Document:

WORKING CAPITAL LOAN AGREEMENT 

WORKING CAPITAL LOAN AGREEMENT  (this "Agreement"), dated as of January 1, 2007 (the "Effective Date"), between MGG  MIDSTREAM HOLDINGS, L.P., a limited partnership organized and existing under the laws of the State of Delaware with principal offices at One Williams Center, Tulsa, Oklahoma 74172 ("Lender") and MAGELLAN MIDSTREAM HOLDINGS, L.P., a limited partnership organized and existing under the laws of the State of Delaware with principal offices at One Williams Center, Tulsa, Oklahoma 74172 ("Borrower"). 

1. Loan. Lender shall make revolving loans ("Loans") to Borrower during the term of this Agreement in an aggregate principal amount outstanding of up to, but not exceeding, $5,000,000 at any time.   There shall be no more than five (5) Loans outstanding at any time.

2. Term. Borrower may borrow Loans from Lender up to the total loan commitment of $5,000,000 at any time from the Effective Date to December 31, 2007 (the "Maturity Date"). Borrower hereby promises to pay to Lender all outstanding principal, interest and other payments owing under this Agreement in full on the Maturity Date. 

3. Revolving Nature and Availability. Subject to the terms and conditions hereof, Borrower may increase or decrease Loans under this Agreement by making borrowings, repayments and further borrowings. 

4. Procedure for Borrowing. Borrower may borrow in amounts of not less than $50,000.00, and in integral multiples of not less than $5,000.00 in excess thereof, by giving written notice to Lender. Each borrowing shall be requested with a same-day notice by 10:00 a.m. (Tulsa time) the day of the proposed borrowing, and Lender shall make such borrowing available to Borrower by 12:00 noon (Tulsa time) on such day. 

5. Conditions of Loans. The obligation of Lender to make the Loans described herein is subject to the following conditions: 
(a)no Default (as defined below) has occurred and is continuing; 

(b)the proceeds of the proposed Loan are, at the date of the relevant request, to be used by Borrower for working capital purposes, as reasonably determined by Borrower; and

(c)Lender has received the notice of borrowing. 

6. Interest.    Each Loan made hereunder shall bear interest from the date made to the date paid in full at a rate per annum equal to the LIBOR Rate (as defined below) in effect from time to time plus 2.00% per annum.  If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is equal to the rate that would otherwise be applicable thereto pursuant to the foregoing sentence plus 2%.  Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed.

 Borrower promises to pay all accrued and unpaid interest on the unpaid principal amount of any Loan on the earlier to occur of (i) the last day of each calendar month of Borrower that such Loan is outstanding, or (ii) the date that the applicable Loan is repaid. All payments of principal and interest shall be payable in lawful currency of the United States of America at the office of Lender as provided above or such other address as the holder hereof shall have designated to Borrower, in immediately available funds. 

For each calendar month of Borrower, the "LIBOR Rate" shall mean the rate per annum determined on the basis of the rate for deposits in United States Dollars for a period equal to one month commencing on the first day of such calendar month, which rate appears on Bloomberg page BBAM two business days prior to the first day of each calendar month.  In the event that such rate does not appear on the Bloomberg page BBAM screen (or otherwise on such screen), the "LIBOR Rate" for purposes of this definition shall be determined by reference to such other comparable publicly available service for displaying LIBOR rates as may be selected by Lender.

7. Commitment Fee.  Borrower shall pay to Lender a commitment fee on the daily average unused amount of the commitment for the period from and including the Effective Date up to, but excluding, the Maturity Date at a rate of 0.25% per annum. Accrued commitment fees shall be payable quarterly in arrears on the last day of each calendar quarter of Borrower and on the Maturity Date.  All commitment fees shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

8. Prepayment; Termination. Borrower may prepay all or part of any Loan outstanding hereunder at any time without payment of penalty. Any partial prepayment, however, shall not be made in amounts of less than $5,000.00. Borrower may terminate this Agreement and the Commitment at any time by notice to Lender and repayment of any Loans and any accrued interest and accrued fees hereunder.

9. Default. Borrower shall be in default ("Default") if any of the following events occur and continue: 
(a) Borrower shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or Borrower shall fail to pay any interest on any Loan, or any other amount payable hereunder, within five days after any such interest or other amount becomes due in accordance with the terms hereof or thereof; or

(b) Borrower defaults in the performance of the terms and conditions of this Agreement  (other than as provided in paragraph (a) of this Section) and such default continues for 30 days after notice thereof from Lender; or 

(c)Borrower or any of its Subsidiaries (as defined below) shall commence any case, proceeding or other action (i) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Borrower or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Borrower or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against Borrower or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) Borrower or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) Borrower or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or

(d)the Lender shall not own and control, of record and beneficially, directly, at least 50.1% of each class of outstanding capital stock of  Magellan Midstream Holdings GP, LLC. 

For purposes of the foregoing, "Subsidiary" means, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by Borrower.

          10. Acceleration at Option of Lender. If any of the events listed in paragraph 9 occur and continue, Lender may declare the amounts outstanding under this Agreement immediately due and payable, at which time all unpaid Loans (and all accrued and unpaid interest and all fees and other amounts) shall immediately become due and payable.  Lender shall promptly advise Borrower in writing of any acceleration under this paragraph, but the failure to do so shall not impair the effect of a subsequent declaration. 

11. Binding Effect. This Agreement shall be binding on the respective successors and assigns of Lender and Borrower and shall inure to the benefit of Lender's successors and assigns. The Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of Lender.

12. Non-Waiver. No delay or failure by Lender to exercise any right under this Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or any other right, unless otherwise expressly provided herein. 

13. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York.  

14.Headings. Headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 

15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 

16. Entire Agreement; Modification. This instrument shall constitute the entire agreement between Lender and Borrower and may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties. There are no oral agreements between the parties. This Agreement may not be amended or modified except in a writing signed by both parties. 

17. Notices. All notices under this Agreement shall be in writing and delivered to the respective parties at their principal offices stated at the beginning hereof. 

18. No Third Party Beneficiaries. The agreement of Lender to make Loans to Borrower for the account of Borrower on the terms and conditions set forth in this Agreement, is solely for the benefit of Borrower and no other person has any rights hereunder against Lender or with respect to the extension of credit contemplated hereby. 

19. Special Exculpation. No claim may be made by Borrower or any other person against Lender, directors, officers, employees, attorneys or agents of any of them for any special, indirect, consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out of or relating to this Agreement or any other financing document or the transactions contemplated hereby or thereby, or any act, omission or event occurring in connection therewith and Borrower hereby waives, releases and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

20. Waiver of Jury Trial. Each of Borrower and Lender hereby irrevocably waives, to the fullest extent permitted by law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

21. Expenses.  Borrower  agrees to pay or reimburse Lender for all its out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement and any other documents prepared in connection herewith, including the fees and disbursements of counsel to Lender. 

22.Indemnification.  Borrower agrees to the fullest extent permitted by law, to indemnify and hold harmless Lender and each of its directors, officers, employees and agents (each an "Indemnified Party") from and against any and all claims, damages, liabilities and expenses (including without limitation fees and disbursements of counsel) arising out of or in connection with any investigation, litigation or proceeding (whether or not any Indemnified Party is a party) arising out of, related to or in connection with this Agreement, the Loans made hereunder or any transaction in which any proceeds of all or any part of the Loans made hereunder are applied. 

23. Severability. If any term or provision of this Agreement shall be determined to be illegal or unenforceable, all other terms and provisions of this Agreement shall nevertheless remain effective and shall be enforced to the fullest extent permitted by applicable law. 

24. Further Assurances. The parties agree (a) to furnish upon request to each other such further information, (b) to execute and deliver to each other such other documents, and (c) to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement. 

25. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any amounts outstanding hereunder, together with all fees, charges and other amounts which are treated as interest on such amounts under applicable law (collectively the "Charges"), shall exceed the maximum lawful rate (the "Maximum Rate") which may be contracted for, charged, taken, received or reserved by Lender in accordance with applicable law, the rate of interest payable in respect of such amounts outstanding hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such amounts outstanding but were not payable as a result of the operation of this Section 25 shall be cumulated and the interest and Charges payable to Lender in respect of other amounts outstanding hereunder or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount shall have been received by Lender. 

 

IN WITNESS WHEREOF the parties have caused this Agreement to be executed by their proper officers on the day and year first above written. 

MGG MIDSTREAM HOLDINGS, L.P.

By:MGG Midstream Holdings GP, LLC, its general partner

By:/s/ Don R. Wellendorf

Name: Don R. Wellendorf

Title: President and Chief Executive Officer

 

MAGELLAN MIDSTREAM HOLDINGS, L.P.

By:Magellan Midstream Holdings GP, LLC, its 

general partner

By:/s/ John D. Chandler

Name: John D. Chandler

Title: Chief Financial OfficerEMPLOYMENT AGREEMENT

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement") made and entered into as of the 1st day of January 2007, among AMERICAN SEAFOODS, L.P. ("Parent") and AMERICAN SEAFOODS COMPANY LLC ("Employer" or the "Company") and INGE ANDREASSEN who resides at 5307 1st Avenue NW, Seattle. 98107 ("Executive").

W I T N E S S E T H:

WHEREAS, Employer, Parent and Executive are parties to that certain Employment Agreement dated as of January 28, 2000;

WHEREAS, Employer, Parent and Executive desire now to amend and restate the original Employment Agreement as set forth herein;

NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, and intending to be legally bound hereby, it is hereby agreed as follows:

	Employment Term.  Employer agrees to employ Executive, and Executive agrees to be so employed, in the capacity of President of American Seafoods Company LLC, for a term commencing on the date hereof and ending on December 31, 2011 (the "Initial Term"); provided, however, that, notwithstanding anything to the contrary set forth in this Agreement, this Agreement may be earlier terminated pursuant to the terms hereof.  The term of this Agreement will automatically extend past the Initial Term for succeeding periods of one year each unless either party terminates this Agreement as of the end of the Initial Term, or as of the end of any subsequent one-year period (in either case, the "Termination Date"), by delivering notice to the other party specifying the applicable Termination Date not earlier than 180 days and not later than 120 days prior to the date so specified.  "Employment Term" as used herein shall mean the term of this Agreement including any automatic extensions pursuant to the preceding sentence.

	Position and Duties.  Executive shall (in accordance with Section 11 hereof) diligently and conscientiously devote his full business time, attention, energy, skill and best efforts to the business of Employer and the discharge of his duties hereunder.  Executive's duties under this Agreement shall be to serve as President of Employer, with the responsibilities, rights, authority and duties customarily pertaining to such office and as may be established from time to time by or under the direction of the Board of Directors or similar governing body of Employer (the "Board") or its designees, and Executive shall report to the Chief Executive Officer of American Seafoods Group LLC.  Executive shall also act as an officer and/or director and/or manager of such subsidiaries of Employer as may be designated by the Board, commensurate with Executive's office, all without further compensation, other than as provided in this Agreement.

	Compensation.

	Base Salary.  Employer shall pay to Executive base salary compensation at an annual rate of $320,000.  In January 2007 and annually thereafter, the Board shall review Executive's base salary in light of the performance of Executive and the Company, and may, in its sole discretion, increase or decrease (but not decrease below $320,000) such base salary by an amount it determines to be appropriate.  Executive's annual base salary payable hereunder, as it may be increased or decreased from time to time, is referred to herein as "Base Salary."  Base Salary shall be paid in equal installments in accordance with Employer's payroll practices in effect from time to time for executive officers, but in no event less frequently than monthly.

	Bonus.  Executive shall be entitled to participate in all annual incentive plans, profits participation plans, equity-based incentive plans and other bonus and compensation plans of Employer offered from time to time during the term of Executive's employment hereunder by Employer to employees or executives of Executive's rank to the extent Executive qualifies under the eligibility provisions of the applicable plan or plans, in each case consistent with Employer's then-current practice as approved by the Board from time to time.

	Benefits.  Executive shall be eligible to participate in all employee benefit programs of Employer offered from time to time during the term of Executive's employment hereunder by Employer to employees or executives of Executive's rank, to the extent that Executive qualifies under the eligibility provisions of the applicable plan or plans, in each case consistent with Employer's then-current practice as approved by the Board from time to time.  The foregoing shall not be construed to require Employer to establish such plans or to prevent the modification or termination of such plans once established, and no such action or failure thereof shall affect this Agreement.  Executive recognizes that Employer and its affiliates have the right, in their sole discretion, to amend, modify or terminate their benefit plans without creating any rights in Executive.

	Vacation.  Executive shall be entitled to up to four weeks of paid vacation per calendar year.  A maximum of one week of vacation time may be carried over from one calendar year and into the following calendar year; provided however, that the vacation time be exercised prior to the end of the subsequent calendar year.

	Business Expenses.  To the extent that Executive's reasonable and necessary expenditures for travel, entertainment and similar items made in furtherance of Executive's duties under this Agreement comply with Employer's expense reimbursement policy, are wholly or partially deductible by Employer for federal income tax purposes pursuant to the Internal Revenue Code of 1986, as amended and are documented and substantiated by Executive as required by the Internal Revenue Service and the policies of Employer, Employer shall reimburse the Executive for such expenditures; provided documentation therefor is submitted not later than 45 days after such expense is incurred.

	Termination by the Company.

	Employer shall have the right to terminate the Employment Term under the following circumstances (and also as contemplated by Section 8(b)):

	upon the death of Executive;
	in the event of a disability which prevents or seriously inhibits Executive from performing his duties for 60 consecutive days as determined in good faith by the Board, upon 30 days written notice from Employer to Executive; or
	for Cause (as defined below).

"Cause" as used in this Agreement shall mean (i) Executive's commission of a felony or any other crime involving moral turpitude, fraud, misrepresentation, embezzlement or theft, (ii) Executive's engaging in any activity that is harmful (including, without limitation, alcoholic or other self-induced affliction), in a material respect, to the Company or any of its subsidiaries, monetarily or otherwise, as determined by a majority of the Board; (iii) Executive's material malfeasance (including without limitation, any intentional act of fraud or theft), misconduct, or gross negligence in connection with the performance of his duties hereunder; (iv) Executive's significant violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries; (v) Executive's material breach of this Agreement or of a material Company policy (including without limitation, disclosure or misuse of any confidential or competitively sensitive information or trade secrets of the Company or a subsidiary); or (vi) Executive's refusal or failure to carry out directives or instructions of the Board that are consistent with the scope and nature of Executive's duties and responsibilities set forth herein, in the case of clause (v) or (vi) above, only if such breach or failure continues for more than 10 days following written notice from Employer describing such breach or failure.

	If this Agreement is terminated pursuant to Paragraph 7(a), or for any other reason (except by Executive pursuant to Paragraph 8 or by Employer other than pursuant to Paragraph 7(a)), Executive's rights and Employer's obligations hereunder shall forthwith terminate except that Employer shall pay Executive his Base Salary earned but not yet paid through the date of termination.  In addition, if the Executive is terminated pursuant to Paragraph 7(a)(i) or 7(a)(ii), Employer shall also pay Executive within 30 days following receipt of audited financial statements for the year during which such termination occurred, a prorated annual bonus in respect of the partial year during which such termination occurred, the amount to be equal to the full amount of the annual cash bonus, if any, that would be due under Section 3(b) multiplied by a fraction, the numerator of which is the number of days in such fiscal year prior to such termination and the denominator of which is 365.

	Termination by Executive.

	Executive shall have the right to terminate the Employment Term for Good Reason (as defined below), upon 60 days' written notice to the Board given within 60 days following the occurrence of an event constituting Good Reason; provided that Employer shall have 10 days after the date such notice has been given to the Board in which to cure the conduct specified in such notice.  For purposes of this Agreement "Good Reason" shall mean: 

	the Company's failure to pay or provide when due Executive's Base Salary, which failure is not cured within 10 days after the receipt by the Board from Executive of a written notice referring to this provision and describing such failure; or
	the failure to continue Executive in his position as provided in Paragraph 1 or removal of him from such position; or
	a material diminution of Executive's responsibilities, duties or status, which diminution is not rescinded within 30 days after the date of receipt by the Board from Executive of a written notice referring to this provision and describing such diminution.

	If this Agreement is terminated pursuant to Paragraph 8(a), or if Employer shall terminate Executive's employment under this Agreement other than pursuant to Paragraph 7(a), Executive shall be entitled to the following, which he acknowledges to be fair and reasonable, as his sole and exclusive remedy, in lieu of all other remedies at law or in equity for any such termination:

	Base Salary earned but not yet paid through the date of termination;
	a prorated annual bonus in respect of the partial year during which such termination occurred, the amount to be equal to the full amount of the annual cash bonus, if any, that would be due under Section 3(b) multiplied by a fraction, the numerator of which is the number of days in such fiscal year prior to such termination and the denominator of which is 365; and
	an amount equal to Executive's actual Base Salary (not including any bonus paid or payable) for the 12-month period immediately prior to such termination (or the period during which Executive was employed by Employer if less than 12 months), payable in 24 equal installments during the 24-month period following such termination (the "Severance Pay Period").

In the event of any such termination, Executive shall use commercially reasonable efforts to secure alternative employment.  During the last six months of the Severance Pay Period, any compensation, income or benefits earned by or paid to (in cash or otherwise) the Executive as an employee of or consultant to a company other than the Company shall reduce the amount of severance payments payable during such six-month period pursuant to Paragraph 8(b)(iii).

	If Executive terminates his employment at any time during the term of this Agreement other than pursuant to Section 8(a), without limiting or prejudicing any other legal or equitable rights or remedies which Employer may have upon such breach by Executive, Executive will receive his Base Salary earned but not yet paid through the date of termination.

	Services Unique.  Executive recognizes that Executive's services hereunder are of a special, unique, unusual, extraordinary and intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated for in damages, and in the event of a breach of this Agreement by Executive (particularly, but without limitation, with respect to the provisions hereof relating to the exclusivity of Executive's services and the provisions of Paragraph 11), the Company shall, in addition to all other remedies available to it, be entitled to equitable relief by way of an injunction and any other legal or equitable remedies.  Anything to the contrary herein not withstanding, the Company may seek such equitable relief in a federal or state court in Washington, and the Executive hereby submits to jurisdiction in those courts.

	Protection of the Company's Interests.  To the fullest extent permitted by law, all rights worldwide with respect to any intellectual or other property of any nature conceived, developed, produced, created, suggested or acquired by Executive in connection with the performance of his duties hereunder during the period commencing on the date hereof and ending six months following the termination of Executive's employment hereunder shall be deemed to be a work made for hire and shall be the sole and exclusive property of Employer.  Executive agrees to execute, acknowledge and deliver to Employer at Employer's request, such further documents as the Employer finds appropriate to evidence the Employer's rights in such property.  Executive further acknowledges that in performing his duties hereunder, he will have access to proprietary and confidential information and to trade secrets of Employer and its affiliates.  Any confidential and/or proprietary information of Employer or its affiliates shall not be used by Executive or disclosed or made available by Executive to any person except (i) as required in the course of Executive's employment or (ii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of Employer or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to divulge, disclose or make accessible such information, it being understood that Executive will promptly notify Employer of such requirement so that Employer may seek to obtain a protective order.  Upon expiration or earlier termination of the term of Executive's employment, Executive shall return to Employer all such information that exists in written or other physical form (and all copies thereof) under Executive's control.

	Non-Competition.

	Exclusivity of Employment.  Executive agrees that his employment hereunder is on an exclusive basis, and that during the Employment Term, he will not engage in any other business activity.  Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive from serving on the Boards of Directors of other corporations (subject to the approval of the Board which shall not be unreasonably withheld), from engaging in charitable and public service activities, or engaging in speaking and writing activities, or from managing his personal investments, provided that such activities are disclosed in writing to the Board in a notice that references this provision and do not interfere with Executive's availability or ability to perform his duties and responsibilities hereunder.

	Noncompete.  Executive agrees that during the Employment Term, and the Severance Pay Period (if applicable), and the 12-month period thereafter, he shall not, directly or indirectly, engage in, or participate as an investor in, an officer, employee, director or agent of, or consultant for, any entity engaging in any line of business competitive with that of Employer or any of its subsidiaries, or any line of business which Employer or any of its subsidiaries is contemplating; provided however that, nothing herein shall prevent him from investing as less than a 5% shareholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system.  Executive's participation in such an entity in any of the foregoing capacities, other than participation described in the foregoing proviso, being sometimes referred to herein as being a "Participant."

	Nonsolicitation of Employees.  Executive agrees that during the Employment Term and the Severance Pay Period (if applicable), and the 36-month period thereafter (the "Nonsolicitation Period"), he will not directly or indirectly, employ, or be a Participant in any entity that employs, any person previously employed by the Company or any of its subsidiaries or in any way induce or attempt to induce any person to leave the employment of the Company or any of its subsidiaries.

	Nonsolicitation of Customers.  Executive agrees that during the Nonsolicitation Period, he will not directly or indirectly, solicit or do business with, or be a Participant in any entity that solicits or does business with, any customer of Employer or any of its subsidiaries, nor shall Executive in any way induce or attempt to induce any customer of Employer to do business with any person or entity other than Employer; provided that, the foregoing shall not restrict Executive or any entity in which he is a Participant from soliciting or doing business with any customer of Employer or any of its subsidiaries with respect to a business that is not competitive with the business of Employer or any of its subsidiaries or any line of business that Employer or any of its subsidiaries is contemplating.  Notwithstanding the foregoing, after the expiration of the noncompetition period set forth in Paragraph 11(b), Executive may participate as an investor in, an officer, employee, director or agent of or consultant for an entity that does business with one or more customers of Employer so long as Executive has no contact with such customer and has no direct or indirect involvement in the solicitation of business from any such customer.

	Standstill.  Executive agrees that during the Nonsolicitation Period, Executive shall not, except at the specific written request of the Board:

	engage in or propose, or be a Participant in any entity that engages in or proposes, a Rule 13e-3 Transaction (as defined in Rule 13e-3 under the Securities Exchange Act of 1934) or any other material transaction, between Parent, Employer or any of its subsidiaries, on the one hand, and Executive or any entity in which Executive is a Participant, on the other hand;
	acquire any equity securities of Parent, Employer or any of its subsidiaries (other than securities issued to Executive by Parent or issued to Executive by Parent upon exercise of options issued to Executive by Parent), or be a participant in any entity that acquires any equity securities of Parent, Employer or any of its subsidiaries;
	solicit proxies, or be a Participant in any entity that solicits proxies, or become a participant in any solicitation of proxies, with respect to the election of directors of Parent, Employer or any of its subsidiaries in opposition to the nominees recommended by the Board of any such entity; or
	directly or indirectly, engage in or participate in any other activity that would be reasonably expected to result in a change of control of Parent, Employer or any of its subsidiaries.

The foregoing provisions of this Paragraph shall not be construed to prohibit or restrict the manner in which Executives exercises his voting rights in respect of equity interests in Parent acquired in a manner that is not a violation of the terms of this Paragraph 11.

	Nondisparagement.  Executive will not at any time during or after this Agreement directly (or through any other person or entity) make any public or private statements (whether oral or in writing) which are derogatory or damaging to the Company, its business, activities, operations, affairs, reputation or prospects or any of its officers, employees, directors or shareholders.  Employer will not at any time during or after the term of this Agreement directly (or through any other person or entity) make any defamatory public or private statements (whether oral or in writing) concerning the Executive.

	Representation of the Parties.  Executive represents and warrants to Employer and Parent that Executive has the capacity to enter into this Agreement and the other agreements referred to herein, and that the execution, delivery and performance of this Agreement and such other agreements by Executive will not violate any agreement, undertaking or covenant to which Executive is party or is otherwise bound.  Each of Employer and Parent represents to Executive that it is a limited liability company or limited partnership, as applicable, and is duly organized and validly existing under the laws of the State of Delaware, that it is fully authorized and empowered by action of its Board or general partner, as applicable, to enter into this Agreement and the other agreements referred to herein, and that performance of its obligations under this Agreement and such other agreements will not violate any agreement between it and any other person, firm or other entity.

	Key Man Insurance.  Each of Employer and Coastal Villages Pollock LLC or its affiliates (collectively, "Coastal Villages") will have the right throughout the term of this Agreement, to obtain or increase insurance on Executive's life in such amount as the Board or Coastal Villages (as applicable) determines, in the name of Employer or Coastal Villages, as the case may be, and for its sole benefit or otherwise, in the discretion of the Board or Coastal Villages (as applicable).  Executive will cooperate in any and all necessary physical examinations without expense to Executive, supply information, and sign documents, and otherwise cooperate fully with each of Employer and Coastal Villages as Employer or Coastal Villages (as applicable) may request in connection with any such insurance.  Executive warrants and represents that, to his best knowledge, he is in good health and does not suffer from any medical condition which might interfere with the timely performance of his obligations under this Agreement.

	Notices.  All notices given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) three business days after being mailed by first class certified mail, return receipt requested, postage prepaid, (c) one business day after being sent by a reputable overnight delivery service, postage or delivery charges prepaid, or (d) on the date on which a facsimile is transmitted to the parties at their respective addresses stated below.  Any party may change its address for notice and the address to which copies must be sent by giving notice of the new addresses to the other parties in accordance with this Paragraph 15, except that any such change of address notice shall not be effective unless and until received.

If to the Employer or Parent:

American Seafoods Group LLC

2025 First Avenue, Suite 900

Seattle, Washington 98121

Attention:  General Counsel

with a copy to:

Heller Ehrman LLP

701 Fifth Avenue, Suite 6100

Seattle, WA 98104

Attention:  Bruce M. Pym, Esq.

If to the Executive, to his address set forth above.

	Entire Agreement, Amendments, Waivers, Etc.

	No amendment or modification of this Agreement shall be effective unless set forth in a writing signed by the Company and Executive.  No waiver by either party of any breach by the other party of any provision or condition of this Agreement shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time.  Any waiver must be in writing and signed by the waiving party.
	This Agreement sets forth the entire understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior oral and written understandings and agreements.  There are no representations, agreements, arrangements or understandings, oral or written, among the parties relating to the subject matter hereof which are not expressly set forth herein, and no party hereto has been induced to enter into this Agreement, except by the agreements expressly contained herein.
	Nothing herein contained shall be construed so as to require the commission of any act contrary to law, and wherever there is a conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter shall prevail, but in such event the provision of this Agreement affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements.
	This Agreement shall inure to the benefit of and be enforceable by Executive and his heirs, executors, administrators and legal representatives, by the Company and its successors and assigns, by Parent and its successors and assigns and, with respect to Paragraph 14, Coastal Villages and its successors and assigns.  This Agreement and all rights hereunder are personal to Executive and shall not be assignable.  Each of the Company and Parent may assign its rights under this Agreement to any successor by merger, consolidation, purchase of all or substantially all of its and its subsidiaries' assets, or otherwise; provided that such successor assumes all of the liabilities, obligations and duties of the Company under this Agreement, either contractually or as a matter of law.
	If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect the other provisions or application of this Agreement that can be given effect without the invalid provisions or application, and to this end the provisions of this Agreement are declared to be severable.

	Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Washington without reference to principles of conflict of laws.

	Right to Equitable Relief.  Executive recognizes that Employer will have no adequate remedy at law for his breach of any provision of Paragraph 10, 11 or 12 and in the event of any such breach or threatened breach he agrees that Employer shall be entitled to obtain equitable relief in addition to other remedies available at law and/or hereunder.

	Taxes.  All payments required to be made to Executive hereunder, whether during the term of his employment hereunder or otherwise shall be subject to all applicable federal, state and local tax withholding laws.

	Headings, Etc.  The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of the provisions of this Agreement.  Unless otherwise provided, references herein to Exhibits, Schedules and Paragraphs refer to Exhibits and Schedules to and Paragraphs of this Agreement.

	Arbitration.  Any dispute or controversy between Employer and Executive, arising out of or relating to this Agreement, the breach of this Agreement, or otherwise, shall be settled by arbitration in Seattle, Washington, administered by the American Arbitration Association in accordance with its Commercial Rules then in effect and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction.  However, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved.  Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of Employer and Executive.

	Survival.  Executive's obligations under the provisions of Paragraphs 10, 11 and 12, as well as the provisions of Paragraphs 6, 7(b), 8 and 15 through and including 23, shall survive the termination or expiration of this Agreement.

	Construction.  Each party has cooperated in the drafting and preparation of this Agreement.  Therefore, in any construction to be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
EMPLOYER:

AMERICAN SEAFOODS COMPANY LLC

By:  American Seafoods Group LLC

Its:   Managing Member

By: /s/ Bernt O. Bodal

Bernt O. Bodal, CEO

EXECUTIVE:

 

/s/ Inge Andreassen

Inge Andreassen

 

AMERICAN SEAFOODS:

AMERICAN SEAFOODS, L.P.

By:ASC Management, Inc., its General Partner

 

By: /s/ Bernt O. Bodal

Bernt O. Bodal

President

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