Document:

Employment Agreement, between Bumble Bee Foods, LLC and Kent McNeil

 Exhibit 10.16 

EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”) made and entered into as of the 18th day of November 2008, between
BUMBLE BEE FOODS, LLC, a Delaware limited liability company (the “Company”), and Kent McNeil who resides at 6612 Avenida Manana La Jolla, California 92037 (“Executive”). 

W I T N E S S E T H: 

WHEREAS, in connection with the closing (the “Closing”) of the transactions contemplated by the Business
Acquisition Agreement, dated as of September 25, 2008, as amended through the date hereof (the “Acquisition Agreement”), Company desires to employ Executive and Executive desires to accept employment with Company upon the terms
and conditions hereinafter set forth; 
 NOW THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, and intending to be legally bound hereby, it is hereby agreed as follows: 
 1. Employment Term.
The Company agrees to employ Executive, and Executive agrees to be so employed, in the capacity of Executive Vice President and Chief Financial Officer of the Company and Connors Bros., L.P., a Delaware limited partnership (the
“Parent”), for a term commencing on the date hereof and ending on the third anniversary of the date hereof (the “Termination Date”); provided, however, that commencing on the day after the third
anniversary hereof and on each one year anniversary thereafter, the term shall automatically be extended for one additional year unless either the Company or Executive gives written notice to the other at least 30 days before such extension would
otherwise occur of the Company’s or Executive’s election not to extend the term; provided, further, that notwithstanding anything to the contrary set forth in this Agreement, this Agreement may be earlier terminated pursuant
to the terms hereof. “Employment Term” as used herein shall mean the term of this Agreement. 
 2. Position
and Duties. During the Employment Term, Executive shall (in accordance with Paragraph 12 hereof) diligently and conscientiously devote Executive’s full business time, attention, energy, skill and best efforts to the business of the Company
and Parent and to the discharge of Executive’s duties hereunder. During the Employment Term, Executive’s duties under this Agreement shall be to serve as Executive Vice President and Chief Financial Officer of Company and Parent, with the
responsibilities, rights, authority and duties customarily pertaining to such office and as may be established from time to time by or under the direction of the board of managers of CP V CB GP, LLC, a Delaware limited liability company (the
“GP”) or the board of directors or other governing body of any successor entity to the Parent (as applicable, the “Board”) or its designees, and Executive shall report to the Company’s President and Chief
Executive Officer. During the Employment Term, Executive shall also act as an officer and/or director and/or manager of such affiliates of the Company as may be designated by the Board from time to time, commensurate with Executive’s office,
all without further compensation, other than as provided in this Agreement. 

 3. Place of Employment. Executive’s performance of services under this Agreement
shall be rendered in San Diego, California, subject to necessary travel requirements of Executive’s position and duties hereunder. 

4. Compensation. 

(a) Base Salary. During the Employment Term, the Company shall pay to Executive base salary compensation at an annual rate of
$360,360. Following the end of the Company’s fiscal year 2008, and annually thereafter, the Board shall review Executive’s base salary in light of the performance of Executive and the Company, and may, in its sole discretion, maintain,
increase or decrease (but not decrease below $360,360) such base salary by an amount it determines to be appropriate in light of all relevant factors, including factors relating to the consummation of the transactions contemplated by the Acquisition
Agreement. During the Employment Term, Executive’s annual base salary payable hereunder, as it may be maintained, decreased (but not decreased below $360,360) or increased from time to time, is referred to herein as “Base
Salary.” 
 (b) Bonus. 

(i) Management Incentive Plan. During the Employment Term, Executive shall participate in the Company’s
Management Incentive Plan (the “Management Incentive Plan”), consistent with past practice and Executive’s target bonus rate for purposes of the Management Incentive Plan shall be 75% of Executive’s annual Base Salary.

 (ii) Discretionary Bonus. In addition to the foregoing, the Board may from time to time review
Executive’s performance during the Employment Term and, based upon Executive’s performance, may recommend that the Company should award Executive an additional cash bonus in order to reward Executive for services rendered to the Company
and/or as an incentive for continued service to the Company. 
 (c) Option Grants. As soon as practical following
signing of this Agreement, Parent shall grant Executive non-qualified options to purchase 3,308 common units of the Parent (the “Common Units”), at an exercise price per Common Unit of $1,000.00. The grant of 3,308 options pursuant
to this Paragraph 4(c) shall be comprised of 827 Series A Options, 827 Series B Options, 827 Series C Options and 827 Series D Options. All such options shall be subject to the terms and conditions set forth in the Option Agreements applicable to
such Series, forms of which are attached hereto as Exhibits D-1, D-2, D-3 and D-4 and the Connors Bros., L.P. Unit Option Plan referred to therein. 

(d) Equity Investment by Executive. Executive hereby acknowledges and agrees that, concurrently with the initial equity
investment in Parent (or one of its affiliates) by Centre Capital Investors V, L.P. and/or its affiliated investment funds, (collectively, the “Centre Entities”), Executive shall make an initial equity investment (each, an
“Executive Investment”) in the BB Management Invest, L.P. (the “Management Co-invest Entity”) equal to $1,250,000. The Executive Investment in the Management Co-invest Entity shall be pursuant to

  

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a Subscription Agreement between the Management Co-invest Entity (or applicable affiliate of Parent) and Executive, in substantially the form attached hereto as Exhibit A. In connection with the
Executive Investment, Parent (or applicable affiliate of Parent) shall loan the Management Co-invest Entity, on the terms and conditions of the guarantee documents entered into by Parent and Executive, which shall be personally guaranteed by the
Executive, on a full-recourse basis, an amount equal to $975,000 (the “Parent Loan”), subject to the terms and conditions of the loan documentation entered into by Parent (or applicable affiliate of Parent) and the Management
Co-invest Entity in substantially the form attached hereto as Exhibit B. Executive hereby acknowledges and agrees that the proceeds from the Parent Loan shall be invested in securities of Parent (or applicable affiliate of Parent) with substantially
the same economic rights as those acquired by the Centre Entities, pursuant to a Subscription Agreement between Parent (or applicable affiliate of Parent) and the Management Co-invest Entity in substantially the form attached hereto as Exhibit A,
and that all securities of Parent (or applicable affiliate of Parent) owned by the Executive shall be pledged to secure the applicable Parent Loan. 

(e) Restricted Securities. In connection with the Executive Investment, Parent (or applicable affiliate of Parent ) shall grant
Executive restricted securities of Parent (or applicable affiliate of Parent ) in an amount equal to $700,000 with such grant to be evidenced by a Grant of Restricted Interests between Parent (or applicable affiliate of Parent ) and Executive in
substantially the form, and with such vesting provisions, attached hereto as Exhibit C. 
 (f) Acknowledgement.
Executive hereby acknowledges and agrees that except as expressly set forth in this Agreement, Executive shall not be entitled to any compensation or benefits with respect to the Company’s and/or any of its affiliates’ employment of
Executive. In furtherance of and not in limitation of the foregoing, Executive hereby acknowledges and agrees that from and after the date hereof, Executive shall not have any right, title or interest under any previously existing compensation
plans, employment contracts (including without limitation the Offer Letter Agreement between the Executive and Bumble Bee Seafoods, LLC, dated February 4, 2005 (the “Prior Employment Agreement”)) or otherwise with respect to
the Parent, the Company or any of their respective affiliates (including without limitation, any predecessors in interest of any thereof). 

5. Benefits. During the Employment Term, Executive shall be eligible to participate in all employee benefit programs of the
Company offered from time to time during the Employment Term by the Company to employees or executives of Executive’s rank, to the extent that Executive qualifies under the eligibility provisions of the applicable plan or plans, in each case
consistent with the Company’s then-current practice as approved by the Board from time to time. The foregoing shall not be construed to require the Company to establish such plans or to prevent the modification or termination of such plans once
established, and no such action or failure thereof shall affect this Agreement. Executive recognizes that the Company and its affiliates have the right, in their sole discretion, to amend, modify or terminate their benefit plans without creating any
rights in Executive. 
 6. Vacation. During the Employment Term, Executive shall be entitled to up to four weeks of paid
vacation per calendar year. Executive shall be allowed to carry over up to two weeks of unused vacation until the following calendar year; provided that the Executive shall be entitled to no more than six weeks of vacation in any calendar year.

  

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 7. Business Expenses. To the extent that Executive’s reasonable and necessary
expenditures for travel, entertainment and similar items made in furtherance of Executive’s duties under this Agreement comply with the Company’s expense reimbursement policy and are documented as required by the following sentence,
Company shall reimburse Executive for such expenditures. Executive shall document and substantiate all such expenditures, including an itemized list of all expenses incurred, the business purposes for which such expenses were incurred, and all
receipts related thereto. Any reimbursement Executive is entitled to receive pursuant to this Section shall be paid promptly, but no later than the last day of the calendar year following the calendar year in which the expense was incurred.

 8. Office Facilities and Secretary. During the Employment Term, the Company shall furnish Executive with office space
at the Company’s headquarters and secretarial assistance for work-related matters. 
 9. Termination of Employment.

 (a) Death or Disability. 

(i) In the event of Executive’s death during the Employment Term, the Employment Term shall automatically terminate.

 (ii) Each of the Company and Executive shall have the right to terminate the Employment
Term in the event of Executive’s Disability. “Disability” means that the Executive has been unable, for 90 consecutive days, or for periods aggregating 135 business days in any period of twelve months, to perform
Executive’s duties under this Agreement, as a result of physical or mental impairment, illness or injury, as determined in good faith by the Board. A termination of the Executive’s employment by either party for Disability shall be
communicated to the other party by written notice, and shall be effective on the
10th day after receipt of such notice by the other party
(the “Disability Effective Date”), unless Executive returns to full-time performance of Executive’s duties before the Disability Effective Date. Notwithstanding the foregoing, in the event that Executive’s Disability
reasonably prevents him from personally terminating the Employment Term, Executive’s legal representative may act on Executive’s behalf to terminate the Employment Term pursuant to this Paragraph 9(a)(ii). 

(b) By the Company. The Company shall have the right to terminate the Employment Term for Cause. “Cause” as used
in this Agreement shall mean (i) Executive’s commission of a felony or any other crime involving moral turpitude, fraud, misrepresentation, embezzlement or theft, (ii) Executive’s engaging in any activity that is harmful
(including, without limitation, alcoholic or other self-induced affliction), in a material respect, to the Parent, Company or any subsidiary of Parent (a “Subsidiary”), monetarily or otherwise, as determined by a majority of the Board;
(iii) Executive’s material malfeasance (including without limitation, any intentional act of fraud or theft or the intentional misrepresentation of any material financial 

 

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or other operating results of the Parent, Company or any Subsidiary) in connection with the performance of his duties hereunder, (iv) Executive’s misconduct or gross negligence in
connection with the performance of his duties hereunder; (v) Executive’s significant violation of any statutory or common law duty of loyalty to the Parent, Company or any Subsidiary; (vi) Executive’s material breach of this
Agreement or of a material Company policy (including without limitation, disclosure or misuse of any confidential or competitively sensitive information or trade secrets of Parent, Company or any Subsidiary); or (vii) Executive’s refusal
or failure to carry out directives or instructions of the Company’s Chief Executive Officer and/or the Board that are consistent with the scope and nature of Executive’s duties and responsibilities set forth herein, in the case of clause
(iv), (vi) or (vii) above, only if such breach or failure continues for more than 10 days following written notice from Company describing such breach or failure; provided however that Executive shall be entitled to no more than one
opportunity to cure with respect to clauses (iv), (vi) and (vii). 
 (c) By Executive. 

(i) Executive shall have the right to terminate the Employment Term for Good Reason (as defined below), upon 60
days’ written notice to the Board given within 180 days following the occurrence of an event constituting Good Reason; provided that the Company shall have 20 days after the date such notice has been given to the Board in which to cure
the conduct specified in such notice. Executive’s continued employment during such 20-day period shall not constitute Executive’s consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason
hereunder. For purposes of this Agreement “Good Reason” shall mean: 
 (a) the Company’s
failure to pay or provide when due Executive’s Base Salary or a bonus that Company is contractually obligated to pay to Executive, which failure is not cured within 20 days after the receipt by the Board from Executive of a written notice
referring to this provision and describing such failure; or 
 (b) a reduction by the Company in
Executive’s Base Salary set forth in Paragraph 4(a); or 
 (c) the failure to continue Executive in his
position as provided in Paragraph 1 or the removal of him from such position; or 
 (d) a material diminution of
Executive’s responsibilities, duties or status, which diminution is not rescinded within 30 days after the date of receipt by the Board from Executive of a written notice referring to this provision and describing such diminution; or

 (e) the Company’s relocation of its San Diego, California headquarters more than 30 driving miles from
its current location; provided, however, that, such a relocation shall not be deemed to constitute “Good Reason” hereunder in the event that, after such relocation, the Company’s headquarters are located closer to Executive’s
current residence than prior to such relocation; provided, further that, Executive acknowledges that he may be required to spend a substantial amount of time traveling on Company business; or 

 

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 (f) any material breach by the Company (not otherwise covered by this
Section 9(c)(i)) of any material provision of this Agreement after notice in writing from Executive and a reasonable opportunity (not to be less than 20 days) to cure such material breach. 

(ii) Executive shall have the right to terminate his employment hereunder without Good Reason by providing the Company
with a written notice of termination, and such termination shall not in and of itself be a breach of this Agreement. 
 (d)
Termination Payments. 
 (i) If the Employment Term is terminated pursuant to Paragraph 9(a), the Company
shall pay to Executive his accrued but unpaid Base Salary through the date of termination, all accrued and unpaid expenses reimbursable in accordance with Paragraph 7, all accrued but unused vacation days through the date of termination and an
annual bonus for the year in which Executive’s death or disability occurs, prorated through the date of death or disability, based on the Board’s good-faith estimate of the actual award that would have been payable for such year (assuming
Executive had remained employed by the Company through the end of such year), if any, payable in accordance with Paragraph 4(b)(i), unless periodic payments are required to comply with Section 409A of the Code. 

(ii) If the Employment Term is terminated by Executive pursuant to Paragraph 9(c)(i), or if the Company terminates the
Employment Term other than pursuant to Paragraphs 9(a) or 9(b), and, in either case, upon the effectiveness of a release in a form satisfactory to the Company executed by the Executive, no later than forty-five (45) days after such termination,
the Company shall pay to Executive the following, which Executive acknowledges to be fair and reasonable, as Executive’s sole and exclusive remedy, in lieu of all other remedies at law or in equity, for such termination: 

(a) Executive’s accrued but unpaid Base Salary through the date of termination, all accrued and unpaid expenses
reimbursable in accordance with Paragraph 7 and all accrued but unused vacation days through the date of termination plus an amount equal to the bonus actually paid to Executive under Section 4(b) for the year prior to the year of such
termination, prorated through the date of termination, such prorated bonus amount, if any, shall be payable in accordance with Paragraph 4(b)(i); 

(b) An amount equal to Executive’s actual Base Salary (not including any bonus payable) for the 12 month period
immediately prior to such termination, payable in 12 equal installments during the 12 month period following such termination (the “Severance Pay Period”). Executive will agree to provide the Company and its affiliates with
consulting services during the Severance Pay Period as reasonably requested; and 
  

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 (c) the Company shall pay all costs which the Company would otherwise have
incurred to maintain all of Executive’s health benefits under the plans in effect from time to time for executive employees if Executive had continued to render services to the Company for 12 continuous months after the date of his termination
of employment; provided that such obligation shall terminate upon Executive securing other alternative employment; 

(iii) If the Employment Term is terminated by the Company pursuant to Paragraph 9(b), or Executive terminates the
Employment Period other than pursuant to Paragraphs 9(a) or 9(c)(i), without limiting or prejudicing any other legal or equitable rights or remedies which the Company may have upon such breach by Executive, the Company shall pay Executive his
accrued but unpaid Base Salary, all accrued and unpaid expenses reimbursable in accordance with Paragraph 7 and all accrued but unused vacation days, in each case, through the date of termination. 

10. Services Unique. Executive recognizes that Executive’s services hereunder are of a special, unique, unusual,
extraordinary and intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated for in damages, and in the event of a breach of this Agreement by Executive (particularly, but without
limitation, with respect to the provisions hereof relating to the exclusivity of Executive’s services and the provisions of Paragraph 12), the Parent, Company or any Subsidiary shall, in addition to all other remedies available to it, be
entitled to equitable relief by way of an injunction and any other legal or equitable remedies. Anything to the contrary herein notwithstanding, the Parent, Company or any Subsidiary may seek such equitable relief in a federal or state court in
Delaware and Executive hereby submits to jurisdiction in those courts. 
 11. Protection of the Company’s Interests.
To the fullest extent permitted by law, all rights worldwide with respect to any intellectual or other property of any nature conceived, developed, produced, created, suggested or acquired by Executive as a result of Executive’s employment with
the Company (or any of its predecessors or any of its affiliates), or through the use of the Company’s (or such predecessors’ or any of its affiliates’) equipment, facilities, trade secrets or confidential information during the
period commencing on the date of Executive’s employment with the Company (or such predecessor(s) or such affiliate(s)) and ending upon termination of the Employment Term shall be deemed to be a work made for hire and shall be the sole and
exclusive property of the Company or such affiliate(s), as the case may be. Executive agrees to execute, acknowledge and deliver to the Company at the Company’s request, such further documents as the Company finds appropriate to evidence the
Company’s or such affiliate’s rights in such property. Executive further acknowledges that in performing Executive’s duties hereunder, Executive will have access to proprietary and confidential information and to trade secrets of the
Company and its affiliates. Any confidential and/or proprietary information of the Company or its affiliates shall not be used by Executive or disclosed or made available by Executive to any person except (i) as required in the course of
Executive’s employment or (ii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or legislative body (including a committee thereof)
with apparent jurisdiction to order Executive to divulge, disclose or make accessible such information, it being understood that Executive will promptly notify the Company of such requirement so that the Company may seek to obtain a

  

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protective order. Upon expiration or earlier termination of the Employment Term, Executive shall return to the Company (or its applicable affiliate) all such information that exists in written or
other physical form (and all copies thereof) under Executive’s control, whether prepared by Executive or by others. 
 12.
Non-Competition; Non-Solicitation; etc. As inducement and essential consideration for the Parent and Company to consummate the transactions contemplated by the Acquisition Agreement, as additional consideration to be paid to Executive under
the Acquisition Agreement, and as consideration for his employment hereunder, Executive agrees to the restrictive covenants contained in this Section 12. The parties agree that such restrictive covenants are essential to preserve the good will
of the businesses acquired under the Acquisition Agreement and that the Parent would not have entered into the Acquisition Agreement without the Executive’s consent to the covenants set forth in this Section 12. 

(a) Exclusivity of Employment. Executive agrees that Executive’s employment hereunder is on an exclusive basis, and that
during the Employment Term, Executive will not engage in any other business activity. Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive from (i) serving on the governing bodies of other companies (subject to the
approval of the Board which shall not be unreasonably withheld), (ii) engaging in charitable and public service activities, or engaging in speaking and writing activities, or (iii) managing Executive’s personal investments, provided
that such activities under clauses (i) and (ii) are disclosed in writing to the Board in a notice that references this provision and the activities under clauses (i), (ii) and (iii) do not interfere with Executive’s
availability or ability to perform Executive’s duties and responsibilities hereunder. 
 (b) Noncompete. Executive
agrees that during the Employment Term and until the earlier to occur of (i) the period ending seven years following the Closing or (ii) the period ending one year after termination of the Employment Term, Executive shall not, directly or
indirectly, engage in, or participate as an investor in, an officer, employee, director or agent of, or consultant for, any entity engaging in any line of business competitive with the business acquired under the Acquisition Agreement (the
“Business”) in the locations where such business was conducted as of the Closing; provided however that, nothing herein shall prevent him from investing as less than a 5% shareholder in the securities of any company
listed on a national securities exchange or quoted on an automated quotation system. Executive’s participation in an entity in any of the foregoing capacities, other than participation described in the foregoing proviso, being sometimes
referred to herein as being a “Participant.” 
 (c) Nonsolicitation of Employees. Executive agrees that
during the Employment Term and until the earlier to occur of (i) the period ending seven years following the Closing or (ii) the period ending two years after termination of the Employment Term (the “Non-Solicitation
Period”), Executive will not directly or indirectly induce or solicit any of the Business employees who were employees of the Business as of the Closing to leave their employment. 

(d) Nonsolicitation of Customers. Executive agrees that all customers of the Business for which Executive provided services as of
the Closing, and all prospective customers from whom Executive has solicited business while in the employ of the Business prior 

 

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to the Closing, shall be solely the customers of the Parent or its subsidiaries. Executive agrees that during the Non-Solicitation Period, Executive shall neither directly nor indirectly solicit
business as to products or services competitive with those of the Business, from any of the Parent’s, the Company’s or any Subsidiary’s customers with whom Executive had contact within one year prior to the Closing. 

(e) Executive agrees that the covenants contained in this Paragraph 12 are reasonable with respect to their duration, geographic area
and scope. If, at the time of enforcement of this Paragraph 12, a court holds that the restrictions stated herein are unreasonable under the circumstances then existing, the parties hereto agree that the maximum period, scope or geographic area
legally permissible under such circumstances will be substituted for the period, scope or area stated herein. 
 13.
Standstill. Executive agrees that during the Non-Solicitation Period, Executive shall not, except at the specific written request of the Board: 

(i) engage in or propose, or be a Participant in any entity that engages in or proposes, any material transaction between
the Parent, the Company and/or any Subsidiary (or any of their successors), on the one hand, and Executive or any entity in which Executive is a Participant, on the other hand; 

(ii) acquire any equity securities of the Parent, the Company and/or any Subsidiary (or any of their successors) (other
than equity securities issued to Executive by Parent or issued to Executive by Parent upon exercise of options issued to Executive by Parent), or be a Participant in any entity that acquires any equity securities of the Parent, the Company and/or
any Subsidiary (or any of their successors); 
 (iii) solicit proxies, or be a Participant in any entity that
solicits proxies, or become a Participant in any solicitation of proxies, with respect to the election of directors of the Parent, the Company and/or any Subsidiary (or any of their successors) in opposition to the nominees recommended by the board
of directors or similar governing body of any such entity; or 
 (iv) directly or indirectly, engage in or
participate in any other activity that would be reasonably expected to result in a change of control of the Parent, the Company and/or any Subsidiary (or any of their successors). 

The foregoing provisions of this Paragraph shall not be construed to prohibit or restrict the manner in which Executives exercises Executive’s
voting rights (if any) in respect of equity securities of Parent acquired in a manner that is not a violation of the terms of this Paragraph 13. 

14. Nondisparagement. Executive will not at any time during or after the Employment Term directly (or through any other person or
entity) make any public or private statements (whether orally or in writing) which are derogatory or damaging to the Parent, the Company or any of their respective subsidiaries or affiliates, their respective businesses, activities, operations,
affairs, reputations or prospects or any of their respective affiliates, officers, employees, directors, partners, agents, members or shareholders; provided that Executive may comment generally on industry matters in response to inquiries
from the press 
  

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and in other public speaking engagements. Company will not at any time during or after the term of this Agreement directly (or through any other person or entity) make any defamatory public or
private statements (whether oral or in writing) concerning the Executive. 
 15. Representation of the Parties. Executive
represents and warrants to the Company that Executive has the capacity to enter into this Agreement and the other agreements referred to herein, and that the execution, delivery and performance of this Agreement and such other agreements by
Executive will not violate any agreement, undertaking or covenant to which Executive is party or is otherwise bound. The Company represents to Executive that it is duly formed and is validly existing under the laws of the State of Delaware, that it
is fully authorized and empowered by all necessary action to enter into this Agreement and the other agreements referred to herein, and that performance of its obligations under this Agreement and such other agreements will not violate any agreement
between it and any other person, firm or other entity. 
 16. Key Man Insurance. Each of the Company and any of its
affiliates and securityholders will have the right throughout the term of this Agreement, to obtain or increase insurance on Executive’s life in such amount as the Board or such affiliate or securityholder (as applicable) determines, in the
name of the Company or such affiliate or securityholder, as the case may be, and for its sole benefit or otherwise, in the discretion of the Board or such affiliate or securityholder (as applicable). Upon reasonable advance notice, Executive will
cooperate in any and all necessary physical examinations without expense to Executive, supply information, and sign documents, and otherwise cooperate fully with each of the Company, its affiliates and securityholders as the Company, or any such
affiliate or securityholder (as applicable), may request in connection with any such insurance. Executive warrants and represents that, to Executive’s best knowledge, Executive is in good health and does not suffer from any medical condition
which might interfere with the timely performance of Executive’s obligations under this Agreement. 
 17. Notices.
All notices given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) three business days after being mailed by first class certified mail, return receipt requested,
postage prepaid, (c) one business day after being sent by a reputable overnight delivery service, postage or delivery charges prepaid, or (d) on the date on which a facsimile is transmitted to the parties at their respective addresses
stated below. Any party may change its address for notice and the address to which copies must be sent by giving notice of the new addresses to the other parties in accordance with this Paragraph 17, except that any such change of address notice
shall not be effective unless and until received. 
 If to the Company: 

c/o Centre Partners Management LLC 

30 Rockefeller Plaza 

Suite 5050 
 New
York, New York 10020 
 Facsimile: 212-332-5801 

Attention: Scott Perekslis 
  

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 with a copy (which shall not constitute notice) to: 

Dechert LLP 

1095 Avenue of the Americas 

New York, NY 10036-6797 

Facsimile: 212-698-0664 

Attention: Mark Thierfelder, Esq. 

If to Executive, to Executive’s address set forth above. 

with a copy (which shall not constitute notice) to: 

Latham & Watkins LLP 

12636 High Bluff Drive, Suite 300 

San Diego, California 92130-2071 

Facsimile: 858-523-5450 

Attention: Robert E. Burwell, Esq. 

18. Entire Agreement, Amendments, Waivers, Etc. 

(a) No amendment or modification of this Agreement shall be effective unless set forth in a writing signed by the Company and Executive
(or with respect to any amendment or modification solely to Paragraph 28, the Parent). No waiver by either party of any breach by the other party of any provision or condition of this Agreement shall be deemed a waiver of any similar or dissimilar
provision or condition at the same or any prior or subsequent time. Any waiver must be in writing and signed by the waiving party. 

(b) This Agreement, together with any Exhibits hereto and the documents referred to herein and therein, sets forth the entire
understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior oral and written understandings and agreements, including without limitation the Prior Employment Agreement. There are no representations,
agreements, arrangements or understandings, oral or written, among the parties relating to the subject matter hereof which are not expressly set forth herein, and no party hereto has been induced to enter into this Agreement, except by the
agreements expressly contained herein. 
 (c) Nothing herein contained shall be construed so as to require the commission of
any act contrary to law, and wherever there is a conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter shall prevail, but in such event the provision of this Agreement affected
shall be curtailed and limited only to the extent necessary to bring it within legal requirements. 
 (d) This Agreement shall
inure to the benefit of and be enforceable by Executive and Executive’s heirs, executors, administrators and legal representatives, by the Company and its successors and assigns (and with respect to Paragraph 16, affiliates and

  

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securityholders of the Company and their successors and assigns). This Agreement and all rights hereunder are personal to Executive and shall not be assignable. The Company may assign its rights
under this Agreement to any successor and will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by operation of law or by
agreement, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

(e) If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect the other provisions
or application of this Agreement that can be given effect without the invalid provisions or application, and to this end the provisions of this Agreement are declared to be severable. 

19. Governing Law. Except for the provisions of Paragraph 26, which shall be governed by Delaware law, this Agreement shall be
governed by and construed in accordance with the laws of the State of California without reference to principles of conflict of laws. 

20. Taxes. All payments required to be made to Executive hereunder, whether during the term of Executive’s employment
hereunder or otherwise, shall be subject to all applicable federal, state and local tax withholding laws. 
 21. Headings,
Etc. The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of the provisions of this Agreement. Unless otherwise provided, references herein to
Exhibits and Paragraphs refer to Exhibits to and Paragraphs of this Agreement. 
 22. Attorney’s Fees and Costs. The
Company agrees to pay the reasonable costs and expenses of one firm of counsel with respect to its representation of Executive in connection with the negotiation of this Agreement and the agreements and arrangements referred to herein, up to a
maximum of $10,000 (including related costs and disbursements), upon presentation of reasonable documentation thereof. Any reimbursement of legal costs or expenses Executive may be entitled to receive pursuant to this Section shall be paid as soon
as practicable, but no later than the last day of the calendar year following the calendar year in which such cost or expense was incurred. 

23. Arbitration. Any dispute or controversy between Company or its affiliates and Executive, arising out of or relating to this
Agreement, the breach of this Agreement, or otherwise, shall be settled by arbitration in San Diego, California administered by the American Arbitration Association in accordance with its Commercial Rules then in effect and judgment on the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the
issuance of an injunction. However, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief
until the arbitration award is rendered or the controversy is otherwise resolved. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an

  

 - 12 - 

 
arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of Company and Executive. Each party shall bear its or his costs and
expenses in any arbitration hereunder and one-half of the arbitrator’s fees and costs; provided, however, that the arbitrator shall have the discretion to award the prevailing party reimbursement of its or his reasonable
attorney’s fees and costs. 
 24. Survival. Executive’s obligations under the provisions of Paragraphs 11, 12,
13 and 14, as well as the provisions of Paragraphs 7, 9(d), and 18 through and including 21 and Paragraphs 23, 24 and 25, shall survive the termination or expiration of this Agreement. 

25. Confidentiality. The parties agree that the existence and terms of this Agreement are and shall remain confidential. The
parties shall not disclose the fact of this Agreement or any of its terms or provisions to any person without the prior written consent of the other party hereto; provided, however, that nothing in this Paragraph 25 shall prohibit
disclosure of such information to the extent required by law, nor prohibit disclosure of such information by Executive to any legal or financial consultant, all of whom shall first agree to be bound by the confidentiality provisions of this
Paragraph 25, nor prohibit disclosure of such information by or within the Company in the ordinary course of its business to those persons with a need to know, as reasonably determined by the Company, or by the Company to any legal or financial
consultant. 
 26. Indemnification. The Company shall, to the fullest extent permitted by Delaware law, indemnify
Executive from and against any and all losses, claims, damages, liabilities, costs and expenses (including attorneys’ fees and costs), judgments, fines, settlements, and other amounts arising from any and all claims, demands, actions, suits or
proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Company after the date hereof in which Executive may be involved, or is threatened to be involved, as a party or otherwise, unless it is established
that an act or omission of the Executive was material to the matter giving rise to the claim, demand, action, suit or proceeding and (i) was committed in bad faith, (ii) was the result of active and deliberate dishonesty, or
(iii) constituted gross negligence or willful misconduct or a willful breach of the Parent’s limited partnership agreement, the Company’s operating agreement, this Agreement or any other agreement to which Executive is a party. Any
indemnification pursuant to this Paragraph 26 shall be made only out of the assets of the Company, and no member shall be required to contribute or advance funds to the Company to enable the Company to satisfy its obligations under this Paragraph
26. Reasonable expenses incurred by Executive if he is a party to a proceeding to which these provisions are applicable shall be paid or reimbursed by the Company in advance of the final disposition of the proceeding upon receipt by the Company of
(i) a written affirmation by Executive of his good faith belief that he is entitled to indemnification by the Company pursuant to this Paragraph 26 with respect to such expenses and proceeding, and (ii) a written undertaking by or on
behalf of Executive, to and in favor of the Company, wherein the Executive agrees to repay the amount if it shall ultimately be adjudged not to have been entitled to indemnification under this Paragraph 26. 

27. Construction. Each party has cooperated in the drafting and preparation of this Agreement. Therefore, in any construction to
be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter. 
  

 - 13 - 

 28. Guarantee. The Company hereby represents to Executive that it is indirectly
controlled 100% by Parent. Parent, by signing below, hereby agrees to cause the Company to perform each of its obligations hereunder and further agrees that if, after notice, the Company fails to meet any obligations hereunder, Parent shall be
responsible and liable for such performance. In addition, Parent acknowledges and agrees that Executive shall be Executive Vice President and Chief Financial Officer of Parent as described in Paragraphs 1 and 2. 

 

 - 14 - 

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

			
	COMPANY:
	
	BUMBLE BEE FOODS, LLC
		
	By:	 	 /s/ Christopher Lischewski

		 	Name:  Christopher Lischewski
		 	Title:  President and Chief Executive Officer
	
	EXECUTIVE:
	
	 /s/ Kent McNeil

	Kent McNeil

 Acknowledged and agreed for
purposes of Paragraph 28 above: 
  

			
	CONNORS BROS., L.P.
		
	By:	 	 /s/ John Stiker

		 	Name:  John Stiker
		 	Title:  Vice President

 EXHIBIT A 

SUBSCRIPTION AGREEMENT 
  

 - 16 - 

 EXHIBIT B 

LOAN DOCUMENTATION 
  

 - 17 - 

 EXHIBIT C 

FORM OF GRANT OF RESTRICTED INTERESTS 
  

 - 18 - 

 EXHIBIT D-1 

FORM OF SERIES A OPTION GRANT 
  

 - 19 - 

 EXHIBIT D-2 

FORM OF SERIES B OPTION GRANT 
  

 - 20 - 

 EXHIBIT D-3 

FORM OF SERIES C OPTION GRANT 
  

 - 21 - 

 EXHIBIT D-4 

FORM OF SERIES D OPTION GRANT 
  

 - 22 -Connors Bros., L.P. Amended and Restated Unit Option Plan

 Exhibit 10.17 

CONNORS BROS., L.P. 

AMENDED AND RESTATED UNIT OPTION PLAN 

EFFECTIVE DATE: July     , 2009 

SECTION 1. THE PLAN 

1.1 Purpose. The purpose of this Plan is to promote the success of the Partnership and the interests of its partners by
attracting, motivating, retaining and rewarding officers, employees, consultants, independent contractors, agents and non-employee directors and/or managers with awards and incentives for high levels of individual performance and improved financial
performance of the Partnership. Capitalized terms used herein are defined in Section 15. 
 1.2 Types of Options.
In connection with the adoption of the Plan, the Partnership is issuing Options to acquire Class A Common Units. The Partnership may issue additional Options to acquire Class A Common Units and may issue different types of Options pursuant
to this Plan. 
 1.3 Administration. 

(a) This Plan shall be administered by a committee designated by the Board consisting of two or more members or executive officers of the
Board or of the Partnership (the “Committee”). In the absence of a Committee, the Board shall administer this Plan. 

(b) The Committee shall, subject to the terms of this Plan, select eligible officers, other key employees, consultants, independent
contractors, agents and non-employee directors and/or managers for participation in this Plan and shall determine the number of Class A Common Units subject to each Option granted hereunder, the exercise price of such Option, the time and
conditions of exercise of such Option and all other terms and conditions of such Option, including, without limitation, the form of the Option Agreement. The Committee shall, subject to the terms of this Plan, interpret this Plan and the application
hereof, establish rules and regulations it deems necessary or desirable to the administration of this Plan and may impose, incidental to the grant of an Option, conditions with respect to the grant, such as limiting competitive employment or other
activities. All such interpretations, rules, regulations and conditions shall be final, binding and conclusive. Notwithstanding the foregoing, in the case of the grant of an Option to an officer, a manager and/or a director who is a member of the
Committee, the terms and conditions of such Option shall be subject to approval by the Board. Each Option shall be evidenced by a written instrument (an “Option Agreement”) executed by the Partnership and the Participant
setting forth the terms and conditions of such Option. 
 (c) A majority of the Committee shall constitute a quorum. The acts
of the Committee shall be either (i) acts approved by a majority of the members of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by a majority of the members of the Committee without a
meeting. 

 1.4 Eligibility. Participants in this Plan shall consist of such officers,
other key employees, consultants, independent contractors, agents and non-employee managers and/or directors of the Partnership, its Subsidiaries, the General Partner and any other entity designated by the Board or the Committee. For purposes of
this Plan, references to employment shall also mean an agency or independent contractor relationship and references to employment by the Partnership shall also mean employment by a Subsidiary. The Committee’s selection of a person to
participate in this Plan at any time shall not require the Committee to select such person to participate in this Plan at any other time. 

1.5 Class A Common Units Available. An aggregate of 23,133.82 Class A Common Units shall be available for grants
of Options under this Plan. To the extent that Class A Common Units subject to an outstanding Option are not issued or delivered by reason of the expiration, termination, cancellation or forfeiture of such Option, in whole or in part, then such
Class A Common Units shall again be available under this Plan. If the Partnership shall: (i) make a distribution on Class A Common Units payable in Class A Common Units, (ii) subdivide the outstanding Class A Common
Units into a greater number of Class A Common Units, (iii) combine the outstanding Class A Common Units into a smaller number of Class A Common Units or (iv) issue any units (“New Units”) representing
the beneficial ownership of Partnership interests in the Partnership in a reclassification of the Class A Common Units (including any such reclassification in connection with the creation of new classes of partners in the Partnership), then in
each such case the number or kinds of Class A Common Units then subject to or available for Option grants under this Plan, and/or the price to be paid for such Class A Common Units, shall be proportionately adjusted to preserve the level
of economic benefits intended hereunder in light of such change as determined by the Committee in its reasonable discretion. 

SECTION 2. OPTIONS. 

2.1 Grants of Options. The Committee may, in its discretion, grant options to purchase Class A Common Units (an
“Option”) to such eligible persons as may be selected by the Committee. 
 2.2 Option
Agreement. No Option shall be valid until an Option Agreement relating thereto is executed by the Partnership and the Participant and, upon execution by the Partnership and the Participant and delivery of the Option Agreement to the
Partnership, such Option shall be effective as of the effective date set forth in the Option Agreement. 
 2.3 Terms of
Options. Options shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable: 

(a) Number of Class A Common Units and Purchase Price. The number of Class A Common Units subject to an Option and the
price to be paid for such Class A Common Units shall be determined by the Committee; provided that (i) in 

 

 2 

 
the case of an Option granted to a Participant who is not a Canadian Participant, the purchase price for a Class A Common Unit shall not be less than the Fair Market Value of the
Class A Common Units subject to such Option determined as of the Date of Grant, and (ii) in the case of an Option granted to a Canadian Participant, the purchase price for a Class A Common Unit shall be an amount equal to:
(A) the Fair Market Value of the Class A Common Units subject to such Option determined as of the Date of Grant, less (B) CDN 0.01. Notwithstanding the foregoing, in the case of Options granted (other than to a Canadian Participant)
during the twelve-month period commencing on the effective date of the Plan set forth above, the purchase price per Class A Common Unit shall not be less than the per unit price paid by Centre for a Class A Common Unit upon the Closing (as
defined in the Acquisition Agreement). 
 (b) Option Period and Exercisability. The period during which an Option may be
exercised shall be determined by the Committee. The Committee may, in its sole discretion, establish performance measures or other criteria which shall be satisfied or met as a condition to the grant of an Option or to the exercisability of all or a
portion of an Option. The Committee shall determine whether an Option shall become exercisable in cumulative or non-cumulative installments and in part or in full at any time. An exercisable Option, or portion thereof, may be exercised only with
respect to whole Class A Common Units. 
 (c) Method of Exercise. An Option may be exercised (i) by giving
written notice to the Partnership specifying the number of whole Class A Common Units to be purchased and accompanied by payment therefor in full (or arrangement made for such payment to the Partnership’s satisfaction, in its sole
discretion) either (A) in cash, (B) if approved by the Committee in its sole discretion, by delivery of previously owned whole Class A Common Units (for which the Participant has good title, free and clear of all liens and
encumbrances) having a Fair Market Value determined as of the date of exercise, equal to the aggregate purchase price payable by reason of such exercise, (C) if approved by the Committee in its sole discretion, in cash by a broker-dealer
acceptable to the Partnership to whom the Participant has submitted an irrevocable notice of exercise, (D) if approved by the Committee in its sole discretion, by delivery of a full recourse promissory note on such terms and conditions as may
be approved by the Committee, or (E) if approved by the Committee in its sole discretion, a combination of (A), (B), (C) and (D) and (ii) by executing such documents as the Partnership may reasonably request. Any fraction of a
Class A Common Unit which would be required to pay such purchase price shall be disregarded and the remaining amount due shall be paid in cash by the Participant. No certificate, to the extent any Class A Common Units are certificated,
representing Class A Common Units shall be delivered until the full purchase price therefor has been paid (or arrangement made for such payment to the Partnership’s satisfaction). 

2.4 Termination of Employment. Unless otherwise specified in the Option Agreement relating to an Option, if a
Participant’s employment, management or directorship of or with the Partnership, any of its Subsidiaries and/or the General Partner terminates for any reason, each Option held by such Participant shall be exercisable only to the extent that
such Option is exercisable on the effective date of such Participant’s 
  

 3 

 
termination of employment, management or directorship, as the case may be, and may thereafter be exercised by such Participant (or such Participant’s legal representative or similar person)
until and including the earlier to occur of (a) the date which is set forth in the Option Agreement relating to such Option’s expiration after the effective date of such Participant’s termination of employment, management or
directorship, as the case may be, and (b) the Expiration Date of such Option. 
 2.5 Acceleration. In the
sole discretion of the Committee, the terms of an Option Agreement may provide that, in the event of the occurrence of an Acceleration Event, the vesting of some or all of a Participant’s outstanding Options shall, immediately upon the
occurrence of such Acceleration Event or at such other time specified in the Option Agreement, be accelerated, in part or in full. Further, the Committee may, at any time, accelerate the vesting of any Option issued hereunder, in part or in full.

 2.6 Non-Transferability. Each Option is subject to restrictions on transfer as set forth in the Option
Agreement relating to such Option. 
 SECTION 3. EFFECTIVE DATE AND TERM OF PLAN. This Plan was originally effective as of
November 18, 2008 and was approved by the General Partner of the Partnership, as the general partner of the Partnership. Notwithstanding the foregoing, this Plan was not effective in the State of Maryland until March 15, 2009, accordingly,
no Options were granted under this Plan to residents of the State of Maryland until after such date. This Plan shall terminate when Class A Common Units are no longer available for the grant of Options, unless terminated earlier by the
Committee. Termination of this Plan shall not affect the terms or conditions of any Option granted prior to termination. 

SECTION 4. AMENDMENTS. The Committee may amend this Plan as it shall deem advisable, subject to any requirement of partner approval
required by applicable law, rule or regulation, including Rule 16b-3 under the Exchange Act and Sections 162(m) and 280G of the Internal Revenue Code of 1986, as amended (the “Code”). No amendment may impair the rights of a
Participant under an outstanding Option Agreement without the consent of such Participant. 
 SECTION 5. ADJUSTMENT. 

5.1 In the event of any extraordinary distribution to holders of Class A Common Units other than an ordinary cash dividend (or
tax distribution), as determined by the Committee in its reasonable discretion, the Committee shall make appropriate adjustment (x) to the number and kind of Class A Common Units (or New Units) subject to the Option and/or (y) to the
Unit Option Price to be paid for such Class A Common Units subject to the Option to preserve the level of economic benefits intended hereunder in light of such event, as determined by the Committee in exercise of its reasonable discretion;
provided, however that such adjustment shall only be made if the Committee reasonably determines that such adjustment would be permissible under Section 409A of the Code. Such adjustment(s) shall be made successively whenever any event listed
in this Section 5.1 shall occur. 
  

 4 

 5.2 If, as a result of an adjustment made pursuant to Section 5.1, the Holder
shall become entitled to receive any New Units, thereafter the number of such New Units so receivable upon exercise of this Option shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the Class A Common Units in Section 5.1. 
 SECTION 6. TAX WITHHOLDING. The Partnership
shall have the right to require, prior to the issuance or delivery of any Class A Common Units or any other deemed or actual payment pursuant to this Plan or any Option Agreement, payment by the Participant of any Federal, state, provincial,
local or other taxes which may be required to be withheld or paid in connection with an Option hereunder. Regardless of the terms of any Option Agreement, (i) if approved by the Committee in its sole discretion, the Partnership may withhold
whole Class A Common Units which would otherwise be delivered upon exercise of the Option having an aggregate Fair Market Value determined as of the date an obligation to withhold or pay taxes arises in connection with the Option (the
“Tax Date”) in the amount necessary to satisfy any such obligation or (ii) the Participant may satisfy any such obligation by any of the following means: (A) a cash payment to the Partnership, (B) if approved
by the Committee in its sole discretion and subject to applicable law, delivery to the Partnership of previously owned whole Class A Common Units, for which the Participant has good title, free and clear of all liens and encumbrances, having an
aggregate Fair Market Value determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation, (C) if approved by the Committee in its sole discretion, authorizing the Partnership to withhold whole Class A Common
Units which would otherwise be delivered upon exercise of the Option having an aggregate Fair Market Value determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation, (D) if approved by the Committee in its sole
discretion, a cash payment by a broker-dealer acceptable to the Partnership to whom the Participant has submitted an irrevocable notice of exercise or (E) if approved by the Committee in its sole discretion, any combination of (A), (B),
(C) and (D). Any fraction of a Class A Common Unit which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by the Participant. 

SECTION 7. RESTRICTIONS ON CLASS A COMMON UNITS. Each Option granted hereunder shall be subject to the requirement that if at any time
the Partnership determines that the listing, registration or qualification of the Class A Common Units subject to such Option upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of
any other action is necessary or desirable as a condition of, or in connection with, the delivery of Class A Common Units thereunder, such Class A Common Units shall not be delivered unless such listing, registration, qualification,
consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Partnership. The Partnership may require that certificates (if any) evidencing Class A Common Units delivered pursuant to any
Option hereunder to bear a legend indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and regulations thereunder or such other
applicable law, rules or regulations, including, without limitation, Canadian securities law. 
  

 5 

 SECTION 8. NO RIGHT OF PARTICIPATION OR EMPLOYMENT. No person shall have any right to
participate in this Plan. Neither this Plan nor any Option granted hereunder shall confer upon any person any right to continued employment by or service with the Partnership, any of its Subsidiaries or the General Partner or affect in any manner
the right of the Partnership, any of its Subsidiaries or the General Partner to terminate the employment or service of any person at any time without liability hereunder. 

SECTION 9. HOLDER NOT A PARTNER. An Option does not confer upon the holder thereof any right to vote or to consent as a partner of the
Partnership, as such, in respect of any matters whatsoever, or any other rights or liabilities as a partner, prior to the exercise thereof as provided in the applicable Option Agreement. 

SECTION 10. DESIGNATION OF BENEFICIARY. If permitted by the Partnership, a Participant may file with the Committee a written
designation of one or more persons as such Participant’s beneficiary or beneficiaries (both primary and contingent) in the event of the Participant’s death. Each beneficiary designation shall become effective only when filed in writing
with the Committee during the Participant’s lifetime on a form prescribed by the Committee. The spouse of a married Participant domiciled in a community property jurisdiction shall join in any designation of a beneficiary other than such
spouse. The filing with the Committee of a new beneficiary designation shall cancel all previously filed beneficiary designations. If a Participant fails to designate a beneficiary, or if all designated beneficiaries of a Participant predecease the
Participant, then each outstanding Option hereunder held by such Participant, to the extent exercisable, may be exercised by such Participant’s executor, administrator, legal representative or similar person. 

SECTION 11. SEVERABILITY. Should any part of this Plan for any reason be declared invalid, such decision shall not affect the validity
of any remaining portion, which remaining portion shall remain in full force and effect as if this Plan had not contained the invalid portion thereof eliminated, and it is hereby declared the intention of the Partnership that it would have approved
and accepted the remaining portion of this Plan without including therein any such part, parts or portion which may, for any reason, be hereafter declared invalid. 

SECTION 12. INDEX AND CAPTIONS. The index and the descriptive headings of the various sections of this Plan are for convenience only
and shall not affect the meaning or construction of the provisions hereof. 
 SECTION 13. GOVERNING LAW AND JURISDICTION.

 (a) THIS PLAN, EACH OPTION HEREUNDER AND THE RELATED OPTION AGREEMENT, AND ALL DETERMINATIONS MADE AND ACTIONS TAKEN
PURSUANT THERETO SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW). 
  

 6 

 (b) EACH PARTICIPANT HEREBY IRREVOCABLY SUBMITS TO AND ACCEPTS FOR ITSELF AND ITS
PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF AND SERVICE OF PROCESS PURSUANT TO THE LAWS OF THE STATE OF DELAWARE AND THE RULES OF ITS COURTS, WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND AGREES TO BE BOUND BY ANY
JUDGMENT RENDERED THEREBY ARISING UNDER OR OUT OF IN RESPECT OF OR IN CONNECTION WITH THE PLAN OR ANY OPTION AGREEMENT GRANTED HEREUNDER. EACH PARTICIPANT FURTHER IRREVOCABLY DESIGNATES AND APPOINTS THE INDIVIDUAL IDENTIFIED IN THE SIGNATURE LINE OF
THE APPLICABLE OPTION AGREEMENT GRANTED HEREUNDER TO RECEIVE NOTICES ON ITS BEHALF AND AS ITS AGENT TO RECEIVE ON ITS BEHALF SERVICE OF ALL PROCESS IN ANY SUCH ACTION BEFORE ANY BODY, SUCH SERVICE BEING HEREBY ACKNOWLEDGED TO BE EFFECTIVE AND
BINDING SERVICE IN EVERY RESPECT. A COPY OF ANY SUCH PROCESS SO SERVED SHALL BE MAILED BY REGISTERED MAIL TO EACH PARTY AT ITS ADDRESS PROVIDED IN THE NOTICE SECTION OF THE APPLICABLE OPTION AGREEMENT GRANTED HEREUNDER; PROVIDED THAT, UNLESS
OTHERWISE PROVIDED BY APPLICABLE LAW, ANY FAILURE TO MAIL SUCH COPY SHALL NOT AFFECT THE VALIDITY OF THE SERVICE OF SUCH PROCESS. IF ANY AGENT SO APPOINTED REFUSES TO ACCEPT SERVICE, THE DESIGNATING PARTY HEREBY AGREES THAT SERVICE OF PROCESS
SUFFICIENT FOR PERSONAL JURISDICTION IN ANY ACTION AGAINST IT IN THE APPLICABLE JURISDICTION MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO ITS ADDRESS PROVIDED IN THE APPLICABLE OPTION AGREEMENT GRANTED HEREUNDER. EACH
PARTY TO THE OPTION AGREEMENT HEREBY ACKNOWLEDGES THAT SUCH SERVICE SHALL BE EFFECTIVE AND BINDING IN EVERY RESPECT. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF ANY PARTY TO
BRING ANY ACTION OR PROCEEDING AGAINST THE OTHER PARTY IN ANY OTHER JURISDICTION. 
 SECTION 14. INDEPENDENT
CONTRACTORS. With respect to any Participant who is an independent contractor, manager, director or consultant as of the Date of Grant, all references to employment in the Plan or in any Option Agreement shall be deemed a reference to
provision of services. 
 SECTION 15. DEFINITIONS. 

As used herein and in any Option Agreement, the following terms shall have the meanings specified below unless the context otherwise
requires: 
 “Acceleration Event” means a reorganization, merger, consolidation, sale

  

 7 

 
or other transaction, in each event which results in a disposition of all or substantially all of the assets of or common equity interests in the Partnership; provided that,
notwithstanding the foregoing, any reorganization or similar event effected to facilitate a refinancing or a public issuance of debt or equity securities shall not be deemed to be an “Acceleration Event.” 

“Acquisition Agreement” means the Business Acquisition Agreement, dated as of September 25, 2008, and the
Amending Agreement thereto, dated as of October 15, 2008 between Connors Bros. Income Fund, Connors Commercial Trust, Connors Bros., Limited, Clover Leaf Seafoods, L.P., Connors CL GP Limited, CL GP Bumble Bee Inc., BBCL Holdings L.P., and
3231021 Nova Scotia Company (as such agreement may be amended, amended and restated, supplemented or otherwise modified from time to time). 

“Board” means the board of directors, or other governing body, of CP V CB GP, LLC, a Delaware limited liability
company or, in the absence of such a body, the board of directors or other governing body of the Partnership or, in the absence of any of the foregoing, the Partnership or any successor entity. 

“Canadian Participant” means a Participant who is resident in Canada for the purposes of the Income Tax Act
(Canada). 
 “Cause” means (a) if the Participant is party to an employment agreement with the
General Partner, the Partnership or any of their respective Subsidiaries, “Cause” as defined therein or (b) in the event there is no such employment agreement, then “Cause” as used in this Plan means (i) the
Participant’s commission of a felony or any other crime involving moral turpitude, fraud, misrepresentation, embezzlement or theft; (ii) the Participant’s engaging in any activity that is harmful (including, without limitation,
alcoholic or other self-induced affliction), in a material respect, to the General Partner, the Partnership or any of their respective Subsidiaries, monetarily or otherwise, as determined by a majority of the Committee; (iii) the
Participant’s material malfeasance (including without limitation, any intentional act of fraud or theft or the intentional misrepresentation of any material financial or other operating results of the General Partner, the Partnership or any of
their respective Subsidiaries) in connection with the performance of his or her duties to the General Partner, the Partnership or any of their respective Subsidiaries; (iv) the Participant’s misconduct or gross negligence in connection
with the performance of his or her duties to the General Partner, the Partnership or any of their respective Subsidiaries; (v) the Participant’s significant violation of any statutory or common law duty of loyalty to the General Partner,
the Partnership or any of their respective Subsidiaries; (vi) the Participant’s material breach of (x) the terms and conditions of the Participant’s employment, (y) any restrictive covenant provision, including without
limitation, any applicable non-competition, non-solicitation, standstill, non-disparagement or confidentiality provision, of any agreement between the Participant and the General Partner, the Partnership, or any of their respective Subsidiaries, or
(z) a material policy of the General Partner, the Partnership or any of their respective Subsidiaries (including without limitation, disclosure or misuse of any confidential or competitively sensitive information or trade secrets of the General

  

 8 

 
Partner, the Partnership or any of their respective Subsidiaries); or (vii) the Participant’s refusal or failure to carry out directives or instructions of the Participant’s
supervisor, the Partnership’s Chief Executive Officer or the Board (or its designee), as applicable, that are consistent with the scope and nature of the Participant’s employment, in the case of clause (iv), (vi) or (vii) above,
only if such breach or failure continues for more than 10 days following written notice from the Partnership describing such breach or failure; provided, however, that the Participant shall be entitled to no more than one opportunity to cure with
respect to clauses (iv), (vi) and (vii). 
 “Centre” means Centre Capital Investors V, L.P.

 “Class A Common Unit” has the meaning set forth in the Partnership Agreement. 

“Committee” has the meaning set forth in Section 1.3(a) hereof. 

“Date of Grant” means the date of grant of an Option as specified on the first page of an Option Agreement.

 “Disability” means, (a) if the Participant is party to an employment agreement with the
Partnership, any of its Subsidiaries or the General Partner, “Disability” as defined therein or (b) in the event there is no such employment agreement, then “Disability” as used in this Plan means that the Participant has
been unable, for 90 consecutive days, or for periods aggregating 135 business days in any period of twelve months, to perform the Participant’s duties of employment with the Partnership, any of its Subsidiaries or the General Partner, as a
result of physical or mental impairment, illness or injury, as determined in good faith by the Committee. 

“EBITDA” means, with respect to any fiscal period, the Company’s (as such term is used in the Senior
Revolving Credit Agreement dated November 18, 2008, by and among 3231021 Nova Scotia Company, Bumble Bee Foods, LLC Wells Fargo Foothill, LLC, Wells Fargo Canada ULC and the lenders that are signatories thereto, as in effect as of such date
without regard to any subsequent amendments (the “Credit Agreement”)) combined net earnings (or loss), minus, to the extent increasing net income and without duplication, extraordinary gains and interest income, plus, to the extent
reducing net income and without duplication, Non-Cash Charges (as defined in the Credit Agreement), interest expense, federal, state, local, and foreign income tax expense and, without duplication, distributions made pursuant to Section 6.9(a),
(c), (d), (f) and (g) of the Credit Agreement, and depreciation and amortization for such period, in each case, determined on a consolidated basis in accordance with GAAP. 

“Expiration Date” has the meaning set forth in the applicable Option Agreement. 

“Fair Market Value” means the fair market value based upon an arm’s-length sale between a willing buyer and
a willing seller, as determined in the sole discretion of the Committee; provided, however, that, for purposes of determining the 

 

 9 

 
exercise price of an Option on the Date of Grant, in no event shall the Fair Market Value per Class A Common Unit be less than its “fair market value,” as determined for purposes
of Section 409A of the Code and the Treasury Regulations and other guidance issued thereunder (including, without limitation, Treasury Regulation Section 1.409A-1(b)(5)(iv)). 

“General Partner” means CP V CB GP, LLC, a Delaware limited liability company, and any successor entity.

 “New Units” has the meaning set forth in Section 1.5 hereof. 

“Option” has the meaning set forth in Section 2.1 hereof. 

“Option Agreement” has the meaning set forth in Section 1.3(b) hereof. 

“Participant” means the holder of any outstanding Option granted pursuant to the Plan. 

“Partnership” means Connors Bros., L.P., a Delaware limited partnership, and any successor entity. 

“Partnership Agreement” means the Limited Partnership Agreement of the Partnership, dated as of November 18,
2008, as it may be amended, amended and restated, supplemented, or otherwise modified from time to time. 

“Person” means any individual, general partnership, limited partnership, corporation, limited liability company,
joint venture, trust, business trust, cooperative or association. 
 “Plan” means the Connors Bros.,
L.P. Amended and Restated Unit Option Plan, as it may hereafter be amended, amended and restated, supplemented, or otherwise modified from time to time. 

“Qualified Public Offering” means a public offering (whether or not underwritten, but excluding any offering
pursuant to Form S-8 under the Securities Act or any other publicly registered offering pursuant to the Securities Act solely pertaining to an issuance of shares of common stock or securities exercisable therefor under any benefit plan, employee
compensation plan, or employee or director stock purchase plan) pursuant to an effective registration statement under the Securities Act and which results in gross proceeds of at least $50,000,000, and following which at least 20% of the common
stock of such resulting entity is traded on the New York Stock Exchange, the American Stock Exchange or the Toronto Stock Exchange or quoted on the National Association of Securities Dealers Automated Quotation System; provided, that the
Committee may reduce such thresholds in its sole discretion. 
 “Subsidiary” means, with respect to any
Person, any other Person in which such Person has a direct or indirect equity ownership interest in excess of 50%. 
  

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 “Tax Date” has the meaning set forth in Section 6 hereof.

 “Termination” means, with respect to any Participant who is an employee, manager or director of the
Partnership, any of its Subsidiaries or the General Partner, the termination by such Participant or by the Partnership, any of its Subsidiaries or the General Partner of such Participant’s employment, management or directorship with the
Partnership, any of its Subsidiaries or the General Partner following which the Participant does not continue to be employed by the Partnership or any of its Subsidiaries or provide service to the General Partner as a director or manager of the
General Partner. If a Subsidiary ceases to qualify as such, such event shall be a Termination of each Participant employed by that Subsidiary that does not continue following such event as an employee of the Partnership or another of its
Subsidiaries. 
 “Termination for Good Reason” means (a) if the Participant is party to an
employment agreement with the General Partner, the Partnership, or any of their respective Subsidiaries, a Termination for “Good Reason” as defined therein or (b) in the event there is no such employment agreement, then “Good
Reason” as used in this Plan means (i) a material reduction by the General Partner, the Partnership or any of their respective Subsidiaries, as the case may be, in the Participant’s base salary, unless such reduction is rescinded
within 15 days after the date of receipt by the Committee from the Participant of a written notice referring to a termination for Good Reason and describing such reduction; or (ii) a material diminution of the Participant’s
responsibilities or duties relative to other similarly situated employees of the General Partner, the Partnership or any of their respective Subsidiaries, as the case may be, which diminution is not rescinded within 15 days after the date of receipt
by the Partnership from the Participant of a written notice referring to a termination for Good Reason and describing such diminution. 

“Voluntary Termination” means, with respect to any Participant who is an employee, manager or director of the
Partnership, any of its Subsidiaries or the General Partner, the termination by such Participant of such Participant’s employment by the Partnership or any of its Subsidiaries or the termination of service to the General Partner as a director
or manager of the General Partner, other than a Termination for Good Reason. 
  

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