Document:

EX-10.1

Exhibit 10.1

SETTLEMENT AGREEMENT

          This agreement (“Settlement Agreement”) is made and entered into as of the 11th day
of June 2009, by and between Horizon Lines, Inc., Horizon Lines, LLC, Horizon Logistics Holdings,
LLC, Horizon Logistics, LLC and Horizon Lines of Puerto Rico, Inc. (collectively, “Horizon
Defendants”) and the Named Plaintiff Class Representatives (as defined herein), both individually
and on behalf of the Settlement Class (as defined herein), (collectively, “the Parties”) to resolve
claims asserted by a class against the Released Defendants (as defined herein) in the matter
entitled In re Puerto Rican Cabotage Antitrust Litigation, MDL 1960 (the “Class Action”),
pending in the United States District Court for the District of Puerto Rico;

          WHEREAS, the Settlement Class has alleged violations of law including, but not limited to, a
combination and conspiracy among all of the companies and individuals who are named as Defendants
in the Class Action to raise, fix, and maintain the prices of Puerto Rican Cabotage (as defined
herein);

          WHEREAS, the Horizon Defendants deny the substantive allegations of the Class Action and have
asserted and would continue to assert a number of defenses to the claims asserted by the Settlement
Class;

          WHEREAS, the Settlement Class and the Horizon Defendants agree that this Settlement Agreement
shall not be deemed or construed to be an admission or evidence of the truth of any of the claims
or allegations asserted in the Class Action;

          WHEREAS, the Horizon Defendants have made confidential, material information available to
Interim Co-Lead Counsel for the Class with respect to the amount of commerce of their Puerto Rican
Cabotage at issue in the Class Action and their market share with respect to such services;

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          WHEREAS, the Horizon Defendants have agreed to cooperate with Named Plaintiff Class
Representatives and the Settlement Class and, as the first to settle, the Horizon Defendants’
cooperation will save the Settlement Class substantial burden and expense of litigation;

          WHEREAS, a material consideration of Named Plaintiff Class Representatives in entering into
this Settlement Agreement is their desire promptly to obtain cooperation from the Released
Defendants;

          WHEREAS, Interim Co-Lead Counsel for the Class, on behalf of the Settlement Class, have agreed
to enter into this Settlement Agreement in reliance on (1) information provided by the Horizon
Defendants, including, but not limited to, information regarding the Horizon Defendants’ financial
condition; and (2) the value of promised cooperation to be provided by the Horizon Defendants to
Named Plaintiff Class Representatives and the Settlement Class;

          WHEREAS, arm’s-length settlement negotiations have taken place between Interim Co-Lead Counsel
for the Class and counsel for the Horizon Defendants, and this Settlement Agreement, including its
exhibits, which embodies all of the terms and conditions of the Settlement between the Settlement
Class and the Horizon Defendants, has been reached, subject to preliminary and Final Approval by
the Court (as defined herein), as provided herein;

          WHEREAS, Interim Co-Lead Counsel for the Class have concluded, after due investigation and
careful consideration of the relevant circumstances, including the claims asserted in the Second
Amended Consolidated Class Action Complaint filed in MDL 1960, the legal and factual defenses
thereto, the applicable law, the ongoing investigation by the United States Department of Justice,
and the financial condition of the Horizon Defendants and their

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ability to pay any judgment that might be entered against them in this Class Action, that it
would be in the best interests of the Settlement Class to enter into this Settlement Agreement in
order to avoid the uncertainties of litigation and to assure that the benefits reflected herein are
obtained for the Settlement Class and, further, that Interim Co-Lead Counsel for the Class consider
the Settlement to be fair, reasonable and adequate and in the best interests of the Named Plaintiff
Class Representatives and the Settlement Class;

          WHEREAS, the Named Plaintiff Class Representatives shall continue to litigate the Class Action
against the remaining Defendants who are not Released Defendants pursuant to this Settlement
Agreement; and

          WHEREAS, the Horizon Defendants have concluded, despite their belief that they have good
defenses to the claims asserted, that they will enter into this Settlement Agreement to avoid the
further expense, inconvenience and burden of litigation, and the distraction and diversion of their
personnel and resources, and thereby put to rest this controversy and avoid the risks and
uncertainty inherent in complex litigation;

          NOW, THEREFORE, it is agreed by and among the undersigned, on behalf of the Horizon Defendants
and the Settlement Class, that the claims asserted by the Settlement Class be settled, compromised
and dismissed on the merits and with prejudice as to the Released Defendants, subject to the
approval of the Court, on the following terms and conditions:

          1. Settlement Class Certification. Subject to Court approval, the following
Settlement Class shall be certified for settlement purposes only as to the Horizon Defendants:

All persons (excluding governmental entities, Defendants, co-conspirators, and the
present and former parents, predecessors, subsidiaries and affiliates of the
foregoing) who purchased Puerto Rican Cabotage directly from any of the Defendants
or their co-conspirators, or any present or former parent, subsidiary or affiliate
thereof, at any time during the period from at least May 1, 2002, until April 17,
2008.

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The Named Plaintiff Class Representatives are members of the Settlement Class.

          2. Definitions. The following terms shall have the following meanings for purposes of
this Settlement Agreement:

     2.1 “Antitrust Laws” for purposes of this Settlement Agreement, means any and all
federal, state, local, or foreign antitrust, unfair competition, unfair practices, trade
practices, consumer protection, fraud protection, price discrimination, unitary pricing,
RICO, or similar laws, including without limitation, the Sherman Act, 15 U.S.C. §1 et seq.,
and the antitrust law of Puerto Rico, P.R. Laws Ann. tit. 10 § 258.

     2.2 “Co-Lead Class Counsel” or “Interim Co-Lead Counsel for the Class” means those
Plaintiffs’ attorneys appointed by the Court’s December 12, 2008, Pretrial Order as
Plaintiffs’ Interim Lead Class Counsel.

     2.3 “Class Member” means any person falling within the definition of the Settlement
Class defined in paragraph 1 hereof that has not timely and validly excluded itself from the
Settlement Class pursuant to the notice and exclusion procedure approved by the Court.

     2.4 “Court” means the United States District Court for the District of Puerto Rico.

     2.5 “Defendants” means the Defendants in the Class Action, including Horizon Lines,
Inc., Horizon Lines, LLC, Horizon Logistics Holdings, LLC, Horizon Logistics, LLC, Horizon
Lines of Puerto Rico, Inc., Gabriel Serra, R. Kevin Gill, Gregory Glova, Sea Star Line, LLC,
Peter Baci, Alexander G. Chisholm, Crowley Maritime Corporation, Crowley Liner Services,
Inc., Trailer Bridge, Inc., Saltchuk Resources, Inc. and Leonard Shapiro.

     2.6 “Depository Bank” means the financial institution at which the Escrow Account is
established, or its successor.

     2.7 “Effective Date” means the first date upon which all of the following three
conditions have been satisfied:

	 	a.	 	The Settlement has received Final Approval by the Court
pursuant to Rule 23 of the Federal Rules of Civil Procedure;
	 
	 	b.	 	Entry has been made, as provided in paragraph 6 hereof, of an
order and final judgment substantially in the form of Exhibit A hereto; and
	 
	 	c.	 	Either (i) the time to appeal, or to seek permission to appeal,
the Court’s approval of the Settlement as described in subparagraph (a) and
entry of an order and final judgment as described in subparagraph (b) has
expired with no appeal having been taken or permission to appeal having been
sought; or (ii) such approval and final judgment have been affirmed in their
entirety by the court of last resort to which any appeal has been taken or
petition for review has been presented, and such affirmance has become no
longer subject to the possibility of further appeal or review.

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     2.8 “Escrow Account” means the escrow account established pursuant to the Escrow
Agreement.

     2.9 “Escrow Agent” means the escrow agent under the Escrow Agreement.

     2.10 “Escrow Agreement” means the escrow agreement substantially in the form attached
as Exhibit B hereto.

     2.11 “Escrow Funds” means the funds in the Escrow Account.

     2.12 “Excluded Members” means all members of the Settlement Class who have requested to
be excluded from the Settlement Class.

     2.13 “Final Approval by the Court” means entry of an order by the Court at the
conclusion of the Settlement Hearing (as defined herein) finding that the Settlement is
fair, reasonable and adequate under Rule 23 of the Federal Rules of Civil Procedure.

     2.14 “Horizon Defendants” means Horizon Lines, Inc., Horizon Lines, LLC, Horizon
Logistics Holdings, LLC, Horizon Logistics, LLC and Horizon Lines of Puerto Rico, Inc.

     2.15 “Horizon Settlement Fund” means the payment made by the Horizon Defendants
pursuant to paragraphs 7(a) and 10 hereof and any interest earned or accrued on such payment
after payment is made.

     2.16 “Net Settlement Fund” means the amount remaining in the Horizon Settlement Fund
for distribution to authorized claimant Class Members after the payment of reasonable notice
expenses, taxes and tax-related expenses, bank escrow charges, settlement administration
expenses, and such attorneys’ fees and litigation expenses as may be awarded by the Court to
Class Counsel.

     2.17 “Named Plaintiff Class Representative” means any individual or entity named as a
Plaintiff in the Second Amended Consolidated Class Action Complaint filed in MDL 1960.

     2.18 “Puerto Rican Cabotage” means shipping services provided in the noncontiguous
ocean trade between the continental United States and Puerto Rico.

     2.19 “Released Claims” shall have the meaning set forth in paragraph 17 hereof.

     2.20 “Released Defendants” means the Horizon Defendants, Gabriel Serra, R. Kevin Gill
and Gregory Glova.

     2.21 “Released Parties” means the Horizon Defendants; present and former direct and
indirect parents, subsidiaries, divisions, affiliates or associates (as defined in SEC Rule
12b-2 promulgated pursuant to the Securities Exchange Act of 1934) of the Horizon
Defendants; Gabriel Serra, R. Kevin Gill, Gregory Glova and all other present and former
stockholders, officers, directors, members, employees, agents and legal representatives of
any of the foregoing entities (with respect to any conduct of any of those entities); and
the predecessors, heirs, executors, administrators, successors and assigns of any of the
foregoing persons or entities.

     2.22 “Releasing Party” means any Class Member, on its own behalf and on behalf of its
present and former officers, directors, stockholders, agents, employees, legal

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representatives, trustees, parents, associates, affiliates, subsidiaries, partners,
heirs, executors, administrators, purchasers, predecessors, successors and assigns.

     2.23 “Settlement” means the settlement set forth herein.

     2.24 “Settlement Amount” means the amount stated in paragraph 7(a) and 10 hereof.

     2.25 “United States” means the fifty states of the United States, the District of
Columbia, the Commonwealth of Puerto Rico and any other United States territories.

          3. Efforts to Effectuate the Settlement. Interim Co-Lead Counsel for the Class agree
to recommend approval of the Settlement to the Court. Interim Co-Lead Counsel for the Class and
counsel for the Horizon Defendants agree to employ all reasonable efforts to effectuate the terms
of this Settlement Agreement, including the taking of all steps contemplated by this Settlement
Agreement, and any other related steps that may be necessary or appropriate.

          4. Motion for Preliminary Approval. As soon as possible, and in no event later than
twenty (20) business days after execution of this Settlement Agreement, Interim Co-Lead Counsel for
the Class shall submit to the Court a motion for preliminary approval of the Settlement and for a
stay of all proceedings in the Class Action against the Released Defendants, except as otherwise
provided herein, until such time as the Court has considered the Settlement and, in the event the
Court preliminarily and finally approves the Settlement, the Effective Date occurs. The motion
shall include: (1) the proposed form of order and final judgment substantially in the form
attached as Exhibit A hereto; (2) the proposed form of mailed notice to the Class substantially in
the form attached as Exhibit C hereto; (3) the proposed form of order preliminarily approving the
Settlement and staying all proceedings against the Released Defendants substantially in the form
attached as Exhibit D hereto; (4) the proposed form of summary notice to the Class substantially
in the form attached as Exhibit E hereto; and (5) the proposed form of order regarding the plan of
distribution in the form attached as Exhibit F. The Parties hereto shall request that a decision
be made promptly on the papers or that a hearing on

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the motion for preliminary approval of the Settlement and stay be held at the earliest date
available to the Court.

          5. Notice to Settlement Class. In the event that the Court preliminarily approves the
Settlement, Interim Co-Lead Counsel for the Class shall, in accordance with Rule 23 of the Federal
Rules of Civil Procedure and the Court’s order preliminarily approving the Settlement, arrange for
the publication of the summary notice and for the sending of the mailed notice by first-class mail
to all members of the Settlement Class who have been identified by reasonable means and efforts,
which mailed notice shall, among other things, inform the recipient of preliminary approval of the
proposed Settlement and the date of the hearing scheduled by the Court to consider the fairness,
adequacy and reasonableness of the Settlement (the “Settlement Hearing”). Interim Co-Lead Counsel
for the Class, with approval of the Horizon Defendants’ counsel, may withdraw monies from the
Escrow Funds in a reasonable amount for the purposes of such notice. In no event shall the
Horizon Defendants be responsible for giving notice of the Settlement to members of the Settlement
Class, or for the expense of such notice.

          6. Proposed Order and Final Judgment. At the Settlement Hearing, the parties to the
Settlement shall jointly submit to the Court, and request entry of, an order and final judgment
substantially in the form attached hereto as Exhibit A:

	 	a.	 	finally approving the Settlement as being a fair, reasonable
and adequate settlement under Rule 23 of the Federal Rules of Civil Procedure;
	 
	 	b.	 	directing that the Class Action be dismissed with prejudice as
to the Released Defendants and, except as provided for herein, without costs to
any Party;
	 
	 	c.	 	discharging and releasing the Released Parties from all
Released Claims;
	 
	 	d.	 	reserving continuing and exclusive jurisdiction over the
Settlement and its administration; and

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	 	e.	 	determining pursuant to Fed. R. Civ. P. 54(b) that there is no
just reason for delay and directing that the judgment of dismissal of the Class
Action as to the Released Defendants shall be final and appealable.

          7. Consideration. Subject to the provisions hereof, and in full, complete and final
settlement of the claims of the Class Members with respect to Released Defendants as provided
herein, it is agreed as follows:

	 	a.	 	The Horizon Defendants agree to pay the amount of $20,000,000
(the “Settlement Amount”) as set forth below in Paragraph 10.
	 
	 	b.	 	Any Class Member who is a party to a Transportation Service
Agreement with Horizon Lines, LLC for Puerto Rican Cabotage (“Contract”) as of
the Effective Date of this Settlement Agreement shall have the option to elect,
in lieu of receiving a cash payment from the Horizon Settlement Fund, a freeze
of its then-existing contract “base rates” for a period of two years
(“Base-Rate Freeze”). If elected, the Base-Rate Freeze shall remain in effect
for a period of two years commencing on the date of expiration of the Contract
in effect on the Effective Date of this Settlement Agreement.

For purposes of example, without in any way limiting the operation of
the Base-Rate Freeze as provided herein: Assume that Customer X and
Horizon Lines, LLC enter into a one-year Contract for Puerto Rican
Cabotage effective June 1, 2009, and the Effective Date of the
Settlement Agreement is November 1, 2009. If Customer X elects the
“Base-Rate Freeze” option, then it may renew the Contract as of June
1, 2010, for up to two years (i.e., until June 1, 2012) at the same
base rates as provided in the Contract in effect on June 1, 2009.

	 	c.	 	Eligible Class Members shall be required to elect either a pro
rata portion of the Net Settlement Fund or the Base-Rate Freeze as part of the
claims process. These two options are mutually exclusive. Nothing provided in
subparagraph (b) above shall be construed to reduce the Horizon Defendants’
obligation to pay the Settlement Amount.
	 
	 	d.	 	Class Members who elect the Base-Rate Freeze option shall not
be required to renew any Contract with Horizon Lines, LLC. The Base-Rate
Freeze shall operate only as a ceiling on the Contract base rates, and Class
Members shall remain free to enter into contracts with other carriers or to
negotiate lower base rates with Horizon Lines, LLC.
	 
	 	e.	 	For purposes of the Base-Rate Freeze, the term “base rate”
includes the base rate and ancillary charges for terminal handling, port
security,

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	 	 	 	hazardous materials, documentation, and other items included in the bill of
lading, but not fuel surcharges or wharfage charges.
	 
	 	f.	 	Horizon Lines, LLC assesses two fuel surcharges (FSCs), one
related to bunker fuel purchased by Horizon Lines, LLC to power its vessels
(“BSC”) and one related to payment by Horizon Lines, LLC of fuel surcharges
assessed by railroads and/or motor carriers in connection with intermodal
shipments (“ISC”). With respect to any Class Member electing the Base-Rate
Freeze, during the period of the Base-Rate Freeze applicable to such Class
Member, Horizon Lines, LLC will not assess that Class Member a BSC or ISC that
is greater than the applicable FSC tariff rates filed by Horizon Lines, LLC
with the Surface Transportation Board. Nothing herein shall prevent a Class
Member from negotiating a lower BSC or ISC with Horizon Lines, LLC.

          8. Escrow Account. The Escrow Account shall be established at the Depository Bank and
administered under the Court’s continuing supervision and control pursuant to the Escrow Agreement.

          9. Qualified Settlement Fund. The Escrow Funds in the Escrow Account are intended by
the Parties hereto to constitute and be treated as a “qualified settlement fund” for federal income
tax purposes pursuant to I.R.C. § 468B and the regulations promulgated thereunder (including Treas.
Reg. §1.468B-1 or any successor regulation) and, to that end, the Parties hereto shall cooperate
and not take a position in any filing or before any tax authority that is inconsistent with such
treatment. At the request of the Horizon Defendants, a “relation back election” as described in
Treas. Reg. §1.468B-1(j) shall be made so as to enable the Escrow Account to be treated as a
qualified settlement fund from the earliest date possible, and the Escrow Agent shall take all
actions as may be necessary or appropriate to that end. The Escrow Agent shall arrange for the
payment from the Escrow Funds of the taxes or estimated taxes on any income earned on the Escrow
Funds and tax-related expenses. In the event that federal or state income tax liability is finally
assessed against and paid by the Horizon Defendants as a result of any income earned on the funds
in the Escrow Account, the Horizon Defendants shall

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be entitled to reimbursement of such payment from any funds remaining in the Escrow Account,
whether or not the Effective Date has occurred. The Horizon Defendants will use reasonable efforts
to resist any such assessment or payment.

          10. Payment of the Settlement Amount. The Horizon Defendants shall pay to the
Settlement Class a total of $20,000,000 (the “Settlement Amount”), to be transferred by wire to the
Escrow Account at the Depository Bank in three cash installments as follows:

	 	a.	 	$5,000,000 within five (5) business days following execution of
this Settlement Agreement and submission of a motion for preliminary approval
to the Court;
	 
	 	b.	 	$5,000,000 within ninety (90) days after preliminary approval
of the Settlement Agreement by the Court; and
	 
	 	c.	 	$10,000,000 within five (5) business days after Final Approval
by the Court of this Settlement Agreement, such payment not to await the
Effective Date of this Settlement Agreement as defined in paragraph 2.7 hereof.

          11. Termination by Horizon Defendants. The Horizon Defendants may terminate this
Settlement Agreement, as set forth below, if they reasonably conclude that the conditions set forth
in a separate Opt-Out Contingency Letter that has been signed by Interim Co-Lead Counsel for the
Class and counsel for the Horizon Defendants have been met.

	 	a.	 	Within the later of (i) ten (10) business days after expiration
of the time for members of the Settlement Class to request exclusion from the
Settlement Class or (ii) any additional Court-ordered deadline by which members
of the Settlement Class may request exclusion from the Settlement Class,
Interim Co-Lead Counsel for the Class shall serve on counsel for the Horizon
Defendants a list of all members of the Settlement

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	 	 	 	Class who have requested to be excluded from the Settlement Class (“Excluded
Members”).
	 
	 	b.	 	Within ten (10) business days following receipt of the list,
the Horizon Defendants shall determine whether they reasonably believe that the
conditions set forth in the Opt-Out Contingency Letter have been met. If the
Horizon Defendants reasonably conclude that the conditions set forth in the
Opt-Out Contingency Letter have been met, they shall notify Interim Co-Lead
Counsel for the Class in writing and with an explanation of the basis for that
conclusion.
	 
	 	c.	 	The Horizon Defendants shall have the option to terminate this
Settlement Agreement if they reasonably conclude that the conditions set forth
in the Opt-Out Contingency Letter have been met, and if they determine to do
so, they shall exercise such option by giving notice to Interim Co-Lead Counsel
for the Class within ten (10) business days after the notice specified in
subparagraph (b) above. If the Horizon Defendants exercise the option in
accordance with the foregoing, Interim Co-Lead Counsel for the Class shall
cause any Escrow Funds (less reasonable notice expenses, administrator
expenses, bank escrow charges, taxes and tax-related expenses paid or incurred)
to be returned immediately to the Horizon Defendants. If the option is not
exercised in accordance with the foregoing, the option shall be null and void
and the Opt-Out Contingency Letter shall be of no further effect.

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	 	d.	 	The Opt-Out Contingency Letter shall be deemed incorporated in
this Settlement Agreement, but shall remain confidential unless and until a
dispute arises concerning its application or interpretation, except as
otherwise required by order of the Court.

          12. All Claims Satisfied by the Horizon Settlement Fund or Base-Rate Freeze. Each
Class Member shall look solely to the Horizon Settlement Fund or Base-Rate Freeze for settlement
and satisfaction, as provided herein, of all Released Claims as defined in paragraph 17 hereof.
Except as provided by order of the Court pursuant to this Settlement Agreement, including an order
approving a plan of distribution, no Class Member shall have any interest in the Horizon Settlement
Fund or any portion thereof.

          13. All Expenses and Attorneys’ Fees Paid from the Horizon Settlement Fund. The
Released Defendants shall not be liable for any attorneys’ fees or expenses of litigation on behalf
of the Named Plaintiff Class Representatives and the Settlement Class, or for Settlement-related
fees and expenses, including (a) those of any of Plaintiffs’ counsel, experts, consultants, agents
and representatives; (b) those incurred in providing notice to the Settlement Class; or (c) those
incurred in administering the Settlement or distributing the Net Settlement Fund. All such
expenses and fees shall be paid only from the Horizon Settlement Fund. Interim Co-Lead Counsel for
the Class intend to submit on behalf of class counsel one or more applications for attorneys’ fees
and expenses incurred in litigating this Class Action that seek a total award of attorneys’ fees
not in excess of one-third of the Horizon Settlement Fund. The Horizon Defendants shall take no
position with respect to any application consistent with the foregoing. Any attorneys’ fees and
expenses paid to class counsel from the Horizon Settlement Fund shall be paid only to the extent
awarded by the Court and only after the Effective Date has occurred.

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In the event of future settlements involving other Defendants, Interim Co-Lead Counsel for the
Class reserve the right to submit one or more supplemental applications for attorneys’ fees not in
excess of one-third of the value of the non-cash portion of this Settlement.

          14. Attorneys’ Fees and Reimbursement of Expenses and Costs Separate. The procedure
for and the allowance or disallowance by the Court of any attorneys’ fees and/or reimbursement of
expenses and costs shall be considered by the Court separately from the Court’s consideration of
the fairness, reasonableness and adequacy of the Settlement set forth in this Settlement Agreement.
Any order or proceedings relating to the payment of any attorneys’ fees, expenses and costs, or
any fee and/or expense application, or any appeal from any order relating thereto, or a reversal or
modification thereof shall not operate to terminate or cancel this Settlement Agreement or affect
or delay the finality of the judgment approving this Settlement Agreement and the settlement of the
Class Action set forth herein.

          15. Distribution of the Horizon Settlement Fund Conditioned Upon Occurrence of the
Effective Date. Except as provided herein, no distribution to any Class Member may be made
from the Horizon Settlement Fund until after the Effective Date. In the period between preliminary
approval of the Settlement Agreement and the distribution of the Net Settlement Fund, disbursements
may be made from the Horizon Settlement Fund to pay, as incurred and at the direction of Interim
Co-Lead Counsel for the Class and counsel for Horizon Defendants, reasonable expenses of notice,
administrator expenses, bank escrow charges, taxes and tax-related expenses paid or incurred.
Ultimately, the Net Settlement Fund shall be distributed to authorized claimant Class Members
pursuant to a plan of distribution to be approved by the Court. In no event shall the Horizon
Defendants have any liability or responsibility with respect to the distribution and administration
of the Horizon Settlement Fund

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including, but not limited to, the expenses of such distribution and administration. After
the Effective Date, the Horizon Defendants shall have no further interest in the Horizon Settlement
Fund.

          16. Plan of Distribution. Interim Co-lead Counsel for the Class plan to submit to the
Court a plan of distribution that will provide for the distribution of the Net Settlement Fund to
each Class Member electing to participate in the Horizon Settlement Fund who submits a claim
accepted by the settlement administrator in direct proportion to such claimant’s qualified
purchases of Puerto Rican cabotage during the Class Period. The plan of distribution will further
provide for the disposition of any reserved or residual net settlement funds or net recoveries,
pursuant to approval of the Court, for the benefit of the Class or a charitable institution. In
any event, after the Effective Date has occurred, no part of the Horizon Settlement Fund or Net
Settlement Fund shall revert to the Horizon Defendants. The submission and consideration of the
plan of distribution shall be considered by the Court separately from the Court’s consideration of
the fairness, reasonableness and adequacy of the Settlement set forth in this Settlement Agreement.
Any order or proceedings relating to the plan of distribution, or any appeal from any order
relating thereto, or a reversal or modification thereof shall not operate to terminate or cancel
this Settlement Agreement or affect or delay the finality of the judgment approving this Settlement
Agreement.

          17. Released Claims. In addition to the effect of any final judgment entered in
accordance with this Settlement Agreement, on the Effective Date, the Class Members, as Releasing
Parties, release and forever discharge each and all of the Released Parties from all manner of
claims, demands, actions, suits, causes of action, counterclaims, affirmative defenses, or rights
of set off, damages whenever incurred, liabilities of any nature whatsoever, including

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costs, expenses, penalties and attorneys’ fees, known or unknown, derivative or direct,
suspected or unsuspected, accrued or non-accrued, asserted or unasserted in law or equity
(including, without limitation, claims which have been asserted or could have been asserted in the
Class Action or any litigation against the Released Parties or any one of them arising out of the
matters alleged in the Class Action) that any Releasing Party now has, ever had, or may have had as
of the date of this Settlement Agreement (whether or not the Class Member objects to the Settlement
and whether or not the Class Member submits a claim seeking to share in the Horizon Settlement Fund
or elects the Base-Rate Freeze), whether directly, representatively, derivatively or in any other
capacity, based on direct purchases of Puerto Rican Cabotage or relating in any way to the
supplying, pricing, or distribution of Puerto Rican Cabotage (hereinafter the “Released Claims”);
provided, however, that this release does not release claims set forth in paragraph 19.

          18. Waiver of Release Limitations. To the extent permitted by law, each Class Member
shall also be deemed to have expressly waived, released and forever discharged any and all
defenses, provisions, rights and benefits that may be available under:

	 	a.	 	Section 1542 of the California Civil Code, which provides:

A general release does not extend to claims which the
creditor does not know or suspect to exist in his or
her favor at the time of executing the release, which
if known by him or her must have materially affected
his or her settlement with the debtor;

     and/or,

	 	b.	 	Any law of any state, the District of Columbia, Commonwealth,
territories, or principle of common law, which is similar, comparable or
equivalent to Section 1542 of the California Civil Code (each a “Comparable
Law”).

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With respect to Released Claims, each Class Member hereby: (i) assumes all risks for claims
heretofore and hereafter arising, whether known or unknown, suspected or unsuspected, contingent or
non-contingent; (ii) releases and forever discharges such claims as part of the Released Claims;
and (iii) expressly and irrevocably waives any rights he, she or it may have under Section 1542 of
the California Civil Code and any Comparable Law.

          19. Reservation of Claims. Pursuant to this Settlement Agreement, each Class Member
settles and releases only the Released Parties, and the Parties do not intend this Settlement
Agreement, or any part hereof or any other aspect of the proposed Settlement, to release or
otherwise affect in any way any claims or rights any Class Member has or may have against any
non-settling Defendant or any Party or entity whatsoever other than the Released Parties. More
particularly, the fact or terms of this Settlement with the Horizon Defendants and the releases
contained herein shall not be construed to release or limit in any way the joint or several
liability or damage responsibility of any non-settling Defendant or any alleged co-conspirator
other than the Released Parties arising from the alleged combination and conspiracy, or from sales
or other acts alleged in the Second Consolidated Amended Class Action Complaint in MDL 1960,
including, but not limited to, any alleged damage or responsibility for any of the acts of the
Released Parties. In addition, neither this Settlement Agreement nor the releases set forth in
paragraph 17 above shall limit in any way any claims the Horizon Defendants may have against any
Class Member for or arising out of accounts receivable, contract obligations, or claims and
defenses in existing litigation or bankruptcy proceedings; nor shall this Settlement Agreement or
the releases set forth in paragraph 17 above release or have any legal or other effect on ordinary
commercial or product liability claims arising from the purchase or sale of the

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Horizon Defendants’ Puerto Rican Cabotage that do not involve any claims alleged under the
Antitrust Laws.

          20. Enforcement of Settlement Agreement and Releases. Once effective, this Settlement
Agreement may be pleaded as a full and complete defense to any action, suit or other proceeding
that has been or may be instituted, prosecuted or attempted with respect to any of the Released
Claims. The Parties agree that for any such proceeding, the Court or any court of competent
jurisdiction may enter an injunction restraining prosecution of such proceeding. The Parties
further agree that this Settlement Agreement may be pleaded as necessary for the purpose of
enforcing the Settlement Agreement.

          21. Effect of Disapproval. If the Court declines to approve the Settlement, or any
significant part thereof, or if the Court modifies the Settlement, or if the Court’s approval of
the Settlement is modified or set aside on appeal, or if the Court does not enter the order and
final judgment described in paragraph 6 hereof, or if the Court enters the order and final judgment
and appellate review is sought and, on such review, such order and final judgment are not affirmed
in their entirety, then this Settlement Agreement shall be terminated and shall become null and
void, and the Escrow Funds (including all income or interest earned thereon, less reasonable notice
expenses, administrator expenses, bank escrow charges, taxes and tax-related expenses paid or
incurred) shall be returned to the Horizon Defendants. The Parties expressly reserve all of their
rights in the event that Effective Date does not occur, and they agree to take all reasonable steps
to restore the pre-settlement status of the Class Action as to Horizon Defendants.

          22. Consent to Jurisdiction. The Horizon Defendants and all Class Members submit to
the exclusive jurisdiction of the Court for any suit, action, proceeding or dispute

17

 

arising out of or relating to this Settlement Agreement or the applicability of this
Settlement Agreement and its exhibits. Nothing herein shall be construed as a submission to
jurisdiction for any purpose other than matters relating to this Settlement Agreement.

          23. Retention of Jurisdiction. The Court shall retain jurisdiction over the
implementation and enforcement of this Settlement Agreement.

          24. Cooperation Agreement. The Horizon Defendants will cooperate with the Named
Plaintiff Class Representatives with respect to Puerto Rican Cabotage as set forth in this
paragraph.

	 	a.	 	With respect to documents, promptly following preliminary
approval of the Settlement Agreement, the Horizon Defendants agree to begin
making available to Interim Co-Lead Counsel for the Class non-privileged
documents that have been seized by, or produced to, the U.S. Department of
Justice relating to Puerto Rican Cabotage and such other documents related to
Puerto Rican Cabotage that Interim Co-Lead Counsel for the Class may reasonably
request. The documents will be made available to Interim Co-Lead Counsel for
the Class at a time and in a manner reasonably agreeable to them. The
production of such documents will be subject to execution of a reasonable
confidentiality agreement and contractual or statutory confidentiality
limitations on disclosure. The Horizon Defendants agree to produce a person(s)
sufficiently qualified to authenticate company documents, including electronic
data, as may reasonably be requested by Interim Co-Lead Counsel for the Class.

18

 

	 	b.	 	With respect to witnesses, promptly following the Effective
Date of the Settlement Agreement:

	 	i.	 	The Horizon Defendants agree to use all
reasonable efforts to make current or former officers or employees
available for interviews, as may reasonably be requested by Interim
Co-Lead Counsel for the Class.
	 
	 	ii.	 	The Horizon Defendants agree to use all
reasonable efforts to make current or former officers or employees
available for depositions, as may reasonably be requested by Interim
Co-Lead Counsel for the Class.
	 
	 	iii.	 	The Horizon Defendants agree to use all
reasonable efforts to make current or former officers or employees
available for trial testimony, as may reasonably be requested by
Interim Co-Lead Counsel for the Class.
	 
	 	iv.	 	The Horizon Defendants agree to make corporate
designees available to testify at deposition or trial, as may be
reasonably requested by Interim Co-Lead Counsel for the Class.

	 	c.	 	The Parties agree that counsel for Horizon Defendants may be
present at all interviews, depositions and trial testimony.
	 
	 	d.	 	Promptly following preliminary approval of the Settlement
Agreement, the Horizon Defendants agree to make their counsel available upon
reasonable request to meet with Interim Co-Lead Counsel for the Class to

19

 

	 	 	 	provide information concerning documents, witnesses, and events not covered
by any privilege, work product or other protection.
	 
	 	e.	 	Named Plaintiffs’ Class Representatives and Interim Co-Lead
Counsel for the Class agree that they will not assert that the Horizon
Defendants have waived any attorney-client privilege, work-product immunity, or
any other privilege or protection, with respect to documents or information
provided to, or identified to, them in connection with the Class Action,
including pursuant to the Settlement Agreement.

Notwithstanding anything in this paragraph 24, the Parties understand that cooperation of
individuals shall be subject to their individual rights and obligations. The failure of any
individual to agree to make himself or herself available to, or otherwise cooperate with the Named
Plaintiff Class Representatives, shall not constitute a breach of the Horizon Defendants’
obligations under this Settlement Agreement.

          25. Document Authentication Issues. If a dispute arises in the future between
Plaintiffs’ Interim Co-Lead Counsel for the Class and any Defendants other than the Horizon
Defendants regarding the authenticity of documents or ESI produced by the Horizon Defendants and
that dispute cannot be resolved by declaration, stipulation or other means prior to trial, the
Horizon Defendants shall, to the extent they are able to do so, make available for deposition prior
to trial, if requested to do so by Interim Co-Lead Counsel for the Class, and at trial, if required
by the Court, a knowledgeable employee to testify about the foundation issues relating to such
documents or ESI.

          26. Binding Effect. This Settlement Agreement shall be binding upon, and inure to the
benefit of, the successors and assigns of the Parties hereto. Without limiting the

20

 

generality of the foregoing, each covenant and agreement made herein on behalf of Named
Plaintiff Class Representatives and the Settlement Class shall be binding upon all Class Members.

          27. Authorization to Enter into Settlement Agreement. The undersigned representatives
of the Horizon Defendants covenant and represent that they are fully authorized to enter into and
to execute this Settlement Agreement on behalf of the Horizon Defendants. Interim Co-Lead Counsel
for the Class covenant and represent that they are authorized to conduct settlement negotiations
with defense counsel and to enter into and execute this Settlement Agreement on behalf of the
Settlement Class, subject to Court approval of the Settlement pursuant to Rule 23 of the Federal
Rules of Civil Procedure.

          28. Notices. All required notices to the Parties to this Settlement Agreement shall
be in writing. Each such notice shall be given either by (a) hand delivery; or (b) an overnight
express delivery service and shall be addressed, if directed to Interim Co-Lead Counsel for the
Class or counsel for the Horizon Defendants, to the addresses set forth on the signature pages
hereof, or such other address as any of them may subsequently provide, pursuant to notice in the
manner described in this paragraph.

          29. No Admission. Whether or not the Settlement becomes final or is terminated,
neither this Settlement Agreement nor its contents and exhibits, nor the associated statements,
negotiations, documents and discussions, may be deemed or construed to be an admission or evidence
of any violation by any of the Released Parties of any statute or law, or of any liability or
wrongdoing, or of the truth of any of the claims or allegations or any other pleading, and evidence
thereof shall not be discoverable or used, directly or indirectly, in any way against any of the
Released Parties.

21

 

          30. Intended Beneficiaries. No provision of this Settlement Agreement shall provide
any rights to, or be enforceable by, any person or entity not a Class Member, a Released Party or
plaintiffs’ counsel. Absent Court order, no Class Member or plaintiffs’ counsel may assign or
otherwise convey any right to participate in or enforce any provision of this Settlement Agreement.

          31. No Conflict Intended; Headings. Any inconsistency between this Settlement
Agreement and the exhibits attached hereto shall be resolved in favor of this Settlement Agreement,
except that any inconsistency between this Settlement Agreement and the Escrow Agreement shall be
resolved in favor of the Escrow Agreement. The headings used in this Settlement Agreement are
intended for the convenience of the reader only and shall not affect the meaning or interpretation
of this Settlement Agreement.

          32. No Party Is the Drafter. No Party or signatory shall be considered the drafter of
this Settlement Agreement for the purpose of any statute, case law or rule of interpretation or
construction that would or might cause any provision to be construed against the drafter.

          33. Choice of Law. All terms of this Settlement Agreement and the exhibits attached
hereto shall be governed by and interpreted according to the substantive laws of the State of
Florida without regard to its choice of law or conflict of laws principles.

          34. Amendment; Waiver. This Settlement Agreement shall not be modified in any respect
except by a writing executed by all the Parties hereto, and the waiver of any rights conferred
hereunder shall be effective only if made by written instrument of the waiving Party. The waiver
by any Party of any breach of this Settlement Agreement shall not be deemed or

22

 

construed as a waiver of any other breach, whether prior to, subsequent to or contemporaneous
with, of this Settlement Agreement.

          35. Execution in Counterparts. This Settlement Agreement may be executed in
counterparts. Scanned signatures shall be considered valid signatures made on the date
transmitted.

          36. Integrated Agreement. This Settlement Agreement, including the Opt-Out
Contingency Letter referred to in paragraph 11 hereof, contains an entire, complete, and integrated
statement of each and every term and provision agreed to by and among the Parties hereto, and it is
not subject to any condition not provided for herein.

23

 

IN WITNESS WHEREOF, the Parties hereto, through their authorized representatives, have agreed and
entered into this Settlement Agreement as of the date first written above.

ON BEHALF OF THE NAMED PLAINTIFF CLASS REPRESENTATIVES AND THE SETTLEMENT CLASS:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LABATON SUCHAROW LLP	 	 	 	HEINS MILLS & OLSON, P.L.C.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Hollis L. Salzman
 

	 	 
	 	By:
	 	/s/ Vincent J. Esades
 

	 	 
	 	 	Hollis L. Salzman	 	 	 	Vincent J. Esades	 	 
	 	 	140 Broadway	 	 	 	310 Clifton Avenue	 	 
	 	 	New York, NY 10005	 	 	 	Minneapolis, MN 55403	 	 
	 	 	Tel: (212) 907-0700	 	 	 	Tel: (612) 338-4605	 	 
	 	 	Fax: (212) 818-0477	 	 	 	Fax: (612) 338-4692	 	 
	 	 	hsalzman@labaton.com	 	 	 	vesades@heinsmills.com	 	 
	 
	 	 	PIETRANTONI MENDEZ &	 	 	 	SALAS & CO., L.C.	 	 
	 	 	ALVAREZ LLP	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Nestor M. Mendez-Gomez
 

	 	 
	 	By:
	 	/s/ Camilo K. Salas, III
 

	 	 
	 	 	Nestor M. Mendez-Gomez	 	 	 	Camilo K. Salas, III	 	 
	 	 	Banco Popular Center, 19th Floor	 	 	 	650 Poydras, Suite 1660	 	 
	 	 	209 Munoz Rivera Ave.	 	 	 	New Orleans, LA 70130	 	 
	 	 	San Juan, PR 00918	 	 	 	(Orleans Parish)	 	 
	 	 	Tel: (787) 274-1212	 	 	 	Tel: (504) 799-3080	 	 
	 	 	Fax: (787) 274-1470	 	 	 	Fax: (504) 799-3085	 	 
	 	 	nmendez@pmalaw.com	 	 	 	csalas@salaslaw.com	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	KAPLAN FOX & KILSHEIMER, LLP	 	 	 	WHATLEY DRAKE & KALLAS, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Linda P. Nussbaum
 

	 	 
	 	By:
	 	/s/ Joe R. Whatley Jr.
 

	 	 
	 	 	Linda P. Nussbaum	 	 	 	Joe R. Whatley Jr.	 	 
	 	 	850 Third Avenue, 14th Floor	 	 	 	1540 Broadway, 37th Floor	 	 
	 	 	New York, NY 10022	 	 	 	New York, NY 10036	 	 
	 	 	Tel: (212) 687-1980	 	 	 	Tel: (212) 447-7070	 	 
	 	 	Fax: (2120 687-7714	 	 	 	Fax: (212) 447-7077	 	 
	 	 	lnussbaum@kaplanfox.com	 	 	 	jwhatley@wdklaw.com	 	 

24

 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	BECNEL LAW FIRM, LLC	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/Daniel E. Becnel, Jr.
 

	 	 	 	 	 	 	 	 
	 	 	Daniel E. Becnel, Jr.	 	 	 	 	 	 	 	 
	 	 	106 W. Seventh St.	 	 	 	 	 	 	 	 
	 	 	P.O. Box Drawer H	 	 	 	 	 	 	 	 
	 	 	Reserve, LA 70084	 	 	 	 	 	 	 	 
	 	 	Tel: (985) 535-1186	 	 	 	 	 	 	 	 
	 	 	Fax: (985) 536-6445	 	 	 	 	 	 	 	 
	 	 	dbecnel@becnellaw.com	 	 	 	 	 	 	 	 

Interim Co-Lead Counsel for the Class

25

 

ON BEHALF OF DEFENDANTS HORIZON LINES, INC., HORIZON LINES, LLC, HORIZON LOGISTICS HOLDINGS, LLC,
HORIZON LOGISTICS, LLC, AND HORIZON LINES OF PUERTO RICO, INC.:

	 	 	 	 	 	 	 
	MCGUIREWOODS LLP	 	O’NEILL & BORGES
	 
	 	 	 	 	 	 
	By:

	 	/s/ Richard J. Rappaport
	 	By:
	 	/s/ Salvador J. Antonetti-Stutts
	 

	 	 
	 	 	 	 
	Richard J. Rappaport	 	Salvador J. Antonetti-Stutts
	Amy B. Manning	 	American International Plaza
	Tammy L. Adkins	 	Suite 800
	77 West Wacker Drive	 	250 Muñoz Rivera Avenue
	Suite 4100	 	San Juan, PR 00918-1813
	Chicago, IL 60601-1818	 	Tel: (787) 282-5748
	Tel: (312) 750-8618	 	Fax: (787) 753-8944
	Fax: (312) 920-3696	 	salvador.antonetti@oneillborges.com
	rrappaport@mcguirewoods.com	 	 	 	 
	amanning@mcguirewoods.com	 	 	 	 
	tadkins@mcguirewoods.com	 	 	 	 
	 
	 	 	 	 	 	 
	SKADDEN, ARPS, SLATE,

MEAGHER & FLOM LLP	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ John M. Nannes
 

	 	 	 	 
	John M. Nannes	 	 	 	 
	Tiffany Rider	 	 	 	 
	1440 New York Avenue, N.W.	 	 	 	 
	Washington, DC 20005	 	 	 	 
	Tel: (202) 371-7500	 	 	 	 
	Fax: (202) 661-9191	 	 	 	 
	john.nannes@skadden.com	 	 	 	 
	tiffany.rider@skadden.com	 	 	 	 

Attorneys for Horizon Lines, Inc., Horizon Lines, LLC, Horizon Logistics Holdings, LLC, 
Horizon
Logistics, LLC, and Horizon Lines of Puerto Rico, Inc.EX-10.2

Exhibit 10.2

FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 11,
2009, is by and among HORIZON LINES, INC., a Delaware corporation (the “Borrower”), the
Subsidiaries of the Borrower as may from time to time become a party hereto (collectively, the
“Guarantors”), and WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent on behalf
of the Lenders under the Credit Agreement (as hereinafter defined) (in such capacity, the
“Administrative Agent”). Capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed thereto in the Credit Agreement.

W I T N E S S E T H

     WHEREAS, the Borrower, the Guarantors, certain banks and financial institutions from time to
time party thereto (the “Lenders”) and the Administrative Agent are parties to that certain
Credit Agreement dated as of August 8, 2007 (as amended, modified, extended, restated, replaced, or
supplemented from time to time, the “Credit Agreement”); and

     WHEREAS, the Credit Parties and the Required Lenders have agreed to amend the Credit Agreement
in accordance with and subject to the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

     1.1 New Definitions. The following definitions are hereby added to Section 1.1 of the
Credit Agreement in the appropriate alphabetical order:

     “Deposit Account Control Agreement” shall mean an agreement, among a Credit Party, a
depository institution, and the Administrative Agent, which agreement is in a form reasonably
acceptable to the Administrative Agent and the depository institution and which provides the
Administrative Agent with “control” (as such term is used in Article 9 of the UCC) over the deposit
account(s) described therein (which control is exercisable upon the occurrence and continuance of
an Event of Default), as the same may be amended, modified, extended, restated, replaced, or
supplemented from time to time.

     “DOJ Investigation” shall mean the investigation by the Antitrust Division of the
United States Department of Justice regarding possible antitrust violations by the Credit Parties
or their Subsidiaries with respect to the ocean shipping business.

 

 

     “First Amendment” shall mean the First Amendment to Credit Agreement, dated as of the
First Amendment Effective Date, among the Credit Parties and the Administrative Agent, on behalf of
the Lenders.

     “First Amendment Effective Date” shall mean June 11, 2009.

     “Litigation Matters” shall mean any civil action, criminal action or investigation,
including related shareholder litigation, involving any allegation of a violation of federal, state
or other antitrust law by any of the Credit Parties or their Subsidiaries with respect to the
ocean shipping business.

     “Puerto Rico Settlement” shall mean the settlement of certain class action lawsuits
(which were consolidated into a single multidistrict litigation proceeding (case no. MDL1960) in
the District of Puerto Rico), in each case involving any allegation of a violation of federal,
state or other antitrust law by any of the Credit Parties or their Subsidiaries with respect to the
ocean shipping business in the Puerto Rico trade lanes.

     “Securities Account Control Agreement” shall mean an agreement among a Credit Party, a
securities intermediary, and the Administrative Agent, which agreement is in a form reasonably
acceptable to the Administrative Agent and the securities intermediary and which provides the
Administrative Agent with “control” (as such term is used in Articles 8 and 9 of the UCC) over the
securities account(s) described therein (which control is exercisable upon the occurrence and
continuance of an Event of Default), as the same may be as amended, modified, extended, restated,
replaced, or supplemented from time to time.

     1.2 Deleted Definitions. The definitions of “Additional Loan”, “Incremental
Facility”, “Incremental Revolver” and “Incremental Term Loan” are hereby deleted from Section 1.1
of the Credit Agreement.

     1.3 Amendments to Definition of Applicable Percentage. The definition of “Applicable
Percentage” set forth in Section 1.1 of the Credit Agreement is hereby amended in the following
respects:

     (a) The pricing grid contained therein is hereby amended and restated in its entirety
to read as follows:

	 	 	 	 	 	 	 	 	 
	 	 	Consolidated Senior Secured	 	Base Rate	 	LIBOR Margin	 	Commitment
	Level	 	Leverage Ratio	 	Margin	 	and L/C Fee	 	Fee
	I
	 	< 1.25 to 1.00
	 	1.75%
	 	2.75%
	 	0.375%
	II
	 	3 1.25 to 1.00 but < 2.00 to 1.00
	 	2.00%
	 	3.00%
	 	0.50%
	III
	 	3 2.00 to 1.00 but < 2.75 to 1.00
	 	2.25%
	 	3.25%
	 	0.50%
	IV
	 	3 2.75 to 1.00
	 	2.50%
	 	3.50%
	 	0.50%

2

 

     (b) A new sentence is hereby added to the end of such definition to read as follows:

     Notwithstanding the foregoing, the Applicable Percentage shall be as set forth
above opposite Level III beginning on the First Amendment Effective Date through
(but not including) the first Interest Determination Date after the First Amendment
Effective Date.

     1.4 Amendment to Definition of Consolidated EBITDA. The definition of Consolidated
EBITDA set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     “Consolidated EBITDA” shall mean, as of any date of determination for the four
consecutive fiscal quarter period ending on such date, without duplication, (a) Consolidated
Net Income for such period plus (b) the sum of the following to the extent deducted
in calculating Consolidated Net Income (all as determined in accordance with GAAP): (i)
Consolidated Interest Expense for such period, (ii) tax expense (including, without
limitation, any federal, state, local and foreign income and similar taxes (including
tonnage taxes)) of the Credit Parties and their Subsidiaries for such period, (iii)
depreciation and amortization expense of the Credit Parties and their Subsidiaries for such
period, (iv) any extraordinary charges or impairment charges, in each case to the extent
non-cash, or other non-cash charges or non-cash expenses, in each case incurred other than
in the ordinary course of business (including non-cash charges for the cumulative effect of
accounting changes and non-cash charges with respect to the resolution of Litigation Matters
in excess of the $25,000,000 permitted to be added back pursuant to clause (b)(xvi) below)
for such period, (v) the interest component of rent expense for such period associated with
all Capital Lease Obligations and Synthetic Leases under which any Credit Party or
Subsidiary is the lessee, (vi) Transaction Costs incurred by a Credit Party or any
Subsidiary during such period, (vii) transaction costs and expenses incurred in connection
with Permitted Acquisitions, (viii) any expense or loss associated with (A) any proposed or
completed equity or debt financing on or prior to the Closing Date and (B) the early
retirement, extinguishment or refinancing of debt, including bonuses paid with respect to
the completion of any of the foregoing, (ix) any cash or non-cash fees, expenses or charges
incurred other than in the ordinary course of business associated with any restructuring of
the Borrower and changes in the Borrower’s method of operations pursuant to its cost
reduction programs in an aggregate amount not to exceed, with respect to such cash fees,
expenses or charges, 10% of Consolidated EBITDA during such period, (x) non-cash charges
resulting from the application of purchase accounting, (xi) non-cash compensation charges,
including any such charges arising from stock options, restricted stock grants or other
equity-incentive programs or from the forgiveness of loans made to employees in connection
with the purchase of equity and related tax gross-up payments made in cash on or prior to
the Closing Date, (xii) non-cash expenses resulting from the granting of stock options,
restricted stock or restricted stock unit awards under equity compensation programs solely
with respect to Capital Stock, (xiii) expenses incurred as a result of the repurchase,
redemption or retention by the Borrower of Capital Stock earned under equity

3

 

compensation programs solely in order to make withholding tax payments, (xiv) expenses
incurred as a result of the Share Repurchase Program (but excluding the actual cost of any
share repurchase), (xv) the amount of any non-controlling (minority) interest expense
attributable to non-controlling (minority) equity interests of the Credit Parties and their
Subsidiaries in any joint venture thereof, (xvi) any cash or non-cash charges for such
period relating to the Puerto Rico Settlement and lawsuits of claimants that opt out of the
class action lawsuits that are subject to the Puerto Rico Settlement, or the DOJ
Investigation; provided that the aggregate amount of such cash and non-cash charges shall
not exceed $25,000,000 (net of any insurance proceeds received in connection therewith)
during the term of this Agreement and (xvii) legal and professional fees and expenses
incurred by the Credit Parties during such period relating to Litigation Matters in an
aggregate amount not to exceed (A) $15,000,000 during any twelve-month period and (B)
$25,000,000 during the term of this Agreement; minus (c) non-cash charges and
non-cash expenses previously added back to Consolidated Net Income in determining
Consolidated EBITDA (including non-cash charges with respect to Litigation Matters added
back to Consolidated Net Income pursuant to clause (b)(iv) above) to the extent such
non-cash charges and non-cash expenses have become cash charges and cash expenses during
such period; minus (d) any extraordinary cash gains, extraordinary non-cash gains
and other non-cash gains during such period; minus (e) the amount of any
non-controlling (minority) interest income attributable to non-controlling (minority) equity
interests of the Credit Parties and their Subsidiaries in any joint venture thereof to the
extent included in the calculation of Consolidated Net Income.

     1.5 Amendment to Definition of Consolidated Net Income. The definition of
Consolidated Net Income set forth in Section 1.1 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

     “Consolidated Net Income” shall mean, as of any date of determination for any
period ending on such date, the net income or loss (excluding extraordinary losses and gains
and all non-cash income expense, interest income and tax credits) of the Credit Parties and
their Subsidiaries on a Consolidated basis for such period, all as determined in accordance
with GAAP.

     1.6 Amendment to Definition of Restricted Payment. The definition of Restricted
Payment set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its
entirety to read as follows:

     “Restricted Payment” shall mean (a) any dividend or other distribution, direct
or indirect, on account of any shares (or equivalent) of any class of Capital Stock of any
Credit Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct
or indirect, of any shares (or equivalent) of any class of Capital Stock of any Credit Party
or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or
to obtain the surrender of, any outstanding warrants, options or other rights to acquire
shares of any class of Capital Stock of any Credit Party or any of its Subsidiaries, now or
hereafter outstanding, (d) any payment with respect to any earn out

4

 

obligation, (e) any payment or prepayment of principal of, premium, if any, or interest on,
redemption, purchase, retirement, defeasance, sinking fund or similar payment with respect
to, any Subordinated Debt of any Credit Party or any of its Subsidiaries, (f) the payment by
any Credit Party or any of its Subsidiaries of any management, advisory or consulting fee to
any Person or the payment of any extraordinary salary, bonus or other form of compensation
to any Person who is directly or indirectly a significant partner, shareholder, owner or
executive officer of any such Person, to the extent such extraordinary salary, bonus or
other form of compensation is not included in the corporate overhead of such Credit Party or
such Subsidiary, (g) any cash payment with respect to Indebtedness convertible into Capital
Stock due upon the conversion thereof and (h) any prepayment of principal or any redemption,
purchase, retirement, defeasance, sinking fund or similar payment prior to maturity with
respect to any unsecured Indebtedness, Indebtedness convertible into Capital Stock or other
Indebtedness junior to the Loans of any Credit Party or any of its Subsidiaries.

     1.7 Amendment to Definition of Transaction Costs. The definition of Transaction Costs
set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to
read as follows:

     “Transaction Costs” shall mean the fees and expenses incurred by the Borrower
and its Subsidiaries in connection with (a) the Transactions and (b) the First Amendment.

     1.8 Amendment to Section 2.5. Section 2.5 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

     Section 2.5 [Reserved].

     1.9 Amendment to Section 4.2. Subsection (g) contained in Section 4.2 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

     (g) [Reserved].

     1.10 Amendment to Section 5.14. The last sentence contained in Section 5.14(a) of the
Credit Agreement is hereby amended and restated in its entirety to read as follows:

     Without limiting the foregoing, the Credit Parties hereby agree that upon entering into
any Bank Product after the Closing Date, they will execute, deliver and cause to be recorded
an amendment to the Vessel Fleet Mortgage as reasonably requested by the Administrative
Agent.

     1.11 Amendment to Section 6.1. Section 6.1 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

5

 

     Section 6.1 Consolidated Senior Secured Leverage Ratio.

     The Consolidated Senior Secured Leverage Ratio for the twelve (12) month period ending
as of each fiscal quarter end shall be less than or equal to (a) at all times from the
Closing Date through and including the fiscal quarter ended on or around September 30, 2009,
3.00 to 1.00 and (b) at all times thereafter, 2.75 to 1.00.

     1.12 Amendment to Section 7.1. Subsection (e) contained in Section 7.1 of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

     (e) Indebtedness and obligations owing under Bank Products (including, without
limitation, Secured Hedging Agreements and other Hedging Agreements entered into not for
speculative purposes);

     1.13 Amendment to Section 7.10. Subsection (f) contained in Section 7.10 of the
Credit Agreement is hereby amended and restated in its entirety to read as follows:

     (f) to make any other Restricted Payments; provided that, on a Pro Forma Basis
after giving effect to any such Restricted Payment, (i) no Default or Event of Default shall
exist or would result therefrom, (ii) there shall be at least $20,000,000 of Accessible
Borrowing Availability, (iii) if such Restricted Payment is a dividend or other
distribution, direct or indirect, on account of any shares (or equivalent) of any class of
Capital Stock of any Credit Party or any of its Subsidiaries, now or hereafter outstanding,
(A) the Consolidated Senior Secured Leverage Ratio shall be less than 2.50 to 1.00 and (B)
the aggregate amount of all such dividends and distributions during any twelve-month period
shall not exceed $14,000,000 and (iv) if such Restricted Payment is not a dividend or
distribution subject to clause (iii) above, the Consolidated Senior Secured Leverage Ratio
shall be less than 1.50 to 1.00.

     1.14 Amendment to Article VII. A new Section 7.14 is hereby added at the end of
Article VII of the Credit Agreement to read as follows:

     Section 7.14 Account Control Agreements; Bank Accounts.

     (a) Within sixty (60) days after the First Amendment Effective Date (or such extended
period of time as agreed to by the Administrative Agent), the Administrative Agent shall
have received evidence satisfactory to the Administrative Agent that the cash concentration
account and the money market account of Horizon Lines, LLC held at JPMorgan Chase Bank, N.A.
are subject to a Deposit Account Control Agreement and a Securities Account Control
Agreement, respectively, or have been closed (with the funds and financial assets contained
in such accounts having been transferred to a deposit account that is subject to a Deposit
Account Control Agreement or a securities account that is subject to a Securities Account
Control Agreement).

     (b) Subject to the terms of Section 7.14(a), each of the Credit Parties will not, nor
will it permit any Subsidiary to, open, maintain or otherwise have any checking,

6

 

savings or other accounts (including securities accounts) at any bank or other
financial institution, or any other account where cash or Cash Equivalents is or may be
deposited or maintained with any Person, other than (i) deposit accounts that are subject to
a Deposit Account Control Agreement, (ii) securities accounts that are subject to a
Securities Account Control Agreement, (iii) deposit accounts established solely as payroll,
zero balance and imprest accounts and (iv) other deposit accounts, so long as (A) the
balance of each such account is transferred to a deposit account that is subject to a
Deposit Account Control Agreement not less than once during every ten (10) business days and
(B) the balance in any such account does not exceed $4,000,000 at any time and the balance
in all such accounts does not exceed $10,000,000 at any time.

     1.15 Amendments to Section 8.1. Section 8.1(f) of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

     (f) Judgment Default. (i) One or more judgments, decrees, settlements or fines
(individually a “Judgment” and collectively the “Judgments”) shall be
entered by or entered or levied against a Credit Party or any of its Subsidiaries relating
to the Puerto Rico Settlement (other than Judgments with respect to lawsuits of claimants
that opt out of the class action lawsuits that are subject to the Puerto Rico Settlement)
and shall require aggregate cash payments in excess of $20,000,000; (ii) one or more
Judgments (other than Judgments referenced in clause (i)) shall be entered by or entered or
levied against a Credit Party or any of its Subsidiaries involving in the aggregate for all
such Judgments a liability (to the extent not covered by insurance) of $15,000,000 or more,
and all such Judgments shall not have been paid and satisfied in full, vacated, discharged
in full, stayed or bonded pending appeal within 45 days from the entry thereof;
provided that, in the event any such Judgment with respect to the DOJ Investigation
allows for payment or other satisfaction over a period greater than 45 days, such Judgment
shall not constitute an Event of Default hereunder if (A) the amount of cash payments with
respect to such Judgment does not exceed (1) $10,000,000 in the aggregate during any fiscal
year of the Borrower and (2) $30,000,000 in the aggregate for all such cash payments, and
(B) each payment with respect to such Judgment is made within 15 days of the due date with
respect to such payment; (iii) any injunction, temporary restraining order or similar decree
shall be issued against a Credit Party or any of its Subsidiaries that, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect; or (iv) any
default or event of default shall occur under Section 5.10(h) (judgment default) or any
successor section of the Indenture, dated as of August 8, 2007, between the Borrower, as
issuer, and The Bank of New York Trust Company, N.A., as trustee, relating to the 2007
Senior Unsecured Convertible Notes; or

     1.16 Amendments to Section 9.12. The words “or Incremental Facility” appearing in the
last sentence of Section 9.12 of the Credit Agreement are hereby deleted in their entirety .

ARTICLE II

REVOLVING COMMITTED AMOUNT

7

 

     Pursuant to Section 2.7(a) of the Credit Agreement, the Borrower hereby elects to permanently
reduce the Revolving Committed Amount to TWO HUNDRED TWENTY FIVE MILLION DOLLARS ($225,000,000).
The Credit Parties and the Administrative Agent, on behalf of the Lenders, hereby agree that, after
giving effect to this Amendment (a) the notice requirement set forth in Section 2.7(a) for any
voluntary reduction of the Revolving Committed Amount is hereby waived, (b) the Revolving Committed
Amount shall be reduced to $225,000,000 and (c) the Revolving Commitments of each Revolving Lender
shall be reduced pro rata to accommodate such reduction of the Revolving Committed Amount in
accordance with Section 2.12(a) of the Credit Agreement.

ARTICLE III

CONDITIONS TO EFFECTIVENESS

     3.1 Closing Conditions. This Amendment shall become effective as of the day and year
set forth above (the “Amendment Effective Date”) upon satisfaction of the following
conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):

     (a) Executed Amendment. The Administrative Agent shall have received a copy of
this Amendment duly executed by each of the Credit Parties and the Administrative Agent, on
behalf of the Lenders.

     (b) Executed Lender Consents. The Administrative Agent shall have received
executed consents, in substantially the form of Exhibit A attached hereto (each a
“Lender Consent”), from the Required Lenders (including Revolving Lenders holding in
the aggregate more than 50% of the outstanding Revolving Commitments) authorizing the
Administrative Agent to enter into this Amendment on their behalf. The delivery by the
Administrative Agent of its signature page to this Amendment shall constitute conclusive
evidence that the consents from the Required Lenders have been obtained.

     (c) Default. After giving effect to this Amendment, no Default or Event of
Default shall exist.

     (d) Fees and Expenses.

     (i) The Administrative Agent shall have received from the Borrower, for the
account of each Lender that executes and delivers a Lender Consent to the
Administrative Agent by 5 p.m. (EST) on or before May 28, 2009 (each such Lender, a
“Consenting Lender”, and collectively, the “Consenting Lenders”), an
amendment fee in an amount equal to 50 basis points on (A) the aggregate Revolving
Commitment of such Consenting Lender (prior to giving effect to the reduction in the
Revolving Committed Amount contemplated by Article II hereof) and (B) the
outstanding principal amount of the Term Loan held by such Consenting Lenders.

8

 

     (ii) The Administrative Agent and Wachovia Capital Markets, LLC and Banc of
America Securities LLC, as joint lead arrangers (collectively, the “Lead
Arrangers”), shall have received from the Borrower such other fees and expenses
that are payable in connection with the consummation of the transactions
contemplated hereby and Moore & Van Allen PLLC shall have received from the Borrower
payment of all outstanding fees and expenses previously incurred and all fees and
expenses incurred in connection with this Amendment.

     (e) Puerto Rico Settlement. The Administrative Agent shall have received a
copy of the settlement agreement with respect to the Puerto Rico Settlement (which shall not
differ in any material respects from the final, fully executed settlement agreement), in
form and substance reasonably acceptable to the Administrative Agent (which acceptance shall
not be unreasonably withheld or delayed), which settlement agreement shall limit the cash
payment liabilities and obligations of the Credit Parties and their Subsidiaries with
respect to the Puerto Rico Settlement to no more than $20,000,000 (it being understood and
agreed that the final, fully executed settlement agreement shall be delivered to the
Administrative Agent promptly upon becoming available).

     (f) Organizational Documents. The Administrative Agent shall have received:

     (i) Articles and Bylaws. A certificate of a secretary or
assistant secretary of the Borrower (in form and substance reasonably
satisfactory to the Administrative Agent) certifying that the articles of
incorporation, bylaws and/or other organizational documents, as applicable,
of each Credit Party that were delivered on the Closing Date (as defined in
the Credit Agreement) or the date on which any Credit Party was joined as a
Guarantor pursuant to the terms of the Credit Agreement (the “Joinder
Date”), or certified updates as applicable, remain true and correct and
in force and effect as of the Amendment Effective Date.

     (ii) Resolutions. A copy of resolutions of the board of
directors of the Borrower approving and adopting this Amendment, the
transactions contemplated herein and authorizing execution and delivery
thereof, certified by a secretary or assistant secretary of the Borrower
(pursuant to a secretary’s certificate in form and substance reasonably
satisfactory to the Administrative Agent) as of the Amendment Effective Date
to be true and correct and in force and effect as of such date.

     (iii) Good Standing. A copy of certificates of good standing,
existence or its equivalent with respect to each Credit Party certified as
of a recent date by the appropriate Governmental Authorities of the state of
its incorporation or organization.

     (iv) Incumbency. A certificate of a secretary or assistant
secretary of the Borrower (in form and substance reasonably satisfactory

9

 

to the Administrative Agent) certifying that each Person listed in the
incumbency certification contained in the Borrower’s Secretary’s Certificate
delivered on the Closing Date remains the duly elected and qualified officer
of the Borrower indicated in such Secretary’s Certificate.

     (g) Legal Opinion. The Administrative Agent shall have received an opinion of
counsel for the Borrower, dated the Amendment Effective Date and addressed to the
Administrative Agent and the Lenders, in form and substance reasonably acceptable to the
Administrative Agent.

     (h) Miscellaneous. All other documents and legal matters in connection with
the transactions contemplated by this Amendment shall be reasonably satisfactory in form and
substance to the Administrative Agent and its counsel.

ARTICLE IV

MISCELLANEOUS

     4.1 Amended Terms. On and after the Amendment Effective Date, all references to the
Credit Agreement in each of the Credit Documents shall hereafter mean the Credit Agreement as
amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit
Agreement is hereby ratified and confirmed and shall remain in full force and effect according to
its terms.

     4.2 Representations and Warranties of Credit Parties. Each of the Credit Parties
represents and warrants as follows:

     (a) It has taken all necessary action to authorize the execution, delivery and
performance of this Amendment.

     (b) This Amendment has been duly executed and delivered by such Person and constitutes
such Person’s legal, valid and binding obligation, enforceable in accordance with its terms,
except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting creditors’ rights
generally and (ii) general principles of equity (regardless of whether such enforceability
is considered in a proceeding at law or in equity).

     (c) No consent, approval, authorization that has not been obtained, or order of, or
filing, registration or qualification with, any court or governmental authority or third
party is required in connection with the execution, delivery or performance by such Person
of this Amendment.

     (d) The representations and warranties set forth in Article III of the Credit Agreement
(i) that contain a materiality qualification are true and correct as of the date hereof and
(ii) that do not contain a materiality qualification are true and correct in all material
respects as of the date hereof, in each case except for those which expressly relate to an
earlier date.

10

 

     (e) After giving effect to this Amendment, no event has occurred and is continuing
which constitutes a Default or an Event of Default.

     (f) The Security Documents continue to create a valid security interest in, and Lien
upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders,
which security interests and Liens are perfected in accordance with the terms of the
Security Documents and prior to all Liens other than Permitted Liens.

     (g) The Credit Party Obligations are not reduced or modified by this Amendment and are
not subject to any offsets, defenses or counterclaims.

     4.3 Reaffirmation of Credit Party Obligations. Each Credit Party hereby ratifies the
Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit
Agreement applicable to it and (b) that it is responsible for the observance and full performance
of its respective Credit Party Obligations.

     4.4 Credit Document. This Amendment shall constitute a Credit Document under the
terms of the Credit Agreement.

     4.5 Expenses. The Borrower agrees to pay all reasonable costs and out-of-pocket
expenses of the Administrative Agent in connection with the preparation, execution and delivery of
this Amendment, including without limitation the reasonable fees and expenses of the Administrative
Agent’s legal counsel.

     4.6 Further Assurances. The Credit Parties agree to promptly take such action, upon
the request of the Administrative Agent, as is necessary to carry out the intent of this Amendment.

     4.7 Entirety. This Amendment and the other Credit Documents embody the entire
agreement among the parties hereto and supersede all prior agreements and understandings, oral or
written, if any, relating to the subject matter hereof.

     4.8 Counterparts; Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original, but all of which
shall constitute one and the same instrument. Delivery of an executed counterpart to this
Amendment by telecopy or other electronic means shall be effective as an original and shall
constitute a representation that an original will be delivered.

     4.9 No Actions, Claims, Etc. As of the date hereof, each of the Credit Parties hereby
acknowledges and confirms that it has no knowledge of any actions, causes of action, claims,
demands, damages and liabilities of whatever kind or nature, in law or in equity, against the
Administrative Agent, the Lead Arrangers, the Bookrunners, the Lenders, or the Administrative
Agent’s, the Lead Arrangers’, the Bookrunners’, or the Lenders’ respective officers, employees,
representatives, agents, counsel or directors arising from any action by such Persons, or failure
of such Persons to act under the Credit Documents on or prior to the date hereof.

11

 

     4.10 GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     4.11 Successors and Assigns. This Amendment shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.

     4.12 General Release. In consideration of the Administrative Agent’s, on behalf of
the Lenders, willingness to enter into this Amendment, each Credit Party hereby releases and
forever discharges the Administrative Agent, the Lead Arrangers, the Bookrunners, the Lenders and
the Administrative Agent’s, the Lead Arrangers’, the Bookrunners’ and the Lender’s respective
predecessors, successors, assigns, officers, managers, directors, employees, agents, attorneys,
representatives, and affiliates (hereinafter all of the above collectively referred to as the
“Released Parties”), from any and all claims, counterclaims, demands, damages,
debts, suits, liabilities, actions and causes of action of any nature whatsoever, including,
without limitation, all claims, demands, and causes of action for contribution and indemnity,
whether arising at law or in equity, whether known or unknown, whether liability be direct or
indirect, liquidated or unliquidated, whether absolute or contingent, foreseen or unforeseen, and
whether or not heretofore asserted, which any Credit Party may have or claim to have against any of
the Released Parties in any way related to or connected with the Credit Documents and the
transactions contemplated thereby.

     4.13 Consent to Jurisdiction; Service of Process; Waiver of Jury Trial. The
jurisdiction, service of process and waiver of jury trial provisions set forth in Sections 10.14
and 10.17 of the Credit Agreement are hereby incorporated by reference, mutatis mutandis.

     4.14 Reservation of Rights. The Administrative Agent and the Lenders expressly
reserve all rights they may have under the Credit Documents or applicable law with respect to the
Litigation Matters.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

12

 

HORIZON LINES, INC.

FIRST AMENDMENT TO CREDIT AGREEMENT

     IN WITNESS WHEREOF the parties hereto have caused this Amendment to be duly executed on the
date first above written.

	 	 	 	 	 
	BORROWER:	 	HORIZON LINES, INC.,

a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	GUARANTORS:	 	HORIZON LOGISTICS, LLC,

a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	 	 	HORIZON LINES OF PUERTO RICO, INC.,

a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	 	 	HORIZON LINES OF ALASKA, LLC,

a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	 	 	SEA-LOGIX, LLC,

a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary

13

 

	 	 	 	 	 
	 	 	HORIZON LINES, LLC,

a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	 	 	HORIZON SERVICES GROUP, LLC,

a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	 	 	HAWAII STEVEDORES, INC.,

a Hawaiian corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	 	 	AERO LOGISTICS, LLC, a Delaware limited 

liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary
	 
	 	 	 	 
	 	 	HORIZON LOGISTICS HOLDINGS, LLC, a Delaware 

limited
liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary

14

 

	 	 	 	 	 
	 	 	HORIZON LINES HOLDING CORP.,

a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Robert S. Zuckerman
	 

	 	 	 	 
	 

	 	Name: Robert S. Zuckerman
	 

	 	Title: Secretary

15

 

	 	 	 	 	 
	ADMINISTRATIVE AGENT:	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

as a Lender and as Administrative Agent on behalf of the
Lenders
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Andrew G. Payne
	 

	 	 	 	 
	 

	 	Name: Andrew G. Payne
	 

	 	Title: Director

16

 

EXHIBIT A

FORM OF

LENDER CONSENT

See Attached.

 

 

LENDER CONSENT

     This Lender Consent is given pursuant to the Credit Agreement, dated as of August 8, 2007 (as
amended, restated, modified or supplemented from time to time, the “Credit Agreement”), by
and among HORIZON LINES, INC., a Delaware corporation (the “Borrower”), those certain
Subsidiaries of the Borrower party thereto (collectively, the “Guarantors”), the lenders
and other financial institutions from time to time party thereto (the “Lenders”) and
WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent on behalf of the Lenders (in such
capacity, the “Administrative Agent”). Capitalized terms used herein shall have the
meanings ascribed thereto in the Credit Agreement unless otherwise defined herein.

     The undersigned hereby approves the First Amendment to Credit Agreement, to be dated on or
about [May ___], 2009, by and among the Borrower, the Guarantors party thereto, and the
Administrative Agent, on behalf of the Lenders (the “Amendment”) and hereby authorizes the
Administrative Agent to execute and deliver the Amendment on its behalf and, by its execution
below, the undersigned agrees to be bound by the terms and conditions of the Amendment and the
Credit Agreement.

     Delivery of this Lender Consent by telecopy or other electronic means shall be effective as an
original.

     A duly authorized officer of the undersigned has executed this Lender Consent as of the ___
day of May, 2009

	 	 	 	 	 	 	 
	 

	 	 	 	 	,	
	 	 	 	 	 
	 	 	as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 	 	 	 	 
	 

	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]