Document:

Eighth Waiver to Debtor-in-Possession Credit and Security Agreement

 Exhibit 4.1 
 EXECUTION COPY 
 EIGHTH WAIVER TO DEBTOR-IN-POSSESSION CREDIT AND SECURITY 
 AGREEMENT 
 EIGHTH WAIVER, dated
as of February 8, 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 Seventh Waiver to the Credit Agreement dated as of February 1, 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 (aa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation (x) with respect to the disbursement line items for
(A) Payroll Taxes and Benefits during the week ended February 1, 2008 and on a cumulative basis for all periods ended on or prior to February 1, 2008, (B) Tax payments on a cumulative basis for all periods ended on or prior to
February 1, 2008 and (C) Insurance during the week ended February 1, 2008 and on a cumulative basis for all periods ended on or prior to February 1, 2008 and (y) with respect to the line item for Cash receipts during the
week ended February 1, 2008 and on a cumulative basis for all periods ended on or prior to February 1, 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 February 8, 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 
 (ii) an acknowledgment and consent, in the form attached as Exhibit A to this Waiver, duly executed by each Guarantor. 
  

 2 

 (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. 
 (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. 
  

 3 

 (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. 
 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/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized Person

	
	OHSF II FINANCING, LTD.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized Person

	
	OAK HILL CREDIT OPPORTUNITIES FINANCING, LTD.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized Person

	
	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/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized Person

			
	OAK HILL CREDIT ALPHA FINANCE I (OFFSHORE), LTD.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized
Person

	
	LERNER ENTERPRISES, LLC (fka Lerner Enterprises, LP)
		
	By:	 	Oak Hill Advisors, L.P., as Investment Advisor for Lerner Enterprises, L.P.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized
Person

	
	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/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized
Person

	
	OHA CAPITAL SOLUTIONS, LTD.
		
	By:	 	/s/ Robert Okun
		 	 Name: Robert Okun
 Title: Authorized
Person

			
	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:	 	/s/ Constantine M. Dakolias
		 	Name: Constantine M. Dakolias
		 	Title: President

			
	CREDIT GENESIS CLO 2005-1 LTD.
		
	By:	 	 
		 	Name:
		 	Title:
	
	DURHAM ACQUISITION CO., LLC
		
	By:	 	 
		 	Name:
	 	Title:

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

		
	By:	 	 
		 	Name:
		 	Title:

			
	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

					
	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:	 	/s/ Anthony Yoseloff
		 	 Name: Anthony Yoseloff
 Title: General
Partner

			
	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 Eighth 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 February 8, 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 &
CFOForm of 2008 Grant Acceptance Agreement

 Exhibit 10.1 
 Prudential Financial, Inc. 
 Executive Stock Option Program 
 Grant Acceptance Agreement 
 (for executives subject to the reporting requirements under Section 16(a) of the
U.S. 
 Securities Exchange Act of 1934, as amended) 
 You have been granted XXX options (the “Options”) to purchase XXX shares of Prudential Financial, Inc. common stock, par value $0.01 per share (“Common Stock”), on February 12, 2008 (the “Grant
Date”). The Options shall not be treated as “incentive stock options,” as defined in Section 422 of the Internal Revenue Code of 1986, as amended. 
 Vesting Dates: Subject to the terms, conditions and restrictions set forth herein and in the Prudential Financial, Inc. Omnibus Incentive Plan (the “Plan”), the Options may be exercised on or after
the dates indicated below as to that number of Options set forth below, and each Option represents a right to purchase only one share of Common Stock. 
 XXX Options on February 12, 2009 
 XXX Options on February 12, 2010 
 XXX Options on February 12, 2011 
 Grant Price: XXX per
share of Common Stock (the “Grant Price”). 
 Expiration Date: The Options shall expire on February 12, 2018 (the “Expiration
Date”). 
 See the brochure entitled 2008 Long-Term Incentive Program (the “Brochure”) for more information about this grant. This Grant
Acceptance Agreement (this “Agreement”) and the Brochure are subject to the terms, conditions and restrictions contained in the Plan (capitalized terms used but not defined herein have the meanings given such terms in the Plan). Except as
specified otherwise, this Agreement and the Brochure are not a substitute for the official Plan document, which governs the operation of the Plan. Also, this is not a stock certificate or negotiable instrument. 
 Your eligibility for the 2008 Long-Term Incentive Program (the “Program”), the benefits provided by the Program, and all other terms and conditions of the
Program and any long-term grant of stock options will be determined pursuant to, and are governed by, the provisions of the Plan document and this Agreement, including any decisions of the committee designated under the Plan by the Prudential
Financial, Inc. (“Prudential”) Board of Directors (the “Compensation Committee” or the “Committee”). Except as specifically stated otherwise in this Agreement, if there is any discrepancy between the information in this
Agreement or in the Brochure and the Plan document, or if there is a conflict between information discussed by anyone acting on behalf of Prudential and the actual Plan document, the Plan document, as interpreted by the Committee (or its delegate),
in its sole discretion, will always govern. 

	1.	Exercise Methods 

 Cash Exercise – lets
you exercise the Options and receive Common Stock, after paying in cash the Grant Price, applicable taxes and fees. 
 Sell to Cover
– lets you exercise the Options, direct the immediate sale of the portion of Common Stock purchased necessary to pay the Grant Price, applicable taxes and fees, without paying cash out of your pocket, and receive the remaining shares of Common
Stock. 
 One or more of these Exercise Methods outlined above may not be available to you (or may be unavailable during a specified period)
should Prudential determine that its availability will or could violate the terms of any relevant law or regulation. You may not exercise the Options at a time when the market price of the Common Stock does not exceed the Grant Price. 
  

	2.	Taxes 

 Prudential or any of its direct or indirect
subsidiaries (collectively, the “Company Group”), as applicable, shall have the right to deduct and report taxes (federal, state, local or foreign taxes, including social insurance taxes) or other obligations required to be withheld by law
on Options from any Common Stock or cash payments or distributions made to you. Prudential (or, if appropriate, any other member of the Company Group) also shall have the right to require you to remit to Prudential (or, if appropriate, any other
member of the Company Group) an amount necessary to satisfy any such taxes or other obligations. Prudential may defer issuance of Common Stock upon the exercise of any Options until such withholding is satisfied. 
  

	3.	Option Term 

 Once the Options vest, you will have
until the Expiration Date to exercise the Options, unless your employment ends prior to the Expiration Date or the Options are otherwise settled in cash upon a Change of Control. See the Brochure for a brief summary of the Plan terms regarding the
effect a termination of employment will have on the Options. 
  

	4.	Value of Options 

 Prudential makes no
representation as to the value of the Options or whether you will be able to realize any profit based on any award of Options to you. 
  

	5.	Exercise Upon Death, Disability and Other Termination of Employment 

  

	 	(a)	Notwithstanding any provisions of the Plan to the contrary, you agree that all the Options, whether vested or unvested, shall automatically be forfeited and cancelled upon the
termination, for any reason, of your employment with any member of the Company Group, and no shares of Common Stock may thereafter be purchased under the Options, except as follows: 

  

	 	(1)	 Death. In the event your employment with any member of the Company Group terminates by reason of death, the Options that are then not yet exercised shall
become immediately exercisable in full and may be exercised by your estate at any time prior to the earlier of the (i) Expiration Date or (ii)

  

 2 

	 	 
third (3rd) anniversary (or such earlier date as the
Committee shall determine) of your death; provided, however, that the Options shall be exercisable for not less than one (1) year after your death even if such period exceeds the Expiration Date. 

  

	 	(2)	Disability. In the event your employment with any member of the Company Group terminates by reason of Disability, the Options that are then not yet exercised shall become
immediately exercisable in full and may be exercised by you (or, in the event of your death after termination of your employment when the Option is exercisable pursuant to its terms, by your estate), at any time prior to the earlier of the
(i) Expiration Date or (ii) three (3) years (or such shorter period as the Committee shall determine) following your termination of employment. 

  

	 	(3)	Approved Retirement. In the event (i) your employment with any member of the Company Group terminates, (ii) you qualify for an Approved Retirement, and
(iii) you execute and submit by the date specified by Prudential, and do not later revoke, a separation agreement and/or release in a form and with terms and conditions (including, but not limited to, non-solicitation of employees and business
of the Company Group) satisfactory to Prudential (hereafter referred to as the “Release”), the following provisions will apply: 

  

	 	(A)	Subject to Subparagraph (B), below, unvested Options will become exercisable on the Vesting Dates shown above, and vested and unexercised Options may continue to be exercised, until
the earlier of (i) the Expiration Date or (ii) five (5) years following your termination of employment that qualifies as an Approved Retirement. 

  

	 	(B)	If your employment terminates during 2008, and you have been an active employee of the Company Group for less than three full calendar months during 2008, all the Options will be
forfeited and cancelled. 

  

	 	 (4)
	 Voluntary Resignation. In the event you (i) voluntarily resign from your employment with any member of the
Company Group, (ii) do not qualify for an Approved Retirement, and (iii) execute and submit by the date specified by Prudential, and do not later revoke, the Release, the Options that are vested and unexercised as of the date of your
termination of employment will be exercisable at any time following the effective date of your Release, until the earlier of the (A) Expiration Date or (B) ninetieth (90th) day following your termination of employment. Any Options that were not vested as of the date your employment terminated shall automatically be forfeited and cancelled on such date.

  

	 	 (5)
	 Any Other Reason. In the event (i) your employment with any member of the Company Group terminates for any
reason other than one described in Subsections 5(a)(1) through (4) above, or Subsection 5(b) below, and (ii) you execute and submit by the date specified by Prudential, and do not later revoke, the Release, the Options that are vested and
unexercised as of the date of your termination of employment will be exercisable at any time following the effective date of the Release, until the earlier of the (A) Expiration Date or (B) ninetieth (90th) day following your termination of employment. Any Options that were not vested as of the date your employment terminated shall automatically be forfeited and cancelled on such
date. 

  

 3 

	 	(b)	For Cause. In the event your employment is terminated by any member of the Company Group for Cause, any Options that are then not yet exercised shall be immediately forfeited
and cancelled upon such termination and shall not be exercisable thereafter, and the Committee may require that you disgorge any profit, gain or other benefit (including, but not limited to, and dividends and Dividend Equivalents) received in
respect of the exercise of any Options for a period of up to twelve (12) months prior to your termination of employment for Cause. For purposes of this Subsection 5(b), in the event your employment is terminated by any member of the Company
Group for Cause, the provisions of this Subsection 5(b) will apply notwithstanding any assertion (by you or otherwise) of a termination of employment for any other reason enumerated under this Section 5. 

  

	6.	Covenant Not to Solicit; Other Terms and Restrictions 

  

	 	(a)	Restrictions During Employment. You agree that during your employment with any member of the Company Group, you shall not, other than on behalf of any member of the Company
Group, or as may otherwise be required in connection with the performance of your duties on behalf of any member of the Company Group, solicit or induce, either directly or indirectly, or take any action to assist any entity, either directly or
indirectly, in soliciting or inducing any employee of the Company Group (other than your administrative assistant) to leave the employ of the Company Group (“Induce Departures”). 

  

	 	(b)	Post-Employment Restrictive Covenants. You agree that you shall comply with the following restrictive covenants following the termination of your employment with any member
of the Company Group: 

  

	 	(1)	Non-solicitation. Until the latest Vesting Date shown above or, if ending later, for a period of one year after the termination of your employment with any member of the
Company Group for any reason, you shall not Induce Departures or hire or employ, or assist in the hire or employment of, either directly or indirectly, any individual (other than your administrative assistant) whose employment by the Company Group
ended within sixty (60) days preceding that individual’s hire or employment by you or your successor employer; and 

  

	 	(2)	Additional Restrictive Covenants. In the event of your Approved Retirement due to your voluntary resignation, you shall not compete with the Company Group in any business in
which the Company Group is engaged as of your last date of employment that operates in any geographic area in which the Company Group operates as of your last date of employment, for a period of one year following your termination of employment or
until the latest Vesting Date shown above, whichever is the shorter period. 

  

	 	(c)	 Restrictions Separable and Divisible. You hereby acknowledge that you understand the restrictions imposed upon you by Subsections 6(a) and (b) of this
Agreement. Subsections 6(a) and (b) of this Agreement will only be enforced to the extent not contrary to applicable law. You and Prudential understand and 

  

 4 

	 	 
intend that each such restriction agreed to by you will be construed as separable and divisible from every other restriction, and that the unenforceability,
in whole or in part, of any restriction will not affect the enforceability of the remaining restrictions and that one or more or all of such restrictions may be enforced in whole or in part as the circumstances warrant. Prudential may waive any of
these restrictions or any breach in circumstances that it determines, in its sole discretion, do not adversely affect its interests, but only in a writing signed by its Senior Vice President, Corporate Human Resources (or the successor to his or her
human resource responsibilities), or his or her delegate. No waiver of any one breach of the restrictions contained herein will be deemed a waiver of any other breach. 

  

	 	(d)	 Remedies. You agree that the restrictions in Subsections 6(a) and (b) of this Agreement are fair, reasonable and necessary, and are reasonably required
for the protection of Prudential and any other member of the Company Group. You also agree and acknowledge that the amount of damages that would derive from the breach of these restrictions is not readily ascertainable and that the restrictions
contained herein are a significant portion of the consideration that you are conveying or have conveyed to Prudential in consideration of the grant of the Option evidenced by this Agreement. Accordingly, you agree that, in the event that you fail to
execute and submit or you revoke the Release described in Section 5 of this Agreement, or you breach any of the restrictive covenants set forth in Subsections 6(a) and 6(b) of this Agreement, all unexercised Options shall be cancelled
immediately as of the date of such failure, as determined in the sole discretion of the Committee or its delegate. You also agree that if you breach any of the restrictive covenants set forth in Subsections 6(a) and 6(b) of this Agreement, in
addition to such equitable relief as may be available to Prudential as outlined below, you shall disgorge to Prudential Common Stock (rounded to the nearest whole share) equal in value (using the current Fair Market Value of Common Stock on the date
the letter of notification of the breach is dated) to the profit that you realized from the exercise of any portion of the Options occurring (x) in the case of any breach occurring while you are an employee of the Company Group, within twelve
(12) months before the date of such breach or at any time after the date of such breach or (y) in the case of a breach occurring after the termination of your employment, within six (6) months before the date on which your employment
with the Company Group terminates or at any time after the date of such termination of employment. For the avoidance of doubt, the term “profit” referred to in the preceding sentence shall be equal to the sums (determined separately for
each exercise of any portion of the Options occurring within the applicable period established pursuant to such sentence) of (i) (A) the Fair Market Value of a share of Common Stock on the date of exercise, in the case of a cash exercise,
or the price at which shares of Common Stock are sold, in the case of a cashless exercise, minus (B) the per share exercise price (i.e., the Grant Price) of the Option, times (ii) the number of shares of Common Stock acquired upon
such exercise of the Option(s). You shall pay any such amount (in the form of Common Stock) to Prudential within five (5) business days of the date Prudential notifies you that a breach of the provisions of this Section 6 has 

  

 5 

	 	 
occurred. If payment is not made within such period, any subsequent payment shall be made with interest at a rate equal to the prime rate as reported in The
Wall Street Journal (Eastern Edition) on the date on which notice of your breach is sent to you by Prudential, plus two (2) percent. Interest payments shall be made in the form of cash only. You also acknowledge that, in the event you breach
any part of this Section 6, the damages to Prudential would be irreparable. Therefore, in addition to monetary damages and/or reasonable attorney’s fees, Prudential shall have the right to seek injunctive and/or other equitable relief in
any court of competent jurisdiction to enforce this covenant. Further, you consent to the issuance of a temporary restraining order to maintain the status quo pending the outcome of any proceeding. 

  

	7.	Compliance with Laws and Regulations 

 The Options
and the obligation of Prudential to sell and deliver shares of Common Stock hereunder shall be subject in all respects to (a) all applicable federal, state, local and foreign laws, rules and regulations, and (b) any registration,
qualification, approvals or other requirements imposed by any government or regulatory agency or body which the Committee shall, in its sole discretion, determine to be necessary or applicable. Moreover, the Options may not be exercised if their
exercise, or the receipt of shares of Common Stock pursuant thereto, would be contrary to applicable law or the rules of any stock exchange. 
  

	8.	Investment Representation 

 If at the time of
exercise of all or part of the Options, the Common Stock is not registered under the Securities Act of 1933, as amended (the “Securities Act”), or there is no current prospectus in effect under the Securities Act with respect to the Common
Stock, you shall, if requested by the Committee, execute, prior to the delivery of any shares of Common Stock to you by Prudential, an agreement (in such form as the Committee may specify) in which you represent and warrant that you are purchasing
or acquiring the shares acquired under this Agreement for your own account, for investment only and not with a view to the resale or distribution thereof, and represent and agree that any subsequent offer for sale or distribution of any kind of such
shares shall be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act, which registration statement has become effective and is current with regard to the shares being offered or sold, or
(b) a specific exemption from the registration requirements of the Securities Act, but in claiming such exemption you shall, prior to any offer for sale of such shares, obtain a prior favorable written opinion, in form and substance
satisfactory to the Committee, from counsel for or approved by the Committee, as to the applicability of such exemption thereto. 
  

	9.	Agreement to Retain Shares 

 You agree to retain
ownership of 50% of the net shares (after payment of the applicable exercise price, if any, applicable fees and applicable taxes) of Common Stock acquired upon exercise of any of your Options. You also agree to hold all Common Stock retained
pursuant to the preceding sentence until the later of (i) one 

  

 6 

 
year following the date of acquisition of such Common Stock, or (ii) the date that you have satisfied the Share Ownership Guidelines set forth in a
letter from Arthur Ryan dated April 4, 2002 (the “Guidelines”). Once you have satisfied the holding period set forth in the preceding sentence, you may dispose of any Common Stock held in excess of the Guidelines, subject only to the
Personal Securities Trading Policy, including the “Reporting Responsibilities and Procedures for Section 16 Officers and Directors and Control Persons of Prudential.” This agreement to retain Common Stock is applicable to this grant
and for as long as you are an insider for the purpose of Section 16(a) of the U.S. Securities Exchange Act of 1934, as amended. 
  

	10.	Governing Law 

 The validity, construction and
effect of this Agreement and the Plan shall be determined in accordance with the laws of the State of New Jersey without regard to principles of conflict of laws. 
  

	11.	Other Terms 

 The award of the Options does not
entitle you to any benefit other than that granted under the Plan. Any benefits granted under the Plan are not deemed compensation under any Prudential pension plan, welfare plan or any compensation plan or program and shall not be considered as
part of such compensation for purposes of calculating pension, bonuses, service awards, or in the event of severance, redundancy or resignation. 
 Prudential and other members of the Company Group will not be responsible if you do not exercise the Options. 
 You understand and
accept that the benefits granted under the Plan are entirely at the sole discretion of Prudential, and that Prudential may modify, amend, suspend or terminate this Agreement, the Plan or any and all of the policies, programs and plans described in
this Agreement in whole or in part, at any time, without notice to you or your consent. Further, this grant of Options does not give you the right to be granted any further options or other forms of compensation or benefits at any time in the
future. 
 You understand that you do not have any rights as a stockholder by virtue of the grant of the Options but only with respect to
shares of Common Stock, if any, actually issued to you in accordance with the terms hereof. 
 You understand and accept that if the Options
are exercised at a time or in a manner not specifically authorized by the Plan, this Agreement, or Plan administrative rules (i.e., in “Error”), Prudential will be entitled to correct the Error, including reversing the transaction and
recouping any Common Stock or gain that you might receive following the exercise. 
 Nothing contained in this Agreement or the Brochure is intended to
constitute or create a contract of employment nor shall it constitute or create the right to remain 

  

 7 

 
associated with or in the employ of any member of the Company Group for any particular period of time. Employment with any member of the Company Group
is employment at will, which means that either you or any member of the Company Group may terminate the employment relationship at any time, with or without cause or notice. 
 I accept the terms of this Agreement, and acknowledge that I understand this Agreement and the terms of the Plan. I have received a copy of the Brochure as currently in effect. 
  

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