Document:

Second Amended Forbearance Agreement

 Exhibit 4.1 
 EXECUTION COPY 
 SECOND AMENDED FORBEARANCE AGREEMENT 
 This SECOND AMENDED FORBEARANCE AGREEMENT (this “Agreement”), is dated as of October 16, 2007, and is entered into by and
among Pope & Talbot, Inc., a Delaware corporation (the “Parent”) and Pope & Talbot Ltd., a Canadian corporation (the “Borrower”), Wells Fargo Financial Corporation Canada, a
Nova Scotia unlimited liability company, as administrative agent (in such capacity, together with its permitted successors and assigns, the “Administrative Agent”), Ableco Finance LLC, as collateral agent (in such capacity,
together with its permitted successors and assigns, the “Collateral Agent”), Ableco Finance LLC, as term loan B agent (in such capacity, together with its permitted successors and assigns, the “Term Loan B
Agent,” and collectively with the Administrative Agent and the Collateral Agent, each, an “Agent,” and collectively, the “Agents”), and the several lenders and other financial institutions
or entities from time to time parties to the Credit Agreement (each, a “Lender,” and collectively, the “Lenders”), and the other Loan Parties described on the execution pages of this Forbearance
Agreement. 
 RECITALS: 
 A. The Parent, the Borrower, the Agents and the Lenders are parties to that certain Credit Agreement, dated as of June 28, 2006 (as amended by the First Amendment thereto dated as of September 26, 2006, the Second Amendment
thereto dated as of December 31, 2006, the Third Amendment thereto dated as of May 16, 2007, and as further amended, modified, supplemented or amended and restated from time to time, the “Credit Agreement”).

 B. As of the date hereof, the Event of Default referred to herein as the “Specified Default” has occurred and is
continuing. 
 C. The Parent, the Borrower, the Agents and the Lenders entered into a Forbearance Agreement dated as of July 31, 2007
(the “Forbearance Agreement”), pursuant to which the Agents and the Lenders agreed to forbear from exercising their rights and remedies under the Credit Agreement and the other Credit Documents with respect to the occurrence
or existence of the First Specified Default (as defined below), subject to the terms and conditions of the Forbearance Agreement. 
 D. The
Parent, the Borrower, the Agents and the Lenders entered into an Amended Forbearance Agreement dated as of September 14, 2007 (the “Amended Forbearance Agreement,” and together with the Forbearance Agreement, the
“Forbearance Agreements”), pursuant to which the Agents and the Lenders agreed to extend the forbearance with respect to the First Specified Default, subject to the terms and conditions of the Forbearance Agreements.

 E. Parent and Borrower have requested, and the Agents and Lenders have agreed, to continue to forbear from exercising those rights and
remedies under the Credit Agreement, the other Loan Documents and/or applicable law that have arisen, or may arise in the future, due to the occurrence and continuance of any Events of Default resulting solely from the Parent having permitted the
Consolidated EBITDA of the Parent and its Subsidiaries to be less than the applicable amount set forth on Schedule 7.1 to the Credit Agreement for (i) the period ending June 30, 2007 (the “First Specified Default”)
and (ii) the period ending September 30, 2007 (together with the First Specified Default, the “Specified Default”) on the terms and subject to the conditions set forth herein. 

 NOW, THEREFORE, in consideration of the premises and the respective representations, warranties,
covenants and agreements set forth in this Agreement, and intending to be legally bound, the parties hereto agree as follows: 
 ARTICLE I

 DEFINITIONS 
 1.1
Defined Terms. 
 (a) Capitalized terms that are defined in this Agreement shall have the meanings ascribed to such terms in this
Agreement. All other capitalized terms shall have the meanings ascribed in the Credit Agreement. Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular; references to the singular include the
plural; the words “include,” “includes,” and “including” will be deemed to be followed by “without limitation”; and the term “or” has, except where otherwise indicated, the inclusive meaning
represented by the phrase “and/or”. 
 (b) This Agreement constitutes a “Loan Document” as defined in the
Credit Agreement. 
 (c) References in this Agreement to the Lenders shall constitute references to the Lenders solely in their capacities as
Lenders. 
 ARTICLE II 
 FORBEARANCE AND AMENDMENT TO CREDIT AGREEMENT 
 2.1 Forbearance; Forbearance Default Rights and Remedies. 

(a) Effective as of the Forbearance Effective Date (as defined below), the Agents and Lenders agree that until the expiration of the “Forbearance
Period” (as defined below), they will forbear from exercising their rights and remedies against the Loan Parties under the Credit Agreement, the other Loan Documents and/or applicable law solely with respect to the Specified Default (excluding,
however, their right to charge interest on any Obligations during the Forbearance Period at the default interest rate specified in the Credit Agreement); provided, however, (i) each of the Loan Parties shall comply, except to the
extent such compliance is expressly excused by the terms of this Agreement, with all explicit restrictions or prohibitions triggered by the existence and/or continuance of any Default or Event of Default under the Credit Agreement, this Agreement or
any of the other Loan Documents, (ii) nothing herein shall restrict, impair or otherwise affect the Agents’ or the Lenders’ rights and remedies under any agreements containing subordination provisions in favor of any such party
(including, without limitation, any rights or remedies available as a result of the occurrence or continuation of the Specified Default), and (iii) nothing herein shall restrict, impair or otherwise affect the exercise of the Lenders’
rights under this Agreement. During the Forbearance Period, any condition to the making of an Advance under the Credit Agreement that would not be met solely because of the occurrence and continuance of the Specified Default is hereby waived.

  

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 (b) As used herein, the term “Forbearance Period” shall mean the period beginning
on the Forbearance Effective Date (as defined below) and ending upon the occurrence of a Termination Event. As used herein, “Termination Event” shall mean the earlier to occur of (i) the delivery by the Collateral Agent
to the Parent of a written notice terminating the Forbearance Period, which notice may be delivered at any time upon or after the occurrence of any Forbearance Default (as defined below), and (ii) October 26, 2007 (the
“Specified Termination Date”). As used herein, the term “Forbearance Default” shall mean: (A) the occurrence of any Event of Default that is not the Specified Default, (B) the failure of any
of the Loan Parties to comply with any term, condition, covenant or agreement set forth in this Agreement, (C) the failure of any representation or warranty made by any of the Loan Parties under this Agreement to be true and correct as of the
date when made, (D) any occurrence, event or change in facts or circumstances occurring on or after the Forbearance Effective Date that could have a Material Adverse Effect, or (E) the existence at any time of Revolving Credit Loans and
Swing Line Loans having an aggregate outstanding principal amount in excess of $50,000,000 plus any Extension Fee (as defined in the Forbearance Agreements) that is payable with respect to the Revolving Loans, Swing Line Loans and Letters of Credit
pursuant to the Forbearance Agreements and charged to the Loan Account. Notwithstanding the foregoing, the commencement by or against any of the Loan Parties of any proceeding of the type described in Section 8 (g)(i) or (ii) of the Credit
Agreement shall result in the automatic termination of the Forbearance Period. Any Forbearance Default shall constitute an immediate Event of Default under the Credit Agreement. 
 (c) Upon the occurrence of a Termination Event, the agreement of the Agents and the Lenders hereunder to forbear from exercising their rights and
remedies in respect of the Specified Default shall immediately terminate without the requirement of any demand, presentment, protest, or notice of any kind, all of which each of the Loan Parties hereby waives. The Loan Parties agree that the Agents
and the Lenders may at any time after the occurrence of a Termination Event proceed to exercise any or all of their rights and remedies under the Credit Agreement, any other Loan Document and/or applicable law, including, without limitation, their
rights and remedies on account of the Specified Default and any other Default or Event of Default that may then exist. Without limiting the generality of the foregoing, upon the occurrence of a Termination Event, the Agents and the Lenders may, upon
such notice or demand as may be specified by the Credit Agreement, any other Loan Documents or applicable law, (i) collect and/or commence any legal or other action to collect any or all of the Obligations from the Loan Parties,
(ii) foreclose or otherwise realize on any or all of the Collateral, and/or appropriate, setoff or apply to the payment of any or all of the Obligations, any or all of the Collateral or proceeds thereof, and (iii) take any other
enforcement action or otherwise exercise any or all rights and remedies provided for by the Credit Agreement, any other Loan Documents and/or applicable law, all of which rights and remedies are fully reserved by the Lenders. 
 (d) Any agreement by the Agents or the Lenders to extend the Forbearance Period or enter into any other forbearance or similar arrangement must be set
forth in writing and signed by a duly authorized signatory of the Agents and the Lenders. The Loan Parties acknowledge that neither the Agents nor the Lenders have made any assurances whatsoever concerning any possibility of any extension of the
Forbearance Period, any other forbearance or similar arrangement or any other limitations on the exercise of their rights, remedies and privileges under or otherwise in connection with the Credit Agreement, the other Loan Documents and/or applicable
law. 
  

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 (e) The Loan Parties acknowledge and agree that any forbearance, waiver, consent or other financial
accommodation (including the funding of any borrowing request under the Revolving Credit Loans) which the Lenders may make on or after the date hereof has been made by the Lenders in reliance upon, and is consideration for, among other things, the
general releases and reaffirmation of indemnities contained in Article 4 hereof and the other covenants, agreements, representations and warranties of the Loan Parties hereunder. 
 (f) The Loan Parties agree and acknowledge that the Collateral Agent is entitled to deliver a notice (the “Notice”) to each of
the banks and financial institutions with which any Loan Party maintains a Deposit Account or a lockbox or deposits the proceeds of any Accounts or other Collateral directing such bank or financial institution to send daily to the Administrative
Agent or its designated agent by wire transfer (to such account as the Administrative Agent shall specify, or in such other manner as the Administrative Agent shall direct) all or a portion of such securities, cash, investments and other items held
by such institution in accordance with Section 6(f)(i) of the Pledge and Security Agreement. The Loan Parties agree to cooperate with the Administrative Agent to ensure that such banks and financial institutions comply with the Notice.

 (g) Notwithstanding the definition of the term Applicable Term Margin in the Credit Agreement, from and after July 1, 2007, the
Applicable Term Margin with respect to (i) Eurodollar Loans shall be 7.75%, and (ii) Base Rate Loans shall be 6.75%. 
 (h) From
and after July 1, 2007, all Obligations (except for Bank Product Obligations) shall bear interest at the rate set forth in section 2.16(c) of the Credit Agreement after giving effect to the change in interest rate with respect to the Term Loans
set forth in clause (g) above. 
 (i) During the Forbearance Period, the Loan Parties shall only be entitled to an interest period of
one (1) month for Eurodollar Loans. 
 2.2 Effectiveness. This Agreement shall become effective as of the first date (the
“Forbearance Effective Date”) on which each of the following conditions is satisfied and evidence of its satisfaction has been delivered to counsel to the Agents and Lenders: 
 (a) There shall have been delivered to the Agents in accordance with Section 6.5 herein, counterparts of this Agreement executed by each of the
Agents, the Required Lenders, and the Loan Parties; 
 (b) [Intentionally omitted]. 
 (c) The Parent and Borrower shall have paid all accrued and unpaid costs and expenses of the Agents and Lenders (including legal fees and expenses)
required to be paid pursuant hereto or the Credit Agreement on or prior to the Forbearance Effective Date. 
  

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 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 3.1 Representations, Warranties and Covenants of the
Loan Parties. To induce the Agents and Lenders to enter into this Agreement, each of the Loan Parties hereby represents, warrants and covenants as follows: 
 (a) The representations and warranties of each of the Loan Parties in the Loan Documents are on the date of execution and delivery of this Agreement, and will be on the Forbearance Effective Date, true, correct and
complete with the same effect as though made on and as of such respective date (or, to the extent such representations and warranties expressly relate to an earlier date, on and as of such earlier date), except to the extent of any inaccuracy
resulting solely from the Specified Default. 
 (b) Except for the Specified Default or as otherwise expressly provided herein, the Loan
Parties are in compliance with all of the terms and provisions set forth in the Credit Agreement and the other Loan Documents on its part to be observed or performed, and no other Default or Event of Default has occurred and is continuing.

 (c) The execution, delivery and performance by each of the Loan Parties of this Agreement: 
 (i) are within its powers; 
 (ii) have been duly authorized by all necessary action, including the consent of the holders of its equity interests where required; 
 (iii) do not and will not (A) contravene its certificate of incorporation or by-laws or other constituent documents, as applicable,
(B) violate any applicable requirement of law or any order or decree of any governmental authority or arbitrator applicable to it, (C) conflict with or result in the breach of, or constitute a default under, or result in or permit the
termination or acceleration of, any contractual obligation of any of the Loan Parties, or (D) result in the creation or imposition of any lien or encumbrance upon any of the property of any of the Loan Parties; and 
 (iv) do not and will not require the consent of, authorization by, approval of, notice to, or filing or registration with, any
governmental authority or any other Person, other than those which prior to the Forbearance Effective Date will have been obtained or made and copies of which prior to the Forbearance Effective Date will have been delivered to the Agents and each of
which on the Forbearance Effective Date will be in full force and effect. 
 (d) This Agreement has been duly executed and delivered by each
of the Loan Parties. Each of this Agreement, the Credit Agreement and the other Loan Documents constitutes the legal, valid and binding obligation of the Loan Parties party thereto, enforceable against each such Person in accordance with its terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 
  

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 (e) The Parent and Borrower have furnished to each Agent the Budget (as delivered on August 20,
2007). The Budget has been prepared on a reasonable basis and in good faith by the Parent and Borrower, and is based on assumptions believed by the Parent and Borrower to be reasonable at the time made and upon the best information available to the
Parent and Borrower, and the Parent and Borrower are not aware of any facts or information that would lead them to believe that such Budget is incorrect or misleading in any material respect. 
 (f) The Parent and Borrower shall not permit at any time the aggregate outstanding principal amount of the Revolving Credit Loans and Swing Line Loans to
exceed $50,000,000 plus any Extension Fee that is payable with respect to the Revolving Loans, Swing Line Loans and Letters of Credit pursuant to the Forbearance Agreements and charged to the Loan Account. 
 (g) The Parent and Borrower shall not permit at any time the Letter of Credit Usage to exceed $17,000,000. 
 (h) The Loan Parties acknowledge the Collateral Agent’s engagement of a financial advisor to the Agents and the Lenders to provide advisory services
to the Agents and the Lenders in connection with the analysis, consideration and formulation of a restructuring of Loan Parties and/or the Credit Facility (the “Restructuring”) and hereby agree to pay to the Collateral Agent,
on demand, all costs and expenses of such financial advisor incurred in connection with the Restructuring. 
 (i) The Parent and Borrower
shall deliver to the Agents, within three (3) business days after the end of each week, a summary of material variances from the budgeted line item amounts set forth in the Budget for the preceding week, together with a written explanation of
such material variances. 
 (j) The Parent and Borrower shall deliver to the Agents on or before October 19, 2007, a 13-week budget
(beginning on the Specified Termination Date), in form and substance satisfactory to the Agents and Required Lenders, setting forth in reasonable detail projected receipts and disbursements and identifying the amount of financing that will be
required during each week of such period. 
 (k) On or before October 21, 2007, the Loan Parties, the Lenders and Agents shall agree to
terms and form of the agreement regarding the financing for the period after the Specified Termination Date proposed by the Lenders to the Loan Parties on September 13, 2007. 
 (l) The Parent and Borrower shall provide promptly the Agents with any mark-ups and comments that the Loan Parties deliver to any proposed purchaser in
connection with any written agreements for the sale of all or substantially all of the Loan Parties’ assets or all or substantially all of the assets of one of the Loan Parties’ two business divisions, subject to higher and better offers
(the “Proposed Asset Sale”). 
 (m) The Loan Parties shall enter into, on or before October 26, 2007, one or
more written agreements, in form and substance satisfactory to the Agents, for the Proposed Asset Sale. 
  

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 (n) The Parent and Borrower shall deliver to the Agents, on or before October 22, 2007, all draft
documents and other materials reasonably requested by the Lenders and Agents created by the Loan Parties to implement any strategic alternatives. 
 (o) The Parent and Borrower shall deliver to the Agents, within two (2) business days after the end of each week, a summary of all activities that occurred during the preceding week relating to the negotiation and documentation of one
or more agreements for the Proposed Asset Sale or any other offers to purchase any material portion of the Loan Parties’ assets or equity interests, in each case, occurring during the preceding week. The foregoing shall not restrict any
additional reasonable requests for information by each Agent from time to time. 
 (p) The Parent, Borrower, their counsel and their
investment banker shall make themselves available to participate in a conference call on October 18, 2007 (or such other date as may be reasonably acceptable to the Agents) with the Agents and Lenders regarding the economic terms of Proposed
Asset Sale, including details regarding the proposed purchaser’s bid, working capital requirement, and the projected proceeds from the Proposed Asset Sale to be received by the Lenders. 
 (q) The Parent, Borrower, their counsel and their investment banker shall make themselves available to participate in a conference call on
October 22, 2007 (or such other date as may be reasonably acceptable to the Agents) with the Agents and Lenders regarding the status of the negotiation and documentation of the Proposed Asset Sale or any other offer to purchase any material
portion of the Loan Parties’ assets or equity interests and the Loan Parties’ business developments. 
 (r) The Parent and Borrower
shall deliver to the Agents on or before October 22, 2007, a projected thirteen week Borrowing Base and an updated twelve-month liquidity forecast. 
 (s) The Loan Parties may not request, or use the proceeds of, any Revolving Credit Loans made after the date hereof and on or prior to the Specified Termination Date for any purpose other than the payment of Budget
expenses, other current operating expenses, accrued professional fees and expenses and professionals’ retainers (any such additional retainer in an amount not to exceed one month’s fees and expenses per Loan Parties’ professional as
set forth on the professionals’ fees budget provided to the Agents on October 8, 2007). 
 (t) The Loan Parties shall immediately
notify the Lenders upon its or their becoming aware of a Default or Event of Default under the Credit Agreement that is not the Specified Default. 
 3.2 Survival. The representations and warranties in Section 3.1 shall survive the execution and delivery of this Agreement and the Forbearance Effective Date. 
 ARTICLE IV 
 GENERAL RELEASE; REAFFIRMATION OF INDEMNITY AND OBLIGATIONS 

 (a) In consideration of, among other things, the Agents’ and Lenders’ execution and delivery of this Agreement, each of the Loan
Parties, on behalf of itself and its 

  

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successors and assigns (collectively, “Releasors”), hereby forever agrees and covenants not to sue or prosecute against any Releasee
(as defined below) and hereby forever waives, releases and discharges to the fullest extent permitted by law, each Releasee from, any and all claims (including, without limitation, crossclaims, counterclaims, rights of set-off and recoupment),
actions, causes of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential and punitive damages, demands, agreements, bonds, bills, specialties, covenants, controversies, variances, trespasses, judgments,
executions, costs, expenses or claims whatsoever (collectively, the “Claims”), that such Releasor now has or hereafter may have, of whatsoever nature and kind, whether known or unknown, whether now existing or hereafter
arising, whether arising at law or in equity, against the Agents or the Lenders (together with their respective affiliates, shareholders, participants and “controlling persons” (within the meaning of the federal securities laws), and their
respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys, advisors, auditors, consultants and other representatives of each of the foregoing; collectively, the “Releasees”),
based in whole or in part on facts whether or not now known, existing on or before the Forbearance Effective Date, that relate to, arise out of or otherwise are in connection with (i) any aspect of the business, operations, assets, properties,
affairs or any other aspect of any of the Loan Parties, (ii) any aspect of the dealings or relationships between or among the Loan Parties and their respective affiliates, on the one hand, and any Releasee, on the other hand, or (iii) any
or all of the Credit Agreement or the other Loan Documents, or any transactions contemplated thereby or any acts or omissions in connection therewith; provided, however, that the foregoing shall not release any Releasee from its
express obligations under this Agreement, the Credit Agreement and the other Loan Documents. The receipt by any of the Loan Parties of any of the Revolving Credit Loans or other financial accommodations made by the Lenders on or after the date
hereof shall constitute a ratification, adoption, and confirmation by the Loan Parties of the foregoing general release of all Claims against the Releasees which are based in whole or in part on facts, whether or not now known or unknown, existing
on or prior to the date of receipt of any of the Revolving Credit Loans or other financial accommodations. In entering into this Agreement, each of the Loan Parties consulted with, and has been represented by, legal counsel and expressly disclaims
any reliance on any representations, acts or omissions by any of the Releasees and each hereby agrees and acknowledges that the validity and effectiveness of the releases set forth herein do not depend in any way on any such representations, acts
and/or omissions or the accuracy, completeness or validity hereof. The provisions of this Article 4(a) shall survive the expiration of the Forbearance Period and the termination of this Agreement, the Credit Agreement, the other Loan Documents and
payment in full of the Obligations. 
 (b) Without in any way limiting their reaffirmations and acknowledgements set forth in Article V
hereof, each of the Parent and Borrower hereby expressly acknowledges, agrees and reaffirms its indemnification and other obligations to and agreements with the Indemnified Parties set forth in Section 10.5 of the Credit Agreement. Each of the
Parent and Borrower further acknowledges, agrees and reaffirms that all of such indemnification and other obligations and agreements set forth in Section 10.5 of the Credit Agreement shall survive the expiration of the Forbearance Period and
the termination of this Agreement, the Credit Agreement, the other Loan Documents and the payment in full of the Obligations. 
 (c) Each of
the Loan Parties hereby expressly acknowledges, agrees and reaffirms that as of October 15, 2007 the outstanding amount of the principal amount of the 

  

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Obligations, in each case together with accrued and unpaid interest as of and including October 1, 2007, (i) for the Term Loan B Facility is
$64,292,777.92; (ii) for the Term Loan C Facility is $121,067,606.25; (iii) for the Revolving Credit Loan Facility is $35,866,941.07; and (iv) for the Letters of Credit is $16,940,091.00. 
 ARTICLE V 
 RATIFICATION OF LIABILITY

 Each of the Loan Parties hereby ratifies and reaffirms all of its payment and performance obligations and obligations to indemnify,
contingent or otherwise, under each of such Loan Documents to which it is a party, and hereby ratifies and reaffirms its grant of liens on or security interests in its properties pursuant to such Loan Documents to which it is a party as security for
the Obligations, and confirms and agrees that such liens and security interests hereafter secure all of the Obligations, including, without limitation, all additional Obligations hereafter arising or incurred pursuant to or in connection with this
Agreement, the Credit Agreement or any other Loan Document. 
 ARTICLE VI 
 MISCELLANEOUS 
 6.1 No Other Amendments; Reservation of Rights; No
Waiver. Other than as otherwise expressly provided herein, this Agreement shall not be deemed to operate as an amendment or waiver of, or to prejudice, any right, power, privilege or remedy of the Agents or Lenders under the Credit Agreement,
any other Loan Document or applicable law, nor shall the entering into this Agreement preclude the Agents or Lenders from refusing to enter into any further amendments or forbearances with respect to the Credit Agreement or any other Loan Document.
Other than as otherwise expressly provided herein, this Agreement shall not constitute a forbearance with respect to (i) any failure by the any of Loan Parties to comply with any covenant or other provision in the Credit Agreement or any other
Loan Document or (ii) the occurrence or continuance of any present or future Default or Event of Default. 
 6.2 Ratification
and Confirmation; Survival. Except as expressly set forth in this Agreement, the terms, provisions and conditions of the Credit Agreement and the other Loan Documents are hereby ratified and confirmed and shall remain unchanged and in full force
and effect without interruption or impairment of any kind. 
 6.3 Governing Law. This Agreement will be governed by and
construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. 
 6.4
Headings. The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
 6.5 Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which,
when taken together, will constitute one and the same instrument. This Agreement may be delivered by exchange of copies of the signature page by facsimile transmission or electronic mail. 
  

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 6.6 Severability. The provisions of this Agreement will be deemed severable and the
invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party or to any circumstance, is judicially
determined not to be enforceable in accordance with its terms, the parties agree that the court judicially making such determination may modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its modified form, such provision will then be enforceable and will be enforced. 
 6.7
Agreement. This Agreement may not be amended or modified except in the manner specified for an amendment of or modification to the Credit Agreement in Section 10.01 of the Credit Agreement. 
 6.8 Costs; Expenses. Each of the Parent and Borrower hereby agrees to pay to the Agents, on demand, all costs and expenses (including the
fees and expenses of legal counsel) of such Person incurred in connection with the Agents. The provisions of this Section 6.8 shall survive the termination of this Agreement provided, however, that the Obligations under this
Section 6.8 shall terminate upon the payment in full of the Obligations and the termination of the Credit Agreement. 
 6.9
Assignment; Binding Effect. None of the Loan Parties may assign either this Agreement or any of its rights, interests or obligations hereunder. All of the terms, agreements, covenants, representations, warranties and conditions of this
Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties and their respective successors and permitted assigns. 
 6.10 Entire Agreement. This Agreement, the Credit Agreement, and the other Loan Documents, together with any and all Annexes, Exhibits and Schedules thereto that are or have been delivered pursuant thereto, constitute the
entire agreement and understanding of the parties in respect of the subject matter of the Credit Agreement and supersede all prior understandings, agreements or representations by or among the parties, written or oral, to the extent they relate in
any way with respect thereto. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	PARENT:
	
	POPE & TALBOT, INC.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	Neil Stuart
	Title:	 	Vice President and Chief Financial Officer
	
	BORROWER:
	
	POPE & TALBOT LTD.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	Neil Stuart
	Title:	 	Vice President and Chief Financial Officer
	
	COLLATERAL AGENT, TERM LOAN B AGENT AND LENDER:
	
	 ABLECO FINANCE LLC,
 on behalf of itself and
its Affiliate assigns

		
	By:	 	 /s/ Kevin Genda

	Name:	 	Kevin Genda
	Title:	 	Vice Chairman
	
	ADMINISTRATIVE AGENT AND LENDER:
	
	WELLS FARGO FINANCIAL CORPORATION CANADA
		
	By:	 	 /s/ Nick Scarfo

	Name:	 	Nick Scarfo
	Title:	 	Vice President

  

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	LENDERS:
	
	COAST DL FUNDING LLC
	
	Now OHA Capital Solutions
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	OHSF FINANCING, LTD.
		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory
	
	OHSF II FINANCING, LTD.
		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory
	
	OAK HILL CREDIT OPPORTUNITIES FINANCING, LTD.
		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory
	
	OAK HILL CREDIT ALPHA FINANCE I, LLC
		
	By:	 	 Oak Hill Credit Alpha Fund, L.P.,
 its
Member

		
	By:	 	 Oak Hill Credit Alpha Gen Par, L.P.,
 its General
Partner

		
	By:	 	 Oak Hill Credit Alpha MGP, LLC,
 its General Partner

		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory

  

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	OAK HILL CREDIT ALPHA FINANCE I (OFFSHORE), LTD.
		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory
	
	LERNER ENTERPRISES, L.P.
		
	By:	 	Oak Hill Advisors, L.P., as Investment Advisor for Lerner Enterprises, L.P.
		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory
	
	OHA CAPITAL SOLUTIONS, L.P.
		
	By:	 	 OHA Capital Solutions GenPar, L.P.
 its General
Partner

		
	By:	 	 OHA Capital Solutions MGP, LLC,
 its General Partner

		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory
	
	OHA CAPITAL SOLUTIONS, LTD
		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory

  

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	REGIMENT CAPITAL SPECIAL SITUATIONS FUND III, L.P.
		
	By:	 	Regiment Capital GP, LLC, its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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	FORTRESS CREDIT OPPORTUNITIES I LP
		
	By:	 	 Fortress Credit Opportunities I GP LLC,
 its general
partner

		
	By:	 	 /s/ Constantine M. Dakolias

	Name:	 	Constantine M. Dakolias
	Title:	 	Chief Credit Officer
	
	FORTRESS CREDIT OPPORTUNITIES II LP
		
	By:	 	 Fortress Credit Opportunities II GP LLC,
 its general
partner

		
	By:	 	 /s/ Constantine M. Dakolias

	Name:	 	Constantine M. Dakolias
	Title:	 	Chief Credit Officer
	
	FORTRESS CREDIT FUNDING I LP
		
	By:	 	 Fortress Credit Funding I GP LLC,
 its general partner

		
	By:	 	 /s/ Constantine M. Dakolias

	Name:	 	Constantine M. Dakolias
	Title:	 	Chief Credit Officer

  

 15 

			
	CREDIT GENESIS CLO 2005-1 LTD.
		
	By:	 	 /s/ Chris Mackey

	Name:	 	Chris Mackey
	Title:	 	Managing Principal
	
	DURHAM ACQUISITION CO., LLC
		
	By:	 	 /s/ Chris Mackey

	Name:	 	Chris Mackey
	Title:	 	Managing Principal

  

 16 

			
	HBK MASTER FUND L.P.
		
	By:	 	 HBK Investments L.P.
 its Investment
Advisor

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 17 

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Jonathan M. Barnes

	Name:	 	Jonathan M. Barnes
	Title:	 	Vice President

  

 18 

			
	 CONCORDIA DISTRESSED DEBT FUN, L.P.
 acting
by and through Concordia Advisors, L.L.C.

		
	By:	 	  

	Name:	 	
	Title:	 	

  

 19 

			
	QUADRANGLE MASTER FUNDING LTD
		
	By:	 	 Quadrangle Debt Recovery Advisors LP
 Its: Advisor

		
	By:	 	 /s/ Andrew Herenstein

	Name:	 	Andrew Herenstein
	Title:	 	Managing Principal

  

 20 

			
	DK ACQUISITION PARTNERS, L.P.
		
	By:	 	M.H. Davidson & Co., its General Partner
		
	By:	 	 /s/ Anthony Yoseloff

	Name:	 	Anthony Yoseloff
	Title:	 	General Partner

  

 21 

					
	ABN AMRO BANK N.V., CANADA BRANCH
			
	By:	 	 /s/ Aaron Turner
	    	 /s/ David Carson

	Name:	 	Aaron Turner	    	David Carson
	Title:	 	Senior Vice President	    	Vice President

  

 22 

			
	OTHER LOAN PARTIES
	
	POPE & TALBOT SPEARFISH LIMITED PARTNERSHIP
		
	By:	 	 POPE & TALBOT LTD.,
 as General
Partner

		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	PENN TIMBER, INC.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	POPE & TALBOT RELOCATION SERVICES, INC.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	P&T POWER COMPANY
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	POPE & TALBOT PULP SALES U.S., INC.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO

  

 23 

			
	POPE & TALBOT LUMBER SALES, INC.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	MACKENZIE PULP LAND LTD.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	P&T LFP INVESTMENT LIMITED PARTNERSHIP
		
	By:	 	 P&T FUNDING LTD.,
 as General
Partner

		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	P&T FUNDING LTD.
		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	P&T FINANCE ONE LIMITED PARTNERSHIP
		
	By:	 	 PENN TIMBER, INC.,
 as General
Partner

		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO

  

 24 

			
	P&T FINANCE TWO LIMITED PARTNERSHIP
		
	By:	 	 PENN TIMBER, INC.,
 as General
Partner

		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	P&T FACTORING LIMITED PARTNERSHIP
		
	By:	 	 POPE & TALBOT PULP SALES U.S., INC.,
 as Managing
General Partner

		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO
	
	P&T FINANCE THREE LLC
		
	By:	 	 POPE & TALBOT LTD.,
 as
Manager

		
	By:	 	 /s/ R. Neil Stuart

	Name:	 	R. Neil Stuart
	Title:	 	VP & CFO

  

 25Form of SUPERVALU INC. 2007 Stock Plan

 Exhibit 10.1 
 SUPERVALU INC. 
 2007 STOCK PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 
 This agreement is made and entered into as of
the grant date indicated below (the “Grant Date”), by and between SUPERVALU INC. (the “Company”), and the individual whose name appears below (“Recipient”). 
 The Company has established the 2007 Stock Plan (the “Plan”), under which key employees of the Company may be granted Awards of Restricted
Stock of the Company. Recipient has been selected by the Company to receive an Award of Restricted Stock subject to the provisions of this agreement. Capitalized terms that are used in this agreement, that are not defined, shall have the meanings
ascribed to them in the Plan. 
 In consideration of the foregoing, the Company and Recipient hereby agree as follows: 
 1. Grant. The Company hereby grants to Recipient, subject to Recipient’s acceptance hereof, an Award of Restricted Stock for the number of
Shares indicated below, effective as of the Grant Date. 
 2. Acceptance of Award of Restricted Stock and Restricted Stock Award Terms and
Conditions. The Award of Restricted Stock is subject to and governed by the Restricted Stock Award Terms and Conditions (“Terms and Conditions”) attached hereto, which are incorporated herein and made a part hereof, and the terms and
provisions of the Plan. To accept the Award of Restricted Stock, Recipient must sign and return a copy of this agreement to the Company or this agreement must be delivered and accepted through an electronic medium in accordance with procedures
established by the Company within ninety (90) days after the Grant Date. By so doing, Recipient acknowledges receipt of the accompanying Terms and Conditions and the Plan, and represents that Recipient has read and understands the
same and agrees to be bound by the accompanying Terms and Conditions and the terms and provisions of the Plan. In the event that any provision of this agreement or the accompanying Terms and Conditions is inconsistent with the terms and provisions
of the Plan, the terms and provisions of the Plan shall govern. Any question of administration or interpretation arising under this agreement or the accompanying Terms and Conditions shall be determined by the Committee administering the Plan, and
such determination shall be final, conclusive and binding upon all parties in interest. 
 3. Vesting. The Restricted Stock Award
shall vest as indicated below. 
  

					
	Grant Date	  	Number of Shares	  	Expiration Date of Restricted Period
		  		  	[________] [vesting ____]

  

									
	SUPERVALU INC.	 		 	RECIPIENT:
					
	By:	 	 	 		 		 	 
		 	 Burt M. Fealing
 Vice President, Corporate Secretary
and Chief Securities Counsel
	 		 		 	 Name
 Address
 City, State, Zip

 SUPERVALU INC. 
 2007 STOCK PLAN 
 RESTRICTED STOCK AWARD TERMS AND CONDITIONS 
 These Restricted Stock Award Terms and Conditions (“Terms and Conditions”) apply to the Award of Restricted Stock granted under the 2007 Stock Plan (the
“Plan”), pursuant to the Restricted Stock Award Agreement to which this document is attached. Capitalized terms that are used in this document, but are not defined, shall have the meanings ascribed to them in the Plan or the accompanying
Restricted Stock Award Agreement. 
 1. Award of Restricted Stock. SUPERVALU INC. (the “Company”) hereby grants to you an Award of
Restricted Stock for the number of Shares set forth in the attached Agreement. The Award is effective as of the Grant Date. 
 2. Rights with Respect to
the Shares. With respect to the Shares, you shall be entitled to exercise the rights of a stockholder of Common Stock of the Company, including the right to vote the Shares and the right to receive cash dividends thereon as provided in
Section 8 hereof, unless and until the Shares are forfeited pursuant to Section 4 hereof. Your rights with respect to the Shares shall remain forfeitable at all times prior to the date or dates on which such rights become vested, and the
restrictions with respect to the Shares lapse, in accordance with Section 3 or Section 4 hereof. 
 3. Vesting; Change of Control.

  

	 	a)	Subject to the Terms and Conditions, the Shares shall vest in full and the restrictions on the Shares shall lapse on the date or dates and in the amount or amounts set forth in the
attached Agreement if you remain continuously employed by the Company or any of its Affiliates until the respective vesting dates. 

  

	 	b)	Notwithstanding subsection (a) of this Section 3, but subject to the other Terms and Conditions, upon the occurrence of a Change of Control (as defined below), you shall
become immediately and unconditionally vested in all the Shares and the restrictions with respect to all the Shares shall lapse if you have been continuously employed by the Company or any of its Affiliates until the date of such Change of Control.
For purposes of hereof, the term “Change of Control” means any of the following events: 

  

	 	i)	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of either (A) the then outstanding shares of Common Stock of the Company or (B) the
combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that for purposes of this subsection (i), the following share acquisitions shall not
constitute a Change of Control: (I) any acquisition directly from the Company or (II) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or

  

	 	ii)	 The consummation of any merger or other business combination of the Company, the sale or lease of all or substantially all the Company’s assets or any
combination of the foregoing transactions (each a “Transaction”) other than a Transaction immediately following which the stockholders of the Company and any trustee or fiduciary of any Company employee benefit plan immediately prior to
the Transaction own at least sixty percent (60%) of the voting power, directly or indirectly, of (A) the surviving corporation in any such merger or other business combination, (B) the purchaser or lessee of the Company’s assets,
or 

	 	 
(C) both the surviving corporation and the purchaser or lessee in the event of any combination of Transactions; or 

  

	 	iii)	Within any 24-month period, the persons who were directors immediately before the beginning of such period (the “Incumbent Directors”) shall cease (for any reason other
than death) to constitute at least a majority of the Board of Directors of the Company or the board of directors of a successor to the Company. For this purpose, any director who was not a director at the beginning of such period shall be deemed to
be an Incumbent Director if such director was elected to the Board of Directors of the Company by, or on the recommendation of or with the approval of, at least three-fourths of the directors who then qualified as Incumbent Directors (so long as
such director was not nominated by a person who has expressed an intent to effect a Change of Control or engage in a proxy or other control contest); or 

  

	 	iv)	Such other event or transaction as the Board of Directors of the Company shall determine constitutes a Change of Control. 

 4. Forfeiture; Early Vesting in Event of Death, Disability or Retirement. If you cease to be an employee of the Company or any of its Affiliates prior to the
vesting of the Shares pursuant to Section 3 hereof for any reason other than your death, your Disability (as defined below) or your Retirement (as defined below, then your rights to all of the unvested Shares shall be immediately and
irrevocably forfeited, including the right to vote such Shares and the right to receive cash dividends on such Shares, unless otherwise determined by the Committee administering the Plan. On the date of your death, the date on which your Disability
commences or the date you terminate employment by reason of Retirement, you or your estate shall become immediately and unconditionally vested in all of the Shares for which vesting has not occurred and the restrictions with respect to all such
unvested Shares shall lapse; provided, however, that the vesting upon Retirement of all unvested Shares shall require the approval of the Committee administering the Plan. No transfer by will or the applicable laws of descent and distribution
of any Shares which vest by reason of your death shall be effective to bind the Company unless the Committee administering the Plan shall have been furnished with written notice of such transfer and a copy of the will or such other evidence as the
Committee may deem necessary to establish the validity of the transfer. 
 For purposes of this Section 4, “Disability” is defined as
eligibility for long-term disability payments under the applicable Long-Term Disability Plan of the Company and “Retirement” is defined as severance of employment after age 55, with ten (10) or more years of service with the Company
or an Affiliate thereof. 
 5. Restrictions on Transfer. Except as may otherwise be determined by the Committee, until the Shares vest pursuant to
Section 3 or Section 4 hereof, none of the Shares may be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of or encumbered by you, and no attempt to transfer the Shares, whether voluntary or involuntary, by
operation of law or otherwise, shall vest the transferee with any interest or right in or with respect to the Shares. 
 6. Issuance and Custody of
Agreement. 
  

	 	a)	The Company shall, at its option, cause the Shares to be issued in book entry registration, in your name, or in the form of a certificate registered in your name, which certificate
shall be held by the Company. The Shares shall be restricted from transfer and shall be subject to an appropriate stop-transfer order. If any certificate is issued, the certificate shall bear an appropriate legend referring to the restrictions
applicable to the Shares. 

  

	 	b)	If any certificate is issued, you shall be required to execute and deliver to the Company a stock power relating to the Shares as a condition to the receipt of this Award of
Restricted Stock. 

  

 2 

	 	c)	After Shares vest pursuant to Section 3 or Section 4 hereof, and following payment of the applicable withholding taxes pursuant to Section 7 hereof, the Company shall
promptly cause such vested Shares (less any Shares withheld to pay taxes), free of the restrictions and/or legend described in Section 6(a) hereof, to be delivered, either by book-entry registration or in the form of a certificate or
certificates, registered in your name or in the names of your legal representatives, beneficiaries or heirs, as the case may be. 

 Only whole
Shares shall be issued to you pursuant to a certificate. The value of any fractional Share shall be paid in cash at the time a certificate evidencing such fractional Share would otherwise have been delivered to you hereunder and shall be based on
the Fair Market Value of the Common Stock of the Company. 
 7. Taxes. 
  

	 	a)	You acknowledge that you will consult with your personal tax advisor regarding the income tax consequences of the grant of the Shares, payment of dividends on the Shares, the
vesting of the Shares and any other matters related to the Terms and Conditions and the attached Agreement. In order to comply with all applicable federal or state income, social security, payroll, withholding or other tax laws or regulations, the
Company may take such action, and may require you to take such action, as it deems appropriate to ensure that all applicable federal or state income, social security, payroll, withholding or other taxes, which are your sole and absolute
responsibility, are withheld or collected from you. 

  

	 	b)	In accordance with the terms of the Plan, and such rules as may be adopted by the Committee administering the Plan, you may elect to satisfy any applicable federal or state income
tax withholding obligations arising from the receipt of, or the lapse of restrictions relating to, the Shares by (i) having the Company withhold a portion of the Shares otherwise to be delivered by you upon such vesting having a Fair Market
Value equal to the amount of federal and state income taxes required to be withheld on such vesting, or (ii) delivering to the Company shares of Common Stock of the Company, other than the Shares issuable upon such vesting, having a Fair Market
Value equal to such taxes. You may elect to satisfy any federal and state income tax withholding obligations arising prior to the vesting of any Shares pursuant to Section 3 or Section 4 hereof by delivering to the Company shares of Common
Stock of the Company other than the Shares issuable upon such vesting having a Fair Market Value equal to such taxes. 

 8. Distributions
and Adjustments. 
  

	 	a)	If any Shares vest subsequent to any change in the number or character of the Common Stock of the Company through any recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company or other similar
corporate transaction or event that affects the Shares covered by this Award of Restricted Stock, you shall then receive upon such vesting the number and type of securities or other consideration which you would have received if such Shares had
vested prior to the event changing the number or character of the outstanding Common Stock. 

  

	 	b)	Any additional shares of Common Stock of the Company, any other securities of the Company and any other property (except for cash dividends or other cash distributions) distributed
with respect to the Shares prior to the date the Shares vest shall be subject to the same restrictions, terms and conditions as the Shares and shall be promptly deposited with the Secretary or the custodian designated by the Secretary to be held in
custody in accordance with Section 6(a) hereof. Any cash dividends or other cash distributions payable with respect to the Shares shall be distributed to you at the same time cash dividends or other cash distributions are distributed to
stockholders of the Company generally. 

  

 3 

 9. Covenants. In consideration of benefits described elsewhere in the Terms and Conditions and the attached
Agreement, and in recognition of the fact that, as a result of your employment with the Company or any of its Affiliates, you have had or will have access to and gain knowledge of highly confidential or proprietary information or trade secrets
pertaining to the Company or its Affiliates, as well as the customers, suppliers, joint ventures, licensors, licensees, distributors, or other persons and entities with whom the Company or any of its Affiliates does business (“Confidential
Information”), which the Company or its Affiliates have expended time, resources, and money to obtain or develop and which have significant value to the Company and its Affiliates, you agree for the benefit of the Company and its Affiliates,
and as a material condition to your receipt of benefits described elsewhere in the Terms and Conditions and the attached Agreement, as follows: 
  

	 	a)	Non-Disclosure of Confidential Information. You acknowledge that you will receive access or have received access to Confidential Information about the Company or its
Affiliates, that this information was obtained or developed by the Company or its Affiliates at great expense and is zealously guarded by the Company and its Affiliates from unauthorized disclosure, and that your possession of this special knowledge
is due solely to your employment with the Company or one or more of its Affiliates. In recognition of the foregoing, you will not at any time during employment or following termination of employment for any reason, disclose, use or otherwise make
available to any third party, any Confidential Information relating to the Company’s or any Affiliate’s business, products, services, customers, vendors, or suppliers; trade secrets, data, specifications, developments, inventions, and
research activity; marketing and sales strategies, information, and techniques; long and short term plans; existing and prospective client, vendor, supplier, and employee lists, contacts, and information; financial, personnel, and information system
information and applications; and any other information concerning the business of the Company or its Affiliates which is not disclosed to the general public or known in the industry, except for disclosure necessary in the course of your duties or
with the express written consent of the Company. All Confidential Information, including all copies, notes regarding, and replications of such Confidential Information will remain the sole property of the Company or its Affiliates, as applicable,
and must be returned to the Company or such Affiliates immediately upon termination of your employment. 

  

	 	b)	Return of Property. Upon termination of employment with the Company or any of its Affiliates, or at any other time at the request of the Company, you shall deliver to a
designated Company representative all records, documents, hardware, software, and all other property of the Company or its Affiliates and all copies of such property in your possession. You acknowledge and agree that all such materials are the sole
property of the Company or its Affiliates and that you will certify in writing to the Company at the time of delivery, whether upon termination or otherwise, that you have complied with this obligation. 

  

	 	c)	 Non-Solicitation of Existing or Prospective Customers, Vendors, and Suppliers. You specifically acknowledge that the Confidential Information described in
Section 9(a) includes confidential data pertaining to existing and prospective customers, vendors, and suppliers of the Company or its Affiliates; that such data is a valuable and unique asset of the business of the Company or its Affiliates;
and that the success or failure of the their businesses depends upon the their ability to establish and maintain close and continuing personal contacts and working relationships with such existing and prospective customers, vendors, and suppliers
and to develop proposals which are specific to such existing and prospective customers, vendors, and suppliers. Therefore, during your employment with the Company or any of its Affiliates and for the twelve (12) months following termination of
employment for any reason, you agree that you will not, except on behalf of the Company or its Affiliates, or with the Company’s express written consent, 

  

 4 

	 	 
solicit, approach, contact or attempt to solicit, approach, or contact, either directly or indirectly, on your own behalf or on behalf of any other person or
entity, any existing or prospective customers, vendors, or suppliers of the Company or its Affiliates with whom you had contact or about whom you gained Confidential Information during your employment with the Company or its Affiliates for the
purpose of obtaining business or engaging in any commercial relationship that would be competitive with the “Business of the Company” (as defined below in Section 9(e)(i)) or cause such customer, supplier, or vendor to materially
change or terminate its business or commercial relationship with the Company or its Affiliates. 

  

	 	d)	Non-Solicitation of Employees. You specifically acknowledge that the Confidential Information described in Section 9(a) also includes confidential data pertaining to
employees and agents of the Company or its Affiliates, and you further agree that during your employment with the Company or its Affiliates and for the twelve (12) months following termination of employment for any reason, you will not,
directly or indirectly, on your own behalf or on behalf of any other person or entity, solicit, contact, approach, encourage, induce or attempt to solicit, contact, approach, encourage, or induce any of the employees or agents of the Company or its
Affiliates to terminate their employment or agency with the Company or any of its Affiliates. 

  

	 	e)	Non-Competition. You covenant and agree that during your employment with the Company or any of its Affiliates and for the twelve (12) months following termination of
employment for any reason, you will not, in any geographic market in which you worked on behalf of the Company or any of its Affiliates, or for which you had any sales, marketing, operational, logistical, or other management or oversight
responsibility, engage in or carry on, directly or indirectly, as an owner, employee, agent, associate, consultant, partner, or in any other capacity, a business competitive with the Business of the Company. This Section 9(e) shall not apply in
the event of a Change in Control as described in Section 3 above. 

  

	 	i)	The “Business of the Company” shall mean any business or activity involved in grocery or general merchandise retailing and supply chain logistics, including but not
limited to grocery distribution, business-to-business portal, retail support services, and third-party logistics, of the type provided by the Company or its Affiliates, or presented in concept to you by the Company or its Affiliates at any time
during your employment with the Company or any of its Affiliates. 

  

	 	ii)	To “engage in or carry on” shall mean to have ownership in such business (excluding ownership of up to 1% of the outstanding shares of a publicly-traded company) or to
consult, work in, direct, or have responsibility for any area of such business, including but not limited to operations, logistics, sales, marketing, finance, recruiting, sourcing, purchasing, information technology, or customer service.

  

	 	f)	No Disparaging Statements. You agree that you will not make any disparaging statements about the Company, its Affiliates, directors, officers, agents, employees, products,
pricing policies or services. 

  

	 	g)	 Remedies for Breach of These Covenants. Any breach of the covenants in this Section 9 likely will cause irreparable harm to the Company or its
Affiliates for which money damages could not reasonably or adequately compensate the Company or its Affiliates. Accordingly, the Company or any of its Affiliates shall be entitled to all forms of injunctive relief (whether temporary, emergency,
preliminary, prospective, or permanent) to enforce such covenants, in addition to damages and other available remedies, and you consent to the issuance of such an injunction without the necessity of the Company or any such Affiliate posting a bond
or, if a court requires a bond to be posted, with a bond of no greater than $500 in principal amount. In the event that injunctive relief or damages are 

  

 5 

	 	 
awarded to Company or any of its Affiliates for any breach by you of this Section 9, you further agree that the Company or such Affiliate shall be
entitled to recover its costs and attorneys’ fees necessary to obtain such recovery. In addition, you agree that upon your breach of any covenant in this Section 9, this Award of Restricted Stock shall be immediately and irrevocably
forfeited. 

  

	 	h)	Enforceability of These Covenants. It is further agreed and understood by you and the Company that if any part, term, or provision of the Terms and Conditions and the
attached Agreement should be held to be unenforceable, invalid, or illegal under any applicable law or rule, the offending term or provision shall be applied to the fullest extent enforceable, valid, or lawful under such law or rule, or, if that is
not possible, the offending term or provision shall be struck and the remaining provisions of the Terms and Conditions and the attached Agreement shall not be affected or impaired in any way. 

 10. Arbitration. You and the Company agree that any controversy, claim, or dispute arising out of or relating to the Terms and Conditions and the attached
Agreement, or arising out of or relating to your employment relationship with the Company or any of its Affiliates, or the termination of such relationship, shall be resolved by binding arbitration before a neutral arbitrator under rules set forth
in the Federal Arbitration Act, except for claims by the Company relating to your breach of any of the covenants set forth in Section 9 above. By way of example only, claims subject to the agreement to arbitrate include claims litigated under
federal, state and local statutory or common law, such as the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, as amended, including the Civil Rights Act of 1994, the Americans with Disabilities Act, the law of
contract and the law of tort. You and the Company agree that such claims may be brought in an appropriate administrative forum, but at the point at which you or the Company seek a judicial forum to resolve the matter, the agreement for binding
arbitration becomes effective, and you and the Company hereby knowingly and voluntarily waive any right to have any such dispute tried and adjudicated by a judge or jury. The foregoing not to the contrary, the Company may seek to enforce the
covenants set forth in Section 9 above, in any court of competent jurisdiction. The agreement to arbitrate shall continue in full force and effect despite the forfeiture of this Award of Restricted Stock or the termination of your employment
relationship with the Company or any of its Affiliates. You and the Company agree that any award rendered by the arbitrator shall be final and binding and that judgment upon the final award may be entered in any court having jurisdiction thereof.
The arbitrator may grant any remedy or relief that the arbitrator deems just and equitable, including any remedy or relief that would have been available to you, the Company or any of its Affiliates had the matter been heard in court. All expenses
of the arbitration, including the required travel and other expenses of the arbitrator and any witnesses, and the costs relating to any proof produced at the direction of the arbitrator, shall be borne equally by you and the Company unless otherwise
mutually agreed or unless the arbitrator directs otherwise in the award. The arbitrator’s compensation shall be borne equally by you and the Company unless otherwise mutually agreed or unless the law provides otherwise. 
 11. Severability. In the event that any portion of the Terms and Conditions and the attached Agreement shall be held to be invalid, the same shall not affect in
any respect whatsoever the validity and enforceability of the remainder of the Terms and Conditions and the attached Agreement. 
 12. No Right to
Employment. Nothing in the Terms and Conditions, the attached Agreement or the Plan shall be construed as giving you the right to be retained as an employee of the Company. In addition, the Company may at any time dismiss you from employment,
free from any liability or any claim under the Terms and Conditions and the attached Agreement, unless otherwise expressly provided in the Terms and Conditions and the attached Agreement. 
 13. No Rights of Stockholders. You shall have none of the rights and privileges of a stockholder of the Company with respect to the Shares until such shares have
vested pursuant to Section 3 or Section 4 hereof, except the right to receive all cash dividends or other cash distributions and the right to vote. 
 14. Compensation. Any compensation realized from the receipt or payment of (or the lapse of restrictions relating to) this Award of Restricted Stock shall constitute a special long-term incentive payment to you and shall not be taken
into account as compensation in determining the amount of any benefit under any retirement or other employee benefit plan of the Company or any of its Affiliates. 
  

 6 

 15. Securities Matters. The Company shall not be required to deliver any Shares until the requirements of any
federal or state securities or other laws, rules or regulations (including the rules of any securities exchange) as may be determined by the Company to be applicable are satisfied. 
 16. Headings. Headings are given to the sections and subsections of the Terms and Conditions and the attached Agreement solely as a convenience to facilitate reference. Such headings shall not be deemed in any
way material or relevant to the construction or interpretation of the Terms and Conditions and the attached Agreement or any provision hereof. 
 17.
Governing Law. The internal law, and not the law of conflicts, of the State of Delaware will govern all questions concerning the validity, construction and effect of the Terms and Conditions and the attached Agreement. 
 18. Notices. You should send all written notices regarding this Award of Restricted Stock or the Plan to the Company at the following address: 
 SUPERVALU INC. 
 P.O. Box 990 
 Minneapolis, MN 55440 
 Attn.: Corporate Secretary. 
  

 7

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