Document:

Exhibit 10.3

Exhibit 10.3

EMPLOYEE RESTRICTED STOCK UNIT AGREEMENT

RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) dated as of the Grant Date set forth
on Schedule A hereto, by and between RSC Holdings Inc., a Delaware corporation (the
“Company”), and the participant whose name appears on Schedule A hereto (the
“Participant”).

1. Grant of Restricted Stock Units. The Company hereby evidences and confirms its
grant to the Participant, effective as of the Grant Date, of the number of restricted stock units
specified on Schedule A hereto (the “Restricted Stock Units”). Except as otherwise
provided in this Agreement, this Agreement is subordinate to, and the terms and conditions of the
Restricted Stock Units granted hereunder are subject to, the terms and conditions of the RSC
Holdings Inc. Amended and Restated Stock Incentive Plan (the “Plan”), which are
incorporated by reference herein. If there is any inconsistency between the terms hereof and the
terms of the Plan, except as specifically provided herein, the terms of the Plan shall govern. Any
capitalized terms used herein without definition shall have the meanings set forth in the Plan.

2. Vesting of Restricted Stock Units. The vesting of the Restricted Stock Units shall
be as set forth on Schedule A hereto.

3. Settlement of Restricted Stock Units. Subject to Section 4 and Section 7(d), the
Company shall deliver to the Participant one Common Share in settlement of each outstanding
Restricted Stock Unit that has vested as provided on Schedule A hereto on the applicable
Delivery Date set forth on Schedule A hereto. Subject to Section 4 and Section 7(d), such
delivery shall be effectuated by either (A) issuing one or more stock certificates
evidencing the Common Shares to the Participant, (B) registering the issuance of the Common
Shares in the name of the Participant through a book entry credit in the records of the Company’s
transfer agent or (C) in the event of settlement upon a Change in Control, a cash payment
equal to the Change in Control Price multiplied by the number of vested Restricted Stock Units. No
fractional shares of stock shall be issued in respect of Restricted Stock Units. Fractional
Restricted Stock Units shall be settled through a cash payment equal to the Fair Market Value of
the Common Shares on the settlement date.

4. Securities Law Compliance.

(a) Notwithstanding any other provision of this Agreement, the Company shall not be required
to issue any shares of stock pursuant to this Agreement if the Company reasonably determines that
such issuance would be a violation of applicable securities laws. As a condition to the issuance
of shares of stock pursuant to this Agreement, the Company may require the Participant to furnish
or execute such other documents as the Company shall reasonably deem necessary to comply with or
satisfy the requirements of Securities Act of 1933, as amended (the “Securities Act”),
applicable state or non-U.S. securities laws or any other law.

(b) Notwithstanding any other provision of this Agreement, the Participant may not sell the
Common Shares acquired upon vesting of the Restricted Stock Units unless such shares are registered
under the Securities Act, or, if such shares are not then so registered, such sale would be exempt
from the registration requirements of the Securities Act. The sale of such shares must

 

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also comply with other applicable laws and regulations governing the share and Participant may
not sell the Common Shares if the Company determines that such sale would not be in material
compliance with such laws and regulations.

(c) Any shares issued in respect of this Agreement shall have endorsed thereon appropriate
legends as determined by the Company

5. Participant’s Rights with Respect to the Restricted Stock Units.

(a) Restrictions on Transferability. The Restricted Stock Units granted hereby are
not assignable or transferable, in whole or in part, and may not, directly or indirectly, be
offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or
encumbered (including without limitation by gift, operation of law or otherwise) other than by will
or by the laws of descent and distribution upon the Participant’s death.

(b) No Rights as Stockholder. The Participant shall have no rights as a stockholder
including any voting, dividend or other rights or privileges as a stockholder of the Company with
respect to any Common Shares corresponding to the Restricted Stock Units granted hereby unless and
until Common Shares are issued to the Participant in respect thereof.

6. Adjustment in Capitalization. The number, class or other terms of any outstanding
Restricted Stock Units shall be adjusted by the Compensation Committee to reflect any extraordinary
dividend, stock dividend, stock split or share combination or any recapitalization, business
combination, merger, consolidation, spin-off, exchange of shares, liquidation or dissolution of the
Company or other similar transaction affecting the Common Shares in order to prevent the dilution
or enlargement of benefits hereunder; provided, however, that in the event the Restricted Stock
Units that are the subject of this Agreement are intended to be “performance-based compensation”
for the purposes of Section 162(m) of the Code, no adjustment pursuant to this Section 6 shall be
made if such adjustment would cause the Restricted Stock Units to not qualify as such
performance-based compensation. For the avoidance of doubt, in the event that there is a Change in
Control, the foregoing limitation on the authority of the Compensation Committee shall not apply.

7. Miscellaneous.

(a) Binding Effect; Benefits. This Agreement shall be binding upon and inure to the
benefit of the parties to this Agreement and their respective successors and assigns. Nothing in
this Agreement, express or implied, is intended or shall be construed to give any person other than
the parties to this Agreement or their respective successors or assigns any legal or equitable
right, remedy or claim under or in respect of any agreement or any provision contained herein.

(b) No Right to Continued Employment. Nothing in the Plan or this Agreement shall
interfere with or limit in any way the right of the Company or any of its Subsidiaries to terminate
the Participant’s employment at any time, or confer upon the Participant any right to continue in
the employ of the Company or any of its Subsidiaries.

(c) Interpretation. The Compensation Committee shall have full power and discretion
to construe and interpret the Plan (and any rules and regulations issued thereunder) and this
Award.

 

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Any determination or interpretation by the Compensation Committee under or pursuant to the
Plan or this Award shall be final and binding and conclusive on all persons affected hereby.

(d) Tax Withholding. Unless otherwise determined by the Board, on or before the
Delivery Date defined on Schedule A, the Participant shall deliver to the Company full payment of
any amounts required to satisfy the Company’s withholding obligations related to the federal,
state, local and foreign taxes or other similar taxes, charges or fees which arise in connection
with the delivery of the Common Shares. Such payment may be made in one or more of the following
forms: (i) cash, or cash equivalents satisfactory to the Company in United States dollars; or (ii)
provided that on the Delivery Date the Common Shares are publicly traded and quoted regularly in
The Wall Street Journal, pursuant to a program developed under Regulation T as promulgated by the
Federal Reserve Board that, prior to the issuance of Common Shares, results in either the receipt
of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate
withholding amount to the Company from the sales proceeds. Additionally, the Board, in its sole
discretion and subject to such terms and conditions as it may establish, may permit the Participant
to elect to tender a whole number of Common Shares issuable pursuant to the Restricted Stock Units
to satisfy, in whole or in part, the Company’s withholding obligations related to the federal,
state, local and foreign taxes or other similar taxes, charges or fees which arise in connection
with the delivery of the Common Shares. In no event shall any whole number of Common Shares so
tendered have a Fair Market Value, determined on the Delivery Date, in excess of the minimum amount
required to be withheld by law (or such lower amount as may be necessary to avoid adverse
accounting consequences with respect to the Restricted Stock Units). Any adverse consequences to
the Participant arising in connection with such share withholding procedure shall be the
Participant’s sole responsibility.

(e) Forfeiture for Financial Reporting Misconduct. If the Company is required to
prepare an accounting restatement due to material noncompliance by the Company with any financial
reporting requirement under the securities laws, and if the Participant knowingly or grossly
negligently engaged in the misconduct or knowingly or grossly negligently failed to prevent the
misconduct as determined by the Compensation Committee, or if the Participant is one of the
individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002,
then the Participant shall forfeit and disgorge to the Company (i) any Restricted Stock
Units granted or vested and all gains earned or accrued due to the sale of any Common Shares
received in respect of the Restricted Stock Units during the 12-month period following the filing
of the financial document embodying such financial reporting requirement and (ii) any
Restricted Stock Units that vested based on the materially non- complying financial reporting.

(f) Applicable Law. This Agreement shall be governed by and construed in accordance
with the law of the State of Delaware regardless of the application of rules of conflict of law
that would apply the laws of any other jurisdiction.

(g) Participant Acknowledgements. By entering into this Agreement and accepting the
Restricted Stock Units evidenced hereby, the Participant understands and acknowledges: (A)
that the Plan is discretionary in nature and may be suspended or terminated by the Company at any
time; (B) that the Award does not create any contractual or other right to receive future
grants of Awards; (C) that participation in the Plan is voluntary; (D) that the
future value of the Common Shares is unknown and cannot be predicted with certainty; (E)
that the Company has advised that

 

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the Participant should seek independent professional advice regarding the tax and financial
consequences of the Restricted Stock Units; (F) that the Company has not provided the
Participant with any tax or financial advice relating to the Restricted Stock Units; (G)
that any tax or financial information provided by the Company that relates to the Restricted Stock
Units is for informational purposes only and may not be relied upon by the Participant; (H)
that, as of the Grant Date, this Agreement and the Plan set forth the entire understanding between
Participant and the Company regarding the grant of the Restricted Stock Units subject to this
Agreement and supersede all prior oral and written agreements on that subject; (I) that the
value of the Restricted Stock Units subject to this Agreement will not be included as compensation,
earnings, salaries, or other similar terms used when calculating the Participant’s benefits under
any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise
expressly provides; (J) that the Company expressly reserves its rights to amend, modify, or
terminate any of the Company’s or any Affiliate’s employee benefit plans; (K) that the
award represented by this Agreement is unfunded such that the Participant’s rights pursuant to this
Agreement are those of an unsecured creditor of the Company with respect to the Company’s
obligation, if any, to issue shares pursuant to this Agreement; (L) that nothing contained
in this Agreement, and no action taken pursuant to its provisions, will create or be construed to
create a trust of any kind or a fiduciary relationship between the Participant and the Company or
any other person; (M) that if the Participant is a “specified employee” as defined in
Section 409A of the Code, the provisions of Article XIV of the Plan may apply; and (N) that
the Participant has received a copy of the Plan and the RSC Holdings Inc. Amended and Restated
Stock Incentive Plan Prospectus.

(h) Limitation of Benefits. Section 9.3 of the Plan shall not apply to the Restricted
Stock Units. Instead, the following provisions of this Section 7(h) shall apply to the Restricted
Stock Units. If, whether as a result of accelerated vesting, the grant of an Alternative Award, as
described in Section 9.2 of the Plan, or otherwise, the Participant would receive any payment,
deemed payment or other benefit that, by itself or together with any other payment, deemed payment
or other benefit the Participant may receive under any other plan, program, policy or arrangement,
would (1) constitute a “parachute payment” under Section 280G of the Code, and (2) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code, then, notwithstanding
anything in this Agreement to the contrary, the payments, deemed payments or other benefits such
Participant would otherwise receive under this Agreement and any other relevant agreement shall be
equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion
of the payment(s) or other benefits that would result in no portion of any such payment(s) or other
benefits being subject to such excise tax or (y) the largest portion, up to and including the
total, of the payment(s) or other benefits, whichever amount, after taking into account all
applicable federal, state and local employment taxes, income taxes and the excise tax (all computed
at the highest applicable marginal rate), results in the Participant’s receipt, on an after-tax
basis, of the greater economic benefit notwithstanding that all or some portion of the payment(s)
or other benefits may be subject to such excise tax. If a reduction in payments and/or benefits is
necessary, such reduction shall occur in the manner that results in the greatest economic benefit
to the Participant. If more than one such manner of reduction of payments and/or benefits pursuant
to the preceding sentence will result in the same economic benefit to the Participant, such
payments and/or benefits shall be reduced pro rata.

(i) Employee Data Privacy. The Participant understands that the Company, and/or its
Affiliates hold certain personal information about the Participant, including but not limited to
the

 

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Participant’s name, home address, telephone number, date of birth, national social security or
social insurance number, salary, nationality, job title, and details of all Common Shares granted,
cancelled, vested, unvested, or outstanding (the “Personal Data”). Certain Personal Data may also
constitute “Sensitive Personal Data” within the meaning of applicable local law. Such data include
but are not limited to Personal Data and any changes thereto, and other appropriate personal and
financial data about the Participant. The Participant hereby provides express consent to the
Company and/or its Affiliates to collect, hold, and process any such Personal Data and Sensitive
Personal Data. The Participant also hereby provides express consent to the Company and/or its
Affiliates to transfer any such Personal Data and Sensitive Personal Data outside the country in
which the Participant is employed or retained, including the United States. The legal persons for
whom such Personal Data are intended are the Company, its Affiliates and any company providing
services to the Company or its Affiliates in connection with the administration of the Plan. The
Participant has been informed of the Participant’s right to access and correct the Participant’s
Personal Data by applying to the Company’s Human Resources Department.

(j) Authorization of Electronic Delivery. By executing this Agreement, Participant
hereby consents to the delivery of information (including, without limitation, information required
to be delivered to the Participant pursuant to applicable securities laws) regarding the Company
and the Subsidiaries, the Plan, this Agreement and the Restricted Stock Units via Company web site
or other electronic delivery. The Participant understands that any reference herein to a “written”
agreement or document shall include any agreement or document delivered electronically or posted on
the Company’s website, intranet, or designated internet site and consents to such electronic
delivery as a condition of the grant of the Restricted Stock Units.

(k) Headings and Captions. The section and other headings contained in this Agreement
are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.

(l) Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of which together shall constitute one and the
same instrument.

IN WITNESS WHEREOF, the Company and the Participant have executed this Agreement as of the
Grant Date.

	 	 	 	 	 
	 	RSC HOLDINGS INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Kevin J. Groman 	 
	 	 	Title:  	SVP and General Counsel 	 

 

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	 	PARTICIPANT:

 	 
	 	
 	 
	 	 	 
	 	Print Name:

 	 

 

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SCHEDULE A

TIME-BASED VESTING

(Not intended to be performance-based compensation for Section 162(m) purposes)

Name of Participant:                
                         

Restricted Stock Units: [insert]

Grant Date: [insert]

1. Definitions. For the purposes of this Schedule A, the following definitions
shall apply:

(a) “Continuous Service with the Company” shall mean uninterrupted service by the
Participant as an employee, director or independent contractor for the Company or any of its
Subsidiaries. For the purposes of the foregoing, a leave of absence shall not be considered
uninterrupted service except as provided in writing by the Company or as required by law.

(b) “Delivery Date” shall mean the first business day following the date the
Restricted Stock Unit vests, or as soon thereafter as practicable (but no later than the earlier of
(i) the date that is 90 days after the date the Restricted Stock Unit vests or (ii) the December 31
of the calendar year that includes the Vesting Date). Notwithstanding the foregoing, in the event
of vesting due to a Normal Retirement, the Delivery Date shall be determined as if the date the
Restricted Stock Unit vested was the Vesting Date.

(c) “Involuntary Termination Without Cause” shall mean a termination of the
Participant’s Continuous Service with the Company other than (A) a Special Termination,
(B) a voluntary termination effectuated by the Participant or (C) an involuntary
termination effectuated by the Company for Cause as defined in the Plan.

(d) “Vesting Date” shall mean               
                                  
            .

(e) “Vesting Proration Fraction” shall mean a fraction the numerator of which is the
number of days elapsed from the Grant Date through the Proration Date and the denominator of which
is the number of days from the Grant Date to the Vesting Date. In the event of a Special
Termination, the Proration Date shall be the date of the Special Termination. In the event of an
Involuntary Termination Without Cause, the Proration Date shall be the date of such Involuntary
Termination Without Cause.

2. Vesting. The Restricted Stock Units shall vest and become nonforfeitable, if at all, as
follows:

(a) Continuous Service Until the Vesting Date. If the Participant remains in
Continuous Service with the Company until the Vesting Date, 100% of the unvested and outstanding
Restricted Stock Units shall become vested and nonforfeitable on the Vesting Date.

 

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(b) Termination of Continuous Service.

(A) Special Termination. If the Participant’s Continuous Service with the Company is
terminated due to a Special Termination (i.e., by reason of death or Disability) prior to the
Vesting Date and prior to a Change in Control, the unvested and outstanding Restricted Stock Units
shall become vested and nonforfeitable to the extent of the number of such unvested Restricted
Stock Units multiplied by the Vesting Proration Fraction on the date of such Special Termination.
The remainder of each Restricted Stock Unit shall be forfeited and canceled as of the date of such
Special Termination.

(B) Involuntary Termination Without Cause. If the Participant’s Continuous Service
with the Company is terminated due to an Involuntary Termination Without Cause prior to the Vesting
Date and prior to a Change in Control, the unvested and outstanding Restricted Stock Units shall
become vested and nonforfeitable to the extent determine by the Board, in its sole discretion;
provided, however, that the maximum number of Restricted Stock Units that become vested shall not
exceed the number of such unvested Restricted Stock Units multiplied by the Vesting Proration
Fraction on the date of such Involuntary Termination Without Cause. The remainder of each
Restricted Stock Unit shall be forfeited and canceled as of the date of such Involuntary
Termination Without Cause.

(C) Change in Control. If the Participant’s Continuous Service with the Company is
terminated due to a Special Termination (i.e., by reason of death or Disability) or an Involuntary
Termination Without Cause prior to the Vesting Date and on or after the effective date of the
Change in Control, all of the then unvested and outstanding Restricted Stock Units shall become
vested and nonforfeitable on the date of such Special Termination or Involuntary Termination
Without Cause.

(D) Normal Retirement. If the Participant’s Continuous Service with the Company is
terminated due to the Participant’s Normal Retirement prior to the date that all of the Restricted
Stock Units become vested and nonforfeitable, all of the Restricted Stock Units that are not vested
and nonforfeitable shall become vested and nonforfeitable on the effective date of such Normal
Retirement.

(E) Termination of Continuous Service for Any Other Reason. If the Participant’s
Continuous Service with the Company is terminated prior to the Vesting Date for any reason, all
unvested Restricted Stock Units after the application of the foregoing provisions of this Section
2(b) shall immediately be forfeited and canceled effective as of the date on which the
Participant’s Continuous Service with the Company is terminated.

 

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SCHEDULE A

PERFORMANCE-BASED VESTING

(Intended to be performance-based compensation for Section 162(m) purposes)

Name of Participant:                   
                      

Maximum Restricted Stock Units:                  
                       

Target Stock Units:                    
                     

Performance Period: Fiscal years                  
                       

Grant Date:                    
                     

1. Definitions. For the purposes of this Schedule A, the following definitions
shall apply:

(a) “Continuous Service with the Company” shall mean uninterrupted service by the
Participant as an employee, director or independent contractor for the Company or any of its
Subsidiaries. For the purposes of the foregoing, a leave of absence shall not be considered
uninterrupted service except as provided in writing by the Company or as required by law.

(b) “Delivery Date” shall mean the first business day following the Committee
Determination Date (as defined below), or as soon thereafter as practicable (but no later than the
earlier of (i) the date that is 90 days after the date the Restricted Stock Unit vests or (ii) the
December 31 of the calendar year that includes the Vesting Date). In the event of a Change in
Control that does not result in acceleration of vesting pursuant to Section 9.1 of the Plan (i.e.,
there is an Alternative Award for the Restricted Stock Units as described in Section 9.2 of the
Plan), “Delivery Date” shall mean the date the Restricted Stock Unit vests, or as soon
thereafter as practicable (but no later than the earlier of (i) the date that is 90 days after the
date the Restricted Stock Unit vests or (ii) the December 31 of the calendar year that includes the
Vesting Date).

(c) “Employment Percentage” shall be determined as follows:

(A) Continuous Service Until the Vesting Date. If the Participant remains in
Continuous Service with the Company until                                 
        , the Employment Percentage shall be                     %.
Except as provided in Section 1(c)(B), prior to the          
                                the Employment
Percentage shall be zero.

(B) Termination of Continuous Service.

(i) Special Termination. If the Participant’s Continuous Service with the Company is
terminated prior to the Vesting Date and prior to a Change in Control due to a Special Termination
(i.e., by reason of the Participant’s death or Disability), the Employment Percentage shall be 100%
multiplied by the Vesting Proration Fraction.

 

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(ii) Involuntary Termination Without Cause. If the Participant’s Continuous Service
with the Company is terminated prior to the Vesting Date and prior to a Change in Control due to an
Involuntary Termination Without Cause, the Employment Percentage shall be determine by the Board,
in its sole discretion; provided, however, that the maximum value for the Employment Percentage
shall be 100% multiplied by the Vesting Proration Fraction.

(iii) Change in Control. If the Participant’s Continuous Service with the Company is
terminated due to a Special Termination (i.e., by reason of death or Disability) or an Involuntary
Termination Without Cause prior to the Vesting Date and on or after the effective date of the
Change in Control, the Employment Percentage shall be 100%.

(iv) Termination of Continuous Service for Any Other Reason. If the Participant’s
Continuous Service with the Company is discontinued prior to the Vesting Date for any reason and
the Employment Percentage is zero percent (0%) following the application of the foregoing
provisions of this Section 1(c)(B), all unvested Restricted Stock Units shall immediately be
forfeited and canceled effective as of the date on which the Participant’s Continuous Service with
the Company is terminated.

(d) “Involuntary Termination Without Cause” shall mean a termination of the
Participant’s Continuous Service with the Company other than (A) a Special Termination,
(B) a voluntary termination effectuated by the Participant or (C) an involuntary
termination effectuated by the Company for Cause as defined in the Plan.

(e) “Percentage of Target Stock Units Earned” shall be determined as follows:

(A) Notwithstanding the provisions of Section 9.2 of the Plan, in the event of a Change in
Control, the Percentage of Target Stock Units Earned shall be 100%.

(B) In all other cases, the Percentage of Target Stock Units Earned shall be determined as set
forth in Section 2(b) of this Schedule A.

(f) “Vesting Date” shall mean the 15th day following the last day of the
Performance Period.

(g) “Vesting Proration Fraction” shall mean a fraction the numerator of which is the
number of days elapsed from the Grant Date through the Proration Date and the denominator of which
is the number of days from the Grant Date to the Vesting Date. In the event of a Special
Termination, the Proration Date shall be the date of the Special Termination. In the event of an
Involuntary Termination Without Cause, the Proration Date shall be the date of such Involuntary
Termination Without Cause.

2. Vesting formula.

 

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(a) General. The number of Restricted Stock Units that vest and become nonforfeitable
shall be equal to the number of Target Stock Units multiplied by the Percentage of Target Stock
Units Earned multiplied by the Employment Percentage. No agreement entered into after the Grant
Date will be effective to amend, alter or waive satisfaction of the conditions of the preceding
formula unless such agreement specifically refers to this Agreement.

(b) Determination of the Percentage of Target Stock Units Earned Other than in a Change in
Control. The following table sets forth the percentage of the Target Stock Units earned at the
indicated performance levels (the “Actual Performance”) over the Performance Period:

[                          
              ]

No later than the earlier of (a) thirty (30) days after the receipt by the Compensation Committee
of the audited financial statements for the last year of the Performance Period or (b) sixty (60)
days after the Vesting Date, the Compensation Committee will determine (the date of such
determination being the “Committee Determination Date”) the Percentage of Target Stock
Units Earned (i.e., will determine the Actual Performance and the relevant percentage associated
with such Actual Performance). No Restricted Stock Units will be deemed to be vested based upon
the attainment of the performance conditions unless and until the Compensation Committee makes such
determination. Furthermore, the Compensation Committee shall have the sole and absolute discretion
to reduce the Percentage of Target Stock Units Earned below the percentage determined based on
Actual Performance. In no event will the Compensation Committee have discretion to increase the
Percentage of Target Stock Units Earned above the percentage determined based on Actual
Performance.

 

11Exhibit 10.1

Exhibit 10.1

MEMORANDUM OF UNDERSTANDING

Among

Horizon Lines, LLC, Horizon Lines of Alaska, LLC and

APM Terminals North America Inc.

Horizon Lines, LLC (“HL”), Horizon Lines of Alaska, LLC (“HLA”) and APM Terminals North America
Inc. (“APMT” or “Contractor”) hereby enter into this Memorandum of Understanding (“MOU”) as of
January 27, 2010. HL and HLA may be referred to hereinafter collectively as “Carrier”. Carrier and
Contractor may be referred to hereinafter individually as “Party” and collectively as “Parties”.

HL, HLA and APMT are parties to the Stevedoring and Terminal Services Agreement dated as of May 9,
2004, as amended by Amendment No. 1 dated as of December 12, 2004, and Amendment No. 2 dated as of
November 30, 2006 (which may be referred to hereinafter as the “Agreement”).

The Parties hereby mutually agree:

This MOU is binding and enforceable between and among HL, HLA and Contractor, subject to any final
agreement or Agreement amendment entered into between or among HL, HLA and Contractor. The terms
and conditions of this MOU supersede and replace any prior or contemporaneous, oral or written,
memorandum of understanding concerning the same subject matter as addressed herein. The terms and
conditions of any final agreement or Agreement amendment will supersede the terms and conditions of
this MOU in its entirety. The Parties intend to amend the Agreement according to the terms and
conditions of this MOU, including the Term Sheet, TP1 agreement and rate schedules attached hereto,
which are made a part of this MOU.

The effective date of this MOU will be January 1, 2010 (“Effective Date”). The Agreement as
amended by this MOU shall remain in effect for a period of six consecutive years, that is, from the
Effective Date through December 31, 2015. Carrier will have the option to extend the term beyond
2015 for an additional two years beginning January 1, 2016 at a Base Lift Rate and other financial
consideration, if any, as reflected on the Term Sheet attached. Any additional options to extend
the term are to be mutually agreed between the Parties.

The Agreement as amended by this MOU will apply to Jacksonville FL, Houston, TX, Los Angeles, CA,
Tacoma, WA and Elizabeth, NJ. However, the Carrier may remove Elizabeth, NJ from the scope of the
Agreement as amended by this MOU only if the Carrier relocates to a terminal location identified as
outside the State of New York or New Jersey Terminal Territory as defined in the Agreement’s
Exhibit A, Exclusive Terminals. With respect to the APMT Elizabeth terminal, APMT agrees:

	 	•	 	To provide discounted proposed rates as per attached rate schedule to Carrier
retroactively to January 1, 2010 if Carrier advises by April 1, 2010 that it will continue
to call Elizabeth weekly for the remainder of the term of the Agreement in 2010 and if an
extension is reached on the other four ports.

	 	•	 	If Carrier advises after April 1, 2010 to continue to call Elizabeth through the term
of the Agreement in 2010, then the new rates will be effective on the first of the month
following notification by Carrier.

 

 

 

	 	•	 	Should Carrier leaves and re-enters this Exclusive Terminal Territory (State of New
York or New Jersey) at any time during the term of this Agreement or any extension to said
Agreement, the Carrier will be obliged to call its vessels at APMT’s facility in Elizabeth,
NJ at the proposed discounted rates as per the attached rate schedule and the agreed to
performance standards.

Each of HL, HLA, and Contractor has executed this MOU below by its duly authorized representative.

CARRIER

Horizon Lines, LLC

By:  /s/
John V. Keenan

Name: John
V. Keenan

Title: President

Date: February 24,
2010

Horizon Lines of Alaska, LLC

By:  /s/
John V. Keenan

Name: John
V. Keenan

Title: President

Date: February 24,
2010

CONTRACTOR

APM Terminals North America Inc.

By: /s/
John E. Crowley

Name: John
E. Crowley

Title: Senior
Vice President

Date: February 23,
2010

 

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TP1 Agreement

TP1 Service Exclusivity Termination Options. Horizon Lines (“Line”) currently operates its
TP1 Service pursuant to an agreement with Maersk Line, which agreement is due to expire on or about
December 10, 2010. As a result of these arrangements, the Line requires flexibility with respect
to APMT’s (“Contractor”) exclusivity of this Agreement in Los Angeles and Tacoma (“Terminal”), and
the Contractor and the Line have agreed to the following options with respect to the Contractor’s
exclusivity under this Agreement:

1.1 First, between December 10, 2010 and December 31, 2010 (the “First Option Date”) the Line
may move the TP1 service to a different container terminal facility without terminating this
Agreement (the “First Option”), provided that (i) the Line has FMC filed and executed
vessel sharing, space charter or similar agreement for its TP1 Service with an ocean common carrier
who has a financial stake or existing, binding contractual commitment in a container facility in
the port where the TP1 calls, and the Contractor and such carrier are unable to reach mutual
agreement upon the terms and conditions pursuant to which the Contractor is willing to provide
marine terminal and stevedoring services to such carrier, and (ii) the Line has delivered written
notice of its election to exercise the First Option to the Contractor at least ninety (90) days
prior to the First Option Date to the Contractor and (iii) the VSA or space charter carrier uses
  *   .

1.2 Second, in the event that the Line has not otherwise exercised the First Option such that
the Line continues operations at the Terminal after the First Option Date, the Line may on December
31, 2012 (the “Second Option Date”) move the TP1 Service to a different container terminal
facility without terminating this Agreement (the “Second Option”), provided that in any such event,
(i) the Line has FMC files and executed a vessel sharing, space charter or similar agreement for
its TP1 Service with an ocean common carrier who has a financial stake or existing, binding
contractual commitment in a container facility in the port where the TP1 calls, and the Contractor
and such carrier are unable to reach mutual agreement upon the terms and conditions pursuant to
which the Contractor is willing to provide marine terminal and stevedoring services to such
carrier, and (ii) the Line has delivered written notice of its election to exercise the Second
Option to the Contractor at least one hundred and eighty (180) days prior to the Second Option Date
and (iii) the VSA or space charter carrier uses   *   .

1.3 Third, the Line may elect to postpone the exercise of the Second Option from December 31,
2012 to either December 31, 2013, or December 31, 2014, in its discretion, provided that it gives
written notice of such election to the Contractor no later than the First Option Date.

In the event that the Line exercises any of the options set forth herein, the parties will agree
upon a reasonable transition period for the orderly, efficient and smooth transfer of the Line’s
operations to another container terminal and terminal services provider.

1.4 Should the Line exercise any of these options, the annual bonus payments as defined in
this agreement, shall be   *   for each year that the TP1 does not call the Contractor’s
facility through December 31, 2015 unless the Line has similar regular liner service as it does
today at APMT Elizabeth facility.

1.5 Should the Line meet the obligations under 1.1 to 1.3, due to the ocean common carrier
having a contractual obligation in a container facility in the port where the TP1 calls, the
period of exclusivity will be reinstated upon the date of expiry of the space charter
agreement with the Ocean Common Carrier.

 

3

 

HORIZON LINES — APM TERMINALS

TERM SHEET

General:

	1.	 	Effective Date, Term and Extension

	 	1.1.	 	Effective date to be January 1, 2010 through December 31, 2015 for a period of
6 consecutive years.

	 	1.2.	 	This agreement covers Jacksonville, Florida, Houston, Texas, Los Angeles,
California and Tacoma, Washington. If Horizon continues to call Elizabeth New Jersey
then Elizabeth New Jersey will be covered under this agreement per attached rate
agreements.

	 	1.3.	 	This agreement will be an amendment and extension to the current contract.

	 	1.4.	 	Horizon may elect to extend the agreement beyond the initial term for 1 option
of 2 years each beginning January 1, 2016. Additional options to be mutually agreed.

	 	1.5.	 	If the extension is exercised, all Base Lift Rates will   *   beginning on
January 1, 2016. All other rates   *   allowed by contract. Bonuses will terminate
on January 1, 2016.

	 	1.6.	 	The term sheet is subject to the respective Board approvals and final
agreements.

	2.	 	Risk managers from both parties have concluded discussions and the agreed to revisions to the
liability clause which are attached to this term sheet. The language will be included in the
new Amendment.
	 
	3.	 	APMT will allocate shared costs on TP1 string between VSA partners provided that all carriers
sign off on the agreed split of charges.
	 
	4.	 	Horizon’s exclusivity to use APMT facilities will to be limited to the regularly scheduled
Jones Act services’ volume only and to exclude:

	 	4.1.	 	One-time international moves for dry-dock positioning voyages or one time
positioning voyages

	 	4.2.	 	The TP1 vessel string as per separate attachment.

	 	4.3.	 	New inter-coastal services provided that Horizon will use best efforts to use
APMT facilities/services in ports where service calls. Also Horizon will only use
another facility if required to obtain cargo from or deliver cargo to a specific
carrier.

	5.	 	APMT has the first right of refusal for stevedoring Horizon Line Vessels in North America at
Common User facilities.
	 
	6.	 	Reefer Services:

	 	6.1.	 	Once Horizon has a separate and distinct genset fleet, APMT will invoice
Horizon for the exact fuel placed into gensets. Fuel price will be based on the average
weekly rate posted on the following government web site (or similar website if this one
no longer available).
	 
	 	 	 	Horizon will provide proper notice of change and allow sufficient time for APMT to put
the procedural changes in place. APMT expects a 30 to 60 day advance notice with any
change starting on the first of a calendar month.
	 
	 	 	 	http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp

 

4

 

	 	6.2.	 	Reefer operational practices:

	 	6.2.1.	 	Issue: The practice of mount and dismounting of all gensets.
	 
	 	•	 	In Jacksonville APMT provides this service today to the extent
possible. Horizon is responsible for advising APMT of which chassis not to have
gensets mounted or dismounted. APMT Jacksonville follows Horizon’s instruction to
the extent feasible. There is no penalty if not matched.
	 
	 	•	 	Los Angeles will be able to start performing this service once
Horizon has its own separate and distinct genset and chassis fleet.
	 
	 	•	 	Stringing charge of   *   man hours at the current M&R rate
would apply where APMT keeps gensets mounted. (   *   man hours in Jacksonville)
	 
	 	•	 	In order to match empty reefers coming off vessel to an under-slung
genset chassis, the mechanics plug the reefer into the genset. If Horizon advises
APMT which genset to string and subsequently requests unit to be unstring, then
APMT will bill Horizon to perform action. APMT provides back up for the activity
by supplying the genset number and container number.
	 
	 	•	 	In Jacksonville and Los Angeles, if a genset needs to be dismounted
or serviced after receipt, then the drays, genset mount/dismount and
grounding/mounting activities would be for Horizon’s account.
	 
	 	•	 	In Houston and Tacoma, this service is unavailable.
	 
	 	6.2.2.	 	Issue: Pairing reefers to chassis with gensets (as currently performed
in JAX) from the ship or from the ground.
	 
	 	•	 	Jacksonville is the only location where this is feasible. This will
be done to the extent possible, based on Horizon’s instructions and no penalty if
not matched.
	 
	 	•	 	In Houston and Los Angeles, provided there is dedicated Horizon
chassis and genset fleet, then to the best possible extent, APMT will arrange that
reefer street turns (empty reefers entering the facility from the street) will be
received (gated in) without dismounting gensets. These units would then be
provided for customer export bookings. If a genset needs to be dismounted or
genset, chassis or container serviced after received, then the drays, genset
mount/dismount and grounding/mounting activities would be for Horizon’s account.
Horizon will provide instructions to APMT as to which units not to dismount.
	 
	 	•	 	Horizon asked for further clarification and to form a working team
to review process in Los Angeles.
	 
	 	•	 	There are options that may be available in other ports that will
require further discussions.

	7.	 	Both parties agree that APMT will not invoice Horizon for any service that is older than six
months and has not been billed, and Horizon Lines will not request a refund or dispute an
invoice that has been paid that is older than six months. Retroactive ILA or ILWU agreements
and assessments are not included.
	 
	8.	 	Issue: Chassis flip charges in grounded locations.

	 	•	 	Los Angeles today is mainly a wheeled operation for Horizon and Jacksonville is a
wheeled operation so therefore flip charges will apply.
	 
	 	•	 	In Tacoma, the flip line is at Horizon Lines CFS and not done by APMT for trucker owned
chassis.
	 
	 	•	 	APMT agrees at Houston facility, flips for hazardous containers staying on wheels are not
billable.
	 
	 	•	 	Flip charges otherwise apply.

 

5

 

	9.	 	APMT will work with Horizon Lines in providing asset management in 2011 as per 9.1 to 9.5
below if Horizon changes to a dedicated fleet of chassis and gensets. Provided Horizon has a
dedicated fleet of chassis and/or gensets, Horizon would then need to have visibility to
any/all gate transactions involving chassis and genset equipment to include bare chassis gate
movements. Horizon will be required to provide APMT with a fleet file inclusive of all Horizon
Line Chassis, Containers and Gensets.

	 	9.1.	 	On terminal asset inventories.

	 	 	 	System inventories for Horizon chassis designated as the owner chassis/gensets will be
available through on line reports.
	 
	 	9.2.	 	As requested by Horizon genset inventories and reconciliation.
	 
	 	 	 	APMT can provide this on a man hour basis or at a mutually agreed to flat rate.
	 
	 	9.3.	 	As requested by Horizon chassis inventories and reconciliation.
	 
	 	 	 	APMT can provide this on a man hour basis or at a mutually agreed to flat rate.
	 
	 	9.4.	 	Defined deadline chassis process to ensure loaded and empty containers are
mounted on road-worthy chassis.
	 
	 	 	 	This will be covered under the updated working procedures manuals.
	 
	 	9.5.	 	Defined process to identify and segregate deadlined chassis on the terminal.
	 
	 	 	 	If Chassis on receipt at terminal is determined to require service, the chassis will
be put out of service. This will be covered under the updated working procedures
manuals.

	10.	 	Minimum contractual wheeled empty allocations for Los Angeles and Tacoma

	 	10.1.	 	In Los Angeles, APMT will provide   *   empties on wheels (   *   empty
reefers and   *   empty 45’s)

	 	10.2.	 	In Tacoma, in 2010, APMT agrees to provide   *   empties on wheels with
breakdown   *   empties in good order,   *   empties in M&R and, if available,
  *   Maersk Line empties provided containers required by Horizon customers and no
additional mounting team is required. In 2011, the obligation will be reduced to   *  
wheeled empties.

	11.	 	APMT will address the IT process for responding to Horizon IT enhancements. APMT will
provide meaningful answers including estimated costs and time frames for enhancements for
items that Horizon has presented to APMT. This includes the list of items Horizon has recently
provided to APMT.

	12.	 	When Horizon enters the international trade, APMT will carry out on-boarding process with
Horizon Lines which will go through step by step, item by item terminal and customer
information flows. IT access as required for international trade and training will be provided
during the on-boarding process.
	 
	13.	 	Resolution and Correction of Performance Standard Shortfalls

	 	13.1.	 	If APMT is unable to reach or regularly maintain gate turn times/berth/crane
and productivity performance standards thereby adversely affecting Horizon Lines, then
both parties shall promptly meet to identify and resolve any issues. Horizon Lines
shall advise in writing to APMT of the failure of performance if meeting(s) at a local
level did not result in resolution of the issue(s).

	 	13.2.	 	Despite the implementation of resolution procedures, if APMT is unable to
maintain the performance standards as stated in 13.1 on a regular basis, through no
fault of Horizon, then APMT, at its cost, will employ commercially reasonable measures
to correct such performance shortfalls.

 

6

 

	 	13.3.	 	If conditions are the fault of APMT and can’t be resolved by APMT and become
permanent then Horizon will have the ability to terminate the contract for the
terminal(s) impacted by these performance standard shortfalls. Horizon must provide 90
days written notice after the resolution steps above have been exhausted prior to
terminating the contract.

	14.	 	If Horizon makes major changes to their staff at the Elizabeth terminal in 2010, APMT in 2010
will reduce the square footage charge to reflect the new staff levels. This may mean Horizon
having to move into a different office location on terminal.

	15.	 	Bonuses — APMT will provide Horizon Lines bonuses totaling   *   for the contract
period commencing January 1, 2010 through December 31, 2015. The cash payments will be as
follows:

	 	 	 	 	 
	2010
	 	 	  *  	 
	2011
	 	 	  *  	 
	2012
	 	 	  *  	 
	2013
	 	 	  *  	 
	2014
	 	 	  *  	 
	2015
	 	 	  *  	 

	 	 	A credit in the amount of   *   of the annual bonus amount will be paid   *   . The first
payment will be made on January 10, 2011. The bonus is based on Horizon services calling APMT’s
exclusive terminals as defined in the Agreement and amended in this MOU.

	16.	 	Rate Schedules and escalation — Rate Schedules Attached

 

7

 

	1.	 	Berth/Crane Guarantees 

	 	 	 	 	 	 	 
	 

	 	Houston —
	 	Berth:
	 	Thursday 0700 to Friday 0600
	 
	 	 	 	 	 	 
	 

	 	 	 	Cranes:
	 	Crane Density   *   cranes Thursday 0700 to 1800,
  *   cranes Thursday 1900 to Friday 0600
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Crane density provided crane split/moves allows for   *  
or   *   cranes and cutoff procedures adhered to.
	 
	 	 	 	 	 	 
	 

	 	 	 	Productivity:
	 	  *   moves per hour, average moves per hour per crane

per vessel operation
	 
	 	 	 	 	 	 
	 

	 	Jacksonville —
	 	Berth:
	 	Tuesday and Friday 0700 to 1800
	 
	 	 	 	 	 	 
	 

	 	 	 	Cranes:
	 	  *   cranes provided crane split and move count
allows for   *   cranes.
	 
	 	 	 	 	 	 
	 

	 	 	 	Productivity:
	 	  *   moves per hour, average moves per hour per crane
per vessel operation.
	 
	 	 	 	 	 	 
	 

	 	Los Angeles —
	 	Berth:
	 	Thursday 0800 to Saturday 0500 and Sunday 0800 to
Monday 0500
	 
	 	 	 	 	 	 
	 

	 	 	 	Cranes
	 	  *   cranes provided crane split and move count
allows for   *   cranes Friday 0800 to Saturday 0500 and   *  
crane Thursday 0800 to 1800.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	From 2011, APMT will provide   *   cranes on Thursday day or
  *   crane Thursday second shift if change in inbound volumes
requires the additional crane.
	 
	 	 	 	 	 	 
	 

	 	 	 	Productivity:
	 	APMT commits to completing the vessels by Saturday 0500
and Monday 0500 respectfully provided that split/moves allows, cargo
cut offs are defined and agreed to in updated working procedures
manual and there were not any circumstances beyond the control of
APMT which affected completion of vessel within the above proforma
window.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	It is not the intent to work vessel on 2nd or
3rd shift Thursday.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Both teams to work together making shift ganging decisions that
will not compromise Horizon’s vessel stow and customer service
requirements nor will they impact the ability to stevedore an
efficient and cost effective operation.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	This section based on current vessel capacities.
	 
	 	 	 	 	 	 
	 

	 	Tacoma —
	 	Berth:
	 	ALA 1 —  Wednesday 0700 to Wednesday 2400
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	ALA 2 — Friday 0700 to Friday 2400
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	PEX — Sunday 0700 to Sunday 1800
	 
	 	 	 	 	 	 
	 

	 	 	 	Cranes:
	 	Sufficient cranes to complete vessel within pro-forma
window.
	 
	 	 	 	 	 	 
	 

	 	 	 	Productivity:
	 	APMT commits to completing the vessels by Wednesday 2400
(2200 in winter months), and Friday 2400 (2200 in winter months)
respectfully provided that split/moves allows for at least four
crane split for 8 hours, cargo cut offs are defined and agreed to in
updated working procedures manual and there were not any
circumstances beyond the control of APMT which affected completion of vessel within the above proforma window.

 

8

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	APMT commits to completion of PEX vessels by Sunday 1800.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Both teams to work together making shift ganging decisions
that will not compromise Horizon’s vessel stow and customer
service requirements nor will they impact the ability to
stevedore an efficient and cost effective operation.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	This section based on the current vessel capacities.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Additional Agreement: 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Tuesday 1800 to Wednesday 0700 — Berth/Crane(s) will be
made available if operationally feasible.
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Thursday 1800 to Friday 0700 — Berth/Crane(s) will be made
available if operationally feasible.
	 
	 	 	 
	 

	 	 	 	 	 	APMT acknowledges that Horizon may have a summer service that
may require a berth/crane(s) on Monday. APMT will review
request for summer service annually on 60 day notice from
Horizon and use best efforts to provide cranes and berth
required.

For Jacksonville and Houston Production is measured as follows:

Productivity is based on from start of work to finish of work and APMT shall only be
required to meet this guarantee based on actual hours of work that excludes heavy lifts,
meal (and other planned) breaks and detentions beyond the control of APMT. Further
vessel productivity targets bar any extra ordinary operating conditions such as extreme
weather, strike or slow down beyond the control of the APMT.

	2.	 	Gate Turn Times

	 	 	 	 	 
	 

	 	Houston:
	 	APMT to achieve an average gate turn time of   *   minutes for a
single transaction and   *   minutes for a double transaction. APMT will also strive to
achieve lower gate turn times of   *   minutes for a single transaction and   *  
minutes for a double transaction.
	 
	 	 	 	 
	 

	 	Jacksonville:
	 	APMT to achieve an average gate turn time of   *   minutes for a single
transaction and   *   minutes for a double transaction. APMT
will also strive to achieve lower gate turn times of   *   minutes for a
single transaction and   *   minutes for a double transaction.
	 
	 	 	 	 
	 

	 	Los Angeles:
	 	APMT to achieve an average gate turn time of   *   minutes for a
single transaction and   *   minutes for a double transaction for both domestic and
international cargo. APMT will also strive to achieve lower gate turn times of   *  
minutes for a single transaction and   *   minutes for a double transaction.
	 
	 	 	 	 
	 

	 	 	 	APMT agrees to provide flex gates on Friday 1st and 2nd
shifts.
	 
	 	 	 	 
	 

	 	 	 	APMT agrees that when Horizon is no longer sharing another carrier’s equipment
which is a customer of APMT that Horizon will have separate empty pile. To
clarify, this is based on Horizon having its own separate and distinct
equipment pool.
	 
	 	 	 	 
	 

	 	 	 	APMT commits to work with Horizon Lines to take actionable steps to
reduce gate turn times for Horizon which includes the International
requirements.

 

9

 

	 	 	 	 	 
	 

	 	Tacoma:
	 	Until such time as APMT has another carrier on terminal, APMT to achieve
an average gate turn time of   *   minutes for a single transaction and   *   minutes
for a double transaction. When/if APMT has another carrier on terminal, APMT to achieve an
average gate turn time of   *   minutes for a single transaction and   *   minutes for
a double transaction. APMT will also strive to achieve lower gate turn times of   *  
minutes for a single transaction and   *   minutes for a double transaction.

In all cases, turn time is measured from gate pedestal to out gate and does not include
trouble transactions or Horizon not having sufficient good order equipment available.

	3.	 	Gate Trouble Transactions — Both parties will cooperate to reduce the number and
length of gate trouble transactions and to minimize any resultant cargo delays.
	 
	4.	 	Terminal Specific 

Houston

	 	1.	 	APMT agrees to establish gang hour rates based on 3 gangs provided Horizon agrees to
pay for the clerk guarantees when three gangs are utilized less than 8 hours (i.e. one
shift)

	 	2.	 	APMT will assist Horizon Lines with any claims to the Port Authority for Port Authority
crane breakdowns. If the Port Authority reimburses or provides a payment to APMT for Port
crane downtime then APMT agrees to remit these funds to Horizon Lines.

	 	3.	 	APMT agrees to increase freetime on rail containers that are under Horizon control
provided that a list of containers is received one business day (24 hours) prior to
container being received on terminal. Freetime on these containers will be provided up to a
max of   *   calendar days.

Jacksonville

	 	1.	 	APMT will assist Horizon Lines with any claims to the Port Authority for Port Authority
crane breakdowns. If the Port Authority reimburses or provides a
payment to APMT for Port crane downtime then APMT agrees to remit these funds to Horizon
Lines.

Tacoma

	 	1.	 	Horizon to utilize the pool of funds made available by the Port of Tacoma but will work
with APMT to prioritize the funds to consider investments in the Terminal.
	 
	 	2.	 	Storm water management — APMT and Horizon will require further legal review.

	 	3.	 	APMT would prefer to stop handling third party empty containers at our facility for
carriers that do not have a terminal agreement with APMT. This way the empties would not be
on terminal and Horizon would not receive any invoicing.
	 
	 	 	 	Or 
	 
	 	 	 	If Horizon has written agreement from ML to change the container operator to Horizon then
terminal system can be updated to reflect Horizon as operator and then empties will be
included under Horizon’s agreement.

 

10

 

Los Angeles

	 	1.	 	APMT agrees to pre-mount   *   empty reefers and shift them to the pre-trip pad by
the close of business of the shift following vessel discharge. This provided Horizon Lines
advises correct reefer types. If Horizon does not advise correct reefer types and
additional pre-mounts are required, any additional costs will be for Horizon’s account.
Note that this is in addition to the requirement to have   *   empty reefers positioned
to the reefer pads daily.

	 	2.	 	APMT agrees, if Horizon commences international trade, to have a separate area in yard
for Horizon loads. APMT agrees to discharge   *   Horizon International containers to
wheels.

Parties agree to discuss and implement the appropriate services required to support Horizon
customer service level for TP1.

Other

	 	1.	 	APMT and Horizon will work together to improve processes. Working procedures to be
updated in each terminal within 60 days of signing of the Amendment.

 

11

 

Changes agreed to by Parties risk management groups (item 2 in term sheet)

CLAUSE 10. Replace (b), (g), and (h); Add (o), (p) and (q)

(b) Contractor shall be liable for damage to or loss of cargo attributed to Contractor’s
proportionate share of negligence that is proven; however, Contractor’s liability to Carrier or any
cargo interests (i.e. third party or parties) shall be limited to the limitation in the Vessel’s
Bill of Lading (as defined in Section I hereof) and in any event shall not exceed the cost of such
amount(s) paid by Carrier. The Carrier agrees that it shall insert a Clause into the Vessel’s Bill
of Lading by which all defenses, exceptions, limitations of liability and other rights of Carrier,
shall be extended to Contractor subject to applicable laws failing which Carrier shall indemnify
Contractor for any and all amounts or liabilities imposed upon Contractor in excess of what
Contractor would have been responsible for if said clause had not been inserted.

(g) Limitation of Liability: Carrier agrees to include Contractor as an express beneficiary of the
limitation of liability provisions of all contracts of carriage (i.e. Vessel’s Bills of Lading) or
contracts of affreightment, as evidenced by the Vessel’s Bill of Lading and/or passenger tickets,
entered into by Carrier during the effective period of this Agreement and to extend to Contractor
the coverage of the Carriage of Goods by Sea Act of the United States (“COGSA”) to the period of
time prior to loading and subsequent to discharging while the cargo is in the custody of Carrier or
its agents or other contractors,
including Contractor. Regardless of any limitation of liability, even if no such limitation is
specified in Carrier’s contracts of carriage (i.e. Vessel’s Bills of Lading), contracts of
affreightment or otherwise, the maximum limitation amount for which Contractor shall be liable to
Carrier or any third party shall not exceed the highest amount as calculated between (i) and (ii)
below:

The Highest Of:

	 	(i)	 	$1,000/package ( a “package” being defined as including a unitized load, group
or assemblage and shall include a, skid, pallet, cradle or the like)
	 
	 	(ii)	 	The limitation under the Hague-Visby Rules as amended at Brussels December 21,
1979 (S.D.R. Protocol).

(o) Notwithstanding section (g) or any other language herein, Contractor reserves the right to
reject any payment by Carrier to a third party (due to settlement, adjudication or otherwise)
unless Carrier provides Contractor with prior notice of intent to make payment and receives
pre-approval and consent from Contractor in writing. Contractor will use best efforts to respond
to Carrier’s intent to make payment within 30days of receiving all relevant supporting claim
documentation.

 

12

 

(p) In the event that the shipper shall declare the value of the goods in a particular instance,
and such value shall be noted on the face of the bill of lading issued by Carrier to cover such
goods, and shipper shall pay or promise to pay extra freight charges to induce Carrier to increase
the limit of its liability to the declared amount, then, and in each such event, prior to the limit
of Contractor’s liability being similarly increased, Carrier shall:...

	 	(i)	 	Notify Contractor, in advance and in writing of Carrier’s intention to
reimburse Contractor for the cost of obtaining increased insurance to cover the
additional risk imposed upon Contractor in such case; or
	 
	 	(ii)	 	Indemnify Contractor against any liability in excess of Contractor’s maximum
limitation amount as described in (g) above.

(q) Claims of less than $300 in the aggregate arising from any one incident shall be resolved, in
the event brought by a third party, by the party against whom such claim is asserted. Carrier and
Contractor agree that they shall not assert claims against one another for amounts less than $300
in the aggregate arising from any one incident.

(h) Contractor is relieved of all liability to Carrier for all claims for cargo loss, delay, damage
or shortage of any nature or description unless a claim in writing has been made to Contractor, or
suit is brought or an arbitration proceeding is initiated against Contractor, within one year after
delivery of the goods or the date when the goods should have been delivered; or , if a claim has
been timely made, but declined, suit or an arbitration proceeding is not brought within two years
from the date of declination of the claim in whole or in part against Contractor. These time
periods also include suits for indemnity by Carrier against Contractor for payments paid or faced,
including subrogation claims, and no extension of time for suit by Carrier, its agents or assigns
to
any third party shall extend the time limitations set forth herein unless expressly agreed in
writing by Contractor.

 

13

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