Document:

Form of Grant of Restricted Class B Units of Connors Bros., L.P.

 Exhibit 10.18 

The Restricted Class B Common Units (the “Class B Restricted Units”) granted hereunder have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), and may be offered and sold only if so registered or in a manner exempt from registration under the Securities Act. The restricted interest granted hereunder is also subject to
additional restrictions on transfer as set forth herein and in the Partnership Agreement (as defined below), a copy of which may be obtained from the Company. No crediting of the Class B Restricted Units granted hereunder will be made on the books
of the Company unless accompanied by evidence of compliance with all such terms and restrictions. 
 NUMBER OF CLASS B COMMON UNITS GRANTED:

 DATE OF GRANT: November 18, 2008 

GRANT OF RESTRICTED CLASS B UNITS 

OF 

CONNORS BROS., L.P. 

THIS IS TO CERTIFY that, for value received and subject to the provisions hereinafter set forth,
[                    ] (the “Holder”) is hereby granted from Connors Bros., L.P., a Delaware limited partnership (together with any
successor entity, the “Company”), the number of Class B Common Units listed above, subject to the terms, provisions and conditions set forth in this Grant of Class B Restricted Units of Connors Bros., L.P. (this “Grant
Agreement”), and subject to the applicable terms, restrictions, provisions and conditions, contained in the limited partnership agreement of the Company (as such may be amended, amended and restated, supplemented, or otherwise modified from
time to time, the “Partnership Agreement”). Capitalized terms used herein and not defined shall have the respective meanings assigned to such terms in the Partnership Agreement. 

SECTION 1. VESTING 

1.1 In General: Except as otherwise provided in Section 1.2, the Holder’s Class B Restricted Units shall
vest on the seventh anniversary of the date hereof. Any such Units shall be held by the Company in a custodial capacity until the applicable vesting date. 

1.2 Vesting upon an Exit Transaction: Prior to the seventh anniversary of the date hereof, upon (but effective
immediately prior to) the occurrence of each Exit Transaction a portion (if any) of the Holder’s Class B Restricted Units shall, if the holder is employed on such date by the Company or an affiliate thereof, immediately vest such that, after
giving effect to such vesting, the aggregate percentage of Class B Restricted Units granted to the Holder that shall have vested shall be equal to the Exit Percentage with respect to such Exit Transaction. 

 SECTION 2. REPURCHASE RIGHT OF THE COMPANY 

2.1 Repurchase Right: In the event of the Holder’s termination of employment with the Company or any of its
affiliates for any reason other than (i) as a result of death or Disability (as defined below), (ii) by the Company or any of its affiliates without Cause (as defined below) or (iii) by the Holder for Good Reason (as defined below),
the Company shall have the right, but not the obligation, to repurchase all or a portion of the Holder’s unvested Class B Restricted Units for the aggregate sum of $1.00. In the event of the Holder’s termination of employment with the
Company or any of its affiliates (i) as a result of death or Disability, (ii) by the Company or any of its affiliates without Cause or (iii) by the Holder for Good Reason, the Holder shall fully vest in the Class B Restricted Units,
provided however, that, subject to Section 1.2, such Units shall remain subject to the Partnership Agreement. 
 2.2
Definitions: 
 (a) “Board” means the board of directors, or other governing body, of CP V
CB GP, LLC, a Delaware limited liability company or, in the absence of such a body, the board of directors or other governing body of the Company or, in the absence of any of the foregoing, the Company or any successor entity. 

(b) “Class A Common Units” means the limited partner Class A Common Units as defined in the Partnership Agreement
and any securities into which they shall have been converted or for which they shall have been exchanged including, following the creation of PublicCo (as defined in the Partnership Agreement), shares of common stock of PublicCo. 

(c) “Class B Common Units” has the meaning set forth in the Partnership Agreement. 

(d) “Cause” as used in this Grant Agreement means (i) if the Holder is party to an employment agreement with the
Company or any of its affiliates dated as of the date hereof, “Cause” as defined therein or (ii) in the event there is no such employment agreement, then “Cause” as used in this Grant Agreement means (1) the
Holder’s commission of a felony or any other crime involving moral turpitude, fraud, misrepresentation, embezzlement or theft; (2) the Holder’s engaging in any activity that is harmful (including, without limitation, alcoholic or
other self-induced affliction), in a material respect, to the General Partner, the Company or any of their respective subsidiaries, monetarily or otherwise, as determined by a majority of the Board; (3) the Holder’s material malfeasance
(including without limitation, any intentional act of fraud or theft or the intentional misrepresentation of any material financial or other operating results of the General Partner, the Company or any of their respective subsidiaries) in connection
with the performance of his or her duties to the General Partner, the Company or any of their respective subsidiaries; (4) the Holder’s misconduct or gross negligence in connection with the performance of his or her duties to the General
Partner, the Company or any of their respective subsidiaries; (5) the Holder’s significant violation of any statutory or common law duty of loyalty to the General Partner, the Company or any of their respective subsidiaries; (6) the
Holder’s material breach of (x) the terms and conditions of the Holder’s employment with the General Partner, the Company or any of their respective subsidiaries, (y) any restrictive covenant provision, including without
limitation, any applicable non-competition, non-solicitation, standstill, non-disparagement or confidentiality provision, of any agreement between the Holder 

 

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and the General Partner, the Company or any of their respective subsidiaries, or (z) a material policy of the General Partner, the Company or any of their respective subsidiaries (including
without limitation, disclosure or misuse of any confidential or competitively sensitive information or trade secrets of the General Partner, the Company or any of their respective subsidiaries); or (7) the Holder’s refusal or failure to
carry out directives or instructions of the Holder’s supervisor, the Company’s Chief Executive Officer or the Board (or its designee), as applicable, that are consistent with the scope and nature of the Holder’s employment, in the
case of clause (4), (6) or (7) above, only if such breach or failure continues for more than 10 days following written notice from the Company describing such breach or failure; provided, however, that the Holder shall be entitled to no
more than one opportunity to cure with respect to clauses (4), (6) and (7). 
 (e) “Centre” means Centre
Capital Investors V, L.P. 
 (f) “Committee” as used in this Grant Agreement, means a committee designated by
the Board consisting of two or more members or executive officers of the Board or of the Company; provided that in the absence of a Committee, the Board shall be deemed to be the Committee. 

(g) “Core Investment” means Centre’s aggregate investment in the Company and the Class A Common Units
received directly or indirectly by it in return therefor. 
 (h) “Disability” as used in this Grant Agreement
means, (i) if the Holder is party to an employment agreement with the Company or any of its affiliates dated as of the date hereof, “Disability” as defined therein or (ii) in the event there is no employment agreement, then
“Disability” as used in this Grant Agreement means that the Holder has been unable, for 90 consecutive days, or for periods aggregating 135 business days in any period of twelve months, to perform the Holder’s employment duties with
Company or any affiliate thereof, as a result of physical or mental impairment, illness or injury, as determined in good faith by the Committee. 

(i) “Exit Percentage” means, with respect to any Exit Transaction, the percentage equivalent to a fraction, the
numerator of which is the sum of (i) the aggregate number of Class A Common Units included in the Core Investment sold or to be sold by Centre in such Exit Transaction plus (ii) the aggregate number of Class A Common Units
included in the Core Investment theretofore sold by Centre, and the denominator of which is the aggregate number of Class A Common Units that constituted the Core Investment. 

(j) “Exit Transaction” means, as determined by the Committee in its sole discretion, (i) the first sale by Centre
(other than to a Permitted Transferee (as defined in the Partnership Agreement)) that would result in Centre owning interests in the Company representing less than 50% of its Core Investment, or ((ii) any sale by Centre (other than to a Permitted
Transferee (as defined in the Partnership Agreement)) of its interests in the Company following a sale described in (i) above, (iii) any sale by Centre that triggers a “Tag-Along Right” (as defined in the Partnership
Agreement) pursuant to Section 9.2 of the Partnership Agreement, or (iv) any merger, recapitalization, reorganization or similar event having substantially the result described in (i) or (ii) above; provided that, notwithstanding
the foregoing, any reorganization or similar event effected to facilitate a refinancing or a public issuance of debt or equity securities shall not be deemed to be an “Exit Transaction.” 

 

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 (k) “General Partner” means CP V CB GP, LLC, a Delaware limited liability
company. 
 (l) “Good Reason” as used in this Grant Agreement means (i) if the Holder is party to an
employment agreement with the Company or any of its affiliates dated as of the date hereof, “Good Reason” as defined therein or (ii) in the event there is no such employment agreement, then “Good Reason” as used in this
Grant Agreement means: 
 (1) the failure of the General Partner, the Company or any of their respective
subsidiaries, as applicable (the “Employer”) to pay or provide when due the Holder’s salary, which failure is not cured within 20 days after the receipt by the Board from the Holder of a written notice referring to this provision and
describing such failure; or 
 (2) a reduction by the Company in the Holder’s base salary; or 

(3) the failure to continue the Holder in the Holder’s current position or the removal of the Holder from such
position; or 
 (4) a material diminution of the Holder’s responsibilities, duties or status, which
diminution is not rescinded within 30 days after the date of receipt by the Board from the Holder of a written notice referring to this provision and describing such diminution; or 

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

Notwithstanding the foregoing, no termination by a Holder for Good Reason shall be effective unless such Holder gives 60 days’ advance written
notice to the Board within 180 days following the occurrence of an event constituting Good Reason; provided that the Employer shall have 20 days after the date such notice has been given to the Board in which to cure the conduct specified in
such notice. The Holder’s continued employment during such 20-day period shall not constitute the Holder’s consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder. 

(m) “Fair Market Value” means the fair market value based upon an arm’s-length sale between a willing buyer
and a willing seller, as determined in the sole discretion of the Committee. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES. 

3.1 Representations and Warranties of the Company. The Company represents and warrants to the Holder that:

 (a) the Company has all necessary partnership power and authority to execute, deliver and perform the obligations under this
Grant Agreement and the execution, delivery and performance by the Company of this Grant Agreement has been duly authorized by all necessary partnership action; and this Grant Agreement has been duly and validly executed and delivered by the Company
and constitutes the legal, valid and binding obligations of the Company and is enforceable against the Company in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or moratorium
or other similar laws relating to the enforcement of creditors, rights generally and by general equitable principles and except as rights to indemnity thereunder may be limited by applicable securities laws; and 

 

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 (b) the execution, delivery and performance by the Company of this Grant Agreement and the
crediting on its books and records by the Company of the Class B Restricted Units, do not and will not contravene or constitute a default under any provision of applicable law or regulation or of the Partnership Agreement or of any agreement,
judgment, injunction, order, decree or other instrument binding upon the Company or result in the creation or imposition of any lien on any asset of the Company. 

3.2 Representations and Warranties of the Holder. The Holder represents and warrants to the Company that:

 (a) the Holder is acquiring the Class B Restricted Units and, if and when the Holder becomes vested, will acquire any
unrestricted Class B Restricted Units for investment purposes only, for the Holder’s own account, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered distribution, all or any portion of such
securities within the meaning of the Securities Act and applicable state securities law; 
 (b) any subsequent sale of any such
Class B Restricted Units shall be made either pursuant to an effective registration statement under the Securities Act or otherwise in compliance therewith and in all events in compliance with the Partnership Agreement; 

(c) this Grant Agreement and all Class B Restricted Units received pursuant hereto shall be subject to the terms hereof and of the
Partnership Agreement; 
 (d) the Holder understands that, absent an election under section 83(b) of the Code, when the Class B
Restricted Units become free from a substantial risk of forfeiture he will be deemed by the Internal Revenue Service and pertinent state tax authorities to be in receipt of taxable income in an amount equal to the excess of the fair market value of
the Class B Restricted Units awarded hereunder and the price paid therefor, if any, and, that if he makes an election under section 83(b) of the Code, the excess of the fair market value of the Class B Restricted Units awarded hereunder and the
price paid therefor, will be included in income upon the grant of the Class B Restricted Units, and that he has obtained and will rely upon the advice of the Holder’s own tax advisors with respect to such matters; 

(e) the Holder has had the opportunity to consult with counsel, has received, is familiar with and has had adequate time to consult with
such counsel regarding the terms of this Grant Agreement and the Partnership Agreement, understands the speculative and financial risks associated with an investment in the Class B Restricted Units and the uncertainty with respect to the
Company’s future operations, and does not desire any additional information with respect to any of the foregoing; 
  

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 (f) in evaluating the merits and risks of an investment in Class B Restricted Units, the
Holder has and will rely upon the advice of the Holder’s own legal counsel, and tax and investment advisors; 
 (g) at no
time was any oral representation made to the Holder relating to the Class B Restricted Units and the Holder was not presented with or solicited by any promotional meeting or material relating to the Class B Restricted Units or any securities of the
Company. The Holder is not acquiring the Class B Restricted Units as a result of or subsequent to any advertisement, article, notice or other communication published in any newspapers, magazine or similar media or broadcast over television or radio.

 (h) the Holder is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the
Securities Act, and the rules and regulations in effect thereunder because such person falls within one or more categories set forth on Exhibit A and has checked the box(es) next to the applicable Section(s) of such Exhibit A;

 (i) the Holder’s principal office or residence address is as set forth on the signature page hereof. The Holder agrees
that it will notify the Company in writing if the Holder’s principal office or residence address changes; 
 (j) the
Holder does not have any present intent to resell or distribute all or any part of the Holder’s Class B Restricted Units; 

(k) the Holder has been advised that the Class B Restricted Units have not been registered under the Securities Act, that the Class B
Restricted Units may not be sold or otherwise disposed of unless such offer and sale are registered thereunder or an exemption from registration is available and that accordingly it may be required to bear the economic risk of the investment in the
Class B Restricted Units for an indefinite period of time. The Holder also understands that the Company does not have any intention of registering the Class B Restricted Units under the Securities Act or of supplying the information which may be
necessary to enable the Holder to offer and/or sell the Class B Restricted Units pursuant to Rule 144 under the Securities Act, and that the Company will not be registered as an investment company under the Investment Company Act of 1940, as
amended; 
 (l) the Holder acknowledges that it has received, within a reasonable time prior to the sale, the Offering
Memorandum dated November 10, 2008 provided by the Company to such Holder (as the same may be amended or supplemented from time to time, the “Offering Memorandum”) and the Partnership Agreement. The Holder has been given the
opportunity to obtain any information or documents, and to ask questions and receive answers about such documents, the Company, the General Partner and their respective subsidiaries and the business and prospects of each and their subsidiaries
(including, without limitation, the transactions to be consummated pursuant to the terms of that certain business acquisition agreement between Connors Bros. Income Fund and certain of its subsidiaries, Connors Bros., L.P. (f/k/a BBCL Holdings L.P.)
and 3231021 Nova Scotia Company, dated September 25, 2008 as amended October 15, 2008, and as may be further amended or restated from time to time) as it deems necessary to evaluate the merits and risks related to its investment in the
Class B Restricted Units and, to the extent it has asked such questions or requested such information, the Company has answered such questions and supplied such information to the Holder’s satisfaction. No representations concerning the matters
set forth above or any other matters 
  

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related to such investment have been made to the Holder except as expressly set forth in the Partnership Agreement. The Holder has consulted its own attorney, accountant or investment advisor
with respect to the investment contemplated hereby and its suitability for the Holder, including the tax and other economic considerations related to the investment. The Holder’s decision to invest in the Company is entirely the investment
decision and responsibility of the Holder. The Holder acknowledges that it has independently and without reliance upon the Company or the General Partner, or any of their respective officers, directors, employees, agents, partners, advisors,
attorneys-in-fact or affiliates, made its own analysis of the likelihood of success of its investment in the Company and made its own decision to enter into this Grant Agreement and make the investment contemplated herein; 

(m) the Holder (A) has knowledge and experience in financial and business matters such that the Holder is capable of evaluating the
merits and risks of the purchase of the Class B Restricted Units as contemplated by this Grant Agreement, the Offering Memorandum and the Partnership Agreement, and (B) is able to bear the economic risk of the investment in the Class B
Restricted Units for an indefinite period of time and can afford to suffer a complete loss of the investment in such Class B Restricted Units; and 

(n) The Holder has been informed that the offer of the Class B Restricted Units is being made pursuant to an exemption from the
registration requirements of the Securities Act, relating to transactions by an issuer not involving a public offering, and that, consequently, the materials relating to the offer have not been subject to review and comment by the staff of the
Securities and Exchange Commission or any other governmental authority in the United States or otherwise. 
 SECTION 4. VALIDITY.

 The Company covenants and agrees that the Class B Common Units to granted pursuant hereto shall, at the time of such
grant, be duly authorized and validly issued. 
 SECTION 5. OWNERSHIP 

Other than as provided herein and subject to the vesting requirements, the Holder shall have all the rights and privileges of ownership
incident to the Class B Restricted Units. Notwithstanding the foregoing, if a Holder is still employed by the Company or any of its Subsidiaries on the date on which an extraordinary cash or non-cash dividend (other than an ordinary dividend or a
tax distribution) is distributed by the Company to its interest holders (as determined by the Committee in its sole discretion), then the Holder shall receive a payment with respect to the unvested portion of the Class B Restricted Units (it shall
be the obligation of such Holder’s employer to make such payment, unless the Company voluntarily undertakes the obligation to make such payment). 

SECTION 6. RESTRICTIONS ON TRANSFERABILITY OF CLASS B RESTRICTED UNITS. 

Except as otherwise provided herein or as otherwise consented to in writing by the Company, the Class B Restricted Units may not be sold,
transferred, assigned, pledged or otherwise encumbered or disposed of by the Holder until such units are vested. Additionally, the Class B Restricted Units and any Class B Common Units acquired upon the vesting and

  

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distribution of the Class B Restricted Units may be Transferred only as provided in the Partnership Agreement. Any attempt to dispose of Class B Restricted Units in a manner contrary to the
restrictions contained in this Section or as otherwise provided herein shall be void ab initio. 
 SECTION 7. NO RIGHTS TO CONTINUED
EMPLOYMENT. 
 In no event shall the granting of the Class B Restricted Units, their acceptance or their vesting be deemed to
give or confer on the Holder any right to continued employment by or service, including, without limitation, as a director or manager, with the Company or its affiliates and/or the General Partner. 

SECTION 8. ADMINISTRATION. 

This Grant Agreement shall be administered by the Committee. The Committee shall, subject to the terms of this Grant Agreement, interpret
this Grant Agreement and the application hereof, establish rules and regulations it deems reasonably necessary for the administration of this Grant Agreement. The Holder agrees that the Committee shall have right to resolve all questions which may
arise in connection with the Class B Restricted Units or their vesting, transfer or forfeiture. Any interpretation, determination or other action made or taken by the Committee regarding this Grant Agreement shall be final, binding and conclusive.

 SECTION 9. SEVERABILITY. 

Should any part of this Grant Agreement for any reason be declared invalid, such decision shall not affect the validity of any remaining
portion, which remaining portion shall remain in full force and effect as if this Grant Agreement had been executed with the invalid portion thereof eliminated, and it is hereby declared the intention of the parties hereto that they would have
executed and accepted the remaining portion of this Grant Agreement without including therein any such part, parts or portion which may, for any reason, be hereafter declared invalid. 

SECTION 10. INDEX AND CAPTIONS. 

The index and the descriptive headings of the various sections of this Grant Agreement are for convenience only and shall not affect the
meaning or construction of the provisions hereof. 
 SECTION 11. DISPUTES. Any dispute or controversy between the Company and the Holder,
arising out of or relating to this Grant Agreement, the breach of this Grant Agreement, or otherwise, shall be settled in accordance with the terms applicable to the Partnership Agreement. 

SECTION 12. GOVERNING LAW; WAIVER OF JURY TRIAL. 

THE CLASS B RESTRICTED UNITS AND ALL RIGHTS ARISING HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE
(WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW). 
  

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 EACH PARTY HEREBY IRREVOCABLY SUBMITS TO AND ACCEPTS FOR ITSELF AND ITS PROPERTIES,
GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF AND SERVICE OF PROCESS PURSUANT TO THE LAWS OF THE STATE OF DELAWARE AND THE RULES OF ITS COURTS, WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND AGREES TO BE BOUND BY ANY JUDGMENT
RENDERED THEREBY ARISING UNDER OR OUT OF IN RESPECT OF OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY FURTHER IRREVOCABLY DESIGNATES AND APPOINTS THE INDIVIDUAL IDENTIFIED IN THE SIGNATURE PAGES HERETO TO RECEIVE NOTICES ON ITS BEHALF AND AS ITS
AGENT TO RECEIVE ON ITS BEHALF SERVICE OF ALL PROCESS IN ANY SUCH ACTION BEFORE ANY BODY, SUCH SERVICE BEING HEREBY ACKNOWLEDGED TO BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT. A COPY OF ANY SUCH PROCESS SO SERVED SHALL BE MAILED BY REGISTERED
MAIL TO EACH PARTY AT ITS ADDRESS PROVIDED IN THE SIGNATURE PAGES HERETO; PROVIDED THAT, UNLESS OTHERWISE PROVIDED BY APPLICABLE LAW, ANY FAILURE TO MAIL SUCH COPY SHALL NOT AFFECT THE VALIDITY OF THE SERVICE OF SUCH PROCESS. IF ANY AGENT SO
APPOINTED REFUSES TO ACCEPT SERVICE, THE DESIGNATING PARTY HEREBY AGREES THAT SERVICE OF PROCESS SUFFICIENT FOR PERSONAL JURISDICTION IN ANY ACTION AGAINST IT IN THE APPLICABLE JURISDICTION MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, TO ITS ADDRESS PROVIDED IN THE SIGNATURE PAGES HERETO. EACH PARTY HEREBY ACKNOWLEDGES THAT SUCH SERVICE SHALL BE EFFECTIVE AND BINDING IN EVERY RESPECT. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR SHALL LIMIT THE RIGHT OF ANY PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE OTHER PARTY IN ANY OTHER JURISDICTION. 

THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THE CLASS B RESTRICTED UNITS. 
 SECTION 13. AMENDMENTS; WAIVERS. 

Any provision of this Grant Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the
case of an amendment, by the Holder and the Company, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by law. 
 SECTION 14. NOTICES. 

Any notice or other communication required or permitted to be given hereunder shall be in writing and may be personally served, or sent by
telefacsimile or United States mail or 
  

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courier service and shall be deemed to have been given when delivered in person or by courier service, upon receipt of telefacsimile, or three Business Days after depositing it in the United
States mail with postage prepaid and properly addressed. For the purposes hereof, the address of each party hereto shall be as set forth below or such other address as shall be designated by such party in a written notice delivered to the other
party hereto. 
 If to the Company: 

Connors Bros., L.P. 

c/o Centre Partners Management LLC 

30 Rockefeller Plaza,
50th Floor 

New York, NY 10020 

Facsimile: (212) 382-5801 

Attention: Scott Perekslis 

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

Dechert LLP 

1095 Avenue of the Americas 

New York, NY 10036 

Facsimile: (212) 698-3599 

Attention: Mark Thierfelder, Esq. 

If to the Holder: 

[name] 

[address] 
 SECTION 15. TAX
WITHHOLDING. The Company shall have the right to require, prior to the crediting of any Class B Restricted Units, payment by the Holder of any Federal, state, local or other taxes which may be required to be withheld or paid in connection with
such interest, whether due to an election under section 83(b) of the Code, or not. At the election of the Company, (i) if approved by the Committee in its sole discretion, the Company may reduce the number of Class B Units to be credited to the
Holder by the whole number of Class B Units having an aggregate Fair Market Value as of the date an obligation to withhold or pay taxes arises in connection with the Class B Restricted Units (the “Tax Date”) in the amount
necessary to satisfy any such obligation or (ii) the Holder shall satisfy any such obligation by any of the following means: (A) a cash payment to the Company or (B) if approved by the Committee in its sole discretion, authorizing the
Company to withhold whole Class B Restricted Units which would otherwise been credited to the Holder having an aggregate fair market value determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation, (C) if
approved by the Committee in its sole discretion, any combination of (A) and (B). Any fraction of a Class B Restricted Unit which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in
cash by the Holder. 
  

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 SECTION 16. DESIGNATION OF BENEFICIARY. If permitted by the Company, the Holder may file with
the Committee a written designation of one or more Persons as the Holder’s beneficiary or beneficiaries (both primary and contingent) in the event of the Holder’s death. Each beneficiary designation shall become effective only when filed
in writing with the Committee during the Holder’s lifetime on a form prescribed by the Committee. The spouse of a married Holder domiciled in a community property jurisdiction shall join in any designation of a beneficiary other than such
spouse. The filing with the Committee of a new beneficiary designation shall cancel all previously filed beneficiary designations. If the Holder fails to designate a beneficiary, then Holder’s designated beneficiary shall be deemed to be the
his executor, administrator, legal representative or similar person. 
  

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 IN WITNESS WHEREOF, the parties have caused this Grant Agreement to be signed as of
the Date of Grant first set forth above. 
  

			
	CONNORS BROS., L.P.
		
	By:	 	  

		 	[                             
           ]
		 	[                    ]

 

	
	ACKNOWLEDGED AND AGREED
	AS OF THIS      DAY OF          2008
	
	  

	[Name]
	[**Employee Address]

  

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 EXHIBIT A 

ACCREDITED INVESTOR STATUS 

The Holder is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act because
the Holder falls within one or more of the following categories (check applicable box(es)). 
 (a) A bank (as defined in
Section 3(a)(2) of the Securities Act) or a savings and loan association or other institution (as defined in Section 3(a)(5)(A) of the Securities Act), whether acting in regard to this investment in its individual or a fiduciary
capacity.   ̈ 
 (b) A broker or dealer registered pursuant to
Section 15 of the Securities Exchange Act of 1934.    ̈ 
 (c) An
insurance company (as defined in Section 2(a)(13) of the Securities Act.   ̈ 

(d) An investment company registered under the Investment Company Act of
1940.   ̈ 
 (e) A business development company (as defined in
Section 2(a)(48) of the Investment Company Act of 1940).   ̈ 

(f) A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 30I(c) or (d) of the
Small Business Investment Act of 1958.   ̈ 
 (g) A plan established
and maintained by a state, any of its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if the plan has total assets in excess of
$5,000,000.   ̈ 
 (h) An employee benefit plan within the meaning of
the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited
investors.   ̈ 
 (i) A private business development company (as
defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended).   ̈ 

(j) An organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, corporation, or Massachusetts
or similar business trust, or partnership, not formed for the specific purpose of acquiring the Class B Restricted Units, with total assets in excess of $5,000,000.    ̈ 

 

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 (k) A director, executive officer, or general partner of the issuer of the Class B
Restricted Units, or any director, executive officer, or general partner of a general partner of the issuer. 
 (l) A natural
person whose individual net worth, or joint net worth with such person’s spouse, at the time of the grant of the Class B Restricted Units exceeds $1,000,000.   ̈ 

(m) A natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with such
person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.    ̈ 

(n) A trust, with total assets in excess of $5,000,000 not formed for the specific purpose of acquiring the Class B Restricted Units,
whose purchase of the Class B Restricted Units is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Securities Act.   ̈ 

(o) An entity in which all of the equity owners fit into at least one of the categories listed under paragraphs (a) through
(n) above.    ̈2009 Form of Series A Option to Purchase Class A Common Units of Connors Bros.

 Exhibit 10.19 

Series A Option 

This Option has not been registered under the Securities Act of 1933, as amended, and may be offered and sold only if so registered or in
a manner exempt from registration under such Act. This Option is also subject to additional restrictions on transfer as set forth herein and in the Partnership Agreement, dated as of November 18, 2008 and as it may be amended, amended and
restated, supplemented, or otherwise modified from time to time, copies of which may be obtained from the Partnership. No transfer of this Option will be made on the books of the Partnership unless accompanied by evidence of compliance with all such
terms and restrictions. 
 CLASS A COMMON UNIT OPTION PRICE: $1,000.00 

NUMBER CLASS A COMMON UNITS GRANTED: 
 DATE OF
GRANT: July     , 2009 
 SERIES A OPTION TO PURCHASE 

CLASS A COMMON UNITS 

OF 

CONNORS BROS., L.P. 

THIS IS TO CERTIFY that, for value received and subject to the provisions hereinafter set forth, 

[**NAME OF GRANTEE**] 

(the “Holder”) is entitled to purchase from Connors Bros., L.P., a Delaware limited partnership (together with any successor entity, the
“Partnership”), at any time or from time to time, but only to the extent this Option has vested in the Holder in accordance with Section 6 hereof, on or before the Expiration Date (as hereinafter defined), up to the Number of
Class A Common Units Granted for an exercise price per Class A Common Unit equal to the Unit Option Price (as hereinafter defined), which number of Class A Common Units and price shall be subject to adjustment as provided herein and
which purchase shall be on and subject to the terms, provisions and conditions hereinafter set forth, and subject to the applicable terms, provisions and conditions contained in the Limited Partnership Agreement of the Partnership (as it may be
amended, amended and restated, supplemented, or otherwise modified, the “Partnership Agreement”). 
 The terms
which are capitalized herein shall have the meanings specified in Section 1 hereof unless the context shall otherwise require. 

	SECTION 1.	DEFINITIONS. 

 In addition
to the terms defined elsewhere in this Option, the following terms have the following respective meanings: 

“Acceleration Event” has the meaning set forth in the Option Plan. 

“Affiliate” has the meaning set forth in the Partnership Agreement. 

“Approved Sale” has the meaning set forth in the Partnership Agreement. 

“Capital Account” has the meaning assigned that term in the Partnership Agreement. 

“Cause” has the meaning set forth in the Option Plan. 

“Centre Partners Entity” has the meaning set forth in the Partnership Agreement. 

“Class A Common Units” means the limited partner Class A Common Units as defined in the Partnership Agreement and
any securities into which they shall have been converted or for which they shall have been exchanged including, following the creation of PublicCo (as defined in the Partnership Agreement), shares of common stock of PublicCo. 

“Closing Date” means November 18, 2008. 

“Commission” means the U.S. Securities and Exchange Commission, or any other Federal agency at the time administering
the Securities Act. 
 “Committee” has the meaning set forth in the Option Plan. 

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

“Disability” has the meaning set forth in the Option Plan. 

“Drag-Along Sale” has the meaning set forth in the Partnership Agreement. 

“Expiration Date” means, subject only to the extension provided for in Section 6.2, the earliest of (i) the
tenth anniversary of the Closing Date; (ii) the occurrence of any material breach by the Holder, during his term of employment or thereafter, of any of his obligations to the General Partner, the Partnership or any of its Subsidiaries under any
agreement with the General Partner, the Partnership or any of its Subsidiaries, including without limitation obligation with respect to (w) disclosure, use or ownership of intellectual property and proprietary information, (x) competition,
(y) the solicitation of employees or customers, or (z) a standstill with respect to ownership and control of the Partnership; (iii) in the event of a 

 

 2 

 
Termination (other than a Termination (a) as a result of death or Disability, (b) for Cause or (c) that constitutes a Voluntary Termination), the date which is six months after the
occurrence of such Termination, (iv) in the event of a Termination as a result of death or Disability, the
365th day after such Termination; and (v) in the
event of a Termination for Cause or a Voluntary Termination, the
30th day after such Termination. Solely for purposes of
the second sentence of Section 6.2, in the event a Termination described in such second sentence of Section 6.2 shall occur, the Expiration Date shall be deemed to occur as provided in Section 6.2. 

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

“Holder” has the meaning set forth in the first paragraph of this Option. 

“New Units” has the meaning set forth in Section 4(a) of this Option. 

“Number of Class A Common Units Granted” means the number of Class A Common Units of the Partnership subject
to this Option, subject to adjustment pursuant to Section 4. 
 “Option Plan” means the Connors Bros.,
L.P. Unit Option Plan, as it may be amended, amended and restated, supplemented, or otherwise modified from time to time. 

“Partnership” has the meaning set forth in the first paragraph of this Option. 

“Partnership Agreement” has the meaning set forth in the first paragraph of this Option. 

“Partnership Interest” means a limited partner interest in the Partnership represented by the Class A Common Units
issued upon (and the Capital Account resulting from) any exercise of this Option. 
 “Person” has the meaning
set forth in the Option Plan. 
 “Qualified Public Offering” has the meaning set forth in the Option Plan.

 “Securities” has the meaning set forth in the Partnership Agreement. 

“Securities Act” means the U.S. Securities Act of 1933, or any similar Federal statute, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect at the time. 
 “Securities Exchange Act” means
the U.S. Securities Exchange Act of 1934, or any similar Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

 

 3 

 “Subsidiary” means, with respect to any Person, any other Person in which
such Person has a direct or indirect equity ownership interest in excess of 50%. 
 “Termination” has the
meaning set forth in the Option Plan. 
 “Termination for Good Reason” has the meaning set forth in the Option
Plan. 
 “Transfer” has the meaning set forth in the Partnership Agreement. 

“Unit Option Price” means the per Class A Common Unit exercise price specified on the first page of this Option,
subject to adjustment pursuant to Section 4. 
 “Voluntary Termination” has the meaning set forth in the
Option Plan. 
  

	SECTION 2.	EXERCISE OF OPTION. 

2.1. Exercise. 

Subject to the conditions hereinafter set forth, to the extent it has vested, this Option may be exercised in whole or in part, at any
time or from time to time but in no event subsequent to the Expiration Date, by the Holder’s (a) surrender of this Option, with the subscription form at the end hereof duly completed and executed, at the principal office of the
Partnership, (b) (i) payment of cash to the Partnership at its principal office in an amount equal to the Unit Option Price multiplied by the number of Class A Common Units to be received upon such exercise, (ii) if approved by
the Committee in its sole discretion, by delivery of previously owned whole Class A Common Units, for which the Holder has good title, free and clear of all liens and encumbrances, having a Fair Market Value (as defined in the Option Plan)
determined as of the date of exercise, equal to the aggregate purchase price payable by reason of such exercise, (iii) if approved by the Committee in its sole discretion, in cash by a broker-dealer acceptable to the Partnership to whom the
Holder has submitted an irrevocable notice of exercise, (iv) if approved by the Committee in its sole discretion, by delivery of a full recourse promissory note on such terms and conditions as may be approved by the Committee, or (v) if
approved by the Committee in its sole discretion, in a combination of (i), (ii), (iii) and (iv), (c) delivery to the Partnership at its principal office of a joinder to the Partnership Agreement in a form reasonably required by the
Committee to reflect such exercise and to contain the Holder’s agreement to be bound by all of the terms, conditions, and provisions thereof with respect to the securities acquired upon such exercise, and each fully executed by the Holder,
(d) satisfaction of any tax withholding obligations in connection with such exercise, (e) if requested by the Partnership, delivery to the Partnership at its principal offices of a non-competition agreement substantially in the form
attached hereto as Annex A and (f) delivery to the Partnership at its principal office of such other documents and/or representations as the Committee reasonably may require to effect such exercise and/or to help ensure the compliance of
such exercise (and the necessary consequences thereof) with all applicable securities and other laws. 
  

 4 

 If this Option is exercised in respect of less than all of the Class A Common Units at
the time purchasable hereunder, the Holder shall be entitled to receive a revised Option as provided in Section 12. 

Immediately after giving effect to the exercise of this Option at any time, (a) the Holder shall be deemed for all purposes under
the Partnership Agreement to hold a Partnership Interest in the Partnership with respect to the Class A Common Units so purchased; (b) the Holder shall have all of the rights and benefits of a limited partner under the Partnership
Agreement with respect to such Partnership Interest; (c) the Partnership Agreement shall be amended to the extent necessary to give effect to the foregoing applicable to the admission of Holder as a partner thereunder with such Partnership
Interest. 
 This Option and all rights and options hereunder shall, whether or not it has vested under Section 6 hereof,
expire on the Expiration Date, and shall thereafter be wholly null and void. 
 The Partnership shall pay all reasonable
administrative expenses and other reasonable charges payable by the Partnership in connection with the preparation, execution and delivery of certificates pursuant to this Section, regardless of the name or names in which such certificates shall be
registered. 
  

	SECTION 3.	RESERVATION. 

 The
Partnership will at all times prior to the Expiration Date take all action necessary to cause the Partnership Agreement, at all times, to provide for the sale of the maximum number of Class A Common Units which are subject to this Option.

  

	SECTION 4.	ADJUSTMENT. 

 (a) If the
Partnership shall: (i) make a distribution on Class A Common Units payable in Class A Common Units, (ii) subdivide the outstanding Class A Common Units into a greater number of Class A Common Units, (iii) combine
the outstanding Class A Common Units into a smaller number of Class A Common Units or (vi) issue any units (“New Units”) representing the beneficial ownership of Partnership interests in the Partnership in a
reclassification of the Class A Common Units (including any such reclassification in connection with creation of new classes of partners in the Partnership), then in each such case the number or kinds of Class A Common Units subject to the
Option, and/or the price to be paid for such Class A Common Units, shall be proportionately adjusted to preserve the level of economic benefits intended hereunder in light of such change as determined by the Committee in its reasonable
discretion. Additionally, in the event of any extraordinary distribution to holders of Class A Common Units other than an ordinary cash dividend (or tax distribution), as determined by the Committee in its reasonable discretion, the Committee
shall make appropriate adjustment (x) to the number and kind of Class A Common Units (or New Units) subject to the Option and/or (y) to the Unit Option Price to be paid for such Class A Common Units subject to the Option to

  

 5 

 
preserve the level of economic benefits intended hereunder in light of such change as determined by the Committee in exercise of its reasonable discretion; provided, however that such adjustment
shall only be made if the Committee reasonably determines that such adjustment would be permissible under Section 409A of the Internal Revenue Code of 1986, as amended. Such adjustment(s) shall be made successively whenever any event listed in
this Section 4(a) shall occur. 
 (b) If, as a result of an adjustment made pursuant to Section 4(a), the Holder shall
become entitled to receive any New Units, thereafter the number of such New Units so receivable upon exercise of this Option shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the
provisions with respect to the Class A Common Units in Section 4(a). 
  

	SECTION 5.	MERGERS, CONSOLIDATIONS, SALES. 

In the case of any consolidation or merger of the Partnership with another entity, or the sale of all or substantially all of its assets
to another entity, or any reorganization or reclassification or liquidation of the common interests or other common equity securities of the Partnership (including, without limitation, any change in the Partnership’s form of organization from a
partnership to a corporation), then, at the reasonable discretion of the Committee, but subject to the Partnership Agreement, provision shall be made whereby the Holder shall thereafter have the right to receive upon exercise of this Option (in
accordance with and subject to the terms and conditions specified herein) and in lieu of the Class A Common Units hereinbefore described immediately theretofore purchasable hereunder, solely such interests, shares of stock, securities or assets
(including cash) as would (by virtue of such consolidation, merger, sale, reorganization, reclassification or liquidation) have been issued or payable with respect to or in exchange for such Class A Common Units had such consolidation, merger,
sale, reorganization, reclassification or liquidation taken place immediately following exercise hereof, and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder to the end that the provisions
hereof shall thereafter be applicable, as nearly as may be, in relation to any interests, shares of stock, securities or assets thereafter deliverable upon exercise of this Option. 

 

	SECTION 6.	VESTING; ACCELERATION; TERMINATION. 

6.1. In General. For so long as no Termination shall have occurred, twenty percent (20%) of this Option shall vest upon
each of the first, second, third, fourth and fifth anniversaries of the Closing Date. 
 6.2. Acceleration. For so
long as no Termination shall have occurred, upon (but effective immediately prior to) an Acceleration Event, the entire unvested portion of this Option shall vest. Upon (but effective immediately prior to) an Acceleration Event that occurs within
six months following (i) a Termination as a result of death, (ii) a Termination as a result of Disability, (iii) a Termination by the Partnership or its affiliates not for Cause or (iv) a Termination for Good Reason, (x) the
Expiration Date shall (unless it has occurred under clause (ii) of the definition thereof) not occur prior to the day that is 10 days following such Acceleration Event, and (y) the entire unvested portion of the Option shall vest.

  

 6 

 6.3. Pro Rata Vesting. In the event of (i) a Termination by the
Partnership or any of its Affiliates not for Cause, (ii) a Termination for Good Reason, (iii) a Termination due to death or (iv) a Termination due to Disability, the cumulative portion of the Option that shall vest (including any
portion of the Option which has previously vested pursuant to Section 6.1) will be equal to a fraction, the numerator of which is the number of full calendar days that have elapsed since the Closing Date through the date of such Termination and
the denominator of which is 1825. 
 6.4. Termination. Subject to the second sentence of Section 6.2 and
Section 6.3 and in the event of any Termination, all portions of this Option not yet vested shall terminate, expire and be of no further force or effect with no further compensation due to the Holder; and all portions hereof that have vested at
or prior to such Termination shall remain exercisable until the Expiration Date and shall thereafter terminate, expire and be of no further force or effect with no further compensation due to the Holder. Except as otherwise expressly provided
herein, the vesting schedule requires continuous employment of the Holder by the Partnership or any of its Subsidiaries through each applicable vesting date set forth above as a condition to the vesting of the applicable installment of this Option.
Service for only a portion of the vesting period, even if a substantial portion, will not entitle the Holder to any proportionate vesting or avoid or mitigate a termination of rights and benefit upon a Termination except as otherwise expressly
provided herein. 
  

	SECTION 7.	REPRESENTATIONS AND WARRANTIES. 

7.1. Representations and Warranties of the Partnership. The Partnership represents and warrants to the Holder that:

 (a) The Partnership has all necessary power and authority to execute, deliver and perform the obligations under this Option
and the execution, delivery and performance by the Partnership of this Option has been duly authorized by all necessary action; and this Option has been duly and validly executed and delivered by the Partnership and constitutes the legal, valid and
binding obligations of the Partnership and is enforceable against the Partnership in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or moratorium or other similar laws
relating to the enforcement of creditors’ rights generally and by general equitable principles and except as rights to indemnity thereunder may be limited by applicable securities laws; and 

(b) The execution, delivery and performance by the Partnership of this Option and the issuance by the Partnership of Class A Common
Units upon exercise of the Option, do not and will not contravene or constitute a default under any provision of applicable law or regulation or of the Partnership Agreement or of any agreement, judgment, injunction, order, decree or other
instrument binding upon the Partnership or result in the creation or imposition of any lien on any asset of the Partnership. 
  

 7 

 7.2. Representations and Warranties of the Holder. The Holder represents and
warrants to the Partnership that: 
 (a) The Holder is acquiring the Option and, if and when the Holder exercises the Option,
will acquire any Class A Common Units purchased upon such exercise for investment purposes only, for the Holder’s own account, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered
distribution, all or any portion of such securities within the meaning of the Securities Act and applicable state securities law; 

(b) Any subsequent sale of any such Class A Common Units shall be made either pursuant to an effective registration statement under
the Securities Act or otherwise in compliance therewith and in all events in compliance with the Partnership Agreement; 
 (c)
This Option and all Class A Common Units purchased upon exercise hereof shall be subject to the terms hereof and of the Partnership Agreement; 

(d) The Holder understands that upon exercise of this Option he will be deemed by the Internal Revenue Service and pertinent state tax
authorities to be in receipt of taxable income in an amount equal to the excess of the fair market value of the Class A Common Units purchased hereunder over the price paid therefor, and further understands that there are other tax consequences
associated with holding Class A Common Units and has obtained and will rely upon the advice of the Holder’s own tax advisors with respect to such matters; 

(e) The Holder has had the opportunity to consult with counsel, has had adequate time to consult with such counsel regarding the terms of
this Option and the Partnership Agreement, the Holder has received, is familiar with such documents, understands the speculative and financial risks associated with an investment in Class A Common Units and the uncertainty with respect to the
Partnership’s future operations, and does not desire any additional information with respect to any of the foregoing; 

(f) In evaluating the merits and risks of an investment in Class A Common Units, the Holder has and will rely upon the advice of the
Holder’s own legal counsel, and tax and investment advisors; 
 (g) At no time was any oral representation made to the
Holder relating to the Option or the purchase of any securities upon exercise thereof and the Holder was not presented with or solicited by any promotional meeting or material relating to the Option or any securities of the Partnership. The Holder
is not subscribing for the purchase of Class A Common Units as a result of or subsequent to any advertisement, article, notice or other communication published in any newspapers, magazine or similar media or broadcast over television or radio;

 (h) The Holder’s principal office or residence address is as set forth on the signature page hereof. The Holder agrees
that it will notify the Partnership in writing if the Holder’s principal office or residence address changes; 
  

 8 

 (i) The Holder does not have any present intent to resell or distribute all or any part of
the Holder’s Class A Common Units purchased pursuant to this Option; 
 (j) The Holder has been advised that the offer
and sale of the Class A Common Units purchased pursuant to this Option have not been registered under the Securities Act, that the Class A Common Units may not be offered, sold or otherwise disposed of unless such offer and sale are
registered thereunder or an exemption from registration is available and that accordingly it may be required to bear the economic risk of the investment in the Class A Common Units for an indefinite period of time. The Holder also understands
that the Partnership does not have any intention of registering the offer and sale of the Class A Common Units under the Securities Act or of supplying the information which may be necessary to enable the Holder to offer and/or sell the
Class A Common Units pursuant to Rule 144 under the Securities Act, and that the Partnership will not be registered as an investment company under the Investment Company Act of 1940, as amended; 

(k) The Holder acknowledges that it has received, within a reasonable time prior to the sale, the Offering Memorandum dated
November 10, 2008 provided by the Partnership to such Holder (as the same may be amended or supplemented from time to time, the “Offering Memorandum”) and the Partnership Agreement. The Holder has been given the opportunity to
obtain any information or documents, and to ask questions and receive answers about such documents, the Partnership, the General Partner and their respective subsidiaries and the business and prospects of each and their subsidiaries (including,
without limitation, the transactions to be consummated pursuant to the terms of that certain business acquisition agreement between Connors Bros. Income Fund and certain of its subsidiaries, Connors Bros., L.P. (f/k/a BBCL Holdings L.P.) and 3231021
Nova Scotia Company, dated September 25, 2008 as amended October 15, 2008, and as may be further amended or restated from time to time) as it deems necessary to evaluate the merits and risks related to its investment in the Class A
Common Units purchased pursuant to this Option and, to the extent it has asked such questions or requested such information, the Partnership has answered such questions and supplied such information to the Holder’s satisfaction. No
representations concerning the matters set forth above or any other matters related to such investment have been made to the Holder except as expressly set forth in the Partnership Agreement. The Holder has consulted its own attorney, accountant or
investment advisor with respect to the investment contemplated hereby and its suitability for the Holder, including the tax and other economic considerations related to the investment. The Holder’s decision to invest in the Partnership is
entirely the investment decision and responsibility of the Holder. The Holder acknowledges that it has independently and without reliance upon the Partnership or the General Partner, or any of their respective officers, directors, employees, agents,
partners, advisors, attorneys-in-fact or affiliates, made its own analysis of the likelihood of success of its investment in the Partnership and made its own decision to enter into this Agreement and make the investment contemplated herein;

 (l) The Holder (A) has knowledge and experience in financial and business matters such that the Holder is capable of
evaluating the merits and risks of the purchase of the Class A Common Units as contemplated by this Option, the Offering Memorandum and the 

 

 9 

 
Partnership Agreement, and (B) is able to bear the economic risk of the investment in the Class A Common Units purchased pursuant to this Option for an indefinite period of time and can
afford to suffer a complete loss of the investment in such Class A Common Units; and 
 (m) The Holder has been informed
that the offer of the Class A Common Units is being made pursuant to an exemption from the registration requirements of the Securities Act, relating to transactions by an issuer not involving a public offering, and that, consequently, the
materials relating to the offer have not been subject to review and comment by the staff of the Securities and Exchange Commission or any other governmental authority in the United States or otherwise. 

 

	SECTION 8.	VALID CLASS A COMMON UNITS. 

The Partnership covenants and agrees that the interest in the Partnership represented by the Class A Common Units to be delivered on
the exercise of this Option and the payment of the applicable purchase price herein provided for shall, at the time of such delivery, be duly authorized and validly issued paid and entitle the holder thereof to the full benefits of a holder of
Class A Common Units under the Partnership Agreement. 
  

	SECTION 9.	NO SUSPENSION. 

 Except as
provided herein, the right to exercise this Option shall not be suspended during any period. 
  

	SECTION 10.	RESTRICTIONS ON TRANSFERABILITY OF OPTIONS AND CLASS A COMMON UNITS; COMPLIANCE WITH LAWS. 

Notwithstanding anything contained in this Option to the contrary, the terms and provisions of this Section 10 of this Option shall
remain in full force and effect at all times up to and including the Expiration Date. 
 10.1. In General.
(a) This Option may not be transferred by the Holder other than (i) by will or the laws of descent and distribution or pursuant to beneficiary designation procedures and to a beneficiary approved by the Partnership or (ii) to the
Partnership. This Option is exercisable only by the Holder or the Holder’s legal representative. Except to the extent permitted by the foregoing sentence or as otherwise consented to by the Partnership in writing, this Option may not be sold,
transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge,
hypothecate, encumber or otherwise dispose of this Option, or any attempt by any person other than the Holder or the Holder’s legal representative to exercise this Option, this Option and all rights hereunder shall immediately become null and
void. 
 (b) The Class A Common Units issued upon the exercise hereof shall be transferable only in accordance with the
Partnership Agreement, including without limitation the 
  

 10 

 
restrictions on transfer in Section 8 of the Partnership Agreement to the same extent as if such provision was set forth herein. In addition, the Holder acknowledges and agrees that such
Class A Common Units may only be transferred pursuant to registration under the Securities Act or an exemption therefrom. 

10.2. Restrictive Legends. The Partnership Agreement, each certificate (if any) for Class A Common Units initially
issued upon the exercise of this Option and each certificate (if any) for Class A Common Units issued to a subsequent transferee of such Class A Common Units shall, unless otherwise permitted by the provisions of this Section 10.2,
bear on the face thereof a legend reading substantially as follows: 
 THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY BE OFFERED AND SOLD ONLY IF SO REGISTERED OR IN A MANNER EXEMPT FROM REGISTRATION UNDER SUCH ACT. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ALSO ARE
SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE PARTNERSHIP AGREEMENT OF CONNORS BROS., L.P. (THE “PARTNERSHIP”), DATED AS OF NOVEMBER 18, 2008 AND AS IT MAY BE AMENDED, AMENDED AND RESTATED, SUPPLEMENTED, OR OTHERWISE
MODIFIED FROM TIME TO TIME, COPIES OF WHICH MAY BE OBTAINED FROM THE PARTNERSHIP. NO TRANSFER OF THESE SECURITIES WILL BE MADE ON THE BOOKS OF THE PARTNERSHIP UNLESS ACCOMPANIED BY EVIDENCE OF COMPLIANCE WITH THE TERMS OF SUCH AGREEMENT. 

In the event that a registration statement covering any Class A Common Units issued or issuable upon exercise of this Option shall
become effective under the Securities Act and under any applicable State securities laws or in the event that the Partnership shall receive such certificates, legal opinions or other information as the Partnership may reasonably require to confirm
that the legend on such Class A Common Units is not, or is no longer, necessary or required (including, without limitation, because of the availability of any exemption afforded by Rule 144 of the General Rules and Regulations of the
Commission), the Partnership shall, or shall instruct its transfer agents and registrars to, remove such legend from the Partnership Agreement and the certificates (if any) evidencing such Class A Common Units or issue new certificates without
such legend in lieu thereof, or issue a replacement Option without the legend, as the case may be. 
  

	SECTION 11.	DRAG-ALONG RIGHT. 

 (a) No
later than ten (10) days prior to the closing of a Drag-Along Sale or an Approved Sale, the Holder shall exercise the Applicable Drag Percentage of this Option; provided, however, that (x) in the event the Applicable Drag Percentage of
this Option is greater than the vested portion of this Option at such time, then the Holder shall exercise the entire vested portion of this Option and (y) if the exercise price and any required withholding taxes with respect to the portion of
the Option required to be exercised hereunder is greater than the 
  

 11 

 
sale price for the underlying Class A Common Units, then such portion of the Option shall not be exercised, shall be counted towards the Applicable Drag Percentage and shall be cancelled
with no consideration received therefor. The Class A Common Units acquired pursuant to this Option shall be subject to the provisions of the Partnership Agreement. “Applicable Drag Percentage” has the meaning set forth in the
Partnership Agreement. 
 (b) Each Centre Partners Entity shall have the right to assign its rights pursuant to this
Section 11 to any of its Affiliates. 
 (c) The rights granted pursuant to this Section 11 shall terminate upon
consummation of a Qualified Public Offering. 
 (d) Each Centre Partners Entity is an express third party beneficiary of this
Section 11 and shall be permitted to enforce its rights hereunder to the same extent as if it were a party hereto. 
  

	SECTION 12.	PARTIAL EXERCISE. 

 If
this Option is exercised in part only, the Holder shall surrender this Option upon such exercise and shall receive a revised Option, registered in the name of the Holder and setting forth as (i) the total number of Class A Common Units
subject to such revised Option and (ii) the Unit Option Price of such revised Option, respectively, (a) the total number of Class A Common Units available for purchase hereunder immediately prior to such partial exercise minus the
portion of such Class A Common Units purchased in such partial exercise, and (b) the Unit Option Price of this Option immediately prior to such exercise. In such event, the revised Option shall otherwise be on substantially the same terms
and conditions as this Option. 
  

	SECTION 13.	LOST, STOLEN OPTION, ETC. 

In case this Option shall be mutilated, lost, stolen or destroyed, the Partnership shall issue a revised Option of like date, tenor and
denomination and deliver the same in exchange and substitution for and upon surrender and cancellation of the mutilated Option, or in lieu of the Option lost, stolen or destroyed, upon receipt of evidence reasonably satisfactory to the Partnership
of the loss, theft or destruction of such Option, and upon receipt of a reasonably satisfactory indemnity satisfactory to the Partnership. 
  

	SECTION 14.	HOLDER NOT A PARTNER. 

This Option does not confer upon the Holder any right to vote or to consent as a partner of the Partnership, as such, in respect of any
matters whatsoever, or any other rights or liabilities as a partner, prior to the exercise hereof as provided herein. 
  

 12 

	SECTION 15.	NO RIGHTS TO CONTINUED EMPLOYMENT. 

In no event shall the granting of this Option, its acceptance or its exercise be deemed to give or confer on the Holder any right to
continued employment by or service, including, without limitation, as a director or manager with the Partnership or its affiliates. 
  

	SECTION 16.	OPTION SUBJECT TO THE PLAN. 

This Option is subject to the provisions of the Option Plan and shall be interpreted in accordance therewith, and in a manner consistent
therewith. The Holder acknowledges receipt of a copy of the Option Plan. The Holder agrees that the Committee shall have right to resolve all questions which may arise in connection with the Option or its exercise. Any interpretation, determination
or other action made or taken by the Committee regarding the Option Plan or this Option shall be final, binding and conclusive. 
  

	SECTION 17.	SEVERABILITY. 

 Should any
part of this Option for any reason be declared invalid, such decision shall not affect the validity of any remaining portion, which remaining portion shall remain in full force and effect as if this Option had been executed with the invalid portion
thereof eliminated, and it is hereby declared the intention of the parties hereto that they would have executed and accepted the remaining portion of this Option without including therein any such part, parts or portion which may, for any reason, be
hereafter declared invalid. 
  

	SECTION 18.	INDEX AND CAPTIONS. 

 The
index and the descriptive headings of the various sections of this Option are for convenience only and shall not affect the meaning or construction of the provisions hereof. 

 

	SECTION 19.	GOVERNING LAW; WAIVER OF JURY TRIAL. 

THIS OPTION AND ALL RIGHTS ARISING HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW). 
 THE PARTNERSHIP AND THE HOLDER HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS OPTION. 
  

	SECTION 20.	AMENDMENTS; WAIVERS. 

 Any
provision of this Option may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the Holder and the Partnership, or in the case of a waiver, by the party against whom the waiver is
to be effective and, in the case of an amendment to or waiver of Section 11, the Centre Partners 
  

 13 

 
Entities. No failure or delay by either party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

 

	SECTION 21.	NOTICES. 

 Any notice or
other communication required or permitted to be given hereunder shall be in writing and may be personally served, or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by
courier service, upon receipt of telefacsimile, or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed. For the purposes hereof, the address of each party hereto shall be as set forth below
or such other address as shall be designated by such party in a written notice delivered to the other party hereto. 
 If to the
Partnership: 
 Connors Bros., L.P. 

c/o Centre Partners Management LLC 

30 Rockefeller Plaza, Suite 5050 

New York, New York 10020 

Attention: Scott Perekslis 

Telecopy: 212-332-5801 

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

Dechert LLP 

1095 Avenue of the Americas 

New York, New York 10036-6797 

Attention: Mark E. Thierfelder, Esq. 

Telecopy: 212-698-0664 

If to the Holder: At the address listed on the Signature Page. 

 

 14 

 IN WITNESS WHEREOF, Connors Bros., L.P. has caused this Option to be signed as of the
Date of Grant first set forth above. 
  

			
	CONNORS BROS., L.P.
		
	By:	 	  

		 	Christopher David Lischewski
		 	President and Chief Executive Officer

  

	
	ACKNOWLEDGED AND AGREED
	AS OF THIS      DAY OF JULY, 2009
	
	  

	 Name:

	 Title:

	 Address:

  

 S-1 

 ANNEX A 

FORM OF 

NON-COMPETITION AGREEMENT 

 SUBSCRIPTION 

The undersigned,
                                        ,
pursuant to the provisions of the within Option, hereby elects to purchase                      Class A Common Units of Connors Bros., L.P., a
Delaware limited partnership, covered by the within Option. By executing this document, the undersigned affirms as made as of the date hereof by the undersigned the representations set forth in Section 7.2 of the within Option and such
representations are incorporated herein by this reference. The undersigned represents that he/she has no need for liquidity in this investment, has the ability to bear the economic risk of this investment, and can afford a complete loss of the
purchase price for the interest hereby acquired. 
  

					
	Signature:	 	  
	 	
	Address:	 	  
	 	
		 	  
	 	
		 	  
	 	

 Dated:

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