Document:

Form of Idemnification Agreement

 EXHIBIT 10.1 
 FORM OF 
 INDEMNIFICATION AGREEMENT 
 This INDEMNIFICATION AGREEMENT, made and entered into this                      day of
                            ,
             (“Agreement”), by and between ACT Teleconferencing, Inc., a Colorado corporation (the “Company”) and
                         (“Indemnitee”). 
 WHEREAS, highly competent persons are becoming more reluctant to serve corporations as directors or in other capacities unless they are provided with
adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation, and 
 WHEREAS, the Board of Directors of the Company has determined that the inability to attract and retain such persons is detrimental to the best interests
of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future; and 
 WHEREAS, it is reasonable, prudent and necessary for the Company to obligate itself contractually to indemnify such persons to the fullest extent permitted by applicable law so that they will serve or continue to
serve the Company free from undue concern that they will not be so indemnified; and 
 WHEREAS, Indemnitee is willing to serve, continue to
serve and/or to take on additional service, for or on behalf of the Company on the condition that Indemnitee be so indemnified; 
 NOW,
THEREFORE, in consideration of the promises, conditions, representations and warranties set forth herein, including Indemnitee’s commencement of, or continued service to, the Company, the Company and Indemnitee hereby covenant and agree as
follows: 
 1. Definitions. For purposes of this Agreement, the following terms shall have the meaning given here: 
 1.1 “Act” shall mean the Colorado Business Corporation Act as it exists on the date of this Agreement and as it my be
hereinafter amended from time to time; provided that, in the case of any amendment to the Colorado Business Corporation Act after the date hereof, when used in reference to an act or omission occurring prior to the effectiveness of such amendment,
the term “Act” shall include such amendment only to the extent (i) that the amendment permits the Company to provide broader indemnification rights than the Act permitted the Company to provide at the time of this Agreement and/or
prior to the amendment (whichever is broader) or (ii) as otherwise required by law. 
 1.2 “Board” shall mean
the Board of Directors of the Company. 
 1.3 “Corporate Status” means the status of an individual who is or was a
director or officer of the Company or who, while a director or officer of the Company, is or was serving at the Company’s request as a director, officer, agent, associate, employee, fiduciary, 

 
manager, member, partner, promoter, or trustee of, or holding any similar position with, another domestic or foreign corporation, partnership, joint venture,
trust, entity or other enterprise or an employee benefit plan. Without limitation except as may be required by law, an individual is considered to be serving an employee benefit plan at the Company’s request if such individual’s duties to
the Company also impose duties on, or otherwise involve services by, such individual to the plan or to participants in or beneficiaries of the plan. The term “director” or “individual” includes, unless the context requires
otherwise, the estate or personal representative of a deceased individual or director. The term “Corporate Status” shall also include any such broader definition as may be provided in any amendments to the Act after the date hereof.

 1.4 “Expenses” shall include all reasonable attorneys fees, retainers, court costs, transcript costs, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, all costs of e-discovery, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a party or a witness in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any
Proceeding, including without limitation the premium, security for and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent. Expenses, however, shall not include any amount paid in settlement by Indemnitee
or the amount of judgments or fines against Indemnitee. 
 1.5 “Party” shall include a person who was, is, or is
threatened to be made a named defendant or respondent in a Proceeding. 
 1.6 “Proceeding” means any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal. 
 1.7 “Liability” means the obligation incurred with respect to any Proceeding to pay a judgment, penalty, fine (including an excise tax assessed with respect to an employee benefit plan), reasonable expenses
(including Expenses), or, subject to Section 6.4(b) hereof, settlement. 
 2. Services by Indemnitee. Indemnitee agrees to serve
as a director or officer of the Company or may serve in both of such capacities. The positions in which Indemnitee may render services to the Company shall be all those identified in the meeting minutes of the Company’s shareholders or
directors or both, as the case may be, or in fact assumed by the Indemnitee at the request of, or with the explicit or implicit knowing consent of, the Company. Indemnitee may at any time and for any reason resign from such position(s), subject to
any other contractual obligation or any obligation imposed by operation of law. Nothing contained in this Agreement shall be construed as giving Indemnitee any right to be retained in the employ of the Company or its subsidiaries. 
 3. D&O Insurance. 
 3.1 Coverage. So long as Indemnitee may be subject to any possible Proceeding by reason of the fact that Indemnitee is or was a director or officer of the Company 

  

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or otherwise due to his Corporate Status, to the extent that the Company maintains an insurance policy or policies providing director’s and
officers’ liability insurance (“D&O Insurance”), Indemnitee shall be covered by such policy or policies, in accordance with their terms, to the maximum extent of the coverage applicable to any then-current director or officer of
the Company. 
 3.2 No Obligation. Nothing herein shall impose upon the Company the obligation to maintain D&O
Insurance if the Company determines in good faith that such insurance is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage provided, or the coverage provided by such insurance is limited by
exclusions so as to provide an insufficient benefit. The Company shall notify Indemnitee in writing at least 20 days prior to discontinuing or the expected (or actual) termination or material modification of any then-current D&O Insurance;
provided that failure to comply with this provision shall not render any such discontinuance or termination ineffective. 
 4.
Indemnification. 
 4.1 Indemnification in General. 
 (a) The Company shall hold harmless and indemnify, and keep indemnified, Indemnitee in accordance with, and to the fullest extent
permitted and/or required by, the Act and applicable law from and against any Liabilities and reasonable Expenses actually incurred by Indemnitee in connection with any Proceeding in which Indemnitee was or is made a Party as a result of
Indemnitee’s Corporate Status. 
 (b) The obligation of the Company hereunder to provide indemnification shall apply,
notwithstanding the fact that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Articles of Incorporation, the Company’s Bylaws or by statute. In the event of any change after the
date of this Agreement in any applicable law, statute or rule which expands the right of a Colorado corporation to indemnify a director or officer (or a person otherwise as a result of their Corporate Status), it is the intent and agreement of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of a Colorado corporation to indemnify a director or
officer (or a person otherwise as a result of their Corporate Status), such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights
and obligations hereunder. 
 4.2 Indemnification For Expenses of a Witness. Notwithstanding any other provision of
this Agreement, the Company shall pay or reimburse Expenses actually and reasonably incurred by Indemnitee in connection with Indemnitee’s appearance as a witness in a Proceeding by reason of Indemnitee’s Corporate Status. If required by
law, this provision will only apply to directors of the Company that have not been named as defendants or respondents in such Proceeding. 
 4.3 Limitation. Notwithstanding the foregoing, the Company shall have no obligation to indemnify or advance expenses to Indemnitee for (i) any act or omission which the 

  

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Company is prohibited (to the extent of such prohibition) by the Act or by law from providing indemnity or advance of expense; (ii) any Proceeding
initiated or brought voluntarily by Indemnitee and not by way of defense, other than Proceedings brought to establish or enforce a right to indemnification under this Agreement, a D&O insurance policy, the Company’s Articles of
Incorporation, the Company’s Bylaws or a Proceeding which has been authorized by the Board; (iii) any Expenses incurred by Indemnitee with respect to any Proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a
court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such Proceeding was not made in good faith or was frivolous; and (iv) any Expenses or payments of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar or successor statute. 
 5. Advancement of Expenses. In the event of any Proceeding in which the Indemnitee is a party or is involved and which may give rise to a right of indemnification from the Company pursuant to this Agreement,
then, within twenty (20) days following written request from Indemnitee, the Company shall pay for or reimburse to Indemnitee, in accordance with and to the fullest extent permitted and/or required under the Act, amounts to cover reasonable
Expenses incurred by such Director in such Proceeding in advance of its final disposition provided that (a) Indemnitee furnishes to the Company (i) a written affirmation of Indemnitee’s good faith belief that Indemnitee has met the
applicable standard of conduct set forth herein and the Act, (ii) a written undertaking, executed by or on behalf of Indemnitee, to repay the advance if it shall ultimately be determined that Indemnitee did not meet the applicable standard of
conduct, (iii) satisfactory evidence of the amount of such expenses, which evidence may be redacted to the extent necessary to preserve attorney-client confidentiality, work product or other applicable privileges, if any; and (b) a
determination is made in accordance with Section 6.2(b) hereof that the facts then known to those making the determination would not preclude indemnification under this Agreement or the Act. Any advance and undertakings to repay pursuant to
this Section 5 shall be an unlimited general obligation of the Indemnitee (to the extent required by the Act) but need not be secured, shall be interest free and may be accepted by the Company without reference to the Indemnitee’s ability
to make repayment. 
 6. Indemnification Procedures for Determination of Entitlement. 
 6.1 Notice and Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to Indemnitee’s right to indemnification
and the advancement of Expenses hereunder, give the Company written notice of the commencement of, or the threat of, commencement of any Proceeding pursuant to for which Indemnitee will or may seek indemnification or advancement of Expenses. Notice
to the Company shall be directed to the Chief Executive Officer of the Company at the address shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to the Indemnitee) or if the Chief Executive
Officer is the person giving the notice, the following person (in the following order): the Chairman of the Board, the Chief Financial Officer or a member of the Board of Directors who is not an employee of the Company. In addition, Indemnitee shall
provide to the Company such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification and such cooperation, including in the
Proceeding, as may reasonably be required. 
  

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 6.2 Burden of Proof; Determination; No Presumptions Upon Termination of
Proceeding. 
 (a) If under applicable law, the entitlement of Indemnitee to be indemnified or advanced Expenses hereunder
depends upon whether a standard of conduct has been met, the burden of proof of establishing that Indemnitee did not act in accordance with such standard shall rest with the Company unless otherwise required by the Act. 
 (b) Indemnitee shall be presumed to have acted in accordance with such standard and to be entitled to indemnification or the advancement
of Expenses, as the case may be, unless, based upon a preponderance of the evidence, it shall be determined that Indemnitee has not met such standard. Such determination and any evaluation as to the reasonableness of amounts claimed by Indemnitee
shall be made by the Board or such other body or persons as may be permitted by the Act (the “Reviewing Party”), including upon the vote of the Board or a Committee as required by the Act, by legal counsel, or by the shareholders, as
permitted by the Act. Indemnitee shall cooperate with the Reviewing Party with respect to Indemnitee’s entitlement to indemnification under this Agreement, including providing to such person, persons or entity upon reasonable advance request
any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such Determination. Any costs or Expenses (including attorneys’ fees and
disbursements) incurred by Indemnitee in so cooperating with the Reviewing Party shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees
to hold Indemnitee harmless therefrom. 
 (c) For purposes of this Agreement, unless otherwise expressly stated herein, the
termination of any Proceeding by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, is not, of itself, determinative that the Indemnitee did not meet the
necessary standard of conduct, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.

 6.3 Insurance. If, at the time of the receipt of a notice from Indemnitee pursuant to Section 6.1, the Company
has D&O Insurance policies in effect which may cover the claims set forth in such notice, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective
policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay to the extent of such insurance coverage, on behalf of Indemnitee, all Liabilities and Expenses payable as a result of such Proceeding in
accordance with the terms of such policies. Nothing in this Agreement limits any rights of the Indemnitee pursuant to any insurance policies of the Company (D&O or otherwise) or the ability or right of the Company to procure any insurance
policies, nor does such insurance coverage fully satisfy the Company’s obligations hereunder. 
  

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 6.4 Employment of Counsel; Settlement. 
 (a) To the extent that the Company shall be obligated to pay the Expenses or Liabilities of any Proceeding, the Company, if appropriate,
shall be entitled to assume the defense of such Proceeding, with counsel reasonably satisfactory to Indemnitee, upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, the Company will not be liable
to Indemnitee under this Agreement for any legal or other Expenses subsequently incurred by Indemnitee in connection with such defense (other than reasonable Expenses incurred to such time); provided that (i) Indemnitee shall have the right to
employ its own counsel in any such Proceeding at Indemnitee’s own expense; and (ii) the fees and expenses of counsel shall be at the expense of the Company if (A) the employment of counsel by Indemnitee has been previously authorized
by the Company, (B) Indemnitee and counsel for the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not, in
fact, have employed counsel to assume the defense of such Proceeding. The Company shall have the right to conduct the defense as it sees fit in its sole discretion, including, subject to the restrictions in Section 6.4(b) below, the right to
settle any Proceeding against Indemnitee. 
 (b) The Company shall not settle any Proceeding against Indemnitee without the
written consent of the Indemnitee unless the Company has the financial ability to satisfy any monetary obligation involving the Indemnitee under such settlement. The Company shall not settle any such Proceeding which imposes injunctive type relief
on the activities of Indemnitee. The Company shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s prior written consent. Neither the Company
nor Indemnitee shall unreasonably withhold their consent to any proposed settlement. 
 6.5 Reimbursement by
Indemnitee. Indemnitee agrees that he or she will reimburse the Company for all Liabilities and Expenses paid by the Company in connection with any Proceeding against Indemnitee in the event and only to the extent that a determination is made by
the Reviewing Party that Indemnitee is not entitled to be indemnified by the Company for such Liabilities and Expenses because Indemnitee is otherwise not entitled to payment under this Agreement. 
 7. Payment; Enforcement. 
 7.1 Payment. All payments on account of the Company’s indemnification obligations under this Agreement shall be made within sixty (60) days of Indemnitee’s written request therefor (or such early time as is specified
herein) (the “Due Date”) unless a determination is made by the Reviewing Party that the claims giving rise to Indemnitee’s request are not payable under this Agreement or applicable law. 
 7.2 Enforcement. If a claim for indemnification or advancement of expenses is not paid in full by the Company by the Due Date,
Indemnitee may at any time bring suit against the Company to recover the unpaid amount of the claim. If successful in whole or in part in such suit, Indemnitee shall also be entitled to be paid all reasonable Expenses in bringing and prosecuting
such claim. Whether or not Indemnitee has met any applicable standard of conduct, 

  

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the Court in such suit may order indemnification or the advancement of Expenses as the Court deems proper (subject to any express limitation of the Act).
Further, the Company shall indemnify Indemnitee from and against any and all Expenses (including attorneys’ fees) and, if requested by Indemnitee, shall, within ten business days of such request, advance such Expenses to Indemnitee, which are
incurred by Indemnitee in connection with any claim asserted against or suit brought by Indemnitee for recovery under any D&O Insurance policies maintained by the Company, regardless of whether Indemnitee is unsuccessful in whole or in part in
such claim or suit. 
 7.3 Partial Payment. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the Company for some or a portion, but not all, of the Expenses or Liabilities incurred in connection with a Proceeding, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses and Liabilities to which
Indemnitee is entitled. 
 8. No Duplicate Recovery. The Company shall not be liable under this Agreement to make any payment in
connection with any proceeding against or involving Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, Bylaw or otherwise) of the amounts otherwise indemnifiable hereunder. 
 9. Nonexclusivity. The rights provided hereunder shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under the
Company’s Articles of Incorporation, the Company’s Bylaws, any agreement, any vote of shareholders or of disinterested directors, the Act, D&O Insurance, or otherwise. Nothing herein limits the Indemnitee’s right to seek court
ordered indemnification. The indemnification provided in this Agreement shall continue as to Indemnitee for any action Indemnitee did or did not take while serving in an indemnified capacity even though Indemnitee may have ceased to serve in such
capacity. 
 10. Sale of the Company. If (A) the Company engages in any transaction whereby (i) the Company is not the
surviving entity in a consolidation or merger; (ii) all or substantially all the assets of the Company are transferred; or (iii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company acting in such capacity or a corporation owned directly or indirectly by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than 60% of the total voting
power represented by the Company’s then outstanding voting securities, then (B) the Indemnitee shall be entitled to indemnification and expense advances from the surviving entity, purchaser, or (in the case of clause (iii)) beneficial
owner, or its affiliates, at least as beneficial to the Indemnitee as that received by any other director of the Company at the time of the applicable event. 
 11. Miscellaneous. 
 11.1 Successors And Assigns. This Agreement shall be
binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and 

  

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Indemnitee’s heirs, executors, personal representatives and administrators, and the term “Indemnitee” shall also include, unless the context
requires otherwise, the estate or personal representative of a deceased director. 
 11.2 Severability. If any
provision or provisions of this Agreement is determined by a court to be invalid, illegal or unenforceable for any reason whatsoever, such provision shall be limited or modified in its application to the minimum extent necessary to avoid a violation
of law, and, as so limited or modified, such provision and the balance of this Agreement shall be enforceable in accordance with its terms. 
 11.3 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same
Agreement. 
 11.4 Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and
shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 11.5 Amendment and
Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
 11.6
Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given: (i) upon delivery, if delivered by hand, (ii) three business days after deposit in the mail,
if sent by certified or registered mail with postage prepaid, and (iii) one business day after deposit with an overnight carrier, postage prepaid; and shall be addressed to the address of the intended party set forth on the signature page
hereto (with a copy to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be), or such other address as may have been furnished to the other party in accordance herewith.

 11.7 Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Colorado without application of the conflict of laws principles thereof. 
 11.8
Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Colorado and the Federal courts located in Colorado for all purposes in connection with any Proceeding which
arises out of or relates to this Agreement, and agree that the exclusive venue for any action instituted under this Agreement shall be in, and any such action shall be brought only in, the state courts of the State of Colorado or the Federal courts
located in Colorado. 
 11.9 Subrogation. In the event of payment under this Agreement the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure 

  

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such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
 11.10 Mutual Acknowledgement. Both the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable
public policy may prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the
future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. 
 11.11 Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties hereto in reference
to all the matters herein agreed upon. This Agreement replaces in full all prior indemnification agreements or understandings of the parties hereto, and any and all such prior agreements or understandings are hereby rescinded by mutual agreement.

 11.12 No Circumvention. The Company will not attempt to avoid or diminish any term of this Agreement by an amendment
to its Articles of Incorporation or Bylaws or otherwise. 
 11.13 Notice to Shareholders. Indemnitee acknowledges that
pursuant to the Act, other laws, and possibly stock exchange or stock market or trading system requirements, information regarding this Agreement, actions hereunder, and a copy hereof, may have to be provided to the shareholders and made public.

  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above
written. 
  

			
	 ACT TELECONFERENCING, INC., a Colorado corporation:

		
	By:	 	/s/ Gene Warren
	Name:	 	Gene Warren
	Title:	 	Chief Executive Officer

  

			
	Address:	  	1526 Cole Boulevard, Suite 300
		  	Golden, Colorado 80401

  

	
	 INDEMNITEE:

	
	   

  

					
	Address:	  	  	  	
			
		  	  	  	
			
		  	  	  	

  

 10American Seafoods Group LLC Performance Unit Plan

 Exhibit 10.1 
 AMERICAN SEAFOODS GROUP LLC 
 PERFORMANCE UNIT PLAN

 SECTION 1. PURPOSES 
 The purposes
of the American Seafoods Group LLC Performance Unit Plan are: 
 (a) to enhance long-term equity holder value creation; 
 (b) to provide an increased incentive for eligible individuals to assert their best efforts by conferring benefits based on improved Company financial
performance; and 
 (c) to encourage such persons to remain in the service of the Company. 
 SECTION 2. DEFINITIONS 
 2.1
“Award” means an issuance of performance units whose value will be tied to specific financial performance measures determined by the Board. 
 2.2 “Beneficiary” means one or more persons, trusts, estates or other entities designated by the Participant that are entitled to receive benefits under the Plan upon the death of a
Participant. The beneficiary designation last filed with the Company shall control. If no Beneficiary is designated, such payment shall be paid to the surviving spouse of the Participant, if living, and otherwise to the descendants of the
Participant in equal units by right of representation; if no descendants survive to receive payments, the balance due shall be paid to the estate of the Participant. 
 2.3 “Board” means the Board of Directors of ASC Management, Inc., or other governing body of American Seafoods, L.P. or any successor entity. 
 2.4 “Change in Control” means: 
 (a) the acquisition of direct or indirect equity interests in the Company by any Person or Persons who do not hold direct or indirect equity interests in the Company as of the Effective Date that, together with equity
interests already owned by such Person or Persons, constitutes 50% or more of the voting power or direct or indirect equity interests of the Company; 
 (b) the acquisition of one-half or more of the Company’s total assets within a twelve-month period by a Person or Persons; 

 (c) the replacement of a majority of the members of Board during a twelve-month period by Persons not
endorsed by a majority of the previous Board. 
 2.5 “CEO” means Chief Executive Officer. 
 2.6 “Company” means American Seafoods Group LLC, a Delaware limited liability company, and its subsidiaries, either singly
or together, as appropriate. 
 2.7 “Disability,” unless otherwise defined by the CEO, means a period
of disability during which an Eligible Employee qualifies for benefits under the Company’s current long-term disability plan. 
 2.8 “Effective Date” means the date on which the Plan is adopted by the Board. 
 2.9
“Eligible Employee” means an executive or other employee of the Company as recommended by the CEO and approved by the Board. 
 2.10 “Participant” means an Eligible Employee who holds Awards. 
 2.11
“Plan” means the American Seafoods Group Performance Unit Plan, as it may be amended from time to time by the Board. 
 2.12 “Person” means any individual, general partnership, limited partnership, corporation, limited liability company, Alaskan native entity or community development group, joint venture, trust, business trust,
cooperative or association. 
 2.13 “Retirement,” unless otherwise defined by the Company, for purposes of the
Plan, means that the Participant leaves active employment with the Company after having either (i) attained age 65 or (ii) attained at least age 55 plus that number of full years of employment with the Company such that the
Participant’s age and years of employment total at least 65. 
 2.14 “Unit” means a performance unit
awarded under the Plan. 
 SECTION 3. ADMINISTRATION 
 3.1 Plan Administrator 
 The Plan shall be administered by the Board. The Board shall have the
authority to amend, suspend or terminate the Plan. 
 3.2 Administration and Interpretation 
 (a) Subject to the terms and conditions explicitly set forth in the Plan, the Board shall have exclusive authority, in its discretion, to determine all
matters under the Plan, including determining the size of Awards, whether and to what extent Participants are 

  

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entitled to Plan benefits, and all terms, conditions, restrictions and limitations, if any, of any Awards. The Board shall also have exclusive authority to
interpret the Plan and the terms of any instrument thereunder and may from time to time adopt and change rules and regulations of general application for the Plan’s administration. The Board’s interpretation of the Plan and its rules and
regulations, and all actions taken and determinations made by the Board pursuant to the Plan, shall be conclusive and binding on all parties involved or affected. The Board may delegate ministerial duties and the authority to determine of the size
and recipients of the Awards to the Compensation Committee of the Board or the Company’s officers as it so determines. 
 (b) No member
of the Board shall be liable for any action or determination made in good faith with respect to the Plan or any Award issued hereunder. In addition to such other rights of indemnification as members of the Board may have as directors, each member of
the Board shall be indemnified by the Company to the extent permitted by law against the reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in
connection with any appeal therein, to which such member may be a party by reason of any action taken or failure to act under or in connection with the Plan, and against all amounts paid by such member in settlement thereof (provided such settlement
is approved by independent legal counsel selected by the Company) or paid by such member in satisfaction of a judgment in any such action, suit or proceeding; provided, however, that within sixty (60) days after institution of any such action,
suit or proceeding, the Board member shall, in writing, offer the Company the opportunity, at its own expense, to handle and defend the same. 
 SECTION 4. ELIGIBILITY 
 Unless the Board determines otherwise, Eligible Employees are automatically eligible to participate in the Plan,
provided such individuals are Eligible Employees prior to the actual date of the grant of any Award 
 SECTION 5. PLAN PARAMETERS

 5.1 Vesting 
 Each
Award made under the Plan will vest at the end of three years following the date of the grant, subject to meeting the applicable vesting requirements for such Award as determined by the Board. 
 5.2 Determination of Awards 
 The CEO
shall recommend to the Board Awards for Participants under the Plan, which Awards may be based on title, job responsibilities, salary level or such other criteria as the Board in its discretion approve. Such recommendations may be approved, modified
or not approved by the Board in its sole discretion. With the Board’s express authorization, and 

  

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subject to any limitations set forth by the Board, the Compensation Committee or the CEO may also make direct grants of Awards for Participants under the
Plan. 
 5.3 Determination of Award Value 
 For each Award, each Unit granted will have a value determined by a formula proposed by the CEO and approved by the Board, which formula shall be comprised of financial performance targets over a three year period and
a range of values for each Unit based on achievement of such financial performance targets. 
 5.4. Payment of Awards 
 Payment for each vested Award shall be made as soon as practicable after determination of the actual Award value, but in no event later than ninety
(90) days following the end of the final fiscal year within the vesting period of the Award. 
 SECTION 6. WITHHOLDING 

Unless the Board determines otherwise or an alternative is elected by a Participant, all Awards vested under the Plan shall be issued net of all
applicable withholding taxes required by applicable federal, state, local or foreign law. No awards shall be issued under the Plan until all applicable withholding obligations are satisfied. 
 SECTION 7. NONASSIGNABILITY 
 Neither the Participant nor any other Person shall
have any right to sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance any of the benefits provided for under this Plan. No part of the amounts payable shall, prior to actual payment,
be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by the Participant or any other Person, nor be transferable by operation of law in the event of the Participant’s or any
Person’s bankruptcy or insolvency. If any Participant or Beneficiary should attempt to sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt, the amounts, if
any, payable hereunder, then such amounts shall automatically terminate unless the Board, in its discretion, provides otherwise. 
 SECTION
8. CHANGE IN CONTROL 
 Upon a Change in Control all unvested Awards shall immediately vest and be payable as if the financial
performance of the most recently completed fiscal year were maintained for the remaining fiscal years of the Award’s term. 
  

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 SECTION 9. AMENDMENT AND TERMINATION 
 9.1 Amendment, Suspension or Termination of Plan 
 The Board may amend, suspend or terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable. Amendment, suspension or termination of the Plan shall not affect the terms or
conditions of any option granted prior to termination. 
 9.2 Term of Plan 
 The Plan shall have no fixed expiration date. 
 SECTION 10. TERMINATION OF EMPLOYMENT 
 10.1 Termination of Employment by Reason of Retirement, Disability, or Death.
If a Participant’s employment with the Company terminates prior to the end of a vesting period for any Award by reason of Retirement, Disability, or death, such Participant shall be entitled to receive payment for such Award as if a Change
of Control had occurred as of the date of such Retirement, Disability or death. 
 10.2 Termination of Employment or Service for Reasons
Other than Retirement, Disability, or Death. If a Participant’s employment with the Company terminates for any reason prior to end of a vesting period for any Award, and such termination is not for any reason set forth in Section 10.1,
such Participant’s participation in the Plan shall automatically terminate as of the effective date of such termination of employment and such Participant shall not be entitled to receive any future Awards or any payments under the Plan with
respect to any outstanding Awards still subject to vesting, unless the Participant’s employment agreement with the Company expressly states otherwise, or the Board determines otherwise in its discretion. 
 10.3 Forfeiture Provisions 
 Notwithstanding the foregoing, in the event an Eligible Employee terminates employment by reason of Retirement and, within two years immediately following such termination, engages in any capacity in a business that is in substantial direct
competition with the business of and in the geographic area served by the Company, such individual shall be required to return any Awards received under the Plan as a result of such Retirement. The CEO’s determination of whether an individual
has acted in competition with the Company shall be made in his/her sole discretion. 
 10.4 Determinations of the Board Conclusive and
Binding 
 Any question as to whether and when there has been a termination of employment or services for purposes of the Plan and the
cause of such termination shall be determined by the Board and its determination shall be conclusive and binding. 
  

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 10.5 Waiver of Restrictions 
 Notwithstanding any other provision of the Plan, the Board may, in its sole discretion, waive any of the foregoing terms, conditions or restrictions
under such circumstances and subject to such terms and conditions as the Board shall deem appropriate. 
 SECTION 11. GENERAL

 11.1 No Individual Rights 
 Nothing in the Plan or Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with,
the Company or limit in any way the right of the Company to terminate a Participant’s employment or other relationship at any time, with or without cause. 
 11.2 Successors 
 The provisions of the Plan shall bind and inure to the benefit of the Company and
its successors and assigns and the Participant and the Participant’s Beneficiaries. 
 11.3 Incompetency 
 If the Board determines in his discretion that a benefit under this Plan is to be paid to a minor, a person declared incompetent, or to a person
incapable of handling the disposition of that person’s property, the Board may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person. The Board
may require proof of minority, incompetency, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s
Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. 
 11.4
Severability 
 If any provision of the Plan or Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to
any person, or would disqualify the Plan or Award under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or deemed amended without, in the
Board’s determination, materially altering the intent of the Plan or Award, such provision shall be stricken as to such jurisdiction, person, Award, and the remainder of the Plan and any Award shall remain in full force and effect. 

 

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 11.5 Choice of Law 
 The Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be governed by the laws of the State of Washington without giving
effect to principles of conflicts of law. 
 Adopted by the Board on October 6, 2006. 
 Approved by Holders of 2/3 of Outstanding Securities on October 11, 2006. 
  

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 PLAN ADOPTION AND AMENDMENTS/ADJUSTMENTS 
 SUMMARY PAGE 
  

					
	 Date of Board Action
	 	 Action
	 	 Section/Effect
 of Amendment

	 October 6, 2006
	 	Initial Plan Adoption

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