Document:

Severance LTR Agmt. dated Jan 22, 2008, Peter Crocitto

 Exhibit 10.10 
 VALLEY NATIONAL BANK 
 1455 Valley Road 
 Wayne, NJ 07470 
 January 22, 2008 
 Mr. Peter Crocitto 
 Executive Vice President 
 Valley National Bancorp 
 Valley National Bank 
 1455 Valley Road 
 Wayne, New Jersey 07470 
 Dear Mr. Crocitto: 
 The Board of Directors of Valley
National Bancorp (“Bancorp”) and Valley National Bank (the “Bank”) (collectively, the “Company”) have determined that it is in the best interests of the Bancorp and the Bank for the Company to agree to provide you with
certain limited severance rights as provided herein. 
 The Board recognizes that your employment by the Company without any severance
agreement creates tensions which may cause you to seek opportunities elsewhere or affect your views of your present compensation. These arrangements are being made to alleviate, in part, those concerns. 
 We previously entered into a letter agreement with you, dated January 1, 1998, and subsequently amended, concerning these severance rights. This
letter restates and amends those provisions of the prior agreements, and the prior agreements are rescinded upon your consent to this letter. 
 In view of the foregoing, in consideration of your continued employment with the Company and your consent to this letter, the Company agrees: 
 1. If the Company elects to terminate you as Executive Vice President of Valley National Bancorp and/or Valley National Bank, upon the termination of your employment the Company will pay you a lump sum severance
benefit equal to 12 months of your annual base salary plus a portion of your most recent bonus. The bonus amount shall equal your most recent bonus multiplied by a fraction, the numerator of which is the number of months which have elapsed in the
current calendar year and the denominator of which is 12. This severance benefit will not be paid if the Company terminates you for “Cause”. “Cause” means (i) willful and continued failure by the Executive to perform his
duties for the Company after at least one warning in writing from the Company’s Board of Directors identifying specifically any such failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the
Company as specified in a written notice to the Executive from the Board of Directors; or (iii) conviction of a crime, other than a traffic violation, habitual drunkenness, drug 

 
abuse, or excessive absenteeism other than for illness, after a warning (with respect to drunkenness or absenteeism only) in writing from the Board of
Directors to refrain from such behavior. No act or failure to act on the part of the Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or
omission was in the best interest of the Company. No severance will be paid under this paragraph in the event you are paid a severance benefit pursuant to any change in control agreement with the Company. 
 2. If you are terminated other than for Cause, or if you die or become disabled, the Company shall, within twenty (20) business days of the
termination of employment, pay you (or your estate in the case of death) a lump sum amount equal to one hundred twenty-five percent (125%) of (A) the aggregate COBRA premium amounts (based upon COBRA rates in effect at date of termination)
for three (3) years of the health, hospitalization and medical insurance coverage that was being provided to you (and your spouse) at the time of termination of employment, minus (B) the aggregate amount of any employee contributions that
would have been required of you (determined as of the termination of employment) for such three (3) year period. The Company also shall pay you a lump sum amount equal to one hundred twenty-five percent (125%) of the Company’s share
of the premium for three (3) years of the life insurance coverage provided to a similarly situated active employee (based upon the coverage and rates in effect on the date you terminate employment). 
 Notwithstanding anything else to the contrary in this letter, the Company may delay payment of benefits provided in Sections 1 and 2 herein for six
(6) months following your termination from employment to the extent necessary to comply with Section 409A of the Internal Revenue Code. At the end of such period of delay, you will be paid the delayed payment amounts, plus interest for the
period of any such delay. For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Bill rate in effect on the date on which the payment is delayed, and shall be compounded daily. If the conditions of
the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) (or any successor Regulation thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the
extent permitted under the severance exception. 
 As partial consideration for the Company entering into this Agreement, you agree as
follows: 
 3. Following the termination of your employment with the Company for any reason, you shall retain in confidence any confidential
information known to you concerning the Company and its business. 
 4. While you are employed by the Company and for a period of one year
thereafter, you will not, without the prior written approval of the Board of Directors of Bancorp, directly or indirectly, as officer, director, employee, shareholder, principal or agent, or in any other capacity, own, manage, operate, consult with
or be employed by any insured depository institution which transacts business in the State of New Jersey if such insured depository institution employs or utilizes you in any capacity to solicit the Company’s loan, trust, deposit customers, or
other customers of the Company, or employees of the Company. 
 5. You agree that the Company has no adequate remedy at law for the violation
of paragraphs 3 and 4 and that the Company shall be entitled to injunctive relief to enforce such provisions. 

 Both parties mutually agree as follows: 
 6. In the event the Company fails to pay to you or your spouse any of the benefits provided herein for a period in excess of 10 business days after a
written request to do so, you (or your spouse) shall be entitled to be paid or reimbursed by the Company for the legal fees and expenses incurred by you (or your spouse) in enforcing or interpreting the provisions of this Agreement. The Company
hereby agrees to pay or reimburse you for such fees and expenses on a monthly basis, upon your submission of bills or requests for payment. A court shall be entitled to deny you your legal fees and expenses only if it finds you made a claim for
benefits hereunder not in good faith and without reasonable cause. 
 7. This Agreement shall commence on the date hereof and expire on
January 1, 2011 (January 1, 2011 is referred to hereafter as the “Initial Expiration Date”). On January l of each year starting January 1, 2009, the Initial Expiration Date shall be automatically extended for an additional one
year period (so it remains a three year contract) unless you or Bancorp otherwise elect and so notify the other party in writing prior to January 1 of any year starting with January 1, 2009. This Agreement may be amended, supplemented or
changed at any time only by a writing signed by Bancorp and yourself. 
 8. This Agreement shall be binding upon and inure to the benefit of
you, your estate and the Company, and any successor to the Company by merger, consolidation or sale. Neither this Agreement nor any rights arising hereunder may be assigned or pledged by you. This Agreement constitutes the entire agreement between
the Company and you with respect to the matters covered hereby (excluding any provisions governing your benefits in the event of a change in control) and replaces any prior agreements or understandings (whether written or unwritten) with respect to
such matters. In the event your services are terminated and you are entitled to payments, you shall not be obligated to mitigate your damages and the Company may not offset amounts due to you hereunder. However, in the event you breach the
non-compete contained in paragraph 4 hereof, the Company shall not thereafter be obligated to provide you with any benefits hereunder and you shall not be entitled to be paid your legal fees or expenses as provided in paragraph 6 hereof. 

 If you are in agreement with the foregoing, please so indicate by signing and returning to the Company
the enclosed copy of this letter, whereupon this letter shall constitute an agreement between you and the Company. 
  

									
		 		 	Very truly yours,
			
		 		 	VALLEY NATIONAL BANCORP
					
		 		 		 	By:	 	/s/ Robert E. McEntee
	AGREED AND ACCEPTED:	 		 	Robert E. McEntee, Chairman,
		 		 		 	Compensation and Human Resources Committee
			
	/s/ Peter Crocitto	 		 	 VALLEY NATIONAL BANK

	Peter Crocitto, Executive	 		 	
		 		 	By:	 	/s/ Robert E. McEntee
		 		 		 	Robert E. McEntee, Chairman,
		 		 		 	Compensation and Human Resources CommitteeFifth Waiver to Debtor-in-Possession Credit and Security Agreement

 Exhibit 4.1 
 EXECUTION COPY 
 FIFTH WAIVER TO DEBTOR-IN-POSSESSION CREDIT AND SECURITY AGREEMENT 

 FIFTH WAIVER, dated as of January 22, 2008 (this “Waiver”), to the Debtor-in-Possession Credit and Security
Agreement, dated as of November 19, 2007, as amended by the First Amendment and Waiver to the Debtor-in-Possession Credit and Security Agreement dated as of December 20, 2007 (as heretofore amended or otherwise modified, the
“Credit Agreement”), by and among POPE & TALBOT, INC., a Delaware corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code and as a debtor company under the CCAA (the “Parent”),
POPE & TALBOT LTD., a Canadian corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code, and as a debtor company under the CCAA (the “Borrower”), the Guarantors set forth on the signature pages
thereto, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), 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”), and ABLECO FINANCE LLC, as Term Loan B Agent (in such capacity, together with its permitted successors and assigns, the “Term Loan B Agent” and together with the Administrative Agent and the
Collateral Agent, each an “Agent” and collectively, the “Agents”). 
 WHEREAS, the Borrower, the Parent,
the Agents and the Lenders entered into that certain Fourth Waiver to the Credit Agreement dated as of January 11, 2008 in order to waive certain provisions of the Credit Agreement, subject to the terms and conditions set forth therein; and

 WHEREAS, the Agents and the Lenders are willing to enter into this Waiver in order to waive certain provisions of the Credit Agreement,
subject to the terms and conditions set forth in this Waiver. 
 NOW, THEREFORE, the Parent, the Borrower, the Agents and the Lenders hereby
agree as follows: 
 1. Capitalized Terms. Any capitalized term used herein which is defined in the Credit Agreement shall have the
meaning assigned to it in the Credit Agreement. 

 2. Limited Waivers. 
 (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the
Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now
existing or hereafter arising under Section 8 (a)(a) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (i) Payroll Taxes and Benefits on a cumulative basis
for all periods ended on or prior to January 11, 2008, (ii) Chemical payments during the week ended January 11, 2008 and on a cumulative basis for all periods ended on or prior to January 11, 2008, (iii) Tax payments on a
cumulative basis for all periods ended on or prior to January 11, 2008, (iv) Lease payments during the week ended January 11, 2008, (v) Utilities payments during the week ended January 11, 2008 and on a cumulative basis for
all periods ended on or prior to January 11, 2008 and (vi) Management Incentive Plan payments during the week ended January 11, 2008 and on a cumulative basis for all periods ended on or prior to January 11, 2008. 
 (b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in
Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any
other Loan Document, which terms and conditions shall continue in full force and effect. 
 3. Conditions. This Waiver shall become
effective as of January 22, 2008, but only upon the satisfaction in full, in a manner reasonably satisfactory to the Agents, of the following conditions precedent (the first date upon which all such conditions have been satisfied being herein
called the “Waiver Effective Date”): 
 (a) Representations and Warranties. The representations and
warranties contained in this Waiver and in Section 4 of the Credit Agreement and in each other Loan Document, certificate or other writing delivered on or on behalf of any Loan Party to any Agent or any Lender pursuant to the Credit Agreement
or any other Loan Document on or prior to the Waiver Effective Date shall be true and correct on and as of the Waiver Effective Date as though made on and as of such date (except where such representations and warranties relate to an earlier date in
which case such representations and warranties shall be true and correct as of such earlier date). 
 (b) No Event of
Default. No Default or Event of Default shall have occurred and be continuing on the Waiver Effective Date or would result from this Waiver becoming effective in accordance with its terms. 
 (c) Delivery of Documents. The Collateral Agent shall have received on or before the Waiver Effective Date the following, each in
form and substance reasonably satisfactory to the Collateral Agent and, unless indicated otherwise, dated the Waiver Effective Date: 
 (i) counterparts of this Waiver which bear the signatures of the Parent, the Borrower, the Agents and the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders; and 
  

 2 

 (ii) an acknowledgment and consent, in the form attached as Exhibit A to this Waiver,
duly executed by each Guarantor. 
 (d) Proceedings. All legal matters incident to this Waiver shall be reasonably
satisfactory to the Agents and their counsel. 
 4. Representations and Warranties. To induce the Agents and Lenders to enter into
this Waiver, each of the Parent and the Borrower hereby represents and warrants to the Agents and Lenders as follows: 
 (a)
Organization, Good Standing, Etc. Each Loan Party (i) is duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization, (ii) has all requisite power and authority to conduct
the business in which it is currently engaged, and to execute and deliver this Waiver, and to consummate the transactions contemplated hereby and by the Credit Agreement, and (iii) is duly qualified to do business and is in good standing in
each jurisdiction in which its ownership, lease or operation of Property or the conduct of its business requires such qualification, except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect.

 (b) Authorization, Etc. The execution, delivery and performance of this Waiver and each other Loan Document being
executed in connection with this Waiver by each Loan Party that is a party thereto, and the performance of the Credit Agreement hereby (i) have been duly authorized by all necessary action, (ii) do not and will not contravene any Loan
Party’s Constituent Documents or any applicable law or any material contractual restriction binding on or otherwise affecting it or any of its properties, (iii) do not and will not result in or require the creation of any Lien (other than
pursuant to any Loan Document) upon or with respect to any of its properties, and (iv) do not and will not result in any default, noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license,
authorization or approval applicable to its operations or any of its properties. 
 (c) Governmental Approvals. No
authorization or approval or other action by, and no notice to or filing with, any Governmental Authority or other regulatory body is required in connection with the due execution, delivery and performance by any Loan Party of this Waiver or any
other Loan Document to which it is a party being executed in connection with this Waiver, or for the performance of the Credit Agreement. 
 (d) Enforceability of Loan Documents. Each of this Waiver, the Credit Agreement, and each other Loan Document is a legal, valid and binding obligation of each Loan Party party thereto, enforceable against such
Loan Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to the enforcement of creditor’s rights
and by general equitable principles. 
  

 3 

 (e) Representations and Warranties; No Event of Default. The representations and
warranties herein, in Section 4 of the Credit Agreement and in each other Loan Document are true and correct on and as of the Waiver Effective Date as though made on and as of such date (except where such representations and warranties relate
to an earlier date in which case such representations and warranties shall be true and correct as of such earlier date), and no Default or Event of Default has occurred and is continuing as of the Waiver Effective Date or would result from this
Waiver becoming effective in accordance with its terms. 
 (f) Existing Indentures. No consent with respect to the
execution, delivery or performance of this Waiver is required under the Existing Indentures. 
 5. Continued Effectiveness of the Credit
Agreement and Loan Documents. Each of the Parent and the Borrower hereby (i) acknowledges and consents to this Waiver, (ii) confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force
and effect and is hereby ratified and confirmed in all respects, and (iii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent for the ratable benefit of the Secured Parties,
or to grant to the Collateral Agent for the ratable benefit of the Secured Parties a security interest in or Lien on, any Collateral as security for the Obligations of any Loan Party from time to time existing in respect of the Credit Agreement and
the Loan Documents, such pledge, assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects. This Waiver does not and shall not affect any of the Obligations of any Loan Party, other than as expressly
provided herein. 
 6. Waiver as Loan Document. Each of the Parent and the Borrower hereby acknowledges and agrees that this Waiver
constitutes a “Loan Document” under the Credit Agreement. Accordingly, it shall be an Event of Default under the Credit Agreement if (i) any representation or warranty made by the Parent or the Borrower under or in connection with
this Waiver shall have been untrue, false or misleading in any material respect when made, or (ii) the Parent or the Borrower shall fail to perform or observe any term, covenant or agreement contained in this Waiver. 
 7. Miscellaneous. 
 (a) This Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of this Waiver by telefacsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Waiver. Any party delivering an executed counterpart of this Waiver
by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Waiver, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Waiver.

 (b) Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Waiver for any other purpose. 
 (c) The Borrower will pay on demand all reasonable fees, costs and expenses of the
Agents in connection with the preparation, execution and delivery of this Waiver and all documents incidental hereto, including, without limitation, the reasonable fees, disbursements and other charges of counsel to the Collateral Agent and the
Administrative Agent. 
  

 4 

 (d) THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 (e) Any provision of this Waiver that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 (f) THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS WAIVER OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 [Signature Page Follows] 
  

 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be executed and delivered as of the
date set forth on the first page hereof. 
  

					
	PARENT:
	
	POPE & TALBOT, INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	BORROWER:
	
	POPE & TALBOT LTD., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	COLLATERAL AGENT AND TERM LOAN B AGENT:
	
	 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

					
	LENDERS:
	
	STYX PARTNERS, L.P.
	
	By: Styx Associates, LLC, as its General Partner
		
	By:	 	/s/ Kevin Genda
		 	Name:	 	Kevin Genda
		 	Title:	 	Sr. Managing Director

					
	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

					
	OAK HILL CREDIT ALPHA FINANCE I (OFFSHORE), LTD.
		
	By:	 	/s/ Scott D. Krase
		 	Name:	 	Scott D. Krase
		 	Title:	 	Authorized Signatory
	
	LERNER ENTERPRISES, LLC
		
	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

					
	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

					
	 DRAWBRIDGE SPECIAL OPPORTUNITIES
 FUND LP

		
	By:	 	 Drawbridge Special Opportunities GP LLC,
 its
general partner

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

					
	CREDIT GENESIS CLO 2005-1 LTD.
		
	By:	 	/s/ Maurine R. Bartlett
		 	Name:	 	Maurine R. Bartlett
		 	Title:	 	 Partner, Cadwalader, Wickersham &
 Taft LLP
Acting through a Power of Attorney

	
	DURHAM ACQUISITION CO., LLC
		
	By:	 	/s/ Maurine R. Bartlett
		 	Name:	 	Maurine R. Bartlett
		 	Title:	 	 Partner, Cadwalader, Wickersham &
 Taft LLP
Acting through a Power of Attorney

					
	HBK MASTER FUND L.P.
		
	By:	 	 HBK Services LLC
 its Investment
Advisor

		
	By:	 	/s/ J. Baker Gentry, Jr.
		 	Name:	 	J. Baker Gentry, Jr.
		 	Title:	 	Authorized Signatory

					
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Jonathan M. Barnes
		 	Name:	 	Jonathan M. Barnes
		 	Title:	 	Vice President

					
	 CONCORDIA PARTNERS, L.P.
 acting by and
through Concordia Advisors, L.L.C.,
 as a Lender

		
	By:	 	/s/ Allan A. Brown
		 	Name:	 	Allan A. Brown
		 	Title:	 	Portfolio Manager and Co-head of Distressed Debt Trading

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

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

					
	DK ACQUISITION PARTNERS, L.P.
		
	By:	 	M.H. Davidson & Co., its General Partner
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

					
	ABN AMRO BANK N.V., Canada Branch
		
	By:	 	/s/ David Carson
		 	Name:	 	David Carson
		 	Title:	 	Vice President
		
	By:	 	/s/ Aaron Turner
		 	Name:	 	Aaron Turner
		 	Title:	 	Senior Vice President

 EXHIBIT A 
 ACKNOWLEDGMENT AND CONSENT 
 The undersigned, as a party to one or more Loan Documents, as defined in
the Debtor-in-Possession Credit and Security Agreement dated as of November 19, 2007, as amended by the First Amendment and Waiver to the Debtor-in-Possession Credit and Security Agreement dated as of December 20, 2007 (as heretofore
amended or otherwise modified, the “Credit Agreement”), by and among POPE & TALBOT, INC., a Delaware corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code (the “Parent”),
POPE & TALBOT LTD., a Canadian corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code, and as a debtor company under the CCAA (the “Borrower”), the Guarantors set forth on the signature pages
thereto, the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), 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”), and ABLECO FINANCE LLC, as Term Loan B Agent (in such capacity, together with its permitted successors and assigns, the “Term Loan B Agent” and together with the Administrative Agent and the
Collateral Agent, each an “Agent” and collectively, the “Agents”), hereby (i) acknowledges and consents to the Fifth Waiver dated the date hereof (the “Waiver”, all terms defined therein being
used herein defined therein) to the Credit Agreement; (ii) confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects; and
(iii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent, for the benefit of the Secured Parties, or to grant to the Collateral Agent, for the benefit of the Secured Parties,
a security interest in or lien on, any collateral as security for the obligations of any Guarantor from time to time existing in respect of the Loan Documents, such pledge, assignment and/or grant of a security interest or lien is hereby ratified
and confirmed in all respects as security for, in addition to the other obligations secured thereby, all obligations of such Guarantors outstanding upon the taking effect of the Waiver. 
 Dated: as of January 22, 2008 
 [signature pages follow] 

					
	POPE & TALBOT SPEARFISH LIMITED PARTNERSHIP, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	 POPE & TALBOT LTD.,
 as a Debtor and
Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	PENN TIMBER, INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	 POPE & TALBOT RELOCATION SERVICES,
 INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA

		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	P&T POWER COMPANY, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	POPE & TALBOT PULP SALES U.S., INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO

					
	POPE & TALBOT LUMBER SALES, INC., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	MACKENZIE PULP LAND LTD., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO

					
	P&T LFP INVESTMENT LIMITED PARTNERSHIP, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	 P&T FUNDING LTD.,
 as a Debtor and
Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	P&T FUNDING LTD., as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	P&T FINANCE ONE LIMITED PARTNERSHIP, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	 PENN TIMBER, INC.,
 as a Debtor and
Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO

					
	P&T FINANCE TWO LIMITED PARTNERSHIP, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	 PENN TIMBER, INC.,
 as a Debtor and
Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its General Partner

		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	P&T FACTORING LIMITED PARTNERSHIP as a Debtor and Debtor-in-Possession under the US Bankruptcy Code
		
	By:	 	 POPE & TALBOT PULP SALES U.S., INC.,
 as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its Managing General Partner

		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO
	
	P&T FINANCE THREE LLC, as a Debtor and Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA
		
	By:	 	 POPE & TALBOT LTD.,
 as a Debtor and
Debtor-in-Possession under the US Bankruptcy Code and as a debtor company under the CCAA, as its Manager

		
	By:	 	/s/ R. Neil Stuart
		 	Name:	 	R. Neil Stuart
		 	Title:	 	VP & CFO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00135-of-00352.parquet"}]]