Document:

Change of Control Severance Agreement between the Company and Gary Gatchell

 Exhibit 10.2 
 CARRIER ACCESS CORPORATION 
 CHANGE OF CONTROL SEVERANCE AGREEMENT 
 This Change of Control Severance Agreement (the “Agreement”) is made and entered into by and between Gary Gatchell (“Executive”) and
Carrier Access Corporation (the “Company”), effective as of July 31, 2007 (the “Effective Date”). 
 RECITALS

 1. It is expected that the Company from time to time will consider the possibility of an acquisition by another company or other
change of control. The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a distraction to Executive and can cause Executive to consider alternative employment opportunities. The Board has determined
that it is in the best interests of the Company and its stockholders to assure that the Company will have the continued dedication and objectivity of Executive, notwithstanding the possibility, threat or occurrence of a Change of Control (as defined
herein) of the Company. 
 2. The Board believes that it is in the best interests of the Company and its stockholders to provide Executive
with an incentive to continue his or her employment and to motivate Executive to maximize the value of the Company upon a Change of Control for the benefit of its stockholders. 
 3. The Board believes that it is imperative to provide Executive with certain benefits upon a Change of Control and with certain severance benefits upon
Executive’s termination of employment following a Change of Control. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company notwithstanding the possibility of a Change
of Control. 
 4. Certain capitalized terms used in the Agreement are defined in Section 8 below. 
 AGREEMENT 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
 1. Term of Agreement. This Agreement is
effective as of the Effective Date and will remain in effect through the third anniversary of the Effective Date, except in the event of a Change of Control during such term, in which case this Agreement will remain in effect through, and
automatically terminate upon, the completion of all payments under the terms of this Agreement (the “Agreement Term”). No severance benefits will be paid under this Agreement with respect to any termination of employment effective after
the date of the Agreement’s termination. 
 2. At-Will Employment. The Company and Executive acknowledge that Executive’s
employment is and will continue to be at-will, as defined under applicable law, except as may otherwise be specifically provided under the terms of any written formal employment agreement between the Company and Executive (an “Employment
Agreement”). If Executive’s employment 

 
terminates for any reason, including (without limitation) any termination in Connection with a Change of Control (as defined herein), Executive will not be
entitled to any payments, benefits, damages, awards or compensation other than as provided by this Agreement. 
 3. Termination of
Employment. In the event Executive’s employment with the Company terminates for any reason, Executive will be entitled to any: (i) unpaid base salary accrued up to the effective date of termination, (ii) unpaid, but earned and
accrued annual incentive for any completed fiscal year as of his or her termination of employment, (iii) pay for accrued but unused vacation, (iv) benefits or compensation as provided under the terms of any employee benefit and
compensation agreements or plans applicable to Executive, (v) unreimbursed business expenses required to be reimbursed to Executive, and (vi) rights to indemnification Executive may have under the Company’s Articles of Incorporation,
Bylaws, or separate indemnification agreement, as applicable. In addition, if the termination is by the Company without Cause or if Executive resigns for Good Reason, Executive will be entitled to the amounts and benefits specified in
Section 4. 
 4. Severance Benefits. 
 (a) Termination Without Cause or Resignation for Good Reason other than in Connection with a Change of Control. If Executive’s employment is terminated by the Company without Cause (as defined herein) or
if Executive resigns for Good Reason (as defined herein), and such termination is not in Connection with a Change of Control, then, subject to Section 5, Executive will receive: (i) a lump sum payment equal to twelve (12) months of
the Executive’s annual base salary for the year in which the termination occurs (less applicable tax withholdings), such amount to be paid within ten (10) calendar days after the separation agreement and release agreement required under
Section 5 becomes effective, and (ii) with respect to Executive’s then outstanding unvested equity awards, accelerated vesting as to that number of shares of Company common stock that would have vested prior to the date of
Executive’s termination had the awards been subject to a monthly vesting schedule (with monthly vesting of a pro rata portion occurring on the same day of the month as the applicable grant date or, if there is no corresponding day, on the last
day of the month); provided, however, that Executive will not be entitled to accelerated vesting with respect to any equity award subject to performance criteria that has not been achieved (as determined in accordance with the applicable equity
award agreement) prior to Executive’s termination, and (iii) reimbursement for premiums paid for continued health benefits for Executive (and any eligible dependents) under the Company’s health plans until the earlier of
(A) twelve (12) months, payable when such premiums are due (provided Executive validly elects to continue coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”)), or (B) the date upon which Executive and
Executive’s eligible dependents become covered under similar plans. 
 (b) Termination Without Cause or Resignation for Good Reason
in Connection with a Change of Control. If Executive’s employment is terminated by the Company without Cause or if Executive resigns for Good Reason, and such termination is in Connection with a Change of Control, then, subject to
Section 5, Executive will receive: (i) a lump sum payment equal to twelve (12) months of the Executive’s annual base salary for the year in which the termination occurs (less applicable tax withholdings), such amount to be paid
within ten (10) calendar days after the separation agreement and release agreement required under Section 5 becomes effective, (ii) full vesting and deemed achievement at target levels of all performance criteria with respect to

  

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Executive’s then outstanding unvested equity awards, and (iii) reimbursement for premiums paid for continued health benefits for Executive (and any
eligible dependents) under the Company’s health plans until the earlier of (A) twelve (12) months, payable when such premiums are due (provided Executive validly elects to continue coverage under COBRA), or (B) the date upon
which Executive and Executive’s eligible dependents become covered under similar plans. 
 (c) Voluntary Resignation; Termination For
Cause. If Executive’s employment with the Company terminates (i) voluntarily by Executive (except upon a termination for Good Reason) or (ii) for Cause by the Company (or any parent or subsidiary of the Company), then Executive
will not be entitled to receive severance or other benefits except for those (if any) as may then be established under the Company’s then existing severance and benefits plans and practices or pursuant to other written agreements with the
Company, including, without limitation, any Employment Agreement. 
 (d) Disability; Death. If the Company terminates Executive’s
employment as a result of Executive’s Disability (as defined herein), or Executive’s employment terminates due to his or her death, then Executive will not be entitled to receive severance or other benefits except for those (if any) as may
then be established under the Company’s then existing written severance and benefits plans and practices or pursuant to other written agreements with the Company, including, without limitation, any Employment Agreement. 
 (e) Exclusive Remedy. In the event of a termination of Executive’s employment with the Company (or any parent or subsidiary of the Company),
the provisions of this Section 4 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement.
Executive will be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this Section 4. The parties understand and acknowledge that this Agreement is
intended to represent Executive’s sole entitlement to severance payments and benefits as a result of the termination of his or her employment and supersedes and replaces Executive’s entitlement to severance payments and benefits pursuant
to the Employment Offer Letter dated June 8, 2005 by and between Executive and the Company. 
 (f) Section 409A. 

(i) Distributions. Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the
meaning of Section 409A of the Code and any final regulations and guidance promulgated thereunder (“Section 409A”) at the time of Executive’s termination, and the payment of any portion of the severance payments under this
Agreement, when considered together with any other severance payments or separation benefits which may be considered deferred compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”), will result in
the imposition of additional tax under Section 409A if paid to Executive on or within the six (6) month period following Executive’s termination, then the portion of the Deferred Compensation Separation Benefits that would cause the
imposition of additional tax under Section 409A will accrue during such six (6) month period and will become payable in a lump sum payment on the date six (6) months and one (1) day following the date of Executive’s
termination of employment. All subsequent payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. 
  

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 (ii) Amendment. It is the intent of this Agreement to comply with the requirements of
Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and
Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition under
Section 409A prior to actual payment to Executive. 
 5. Conditions to Receipt of Severance; No Duty to Mitigate. 
 (a) Separation Agreement and Release of Claims. The receipt of any severance or other benefits pursuant to Section 4 will be subject to
Executive signing and not revoking a separation agreement and release of claims in a form acceptable to the Company. No severance or other benefits will be paid or provided until the separation agreement and release agreement becomes effective.

 (b) Non-solicitation and Non-competition. The receipt of any severance or other benefits pursuant to Section 4 will be subject
to Executive agreeing that during the Agreement Term and Continuance Period, Executive will not, without the prior consent of the Company (i) solicit any employee of the Company (other than Executive’s personal assistant) for employment
other than at the Company, or (ii) directly or indirectly engage in any business or activity in the same geographical market where a substantially similar business activity is being carried on by the Company, any subsidiary of the Company, or
any business in which the Company (or any subsidiary of the Company) has a material business (“Company Business”), including, but not limited to, representing or providing consulting services to any person or entity that is engaged in
competition with a Company Business or that takes a position adverse to a Company Business. However, Executive’s ownership as a stockholder of an immaterial interest in a competing business which is publicly held will not constitute a breach of
this Section 5(b). 
 For purposes of this provision, a company or entity shall be considered to be competitive to the Company Business
if any portion of its business, divisions, or product groups is engaged in or has taken concrete steps toward engaging in the business of providing development, sales, manufacturing services, software or installation and services for data
networking, transport and backhaul products for communications service providers for use in wireline or wireless networks, either as being carried on or developed by the Company or its affiliates as of the date of the Executive’s termination
and during the Continuance Period. For the purposes of this paragraph, and to eliminate any uncertainty, it is further specifically agreed that the following entities shall be considered as being competitive with the Company Business, without
limitation: small independent system integrators that engage or participate in a competitive business with the Company Business; private and public companies that engage or participate in a competitive business with the Company Business, including
but not limited to, Adtran, Inc., Audiocodes, Cisco Systems, Inc., Eastern Research, Inc., Lucent Technologies, Inc., Natural Microsystems, RAD, Sycamore Networks, Telco Systems, Inc., Tellabs, Inc., Zhone Technologies, Inc. (or any of their
subsidiaries or affiliates 

  

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controlled by or under common control with the respective entity or any business, division, or product group thereof); and such other companies or entities
as identified in the Company’s SEC 10Q and 10K filings as being competitive with the Company Business during the Executive’s employment and within the Continuance Period. 
 (c) Nondisparagement. During the Agreement Term and Continuance Period, Executive will not knowingly and materially disparage, criticize, or
otherwise make any derogatory statements regarding the Company. Notwithstanding the foregoing, nothing contained in this agreement will be deemed to restrict Executive, the Company or any of the Company’s current or former officers and/or
directors from providing information to any governmental or regulatory agency (or in any way limit the content of any such information) to the extent they are requested or required to provide such information pursuant to applicable law or
regulation. 
 (d) Other Requirements. Executive’s receipt of continued severance payments will be subject to Executive
continuing to comply with the terms of the Company’s standard form of confidential information, intellectual property, non-competition and non-solicitation agreement and the provisions of this Section 5. 
 6. No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings
that Executive may receive from any other source reduce any such payment 
 7. Limitation on Payments. In the event that the severance
and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code, and (ii) but for this Section 7, would be subject
to the excise tax imposed by Section 4999 of the Code, then Executive’s severance benefits under Section 4(b) will be either: 
 (a) delivered in full, or 
 (b) delivered as to such lesser extent which would result in no portion of such severance benefits
being subject to excise tax under Section 4999 of the Code, 
 whichever of the foregoing amounts, taking into account the applicable federal, state and
local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance benefits may be
taxable under Section 4999 of the Code. Unless the Company and Executive otherwise agree in writing, any determination required under this Section 7 will be made in writing by the Company’s independent public accountants immediately
prior to the Change of Control (the “Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 7, the
Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will
furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with any
calculations contemplated by this Section 7. 
  

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 8. Definition of Terms. The following terms referred to in this Agreement will have the following
meanings: 
 (a) Cause. “Cause” is defined as, (i) Executive’s conviction of, or plea of nolo contendere to,
a felony, (ii) Executive’s intentional misconduct with regards to the duties and responsibilities of his or her position, (iii) Executive’s material failure to perform the duties and responsibilities of his or her position,
(iv) Executive’s improper disclosure of any confidential information of the Company, (v) any act of material fraud or dishonesty performed by Executive against the Company, (vi) any material violation of any Company policy or
agreement, or (vii) Executive’s failure to cooperate with the Company in any investigation or formal proceeding authorized by the Board or any governmental or self-regulatory entity. 
 (b) Change of Control. “Change of Control” of the Company is defined as: 
 (i) a merger, consolidation or reorganization approved by the Company’s stockholders, unless securities representing more than fifty percent
(50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned
the Company’s outstanding voting securities immediately prior to such transaction, or 
 (ii) any stockholder-approved transfer or
other disposition of all or substantially all of the Company’s assets, or 
 (iii) the acquisition, directly or indirectly by any
person or related group of persons (other than the Company or a person that directly or indirectly controls, is controlled by, or is under common control with, the Company), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities
Exchange Act of 1934, as amended) of securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding securities pursuant to a tender or exchange offer made directly to the
Company’s stockholders which the Board recommends such stockholders accept. 
 (c) Continuance Period. “Continuance
Period” will mean the period of time beginning on the date of the termination of Executive’s employment and ending on the date that is twelve (12) months following the date of the termination of Executive’s employment.

 (d) Disability. “Disability” will mean the inability of Executive to engage in any substantial gainful activity by reason
of any medically determinable physical or mental impairment expected to result in death or to be of continuous duration of twelve (12) months or more. 
 (e) Good Reason. “Good Reason” will mean Executive’s termination of employment within ninety (90) days following the end of the Cure Period (as defined below) as a result of the occurrence
of any of the following without the Executive’s consent: (i) a material diminution of Executive’s authority, duties, or responsibilities, relative to Executive’s authority, 

  

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duties, or responsibilities in effect immediately prior to such reduction; provided, however, that a reduction of authority, duties, or responsibilities that
occurs solely as a necessary and direct consequence of the Company undergoing a Change of Control and being made part of a larger entity will not be considered material (as, for example, when the Chief Financial Officer of the Company remains the
Chief Financial Officer of the Company (or the business unit comprising the Company) following a Change of Control even though he or she is not made the Chief Financial Officer of the acquiring corporation; in contrast, if, for example, the Chief
Financial Officer is reassigned to a clerical or payroll position following a Change of Control, such reassignment would not be a necessary and direct consequence of the Company being made a part of a larger entity and therefore would constitute a
material reduction), (ii) a material diminution by the Company in the base salary of Executive as in effect immediately prior to such reduction, other than pursuant to a reduction that also is applied to substantially all other employees of the
Company, (iii) the relocation of Executive to a facility or a location more than fifty (50) miles from Executive’s then present location, or (iv) the failure of the Company to obtain the assumption of this Agreement by any
successor; provided, however, that Executive must provide written notice to the Board of the condition that could constitute a “Good Reason” event within ninety (90) days of the initial existence of such condition and such condition
must not have been remedied by the Company within thirty (30) days (the “Cure Period”) of such written notice. 
 (f) In
Connection with a Change of Control. A termination of Executive’s employment with the Company is “in Connection with a Change of Control” if Executive’s employment is terminated within two (2) months prior or twelve
(12) months following a Change of Control. 
 9. Successors. 
 (a) The Company’s Successors. Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation,
liquidation or otherwise) to all or substantially all of the Company’s business and/or assets will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the
same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business and/or assets
which executes and delivers the assumption agreement described in this Section 9(a) or which becomes bound by the terms of this Agreement by operation of law. 
 (b) Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. 
 10. Notice. 
 (a) General. Notices and all other communications contemplated by this Agreement will be in writing and will be deemed to have been duly given when
personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices will be addressed to him or her at the home address which he 

  

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or she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and
all notices will be directed to the attention of its President. 
 (b) Notice of Termination. Any termination by the Company for Cause
or by Executive for Good Reason or as a result of a voluntary resignation will be communicated by a notice of termination to the other party hereto given in accordance with Section 10(a) of this Agreement. Such notice will indicate the specific
termination provision in this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be
not more than thirty (30) days after the giving of such notice). The failure by Executive to include in the notice any fact or circumstance which contributes to a showing of Good Reason will not waive any right of Executive hereunder or
preclude Executive from asserting such fact or circumstance in enforcing his or her rights hereunder. 
 11. Miscellaneous Provisions.

 (a) Arbitration. The parties agree that any and all disputes arising out of, or relating to, the terms of this Agreement, their
interpretation, and any of the matters herein released, will be subject to binding arbitration in Boulder County before the American Arbitration Association under its National Rules for the Resolution of Employment Disputes. The parties agree that
the prevailing party in any arbitration will be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award. The parties agree that the prevailing party in any arbitration will be awarded its reasonable
attorney fees and costs. The parties hereby agree to waive their right to have any dispute between them resolved in a court of law by a jury. This section will not prevent either party from seeking injunctive relief (or any other provisional
remedy) from any court having jurisdiction over the parties and the subject matter of their dispute relating to Executive’s obligations under this Agreement and the agreements incorporated herein by reference. 
 (b) Waiver. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in
writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered
a waiver of any other condition or provision or of the same condition or provision at another time. 
 (c) Headings. All captions and
section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 
 (d) Entire
Agreement. This Agreement, together with any Employment Agreement (to the extent not otherwise superseded herein) and any equity award agreement, constitutes the entire agreement of the parties hereto and supersedes in their entirety all prior
representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied) of the parties with respect to the subject matter hereof. With respect to equity awards granted on or after the date hereof, the
acceleration of vesting provided herein will apply to such awards except to the extent otherwise explicitly provided in the applicable equity award agreement. 
  

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 (e) Choice of Law. The validity, interpretation, construction and performance of this Agreement
will be governed by the laws of the State of Colorado (with the exception of its conflict of laws provisions). 
 (f) Severability.
The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full force and effect. 
 (g) Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable income and employment taxes.

 (h) Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of
the Company by its duly authorized officer, as of the day and year set forth below. 
  

					
	COMPANY	 	CARRIER ACCESS CORPORATION
			
		 	By:	 	  

		 	Title:	 	
			
	EXECUTIVE	 	By:	 	  

		 	Title:	 	Chief Financial Officer

  

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 Exhibit 4.1 
 EXECUTION VERSION 
 FORBEARANCE AGREEMENT 
 This FORBEARANCE AGREEMENT (this “Agreement”), is dated as of July 31, 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. Parent and Borrower have requested, and the Agents and Lenders have agreed, 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 Event 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 the period ending June 30, 2007 (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”. 
  

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 (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. 
 (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) September 17, 2007. 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, or (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 

  

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$50,000,000. 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. 
 (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 

  

 3 

 
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) The Parent and Borrower shall have delivered to the Agents and Lenders a 13 week cash forecast, 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 Revolving Credit Loans that will be required or repaid during each week of such period (the “Budget”);

 (c) The Parent and Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, pro rata, a forbearance fee in
the amount equal to 37.5 basis points multiplied by the principal amount of Loans and undrawn Letters of Credit outstanding on the Forbearance Effective Date (the “Forbearance Fee”), which Forbearance Fee shall be
(i) added to the outstanding amount of the Obligations (and shall accrue interest at the rate then in effect for (x) Term Loans (to the extent allocated to the Term Loan Lenders), and (y) Revolving Loans and Swing Line Loans (to the
extent allocated to the Revolving Lenders and the Swing Line Lenders)); (ii) paid at such time and in such manner as the Obligations are to be paid in full; (iii) deemed earned upon execution of this Agreement; and
(iv) non-refundable; and 
 (d) 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. 
  

 4 

 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. 
  

 5 

 (e) The Parent and Borrower have furnished to each Agent the Budget (as delivered on the date hereof).
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. 
 (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 two (2) 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. 
 (j) The Parent and Borrower shall deliver to the Agents on or before August 17, 2007, a long-term business plan for the period through and including
calendar year 2010. 
 (k) The Parent and Borrower shall deliver to the Agents on or before August 17, 2007, the final form of marketing
or other similar materials to be used by the Loan Parties’ investment banker in soliciting offers to purchase all or substantially all of any of the Loan Parties’ assets or equity interests. 
 (l) The Parent and Borrower shall use their reasonable best efforts to ensure that marketing or other similar materials are sent by Loan Parties’
investment banker on or before August 17, 2007, to prospective purchasers to solicit offers to purchase all or substantially all of any of the Loan Parties’ assets or equity interests. 
 (m) 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 marketing and solicitation of offers to purchase all or substantially all of any of the Loan Parties’ assets or equity interests occurring during the preceding week. 
 (n) The Parent, Borrower, their counsel and their investment banker shall make themselves available to participate in a conference call on each of
August 21 and 

  

 6 

 
September 4, 2007 (or such other dates as may be reasonably acceptable to the Agents) with the Agents and Lenders regarding the status of the process
for the marketing and solicitation of offers to purchase all or substantially all of any of the Loan Parties’ assets or equity interests and the Loan Parties’ business developments. 
 (o) The Parent and Borrower shall deliver to the Agents on or before August 17, 2007, a twelve-month liquidity forecast. 
 (p) The Loan Parties shall immediately notify the Lenders upon its or their becoming aware of an 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 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 

  

 7 

 
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 the outstanding amount of the principal amount of the Obligations,
in each case together with accrued and unpaid interest from and including August 1, 2007, (i) for the Term Loan B Facility is $66,382,580.00; (ii) for the Term Loan C Facility is $119,500,000.00; (iii) for the Revolving Credit
Loan Facility is $44,370,912.39; and (iii) for the Letters of Credit is $16,700,159.75. 
 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 

  

 8 

 
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. 
 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. 
  

 9 

 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] 
  

 10 

 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

  

 11 

			
	LENDERS:
	
	COAST DL FUNDING LLC
		
	By:	 	 /s/ Scott D. Krase

	Name:	 	Scott D. Krase
	Title:	 	Authorized Signatory
	
	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

  

 12 

			
	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

  

 13 

			
	REGIMENT CAPITAL SPECIAL SITUATIONS FUND III, L.P.
		
	By:	 	Regiment Capital GP, LLC, its General Partner
		
	By:	 	 /s/ Richard T. Miller

	Name:	 	Richard T. Miller
	Title:	 	Authorized Signatory

  

 14 

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

		
	By:	 	 /s/ Mark K. Furstein

	Name:	 	Mark K. Furstein
	Title:	 	Chief Operating Officer
	
	FORTRESS CREDIT OPPORTUNITIES II LP
		
	By:	 	 Fortress Credit Opportunities II GP LLC,
 its general
partner

		
	By:	 	 /s/ Mark K. Furstein

	Name:	 	Mark K. Furstein
	Title:	 	Chief Operating Officer
	
	FORTRESS CREDIT FUNDING I LP
		
	By:	 	 Fortress Credit Funding I GP LLC,
 its general partner

		
	By:	 	 /s/ Mark K. Furstein

	Name:	 	Mark K. Furstein
	Title:	 	Chief Operating Officer

  

 15 

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

	Name:	 	Christofer M. Mackey
	Title:	 	
	
	DURHAM ACQUISITION CO., LLC
		
	By:	 	 /s/ Christofer M. Mackey

	Name:	 	Christofer M. Mackey
	Title:	 	

  

 16 

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

		
	By:	 	 /s/ J. Baker Gentry Jr.

	Name:	 	J. Baker Gentry Jr.
	Title:	 	Authorized Signatory

  

 17 

			
	 CITIGROUP FINANCIAL PRODUCTS INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 18 

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Michael S. Roof

	Name:	 	Michael Roof
	Title:	 	Vice President

  

 19 

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

		
	By:	 	 /s/ Robert J. Capozzi

	Name:	 	Robert J. Capozzi
	Title:	 	Portfolio Manager
		 	Co-Head Distressed Debt

  

 20 

			
	 QUADRANGLE MASTER FUNDING LTD

		
	 By:
	 	 Quadrangle Debt Recovery Advisors LP
 Its:
Advisor

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 21 

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

	Name:	 	Michael Leffell
	Title:	 	Deputy Managing Partner

  

 22 

					
	 LASALLE BUSINESS CREDIT, a division of
 ABN
AMRO Bank N.V., Canada Branch

			
	By:	 	 /s/ Jacqueline Mann
	 	 /s/ Aaron Turner

	Name:	 	Jacqueline Mann	 	Aaron Turner
	Title:	 	Vice President	 	Senior Vice President

  

 23 

			
	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

  

 24 

			
	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

  

 25 

			
	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

  

 26

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