Document:

Supplemental Indenture

 Exhibit 4.6 
 SUPPLEMENTAL INDENTURE 
 Supplemental Indenture (this “Supplemental Indenture”),
dated as of January 11, 2006, among American Pride Seafoods LLC, a Delaware limited liability company (the “Guaranteeing Subsidiary”) and wholly-owned subsidiary of American Seafoods Group LLC (or its permitted successor), a
Delaware limited liability company (the “Company”), the Company, American Seafoods Finance, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“ASF, Inc.” and together with the Company,
collectively, the “Issuers” and each an “Issuer”), the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee under the Indenture referred to below
(the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Company and ASF, Inc. have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of April 18, 2002 providing for the issuance of an aggregate
principal amount of $175 million of 10 1/8% Senior Subordinated Notes due 2010 (the “Notes”);

 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the obligations of the Issuers under the Notes and the Indenture on the terms and conditions set forth herein (the “Note
Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this
Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 
 (a) Along with all other Guarantors, to jointly and severally Guarantee to each Holder of a Note authenticated and delivered by the
Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that: 
 (i) the principal of and interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and 
  

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 all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (ii) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. This Note Guarantee is a guarantee of
payment and not of collection. 
 (b) The obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the
Companies, any action to enforce the same or any other circumstance that might otherwise constitute a legal or equitable discharge or defense of a guarantor. 
 (c) Subject to Section 6.06 of the Indenture, the following is hereby waived: diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever. 
 (d) The Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture.

 (e) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors, or any
Custodian, Trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect. 
 (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 
 (g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six of the Indenture for the purposes
of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as
provided in Article Six of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. 
  

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 (h) Pursuant to Section 11.03 of the Indenture, the obligations of such Guaranteeing
Subsidiary will not, after giving effect to any maximum amount and any other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws, and after giving effect to any collections from, rights to
receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article Eleven of the Indenture, result in the obligations of such Guarantor under its Note Guarantee
constituting a fraudulent transfer or conveyance. 
 3. Subordination. The Obligations of the Guaranteeing Subsidiary under its Note
Guarantee pursuant to this Supplemental Indenture shall be junior and subordinated to the prior payment in full of all Senior Debt of the Guaranteeing Subsidiary (including Senior Debt of the Guaranteeing Subsidiary incurred after the date of this
Indenture) on the same basis as the Notes are junior and subordinated to the Senior Debt of the Company as described in Article Ten of the Indenture. For the purposes of the foregoing sentence, the Trustee and the Holders shall have the right to
receive and/or retain payments by the Guaranteeing Subsidiary only at such time as they may receive and/or retain payments in respect of the Notes pursuant to the Indenture, including Article Ten thereof. 
 4. Execution and Delivery. Each Guaranteeing Subsidiary agrees that the Note Guarantees shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Note Guarantee. 
 5. Guaranteeing Subsidiary May Consolidate, Etc., on Certain
Terms. Except as otherwise provided in Section 11.06 of the Indenture, a Guarantor may not sell or otherwise dispose of all or substantially all of its assets, or consolidate with or merge with or into (whether or not such Guarantor is the
surviving Person) another Person other than the Company or another Guarantor, unless either: 
 (1) (a) immediately after giving effect
to such transaction, no Default or Event of Default exists; and 
 (b) the Person acquiring the property in any such sale or
disposition or the Person formed by or surviving any such consolidation or merger is a corporation or limited liability company, organized or existing under the laws of the United States, any state thereof or the District of Columbia and assumes all
the obligations of that Guarantor under this Indenture, its Note Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture satisfactory to the Trustee; or 
 (2) such sale or other disposition complies with Section 4.10, including the application of the Net Proceeds therefrom. 
 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by a Guarantor, such
successor Person shall succeed to and be substituted for a 
  

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 Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause
to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution
hereof. 
 Except as set forth in Articles 4 and 5 of the Indenture, and notwithstanding clauses (1) and (2) above, nothing
contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor. 
 6. Releases. 
 (a) Any Guarantor will be released and relieved of any obligations under its Note Guarantee (i) in connection with any sale of Capital Stock of a
Guarantor to a Person that is not (either before or after giving effect to such transaction) an Affiliate of the Company, in compliance with either clause (1) or clause (2) of the first paragraph of Section 4.16 of the Indenture;
(ii) if the Company properly designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary; or (iii) upon legal defeasance of the Company’s and all Guarantors’ obligations pursuant to Section 8.02 of
the Indenture or upon satisfaction and discharge of the Indenture pursuant to Section 12.01 of the Indenture. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or
other disposition was made by the Company in accordance with the provisions of the Indenture, including without limitation Section 4.16 thereof, the Trustee shall execute any documents reasonably required in order to evidence the release of any
Guarantor from its obligations under its Note Guarantee. 
 (b) Any Guarantor not released from its obligations under its Note Guarantee
shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article Eleven of the Indenture. 
 7. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, member, stockholder or agent of the
Guaranteeing Subsidiary (or any holder of an Equity Interest in the Guaranteeing Subsidiary), as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or
this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 8. NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

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 9. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement. 
 10. Effect of Headings. The Section
headings herein are for convenience only and shall not affect the construction hereof. 
 11. Trustee. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the
Company. 
 *    *    *    *    *    *    *    * 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
 Dated: January 11, 2006 
  

					
	AMERICAN PRIDE SEAFOODS LLC
		
	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 	its Managing Member
			
		 	By:	 	 /s/    BRAD BODENMAN

		 	Name:	 	Brad Bodenman
		 	Title:	 	Chief Financial Officer

  

									
	FORUM STAR LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
					
		 		 	By:	 		 	 /s/    BRAD BODENMAN

		 		 	Name:	 		 	Brad Bodenman
		 		 	Title:	 		 	Chief Financial Officer

  

			
	AMERICAN SEAFOODS GROUP LLC
		
	By:	 	 /s/    BRAD BODENMAN

	Name:	 	Brad Bodenman
	Title:	 	Chief Financial Officer
	
	AMERICAN SEAFOODS FINANCE, INC.
		
	By:	 	 /s/    BRAD BODENMAN

	Name:	 	Brad Bodenman
	Title:	 	Vice President and Treasurer

 Signature Page to Supplemental Indenture 

					
	AMERICAN CHALLENGER LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	 its Managing Member

			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

  

									
	AMERICAN DYNASTY LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	 its Managing Member

			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
					
		 		 	By:	 		 	 /s/    BRAD BODENMAN

		 		 	Name:	 		 	Brad Bodenman
		 		 	Title:	 		 	Chief Financial Officer

  

					
	AMERICAN SEAFOODS COMPANY LLC
		
	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 	its Managing Member
			
		 	By:	 	 /s/    BRAD BODENMAN

		 	Name:	 	Brad Bodenman
		 	Title:	 	Chief Financial Officer

  

									
	AMERICAN SEAFOODS INTERNATIONAL LLC
		
	By:	 	AMERICAN PRIDE SEAFOODS LLC,
		 	 its Managing Member

			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
					
		 		 	By:	 		 	 /s/    BRAD BODENMAN

		 		 	Name:	 		 	Brad Bodenman
		 		 	Title:	 		 	Chief Financial Officer

 Signature Page to Supplemental Indenture 

									
	AMERICAN SEAFOODS PROCESSING LLC
		
	By:	 	AMERICAN SEAFOODS INTERNATIONAL LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN PRIDE SEAFOODS LLC,
		 		 	its Managing Member
				
		 		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 		 	its Managing Member
					
		 		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 		 	Name:	 	Brad Bodenman
		 		 		 	Title:	 	Chief Financial Officer

  

							
	AMERICAN TRIUMPH LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

  

									
	THE HADLEY GROUP LLC
		
	By:	 	AMERICAN SEAFOODS INTERNATIONAL LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN PRIDE SEAFOODS LLC,
		 		 	its Managing Member
				
		 		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 		 	its Managing Member
					
		 		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 		 	Name:	 	Brad Bodenman
		 		 		 	Title:	 	Chief Financial Officer

 Signature Page to Supplemental Indenture 

							
	KATIE ANN LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

  

									
	NEW BEDFORD SEAFOODS LLC
		
	By:	 	AMERICAN SEAFOODS INTERNATIONAL LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN PRIDE SEAFOODS LLC,
		 		 	its Managing Member
				
		 		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 		 	its Managing Member
					
		 		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 		 	Name:	 	Brad Bodenman
		 		 		 	Title:	 	Chief Financial Officer

  

							
	NORTHERN EAGLE LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

 Signature Page to Supplemental Indenture 

							
	NORTHERN HAWK LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

  

							
	NORTHERN JAEGER LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

  

							
	OCEAN ROVER LLC
		
	By:	 	AMERICAN SEAFOODS COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

 Signature Page to Supplemental Indenture 

					
	PACIFIC LONGLINE COMPANY LLC
		
	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 	its Managing Member
			
		 	By:	 	 /s/    BRAD BODENMAN

		 	Name:	 	Brad Bodenman
		 	Title:	 	Chief Financial Officer

  

							
	SOUTHERN PRIDE CATFISH LLC
		
	By:	 	AMERICAN PRIDE SEAFOODS LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

  

			
	SOUTHERN PRIDE CATFISH TRUCKING, INC.
		
	By:	 	 /s/    BRAD BODENMAN

	Name:	 	Brad Bodenman
	Title:	 	Vice President and Treasurer

  

							
	LILLI ANN, LLC
		
	By:	 	PACIFIC LONGLINE COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

 Signature Page to Supplemental Indenture 

							
	NORTH CAPE FISHERIES, LLC
		
	By:	 	PACIFIC LONGLINE COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

  

							
	DEEP PACIFIC, LLC
		
	By:	 	PACIFIC LONGLINE COMPANY LLC,
		 	its Managing Member
			
		 	By:	 	AMERICAN SEAFOODS GROUP LLC,
		 		 	its Managing Member
				
		 		 	By:	 	 /s/    BRAD BODENMAN

		 		 	Name:	 	Brad Bodenman
		 		 	Title:	 	Chief Financial Officer

 Signature Page to Supplemental Indenture 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	AS TRUSTEE
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 Signature Page to Supplemental IndentureFirst Amended and Restated Membership Agreement

 Exhibit 10.1 
 FIRST AMENDED AND RESTATED MEMBERSHIP AGREEMENT 
  
 This FIRST AMENDED AND RESTATED MEMBERSHIP AGREEMENT is entered into as of September     , 2005, by and among ALASKA OCEAN SEAFOOD LIMITED PARTNERSHIP, a Washington limited partnership,
TRIDENT SEAFOODS CORPORATION, a Washington corporation, AMERICAN SEAFOODS COMPANY LLC, a Delaware limited liability company (“American”), ARCTIC FJORD, INC., a Washington corporation, ARCTIC STORM, INC., a Washington corporation, GLACIER
FISH COMPANY LLC, a Washington limited liability company, HIGHLAND LIGHT SEAFOODS, L.L.C., a Washington limited liability company, STARBOUND LLC, a Washington limited liability company, and any other members admitted pursuant to this Agreement
(together, the “Members”) and POLLOCK CONSERVATION COOPERATIVE, a Washington nonprofit corporation (the “Cooperative”). 
 RECITALS 
 A. The American Fisheries Act (Div. C, Title II of Public Law 105-277) (the “Act”) allocates the annual
quota for the Bering Sea pollock fishery among three harvesting sectors and defines the classes of vessels eligible to harvest within each sector. Under Sections 206(b) and 208(e) of the Act, 40% of the Bering Sea pollock resource (net of a 10%
allocation to the Community Development Quota program, and net of certain amounts reserved for incidental catch in non-pollock fisheries) is allocated to the catcher/processor sector (the “Catcher/Processor Allocation”), and the class of
catcher/processor vessels eligible to harvest the Catcher/Processor Allocation is limited to certain named vessels and such replacement vessels as may be permitted by the Act (the “Vessels”) and any catcher/processor qualifying under
Section 208(e)(21) of the Act. (The Vessels are identified on Exhibit B to this Agreement.) Pursuant to Section 210(c) of the Act, not less than 8.5% of the Catcher/Processor Allocation is to be made available to be harvested
by certain catcher vessels (the “Catcher Vessels”). 
 B. American is the bareboat charterer and manager of Vessels 1 through 7 on
Exhibit B. The other Members own Vessels 8 through 19. 
 C. The Bering Sea pollock fishery has traditionally been managed on an
“open access” or “Olympic competition” basis. Under this management regime, each fishery participant has an incentive to harvest as much resource as possible as quickly as possible, because when the common pool of the relevant
sector’s pollock quota is consumed, that sector is required to cease fishing. 
 D. Because it promotes a “race for the fish”,
open access management encourages wasteful fishing and processing practices (as participants have an incentive to maximize harvest rather than optimize utilization of their catch), and creates a strong disincentive to employ careful fishing
practices that have been demonstrated to reduce incidental catch of non-target species and increase product recovery rates. 
  

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 E. The Members believe that by reaching agreement concerning the amount of the Catcher/Processor
Allocation each of them will harvest, it will be feasible for them to reduce the pace of their harvesting activities, increase the amount of product produced per ton of fish harvested, and modify their fishing operations to reduce their incidental
catch of non-target species. 
 F. To promote their compliance with the Magnuson-Stevens Fishery Conservation and Management Act standards
promoting reduction of waste, discards and incidental catch of non-target species in the fisheries of the United States, and to reduce the incidental catch of non-target species in the Bering Sea fisheries, the Members desire to enter into an
agreement regarding certain fish harvesting activities. 
 Now, therefore, the parties agree as follows: 
 1.    Harvesting Plan. Each Member hereby agrees, subject to the terms and conditions of the Act, this Membership Agreement,
the Articles of Incorporation and the Bylaws of the Cooperative, and applicable restrictions under U.S. antitrust law, to harvest an annual percentage of the Bering Sea and Aleutian Islands resources no greater than provided under this Agreement.

 a.    Pollock. Each Member agrees to harvest an annual percentage of the Bering Sea/Aleutian Islands directed
pollock fishing allowance no greater than that Member’s percentage as set forth on the harvest schedule attached hereto as Exhibit A, (the “Harvest Schedule”). 
 b.    Non-Pollock Groundfish. Each member agrees to harvest an annual percentage of Bering Sea/Aleutian Islands non-pollock
groundfish no greater than the percentages determined in accordance with Subsections 1.b.(i) and 1.b.(ii), below 
 (i)    Directed Catch. Section 211(b) of the Act prohibits the Vessels from, in the aggregate, exceeding the percentage of the Harvest available to the offshore component of any non-pollock Bering Sea and
Aleutian Islands groundfish fishery, that is equivalent to the total harvest by the Vessels and certain named ineligible vessels (listed in Section 209 of the Act) (collectively, the “Contributing Vessels”) in such fishery in 1995,
1996 and 1997 (the “Base Years”), relative to the total amount available to have been harvested by the offshore component in such fishery in the Base Years. To facilitate compliance with the limit described in this Section, all Members
shall annually allocate among themselves the amount of non-pollock groundfish allocations available for directed harvest by the Vessels in direct proportion to the catch history of the Contributing Vessels in the Base Years, or during such other
year(s) as all Members may agree. The provisions of Section 3 shall apply to any Member’s failure to comply with such allocation. 
 (ii)    Incidental Catch. All amounts of non-pollock groundfish reserved by NMFS for bycatch purposes shall be made available to the 

  

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Vessels as a group. Each Member agrees to prevent its Vessels from harvesting at bycatch rates substantially in excess of their historical levels.

 c.    Management Measures. Each Member’s allocation of pollock and other groundfish species shall be
subject to all management measures generally applicable to the Catcher/Processor Allocation and the other groundfish allocated under Section 1.b., above (including but not limited to seasonal apportionments and area harvest restrictions) on a
discreet, individual basis; i.e., each Member shall be restricted to harvesting no greater percentage of such Member’s allocation in any season or area than the aggregate percentage of the Catcher/Processor Allocation permitted to be harvested
in such season or area. Each Member shall have the individual authority to carry over from season to season a percentage of that Member’s seasonal apportionment for each species no greater than the carry-over percentage generally applicable to
the Catcher/Processor Allocation. 
 d.    Prohibited Species Catch Allocations. Prohibited species catch
(“PSC”) apportionments for the fisheries in which the Members participate shall be made in a manner that will allow each Member, to the maximum extent possible, to prosecute pollock and non-pollock groundfish fisheries at a level equal to
the Member’s average harvest level during the Base Years. Initially, PSC will be apportioned among the pollock and non-pollock fisheries in the same proportion, on a PSC to target species ratio, as PSC limits established by the Council and NMFS
for the Base Years. Any change in these initial apportionments will require the approval of all Members. 
 e.    Annual Fishing Plan. The Members agree to meet each January prior to the opening of the trawl fishery to prepare an annual fishing plan that allocates the incidental catch referenced in
Section 1.b.(ii), above and the PSC allocations referenced in Section 1.d., above among the directed fisheries in which the Members are eligible to participate. The Members agree to meet regularly to review the annual fishing plan and make
appropriate adjustments. 
 f.    Scope of Agreement. The Members agree that the Harvest Schedule and the
provisions of Subsection 1.b., above govern only the harvesting activities of the Members, and, pursuant to Section 10, below, nothing in this Agreement shall be construed as limiting any Member’s production from the fish it
harvests (which each Member is encouraged to maximize, within the terms of this Agreement), or limiting in any respect each Member’s ability to market such products on a fully competitive basis. 
 g.    Vessel Use. Members with more than one Vessel eligible to harvest under the Catcher/Processor Allocation may elect to
harvest their Harvest Schedule and non-pollock groundfish percentages with any number of Vessels. 
 h.    Acquisition
or Transfer of Harvesting Allocation. Not withstanding the provisions of Section 1.a and 1.c. above, and subject to limits imposed 

  

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by law, each Member shall have the right to transfer some or all of such Member’s pollock and other groundfish allocation(s) to one or more other
Members, and shall have the right to acquire pollock and other groundfish and/or the rights to harvest pollock and groundfish from the Catcher Vessels, or any of them, or an association they may form, on any terms each Member may agree upon. Members
doing so shall notify the Cooperative and Sea State, Inc. or such other independent quota monitoring service as the Cooperative may retain from time to time (the “Monitoring Service”) within seven (7) days, and in any case, prior to
the harvest of any portion of a transferred allocation. Upon providing such notice, the relevant Members’ Harvest Schedules and/or non-pollock allocation percentages shall be considered to be amended accordingly for the term of the transfer
agreement. 
 2.    Catch Monitoring. To enable each Member and the Cooperative to monitor other Members’
compliance with the Act and this Agreement, each Member hereby agrees to carry the number and type of NMFS-certified observers required by law aboard each of its Vessels participating in the Bering Sea/Aleutian Islands fisheries during the term of
this Agreement, and to report each Vessel’s catch on a daily basis to both the NMFS Observer Program and the Monitoring Service. Each Member agrees that absent manifest error, the catch data produced for the Cooperative by the Monitoring
Service shall be presumed accurate, and that each Member’s obligations under this Agreement and all related documents may be enforced to their fullest extent on the basis of such data. 
 3.    Allocation Enforcement. Each Member acknowledges and agrees that the benefits associated with the Members’ mutual
harvest agreement will only accrue to the Members if each of them strictly complies with the Harvest Schedule and the non-pollock groundfish allocations determined in accordance with Section 1.b., above. Each Member acknowledges that all other
Members will take certain significant operational and financial actions based on this Agreement, and that a breach of this Agreement by any Member would have significant adverse consequences. Therefore, to facilitate enforcement of this Agreement,
each Member agrees to the procedure set forth in this Section 3. 
 a.    Forfeiture Amount Calculation. Not
less than thirty (30) days before each first annual Bering Sea trawl fishery opening for the catcher/processor sector, the Cooperative Board of Directors shall set a forfeiture amount for an unprocessed metric ton of each species covered by
this Agreement (the “Forfeiture Amounts”). 
 b.    Bonding or Alternative Security. Not more than ten
(10) days following announcement of the Forfeiture Amounts by the Board of Directors, each Member shall provide the Cooperative with such security as the Board may require (if any), which may include either: 
 (i)    a bond (the “Harvest Bond”) securing that Member’s performance under this Agreement, in an amount equal to
(i) the relevant 

  

 4 

 
Forfeiture Amount, multiplied by (ii) ten percent (10%) of such Member’s percentage for the relevant species, multiplied by (iii) the
number of tons of such species allocated for harvesting by catcher/processors; or 
 (ii)    an alternative form of
security acceptable to the Board of Directors (the “Alternative Security”). 
 c.    Overharvest
Forfeiture. Following the close of the Bering Sea/Aleutian Islands trawl fisheries to the catcher/processor sector, the Board of Directors shall review the seasonal harvest data from the Monitoring Service, and report to the Members concerning
the Members’ compliance with the harvest allocations made under this Agreement. Upon the Members determining in accordance with the organization’s Bylaws that a Member harvested in excess of that Member’s percentage, the Cooperative
shall have the right to collect from such Member an amount equal to the Forfeiture Amount multiplied by the number of metric tons by which such Member’s harvest exceeded that Member’s allocation. 
 d.    Voluntary Compliance. The Members and the Cooperative agree that upon the Cooperative’s Members determining that a
Member has overharvested any of its allocations, the Cooperative shall not enforce its rights to collect against an overharvesting Member’s Harvest Bond or other collateral without first providing the overharvesting Member with fifteen
(15) days advance notice of its intent to exercise its rights of collection, during which period the Member may request reconsideration of the enforcement action or may propose an alternative method of compensating the remaining Members and the
Cooperative. The remaining Members may grant or deny any request for reconsideration and may approve or disapprove any alternative form of compensation in their sole discretion. 
 e.    Enforcement. Each Member agrees to take all actions and execute all documents necessary or convenient to give effect to
the enforcement procedure contemplated under this Section 3. Each Member waives all rights of legal or equitable defense, counterclaim or offset related to any enforcement action taken in compliance with this Section 3. Each Member agrees
that the Cooperative shall be entitled to actual damages in addition to forfeited amount, which shall be distributed in accordance with Section 3.f., below upon award. Each overharvesting Member against whom an enforcement action is brought
shall pay all costs, fees and expenses, including attorneys fees, incurred by the Cooperative in enforcing the provisions of this Section 3. 
 f.    Distribution of Bond Proceeds and Damages. All funds forfeited or awarded to Members and or the Cooperative under this provision in excess of the costs of enforcement shall be distributed pro-rata among the
Members who harvested less than their allocation of the relevant species, with each Member receiving a fraction of such funds the numerator of which is the amount by which such Member’s catch of the relevant species was less than such
Member’s allocation, and the denominator of which is the sum of all Members’ catch shortfalls. 
  

 5 

 4.    Vessel Transfer Restrictions. Each Member acknowledges that the other
Members will make investments in equipment and vessel modifications designed to improve their utilization of the Bering Sea resources in reliance on this Agreement, and that a breach of this Agreement during its term by any of them may cause the
remaining Members to suffer substantial adverse economic consequences. In addition, each Member acknowledges that one of the primary purposes of this Agreement is to improve all Members’ abilities to avoid certain non-target species, and that
failure to constrain such incidental catch could result in premature closure of certain Bering Sea or Aleutian Islands fisheries, at substantial cost to all Members. 
 a.    Restrictions. Each Member agrees that so long as this Agreement remains in effect, no Member shall have the authority to sell, charter or transfer operating authority over a Vessel to
a party not bound by this Agreement, regardless of whether such transfer is temporary or permanent, and regardless of whether such transfer is effected as part of a vessel sale or otherwise, unless (i) the proposed transferee first assumes all
of the transferring Member’s obligations under this Agreement with regard to the rights transferred, in which case, the transferring Member shall be released therefrom, or (ii) the transferring Member either retains the Vessel’s
Bering Sea/Aleutian Islands fishing rights, or transfers such rights to the Cooperative or another Member of the Cooperative. All Members agree to negotiate in good faith to create a reasonable mechanism to prevent any transfer in violation of this
Section. Each Member further agrees that should a Vessel that it owns, charters or manages be transferred to a party not bound by this Agreement, all Bering Sea/Aleutian Islands groundfish harvested outside of this Agreement by such Vessel shall be
deducted from such Member’s allocation(s) under this Agreement. Any attempted or purported transfer of a Vessel or its fishing rights other than in compliance with this Section shall be void. 
 5.    Purchase of Catcher Vessel Reserve. Section 210(c) of the Act provides that not less than 8.5% of the
Catcher/Processor Allocation (the “Catcher Vessel Reserve”) shall be available for harvest by the Catcher Vessels. To insure compliance with the Act, the pollock directed fishing allowance percentages reflected on the Harvest Schedule are
net of the Catcher Vessel Reserve; i.e., the 36.6% total reflected in the Harvest Schedule reflects a reserve of 3.4% of the total pollock directed fishing allowance, which is 8.5% of the 40% allocated to the catcher/processor sector. To insure a
competitive market for Catcher Vessel Reserve quota, each Member shall independently determine the amount of the Catcher/Processor Allocation it will purchase from Catcher Vessels, and shall conduct all related price and purchase terms negotiations
independently of all other Members. To insure that the combined amounts of Members direct pollock harvest and Catcher Vessel Reserve quota purchases do not exceed the percentage of the pollock directed fishing allowance allocated to the
catcher/processor sector, each Member shall report the amount of its Catcher Vessel purchases to the Monitoring Service on a daily basis, and the Cooperative shall arrange for the Monitoring Service to issue notice to all Members when the Catcher
Vessel Reserve has been fully harvested, but not before. Thereafter, quota purchases from Catcher Vessels shall be counted against the Harvest Schedule amounts of the Members 

  

 6 

 
making such purchases. Should the Catcher Vessels form a qualifying marketing association or cooperative, the terms and conditions of an agreement between
the Catcher Vessel association and the Cooperative may supersede the provisions of this Section. 
 6.    Term and
Termination. This Agreement shall take effect as of its execution by all Members, and may only be terminated by written consent of all Members. Termination of this Agreement shall not relieve any Member of its obligations to pay the damages set
forth in Section 3 in connection with a pre-termination overharvest. 
 7.    Landing Tax. Pursuant to
Section 210(f) of the Act, the Members agree to make payments to the State of Alaska for any pollock harvested in the Bering Sea/Aleutian Islands pollock fishery which is not landed in the State of Alaska, in amounts which would otherwise
accrue had the pollock been landed in the State of Alaska subject to any landing taxes established under Alaska law. If a Member fails to make a payment in lieu of tax due under this Section, the Cooperative or any of the other Members may make such
payment, and the non-paying Member shall be obligated to reimburse the paying parties within thirty (30) days. Any balance outstanding beyond such date shall bear interest in favor of the paying parties at the per annum rate equal to the prime
rate of Bank of America, N.A., Seattle Branch, as the same may be announced from time to time, plus five percent (5%). Payments and interest due under this Section may be collected or reimbursed from the defaulting Member’s bond or
alternate security pursuant to Section 3, hereof. 
 8.    Community Development Quota Program
“Sideboards”. The Members that participate in Community Development Quota (“CDQ”) program ventures agree to take such actions and execute such documents as may be necessary to insure that their CDQ group counterparts will not
be disadvantaged by the cooperative harvesting arrangements such Members are entering into hereunder. 
 9.    Responsible Fishing Practices. The Members acknowledge that a primary objective of the Cooperative is to reduce bycatch and improve resource utilization. The Members further acknowledge that fishing
practices can affect bycatch and utilization rates. The Members therefore agree to exercise all reasonable efforts to conduct their fishing practices responsibly, in a manner consistent with the overall goals and purposes of the Cooperative.

 10.    Competitive Production and Marketing. To promote the maximum benefit to consumers of the products
produced from the groundfish harvested under this Agreement, and to comply with the intents and purposes of federal and state consumer protection law, each Member hereby agrees to: (i) exercise all commercially reasonable efforts to maximize
production from the resources it harvests under this Agreement; (ii) to conduct all processing, marketing and sales activities (other than those conducted jointly through the United States Surimi Commission in compliance with its Certificate of
Review) on a fully independent, fully 

  

 7 

 
competitive basis; and (iii) to the extent that such Member purchases any resources for harvesting or processing by the Vessels (including but not
limited to quota purchased from Catcher Vessels), to do so on a fully independent and fully competitive basis. The Members and each of them agree to hold no joint discussions, take no joint actions, and to exchange no information concerning such
purchasing, processing, marketing and sales activities, other than as appropriate in connection with meetings of the North Pacific Fishery Management Council and National Marine Fisheries Service fishery policy and management regulation development
process, and as permitted within the Certificate of Review of the United States Surimi Commission. 
 11.    Public
Interest Research and Publication. The Members acknowledge that the primary purposes of the harvesting arrangement contemplated hereunder are improving their utilization of resources harvested in the Bering Sea and Aleutian Islands pollock
fisheries, reducing the incidental catch of non-target species, and promoting the adoption and continued support of resource utilization and conservation arrangements such as those contemplated under this Agreement. The Members therefore agree to
contribute a per-ton amount determined by the Cooperative Board of Directors from time to time in support of such activities. All research and publication funded by the Cooperative is to be conducted in the public’s interest, and the results of
all such research shall be made available to the general public at no charge. 
 12.    Membership Agreement
Enforcement. Each Member agrees that the Cooperative and/or any other Member(s) may enforce this Membership Agreement on behalf of the Cooperative and/or any of its Members. The procedure for doing so shall be as provided in the
Cooperative’s Bylaws. 
 13.    Remedies and Attorneys’ Fees. In addition to any of the remedies
provided in this Agreement, each Member and the Cooperative shall have the right to have any provision of this Agreement specifically enforced through injunction, restraining order or any other form of equitable relief. Subject to the provisions of
Sections 3 and 4, above, in connection with any legal proceeding related to this Agreement, the non-prevailing party shall pay the prevailing party’s reasonable costs and fees associated with the proceeding. For purposes of this Agreement,
“legal proceedings” shall include arbitration, administrative, bankruptcy and judicial proceedings, including appeals therefrom. 
 14.    Miscellaneous. 
   a.    This Agreement contains the entire
understanding of the parties as to the matters addressed herein, and supersedes all prior agreements related to the same. No amendment to this Agreement shall be effective against a party hereto unless in writing and duly executed by such party.

   b.    This Agreement shall be governed by and construed in accordance applicable federal law and the laws
of the State of Washington. 
  

 8 

 c.    This Agreement may be executed in counterparts which, when taken together,
shall have the same effect as a fully executed original. Delivery of a signed copy of this Agreement by telefacsimile shall have the same effect as delivering a signed original. 
 d.    The parties agree to execute any documents necessary or convenient to give effect to intents and purposes of this Agreement.

 e.    All notices to be given hereunder shall be in writing and shall be deemed given when received addressed as
follows: 
  
 Alaska Ocean Seafood Limited Partnership 
 Post Office Box 190 
 Anacortes, Washington
98221 
 Attn: Mr. Jeff Hendricks 
 Fax: (360) 293-6232 
 Trident Seafoods Corporation 
 5303 Shilshole Ave. N.W. 
 Seattle, WA
98107-4000 
 Attn:
                                        
         
 Fax: (206) 782-7195 
 American Seafoods Company LLC 
 Market
Place Tower 
 2025 First Avenue, Suite 900 
 Seattle, Washington 98121 
 Attn: Mr. Matthew Latimer 
 Fax: (206) 448-0202 
 Arctic Fjord,
Inc. 
 400 North 34th Street, Suite 306 
 Seattle, Washington 98103 
 Attn: Mr. Doug Christensen 
 Fax:
(206) 547-3165 
 Arctic Storm, Inc. 
 400 North 34th Street, Suite 306 
 Seattle, Washington 98103 
 Attn:
Mr. Doug Christensen 
 Fax: (206) 547-3165 
 Glacier Fish Company LLC 
 1200 Westlake Avenue North, Suite 900 
  

 9 

 Seattle, Washington 98109 
 Attn: Mr. John Bundy 
 Fax: (206) 298-4750 
 Highland Light Seafoods, L.L.C. 
 3600
15th Avenue West, Suite 300 
 Seattle, Washington 98119 
 Attn: Mr. Alan Chaffee 
 Fax: (206) 216-0988 
 Starbound LLC

 5470 Shilshole Avenue N.W., Suite 500 
 Seattle, Washington 98107 
 Attn: Mr. Cary Swasand 
 Fax: (206) 784-5500 
 The parties may
from time to time change their address for notice purposes by written notice to the other parties. 
 f.    Except for
the transfer of any rights pursuant to Section 1(h) or Section 4 hereof, which transfers shall be governed by such Sections, no party may assign its rights hereunder without the prior written consent of the other parties hereto, which
consent shall not be unreasonably withheld. Such consent may be conditioned upon execution of an adherence agreement by the party to whom such rights are proposed to be assigned. This Agreement shall be binding on the successors and assigns of all
parties hereto. 
 g.    This Agreement shall be construed as a whole according to its fair meaning, without a
presumption that it shall be more strictly construed against the person who drafted it, as each party has participated in its preparation with the assistance of counsel. 
 h.    Each Member warrants that each Vessel under that Member’s ownership, control or management shall be operated in accordance with this Agreement, regardless of whether such Vessel(s)
remain under such Member’s ownership, control or management. 
 i.    In the event that any provision of this
Agreement is held to be invalid or unenforceable, such provision shall be deemed to be severed from this Agreement, and such holding shall not affect in any respect whatsoever the validity of the remainder of this Agreement. 
  

 10 

 Dated as of the date first set forth above. 
  
  

			
	ALASKA OCEAN SEAFOOD LIMITED
PARTNERSHIP	  	TRIDENT SEAFOODS CORPORATION
		
	 By                                      
                                        
                         
  
 Its                                      
                                        
                     
	  	 By                                      
                                        
                   
  
 Its                                      
                                        
               

		
	 AMERICAN SEAFOODS COMPANY LLC
  
 By                                      
                                        
                         
  
 Its                                      
                                        
                     
	  	 ARCTIC FJORD, INC.
  
 By                                      
                                        
                   
  
 Its                                      
                                        
               

		
	 ARCTIC STORM, INC.
  
 By                                      
                                        
                         
  
 Its                                      
                                        
                     
	  	 GLACIER FISH COMPANY LLC
  
 By                                      
                                        
                   
  
 Its                                      
                                        
               

		
	 HIGHLAND LIGHT SEAFOODS, L.L.C.
  
 By                                      
                                        
                         
  
 Its                                      
                                        
                     
	  	 STARBOUND LLC
  
 By                                      
                                        
                   
  
 Its                                      
                                        
               

		
	 POLLOCK CONSERVATION COOPERATIVE
  
 By                                      
                                        
                         
  
 Its                                      
                                        
                     
	  	

  

 11 

 EXHIBIT A 
 POLLOCK CONSERVATION COOPERATIVE 
 BERING SEA/ALEUTIAN ISLANDS POLLOCK FISHERY 
 HARVEST SCHEDULE 
  

			
	Members	  	 Percentage of Annual
 Bering Sea/Aleutian Islands
 Directed Pollock Fishery Allowance

		
	 Alaska Ocean Seafood Limited Partnership
	  	3.004%
		
	 American Seafoods Company LLC
	  	16.572%
		
	 Arctic Fjord, Inc.
	  	1.792%
		
	 Arctic Storm, Inc.
	  	1.841%
		
	 Glacier Fish Company, LLC
	  	3.218%
		
	 Highland Light Seafoods, L.L.C.
	  	1.764%
		
	 Starbound LLC
	  	1.585%
		
	 Trident Seafoods Corporation
	  	6.824%
		
	 TOTAL
	  	36.60%

  

 12 

 EXHIBIT B 
 LIST OF VESSELS 
  
  
  

	 	1.	AMERICAN DYNASTY (Official No. 951307); 

  

	 	2.	KATIE ANN (Official No. 518441); 

  

	 	3.	AMERICAN TRIUMPH (Official No. 646737); 

  

	 	4.	NORTHERN EAGLE (Official No. 506694); 

  

	 	5.	NORTHERN HAWK (Official No. 643771); 

  

	 	6.	NORTHERN JAEGER (Official No. 521069); 

  

	 	7.	OCEAN ROVER (Official No. 552100); 

  

	 	8.	ALASKA OCEAN (Official No. 637856); 

  

	 	9.	AMERICAN ENTERPRISE (Official No. 594803); 

  

	 	10.	ISLAND ENTERPRISE (Official No. 610290); 

  

	 	11.	KODIAK ENTERPRISE (Official No. 579450); 

  

	 	12.	SEATTLE ENTERPRISE (Official No. 904767); 

  

	 	13.	US ENTERPRISE (Official No. 921112); 

  

	 	14.	ARCTIC STORM (Official No. 903511); 

  

	 	15.	ARCTIC FJORD (Official No. 940866); 

  

	 	16.	NORTHERN GLACIER (Official No. 663457); 

  

	 	17.	PACIFIC GLACIER (Official No. 933627); 

  

	 	18.	HIGHLAND LIGHT (Official No. 577044); and 

  

	 	19.	STARBOUND (Official No. 944658) 

  

 13

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