person who is a U.S. Citizen must be a complete transfer of such Warrantholder’s interests to such Person in the Warrant and the Common Stock issuable upon exercise or conversion
thereof with no ability to direct or control such Person. The foregoing restriction shall also apply to any Person that the Warrantholder has designated to receive the Common Stock issuable upon exercise or conversion of the Warrants. 

18. Notices. Unless this Warrant Certificate is a Global Warrant, any notice or communication mailed to the Warrantholder shall be
mailed to the Warrantholder at the Warrantholder’s address as it appears in the Registry and shall be sufficiently given if so mailed within the time prescribed. Any notice to holders of a beneficial interest in a Global Warrant shall be
distributed through the Depositary in accordance with the procedures of the Depositary. Communications to such holders shall be deemed to be effective at the time of dispatch to the Depositary. 

[Remainder of page intentionally left blank] 

  
 A-15

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed by a
duly authorized officer. This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent. 
 Dated:                      

 

			
	HORIZON LINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Countersigned:
	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Warrant Agent

		
	By:	 	  

		 	Authorized Signatory

 Schedule A to Global Warrant 

The initial number of Warrants represented by the Global Warrant is
                    . 
 The
following decreases in the number of Warrants represented by this Global Warrant have been made as a result of the exercise of certain Warrants represented by this Global Warrant: 

 

							
	 Date of Exercise 
of Warrants
	  	 Number of 
Warrants

Exercised
	  	 Total Number of

Warrants Represented
 Hereby Following Such

Exercise
	  	 Notation Made 
by Warrant Agent

		  		  		  	
		  		  		  	

 Form of Notice of Exercise 

(to be executed only upon exercise of Warrants) 
 Date:                      

 

	TO:	Horizon Lines, Inc. (the “Company”) 

  

	RE:	Election to Purchase Common Stock 

 The undersigned registered holder of [                    ] Warrants irrevocably elects to
exercise the number of Warrants set forth below represented by the Global Warrant (or, in the case of a Definitive Warrant, the Warrant Certificate enclosed herewith), and surrenders all right, title and interest in the number of Warrants exercised
hereby to the Company, and directs that the shares of Common Stock or other securities or property delivered upon exercise of such Warrants, and any interests in the Global Warrant or Definitive Warrant representing unexercised Warrants, be
registered or placed in the name and at the address specified below and delivered thereto. 
 Number of Warrants
                                         
                                        

 ̈ Check if Warrantholder elects to exercise its Conversion Right in lieu of the payment of the aggregate
Exercise Price pursuant to the terms and conditions set forth in the Warrants. 
  ̈ Check if
Warrantholder believes it satisfies the requirements to be a U.S. Citizen (additional information may be required by Company to confirm that Warrantholder is a U.S. Citizen). 
  ̈ Check if Warrantholder believes it is a Non-U.S. Citizen. 

 

			
	Warrantholder:	 	  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required): 

 

	
	  

					
	Securities to be issued to:	  	
		
	If in book-entry form through the Depositary:	  	
			
	 Depositary Account Number:
	  	  
	  	

  

					
	 Name of Agent Member:
	  	  
	  	

  

					
	If in definitive form:	  	
			
	 Social Security Number or Other Identifying Number:
	  	  
	  	
			
	 Name:
	  	  
	  	
			
	 Street Address:
	  	  
	  	
			
	 City, State and Zip Code:
	  	  
	  	
	
	Any unexercised Warrants evidenced by the exercising Warrantholder’s interest in the Global Warrant or Definitive Warrant, as the case may be, to be issued
to:
		
	If in book-entry form through the Depositary:	  	
			
	 Depositary Account Number:
	  	  
	  	

  

					
	 Name of Agent Member:
	  	  
	  	

  

					
	If in definitive form:	  	
			
	 Social Security Number or Other Identifying Number:
	  	  
	  	
			
	 Name:
	  	  
	  	
			
	 Street Address:
	  	  
	  	
			
	 City, State and Zip Code:
	  	  
	  	

 Form of Assignment 

For value received, the undersigned registered Warrantholder of the within Warrant Certificate hereby sells, assigns and transfers unto
the Assignee(s) named below (including the undersigned with respect to any Warrants constituting a part of the Warrants evidenced by the within Warrant Certificate not being assigned hereby) all of the right, title and interest of the undersigned
under the within Warrant Certificate with respect to the number of Warrants set forth below. 
  

							
	 Name of Assignees
	  	 Address
	  	 Number of Warrants
	  	 Social Security

Number or other

Identifying Number

		  		  		  	
		  		  		  	

 and does irrevocably constitute and appoint
[                    ], the undersigned’s attorney, to make such transfer on the books of the Company maintained for the purpose, with
full power of substitution in the premises. 
 Dated: 

 

			
	Warrantholder:	 	  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature guaranteed by (if a guarantee is required):PURCHASE AGREEMENT

 Exhibit 10.1 
 EXECUTION VERSION 
 HORIZON LINES, LLC 

11.00% FIRST LIEN SENIOR SECURED NOTES DUE
2016 
 PURCHASE AGREEMENT 
 October 5, 2011 
 The Purchaser named on the signature page hereto

 Located at the address specified on the signature page hereto 

Ladies and Gentlemen: 
 Horizon Lines, LLC, a Delaware limited liability company (the “Company”) proposes, upon the terms and conditions set forth in this agreement (this
“Agreement”), to issue and sell to the purchaser named herein (the “Purchaser”), the aggregate principal amount of its 11.00% First Lien Senior Secured Notes due 2016 (the “First Lien
Notes”) that is indicated on the signature page of the Purchaser hereto. The First Lien Notes (i) are to be issued pursuant to an Indenture (the “Indenture”), to be dated of even date herewith and entered
into among the Company, the Guarantors (as defined below) party thereto and U.S. Bank National Association, a national banking association, as trustee and collateral agent (in such capacity, the “Trustee”). The Company’s
obligations under the First Lien Notes, including the due and punctual payment of interest on the First Lien Notes, will be irrevocably and unconditionally guaranteed (the “Note Guarantees”) by Horizon Lines, Inc., a Delaware
corporation (the “Parent”) and the Restricted Subsidiaries of the Parent who will agree to be guarantors under the Indenture (together, with the Parent, the “Guarantors”), pursuant to a Notation of
Guarantee, each to be dated of even date herewith, by the Guarantors (the “Notation of Guarantee”). As used herein, the term “First Lien Notes” shall include the Note Guarantees, unless the context otherwise
requires. This Agreement is to confirm the agreement concerning the purchase of the First Lien Notes from the Company by the Purchaser. The obligations of the Company and the Guarantors under the Indenture and the First Lien Notes will be governed
by a Pledge and Security Agreement among the Company, the Guarantors and the Trustee, of even date herewith (the “Security Agreement”). The First Lien Notes will be subject to a Registration Rights Agreement (the
“Registration Rights Agreement”) among the Company, the Guarantors and the Purchasers of the First Lien Notes, of even date herewith. 
 Concurrently with the issuance of the First Lien Notes, (i) the Company will be issuing $100.0 million of Second Lien Senior Secured Notes due 2016 (the “Second Lien Notes”),
which will be guaranteed by the Guarantors; (ii) the Company and the Guarantors will also enter into a new $100.0 million asset-based revolving loan facility (the “New ABL Facility”); and (iii) the Parent will be
completing its offer (the “Exchange Offer”) to exchange (1) up to $180.0 million aggregate principal amount of 6.00% Series A Convertible Senior Secured Notes due 2017 (the “Series A Convertible
Notes”), (2) up to $100.0 million aggregate principal amount of 6.00% Series B Mandatorily Convertible Senior Secured Notes (the “Series B Convertible 

 
Notes”, and, together with the Series A Convertible Notes, the “New Convertible Notes”) and (3) up to $50.0 million of cash for any and all of the
Parent’s outstanding 4.25% Convertible Senior Notes due 2012 (the “Existing Convertible Notes”). 
 Collectively, the following are referred to herein as the “Transaction Documents”: (i) this Agreement and the other purchase agreements relating to the issuance and sale of
the First Lien Notes (collectively, the “First Lien NPAs”), (ii) the Indenture, (iii) the First Lien Notes and the associated Note Guarantees, (iv) the Registration Rights Agreement, (v) the Security
Agreement, (vi) the purchase agreements relating to the issuance and sale of the Second Lien Notes (collectively, the “Second Lien NPAs”), (vii) the indenture governing the Second Lien Notes, (viii) the Second
Lien Notes and the associated guarantees, (ix) the registration rights agreement relating to the Second Lien Notes, (x) the pledge and security agreement relating to the Second Lien Notes, (xi) the indenture governing the New
Convertible Notes, (xii) the New Convertible Notes and the associated guarantees, (xiii) the registration rights agreement relating to the New Convertible Notes, (xiv) the common stock of Parent, par value $0.01 per share (the
“Common Stock”) to be issued in the Exchange Offer, (xv) the warrants to be issued in the Exchange Offer and upon conversion of the New Convertible Notes (the “Warrants’), (xvi) the warrant
agreement governing the Warrants between the Parent and the warrant agent thereunder, (xvii) the pledge and security agreement relating to the New Convertible Notes, (xviii) the agreement governing the New ABL Facility and all guarantee,
pledge and security agreements associated therewith and (xix) the intercreditor agreement among the Company, the Guarantors, the agent under the New ABL Facility, the Trustee (as collateral agent with respect to the First Lien Notes), the
collateral agent with respect to the Second Lien Notes and the collateral agent with respect to the Convertible Notes (the “Intercreditor Agreement”), in each case, of even date herewith. Collectively, the transactions
contemplated by the Transaction Documents (including, without limitation, the use of proceeds therefrom) and the Exchange Offer are referred to herein as the “Transactions”. Collectively, items (iv), (ix) and
(xiii) are referred to herein as the “Registration Rights Agreements”. 
 1.
Purchase of the First Lien Notes. The Company and the Guarantors, jointly and severally hereby agree, on the basis of the representations, warranties, covenants and agreements of the Purchaser contained herein and subject to all the terms and
conditions set forth herein, to issue and sell to the Purchaser and, upon the basis of the representations, warranties and agreements of the Company and the Guarantors herein contained and subject to all the terms and conditions set forth herein,
the Purchaser agrees, to purchase from the Company the aggregate principal amount of First Lien Notes that is indicated on the signature page hereto for a price in cash equal to the amount of cash indicated on the Company’s and the
Guarantors’ signature page hereto, which is equal to 100.000% of the aggregate principal amount of such First Lien Notes. 
 2. Payment for and Delivery of the First Lien Notes. Subject to the satisfaction or waiver of the conditions set forth in Section 6 below, the closing (the “Closing”)
of the purchase and sale of the First Lien Notes shall occur at 9:00 a.m., New York City time, on the date hereof. The Closing will be held at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York, or at such other
location as the Company and the Purchaser may otherwise agree. The date hereof is referred to herein as the “Closing Date.” 

  
 2 

 The First Lien Notes will be delivered to the Purchaser, or the Trustee as
custodian for The Depository Trust Company (“DTC”), against payment by or on behalf of the Purchaser of the purchase price therefor by wire transfer in immediately available funds, by causing DTC to credit the First Lien
Notes to the account of the Purchaser at DTC designated in Annex 1 hereto. The First Lien Notes will be evidenced by one or more global securities in definitive form and will be registered in the name of Cede & Co. as nominee of DTC.

 3. Representations, Warranties and Agreements of the Company and the Guarantors. Each of the Company
and the Guarantors, jointly and severally, represent, warrant and agree, on and as of the date hereof, as follows: 
 (a) The Registration Statement of the Parent on Form S-4, relating to the Exchange Offer, as filed with the Securities and Exchange Commission (the “Commission”) on August 26,
2011, as amended on September 19, 2011, September 22, 2011, September 26, 2011 and September 29, 2011 (as so amended, the “Registration Statement”), together with the form of Indenture attached
hereto as Exhibit I, the form of Security Agreement attached hereto as Exhibit II, the form of Intercreditor Agreement attached hereto as Exhibit III and the form of Registration Rights Agreement attached hereto as Exhibit IV hereto, (collectively,
the “Disclosure Package”), contains all the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act of 1933 (the “Securities Act”). The Registration
Statement was declared effective by the Commission on October 3, 2011. 
 (b) The First Lien
Notes and Note Guarantees are not of the same class (within the meaning of Rule 144A under the Securities Act) as securities of the Company or the Guarantors that are listed on a national securities exchange registered under Section 6 of the
Exchange Act or that are quoted in a United States automated inter-dealer quotation system. 

(c) None of the Company or the Guarantors is, and after giving effect to the Transactions, as described
under “Unaudited Pro Forma Condensed Combined Financial Information” in the Disclosure Package, will be, an “investment company” or a company “controlled” by an “investment company” within the meaning of the
Investment Company Act and the rules and regulations of the Commission thereunder. 
 (d) The
offer and sale of the First Lien Notes pursuant hereto is exempt from the registration requirements of the Securities Act. No form of general solicitation or general advertising within the meaning of Regulation D under the Securities Act (including,
but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or meeting whose attendees have been invited by any general
solicitation or general advertising) was used by the Company or the Guarantors, any of their respective Affiliates or any of their representatives in connection with the offer and sale of the First Lien Notes. 

(e) No directed selling efforts within the meaning of Rule 902 under the Securities Act were used by the
Company, the Guarantors or any of their respective representatives with respect to First Lien Notes sold outside the United States to non-U.S. persons, and the Company and the Guarantors and any of their respective Affiliates and any person acting
on their behalf has complied with and will implement the “offering restrictions” required by Rule 902 under the Securities Act. 

  
 3 

 (f) The Disclosure Package has been prepared by the Company,
the Parent and the other Guarantors for use in connection with the issuance of the First Lien Notes. No other materials have been prepared by the Company, the Parent or the other Guarantors for use in connection with the issuance of the First Lien
Notes. No order or decree preventing the use of the Disclosure Package, or any order asserting that the Transactions are subject to the registration requirements of the Securities Act has been issued, and no proceeding for that purpose has commenced
or is pending or, to the knowledge of the Company or the Guarantors, is contemplated. 
 (g) As
of the date hereof, the Disclosure Package does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made,
not misleading. 
 (h) The statistical and market-related data included in the Disclosure Package
are based on or derived from sources that the Company and the Guarantors believe to be reliable in all material respects. 
 (i) Each of the Company and the Guarantors and their respective subsidiaries has been duly organized, is validly existing and in good standing as a limited liability company or corporation, as applicable,
under the laws of its jurisdiction of organization and is duly qualified to do business and in good standing as a limited liability company or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or the
conduct of its businesses requires such qualification, except where the failure to be so qualified or in good standing would not, in the aggregate, reasonably be expected to have (i) a material adverse effect on the condition (financial or
otherwise), results of operations, stockholders’ equity, properties, business or prospects of the Company and the Guarantors, taken as a whole or (ii) a material adverse effect on the performance by the Company and the Guarantors of this
Agreement or any of the Transaction Documents (as defined below) or the consummation of any of the transactions contemplated hereby or thereby (the events described in clauses (i) and (ii), collectively, a “Purchase Agreement
Material Adverse Effect”); each of the Company, the Guarantors and their respective subsidiaries has all power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged. The Company and
the Guarantors do not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed on Exhibit V hereto. None of the subsidiaries of the Company or any of the Guarantors (other than as
identified as such in Exhibit V) is a “significant subsidiary” (as defined in Rule 405 under the Securities Act). 
 (j) The Parent has the authorized capitalization as set forth in the Disclosure Package, and all of the issued and outstanding shares of capital stock of the Parent have been duly authorized and validly
issued and are fully paid and non-assessable. 
 (k) All of the issued and outstanding equity
interests of the Company are directly or indirectly owned by Horizon Lines Holding Corp. and have been duly authorized 

  
 4 

 
and validly issued, are fully paid and non-assessable and are owned of record by one or more of the Other Guarantors, free and clear of all Liens other than those imposed in connection with the
Transactions. All of the issued and outstanding shares of capital stock or equity interests (as the case may be) of Hawaii Stevedores, Inc., Horizon Lines Holding Corp., Horizon Lines of Puerto Rico, Inc., Horizon Lines of Alaska, LLC, Horizon Lines
of Guam, LLC, Horizon Lines Vessels, LLC, H-L Distribution Service, LLC, Horizon Logistics, LLC, Aero Logistics, LLC, Sea-Logix, LLC and Horizon Services Group, LLC (together, the “Other Guarantors”), have been duly
authorized and validly issued, are fully paid and non-assessable and are owned of record by one or more of the Other Guarantors, free and clear of all Liens other than those imposed in connection with the Transactions. 

(l) Each of the Company and the Guarantors has all requisite limited liability company or corporate power,
as applicable, and authority to execute, deliver and perform its obligations under the Indenture. The Indenture has been duly and validly authorized by each of the Company and the Guarantors and upon its execution and delivery and constitutes the
valid and binding agreement of each of the Company and the Guarantors, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium,
and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). No qualification of the Indenture under the
Trust Indenture Act of 1939 (the “Trust Indenture Act”) is required in connection with the offer and sale of the First Lien Notes in the manner contemplated hereby. 

(m) The Company has all requisite limited liability company power and authority to execute, issue, sell
and perform its obligations under the First Lien Notes. The First Lien Notes have been duly authorized by the Company and, when duly executed by the Company in accordance with the terms of the Indenture, assuming due authentication of the First Lien
Notes by the Trustee, upon delivery to the Purchaser against payment therefor in accordance with the terms hereof, will be validly issued and delivered and will constitute valid and binding obligations of the Company entitled to the benefits of the
Indenture, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting
creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(n) Each of the Company and the Guarantors has all requisite limited liability company or corporate power,
as applicable, and authority to execute, deliver and perform its obligations under the Security Agreement. The Security Agreement has been duly and validly authorized by each of the Company and the Guarantors and upon its execution and delivery and
constitutes the valid and binding agreement of each of the Company and the Guarantors, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency,
reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
 5 

 (o) Each of the Company and the Guarantors has all requisite
limited liability company or corporate power, as applicable, and authority to execute, deliver and perform its obligations under the Intercreditor Agreement. The Intercreditor Agreement has been duly and validly authorized by each of the Company and
the Guarantors and upon its execution and delivery and constitutes the valid and binding agreement of each of the Company and the Guarantors, enforceable against it in accordance with its terms, except as such enforceability may be limited by
bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 (p) Each of the Company and the Guarantors has all requisite
limited liability company or corporate power, as applicable, and authority to execute, deliver and perform its obligations under the Registration Rights Agreement. The Registration Rights Agreement has been duly and validly authorized by each of the
Company and the Guarantors and upon its execution and delivery and constitutes the valid and binding agreement of each of the Company and the Guarantors, enforceable against it in accordance with its terms, except (i) as such enforceability may
be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law) and (ii) as any indemnification provisions contained therein relating to securities law liabilities may be unenforceable. 

(q) Each of the Guarantors has all requisite corporate or limited liability company power and authority,
as applicable, to execute, issue, sell and perform its obligations under the Note Guarantees and the related Notation of Guarantee. The Note Guarantees and Notations of Guarantee have been duly authorized by the Guarantors and, when duly executed by
the Guarantors in accordance with the terms of the Indenture will constitute valid and binding obligations of each of the Guarantors entitled to the benefits of the Indenture, enforceable against each of the Guarantors in accordance with their
terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(r) Each of the Company, the Guarantors and their respective subsidiaries, as applicable, has all
requisite limited liability or corporate power and authority, as applicable, to execute, deliver and perform its obligations under each Transaction Document (other than the First Lien NPAs, the Indenture, the First Lien Notes, the Note Guarantees,
the Notations of Guarantee, the Security Agreement, the Intercreditor Agreement, the Registration Rights Agreement and the Second Lien NPAs) to which it is a party. Each such Transaction Document has been duly and validly authorized by each of the
Company and the Guarantors (to the extent a party thereto), and will be validly executed and delivered and (assuming the due authorization, execution and delivery thereof by any other parties thereto other than the Company and the Guarantors) will
constitute the valid and binding obligation of each of the Company and the Guarantors (to the extent a party thereto), in accordance with the terms thereof, enforceable against it in accordance with its terms, except (i) as such enforceability

  
 6 

 
may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, by general equitable
principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) and, as to rights of indemnification and contribution with respect to liabilities under securities laws, by principles of public policy and
(ii) as any indemnification provisions contained therein relating to securities law liabilities may be unenforceable. To the extent described in the Disclosure Package, each Transaction Document conforms in all material respects to the
description thereof in the Disclosure Package. 
 (s) Each of the Company and each of the
Guarantors has all requisite limited liability or corporate power and authority, as applicable, to execute, deliver and perform its obligations under this Agreement, the other First Lien NPAs and the Second Lien NPAs. This Agreement, the other First
Lien NPAs and the Second Lien NPAs have been duly and validly authorized, executed and delivered by the Company and each of the Guarantors. 
 (t) The Transactions will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the
Company, the Guarantors or their respective subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company, the Guarantors or any of their
respective subsidiaries is a party or by which the Company, the Guarantors or any of their respective subsidiaries is bound or to which any of the property or assets of the Company, the Guarantors or any of their respective subsidiaries is subject,
except for Liens created by the Transaction Documents, (ii) result in any violation of the provisions of the certificate of formation, limited liability company agreement, charter or by-laws (or similar organizational documents) of any of the
Company, the Guarantors or any of their respective subsidiaries or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over any of the
Company, the Guarantors or any of their respective subsidiaries or any of their properties or assets, except, with respect to clauses (i) and (iii) above, where any such matters would not, individually or in the aggregate, have a Purchase
Agreement Material Adverse Effect. 
 (u) No consent, approval, authorization or order of, or
filing, registration or qualification with any court or governmental agency or body having jurisdiction over any of the Company, the Guarantors or any of their respective subsidiaries and properties or assets is required for the execution, delivery
and performance by the Company and the Guarantors, to the extent a party thereto, of the Transaction Documents or the completion of the Transactions, except in connection with the registration process contemplated by the Registration Rights
Agreements. 
 (v) Other than pursuant to the Registration Statement and other than the
Registration Rights Agreements, there are no contracts, agreements or understandings between any of the Company and the Guarantors and any person, granting such person the right to require the Company or the Guarantors to file a registration
statement under the Securities Act with respect to any securities of the Company or the Guarantors owned or to be owned by such person. 

  
 7 

 (w) None of the Company, the Guarantors nor any other person
acting on behalf of the Company or the Guarantors has sold or issued any securities that would be integrated with the offering of the First Lien Notes contemplated by this Agreement pursuant to the Securities Act, the rules and regulations
thereunder or the interpretations thereof by the Commission. The Company and the Guarantors will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in
Rule 902 under the Securities Act), of any First Lien Notes or any substantially similar security issued by the Company or the Guarantors, within six months subsequent to the date hereof, is made under restrictions and other circumstances reasonably
designed not to affect the status of the offer and sale of the First Lien Notes in the United States and to U.S. persons contemplated by this Agreement as transactions exempt from the registration provisions of the Securities Act, including any
sales pursuant to Rule 144A under, or Regulation S of, the Securities Act. 
 (x) Since the date
of the latest audited financial statements of the Parent included in the Disclosure Package and except as disclosed in the Disclosure Package, none of the Company, the Guarantors or any of their respective subsidiaries has (i) sustained any
loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or court or governmental action, order or decree, (ii) issued or granted any
securities, (iii) incurred any liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, that is material to the Company and its subsidiaries, taken as a whole,
(iv) entered into any transaction not in the ordinary course of business, that is material to the Company and its subsidiaries, taken as a whole, (v) declared or paid any dividend on its capital stock, and (vi) since such date, there
has not been any change in the capital stock or limited liability interests, as applicable, or long-term debt of any of the Company, the Guarantors or any of their respective subsidiaries or any adverse change, or any development involving a
prospective adverse change, in or affecting the condition (financial or otherwise), results of operations, stockholders’ equity or limited liability company interests, as applicable, properties, management, business or prospects of any of the
Company, the Guarantors or their respective subsidiaries, in each case except as would not, in the aggregate, reasonably be expected to have a Purchase Agreement Material Adverse Effect and except, in the case of clauses (ii), (iii), (iv) and
(vi), pursuant to the Transactions. 
 (y) Except as disclosed in the Disclosure Package, there
are no judicial, administrative, legal or governmental proceedings (including any notice of violation or alleged violation) pending to which any of the Company, the Guarantors or any of their respective subsidiaries is a party or of which any
property or assets of the Company, the Guarantors or any of their respective subsidiaries is the subject that would, in the aggregate, reasonably be expected to have a Purchase Agreement Material Adverse Effect. To the Company’s and the
Guarantors’ knowledge, no such proceedings are threatened or contemplated by governmental authorities or others. 

  
 8 

 (z) Except as would not reasonably be expected to have a
Purchase Agreement Material Adverse Effect: 
 (i) The facilities and properties owned, leased or operated by
the Company and the Guarantors or any of their subsidiaries (the “Properties”) do not contain any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances,
materials or wastes, defined or regulated as such in or under any Environmental Law (as defined below), including, without limitation, asbestos, perchlorate, polychlorinated biphenyls and urea-formaldehyde insulation (“Materials of
Environmental Concern”) in amounts or concentrations which (i) constitute a violation of, or (ii) could reasonably be expected to give rise to liability on behalf of any of the Company or the Guarantors under, any and all
applicable foreign, federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of (i) human health from exposure to any Materials of Environmental Concern or (ii) the
environment, as now or may at any time be in effect during the term of this Agreement (“Environmental Law”); 
 (ii) The Properties, including any vessel owned, bareboat chartered or operated by the Company or the Guarantors and their respective subsidiaries other than Vessels owned by an entity other than the
Company and the Guarantors and which are managed under Vessel management agreements, (the “Vessels”), and all operations of the Company and the Guarantors and/or their respective subsidiaries at the Properties or respecting
the Vessels are in compliance, and have in the last five years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any Environmental Law with respect to the
Properties, including the Vessels, or the business operated by the Company, the Guarantors or any of their subsidiaries (the “Business”); 

(iii) Materials of Environmental Concern have not been transported or disposed of from the Properties, including the
Vessels, in violation of, or in a manner or to a location that could reasonably be expected to give rise to liability on behalf of the Company or the Guarantors under any Environmental Law, and no Materials of Environmental Concern have been
generated, treated, stored or disposed of at, on or under any of the Properties or from the Vessels in violation of, or in a manner that could reasonably be expected to give rise to liability on behalf of the Company or the Guarantors under, any
applicable Environmental Law; and 
 (iv) there has been no release or threat of release of Materials of
Environmental Concern at or from the Properties, including the Vessels, or arising from or related to the operations of the Company or the Guarantors or any Subsidiary in connection with the Properties, including the Vessels, or otherwise in
connection with the Business, in violation of or in amounts or in a manner that could reasonably be expected to give rise to liability on behalf of the Company or the Guarantors under Environmental Laws. 

(aa) (i) Each “employee benefit plan” (within the meaning of Section 3(3) of the Employee
Retirement Security Act of 1974, as amended (“ERISA”) and whether or not subject to ERISA) that is or, in the past six years has been maintained, administered or contributed to, or has had any obligation to contribute to, by
any of the Company, the Guarantors or any member of the respective Controlled Group (each a “Plan”), has been maintained in compliance with its terms and with the requirements of all applicable statutes,

  
 9 

 
rules and regulations including ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with
respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) no Plan is or was subject to Title IV of ERISA or is or was a Multiemployer Plan; (iv) each Plan that is intended to be
qualified under Section 401(a) of the Code is so qualified and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification; and (v) none of the Company or the Guarantors or a member of a
Controlled Group under any of them has any material liability with regards to any post-retirement welfare benefit under a Plan other than as required by Part 6 of Subtitle B of Title I of ERISA or similar required continuation of coverage law.

 (bb) The Parent. and each of its subsidiaries maintains a system of internal control over
financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed by, or under the supervision of, the Parent’s principal executive and
principal financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the
United States. The Parent, and each of its subsidiaries maintains internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles in the United States, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance
with management’s general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of the relevant entity’s financial statements in conformity with accounting principles generally accepted in the
United States and to maintain accountability for its assets, (iii) access to the relevant entity’s assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for the relevant entity’s assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. As of the date of the most recent consolidated balance sheet of the Parent, reviewed or
audited by Ernst & Young LLP, there were no material weaknesses in any of the Parent’s or its subsidiaries’ internal control over financial reporting. 

(cc) After giving effect to the Transactions (including, without limitation, the retirement of existing
indebtedness and the related agreements contemplated thereby), none of the Company, the Guarantors or any of their respective subsidiaries (i) is in violation of its certificate of formation, limited liability company agreement, charter or
by-laws (or similar organizational documents), (ii) is in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant, condition or
other obligation contained in any indenture, mortgage, deed of trust, loan agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which any of its properties or assets is subject, or (iii) is in
violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it or its property or assets or has failed to obtain any license, permit, certificate, franchise or other governmental
authorization or permit necessary to the ownership of its property or to the conduct of its business, except in the case of clauses (ii) and (iii), to the extent any such conflict, breach, violation, failure or default would not, individually
or in the aggregate, have a Purchase Agreement Material Adverse Effect. 

  
 10 

 (dd) None of the Parent, the Company, the other Guarantors
or any of their respective subsidiaries, nor, to the knowledge of the Parent, the Company or the other Guarantors, any director, officer, manager, member, agent, employee or other person associated with or acting on behalf of the Parent, the
Company, the other Guarantors or any of their respective subsidiaries, has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or
indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate,
payoff, influence payment, kickback or other unlawful payment. 
 (ee) None of the Transactions
will violate or result in a violation of Regulations T, U and X of the Board of Governors of the Federal Reserve System. 
 (ff) The Parent, the Company and the other Guarantors and their respective Affiliates have not taken, directly or indirectly, any action designed to or that has constituted or that would reasonably be
expected to cause or result in the stabilization or manipulation of the price of the First Lien Notes, the Second Lien Notes, the New Convertible Notes, the Existing Convertible Notes or the common stock of the Parent. 

(gg) (i) The Parent and its subsidiaries maintains “disclosure controls and procedures” (as such
term is defined in Rule 13a-15(e) under the Exchange Act), (ii) such disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Parent and its subsidiaries in the reports they file or submit
under the Exchange Act is accumulated and communicated to management of the Parent and its subsidiaries, including their respective principal executive officers and principal financial officers, as appropriate, to allow timely decisions regarding
required disclosure to be made; and (iii) such disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. 

(hh) Except as disclosed in the Disclosure Package, since the date of the most recent balance sheet of the
Company and the Parent and their respective consolidated subsidiaries included in the Disclosure Package, (i) the Company and the Parent have not been advised of or become aware of (A) any significant deficiencies in the design or
operation of internal control over financial reporting, that could adversely affect the ability of the Company, the Parent or any of their respective subsidiaries to record, process, summarize and report financial data, or any material weaknesses in
internal control over financial reporting, and (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial reporting of any of the Company, the Parent
and each of their respective subsidiaries; and (ii) there have been no significant changes in internal control over financial reporting or in other factors that could significantly affect internal control over financial reporting, including any
corrective actions with regard to significant deficiencies and material weaknesses. 

  
 11 

 (ii) After giving effect to the Transactions (including,
without limitation, the retirement of existing indebtedness and the related agreements contemplated thereby), the Company and each Guarantor owns and has good title to its “Collateral” (as defined in Exhibit I hereto), free
and clear of all “Liens” (as defined in Exhibit I hereto) other than “Permitted Liens” (as defined in Exhibit I hereto). The Liens granted under the Indenture and the Security Agreement (the
“First Lien Note Liens”) will constitute valid and continuing Liens on the Collateral in favor of the Trustee on behalf of and for the benefit of the holders of the First Lien Notes, which Liens on the Collateral
(1) will have been perfected (as described in, and subject to any exceptions to be set forth in the Disclosure Package) (2) will have the priority set forth in the Disclosure Package, and (3) will be enforceable as such as against
creditors of and purchasers from the Company and each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or
affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). The Company and the Guarantors will have received all consents and
approvals required by the terms of the Security Agreement to the pledge of the Collateral to the Trustee under the Indenture and under the Security Agreement. As of the Closing Date, all action necessary to perfect the First Lien Note Liens will
have been duly taken. 
 (jj) After giving effect to the Transactions (including, without
limitation, the retirement of existing indebtedness and the related agreements contemplated thereby), other than Liens granted pursuant to the Transaction Documents and Permitted Liens, none of the Company or the Guarantors have pledged, assigned,
sold or granted a security interest in the Collateral. All actions necessary (including the filing of UCC-1 financing statements and filings with the United States Patent and Trademark Office, the United States Copyright Office or any applicable
foreign intellectual property office or agency) to protect and evidence the Trustee’s Liens in the Collateral will have been duly and effectively taken by the Company and the Guarantors (as described in, and subject to any exceptions to be set
forth in the Security Agreement). After giving effect to the Transactions (including, without limitation, the retirement of existing indebtedness and the related agreements contemplated thereby), no security agreement, financing statement,
equivalent security or Lien instrument or continuation statement authorized by the Company or any Guarantor and listing the Company or any Guarantor as debtor covering all or any part of the Collateral shall be on file or of record in any
jurisdiction, except in respect of Permitted Liens or such as may have been filed, recorded or made as contemplated by the Transaction Documents. 

(kk) The historical financial statements (including the related notes and supporting schedules) included
in Disclosure Package present fairly in all material respects the financial condition, results of operations and cash flows of the entities purported to be shown thereby, at the dates and for the periods indicated, and have been prepared in
conformity with accounting principles generally accepted in the United States applied on a consistent basis throughout the periods involved. 
 (ll) The pro forma financial statements included in the Disclosure Package include assumptions that provide a reasonable basis for presenting the significant effects directly attributable to the
Transactions, and the related pro forma adjustments give appropriate 

  
 12 

 
effect to those assumptions. The pro forma financial statements included in the Disclosure Package have been prepared in accordance with the Commission’s rules and guidance with respect to
pro forma financial information. The pro forma financial statements set forth in the Disclosure Package have been prepared on the basis consistent with such historical financial statements, include all material adjustments to the historical
financial data required by Rule 11-02 of Regulation S-X to reflect the Transactions, and give effect to assumptions made on a reasonable basis and in good faith present fairly in all material respects the Transactions. 

(mm) No labor disturbance by or dispute with the employees of the Parent or any of its subsidiaries exists
or, to the knowledge of the Parent or such subsidiaries, is imminent that would reasonably be expected to have a Purchase Agreement Material Adverse Effect. 

(nn) Except as disclosed in the Disclosure Package, there is and has been no material failure on the part
of the Company or the Guarantors, to the extent applicable, or any of the Company’s or the Guarantors’ directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated in connection therewith. 
 (oo) The operations of the Company, the
Guarantors and their respective subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the
money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, the Guarantors or any of their respective subsidiaries with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company or the Guarantors, threatened. 
 (pp) None of the Company, the Guarantors or any of their respective subsidiaries nor, to the knowledge of any of the Company or the Guarantors, any director, officer, manager, member, agent, employee or
affiliate of any of the Company, the Guarantors or any of their respective subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”);
and the Company and the Guarantors will not directly or indirectly use the proceeds of the offering of the First Lien Notes, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or
entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 (qq) Immediately after the consummation of the Transactions, each of the Company and the Guarantors will be Solvent. As used in this paragraph, the term “Solvent” means, with
respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the relevant entity are not less than the total amount required to pay the probable liabilities of such entity
on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) the relevant entity is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and

  
 13 

 
commitments as they mature and become due in the normal course of business, (iii) assuming the completion of the transactions contemplated by the Transaction Documents, the relevant entity
is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv) the relevant entity is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which
its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged, and (v) the relevant entity is not a defendant in any civil action that is
reasonably expected to result in a judgment that such entity is or would become unable to satisfy. In computing the amount of such contingent liabilities at any time, it is intended that such liabilities will be computed at the amount that, in the
light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

(rr) None of the Company or the Guarantors is a party to any contract, agreement or understanding with any
person that would give rise to a valid claim against any of them or the Purchaser for a brokerage commission, finder’s fee or like payment in connection with the Transactions. 

Any certificate signed by any officer of the Company and delivered to the Purchaser or counsel for the Purchaser in
connection with the offering of the First Lien Notes shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the Purchaser, and not a representation or warranty by the individual officer. 

Any certificate signed by any officer of any of the Guarantors and delivered to the Purchaser or counsel for the
Purchaser in connection with the offering of the First Lien Notes shall be deemed a representation and warranty by such Guarantor, as to matters covered thereby, to the Purchaser, and not a representation or warranty by the individual officer.

 4. Representations, Warranties and Agreements of the Purchaser. The Purchaser hereby represents and
warrants to the Company and the Guarantors as follows (it being understood that the Purchaser does not make any representation, warranty, covenant or agreement to any other purchaser of First Lien Notes or to the Company or the Guarantors on behalf
of any other purchaser of the First Lien Notes): 
 (a) The Purchaser (i) is knowledgeable,
sophisticated and experienced in making, and is qualified to make, decisions with respect to investments in securities representing an investment decision like that involved in the purchase of the First Lien Notes, and has requested, received,
reviewed and considered all information it deems relevant in making an informed decision to purchase the First Lien Notes; (ii) is acquiring the First Lien Notes in the ordinary course of its business and for its own account for investment
purposes only and with no present intention of distributing any of such First Lien Notes or any arrangement or understanding with any other persons regarding the distribution of such First Lien Notes; and (iii) will not, directly or indirectly,
offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the First Lien Notes except in compliance with the Securities Act and any applicable state securities
laws. 

  
 14 

 (b) The Purchaser is a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act. 
 (c) The Purchaser
understands and acknowledges that (i) the First Lien Notes are being offered in transactions not involving any public offering within the meaning of the Securities Act; (ii) the initial offering and issuance of the First Lien Notes has not
been registered under the Securities Act or any other securities laws, (iii) if in the future it decides to resell, pledge or otherwise transfer the First Lien Notes that it purchases hereunder, those First Lien Notes, absent an effective
registration statement under the Securities Act, may be resold, pledged or transferred only pursuant to an applicable exemption from registration under the Securities Act in accordance with any applicable securities laws of the states and other
jurisdictions of the United States, and (iv) it will, and each subsequent holder of any of the First Lien Notes that it purchases in this offering is required to, notify any subsequent purchaser of such First Lien Notes from it or subsequent
holders, as applicable, of the resale restrictions referred to in clause (iii) above. 
 (d)
The Purchaser understands and acknowledges that the Company and the Guarantors are relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understanding of
the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire the First Lien Notes. 

(e) The Purchaser understands that the First Lien Notes will bear a restrictive legend substantially in
the following form: 
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (i) (a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES 

  
 15 

 
ACT, OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), (ii) TO THE
ISSUER, OR (iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144
FOR RESALE OF THE SECURITY EVIDENCED HEREBY.” 
 (f) (i) The Purchaser has full right,
power, authority and capacity to enter into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (ii) the execution,
delivery and performance of the Agreement by the Purchaser and the consummation of the transactions herein contemplated will not violate any provision of the organizational documents of the Purchaser or any statute or any authorization, judgment,
decree, order, rule or regulation of any court or any regulatory body, administrative agency or other governmental body applicable to Purchaser. 
 (g) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement of the First Lien Notes
or the fairness or suitability of the investment in the First Lien Notes nor have such authorities passed upon or endorsed the merits of the offering of the First Lien Notes. 

(h) The Purchaser’s principal executive offices are in the jurisdiction set forth under the
Purchaser’s signature on the signature block hereto. 
 (i) The Purchaser acknowledges that
the Company, the Guarantors and its counsel will rely upon the accuracy of the foregoing acknowledgments, representations and agreements. The Purchaser agrees that if any of the acknowledgments, representations or agreements that Purchaser is deemed
to have made by its purchase of the First Lien Notes is no longer accurate, it shall promptly notify the Company and the Guarantors. If the Purchaser is purchasing the First Lien Notes as a fiduciary or agent for one or more investor accounts, the
Purchaser represents that it has sole investment discretion with respect to each of those accounts and full power to make the above acknowledgments, representations and agreements on behalf of each account. 

  
 16 

 5. Agreements of the Company and the Guarantors. The Company and the
Guarantors, jointly and severally, agree with the Purchaser as follows: 
 (a) The Company and
the Guarantors will apply the net proceeds from the sale of the First Lien Notes to be sold by the Company hereunder substantially in accordance with the description set forth in the Disclosure Package under the caption “Unaudited Pro Forma
Condensed Combined Financial Information”. 
 (b) The Company, the Guarantors and their
respective Affiliates will not take, directly or indirectly, any action designed to or that has constituted or that reasonably could be expected to cause or result in the stabilization or manipulation of the price of any security of the Company and
the Guarantors in connection with the offering of the First Lien Notes. 
 (c) The First Lien
Notes will be eligible for clearance and settlement in the United States through DTC and in Europe through Euroclear Bank, S.A./N.V., or Clearstream Banking, société anonyme. 

(d) The Company and the Guarantors will not, and will not cause their respective Affiliates to, engage in
any “directed selling efforts” within the meaning of Rule 902 under the Securities Act. 
 (e) The Company and the Guarantors will, and will cause their respective Affiliates to, comply with and implement the “offering restrictions” required by Rule 902 under the Securities Act with
respect to the sale of the First Lien Notes. 
 (f) The Company and the Guarantors agree not to
sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in the Securities Act) that would be integrated with the sale of the First Lien Notes in a manner that would require the registration under
the Securities Act of the sale to the Purchaser of the First Lien Notes. The Company and the Guarantors will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as
defined in Rule 902 under the Securities Act) or U.S. resident (as defined in the Investment Company Act), of any Notes or any substantially similar security issued by the Company or the Guarantors, within six months subsequent to the date on which
the distribution of the First Lien Notes has been completed (as notified to the Company by the Purchaser), is made under restrictions and other circumstances reasonably designed not to affect the status of the offer and sale of the First Lien Notes
in the United States and to U.S. persons or U.S. residents contemplated by this Agreement as transactions exempt from the registration provisions of the Securities Act, including any sales pursuant to Rule 144A under, or Regulations D or S of, the
Securities Act. 
 (g) The Company and the Guarantors agree to comply with all agreements set
forth in the representation letters of the Company and the Guarantors to DTC relating to the approval of the First Lien Notes by DTC for “book entry” transfer. 

  
 17 

 6. Conditions to Purchaser’s Obligations. The obligations of the
Purchaser hereunder are subject (i) to the accuracy of the representations and warranties of the Company and the Guarantors contained herein, (ii) to the accuracy of the statements of each of the Company, the Guarantors and each of their
respective officers made in any certificate delivered pursuant hereto, (iii) to the performance by the Company and the Guarantors of their respective obligations hereunder, and (iv) to each of the following additional terms and conditions:

 (a) All corporate proceedings and other legal matters incident to the authorization, form and
validity of the Transaction Documents and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Purchaser, and the Company and the
Guarantors shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters. 

(b) Kirkland & Ellis, LLP, special counsel to the Company and the Guarantors, shall have
delivered an opinion reasonably satisfactory to the Purchaser; 
 (c) Carlsmith Ball LLP, special
Hawaii counsel to Hawaii Stevedores, Inc., shall have delivered an opinion reasonably satisfactory to the Purchaser; 
 (d) The Parent shall have furnished or caused to be furnished to the Purchaser a certificate of the Chief Financial Officer of the Parent, or other officers satisfactory to the Purchaser, dated the date
hereof, as to such matters as the Purchaser may reasonably request, including, without limitation, a statement that: 
 (i) The representations, warranties and agreements of the Company and the Guarantors, as applicable, in Section 3 herein and in any other Transaction Document to which each of the Company and any of
the Guarantors, as applicable, is a party are true and correct, and the Company and the Guarantors, as applicable, has complied with all its agreements contained herein and in any other Transaction Document to which it is a party and satisfied all
the conditions on its part to be performed or satisfied hereunder or thereunder; 
 (ii) They
have carefully examined the Disclosure Package and, in their opinion, the Disclosure Package, as of the date hereof, does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 
 (e) The
Parent shall have furnished or caused to be furnished to the Purchaser a certificate of the Parent, dated the date hereof, substantially in the form of Exhibit VI hereto. 

(f) The Parent shall have furnished or caused to be furnished to the Purchaser a solvency certificate,
dated the date hereof, substantially in the form of Exhibit VII hereto. 
 (g) The First Lien
Notes shall be eligible for clearance and settlement through DTC. 

  
 18 

 (h) The Company and the Trustee shall have executed and
delivered the Indenture, and the Purchaser shall have received an original copy thereof, duly executed by the Company and the Trustee. 
 (i) The First Lien Notes shall have been duly executed and delivered by the Company and duly authenticated by the Trustee. 

(j) The Note Guarantees shall have been duly executed and delivered by the Guarantors. 

(k) Each Notation of Guarantee shall have been duly executed and delivered by the Guarantors. 

(l) Each of the Transaction Documents shall have been duly executed and delivered by the respective
parties thereto (other than the Purchaser). 
 (m) The representations and warranties of each of
the Company and the Guarantors (to the extent a party thereto) contained in the Transaction Documents to which each of the Company and any such Guarantor is a party are true and correct as of the date hereof. 

(n) First Lien Notes (in an aggregate principal amount equal to $225.0 million less the aggregate
principal amount of First Lien Notes sold hereby) shall have been sold pursuant to the other First Lien Purchase Agreements simultaneously with the sale of the First Lien Notes sold hereby, and the use of proceeds therefrom shall conform to the
description in the Disclosure Package under “Unaudited Pro Forma Condensed Combined Financial Information”. 
 (o) The Second Lien Notes shall have been issued, and the use of proceeds therefrom shall conform to the description in the Disclosure Package under “Unaudited Pro Forma Condensed Combined Financial
Information”. 
 (p) All parties to the New ABL Facility shall have executed and delivered
the New ABL Facility and all borrowings thereunder contemplated by the Disclosure Package shall have been made. 
 (q) The Exchange Offer and the other Transactions shall have been consummated as contemplated by the Disclosure Package. 

All opinions, letters, evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in
compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Purchaser. 
 7. Indemnification and Contribution. 
 (a)
Each of the Company and the Guarantors hereby agrees, jointly and severally, to indemnify and hold harmless the Purchaser, its Affiliates, directors, officers and employees and each person, if any, who controls the Purchaser within the meaning of
Section 15 

  
 19 

 
of the Securities Act or Section 20 of the Exchange Act, from and against any loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not limited
to, any loss, claim, damage, liability or action relating to purchases and sales of First Lien Notes), to which the Purchaser, affiliate, director, officer, employee or controlling person may become subject, under the Securities Act or otherwise,
insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any breach by the Company or the Guarantors of any representation or warranty or material failure to comply with any of the covenants and agreements
contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained (A) in the Disclosure Package or in any amendment or supplement thereto, (B) in any Blue Sky application or other document
prepared or executed by the Company or the Guarantors (or based upon any written information furnished by the Company or the Guarantors) specifically for the purpose of qualifying any or all of the First Lien Notes under the securities laws of any
state or other jurisdiction (any such application, document or information being hereinafter called a “Blue Sky Application”), (iii) the omission or alleged omission to state in the Disclosure Package, or in any
amendment or supplement thereto, in any Blue Sky Application, any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (iv) the Transactions (other than
those contemplated by this Agreement) and shall reimburse the Purchaser and each such director, officer, employee or controlling person promptly upon demand for any legal or other expenses reasonably incurred by the Purchaser, affiliate, director,
officer, employee or controlling person in connection with investigating or defending or preparing to defend against any such loss, claim, damage, liability or action as such expenses are incurred. The foregoing indemnity agreement is in addition to
any liability that the Company and the Guarantors may otherwise have to the Purchaser or to any affiliate, director, officer, employee or controlling person of the Purchaser. 

(b) Promptly after receipt by an indemnified party under this Section 7 of notice of any claim or the
commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in writing of the claim or the commencement of that action;
provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under this Section 7 except to the extent it has been materially prejudiced (through the forfeiture of
substantive rights or defenses) by such failure and; provided, further, that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under this
Section 7. If any such claim or action shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly
with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the
defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense thereof
other than reasonable costs of investigation; provided, however, that the Purchaser shall have the right to employ counsel to represent jointly the Purchaser and its directors, officers, employees and controlling persons who may be
subject to liability arising out of any claim in respect of which indemnity may be sought by the Purchaser against any of the Company or the Guarantors under this Section 7, if (i) the Company, the

  
 20 

 
Guarantors and the Purchaser shall have so mutually agreed; (ii) the Company and the Guarantors have failed within a reasonable time to retain counsel reasonably satisfactory to the
Purchaser; (iii) the Purchaser and its respective directors, managers, officers, employees and controlling persons shall have reasonably concluded, based on the advice of counsel, that there may be legal defenses available to them that are
different from or in addition to those available to the Company or the Guarantors; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Purchaser or its directors, officers, employees or
controlling persons, on the one hand, and the Company or the Guarantors, on the other hand, and representation of both sets of parties by the same counsel would present a conflict due to actual or potential differing interests between them, and in
any such event the fees and expenses of such separate counsel shall be paid by the Company and the Guarantors. No indemnifying party shall (x) without the prior written consent of the indemnified parties (which consent shall not be unreasonably
withheld), settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or
proceeding and does not include a statement as to, or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party, or (y) be liable for any settlement of any such action effected without its written consent
(which consent shall not be unreasonably withheld), but if settled with the consent of the indemnifying party or if there be a final judgment of the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any
indemnified party from and against any loss or liability by reason of such settlement or judgment. 
 (c) If the indemnification provided for in this Section 7 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 7(a) in respect of any loss,
claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of
such loss, claim, damage or liability, or action in respect thereof, in such proportion as shall be appropriate to reflect the relative fault of the Company and the Guarantors, on the one hand, and the Purchaser, on the other, with respect to the
statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to whether the untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors, or the Purchaser, the intent of the parties and their relative knowledge, access
to information and opportunity to correct or prevent such statement or omission. The Company, the Guarantors and the Purchaser agree that it would not be just and equitable if contributions pursuant to this Section 7(c) were to be determined by
pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or
action in respect thereof, referred to above in this Section 7 shall be deemed to include, for purposes of this Section 7 any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. 

  
 21 

 8. Termination. The obligations of the Purchaser hereunder may be
terminated by the Purchaser by notice given to and received by the Company prior to delivery of and payment for the First Lien Notes if the Purchaser shall decline to purchase the First Lien Notes for any reason permitted under this Agreement.

 9. Notices, etc. All statements, requests, notices and agreements hereunder shall be in writing, and:

 (a) if to the Purchaser, shall be delivered or sent by hand delivery, mail, telex, overnight
courier or facsimile transmission to the address specified on the signature page hereto, with a copy to Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY 10019, Attention: Lawrence Wee; and 

(b) if to any of the Company or the Guarantors, shall be delivered or sent by mail, overnight courier or
facsimile transmission to Horizon Lines, Inc. 4064 Colony Road, Suite 200, Charlotte, NC 28211, Attention: General Counsel, with a copy to Kirkland & Ellis LLP, 601 Lexington Avenue, New York, NY 10023, Attention: Christian Nagler.

 10. Survival. The respective indemnities, rights of contribution, representations, warranties and
agreements of the Company or the Guarantors and the Purchaser contained in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive the delivery of and payment for the First Lien Notes and shall remain
in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of any of them or any person controlling any of them. 

11. Definition of the Terms “Business Day”, “Affiliate”, and “Subsidiary.” For
purposes of this Agreement, (a) “business day” means any day on which the New York Stock Exchange, Inc. is open for trading, and (b) “affiliate” and “subsidiary” have the meanings set forth in Rule 405 under
the Securities Act. 
 12. Governing Law. This Agreement and any matters arising out of or in any way
relating to this Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 13. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any of the transactions contemplated hereby, or for recognition and enforcement of any judgment in
respect thereof, to the non-exclusive general jurisdiction of the State or Federal courts sitting in the Borough of Manhattan, the City of New York (“New York Courts”); 

(b) consents that any such action or proceeding may be brought in such New York Courts and waives any objection that it
may now or hereafter have to the venue of any such action or proceeding in any such New York Court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

  
 22 

 (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to any party hereto at its address set forth in Section 9 or at such other address of which such party shall have
been notified pursuant thereto; and 
 (d) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 13 any special, exemplary, punitive or consequential damages. 
 14. Waiver of Jury
Trial. The Company, the Guarantors and the Purchaser hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. 
 15. Counterparts. This Agreement may be executed in one or more
counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument. 

16. Headings. The headings herein are inserted for convenience of reference only and are not intended to be part
of, or to affect the meaning or interpretation of, this Agreement. 
 17. Delivery of Payment. If the
Company has not received payment in full for any of the First Lien Notes purchased pursuant hereto prior to 4:00 p.m., New York City time, on October 5, 2011, upon written request by the Company, the Purchaser shall surrender to the Company for
cancellation such First Lien Notes for which payment has not been received. 

  
 23 

 If the foregoing correctly sets forth the agreement among the Company, the
Guarantors and the Purchaser, please indicate your acceptance in the space provided for that purpose below. 
  

					
	 HORIZON LINES, LLC

		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	
	
	The Company hereby acknowledges receipt of $[            ] from the Purchaser as payment for the First
Lien Notes indicated on the signature page hereto.
	
	 GUARANTORS:

	
	 HORIZON LINES, INC.
 HORIZON LINES HOLDING CORP.
 HAWAII STEVEDORES, INC.

HORIZON LINES OF PUERTO RICO, INC.

HORIZON LINES OF ALASKA, LLC
 HORIZON LINES OF
GUAM, LLC
 HORIZON LINES VESSELS, LLC

H-L DISTRIBUTION SERVICE, LLC
 HORIZON LOGISTICS,
LLC
 AERO LOGISTICS, LLC
 SEA-LOGIX,
LLC
 HORIZON SERVICES GROUP, LLC

		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

 [Signature Page to Note Purchase Agreement] 

 Accepted: 
 [    ] 

							
		 	 a
	 	  
	 	  

		 		 	[Jurisdiction]	 	  [Form of Entity]

 on behalf of certain funds and/or accounts 

it manages and/or advises 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

 Principal executive office of the Purchaser: 
 c/o [    ] 
 The above Purchaser hereby acknowledges receipt of
$[            ] aggregate principal amount of First Lien Notes. 

  

[Signature Page to Note Purchase Agreement] 

 Annex 1 
 Purchaser’s DTC Account Information 

  
 Annex 1

 Exhibit I 
 Form of Indenture for the First Lien Notes 

 Exhibit II 
 Form of Security Agreement 

  
 3 

 Exhibit III 
 Form of Intercreditor Agreement 

  
 4 

 Exhibit IV 
 Form of Registration Rights Agreement 

  
 5 

 Exhibit V 
 List of Subsidiaries of the Company and the Guarantors 
  

			
		 	HORIZON LINES, INC.
		 	HORIZON LINES HOLDING CORP.
		 	HAWAII STEVEDORES, INC.
		 	HORIZON LINES OF PUERTO RICO, INC.
		 	HORIZON LINES OF ALASKA, LLC
		 	HORIZON LINES OF GUAM, LLC
		 	HORIZON LINES VESSELS, LLC
		 	H-L DISTRIBUTION SERVICE, LLC
		 	HORIZON LOGISTICS, LLC
		 	AERO LOGISTICS, LLC
		 	SEA-LOGIX, LLC
		 	HORIZON SERVICES GROUP, LLC

  
 6 

 EXHIBIT VI 
 OFFICER’S CERTIFICATE OF 
 HORIZON LINES, INC. 

The undersigned,
[                    ], does hereby certify that he is the
[                    ] of Horizon Lines, Inc., a Delaware corporation (the “Company”). Reference is hereby made to the commitment letters,
dated as of August 26, 2011 (each, a “Commitment Letter” and collectively, the “Commitment Letters”) by and between the Company and holders of its 4.25% convertible senior notes due in 2012 issued under the Indenture, dated
as of August 8, 2007, by and between the Company, as issuer, and The Bank of New York Trust Company, N.A., as Trustee, in the aggregate principal amount of $330,000,000.00 and certain other third parties (each, a “Commitment Party”
and collectively, the “Commitment Parties”). 
 Pursuant to Section 7 of each Commitment Letter,
the funding of the commitment of each Commitment Party is subject to satisfaction of, among other things, the legal and documentary conditions described on Exhibit G to each Commitment Letter, attached hereto as Annex A. 

Pursuant to Section 21 of Exhibit G of each Commitment Letter, I do hereby certify, in my capacity as such officer
and not in a personal capacity, on behalf of the Company, that all of the conditions set forth in items 6, 7, 8, 10, 12, 13, 14, 16, 17, 18 and 20 of Exhibit G (to the extent such conditions do not consist of the satisfaction of or approvals of the
Commitment Parties or their representatives) of each Commitment Letter have been satisfied. 
 [Remainder of page intentionally
left blank] 

  
 7 

 IN WITNESS WHEREOF, the undersigned have executed this Officer’s
Certificate as of this 5th day of October, 2011. 
  

			
	HORIZON LINES, INC.
		
	By:	 	  

	Name:
	Title

  
 8 

 ANNEX A 

Exhibit G to Commitment Letter 
 Legal and Documentary Conditions 
 In addition to the conditions described in the
body of the Commitment Letter, the obligations of each Commitment Party under the Commitment Letter to fund its Commitment with respect to the Secured Notes are subject to the satisfaction or waiver (in accordance with the “Amendments”
Section thereof) of the following additional conditions precedent (capitalized terms used and not otherwise defined in this Exhibit G have the meanings given to them in the Commitment Letter or Exhibit C and D, as applicable): 

18. Exchange Offer, New ABL Facility. The Exchange Offer and entry into the New ABL Facility shall be consummated pursuant to the RSAs
substantially simultaneously with the purchase of the Secured Notes and no provision thereof shall have been amended or waived (and, in the case of the New ABL Facility, no consent to deviation from the requirements thereof shall have been granted
by the lenders thereunder), in each case, in any material respect adverse to the Commitment Parties, solely in their capacity as providers of their respective Commitment. 
 19. Financing Terms. The terms of the Secured Notes, the terms and conditions of the Convertible Secured Notes and the New ABL Facility (including but not limited to terms and conditions relating
to the interest rate, fees, amortization, maturity, subordination, covenants, events of default and remedies), shall be consistent in all material respects with the terms set forth herein and in the RSAs and otherwise reasonably satisfactory in all
respects to the Commitment Parties. 
 20. Absence of Defaults. There shall not exist any default or event of default on the Closing Date
under the Indenture after giving effect to the use of the proceeds of the Secured Notes. There shall not exist any default or event of default on the Closing Date under the Note Purchase Agreements. 

21. Trustees. The trustee under the indenture governing the First Lien Secured Notes, the trustee under the indenture governing the Second Lien
Secured Notes and the trustee under the indenture governing the Convertible Secured Notes shall not have taken action that would reasonably be expected to adversely affect (in any material respect) the consummation of any of the Transactions on the
Closing Date and shall have taken no action that challenges the validity or effectiveness of the procedures used by the Company in the making the Exchange Offer or the Consent Solicitation. 
 22. Definitive Documentation; Customary Closing Documents. The parties shall have executed and delivered (or be willing to execute and deliver) for the First Lien Secured Notes and the Second Lien
Secured Notes (a) the respective Note Purchase Agreements, containing a 10b-5 representation in connection with any transaction contemplated by the Restructuring, including the Exchange Offer, as to the information contained in the S-4
registration statement filed, and agreed upon indemnities plus other terms, consistent in all material respects with this Commitment Letter, by and among the Issuer and the other parties thereto (including a representation by each purchaser
thereunder that it is either a “qualified institutional buyer” or an 

  
 9 

 
institution that is an “accredited investor” (each as defined in the Security Act)), except that as the Commitment Parties are not underwriters, there shall be no requirement for an
offering memorandum or other offering documentation beyond the documentation and information necessary to satisfy the requirements of Rule 144A(d)(4) promulgated under the Securities Act; (b) the indenture governing the First Lien Secured Notes
consistent with the terms set forth in Exhibit C and otherwise containing customary terms for the First Lien Secured Notes issued in a private placement and eligible for resale on a “144A-for-life” basis; (c) the indenture governing
the Second Lien Secured Notes consistent with the terms set forth in Exhibit D and otherwise containing customary terms for the Second Lien Secured Notes issued in a private placement and eligible for resale on a “144A-for-life” basis; and
(d) pledge and security agreements covering the collateral for the First Lien Secured Notes and the Second Lien Secured Notes; in each of cases (a) through (d) in form and substance consistent in all material respects with this
Commitment Letter and otherwise reasonably satisfactory to the Supermajority Commitment Parties and the Company (collectively, the “Definitive Documentation”); and the Commitment Parties shall have received customary closing
certificates (including a solvency certificate of a financial officer as to the solvency of the Borrower and its subsidiaries, taken as a whole, after giving effect to the Transactions), customary legal opinions (for the avoidance of doubt, other
than a 10b-5 letter), customary corporate documents, customary evidence of corporate authority, and customary certificates of good standing in the Loan Parties’ respective jurisdictions of formation. 

23. Representations and Warranties. The representations and warranties made by the Company and its subsidiaries herein, or which are contained in
any certificate furnished at any time under or in connection herewith shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct and (ii) with respect to representations and
warranties that do not contain a materiality qualification, be true and correct in all material respects, in each case on and as of the Closing Date as if made on and as of such date (except for those which expressly relate to an earlier date).

 24. Bankruptcy. There shall be no bankruptcy or insolvency proceedings pending with respect to the Company or any subsidiary thereof.

 25. Discharge of Existing Debt. After giving effect to the Transactions, the Company and its subsidiaries shall have (A) no
outstanding indebtedness other than (i) up to $280 million of Convertible Secured Notes, (ii) $325 million of Secured Notes, (iii) borrowings under the New ABL Facility; and (iv) existing Notes that have not been tendered into
the Exchange Offer in an aggregate principal amount not exceeding the amount permitted to remain outstanding after the Closing Date under the terms of the RSAs; and (B) no liens in respect of borrowed money, other than liens permitted by or
expressly provided for under the New ABL Facility, Bridge Loan Facility or the indentures governing the First Lien Secured Notes and the Second Lien Secured Notes and/or liens outstanding immediately prior to the Closing Date (and not securing the
First Lien Facility). 
 26. Expenses. All expenses, including legal fees, required to be paid to the Commitment Parties under the
“Expenses” section of this Commitment Letter shall have been paid in full. 

  
 10 

 27. Litigation. Except as disclosed in the RSAs, there shall not have been instituted, threatened or
be pending against, or with respect to, the Company or any of its subsidiaries any action, bankruptcy or insolvency, injunction, proceeding, application, order, claim counterclaim or investigation (whether formal or informal) (and there shall have
been no material adverse development to any action, application, claim counterclaim or proceeding currently instituted, threatened or pending) before or by any stock exchange, court or any governmental, regulatory or administrative agency or
instrumentally, domestic or foreign, or by any other person, domestic or foreign, in connection with the Transactions that would or would reasonably be expected to (i) prohibit, prevent, restrict or delay consummation of any of the
Transactions, or (ii) impose burdensome restrictions on the Transactions. 
 28. Intercreditor Agreement. The agent, on behalf of
itself and the lenders, under the New ABL Facility shall have entered into an intercreditor agreement (the “Intercreditor Agreement”) with the trustee on behalf of the purchasers of the First Lien Secured Notes, the trustee on
behalf of the purchasers of the Second Lien Secured Notes and the trustee on behalf of the holders of new Convertible Secured Notes that is not materially less favorable to the holders of the First Lien Secured Notes and the holders of the Second
Lien Secured Notes than the terms described on Exhibit C and D, respectively. 
 29. Audited Financial Statements. The Commitment Parties
shall have received audited consolidated balance sheets and related statements of operations, stockholder’s equity and cash flows, together with all footnotes thereto, accompanied by the reports thereon of the accountants of the Company and its
subsidiaries as of and for the three most recently completed fiscal years ended at least ninety days before the Closing Date, which (x) were prepared in accordance with the books of account and other financial records of the Company,
(y) except as disclosed in the Secured Notes and schedules thereto, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), consistently applied without modification of the
accounting principles used in the preparation thereof throughout the periods presented, and (z) present fairly the consolidated financial condition, results of operations and cash flows of the Company, as applicable, as at the dates and for the
periods indicated therein, except to the extent any failure of the foregoing clauses to be true and correct does not result in or constitute a MAC (as defined in the RSAs). 
 30. Unaudited Financial Statements. The Commitment Parties shall have received (a) unaudited consolidated balance sheets and related statements of operations, stockholder’s equity and
cash flows of the Company and its subsidiaries for each fiscal quarter ended after the date of this Commitment Letter and at least sixty (60) days before the Closing Date, which were prepared in accordance with GAAP, subject to the absence of
footnotes and normal year-end adjustments, and (b) a pro forma consolidated balance sheet and related pro forma consolidated statement of operations of the Company and its subsidiaries for the twelve-month period ending on the last day of the
most recently completed four-fiscal quarter period ended at least sixty (60) days prior to the Closing Date, prepared after giving effect to the Transactions, as if such Transactions had occurred as of such date (in the case of such balance
sheet) or at the beginning of such period (in the case of such other financial statements). 
 31. Consents. Counsel to the Commitment
Parties shall have received evidence that all boards of directors, governmental, shareholder and material third party consents and approvals 

  
 11 

 
(if any) necessary in connection with the Transactions have been obtained or duly waived and all applicable waiting periods have expired without any action being taken by any authority that could
restrain, prevent or impose any material adverse conditions on such transactions or that could seek or threaten any of the foregoing. 
 32.
PATRIOT Act. The Issuer shall have delivered all documentation and other information reasonably required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the
PATRIOT Act, in any case, requested in writing by the Commitment Parties at least three Business Days prior to the Closing Date. 
 33.
Compliance with Laws. The issuance of the Secured Notes and other Transactions contemplated hereby shall be in compliance in all material respects with all applicable laws and regulations and no order, statute, rule, regulation, executive
order, stay, decree, judgment or injunction shall have been proposed, enacted, entered, issued, promulgated, enforced or deemed applicable by any stock exchange, court or any governmental, regulatory or administrative agency or instrumentally, that
would or would reasonably be expected to (i) prohibit, prevent, restrict or delay consummation of the Transactions, or (ii) impose burdensome restrictions on the Transaction. 
 34. Suspension/Limitation on Trading. There shall not have occurred (i) any general suspension of, or limitation on prices for, trading in securities in the United States securities or
financial markets, (ii) any material impairment in the trading market for debt securities, (iii) any declaration of a banking moratorium or any suspension of payments in respect to banks in the United States or other major financial
markets, (iv) any limitation (whether or not mandatory) by any stock exchange, government or governmental, administrative or regulatory authority or agency, domestic or foreign, or other event that might affect the extension of credit by banks
or other lending institutions, (v) a commencement of a war, armed hostilities, terrorist acts or other national or international calamity directly or indirectly involving the United States or (vi) in the case of any of the foregoing
existing on the date hereof, a material acceleration or worsening thereof. 
 35. Material Adverse Change. Except as set forth on
Schedule I hereto, since March 31, 2011, no MAC has occurred and is continuing in the business, properties, operations, financial condition, assets or liabilities (whether actual or contingent) of the Company and its subsidiaries, taken as a
whole. 
 36. Collateral. All Uniform Commercial Code UCC-1 financing statements reasonably necessary or desirable to create and perfect
the first priority and second priority (as applicable) liens and security interests in respect of the collateral securing the Secured Notes shall have been delivered for filing, customary short-form security agreements with respect to intellectual
property shall have been executed and delivered to the Collateral Agent for filing with the U.S. Patent and Trademark Office and the U.S. Copyright Office and certificates representing the capital stock and membership interests (to the extent issued
and certificated) of the Issuer and Guarantors shall have been delivered to the collateral agent (or to its designated advisors) under the Indenture; provided that, to the extent the creation of any lien on any collateral or perfection
of such lien requires any action on the part of any third party (including, without limitation, delivery of reasonably satisfactory mortgages, title insurance policies, surveys and other 

  
 12 

 
customary documentation in connection with real estate collateral) and is not provided on the Closing Date after the Issuer’s use of commercially reasonable efforts to do so (other than in
respect of the filing of financing statements and the delivery of short-form security agreements and certificates representing capital stock and membership interest, in each case as set forth above), the creation or perfection (as applicable) of
such lien shall not constitute a condition precedent to the issuance of the Secured Notes on the Closing Date but such action shall be required to have been taken within a commercially reasonable time after the Closing Date and in any event within
90 days thereafter, subject to exceptions to perfection requirements to be reasonably agreed. 
 37. Qualification. After giving effect
to the debt financing and other transactions contemplated hereby, the Company and its subsidiaries shall each be qualified as “a citizen of the United States” within the meaning of Section 2 of the Shipping Act, 1916, as amended, 46
U.S.C. § 50501(a) and (d), qualified to own and operate vessels in the coastwise trade of the United States to the extent required by such Act in connection with the Company and its subsidiaries’ business. 

38. Closing; Company Deliverables. On the Closing Date, the Company shall have (i) delivered to the Commitment Parties a certificate signed
by an executive officer of the Company pursuant to which such officer shall certify that all of the conditions set forth in items 6, 7, 8, 10, 12, 13, 14, 16, 17, 18 and 20 on this Exhibit G (to the extent such conditions do not consist of the
satisfaction of or approvals of the Commitment Parties or their representatives) have been satisfied (or waived in writing by Commitment Parties), and (ii) delivered to each Commitment Party designated on Exhibit A and Exhibit B to the
Commitment Letter the Secured Notes duly registered in name of such Commitment Party or its affiliates or its designee. 
 39. Information
Verification. The Company shall have satisfied the information verification requirements described in a letter to a representative of the Exchanging Holders on or prior to the date of this Commitment Letter. 

40. Additional Matters. The parties shall, in good faith, work and cooperate together on the corporate, tax and regulatory aspects of the
Transactions and the post-reorganized Company so that the resolution of such matters is reasonably satisfactory to the Commitment Parties. Any new shipping charters entered into after the date hereof shall be in form and substance reasonably
satisfactory to the Commitment Parties. 

  
 13 

 EXHIBIT VII 

SOLVENCY CERTIFICATE 
 I, Michael T. Avara, the duly authorized and acting Chief Financial Officer of HORIZON LINES, INC., a Delaware corporation (the “Company”), pursuant to the commitment letters, dated as of
August 26, 2011 (each, a “Commitment Letter” and collectively, the “Commitment Letters”) by and between the Company and certain holders of its 4.25% convertible senior notes due in 2012 issued under the
Indenture, dated as of August 8, 2007, by and between the Company, as issuer, and The Bank of New York Trust Company, N.A., as Trustee, in the aggregate principal amount of $330,000,000.00 and certain other third parties (each, a
“Commitment Party” and collectively, the “Commitment Parties”) do hereby certify in the name of and on behalf of the Company and its Subsidiaries, and in my capacity as Chief Financial Officer of the Company, but
without any personal liability, as follows (capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Commitment Letter): 

41. On the date hereof and after giving effect to the Transactions: 

 

	 	(a)	 the fair value of the assets of the Company and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities,
including contingent, subordinated, absolute, fixed, matured or unmatured and liquidated or unliquidated liabilities, of the Company and its Subsidiaries, on a consolidated basis; 

 

	 	(b)	 the present fair saleable value of the assets of the Company and its Subsidiaries, on a consolidated basis, exceeds (i) the amount that will be
required to pay the probable liability of the Company and its Subsidiaries, on a consolidated basis, on the debts of the Company and its Subsidiaries, on a consolidated basis, as such debts become absolute and matured and (ii) the total
liabilities of the Company and its Subsidiaries, on a consolidated basis (including, without limitation, subordinated, unmatured, unliquidated and known contingent liabilities); 

 

	 	(c)	 the Company and its Subsidiaries, on a consolidated basis, are able to pay their debts and other liabilities, contingent obligations and other
commitments as they mature in the normal course of business; 

  

	 	(d)	 the Company and its Subsidiaries, on a consolidated basis, are not engaged in business or any transaction, or are about to engage in business or any
transaction, for which their property would constitute unreasonably small capital; and 

  

	 	(e)	 the Company and its Subsidiaries, on a consolidated basis, are not “insolvent” as such term is defined in Section 101(32) of Title 11
of the United States Code, 11 U.S.C. Section 101, et. seq. 

 42. In
consummating the Transactions, neither the Company nor any of its Subsidiaries intends to hinder, delay or defraud either present or future creditors of the Company or any of its Subsidiaries. 

  
 14 

 43. In reaching the conclusions set forth in this Certificate, I have made
such investigation and inquiries as to the financial condition of the Company and its Subsidiaries as I deem necessary and prudent for the purpose of providing this Certificate, including without limitation: 

 

	 	(a)	 the cash and other current assets of the Company and its Subsidiaries, on a consolidated basis; and 

 

	 	(b)	 all contingent liabilities of the Company and its Subsidiaries, on a consolidated basis, including, without limitation, claims arising out of
pending or threatened litigation against any such entity, and in so doing, have computed the amount of such liabilities as the amount which, in light of all the facts and circumstances existing on the date hereof, represents the amount that can
reasonably be expected to become an actual or matured liability. 

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BLANK] 

  
 15 

 IN WITNESS WHEREOF, I have executed this Certificate as of the date
first above written. 
  

			
	By:	 	  

		 	  Name:
		 	  Title:    Chief Financial Officer

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