Document:

CONSOL Energy Inc. Executive Annual Incentive Plan

 Exhibit 10.1 
 CONSOL ENERGY INC. 
 EXECUTIVE ANNUAL INCENTIVE PLAN 
  

	1.	Purpose of the Plan  

 The purpose of
the CONSOL Energy Inc. Executive Annual Incentive Plan (the “Plan”) is to advance the interests of the Company and its shareholders by providing incentives to officers and certain other key employees with significant responsibility for
achieving performance goals critical to the success and growth of the Company. The Plan is designed to: (i) promote the attainment of the Company’s significant business objectives; (ii) encourage and reward management teamwork across
the entire Company; and (iii) assist in the attraction and retention of employees vital to the Company’s long-term success. 
  

	2.	Definitions  

 For the purpose of the
Plan, the following definitions shall apply: 
 (a) “Board” means the Board of Directors of the Company. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended, including any successor law thereto. 
 (c) “Committee” means the Compensation Committee of the Board, or such other committee as is appointed or designated by the Board to
administer the Plan, in each case which shall be comprised solely of two or more “outside directors” (as defined under Section 162(m) of the Code and the regulations promulgated thereunder). 
 (d) “Company” means CONSOL Energy Inc. and any subsidiary entity or affiliate thereof, including subsidiaries or affiliates which become
such after adoption of the Plan. 
 (e) “Forfeit,” “Forfeiture,” “Forfeited” means the loss by a
Participant of any and all rights to an award granted under the Plan, including the loss of any payment of compensation by the Company under the Plan or any award granted thereunder. 
 (f) “Participant” means any person: (1) who satisfies the eligibility requirements set forth in Paragraph 4; (2) to whom an
award has been made by the Committee; and (3) whose award remains outstanding under the Plan. 
 (g) “Performance Goal”
means, in relation to any Performance Period, the level of performance that must be achieved with respect to a Performance Measure. 
 (h)
“Performance Measures” means any one or more of the following performance criteria, either individually, alternatively or in any combination, and subject to such modifications or variations as specified by the Committee, applied to
either the Company as a whole or to a business unit or subsidiary entity thereof, either individually, alternatively or in any combination, and measured over a period of time including any portion of a year, annually or cumulatively over a period of
years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Committee: cash flow; cash flow from operations; earnings (including, but not
limited to, earnings before interest, taxes, depreciation, and amortization or some variation thereof); earnings per share, diluted or basic; earnings per share from continuing operations; net asset turnover; inventory turnover; capital
expenditures; debt; debt reduction; working capital; return on investment; return on sales; return on invested capital; net or gross sales; market share; economic value added; cost of capital; change in assets; expense reduction levels;
productivity; delivery performance; safety record and/or performance; stock price; return on equity; total or relative increases to stockholder return; return on capital; return on assets or net assets; revenue; income or net income; operating
income or net operating income; operating income adjusted for management fees and depreciation, and amortization; operating profit or net operating profit; gross margin, operating margin or profit margin; and completion of acquisitions, business
expansion, product diversification, new or expanded market penetration and other non-financial operating and management performance objectives. 

 To the extent consistent with Section 162(m) of the Code and the regulations
promulgated thereunder, the Committee may determine that certain adjustments shall apply, in whole or in part, in such manner as specified by the Committee, to exclude the effect of any of the following events that occur during a Performance Period:
the impairment of tangible or intangible assets; litigation or claim judgments or settlements; changes in tax law, accounting principles or other such laws or provisions affecting reported results; business combinations, reorganizations and/or
restructuring programs, including but not limited to reductions in force and early retirement incentives; currency fluctuations; and any extraordinary, unusual, infrequent or non-recurring items, including, but not limited to, such items described
in management’s discussion and analysis of financial condition and results of operations or the financial statements and/or notes thereto appearing in the Company’s annual report for the applicable period. 
 (i) “Performance Period” means, in relation to any award, the calendar year or other fiscal period within the calendar year of less than
12 months for which a Participant’s performance is being calculated, with each such period constituting a separate Performance Period. 
 (j) “Section 409A” shall mean Section 409A of the Code, the regulations and other binding guidance promulgated thereunder. 
 (k) “Retirement” means retirement of an employee as determined and authorized by the Committee. 
 (l) “Total and Permanent Disability” means: (1) if the Participant is insured under a long-term disability insurance policy or plan which is paid for by the Company, the Participant is totally disabled under the terms
of that policy or plan; or (2) if no such policy or plan exists, the Participant shall be considered to be totally disabled as determined by the Committee. 
  

	3.	Administration of the Plan  

 (a) The
management of the Plan shall be vested in the Committee; provided, however, that all acts and authority of the Committee pursuant to this Plan shall be subject to the provisions of the Committee’s Charter, as amended from time to time, and such
other authority as may be delegated to the Committee by the Board. The Committee may, with respect to Participants whom the Committee determines are not likely to be subject to Section 162(m) of the Code, delegate such of its powers and
authority under the Plan to the Company’s officers as it deems necessary or appropriate. In the event of such delegation, all references to the Committee in this Plan shall be deemed references to such officers as it relates to those aspects of
the Plan that have been delegated. 
 (b) Subject to the terms of the Plan, the Committee shall, among other things, have full authority and
discretion to determine eligibility for participation in the Plan, make awards under the Plan, establish the terms and conditions of such awards (including the Performance Goal(s) and Performance Measure(s) to be utilized) and determine whether the
Performance Goals applicable to any Performance Measures for any awards have been achieved. The Committee’s determinations under the Plan need not be uniform among all Participants, or classes or categories of Participants, and may be applied
to such Participants, or classes or categories of Participants, as the Committee, in its sole and absolute discretion, considers necessary, appropriate or desirable. The Committee is authorized to interpret the Plan, to adopt administrative rules,
regulations, and guidelines for the Plan, and may correct any defect, supply any omission or reconcile any inconsistency or conflict in the Plan or in any award. All determinations by the Committee shall be final, conclusive and binding on the
Company, the Participant and any and all interested parties. 
 (c) Subject to the provisions of the Plan, the Committee will have the
authority and discretion to determine the extent to which awards under the Plan will be structured to conform to the requirements applicable to performance-based compensation as described in Section 162(m) of the Code, and to take such action,
establish such procedures, and impose such restrictions at the time such awards are granted as the Committee determines to be necessary or appropriate to conform to such requirements. Notwithstanding any provision of the Plan to the contrary, if an
award under this Plan is intended to qualify as performance-based compensation under Section 162(m) of the Code and the regulations issued thereunder and a provision of this Plan would prevent such award from so qualifying, such provision shall
be administered, interpreted and construed to carry out such intention (or disregarded to the extent such provision cannot be so administered, interpreted or construed). 

 (d) The benefits provided under the Plan are intended to be excepted from coverage under
Section 409A and the regulations promulgated thereunder and shall be construed accordingly. Notwithstanding any provision of the Plan to the contrary, if any benefit provided under this Plan is subject to the provisions of Section 409A and
the regulations issued thereunder (and not excepted therefrom), the provisions of the Plan shall be administered, interpreted and construed in a manner necessary to comply with Section 409A and the regulations issued thereunder (or disregarded
to the extent such provision cannot be so administered, interpreted, or construed.) 
  

	4.	Participation in the Plan  

 Officers
and key employees of the Company, as determined by the Committee, shall be eligible to participate in the Plan. No employee shall have the right to participate in the Plan, and participation in the Plan in any one Performance Period does not entitle
an individual to participate in future Performance Periods. 
  

	5.	Incentive Compensation Awards  

 (a)
The Committee may, in its discretion, from time to time make awards to persons eligible for participation in the Plan pursuant to which the Participant will earn cash compensation. The amount of a Participant’s award may be based on a
percentage of such Participant’s salary or such other methods as may be established by the Committee. Each award shall be communicated to the Participant, and shall specify, among other things, the terms and conditions of the award and the
Performance Goals to be achieved. The maximum amount that may be awarded and paid under the Plan to a Participant for any calendar year shall not exceed USD $5,000,000. 
 (b) With respect to awards that are intended to be performance-based compensation under Section 162(m) of the Code, each award shall be conditioned upon the achievement of one or more Performance Goal(s) with
respect to the Performance Measure(s) established by the Committee. No later than ninety (90) days after the beginning of the applicable Performance Period, the Committee shall establish in writing the Performance Goals, Performance Measures
and the method(s) for computing the amount of compensation which will be payable under the Plan to each Participant if the Performance Goals established by the Committee are attained; provided however, that for a Performance Period of less than one
year, the Committee shall take any such actions prior to the lapse of 25% of the Performance Period. In addition to establishing minimum Performance Goals below which no compensation shall be payable pursuant to an award, the Committee, in its
discretion, may create a performance schedule under which an amount less than or more than the target award may be paid so long as the Performance Goals have been achieved. 
 (c) The Committee, in its sole discretion, may also establish such additional restrictions or conditions that must be satisfied as a condition precedent
to the payment of all or a portion of any awards. Such additional restrictions or conditions need not be performance-based and may include, among other things, the receipt by a Participant of a specified annual performance rating, the continued
employment by the Participant and/or the achievement of specified performance goals by the Company, business unit or Participant. Furthermore and notwithstanding any provision of this Plan to the contrary, the Committee, in its sole discretion, may
reduce the amount of any award to a Participant if it concludes that such reduction is necessary or appropriate based upon: 
 (i) an evaluation of such
Participant’s performance; (ii) comparisons with compensation received by other similarly situated individuals working within the Company’s industry; (iii) the Company’s financial results and conditions; or (iv) such
other factors or conditions that the Committee deems relevant. Notwithstanding any provision of this Plan to the contrary, the Committee shall not use its discretionary authority to increase any award that is intended to be performance-based
compensation under Section 162(m) of the Code. 
  

	6.	Payment of Individual Incentive Awards  

 (a) After the end of the Performance Period, the Committee shall certify in writing the extent to which the applicable Performance Goals and any other material terms have been achieved. Subject to the provisions of the Plan, earned Awards
shall be paid in the first calendar year immediately following the end of the Performance Period on or before March 15th of such calendar year (“Payment Date”). For purposes of this provision, and for so long as the Code permits, the
approved minutes of the Committee meeting in which the certification is made may be treated as written certification. 

 (b) Unless otherwise determined by the Committee, Participants who have terminated employment with the
Company prior to the actual payment of an award for any reason (including but not limited to death, Retirement or Total and Permanent Disability), shall Forfeit any and all rights to payment under any awards then outstanding under the terms of the
Plan and shall not be entitled to any cash payment for such period. If a Participant’s employment with the Company should terminate during a Performance Period and the Committee determines that the award is not Forfeited, the Participant’s
award shall be prorated to reflect the period of service during the Performance Period prior to his/her termination, death, Retirement or Total and Permanent Disability, and shall be paid either to the Participant or, as appropriate, the
Participant’s estate, subject to the Committee’s certification that the applicable Performance Goals and other material terms have been met. 
  

	7.	Amendment or Termination of the Plan  

 (a) While the Company intends that the Plan shall continue in force from year to year, the Company reserves the right to amend, modify or terminate the Plan at any time; provided, however, that no such modification, amendment or termination
shall without the consent of the Participant, materially adversely affect the rights of such Participant to any payment that has been determined by the Committee to be due and owing to the Participant under the Plan but not yet paid. Any and all
actions permitted under this Paragraph 7 may be authorized and performed by the Committee in its sole and absolute discretion. 
 (b)
Notwithstanding the foregoing or any provision of the Plan to the contrary, the Committee may at any time (without the consent of the Participant) modify, amend or terminate any or all of the provisions of this Plan to the extent necessary to
conform the provisions of the Plan with Section 409A or Section 162(m) of the Code, the regulations promulgated thereunder or an exception thereto regardless of whether such modification, amendment, or termination of the Plan shall
adversely affect the rights of a Participant under the Plan. Notwithstanding, (i) Section 409A may impose upon the Participant certain taxes or other charges for which the Participant is and shall remain solely responsible, and nothing
contained in this Plan shall be construed to obligate the Company for such taxes or other charges, and (ii) in no event shall the Committee or Board (or any member thereof), or the Company (or its employees, officers, directors or affiliates)
have any liability to any Participant (or any other person) due to the failure of the Plan to satisfy the requirements of Section 409A or any other applicable law. 
  

	8.	Rights Not Transferable  

 A
Participant’s rights under the Plan may not be assigned, pledged, or otherwise transferred except, in the event of a Participant’s death, to the Participant’s designated beneficiary, or in the absence of such a designation, by will or
by the laws of descent and distribution. 
  

	9.	Funding/Payment  

 The Plan is not
funded and all awards payable hereunder shall be paid from the general assets of the Company. No provision contained in this Plan and no action taken pursuant to the provisions of this Plan shall create a trust of any kind or require the Company to
maintain or set aside any specific funds to pay benefits hereunder. To the extent a Participant acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of any unsecured general creditor of
the Company. If any earned Award is not paid by the Payment Date due to administrative impracticability, such earned Award will be paid, without earnings, as soon as administratively practicable thereafter. 
  

	10.	Withholdings  

 The Company shall have
the right to withhold from any awards payable under the Plan or other wages payable to a Participant such amounts sufficient to satisfy federal, state and local tax withholding obligations arising from or in connection with the Participant’s
participation in the Plan and such other deductions as may be authorized by the Participant or as required by applicable law. 
  

	11.	No Employment or Service Rights  

 Nothing contained in the Plan shall confer upon any Participant any right with respect to continued employment with the Company (or any of its affiliates) nor shall the Plan interfere in any way with the right of the Company (or any of its
affiliates) to at any time reassign the Participant to a different job, change the compensation of the Participant or terminate the Participant’s employment for any reason. 

	12.	Other Compensation Plans  

 Nothing
contained in this Plan shall prevent the Corporation from adopting other or additional compensation arrangements for employees of the Corporation, including arrangements that are not intended to comply with Section 162(m) of the Code.

  

	13.	Governing Law  

 The Plan shall be
governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its conflict of law provisions. 
  

	14.	Effective Date  

 The Plan shall
become effective immediately upon the approval and adoption thereof by the Committee; provided, however, that no award intended to qualify as performance-based compensation within the meaning of Section 162(m) of the Code shall be payable prior
to approval of the Plan’s material terms by the Company’s stockholders.Sixteenth Waiver to Debtor-in-Possession Credit and Security Agreement

 Exhibit 4.1 
 SIXTEENTH WAIVER TO DEBTOR-IN-POSSESSION CREDIT AND SECURITY 
 AGREEMENT

 SIXTEENTH WAIVER, dated as of April 23, 2008 (this “Waiver”), to the Debtor-in-Possession Credit and
Security Agreement, dated as of November 19, 2007, as amended by the First Amendment and Waiver dated as of December 20, 2007, as amended by the Second Amendment dated as of February 14, 2008, as amended by the Third Amendment dated
as of February 26, 2008 and as further amended by the Fourth Amendment dated as of April 3, 2008, to the Debtor-in-Possession Credit and Security Agreement (as heretofore amended or otherwise modified, the “Credit
Agreement”), by and among POPE & TALBOT, INC., a Delaware corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code and as a debtor company under the CCAA (the “Parent”), POPE & TALBOT
LTD., a Canadian corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code, and as a debtor company under the CCAA (the “Borrower”), the Guarantors set forth on the signature pages thereto, the several banks and
other financial institutions or entities from time to time parties thereto (the “Lenders”), WELLS FARGO FINANCIAL CORPORATION CANADA, a Nova Scotia unlimited liability company, as administrative agent (in such capacity, together
with its permitted successors and assigns, the “Administrative Agent”), ABLECO FINANCE LLC, as Collateral Agent (in such capacity, together with its permitted successors and assigns, the “Collateral Agent”), and
ABLECO FINANCE LLC, as Term Loan B Agent (in such capacity, together with its permitted successors and assigns, the “Term Loan B Agent” and together with the Administrative Agent and the Collateral Agent, each an
“Agent” and collectively, the “Agents”). 
 WHEREAS, the Borrower, the Parent, the Agents and the Lenders
entered into that certain Fifteenth Waiver to the Credit Agreement dated as of April 11, 2008 in order to waive certain provisions of the Credit Agreement, subject to the terms and conditions set forth therein; and 
 WHEREAS, the Agents and the Lenders are willing to enter into this Waiver in order to waive certain provisions of the Credit Agreement, subject to the
terms and conditions set forth in this Waiver. 
 NOW, THEREFORE, the Parent, the Borrower, the Agents and the Lenders hereby agree as
follows: 
 1. Capitalized Terms. Any capitalized term used herein which is defined in the Credit Agreement shall have the meaning
assigned to it in the Credit Agreement. 

 2. Limited Waivers. 
 (a) In accordance with Section 10.1 of the Credit Agreement and notwithstanding any of the provisions otherwise set forth in the
Credit Agreement, as of the Waiver Effective Date, the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders hereby irrevocably and permanently waive any Default or Event of Default whether now
existing or hereafter arising under Section 8 (aa) of the Credit Agreement resulting from the occurrence of a Material Adverse Deviation with respect to the disbursement line items for (i) Lease payments on a cumulative basis for all
periods ended on or prior to April 11, 2008 and (ii) Other items (A) on a cumulative basis for all periods ended on or prior to April 11, 2008 and (B) occurring after the Waiver Effective Date (defined below) to the extent
that such Material Adverse Deviation relates to the Silviculture payments made prior to the Waiver Effective Date to support the transactions contemplated in the Lumber APA. 
 (b) The waiver set forth in this Section 2 shall (i) become effective after satisfaction of the conditions set forth in
Section 3, (ii) shall be effective only in this specific instance and for the specific purposes set forth herein, and (iii) does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any
other Loan Document, which terms and conditions shall continue in full force and effect. 
 3. Conditions Precedent. This Waiver shall
become effective as of April 23, 2008, but only upon the satisfaction in full, in a manner reasonably satisfactory to the Agents, of the following conditions precedent (the first date upon which all such conditions have been satisfied being
herein called the “Waiver Effective Date”): 
 (a) Representations and Warranties. The representations
and warranties contained in this Waiver and in Section 4 of the Credit Agreement and in each other Loan Document, certificate or other writing delivered on or on behalf of any Loan Party to any Agent or any Lender pursuant to the Credit
Agreement or any other Loan Document on or prior to the Waiver Effective Date shall be true and correct on and as of the Waiver Effective Date as though made on and as of such date (except where such representations and warranties relate to an
earlier date in which case such representations and warranties shall be true and correct as of such earlier date). 
 (b)
No Event of Default. No Default or Event of Default shall have occurred and be continuing on the Waiver Effective Date or would result from this Waiver becoming effective in accordance with its terms. 
 (c) Delivery of Documents. The Collateral Agent shall have received on or before the Waiver Effective Date the following, each in
form and substance reasonably satisfactory to the Collateral Agent and, unless indicated otherwise, dated the Waiver Effective Date: 
 (i) counterparts of this Waiver which bear the signatures of the Parent, the Borrower, the Agents and the Majority Facility Lenders in respect of the Term Loan and the Majority Revolving Credit Facility Lenders; and 
  

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 (ii) an acknowledgment and consent, in the form attached as Exhibit A to this Waiver,
duly executed by each Guarantor. 
 (d) Proceedings. All legal matters incident to this Waiver shall be reasonably
satisfactory to the Agents and their counsel. 
 (e) Monitor Participation. The Parent and the Borrower shall request,
authorize and direct PricewaterhouseCoopers Inc. in its capacity as Monitor appointed in the Canadian CCAA Proceedings (the “Monitor”), to assist in the timely completion of the proposed sales of the assets and undertakings of the Company,
including, without limitation, the transactions contemplated by the Lumber APA and the Pulp APA and the sale of the Fort St. James facility (collectively, the “Sales”), including, without limitation: (i) identifying outstanding issues
with respect the Sales; (ii) assisting the Parent and the Borrower in the satisfaction or negotiation of conditions precedent to the consummation of such Sales; and (iii) reporting to the Lenders, the Canadian Court and any other
interested party on the status of the Sales. The Company shall continue to provide reasonable access to the Monitor, its employees, agents and officers, to any and all documents (electronic or otherwise), sales agreements, licenses, assignments and
any other communication in any way relevant to the Sales. The Parent and Borrower shall continue to permit the Monitor to contact third parties, including, without limitation, (i) any purchaser in the Sales and its respective professional
advisors, (ii) government officials and regulators, and (iii) representatives of any First Nation band, and to obtain from such parties any information requested by the Monitor that would otherwise be available to the Parent and the
Borrower. 
 4. Conditions Subsequent. Lumber APA Amendment. The continuing effectiveness of this Waiver shall be conditioned
upon the satisfaction in full, in a manner reasonably satisfactory to the Agents, on or before 5:00 p.m. (Eastern Standard Time) on April 25, 2008, an amendment to the Lumber APA in form and substance reasonably satisfactory to the Agents.

 5. Representations and Warranties. To induce the Agents and Lenders to enter into this Waiver, each of the Parent and the Borrower
hereby represents and warrants to the Agents and Lenders as follows: 
 (a) Organization, Good Standing, Etc. Each Loan
Party (i) is duly organized, validly existing and in good standing under the laws of the state or jurisdiction of its organization, (ii) has all requisite power and authority to conduct the business in which it is currently engaged, and to
execute and deliver this Waiver, and to consummate the transactions contemplated hereby and by the Credit Agreement, and (iii) is duly qualified to do business and is in good standing in each jurisdiction in which its ownership, lease or
operation of Property or the conduct of its business requires such qualification, except where the failure to be so qualified could not reasonably be expected to have a Material Adverse Effect. 
 (b) Authorization, Etc. The execution, delivery and performance of this Waiver and each other Loan Document being executed in
connection with this Waiver by each Loan Party that is a party thereto, and the performance of the Credit Agreement hereby (i) have been duly authorized by all necessary action, (ii) do not and will not contravene any Loan 

  

 3 

 
Party’s Constituent Documents or any applicable law or any material contractual restriction binding on or otherwise affecting it or any of its
properties, (iii) do not and will not result in or require the creation of any Lien (other than pursuant to any Loan Document) upon or with respect to any of its properties, and (iv) do not and will not result in any default,
noncompliance, suspension, revocation, impairment, forfeiture or nonrenewal of any material permit, license, authorization or approval applicable to its operations or any of its properties. 
 (c) Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental
Authority or other regulatory body is required in connection with the due execution, delivery and performance by any Loan Party of this Waiver or any other Loan Document to which it is a party being executed in connection with this Waiver, or for
the performance of the Credit Agreement. 
 (d) Enforceability of Loan Documents. Each of this Waiver, the Credit
Agreement and each other Loan Document is a legal, valid and binding obligation of each Loan Party party thereto, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application relating to the enforcement of creditor’s rights and by general equitable principles. 
 (e) Representations and Warranties; No Event of Default. The representations and warranties herein, in Section 4 of the Credit
Agreement and in each other Loan Document are true and correct on and as of the Waiver Effective Date as though made on and as of such date (except where such representations and warranties relate to an earlier date in which case such
representations and warranties shall be true and correct as of such earlier date), and no Default or Event of Default has occurred and is continuing as of the Waiver Effective Date or would result from this Waiver becoming effective in accordance
with its terms. 
 (f) Existing Indentures. No consent with respect to the execution, delivery or performance of this
Waiver is required under the Existing Indentures. 
 6. Continued Effectiveness of the Credit Agreement and Loan Documents. Each of
the Parent and the Borrower hereby (i) acknowledges and consents to this Waiver, (ii) confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and
confirmed in all respects, and (iii) confirms and agrees that to the extent that any such Loan Document purports to assign or pledge to the Collateral Agent for the ratable benefit of the Secured Parties, or to grant to the Collateral Agent for
the ratable benefit of the Secured Parties a security interest in or Lien on, any Collateral as security for the Obligations of any Loan Party from time to time existing in respect of the Credit Agreement and the Loan Documents, such pledge,
assignment and/or grant of the security interest or Lien is hereby ratified and confirmed in all respects. This Waiver does not and shall not affect any of the Obligations of any Loan Party, other than as expressly provided herein. 
  

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 7. Waiver as Loan Document. Each of the Parent and the Borrower hereby acknowledges and agrees
that this Waiver constitutes a “Loan Document” under the Credit Agreement. Accordingly, it shall be an Event of Default under the Credit Agreement if (i) any representation or warranty made by the Parent or the Borrower under or in
connection with this Waiver shall have been untrue, false or misleading in any material respect when made, or (ii) the Parent or the Borrower shall fail to perform or observe any term, covenant or agreement contained in this Waiver. 

8. Miscellaneous. 
 (a) This Waiver may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of this Waiver by telefacsimile or electronic mail shall be equally effective as delivery of an original executed counterpart of this Waiver. Any party delivering an executed counterpart of this Waiver
by telefacsimile or electronic mail also shall deliver an original executed counterpart of this Waiver, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability and binding effect of this Waiver.

 (b) Section and paragraph headings herein are included for convenience of reference only and shall not constitute a part of
this Waiver for any other purpose. 
 (c) The Borrower will pay on demand all reasonable fees, costs and expenses of the
Agents in connection with the preparation, execution and delivery of this Waiver and all documents incidental hereto, including, without limitation, the reasonable fees, disbursements and other charges of counsel to the Collateral Agent and the
Administrative Agent. 
 (d) THIS WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. 
 (e) Any provision of this Waiver that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS WAIVER OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 [Signature Page Follows] 
  

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

					
	 PARENT:
  

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

  

					
	 BORROWER:
  

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

  

					
	 COLLATERAL AGENT AND TERM LOAN B AGENT:
  

	 ABLECO FINANCE LLC,
 on behalf of itself and
its Affiliate assigns

		
	By:	 	/s/ Dan Wolf
		 	Name:	 	Dan Wolf
		 	Title:	 	President

					
	 ADMINISTRATIVE AGENT AND LENDER:
  

	WELLS FARGO FINANCIAL CORPORATION CANADA
		
	By:	 	/s/ Janet Heinila
		 	Name:	 	Janet Heinila
		 	Title:	 	Vice President

					
	 LENDERS:
  

	 STYX PARTNERS, L.P.
  

	By:	 	Styx Associates, LLC, as its General Partner
		
	By:	 	/s/ Mark Neporent
		 	Name:	 	Mark Neporent
		 	Title:	 	Sr. Managing Director

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

  

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

  

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

  

					
	OAK HILL CREDIT ALPHA FINANCE I, LLC
		
	By:	 	Oak Hill Credit Alpha Fund, L.P., its Member
		
	By:	 	Oak Hill Credit Alpha Gen Par, L.P., its General Partner
		
	By:	 	Oak Hill Credit Alpha MGP, LLC, its General Partner

  

					
		
	By:	 	/s/ Robert Okun
		 	Name:	 	Robert Okun
		 	Title:	 	Authorized Person

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

  

					
	LERNER ENTERPRISES, LLC (fka Lerner Enterprises, LP)
		
	By:	 	Oak Hill Advisors, L.P., as Investment Advisor for Lerner Enterprises, L.P.

  

					
		
	By:	 	/s/ Robert Okun
		 	Name:	 	Robert Okun
		 	Title:	 	Authorized Person

  

					
	OHA CAPITAL SOLUTIONS, L.P.
		
	By:	 	OHA Capital Solutions GenPar, L.P., its General Partner
		
	By:	 	OHA Capital Solutions MGP, LLC, its General Partner

  

					
		
	By:	 	/s/ Robert Okun
		 	Name:	 	Robert Okun
		 	Title:	 	Authorized Person

  

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

					
	REGIMENT CAPITAL SPECIAL SITUATIONS FUND III, L.P.
		
	By:	 	Regiment Capital GP, LLC, its General Partner
		
	By:	 	/s/ Richard Miller
		 	Name:	 	Richard Miller
		 	Title:	 	Authorized Signatory

					
	DRAWBRIDGE SPECIAL OPPORTUNITIES FUND LP
		
	By:	 	Drawbridge Special Opportunities GP LLC, its general partner
		
	By:	 	/s/ Constantine M. Dakolias
		 	Name:	 	Constantine M. Dakolias
		 	Title:	 	President

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

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

		 		 	Pursuant to a Power of Attorney

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

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

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

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

		
	By:	 	/s/ Allan A. Brown
		 	Name:	 	Allan A. Brown
		 	Title:	 	Portfolio Manager

					
	MONARCH MASTER FUNDING LTD
		
	By:	 	Monarch Alternative Capital LP
		 	Its: Advisor
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

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

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

 EXHIBIT A 
 ACKNOWLEDGMENT AND CONSENT 
 The undersigned, as a party to one or more Loan Documents, as defined in
the Debtor-in-Possession Credit and Security Agreement dated as of November 19, 2007, as amended by the First Amendment and Waiver dated as of December 20, 2007, as amended by the Second Amendment dated as of February 14, 2008, as
amended by the Third Amendment dated as of February 26, 2008 and as amended by the Fourth Amended dated as of April 3, 2008, to the Debtor-in-Possession Credit and Security Agreement (as heretofore amended or otherwise modified, the
“Credit Agreement”), by and among POPE & TALBOT, INC., a Delaware corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code (the “Parent”), POPE & TALBOT LTD., a Canadian
corporation, as a debtor and debtor-in-possession under the US Bankruptcy Code, and as a debtor company under the CCAA (the “Borrower”), the Guarantors set forth on the signature pages thereto, the several banks and other financial
institutions or entities from time to time parties thereto (the “Lenders”), WELLS FARGO FINANCIAL CORPORATION CANADA, a Nova Scotia unlimited liability company, as administrative agent (in such capacity, together with its permitted
successors and assigns, the “Administrative Agent”), ABLECO FINANCE LLC, as Collateral Agent (in such capacity, together with its permitted successors and assigns, the “Collateral Agent”), and ABLECO FINANCE LLC, as
Term Loan B Agent (in such capacity, together with its permitted successors and assigns, the “Term Loan B Agent” and together with the Administrative Agent and the Collateral Agent, each an “Agent” and collectively,
the “Agents”), hereby (i) acknowledges and consents to the Sixteenth Waiver dated the date hereof (the “Waiver”, all terms defined therein being used herein defined therein) to the Credit Agreement;
(ii) confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects; and (iii) confirms and agrees that to the extent that any
such Loan Document purports to assign or pledge to the Collateral Agent, for the benefit of the Secured Parties, or to grant to the Collateral Agent, for the benefit of the Secured Parties, a security interest in or lien on, any collateral as
security for the obligations of any Guarantor from time to time existing in respect of the Loan Documents, such pledge, assignment and/or grant of a security interest or lien is hereby ratified and confirmed in all respects as security for, in
addition to the other obligations secured thereby, all obligations of such Guarantors outstanding upon the taking effect of the Waiver. 
 Dated: as of
April 23, 2008 
 [signature pages follow] 

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

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

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

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

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