Document:

Common Stock Purchase Agreement among Zillow, TCV V, L.P., TCV Member Fund, L.P.

 Exhibit 4.3 
 ZILLOW, INC. 
 COMMON STOCK PURCHASE AGREEMENT 

This Common Stock Purchase Agreement (“Agreement”) is made as of June 16, 2011, by and among Zillow, Inc.,
a Washington corporation (the “Company”), TCV V, L.P., TCV Member Fund, L.P., and PAR Investment Partners, L.P. (each an “Investor” and together, the “Investors”). 

RECITALS 

A. The Company has determined to raise $5,500,000 (the “Financing”) through the sale of shares of its common
stock, $0.0001 par value per share, one vote per share (“Common Stock”) to the Investors, with each Investor purchasing Common Stock in a dollar amount equal to the Respective Investment Amount opposite such Investor’s
name on Schedule 1 to this Agreement. 
 B. The Financing is to be consummated simultaneously with the closing of,
and at a price per share equal to the initial public offering price per share (the “IPO Price”) that the Common Stock is being offered to the public in, the Company’s initial public offering of Common Stock
(“IPO”) pursuant to the underwriting agreement (the “Underwriting Agreement”) to be entered into by and between the Company and Citigroup Global Markets Inc., as representative of the several
underwriters named therein (the “Underwriters”). 
 C. The Investors desire to purchase from the
Company, and the Company desires to sell and issue to the Investors, shares of the Common Stock on the terms and subject to the conditions set forth in this Agreement. 
 D. It is currently contemplated that the Common Stock may be renamed Class A Common Stock in connection with the IPO. All references herein to the Common Stock include the Class A Common Stock
of the Company. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

AGREEMENT 
  

	1.	Purchase and Sale of Stock 

  

	 	1.1	Sale and Issuance of Stock 

 (a) The Company agrees to issue and sell to the Investors, and the Investors agree to purchase from the Company, $5,500,000 of Common Stock at the IPO

 
Price, with each Investor purchasing Common Stock in a dollar amount equal to the Respective Investment Amount opposite such Investor’s name on Schedule 1 to this Agreement. The
respective number of shares of Common Stock to be sold by the Company and purchased by each Investor hereunder (collectively, the “Shares”) shall equal the number of shares determined by dividing the Respective Investment
Amount opposite such Investor’s name on Schedule 1 hereto by the IPO Price (rounded down to the nearest whole share). Payment of the purchase price (which shall be equal to the total number of Shares to be purchased by an Investor,
as calculated pursuant to the immediately preceding sentence, multiplied by the IPO Price) for the Shares (the “Purchase Price”) shall be made at the time of the closing of the IPO by wire transfer of immediately available
funds to the account specified in writing by the Company to the Investors, subject to the satisfaction of the conditions set forth in this Agreement. Payment of the Purchase Price for the Shares shall be made against delivery to the Investors of the
Shares, which Shares shall be uncertificated and shall be registered in the names of the Investors on the books of the Company by the Company’s transfer agent. 
 (b) The closing of the sale and purchase of the Shares (the “Closing”) will take place at the offices of Perkins Coie LLP, 1201 Third Avenue, Suite 4800, Seattle, WA 98101
concurrently with the closing of the IPO. 
  

	2.	Representations and Warranties of the Company 

 The Company hereby represents and warrants to the Investors that the following representations are true and correct as of the date hereof and as of the Closing (except to the extent any such
representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date), provided that for this purpose, the representations and warranties of the Company
shall be deemed to be updated and modified by the information included in the Registration Statement, including but not limited to the final prospectus relating to the IPO, a copy of which Registration Statement shall have been furnished to the
Investors prior to the Closing and on which the Investors shall be entitled to rely. “Registration Statement” means the registration statement on Form S-1 (File No. 333-173570), including any prospectus filed pursuant to
Rule 424 under the Securities Act of 1933, as amended (“Securities Act”) and any free writing prospectuses, relating to the IPO. 
  

	 	2.1	Organization, Valid Existence and Qualification 

 The Company is a corporation duly organized and validly existing under the laws of the State of Washington and has all requisite corporate power and authority to carry on its business as now conducted and
as proposed to be conducted. The Company is duly qualified to transact business as a foreign corporation in each jurisdiction in which it conducts its business, except where failure to be so qualified would not have a material adverse effect on the
Company’s financial condition, business, operations or property. 

  
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	 	2.2	Registration Statement 

 The Registration Statement, as of its filing date and including each of its subsequent amendments, will as of the filing date of such Registration Statement and each subsequent amendment, comply in all
material respects with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, and the Registration Statement and any prospectus contained therein will not as of such
filing date contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading. 
  

	 	2.3	Authorization 

 All
corporate action on the part of the Company, its officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company hereunder, and the authorization,
issuance, sale and delivery of the Shares has been taken or will be taken prior to the Closing, and this Agreement constitutes the valid and legally binding obligation of the Company, enforceable in accordance with its terms, except (a) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (b) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies. 
  

	 	2.4	Valid Issuance of Shares 

 The Shares that are being purchased by the Investors hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and
validly issued, fully paid, and nonassessable, and will be transferred to the Investors free of liens, encumbrances and restrictions on transfer other than (a) restrictions on transfer under this Agreement and under applicable state and federal
securities laws, (b) restrictions on transfer under the Second Amended and Restated Investors’ Rights Agreement dated as of September 7, 2007, as amended, by and among the Company and the investors and holders respectively listed on
Schedules A and B thereto (the “IRA”), (c) restrictions on transfer under the lock-up agreement entered into by the Investors for the benefit of the Underwriters in the IPO, and (d) any liens, encumbrances or
restrictions on transfer that are created or imposed by the Investors. Subject in part to the truth and accuracy of the Investors’ representations set forth in Section 3 of this Agreement, the offer, sale and issuance of the Shares as
contemplated by this Agreement are exempt from the registration requirements of applicable state and federal securities laws. 
  

	 	2.5	Non-Contravention 

No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal,
state or local governmental authority on the part of the Company is required in connection with the consummation of the sale and 

  
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issuance of Shares contemplated by this Agreement, except for the filing of notices of the sale of Shares pursuant to Regulation D promulgated under the Securities Act and applicable state
securities laws. The Company is not in violation or default in any material respect of any provision of its articles of incorporation or bylaws, or of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound,
or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company, except for such violations or defaults of any federal or state statute, rule or regulation that could not reasonably be expected to
result, either individually or in the aggregate, in a material adverse effect on the Company’s assets, financial condition or affairs. The execution, delivery and performance of this Agreement and the consummation of the transactions
contemplated hereby will not result in any such violation or constitute, with or without the passage of time and giving of notice, either a default in any material respect of any such instrument, judgment, order, writ or decree or an event that
results in the creation of any lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization or approval applicable to the Company, its
business or operations or any of its assets or properties. 
  

	 	2.6	No Brokers 

 The
Company has not incurred, and will not incur in connection with the sale of the Shares to the Investors any brokerage or finders’ fees, or agents’ commissions or similar liabilities. 

 

	3.	Representations and Warranties of the Investors 

 Each of the Investors hereby represents and warrants to the Company that the following representations are true and correct as of the date hereof and as of the Closing (except to the extent any such
representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct as of such earlier date): 
  

	 	3.1	Authorization 

Such Investor has full power and authority to enter into this Agreement, and such agreement constitutes its valid and legally binding
obligation, enforceable in accordance with its terms except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and
(b) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 
  

	 	3.2	Purchase Entirely for Own Account 

 This Agreement is made with such Investor in reliance upon such Investor’s representations to the Company, which by such Investor’s execution of this Agreement the Investor hereby confirms, that
the portion of the Shares acquired by such Investor hereunder 

  
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will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Investor has no
present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, such Investor further represents that such Investor does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participation rights to such person or to any third person, with respect to any of the Shares. 
  

	 	3.3	Disclosure of Information 

 Such Investor believes it has received all the information that it considers material in determining whether to purchase the Shares. Such Investor further represents that it has had an opportunity to ask
questions of and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business, properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the
representations and warranties of the Company in Section 2 of this Agreement or the rights of the Investors to rely thereon. 
  

	 	3.4	Investment Experience 

 Such Investor is an experienced investor in securities of companies and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, including a total loss, and has such
knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. Such Investor represents that it has not been organized for the purpose of acquiring the Shares.

  

	 	3.5	Accredited Investor 

Such Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Securities Act. 
  

	 	3.6	Restricted Securities 

 Such Investor understands that the Shares have not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act
which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of such Investor’s representations as expressed herein. Such Investor understands that the Shares are characterized as “restricted
securities” under applicable U.S. federal and state securities laws and that, pursuant to these laws, such Investor must hold the Shares indefinitely unless subsequently registered with the Securities and Exchange Commission and
qualified by state authorities, or an exemption from such registration and qualification requirements is available. Other than as contained in the IRA, such Investor acknowledges that the Company has no obligation to register or qualify the Shares
for resale. Such Investor further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not 

  
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limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of such Investor’s control, and which the Company,
other than as contained in the IRA, is under no obligation and may not be able to satisfy. 
  

	 	3.7	Further Limitations on Disposition 

 Without in any way limiting the representations set forth above, such Investor further agrees not to make any disposition of all or any portion of the Shares unless and until the transferee has agreed in
writing for the benefit of the Company to be bound by (a) this Section 3, and (b) the IRA, provided and to the extent this Section 3 and such agreement are then applicable, and: 

(i) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is
made in accordance with such registration statement; or 
 (ii) (A) Such Investor shall have notified the Company of the
proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (B) if reasonably requested by the Company, such Investor shall have furnished the Company with
an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such Shares under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made
pursuant to Rule 144, except in unusual circumstances. 
 (iii) Notwithstanding the provisions of Paragraphs (i) and
(ii) of this Section 3.7, no such registration statement or opinion of counsel shall be necessary for a transfer by such Investor to an affiliated fund or funds, to an affiliated investment company or companies or to an entity under common
investment management, or for a transfer by such Investor, if it is a partnership, to a partner of such partnership or a retired partner of such partnership who retires after the date hereof, or to the estate of any such partner or retired partners
or the transfer by gift, will or intestate succession of any partner to his or her spouse or to the siblings, lineal descendants or ancestors of such partner or his or her spouse, if the transferee agrees in writing to be subject to the terms of
this Agreement to the same extent as if the transferee were an original Investor hereunder. 
  

	 	3.8	Legends 

 It is
understood that the certificates (if any) evidencing the Shares may bear one or all of the following legends (or substantially similar legends): 
 (a) “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO THE SECURITIES 

  
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UNDER SUCH ACT OR AN OPINION OF COUNSEL, OR OTHER EVIDENCE, SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.” 

(b) Any legend required by the laws of any state or foreign jurisdiction, to the extent that such laws are applicable to the shares
represented by the certificate so legended. 
 (c) Any legend required by the IRA. 

 

	 	3.9	No Brokers 

 Such
Investor has not incurred, and will not incur in connection with the purchase of the Shares any brokerage or finders’ fees, or agents’ commissions or similar liabilities. 

 

	4.	Conditions to the Investors’ Obligations at Closing 

 The obligations of each of the Investors at Closing are subject to the fulfillment on or by Closing of each of the following conditions, unless otherwise waived in writing by such Investor: 

 

	 	4.1	Representations and Warranties 

 The representations and warranties of the Company contained in Section 2 shall be true and correct in all material respects. 

 

	 	4.2	Performance 

 The
Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

 

	 	4.3	IPO 

 The
Underwriters shall have purchased, concurrent with the purchase of the Shares by the Investors hereunder, the Underwritten Securities (as defined in the Underwriting Agreement) at the same purchase price (less any underwriting discounts or
commissions) per share payable by the Investors hereunder. 
  

	 	4.4	Qualifications 

All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing, other than (a) the filing pursuant to Regulation D, promulgated

  
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under the Securities Act and (b) the filings required by applicable state “blue sky” securities laws, rules and regulations. 

 

	5.	Conditions to the Company’s Obligations at Closing 

 The obligations of the Company to each of the Investors are subject to the fulfillment on or by the Closing of each of the following conditions: 

 

	 	5.1	Representations and Warranties 

 The representations and warranties of such Investor contained in Section 3 shall be true and correct in all material respects. 

 

	 	5.2	Performance 

 Such
Investor shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing. 

 

	 	5.3	Payment of Purchase Price 

 Such Investor shall have delivered the Purchase Price as specified in Section 1.1 of this Agreement. 
  

	 	5.4	Qualifications 

All authorizations, approvals, or permits, if any, of any governmental authority or regulatory body of the United States or of any state
that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of the Closing, other than (a) the filing pursuant to Regulation D, promulgated under the Act and
(b) the filings required by applicable state “blue sky” securities laws, rules and regulations. 
  

	 	5.5	Waiver 

 The
Company shall have obtained signatures on the Waiver as set forth in Section 4.6 of this Agreement. 
  

	 	5.6	IPO 

 The
Underwriters shall have purchased, concurrent with the purchase of the Shares by the Investors hereunder, the Underwritten Securities (as defined in the Underwriting Agreement) at the same purchase price (less any underwriting discounts or
commissions) per share payable by the Investors hereunder. 

  
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	6.	Miscellaneous 

  

	 	6.1	Survival of Representations and Warranties 

 The representations and warranties of the Company and the Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement until the first anniversary
of the Closing, and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investors or the Company. 
  

	 	6.2	Successors and Assigns 

 Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including
transferees of any Shares). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by
reason of this Agreement, except as expressly provided in this Agreement. 
  

	 	6.3	Governing Law 

This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed by and
construed under the laws of the State of Washington as applied to agreements among Washington residents entered into and to be performed entirely within Washington, without giving effect to principles of conflicts of laws. 

 

	 	6.4	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. 

 

	 	6.5	Titles and Subtitles 

 The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

 

	 	6.6	Notices 

 Unless
otherwise provided, any notice under this Agreement shall be given in writing and shall be deemed effectively delivered (a) upon personal delivery to the party to be notified, (b) upon confirmation of receipt by fax by the party to be
notified, (c) one business day after deposit with a reputable overnight courier, prepaid for overnight delivery and addressed as set forth in (d), or (d) three days after deposit with the United States Post Office, postage prepaid,
registered or certified with return receipt requested and addressed to the party to be notified at the address indicated on such party’s respective signature page hereto, 

  
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or at such other address as any such party may designate by ten days’ advance written notice to the other party given in the foregoing manner. 

 

	 	6.7	Legal Fees and Expenses 

 Except as set forth in this Section 6.7, each party to this Agreement shall pay all costs and expenses that it incurs with respect to the negotiation, execution, delivery and performance of this
Agreement. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, including an arbitration, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in
addition to any other relief to which such party may be entitled. 
  

	 	6.8	Amendments and Waivers 

 Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with
the written consent of the parties hereto. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the holder of any of the Shares, each future holder of any of such Shares, and the Company. 

 

	 	6.9	Severability 

 If
one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision or provisions were so
excluded and shall be enforceable in accordance with its terms. 
  

	 	6.10	Facsimile Execution and Delivery 

 A facsimile, telecopy, PDF, or other written or electronic reproduction of this Agreement may be executed by one or more parties, and an executed copy of this Agreement may be delivered by one or more
parties by facsimile, telecopy, PDF, or similar written or electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery will be considered valid, binding and effective for
all purposes. At any party’s request, the other party agrees to execute an original of this Agreement as well as any facsimile, telecopy, PDF, or other reproduction of this Agreement. 

 

	 	6.11	Termination 

 This
Agreement shall automatically terminate upon the earliest to occur of (a) the written consent of each of the Company and the Investors to such termination, (b) the withdrawal by the Company of the Registration Statement, or
(c) following the execution of the Underwriting Agreement, the termination of such Underwriting Agreement in accordance with its terms. 

  
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	 	6.12	Entire Agreement 

This Agreement (including the schedules and exhibits hereto) and the documents referred to herein constitute the full and entire
understanding and agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants, except as specifically set forth herein or therein. 

[SIGNATURE PAGES FOLLOW] 

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

			
	ZILLOW, INC.
		
	By:	 	 /s/    Spencer Rascoff

		 	Spencer Rascoff
		 	Chief Executive Officer
	
	Mailing Address:
		 	 Zillow, Inc.

		 	 999 3rd Avenue, Suite 4600

		 	 Seattle, WA 98104

		 	 Attention: Kathleen Philips, General

		 	                   Counsel

		 	 Phone:

		 	 Fax:

	
	with a copy to:
		 	 Perkins Coie, LLP

		 	 1201 Third Avenue, Suite 4800

		 	 Seattle, WA 98101

		 	 Attention: David F. McShea

		 	 Phone:

		 	 Fax:

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

					
		 	INVESTORS:
		
		 	TCV V, L.P.
		 	a Delaware Limited Partnership
		 	By:	 	Technology Crossover Management V, L.L.C.,
		 	Its:	 	General Partner
			
		 	By:	 	 /s/    Frederic D. Fenton

		 	Name:	 	 Frederic D. Fenton

		 	Its:	 	 Attorney-in-Fact

		
		 	TCV Member Fund, L.P.
		 	a Cayman Islands exempted limited partnership (f/k/a TCV V Member Fund, L.P.)
		 	By:	 	Technology Crossover Management V, L.L.C.,
		 	Its:	 	General Partner
			
		 	By:	 	 /s/    Frederic D. Fenton

		 	Name:	 	 Frederic D. Fenton

		 	Its:	 	 Attorney-in-Fact

	
	Mailing Address:
		 	Technology Crossover Ventures
		 	528 Ramona Street
		 	Palo Alto, CA 94301
		 	Attention: Jay C. Hoag
		 	Phone:	 	
		 	Fax:	 	
	
	with a copy to:
		 	Technology Crossover Ventures

					
		 	56 Main Street, Suite 210
		 	Millburn, NJ 07041
		 	Attention: Carla Newell
		 	Phone:
		 	Fax:

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

					
		 	INVESTOR:
		
		 	PAR INVESTMENT PARTNERS, L.P.
			
		 	By:	 	Par Group, L.P., as its General Partner
			
		 	By:	 	 Par Capital Management, Inc.,

as its General Partner

			
		 	By:	 	 /s/    Steven M. Smith

		 	Name:	 	 Steven M. Smith

		 	Its:	 	 COO

	
	Mailing Address:
		 	One International Place
		 	Suite 2401
		 	Boston, MA 02110
		 	Attention: Steve Smith
		 	Phone:
		 	Fax:

 SCHEDULE 1 

INVESTORS 
  

					
	 Name:
	  	Respective Investment Amount:	 
	 TCV V, L.P.
	  	$	4,905,230	  
	 TCV Member Fund, L.P.
	  	$	94,770	  
	 PAR Investment Partners, L.P.
	  	$	500,000Horizon Lines Executive Severance Plan

 Exhibit 10.1 
 HORIZON LINES, INC. EXECUTIVE SEVERANCE PLAN 
 Horizon
Lines, Inc. (the “Company”) hereby adopts the Horizon Lines, Inc. Executive Severance Plan (the “Plan”) for the benefit of certain employees of the Company and its subsidiaries, on the terms and conditions hereinafter stated. The
Plan, as set forth herein, is intended to help retain qualified employees, maintain a stable work environment and provide economic security to such employees in the event of certain terminations of employment. 

SECTION 1.  DEFINITIONS. As hereinafter used: 
 1.1    “Affiliate” means, with respect to any individual or entity, any other individual or entity who, directly or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with, such individual or entity. 

1.2    “Annual Base Salary” means the Eligible Employee’s annual base salary in effect
immediately before his or her Severance. 
 1.3    “Annual Target Bonus
Opportunity” means the amount of the annual cash incentive payable to an Eligible Employee under a Company annual incentive plan with respect to a given fiscal year of the Company, expressed as a percentage of the Eligible Employee’s base
salary, assuming that the target level of performance under the plan was achieved. 

1.4    “Board” means the Board of Directors of the Company. 

1.5    “Cause” shall mean: 

(a)        the Eligible Employee’s willful and continued
failure to attempt in good faith (other than as a result of incapacity due to mental or physical impairment) to substantially perform the duties of his or her position, and such failure is not remedied within 30 days after receipt of written notice
from the Board or the Chief Executive specifying such failure; 

(b)        the Eligible Employee’s failure to attempt in good
faith to carry out, or comply with, in any material respect any lawful and reasonable directive of the Board or the Chief Executive Officer consistent with the duties of his or her position, which is not remedied within 30 days after receipt of
written notice from the Board or the Chief Executive specifying such failure; 

(c)        a material breach by the Eligible Employee of the
Company’s code of ethics, which is not remedied within 30 days after receipt of written notice from the Board or the Chief Executive specifying such failure; 

(d)        the Eligible Employee’s conviction, plea of no
contest or plea of nolo contendere, or imposition of unadjudicated probation for any felony (other than a traffic violation or arising purely as a result of the Eligible Employee’s position with the Company); 

 (e)        the
Eligible Employee’s knowing unlawful use (including being under the influence) or possession of illegal drugs; or 
 (f)        the Eligible Employee’s commission of a material bad faith act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence, or
breach of fiduciary duty, in each case against the Company. 
 For the purposes of this definition, no act (or omission) that is
(i) taken in good faith and (ii) not adverse to the best interests of the Company shall be considered to be willful. 
 1.6    “Change in Control” shall have the same meaning as assigned to that term in the Company’s 2009 Incentive Compensation Plan (or any successor to or replacement of
such plan). 
 1.8    “Code” means the Internal Revenue Code of 1986, as it may be
amended from time to time. 
 1.9    “Company” means Horizon Lines, Inc. or any
successor thereto. 
 1.10    “Disability” means a disability within the meaning
of Code section 409A(a)(2)(C) and U.S. Treasury Regulations section 1.409A-3(i)(4) (or any successor provision). 
 1.11    “Effective Date” shall mean July 28, 2011. 
 1.12    “Eligible Employee” means any employee of the Company or an Affiliate who (1) has been determined by the Company to be subject to the provisions of
Section 16 of the Exchange Act and (2) is not a party to an employment agreement or any other arrangement with the Company or an Affiliate that provides for payment of severance in the event of such employee’s termination of
employment (regardless of the terms of such employment agreement or other arrangement, or the amount of severance payable thereunder). 
 1.13    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

1.14    “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

1.15    “Good Reason” means the occurrence of any of the following events, unless the
Eligible Employee otherwise consents in writing to such event: (a) a material diminution in the Eligible Employee’s authority, duties or responsibilities or the authority, duties or responsibilities of the supervisor to whom the Eligible
Employee is required to report (including without limitation in the case of an Eligible Employee who is the chief executive officer of the Company immediately prior to a Change in Control, if, after such Change in Control, such eligible employee no
longer reports to the board of directors of the Company or its successor, or in the case of an Eligible Employee who reports directly to the chief executive officer of the Company immediately prior to a

  
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Change in Control, if, after such Change in Control, such Eligible Employee no longer reports directly to the chief executive officer of the Company or its successor); (b) a material
reduction in the Eligible Employee’s annual base salary; (c) a material reduction in the Eligible Employee’s Annual Target Bonus Opportunity as compared to his or her average Annual Target Bonus Opportunity for the three immediately
preceding consecutive fiscal years of the Company; or (d) requiring the Eligible Employee to relocate his or her principal place of employment to a location more than 50 miles from the Eligible Employee’s current principal place of
employment. 
 The Eligible Employee shall provide the Company with a written notice of resignation within ninety (90) days
following the occurrence of the event constituting Good Reason and the Company shall have a period of thirty (30) days following its receipt of such notice in which to cure such event without such event constituting Good Reason. If the Company
does not cure the condition or conditions by the end of such thirty (30) day period, the Eligible Employee may voluntarily terminate employment within thirty (30) days after the last day of the thirty (30) day cure period. The
Eligible Employee’s voluntary termination of employment other than in accordance with the requirements of this Section shall not constitute termination for Good Reason. 

1.16    “Plan” means the Horizon Lines, Inc. Executive Severance Plan, as set forth herein,
and as it may be amended from time to time. 
 1.17    “Plan Administrator” means
the Compensation Committee of the Board or such other person or persons appointed from time to time by the Compensation Committee of the Board to administer the Plan. 

1.20    “Release” means a general release of claims against the Company and the other
persons specified therein substantially in the form attached hereto as Exhibit B, or in such other form as is required to comply with applicable law. 
 1.21    “Release Period” means the period described in Section 2.6, no longer than 60 days, commencing on the Severance Date and ending on the expiration of the
revocation period for the Release. 
 1.22    “Severance” means (a) the
involuntary termination of an Eligible Employee’s employment by the Company or any Affiliate thereof, other than for Cause, death or Disability or (b) a termination of an Eligible Employee’s employment by the Company or any Affiliate
thereof for Good Reason. 
 1.23    “Severance Date” means the date on which an
Eligible Employee incurs a Severance. 
 1.24    “Severance Period” means the
12-consecutive-month period ending on the first anniversary of the Severance Date. 

  
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 SECTION 2.  SEVERANCE BENEFITS 

2.1    Generally. Subject to Sections 2.6, 4 and 6.2 hereof, each Eligible Employee shall be
entitled to the severance payments and benefits pursuant to the applicable provisions of Section 2 of this Plan if such Eligible Employee incurs a Severance. 

2.2    Payment of Accrued Obligations. The Company shall pay to each Eligible Employee who
incurs a Severance a lump sum payment in cash, paid in accordance with applicable law, as soon as practicable but no later than ten (10) days after the Severance Date, equal to the sum of (a) the Eligible Employee’s accrued annual
base salary and any accrued vacation pay through the Severance Date, and (b) the Eligible Employee’s annual bonus earned for the fiscal year immediately preceding the fiscal year in which the Severance Date occurs, if such bonus has not
been paid as of the Severance Date. 
 2.3    Severance Payment. Subject to
Section 2.6, each Eligible Employee who incurs a Severance shall be entitled to receive an amount equal to his or her Annual Base Salary, payable pursuant to the Company’s normal payroll practices over the period beginning on the
sixty-first (61st) day following the Severance Date
and ending on the last day of the Severance Period. Notwithstanding the foregoing, the first severance payment made pursuant to this Section 2.3 shall include any severance payments that would have been paid to the Eligible Employee
according to the Company’s normal payroll practices absent the sixty (60) day delay in the commencement of the severance payments described in the preceding sentence. 

2.4    Annual Incentive Compensation and Outplacement Services. Subject to Section 2.6,
in addition to the benefits provided in Sections 2.3 and 2.5, each Eligible Employee who incurs a Severance will be entitled to the following benefits. 

(a)        The Eligible Employee shall continue to be eligible to
receive incentive compensation under any Company annual incentive compensation plans in which the Eligible Employee was participating at the time of his or her Severance, subject to the terms and conditions of such annual incentive plans (but
without regard to any terms and conditions requiring employment on or as of any specific date or dates); provided, that the amount payable to the Eligible Employee under such a plan shall be an amount equal to the product of (i) the
amount required to be paid under the plan and (ii) a fraction, the numerator is the number of day that have elapsed from the first day of the plan’s performance period to the Severance Date, and the denominator of which shall be the total
number of days in the plan’s performance period. 

(b)        The Eligible Employee shall be entitled to receive
outplacement services, in accordance with the Company’s normal practice for its most senior executives, as in effect before the Severance Date, from the outplacement firm or firms with which the Company has contracted as of the Severance Date
or 

  
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thereafter; provided, that in any event such outplacement services shall not exceed $25,000 and shall not be provided beyond the Severance Period. 

2.5    Welfare Benefit Continuation. Subject to Section 2.6, in the case of each Eligible
Employee who incurs a Severance, commencing on the date immediately following such Eligible Employee’s Severance Date and continuing for the Severance Period, the Company shall provide to each such Eligible Employee (and his or her eligible
dependents) all Company-paid benefits under any group health, dental or vision plan of the Company for which Eligible Employees of the Company are eligible, to the same extent as if such Eligible Employee had continued to be an Eligible Employee of
the Company during the Severance Period. In addition, the Company shall permit the Eligible Employee (and his or her eligible dependents) to participate in any optional life insurance and optional personal accident plans of the Company for which
Eligible Employees of the Company are eligible, to the same extent as if such Eligible Employee had continued to be an Eligible Employee of the Company during the Severance Period. To the extent that such Eligible Employee’s participation in
Company benefit plans is not practicable, the Company shall arrange to provide, at the Company’s sole expense, such Eligible Employee (and anyone entitled to claim under or through such Eligible Employee) with equivalent health and dental
benefits under an alternative arrangement during the Severance Period. The coverage period for purposes of the group health continuation requirements of Section 4980B of the Code shall commence on the day immediately following the last day of
the Severance Period. 
 2.6    Release; Restrictive Covenant Agreement. No Eligible
Employee who incurs a Severance shall be eligible to receive any payments or other benefits under the Plan (other than payments under Section 2.2) unless (i) he or she first executes a Release in favor of the Company and others set forth
on Exhibit A, or in such other form as is required to comply with applicable law, relating to all claims or liabilities of any kind relating to his or her employment with the Company or a subsidiary thereof and the termination of the Employee’s
employment, and (ii) he or she first executes the Noncompete, Nonsolicitation and Nondisclosure Agreement substantially in the form attached hereto as Exhibit B, and each such agreement becomes effective, and in the case of the Release has not
been revoked by the Eligible Employee, by the sixtieth (60th) day following the Severance Date. If the Eligible Employee does not execute and return the agreements such that either or both agreements do not become effective (or, in the case of
the Release, is revoked) within the 60-day period, the Eligible Employee shall not be entitled to any payments or benefits under this Plan (other than payments under Section 2.2). 

2.7    Section 409A of the Code. 

(a)        It is intended that this Plan shall comply with or be
exempt from the provisions of Section 409A of the Code and the Treasury Regulations relating thereto, so as not to subject the Eligible Employee to the payment of additional taxes and interest under Section 409A of the Code. This Plan
shall be interpreted, operated, and administered in a manner consistent with and in furtherance of this 

  
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intent. Notwithstanding the foregoing, to the extent any payment or benefit under the Plan is subject to the additional taxes and interest under Section 409A of the Code, the Eligible
Employee shall be solely liable for the payment of such taxes and interest. 

(b)        Each severance payment required under Section 2.3
shall be deemed to be a separate payment for purposes of Section 409A of the Code and the Treasury Regulations thereunder. 
 (c)        Notwithstanding any provision to the contrary in this Plan, no payment or distribution under this Plan which constitutes an item of deferred compensation
under Section 409A of the Code and becomes payable by reason of the Eligible Employee’s termination of employment with the Company or a subsidiary will be made to the Eligible Employee unless the Eligible Employee’s termination of
employment constitutes a “separation from service” (as such term is defined in Treasury Regulations issued under Section 409A of the Code). In addition, no such payment or distribution will be made to the Eligible Employee prior to
the earlier of (i) the expiration of the six (6)-month period measured from the date of the Eligible Employee’s “separation from service” (as such term is defined in Treasury Regulations issued under Section 409A of the
Code) or (ii) the date of the Eligible Employee’s death, if the Eligible Employee is deemed at the time of such separation from service to be a “specified employee” within the meaning of that term under Section 409A(a)(2) of
the Code and to the extent such delayed commencement is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code. All payments and benefits which had been delayed pursuant to the immediately preceding
sentence shall be paid (without interest) to the Eligible Employee in a lump sum upon expiration of such six-month period (or if earlier upon the Eligible Employee’s death). 
 SECTION 3.  PLAN ADMINISTRATION. 

3.1    The Plan Administrator shall administer the Plan and may interpret the Plan, prescribe, amend
and rescind rules and regulations under the Plan and make all other determinations necessary or advisable for the administration of the Plan, subject to all of the provisions of the Plan. 

3.2    The Plan Administrator may delegate any of its duties hereunder to such person or persons from
time to time as it may designate. 
 3.3    The Plan Administrator is empowered, on behalf
of the Plan, to engage accountants, legal counsel and such other personnel as it deems necessary or advisable to assist it in the performance of its duties under the Plan. The functions of any such persons engaged by the Plan Administrator shall be
limited to the specified services and duties for which they are engaged, and such persons shall have no other duties, obligations or responsibilities under the Plan. Such persons shall exercise no discretionary authority or

  
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discretionary control respecting the management of the Plan. All reasonable expenses thereof shall be borne by the Company. 

SECTION 4.    DEATH DURING THE SEVERANCE PERIOD.    If an Eligible Employee receiving
severance payments and benefits pursuant to Section 2 dies during his or her Severance Period, the remaining amount of severance payable during the Severance Period pursuant to Section 2.3 shall be paid in a single lump sum payment within
ten (10) days following the Eligible Employee’s death; the Eligible Employee’s survivors shall be entitled to receive any annual incentive compensation that would have been payable to the Eligible Employee pursuant to
Section 2.4; outplacement benefits and welfare benefits pursuant to Sections 2.5 and 2.6 shall cease; and the coverage period for purposes of the group health continuation requirements of Section 4980 of the Code shall commence.

 SECTION 5.  PLAN TERMINATION AND AMENDMENT.    The Plan may be terminated by the Board
after obtaining the written consent of all Eligible Employees to such termination. The Plan may be amended or modified by the Board; provided, that such amendment or modification may not adversely affect the rights and interests of an
Eligible Employee under the Plan unless the Eligible Employee provides his or her written consent to such amendment or modification prior to the date of such amendment or modification. 
 SECTION 6.  GENERAL PROVISIONS. 

6.1    Except as otherwise provided herein or by law, no right or interest of any Eligible Employee
under the Plan shall be assignable or transferable, in whole or in part, either directly or by operation of law or otherwise, including without limitation by execution, levy, garnishment, attachment, pledge or in any manner; no attempt assignment or
transfer thereof shall be effective; and no right or interest of any Eligible Employee under the Plan shall be liable for, or subject to, any obligation or liability of such Eligible Employee. When a payment is due under this Plan to an Eligible
Employee who is unable to care for his or her affairs, payment may be made directly to his or her legal guardian or personal representative. 
 6.2    If the Company or any subsidiary thereof is obligated by law or by contract to pay severance pay, a termination indemnity, notice pay, or the like, or if the Company or any
subsidiary thereof is obligated by law or by contract to provide advance notice of separation (“Notice Period”), then any severance pay under this Plan shall be reduced by the amount of any such severance pay, termination indemnity, notice
pay or the like, as applicable, and by the amount of any compensation received during any Notice Period. With respect to an Eligible Employee who is entitled to benefits under the Workers Adjustment Retraining Notification Act of 1988, or any
similar state or local statute or ordinance (collectively the “WARN Act”), severance pay under this Plan shall be reduced dollar-for-dollar by any benefits received pursuant to the WARN Act. 

  
 - 7 -

 6.3    Neither the establishment of the Plan, nor any
modification thereof, nor the creation of any fund, trust or account, nor the payment of any benefits shall be construed as giving any Eligible Employee, or any person whomsoever, the right to be retained in the service of the Company or any
subsidiary thereof, and all Eligible Employees shall remain subject to discharge to the same extent as if the Plan had never been adopted. 
 6.4    If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be
construed and enforced as if such provisions had not been included. 
 6.5    This Plan
shall inure to the benefit of and be binding upon the heirs, executors, administrators, successors and assigns of the parties, including each Eligible Employee, present and future, and any successor to the Company. If a severed employee shall die,
all accrued but unpaid amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Plan to the executor, personal representative or administrators of the severed employee’s estate. 

6.6    The headings and captions herein are provided for reference and convenience only, shall not be
considered part of the Plan, and shall not be employed in the construction of the Plan. 

6.7    The Plan shall not be required to be funded unless such funding is authorized by the Board.
Regardless of whether the Plan is funded, no Eligible Employee shall have any right to, or interest in, any assets of any Company which may be applied by the Company to the payment of benefits or other rights under this Plan. 

6.8    Any notice or other communication required or permitted pursuant to the terms hereof shall
have been duly given when delivered or mailed by United States Mail, first class, postage prepaid (or such local equivalent thereof), addressed to the intended recipient at his, her or its last known address. 

6.9    This Plan shall be construed and enforced according to the laws of the State of North Carolina
to the extent not preempted by federal law or other applicable local law, which shall otherwise control. 
 6.10
All benefits hereunder shall be reduced by applicable withholding and shall be subject to applicable tax reporting, as determined by the Plan Administrator, or as required by applicable law. 
 SECTION 7. CLAIMS, INQUIRIES, APPEALS. 
 7.1
Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing, as follows: 

  
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 Plan Administrator 
 c/o Horizon Lines, Inc. 
 4064 Colony Road, Suite 200 

Charlotte, North Carolina 28211 
 Attention: Vice President Human Resources 

7.2    Denial of Claims. In the event that any application for benefits is denied in whole or
in part, the Plan Administrator must notify the applicant, in writing, of the denial of the application, and of the applicant’s right to review the denial. The written notice of denial will be set forth in a manner designed to be understood by
the employee, and will include specific reasons for the denial, specific references to the Plan provision upon which the denial is based, a description of any information or material that the Plan Administrator needs to complete the review and an
explanation of the Plan’s review procedure. 
 This written notice will be given to the employee within
ninety (90) days after the Plan Administrator receives the application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the
application. If an extension of time for processing is required, written notice of the extension will be furnished to the applicant before the end of the initial ninety (90)-day period. 

This notice of extension will describe the special circumstances necessitating the additional time and the date by which
the Plan Administrator is to render his or her decision on the application. If written notice of denial of the application for benefits is not furnished within the specified time, the application shall be deemed to be denied. The applicant will then
be permitted to appeal the denial in accordance with the review procedure described below. 

7.3    Request for a Review. Any person (or that person’s authorized representative) for
whom an application for benefits is denied (or deemed denied), in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within 60 days after the application is denied (or deemed denied). The Plan
Administrator will give the applicant (or his or her representative) an opportunity to review pertinent documents in preparing a request for a review and submit written comments, documents, records and other information relating to the claim. A
request for a review shall be in writing and shall be addressed to: 
 Plan Administrator 

c/o Horizon Lines, Inc. 
 4064 Colony Road, Suite 200 
 Charlotte, North Carolina 28211 

Attention: Vice President Human Resources 
 A request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent.

  
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The Plan Administrator may require the applicant to submit additional facts, documents or other material as he or she may find necessary or appropriate in making his or her review. 

7.4    Decision on Review. The Plan Administrator will act on each request for review within
sixty (60) days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review. If an extension for review is required, written
notice of the extension will be furnished to the applicant within the initial sixty (60)-day period. The Plan Administrator will give prompt, written notice of his or her decision to the applicant. In the event that the Plan Administrator confirms
the denial of the application for benefits in whole or in part, the notice will outline, in a manner calculated to be understood by the applicant, the specific Plan provisions upon which the decision is based. If written notice of the Plan
Administrator’s decision is not given to the applicant within the time prescribed in this Section 7.4 the application will be deemed denied on review. 

7.5    Rules and Procedures. The Plan Administrator may establish rules and procedures,
consistent with the Plan and with ERISA, as necessary and appropriate in carrying out his or her responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection
with an appeal from the denial (or deemed denial) of benefits to do so at the applicant’s own expense. 

7.6    Exhaustion of Remedies. No legal action for benefits under the Plan may be brought
until the claimant (a) has submitted a written application for benefits in accordance with the procedures described by Section 7.1 above, (b) has been notified by the Plan Administrator that the application is denied (or the
application is deemed denied due to the Plan Administrator’s failure to act on it within the established time period), (c) has filed a written request for a review of the application in accordance with the appeal procedure described in
Section 7.3 above and (d) has been notified in writing that the Plan Administrator has denied the appeal (or the appeal is deemed to be denied due to the Plan Administrator’s failure to take any action on the claim within the time
prescribed by Section 7.4 above). 

  
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 EXHIBIT A 
 FORM OF RELEASE 
 (To be signed on or after the Severance Date) 

In return for payment of severance benefits pursuant to the Horizon Lines, Inc. Executive Severance Plan (the
“Plan”), I hereby generally and completely release Horizon Lines, Inc. (“Horizon Lines”), its parent and subsidiary entities (collectively the “Company”), and its or their directors, officers, employees, shareholders,
partners, agents, attorneys, predecessors, successors, insurers, affiliates, and assigns (collectively “Released Parties”), from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way
related to events, acts, conduct, or omissions occurring prior to my signing this Release. This general release includes, but is not limited to: (1) all claims arising out of or in any way related to my employment with the Company or the
termination of that employment; (2) all claims related to my compensation or benefits from the Company, including wages, salary, bonuses, commissions, vacation pay, expense reimbursements (to the extent permitted by applicable law), severance
pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort
claims, including without limitation claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local statutory claims, including without limitation claims for discrimination,
harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as
amended) (“ADEA”), the federal Worker Adjustment and Retraining Notification Act (as amended) and similar laws in other jurisdictions, the Employee Retirement Income Security Act of 1974 (as amended), the Family and Medical Leave Act of
1993, and any similar laws in other jurisdictions; provided, however, that this Release does not waive, release or otherwise discharge any claim or cause of action arising after the date I sign this Agreement. 

This Agreement includes a release of claims of discrimination or retaliation on the basis of workers’ compensation
status, but does not include workers’ compensation claims. Excluded from this Agreement are any claims which by law cannot be waived in a private agreement between employer and employee, including but not limited to the right to file a charge
with or participate in an investigation conducted by the Equal Employment Opportunity Commission (“EEOC”) or any state or local fair employment practices agency. I waive, however, any right to any monetary recovery or other relief should
the EEOC or any other agency pursue a claim on my behalf. 
 I acknowledge and represent that I have not
suffered any age or other discrimination, harassment, retaliation, or wrongful treatment by any Released Party. I also acknowledge and represent that I have not been denied any rights including, but not limited to, rights to a leave or reinstatement
from a leave under the Family and Medical Leave Act of 1993, the Uniformed Services Employment and Reemployment Rights Act of 1994, or any similar law of any jurisdiction. 

  
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 I agree that I am voluntarily executing this Release. I acknowledge that I
am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, as amended by the Older Workers Benefit Protection Act of 1990, and that the consideration given for this Release is in addition to anything of value to which I
was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release specified in this paragraph does not apply to any rights or claims that may arise after the date I
sign this Release; (b) I have been advised to consult with an attorney prior to signing this Release; (c) if a Severance involves an employment termination program, I have received a disclosure from the Company that includes a description
of the class, unit or group of individuals covered by the program, the eligibility factors for such program, and any time limits applicable to such program and a list of job titles and ages of all employees selected for this group termination and
ages of those individuals in the same job classification or organizational unit who were not selected for termination; (d) I have at least twenty-one (21) or forty-five (45) days, depending on the circumstances of my Severance, from
the date that I receive this Release (although I may choose to sign it any time on or after my Severance Date (as defined in the Plan)) to consider the release; (e) I have seven (7) calendar days after I sign this Release to revoke it
(“Revocation Period”) by sending my revocation to the Vice President of Human Resources in writing at 4064 Colony Road, Suite 200, Charlotte, North Carolina 28211; fax 704-973-7034.; and (f) this Release will not be effective until I
have signed it and returned it to the Company’s Corporate Secretary and the Revocation Period has expired (the “Effective Date” ). 
 I UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

							
	  
	 		  	  
	  	
	 Name
	 		  	 Date
	  	

  
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 EXHIBIT B 
 NONCOMPETE, NONSOLICITATION AND NONDISCLOSURE AGREEMENT 

1.         In exchange for the payments and benefits provided to the Eligible
Employee under the Horizon Lines, Inc. Executive Severance Plan (the “Plan”), the undersigned agrees as follows: 
 (a)         For a one (1) year period following a Severance, the Eligible Employee shall not: (i) engage in any Competitive Activity (as defined below)
within the Prohibited Territory (as defined below); and/or (ii) as an employee, agent, partner, shareholder, member, investor, director, consultant, or otherwise assist others to engage in Competitive Activity within the Prohibited Territory.

 “Competitive Activity” means: (i) engaging in, on behalf of a competitor
of the Company, any aspect of the Business (as defined below) that the Eligible Employee was involved with on behalf of the Company at any time during the last 12 months of employment; (ii) engaging in work for a competitor of the Company that
is the same as or substantially similar to the work Executive performed on behalf of the Company at any time during the last 12 months of employment; and/or (iii) engaging in work that is the same or substantially similar for Matson Navigation
Company, Inc., Totem Ocean Trailer Express, Inc., or Trailer Bridge, Inc. Notwithstanding the preceding, owning the stock or options to acquire stock totaling less than 5% of the outstanding shares in a public company shall not constitute by itself
Competitive Activity. 
 The “Business” means: (i) the business engaged in by the Company
at the time of a Severance; and/or (ii) the business of providing barge or ocean transportation services in the Jones Act Trade. 
 “Prohibited Territory” means: (i) the United States; (ii) Guam; (iii) Puerto Rico; (iv) China; or (v) within a 300-mile radius of each facility operated by the
Company when the Eligible Employee’s employment ends. The Eligible Employee acknowledges and agrees that, as a member of the Company’s senior leadership team, Executive will assist the Company to engage in its business in the territory
described in the preceding sentence and therefore such territory is necessary and reasonable for the covenants. 

(b)         During the two (2) year period following a Severance, the
Eligible Employee shall not: (i) solicit, encourage, or cause any Restricted Customer (as defined below) to purchase any services or products from any business other than the Company that are competitive with or a replacement for the services
or products offered by the Company; (ii) sell or provide any services or products to any Restricted Customer that are competitive with or a replacement for the Company’s services or products; (iii) solicit, encourage, or cause any
supplier of goods or services to the Company not to do business with or to reduce any part of its business with the Company; (iv) make any disparaging remarks about the Company or its business, services, products, affiliates, officers,
directors or management employees, whether in writing, verbally, or on any online forum; and/or (v) as an employee, agent, partner, shareholder, member, investor, director, consultant, or otherwise assist any competitor of the Company to engage
in any of the 

  
 - 13 -

 
conduct described in sub-sections (i) – (iv) of this Section. 
 “Restricted Customer” means: (i) any customer of the Company with whom the Eligible Employee had contact or communications at any time during the last 12 months of employment;
(ii) any customer of the Company for whom the Eligible Employee supervised the Company’s dealings at any time during the last 12 months of employment; (iii) any customer of the Company about whom the Eligible Employee obtained any
Confidential Information during the last 12 months of employment; (iv) any prospective customer of the Company with whom the Eligible Employee had contact or communications at any time during the last 12 months of employment; and (v) any
prospective customer of the Company about whom the Eligible Employee obtained any Confidential Information during the last 12 months of employment. 
 (c)         During the two (2) year period following a Severance, the Eligible Employee shall not, directly or indirectly: (i) hire or engage as an
employee or as an independent contractor any person employed by the Company; (ii) solicit or encourage any employee or independent contractor to leave his or her employment or engagement with the Company; and/or (iii) hire as an employee
or engage as an independent contractor any person who was, at any point during the last 3 months prior to the Severance, an employee of the Company. 
 (d)         The Eligible Employee acknowledges that employment with the Company created a privileged and confidential relationship, and that information concerning
the business of the Company and its customers that is not in the public domain, nor available from sources other than the Company or its customers, including, but not limited to, fees, rates, sales data, customer and vendor lists, customer
identities, customer accounts, web design needs, customer advertising needs and history, customer reports, customer proposals, trade secrets, product ideas, information and reports, formulas, algorithms, schematics, finances, methodologies,
properties, analyses, summaries, notes, compilations, studies, methods of operation, procedures, processes, discoveries, inventions, concepts, accounts, billing methods, pricing, data, sources of supply, business methods, production or merchandising
systems or plans, marketing, sales and business strategies and plans, operations, and information regarding employees, software in various states of development and related documentation, designs, drawings, design specifications, techniques, models,
data, source code, object code, documentation, diagrams, flow charts, research, development, processes, training materials, templates, procedures, “know-how,” tools, copyrightable materials and other such information, as well as photo,
electronic or other copies or reproductions, in whole or in part, of any of the foregoing, stored in whatever medium, including electronic or magnetic, (collectively, “Proprietary Information”), is confidential and/or proprietary in
nature. 
 The Eligible Employee agrees not to use any Proprietary Information, either directly or indirectly,
that may be acquired or developed in connection with employment with the Company for the Eligible Employee’s own benefit or for the benefit of others. In addition, the Eligible Employee shall not, except as directed by the Company:
(i) release, divulge, disclose, publish or communicate any Proprietary Information to any person whatsoever at any time, or (ii) misappropriate, copy, remove from its premises, or 

  
 - 14 -

 
otherwise take documents, records, reports, or files, whether in hardcopy or electronic format, which contain any Proprietary Information. 

These restrictions on use and disclosure of Proprietary Information shall not apply to information: (i) that was
generally known or available to the public (other than by reason of any violation of this Agreement by Eligible Employee); (ii) that becomes generally known or available to the public (other than by reason of any violation of this Agreement)
after the time of disclosure to the undersigned by the Company or any of its representatives; (iii) which was known or available to the Eligible Employee prior to employment with the Company; (iv) that the Company agrees is free of such
restrictions, but only if such agreement is in writing and to the extent of such written agreement; or (v) that is required to be disclosed by law, regulation, or the valid order of a court or other governmental body, but only to the extent
required by such law, regulation, or order, and only if the undersigned first notifies the Company of the law, regulation, or order so as to permit the Company an opportunity to seek relief from disclosure. 

(e)         The Eligible Employee agrees to return to the Company all Company
files, memoranda, documents, passwords, data, records, software, manuals, copies of the foregoing, credit cards, keys, laptop, desk top or personal computers, cellular telephones, modems, all in good working order and any other property of the
Company or its affiliates in the Eligible Employee’s possession. 

(f)         If requested by the Company, the Eligible Employee will promptly,
truthfully, and fully respond to all inquiries from the Company and its representatives (including its auditors, and/or attorneys), without requiring service of a subpoena, relating to any litigation or any inquiry by government agencies regarding
employment or events occurring during employment with the Company. Eligible Employee agrees to cooperate in good faith with the Company in connection with any such legal and investigatory matters, including, without limitation, attending conferences
and meetings as requested by the Company, and submitting to such interviews, depositions, or court testimony that may be requested by the Company or by a government agency. The Company agrees that it will reimburse the Eligible Employee for any
reasonable expenses, upon presentation of reasonably detailed receipts, incurred by the Eligible Employee in connection with any such matters. The obligations apply during the Severance Period and continue in full force and effect thereafter.

 2.         The parties agree to the reasonableness of the
restrictions, covenants and forfeiture provisions (whether or not so captioned) set forth in this Agreement and acknowledge that they have been negotiated at arms-lengths for fair and adequate consideration, and they agree that such restrictions,
covenants and forfeiture provisions shall be legally enforceable. Eligible Employee agrees that the Company’s remedies at law for a breach of such restrictions, covenants or forfeiture provisions will be inadequate and that, in connection with
any such breach, the Company will be entitled, in addition to any other available remedies, to temporary and permanent injunctive relief without the necessity of proving actual damage or immediate or irreparable harm or for posting a bond.
Notwithstanding the foregoing, if any court shall determine such restrictions, covenants or forfeiture provisions to be unreasonable, the parties agree to the reformation 

  
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of such restrictions by the court to limits which it finds to be reasonable and that the Employee will not assert that such restrictions, covenants or forfeiture provisions should be eliminated
in their entirety by such court or that this Agreement should be null and void or voidable. If the Company determines that the undersigned has violated the provisions of this Agreement, the Company may, in addition to any other remedies provided
pursuant to this Agreement or otherwise pursuant to applicable law, immediately terminate all payments due to the undersigned under the Plan, as applicable, and the undersigned shall have no further rights to any payments under the Plan. 

3.         In the event that any one or more of the provisions of this Agreement
is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this Agreement
are held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. 

4.         This Agreement shall be governed by the laws of the State of North
Carolina, without regard to the conflict of laws principles of any jurisdiction. 
  

							
	  
	 		  	  
	  	
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