Document:

PURCHASE AGREEMENT

 Exhibit 10.2 
 EXECUTION VERSION 
 HORIZON LINES, LLC 

SECOND LIEN SENIOR SECURED NOTES DUE 2016

 PURCHASE AGREEMENT 
 October 5, 2011 
 The Purchaser named on the signature page hereto 

Located at the address specified on the signature page hereto 
 Ladies and Gentlemen: 
 Horizon Lines, LLC, a Delaware limited
liability company (the “Company”) proposes, upon the terms and conditions set forth in this agreement (this “Agreement”), to issue and sell to the purchaser named herein (the
“Purchaser”), the aggregate principal amount of its Second Lien Senior Secured Notes due 2016 (the “Second Lien Notes”) that is indicated on the signature page of the Purchaser hereto. The Second Lien
Notes (i) are to be issued pursuant to an Indenture (the “Indenture”), to be dated of even date herewith and entered into among the Company, the Guarantors (as defined below) party thereto and U.S. Bank National
Association, a national banking association, as trustee and collateral agent (in such capacity, the “Trustee”). The Company’s obligations under the Second Lien Notes, including the due and punctual payment of interest on
the Second Lien Notes, will be irrevocably and unconditionally guaranteed (the “Note Guarantees”) by Horizon Lines, Inc., a Delaware corporation (the “Parent”) and the Restricted Subsidiaries of the
Parent who will agree to be guarantors under the Indenture (together, with the Parent, the “Guarantors”), pursuant to a Notation of Guarantee, each to be dated of even date herewith, by the Guarantors (the
“Notation of Guarantee”). As used herein, the term “Second Lien Notes” shall include the Note Guarantees, unless the context otherwise requires. This Agreement is to confirm the agreement concerning the purchase of
the Second Lien Notes from the Company by the Purchaser. The obligations of the Company and the Guarantors under the Indenture and the Second Lien Notes will be governed by a Pledge and Security Agreement among the Company, the Guarantors and the
Trustee, of even date herewith (the “Security Agreement”). The Second Lien Notes will be subject to a Registration Rights Agreement (the “Registration Rights Agreement”) among the Company, the
Guarantors and the Purchasers of the Second Lien Notes, of even date herewith. 
 Concurrently with the issuance of the Second Lien Notes,
(i) the Company will be issuing $225.0 million of First Lien Senior Secured Notes due 2016 (the “First Lien Notes”), which will be guaranteed by the Guarantors; (ii) the Company and the Guarantors will also enter
into a new $100.0 million asset-based revolving loan facility (the “New ABL Facility”); and (iii) the Parent will be completing its offer (the “Exchange Offer”) to exchange (1) up to $180.0
million aggregate principal amount of 6.00% Series A Convertible Senior Secured Notes due 2017 (the “Series A Convertible Notes”), (2) up to $100.0 million aggregate principal amount of 6.00% Series B Mandatorily
Convertible Senior Secured Notes (the “Series B Convertible Notes”, and, 

 
together with the Series A Convertible Notes, the “New Convertible Notes”) and (3) up to $50.0 million of cash for any and all of the Parent’s outstanding 4.25%
Convertible Senior Notes due 2012 (the “Existing Convertible Notes”). On September 13, 2011, Parent and certain of its subsidiaries entered into a Second Lien Term Loan Facility (the “Second Lien Term Loan
Facility”) with funds and/or accounts managed or advised by Troob Capital Management, Post Advisory Group, LLC, Bean Point Capital Management LP, Western Asset Management Company, Caspian Capital LP, Archview Investment Group LP and
Logan Circle Partners, L.P. (collectively, the “Bridge Lenders”), under which the Bridge Lenders provided $25.0 million aggregate principal amount of term loans (the “Bridge Loans”). 

Collectively, the following are referred to herein as the “Transaction Documents”: (i) this
Agreement and the other purchase agreements relating to the issuance and sale of the Second Lien Notes (collectively, the “Second Lien NPAs”), (ii) the Indenture, (iii) the Second Lien Notes and the associated Note
Guarantees, (iv) the Registration Rights Agreement, (v) the Security Agreement, (vi) the purchase agreements relating to the issuance and sale of the First Lien Notes (collectively, the “First Lien NPAs”),
(vii) the indenture governing the First Lien Notes, (viii) the First Lien Notes and the associated guarantees, (ix) the registration rights agreement relating to the First Lien Notes, (x) the pledge and security agreement
relating to the First Lien Notes, (xi) the indenture governing the New Convertible Notes, (xii) the New Convertible Notes and the associated guarantees, (xiii) the registration rights agreement relating to the New Convertible Notes,
(xiv) the common stock of Parent, par value $0.01 per share (the “Common Stock”) to be issued in the Exchange Offer, (xv) the warrants to be issued in the Exchange Offer and upon conversion of the New Convertible
Notes (the “Warrants’), (xvi) the warrant agreement governing the Warrants between the Parent and the warrant agent thereunder, (xvii) the pledge and security agreement relating to the New Convertible Notes,
(xviii) the agreement governing the New ABL Facility and all guarantee, pledge and security agreements associated therewith and (xix) the intercreditor agreement among the Company, the Guarantors, the agent under the New ABL Facility, the
Trustee (as collateral agent with respect to the Second Lien Notes), the collateral agent with respect to the First Lien Notes and the collateral agent with respect to the Convertible Notes (the “Intercreditor Agreement”), in
each case, of even date herewith. Collectively, the transactions contemplated by the Transaction Documents (including, without limitation, the use of proceeds therefrom) and the Exchange Offer are referred to herein as the
“Transactions”. Collectively, items (iv), (ix) and (xiii) are referred to herein as the “Registration Rights Agreements”. 

1. Purchase of the Second Lien Notes. The Company and the Guarantors, jointly and severally hereby agree, on the
basis of the representations, warranties, covenants and agreements of the Purchaser contained herein and subject to all the terms and conditions set forth herein, to issue and sell to the Purchaser and, upon the basis of the representations,
warranties and agreements of the Company and the Guarantors herein contained and subject to all the terms and conditions set forth herein, the Purchaser agrees, to purchase from the Company the aggregate principal amount of Second Lien Notes that is
indicated on the signature page of the Purchaser hereto for total consideration, consisting of (i) the principal amount of Bridge Loans under the Second Lien Term Loan Facility indicated on the Company’s and the Guarantors’ signature
page hereto (the “Discharged Loans”) and (ii) the amount of cash indicated on the Company’s and the Guarantors’ signature page hereto. The aggregate principal amount of the Discharged Loans shall be deemed
repaid and discharged as of the time the transactions contemplated by this Agreement have been consummated. 

  
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 2. Payment for and Delivery of the Second Lien Notes. Subject to the
satisfaction or waiver of the conditions set forth in Section 6 below, the closing (the “Closing”) of the purchase and sale of the Second Lien Notes shall occur at 9:00 a.m., New York City time, on the date hereof. The
Closing will be held at the offices of Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York, or at such other location as the Company and the Purchaser may otherwise agree. The date hereof is referred to herein as the
“Closing Date.” 
 The Second Lien Notes will be delivered to the Purchaser, or the Trustee as
custodian for The Depository Trust Company (“DTC”), against payment by or on behalf of the Purchaser of the purchase price therefor by wire transfer in immediately available funds, by causing DTC to credit the Second Lien
Notes to the account of the Purchaser at DTC designated in Annex 1 hereto. The Second Lien Notes will be evidenced by one or more global securities in definitive form and will be registered in the name of Cede & Co. as nominee of DTC.

 3. Representations, Warranties and Agreements of the Company and the Guarantors. Each of the Company
and the Guarantors, jointly and severally, represent, warrant and agree, on and as of the date hereof, as follows: 
 (a) The Registration Statement of the Parent on Form S-4, relating to the Exchange Offer, as filed with the Securities and Exchange Commission (the “Commission”) on August 26,
2011, as amended on September 19, 2011, September 22, 2011, September 26, 2011 and September 29, 2011 (as so amended, the “Registration Statement”), together with the form of Indenture attached hereto
as Exhibit I, the form of Security Agreement attached hereto as Exhibit II, the form of Intercreditor Agreement attached hereto as Exhibit III and the form of Registration Rights Agreement attached hereto as Exhibit IV hereto, (collectively, the
“Disclosure Package”), contains all the information specified in, and meeting the requirements of, Rule 144A(d)(4) under the Securities Act of 1933 (the “Securities Act”). The Registration Statement
was declared effective by the Commission on October 3, 2011. 
 (b) The Second Lien Notes
and Note Guarantees are not of the same class (within the meaning of Rule 144A under the Securities Act) as securities of the Company or the Guarantors that are listed on a national securities exchange registered under Section 6 of the Exchange
Act or that are quoted in a United States automated inter-dealer quotation system. 
 (c) None of
the Company or the Guarantors is, and after giving effect to the Transactions, as described under “Unaudited Pro Forma Condensed Combined Financial Information” in the Disclosure Package, will be, an “investment company” or a
company “controlled” by an “investment company” within the meaning of the Investment Company Act and the rules and regulations of the Commission thereunder. 

(d) The offer and sale of the Second Lien Notes pursuant hereto is exempt from the registration
requirements of the Securities Act. No form of general solicitation or general advertising within the meaning of Regulation D under the Securities Act (including, 

  
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but not limited to, advertisements, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any seminar or
meeting whose attendees have been invited by any general solicitation or general advertising) was used by the Company or the Guarantors, any of their respective Affiliates or any of their representatives in connection with the offer and sale of the
Second Lien Notes. 
 (e) No directed selling efforts within the meaning of Rule 902 under the
Securities Act were used by the Company, the Guarantors or any of their respective representatives with respect to Second Lien Notes sold outside the United States to non-U.S. persons, and the Company and the Guarantors and any of their respective
Affiliates and any person acting on their behalf has complied with and will implement the “offering restrictions” required by Rule 902 under the Securities Act. 

(f) The Disclosure Package has been prepared by the Company, the Parent and the other Guarantors for use
in connection with the issuance of the Second Lien Notes. No other materials have been prepared by the Company, the Parent or the other Guarantors for use in connection with the issuance of the Second Lien Notes. No order or decree preventing the
use of the Disclosure Package, or any order asserting that the Transactions are subject to the registration requirements of the Securities Act has been issued, and no proceeding for that purpose has commenced or is pending or, to the knowledge of
the Company or the Guarantors, is contemplated. 
 (g) As of the date hereof, the Disclosure
Package does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 

(h) The statistical and market-related data included in the Disclosure Package are based on or derived
from sources that the Company and the Guarantors believe to be reliable in all material respects. 
 (i) Each of the Company and the Guarantors and their respective subsidiaries has been duly organized, is validly existing and in good standing as a limited liability company or corporation, as applicable,
under the laws of its jurisdiction of organization and is duly qualified to do business and in good standing as a limited liability company or corporation, as applicable, in each jurisdiction in which its ownership or lease of property or the
conduct of its businesses requires such qualification, except where the failure to be so qualified or in good standing would not, in the aggregate, reasonably be expected to have (i) a material adverse effect on the condition (financial or
otherwise), results of operations, stockholders’ equity, properties, business or prospects of the Company and the Guarantors, taken as a whole or (ii) a material adverse effect on the performance by the Company and the Guarantors of this
Agreement or any of the Transaction Documents (as defined below) or the consummation of any of the transactions contemplated hereby or thereby (the events described in clauses (i) and (ii), collectively, a “Purchase Agreement
Material Adverse Effect”); each of the Company, the Guarantors and their respective subsidiaries has all power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged. The Company and
the Guarantors do not own or control, directly or indirectly, any corporation, 

  
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association or other entity other than the subsidiaries listed on Exhibit V hereto. None of the subsidiaries of the Company or any of the Guarantors (other than as identified as such in Exhibit
V) is a “significant subsidiary” (as defined in Rule 405 under the Securities Act). 

(j) The Parent has the authorized capitalization as set forth in the Disclosure Package, and all of the
issued and outstanding shares of capital stock of the Parent have been duly authorized and validly issued and are fully paid and non-assessable. 
 (k) All of the issued and outstanding equity interests of the Company are directly or indirectly owned by Horizon Lines Holding Corp. and have been duly authorized and validly issued, are fully paid and
non-assessable and are owned of record by one or more of the Other Guarantors, free and clear of all Liens other than those imposed in connection with the Transactions. All of the issued and outstanding shares of capital stock or equity interests
(as the case may be) of Hawaii Stevedores, Inc., Horizon Lines Holding Corp., Horizon Lines of Puerto Rico, Inc., Horizon Lines of Alaska, LLC, Horizon Lines of Guam, LLC, Horizon Lines Vessels, LLC, H-L Distribution Service, LLC, Horizon Logistics,
LLC, Aero Logistics, LLC, Sea-Logix, LLC and Horizon Services Group, LLC (together, the “Other Guarantors”), have been duly authorized and validly issued, are fully paid and non-assessable and are owned of record by one or
more of the Other Guarantors, free and clear of all Liens other than those imposed in connection with the Transactions. 
 (l) Each of the Company and the Guarantors has all requisite limited liability company or corporate power, as applicable, and authority to execute, deliver and perform its obligations under the Indenture.
The Indenture has been duly and validly authorized by each of the Company and the Guarantors and upon its execution and delivery and constitutes the valid and binding agreement of each of the Company and the Guarantors, enforceable against it in
accordance with its terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable
principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). No qualification of the Indenture under the Trust Indenture Act of 1939 (the “Trust Indenture Act”) is required in
connection with the offer and sale of the Second Lien Notes in the manner contemplated hereby. 

(m) The Company has all requisite limited liability company power and authority to execute, issue, sell
and perform its obligations under the Second Lien Notes. The Second Lien Notes have been duly authorized by the Company and, when duly executed by the Company in accordance with the terms of the Indenture, assuming due authentication of the Second
Lien Notes by the Trustee, upon delivery to the Purchaser against payment therefor in accordance with the terms hereof, will be validly issued and delivered and will constitute valid and binding obligations of the Company entitled to the benefits of
the Indenture, enforceable against the Company in accordance with their terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting
creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
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 (n) Each of the Company and the Guarantors has all requisite
limited liability company or corporate power, as applicable, and authority to execute, deliver and perform its obligations under the Security Agreement. The Security Agreement has been duly and validly authorized by each of the Company and the
Guarantors and upon its execution and delivery and constitutes the valid and binding agreement of each of the Company and the Guarantors, enforceable against it in accordance with its terms, except as such enforceability may be limited by
bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 (o) Each of the Company and the Guarantors has all requisite
limited liability company or corporate power, as applicable, and authority to execute, deliver and perform its obligations under the Intercreditor Agreement. The Intercreditor Agreement has been duly and validly authorized by each of the Company and
the Guarantors and upon its execution and delivery and constitutes the valid and binding agreement of each of the Company and the Guarantors, enforceable against it in accordance with its terms, except as such enforceability may be limited by
bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 (p) Each of the Company and the Guarantors has all requisite
limited liability company or corporate power, as applicable, and authority to execute, deliver and perform its obligations under the Registration Rights Agreement. The Registration Rights Agreement has been duly and validly authorized by each of the
Company and the Guarantors and upon its execution and delivery and constitutes the valid and binding agreement of each of the Company and the Guarantors, enforceable against it in accordance with its terms, except (i) as such enforceability may
be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law) and (ii) as any indemnification provisions contained therein relating to securities law liabilities may be unenforceable. 

(q) Each of the Guarantors has all requisite corporate or limited liability company power and authority,
as applicable, to execute, issue, sell and perform its obligations under the Note Guarantees and the related Notation of Guarantee. The Note Guarantees and Notations of Guarantee have been duly authorized by the Guarantors and, when duly executed by
the Guarantors in accordance with the terms of the Indenture will constitute valid and binding obligations of each of the Guarantors entitled to the benefits of the Indenture, enforceable against each of the Guarantors in accordance with their
terms, except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
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 (r) Each of the Company, the Guarantors and their respective
subsidiaries, as applicable, has all requisite limited liability or corporate power and authority, as applicable, to execute, deliver and perform its obligations under each Transaction Document (other than the Second Lien NPAs, the Indenture, the
Second Lien Notes, the Note Guarantees, the Notations of Guarantee, the Security Agreement, the Intercreditor Agreement, the Registration Rights Agreement and the First Lien NPAs) to which it is a party. Each such Transaction Document has been duly
and validly authorized by each of the Company and the Guarantors (to the extent a party thereto), and will be validly executed and delivered and (assuming the due authorization, execution and delivery thereof by any other parties thereto other than
the Company and the Guarantors) will constitute the valid and binding obligation of each of the Company and the Guarantors (to the extent a party thereto), in accordance with the terms thereof, enforceable against it in accordance with its terms,
except (i) as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, by general equitable principles
(regardless of whether such enforceability is considered in a proceeding in equity or at law) and, as to rights of indemnification and contribution with respect to liabilities under securities laws, by principles of public policy and (ii) as
any indemnification provisions contained therein relating to securities law liabilities may be unenforceable. To the extent described in the Disclosure Package, each Transaction Document conforms in all material respects to the description thereof
in the Disclosure Package. 
 (s) Each of the Company and each of the Guarantors has all
requisite limited liability or corporate power and authority, as applicable, to execute, deliver and perform its obligations under this Agreement, the other Second Lien NPAs and the First Lien NPAs. This Agreement, the other Second Lien NPAs and the
First Lien NPAs have been duly and validly authorized, executed and delivered by the Company and each of the Guarantors. 
 (t) The Transactions will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, impose any lien, charge or encumbrance upon any property or assets of the
Company, the Guarantors or their respective subsidiaries, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement, license, lease or other agreement or instrument to which the Company, the Guarantors or any of their
respective subsidiaries is a party or by which the Company, the Guarantors or any of their respective subsidiaries is bound or to which any of the property or assets of the Company, the Guarantors or any of their respective subsidiaries is subject,
except for Liens created by the Transaction Documents, (ii) result in any violation of the provisions of the certificate of formation, limited liability company agreement, charter or by-laws (or similar organizational documents) of any of the
Company, the Guarantors or any of their respective subsidiaries or (iii) result in any violation of any statute or any judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over any of the
Company, the Guarantors or any of their respective subsidiaries or any of their properties or assets, except, with respect to clauses (i) and (iii) above, where any such matters would not, individually or in the aggregate, have a Purchase
Agreement Material Adverse Effect. 
 (u) No consent, approval, authorization or order of, or
filing, registration or qualification with any court or governmental agency or body having jurisdiction over any of the Company, the Guarantors or any of their respective subsidiaries and properties or assets is

  
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required for the execution, delivery and performance by the Company and the Guarantors, to the extent a party thereto, of the Transaction Documents or the completion of the Transactions, except
in connection with the registration process contemplated by the Registration Rights Agreements. 

(v) Other than pursuant to the Registration Statement and other than the Registration Rights Agreements,
there are no contracts, agreements or understandings between any of the Company and the Guarantors and any person, granting such person the right to require the Company or the Guarantors to file a registration statement under the Securities Act with
respect to any securities of the Company or the Guarantors owned or to be owned by such person. 

(w) None of the Company, the Guarantors nor any other person acting on behalf of the Company or the
Guarantors has sold or issued any securities that would be integrated with the offering of the Second Lien Notes contemplated by this Agreement pursuant to the Securities Act, the rules and regulations thereunder or the interpretations thereof by
the Commission. The Company and the Guarantors will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the Securities Act), of any
Second Lien Notes or any substantially similar security issued by the Company or the Guarantors, within six months subsequent to the date hereof, is made under restrictions and other circumstances reasonably designed not to affect the status of the
offer and sale of the Second Lien Notes in the United States and to U.S. persons contemplated by this Agreement as transactions exempt from the registration provisions of the Securities Act, including any sales pursuant to Rule 144A under, or
Regulation S of, the Securities Act. 
 (x) Since the date of the latest audited financial
statements of the Parent included in the Disclosure Package and except as disclosed in the Disclosure Package, none of the Company, the Guarantors or any of their respective subsidiaries has (i) sustained any loss or interference with its
business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or court or governmental action, order or decree, (ii) issued or granted any securities, (iii) incurred
any liability or obligation, direct or contingent, other than liabilities and obligations that were incurred in the ordinary course of business, that is material to the Company and its subsidiaries, taken as a whole, (iv) entered into any
transaction not in the ordinary course of business, that is material to the Company and its subsidiaries, taken as a whole, (v) declared or paid any dividend on its capital stock, and (vi) since such date, there has not been any change in
the capital stock or limited liability interests, as applicable, or long-term debt of any of the Company, the Guarantors or any of their respective subsidiaries or any adverse change, or any development involving a prospective adverse change, in or
affecting the condition (financial or otherwise), results of operations, stockholders’ equity or limited liability company interests, as applicable, properties, management, business or prospects of any of the Company, the Guarantors or their
respective subsidiaries, in each case except as would not, in the aggregate, reasonably be expected to have a Purchase Agreement Material Adverse Effect and except, in the case of clauses (ii), (iii), (iv) and (vi), pursuant to the
Transactions. 

  
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 (y) Except as disclosed in the Disclosure Package, there are
no judicial, administrative, legal or governmental proceedings (including any notice of violation or alleged violation) pending to which any of the Company, the Guarantors or any of their respective subsidiaries is a party or of which any property
or assets of the Company, the Guarantors or any of their respective subsidiaries is the subject that would, in the aggregate, reasonably be expected to have a Purchase Agreement Material Adverse Effect. To the Company’s and the Guarantors’
knowledge, no such proceedings are threatened or contemplated by governmental authorities or others. 
 (z) Except as would not reasonably be expected to have a Purchase Agreement Material Adverse Effect: 
 (i) The facilities and properties owned, leased or operated by the Company and the Guarantors or any of their subsidiaries (the “Properties”) do not contain any gasoline or
petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law (as defined below), including, without
limitation, asbestos, perchlorate, polychlorinated biphenyls and urea-formaldehyde insulation (“Materials of Environmental Concern”) in amounts or concentrations which (i) constitute a violation of, or (ii) could
reasonably be expected to give rise to liability on behalf of any of the Company or the Guarantors under, any and all applicable foreign, federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees,
requirements of the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local (including common law) regulating, relating to or imposing liability or standards of conduct
concerning protection of (i) human health from exposure to any Materials of Environmental Concern or (ii) the environment, as now or may at any time be in effect during the term of this Agreement (“Environmental
Law”); 
 (ii) The Properties, including any vessel owned, bareboat chartered or operated by the
Company or the Guarantors and their respective subsidiaries other than Vessels owned by an entity other than the Company and the Guarantors and which are managed under Vessel management agreements, (the “Vessels”), and all
operations of the Company and the Guarantors and/or their respective subsidiaries at the Properties or respecting the Vessels are in compliance, and have in the last five years been in compliance, with all applicable Environmental Laws, and there is
no contamination at, under or about the Properties or violation of any Environmental Law with respect to the Properties, including the Vessels, or the business operated by the Company, the Guarantors or any of their subsidiaries (the
“Business”); 
 (iii) Materials of Environmental Concern have not been transported or
disposed of from the Properties, including the Vessels, in violation of, or in a manner or to a location that could reasonably be expected to give rise to liability on behalf of the Company or the Guarantors under any Environmental Law, and no
Materials of Environmental Concern have been generated, treated, stored or disposed of at, on or under any of the Properties or from the Vessels in violation of, or in a manner that could reasonably be expected to give rise to liability on behalf of
the Company or the Guarantors under, any applicable Environmental Law; and 

  
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 (iv) there has been no release or threat of release of Materials of
Environmental Concern at or from the Properties, including the Vessels, or arising from or related to the operations of the Company or the Guarantors or any Subsidiary in connection with the Properties, including the Vessels, or otherwise in
connection with the Business, in violation of or in amounts or in a manner that could reasonably be expected to give rise to liability on behalf of the Company or the Guarantors under Environmental Laws. 

(aa) (i) Each “employee benefit plan” (within the meaning of Section 3(3) of the Employee
Retirement Security Act of 1974, as amended (“ERISA”) and whether or not subject to ERISA) that is or, in the past six years has been maintained, administered or contributed to, or has had any obligation to contribute to, by
any of the Company, the Guarantors or any member of the respective Controlled Group (each a “Plan”), has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations
including ERISA and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or
administrative exemption; (iii) no Plan is or was subject to Title IV of ERISA or is or was a Multiemployer Plan; (iv) each Plan that is intended to be qualified under Section 401(a) of the Code is so qualified and nothing has
occurred, whether by action or by failure to act, which would cause the loss of such qualification; and (v) none of the Company or the Guarantors or a member of a Controlled Group under any of them has any material liability with regards to any
post-retirement welfare benefit under a Plan other than as required by Part 6 of Subtitle B of Title I of ERISA or similar required continuation of coverage law. 

(bb) The Parent. and each of its subsidiaries maintains a system of internal control over financial
reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) that complies with the requirements of the Exchange Act and that has been designed by, or under the supervision of, the Parent’s principal executive and principal
financial officers, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States.
The Parent, and each of its subsidiaries maintains internal accounting controls sufficient to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles in the United States, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with
management’s general or specific authorization, (ii) transactions are recorded as necessary to permit preparation of the relevant entity’s financial statements in conformity with accounting principles generally accepted in the United
States and to maintain accountability for its assets, (iii) access to the relevant entity’s assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for the
relevant entity’s assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. As of the date of the most recent consolidated balance sheet of the Parent, reviewed or audited
by Ernst & Young LLP, there were no material weaknesses in any of the Parent’s or its subsidiaries’ internal control over financial reporting. 

  
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 (cc) After giving effect to the Transactions (including,
without limitation, the retirement of existing indebtedness and the related agreements contemplated thereby), none of the Company, the Guarantors or any of their respective subsidiaries (i) is in violation of its certificate of formation,
limited liability company agreement, charter or by-laws (or similar organizational documents), (ii) is in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or
observance of any term, covenant, condition or other obligation contained in any indenture, mortgage, deed of trust, loan agreement, license or other agreement or instrument to which it is a party or by which it is bound or to which any of its
properties or assets is subject, or (iii) is in violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over it or its property or assets or has failed to obtain any license,
permit, certificate, franchise or other governmental authorization or permit necessary to the ownership of its property or to the conduct of its business, except in the case of clauses (ii) and (iii), to the extent any such conflict, breach,
violation, failure or default would not, individually or in the aggregate, have a Purchase Agreement Material Adverse Effect. 
 (dd) None of the Parent, the Company, the other Guarantors or any of their respective subsidiaries, nor, to the knowledge of the Parent, the Company or the other Guarantors, any director, officer,
manager, member, agent, employee or other person associated with or acting on behalf of the Parent, the Company, the other Guarantors or any of their respective subsidiaries, has (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of
any provision of the Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. 

(ee) None of the Transactions will violate or result in a violation of Regulations T, U and X of the Board
of Governors of the Federal Reserve System. 
 (ff) The Parent, the Company and the other
Guarantors and their respective Affiliates have not taken, directly or indirectly, any action designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of the First
Lien Notes, the Second Lien Notes, the New Convertible Notes, the Existing Convertible Notes or the common stock of the Parent. 
 (gg) (i) The Parent and its subsidiaries maintains “disclosure controls and procedures” (as such term is defined in Rule 13a-15(e) under the Exchange Act), (ii) such disclosure controls and
procedures are designed to ensure that the information required to be disclosed by the Parent and its subsidiaries in the reports they file or submit under the Exchange Act is accumulated and communicated to management of the Parent and its
subsidiaries, including their respective principal executive officers and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure to be made; and (iii) such disclosure controls and procedures are
effective in all material respects to perform the functions for which they were established. 

  
 11 

 (hh) Except as disclosed in the Disclosure Package, since
the date of the most recent balance sheet of the Company and the Parent and their respective consolidated subsidiaries included in the Disclosure Package, (i) the Company and the Parent have not been advised of or become aware of (A) any
significant deficiencies in the design or operation of internal control over financial reporting, that could adversely affect the ability of the Company, the Parent or any of their respective subsidiaries to record, process, summarize and report
financial data, or any material weaknesses in internal control over financial reporting, and (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal control over financial
reporting of any of the Company, the Parent and each of their respective subsidiaries; and (ii) there have been no significant changes in internal control over financial reporting or in other factors that could significantly affect internal
control over financial reporting, including any corrective actions with regard to significant deficiencies and material weaknesses. 
 (ii) After giving effect to the Transactions (including, without limitation, the retirement of existing indebtedness and the related agreements contemplated thereby), the Company and each Guarantor owns
and has good title to its “Collateral” (as defined in Exhibit I hereto), free and clear of all “Liens” (as defined in Exhibit I hereto) other than “Permitted Liens” (as defined
in Exhibit I hereto). The Liens granted under the Indenture and the Security Agreement (the “Second Lien Note Liens”) will constitute valid and continuing Liens on the Collateral in favor of the Trustee on behalf of and for
the benefit of the holders of the First Lien Notes, which Liens on the Collateral (1) will have been perfected (as described in, and subject to any exceptions to be set forth in the Disclosure Package) (2) will have the priority set forth
in the Disclosure Package, and (3) will be enforceable as such as against creditors of and purchasers from the Company and each Guarantor in accordance with its terms, except as such enforceability may be limited by bankruptcy, fraudulent
conveyance, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at
law). The Company and the Guarantors will have received all consents and approvals required by the terms of the Security Agreement to the pledge of the Collateral to the Trustee under the Indenture and under the Security Agreement. As of the Closing
Date, all action necessary to perfect the Second Lien Note Liens will have been duly taken. 

(jj) After giving effect to the Transactions (including, without limitation, the retirement of existing
indebtedness and the related agreements contemplated thereby), other than Liens granted pursuant to the Transaction Documents and Permitted Liens, none of the Company or the Guarantors have pledged, assigned, sold or granted a security interest in
the Collateral. All actions necessary (including the filing of UCC-1 financing statements and filings with the United States Patent and Trademark Office, the United States Copyright Office or any applicable foreign intellectual property office or
agency) to protect and evidence the Trustee’s Liens in the Collateral will have been duly and effectively taken by the Company and the Guarantors (as described in, and subject to any exceptions to be set forth in the Security Agreement). After
giving effect to the Transactions (including, without limitation, the retirement of existing indebtedness and the related agreements contemplated thereby), no security agreement, financing statement, equivalent security or Lien instrument or
continuation statement authorized by the Company or any Guarantor and listing the Company or any 

  
 12 

 
Guarantor as debtor covering all or any part of the Collateral shall be on file or of record in any jurisdiction, except in respect of Permitted Liens or such as may have been filed, recorded or
made as contemplated by the Transaction Documents. 
 (kk) The historical financial statements
(including the related notes and supporting schedules) included in Disclosure Package present fairly in all material respects the financial condition, results of operations and cash flows of the entities purported to be shown thereby, at the dates
and for the periods indicated, and have been prepared in conformity with accounting principles generally accepted in the United States applied on a consistent basis throughout the periods involved. 

(ll) The pro forma financial statements included in the Disclosure Package include assumptions that
provide a reasonable basis for presenting the significant effects directly attributable to the Transactions, and the related pro forma adjustments give appropriate effect to those assumptions. The pro forma financial statements included in the
Disclosure Package have been prepared in accordance with the Commission’s rules and guidance with respect to pro forma financial information. The pro forma financial statements set forth in the Disclosure Package have been prepared on the basis
consistent with such historical financial statements, include all material adjustments to the historical financial data required by Rule 11-02 of Regulation S-X to reflect the Transactions, and give effect to assumptions made on a reasonable basis
and in good faith present fairly in all material respects the Transactions. 
 (mm) No labor
disturbance by or dispute with the employees of the Parent or any of its subsidiaries exists or, to the knowledge of the Parent or such subsidiaries, is imminent that would reasonably be expected to have a Purchase Agreement Material Adverse Effect.

 (nn) Except as disclosed in the Disclosure Package, there is and has been no material failure
on the part of the Company or the Guarantors, to the extent applicable, or any of the Company’s or the Guarantors’ directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated in connection therewith. 
 (oo) The operations of the Company,
the Guarantors and their respective subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money
Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company, the Guarantors or any of their respective subsidiaries with respect to the
Money Laundering Laws is pending or, to the knowledge of the Company or the Guarantors, threatened. 
 (pp) None of the Company, the Guarantors or any of their respective subsidiaries nor, to the knowledge of any of the Company or the Guarantors, any director, officer, manager, member, agent, employee or
affiliate of any of the Company, the Guarantors 

  
 13 

 
or any of their respective subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department
(“OFAC”); and the Company and the Guarantors will not directly or indirectly use the proceeds of the offering of the First Lien Notes, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(qq) Immediately after the consummation of the Transactions, each of the Company and the Guarantors will
be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the relevant
entity are not less than the total amount required to pay the probable liabilities of such entity on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) the relevant entity is
able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) assuming the completion of the transactions contemplated by
the Transaction Documents, the relevant entity is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (iv) the relevant entity is not engaged in any business or transaction, and is not about to
engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such entity is engaged, and (v) the relevant entity is
not a defendant in any civil action that is reasonably expected to result in a judgment that such entity is or would become unable to satisfy. In computing the amount of such contingent liabilities at any time, it is intended that such liabilities
will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 

(rr) None of the Company or the Guarantors is a party to any contract, agreement or understanding with any
person that would give rise to a valid claim against any of them or the Purchaser for a brokerage commission, finder’s fee or like payment in connection with the Transactions. 

Any certificate signed by any officer of the Company and delivered to the Purchaser or counsel for the Purchaser in
connection with the offering of the First Lien Notes shall be deemed a representation and warranty by the Company, as to matters covered thereby, to the Purchaser, and not a representation or warranty by the individual officer. 

Any certificate signed by any officer of any of the Guarantors and delivered to the Purchaser or counsel for the
Purchaser in connection with the offering of the First Lien Notes shall be deemed a representation and warranty by such Guarantor, as to matters covered thereby, to the Purchaser, and not a representation or warranty by the individual officer.

 4. Representations, Warranties and Agreements of the Purchaser. The Purchaser hereby represents and warrants to the
Company and the Guarantors as follows (it being understood that the Purchaser does not make any representation, warranty, covenant or agreement to any other purchaser of Second Lien Notes or to the Company or the Guarantors on behalf of any other
purchaser of the Second Lien Notes): 
 (a) The Purchaser (i) is knowledgeable,
sophisticated and experienced in making, and is qualified to make, decisions with respect to investments in securities representing an investment decision like that involved in the purchase of the Second Lien Notes, and has requested, received,
reviewed and considered all information it deems relevant in making an informed decision to purchase the Second Lien Notes; (ii) is acquiring the Second Lien Notes in the ordinary course of its business and for its own account for investment
purposes only and with no present intention of distributing any of such Second Lien Notes or any arrangement or understanding with any other persons regarding the distribution of such Second Lien Notes; and (iii) will not, directly or
indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) any of the Second Lien Notes except in compliance with the Securities Act and any applicable state
securities laws. 

  
 14 

 (b) The Purchaser is a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act. 
 (c) The Purchaser
understands and acknowledges that (i) the Second Lien Notes are being offered in transactions not involving any public offering within the meaning of the Securities Act; (ii) the initial offering and issuance of the Second Lien Notes has
not been registered under the Securities Act or any other securities laws, (iii) if in the future it decides to resell, pledge or otherwise transfer the Second Lien Notes that it purchases hereunder, those Second Lien Notes, absent an effective
registration statement under the Securities Act, may be resold, pledged or transferred only pursuant to an applicable exemption from registration under the Securities Act in accordance with any applicable securities laws of the states and other
jurisdictions of the United States, and (iv) it will, and each subsequent holder of any of the Second Lien Notes that it purchases in this offering is required to, notify any subsequent purchaser of such Second Lien Notes from it or subsequent
holders, as applicable, of the resale restrictions referred to in clause (iii) above. 
 (d)
The Purchaser understands and acknowledges that the Company and the Guarantors are relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understanding of
the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire the Second Lien Notes. 

(e) The Purchaser understands that the Second Lien Notes will bear a restrictive legend substantially in
the following form: 
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT 

  
 15 

 
THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE
BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (i) (a) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING
THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE
SECURITIES ACT, OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), (ii) TO THE ISSUER, OR (iii) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY
EVIDENCED HEREBY.” 
 (f) (i) The Purchaser has full right, power, authority and capacity to
enter into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (ii) the execution, delivery and performance of the
Agreement by the Purchaser and the consummation of the transactions herein contemplated will not violate any provision of the organizational documents of the Purchaser or any statute or any authorization, judgment, decree, order, rule or regulation
of any court or any regulatory body, administrative agency or other governmental body applicable to Purchaser. 
 (g) The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed upon or made any recommendation or endorsement of the Second Lien
Notes or the fairness or suitability of the investment in the Second Lien Notes nor have such authorities passed upon or endorsed the merits of the offering of the Second Lien Notes. 

(h) The Purchaser’s principal executive offices are in the jurisdiction set forth under the
Purchaser’s signature on the signature block hereto. 

  
 16 

 (i) The Purchaser acknowledges that the Company, the
Guarantors and its counsel will rely upon the accuracy of the foregoing acknowledgments, representations and agreements. The Purchaser agrees that if any of the acknowledgments, representations or agreements that Purchaser is deemed to have made by
its purchase of the Second Lien Notes is no longer accurate, it shall promptly notify the Company and the Guarantors. If the Purchaser is purchasing the Second Lien Notes as a fiduciary or agent for one or more investor accounts, the Purchaser
represents that it has sole investment discretion with respect to each of those accounts and full power to make the above acknowledgments, representations and agreements on behalf of each account. 

5. Agreements of the Company and the Guarantors. The Company and the Guarantors, jointly and severally, agree with
the Purchaser as follows: 
 (a) The Company and the Guarantors will apply the net proceeds from
the sale of the Second Lien Notes to be sold by the Company hereunder substantially in accordance with the description set forth in the Disclosure Package under the caption “Unaudited Pro Forma Condensed Combined Financial Information”.

 (b) The Company, the Guarantors and their respective Affiliates will not take, directly or
indirectly, any action designed to or that has constituted or that reasonably could be expected to cause or result in the stabilization or manipulation of the price of any security of the Company and the Guarantors in connection with the offering of
the Second Lien Notes. 
 (c) The Second Lien Notes will be eligible for clearance and settlement
in the United States through DTC and in Europe through Euroclear Bank, S.A./N.V., or Clearstream Banking, société anonyme. 
 (d) The Company and the Guarantors will not, and will not cause their respective Affiliates to, engage in any “directed selling efforts” within the meaning of Rule 902 under the Securities Act.

 (e) The Company and the Guarantors will, and will cause their respective Affiliates to, comply
with and implement the “offering restrictions” required by Rule 902 under the Securities Act with respect to the sale of the Second Lien Notes. 

(f) The Company and the Guarantors agree not to sell, offer for sale or solicit offers to buy or otherwise
negotiate in respect of any security (as defined in the Securities Act) that would be integrated with the sale of the Second Lien Notes in a manner that would require the registration under the Securities Act of the sale to the Purchaser of the
Second Lien Notes. The Company and the Guarantors will take reasonable precautions designed to insure that any offer or sale, direct or indirect, in the United States or to any U.S. person (as defined in Rule 902 under the Securities Act) or U.S.
resident (as defined in the Investment Company Act), of any Notes or any substantially similar security issued by the Company or the Guarantors, within six months subsequent to the date on which the distribution of the Second Lien Notes has been
completed (as notified to the Company by the Purchaser), is made under restrictions and other circumstances reasonably designed not to affect the status of 

  
 17 

 
the offer and sale of the Second Lien Notes in the United States and to U.S. persons or U.S. residents contemplated by this Agreement as transactions exempt from the registration provisions of
the Securities Act, including any sales pursuant to Rule 144A under, or Regulations D or S of, the Securities Act. 
 (g) The Company and the Guarantors agree to comply with all agreements set forth in the representation letters of the Company and the Guarantors to DTC relating to the approval of the First Lien Notes by
DTC for “book entry” transfer. 
 6. Conditions to Purchaser’s Obligations. The
obligations of the Purchaser hereunder are subject (i) to the accuracy of the representations and warranties of the Company and the Guarantors contained herein, (ii) to the accuracy of the statements of each of the Company, the Guarantors
and each of their respective officers made in any certificate delivered pursuant hereto, (iii) to the performance by the Company and the Guarantors of their respective obligations hereunder, and (iv) to each of the following additional
terms and conditions: 
 (a) All corporate proceedings and other legal matters incident to the
authorization, form and validity of the Transaction Documents and all other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Purchaser, and
the Company and the Guarantors shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters. 

(b) Kirkland & Ellis, LLP, special counsel to the Company and the Guarantors, shall have
delivered an opinion reasonably satisfactory to the Purchaser; 
 (c) Carlsmith Ball LLP, special
Hawaii counsel to Hawaii Stevedores, Inc., shall have delivered an opinion reasonably satisfactory to the Purchaser; 
 (d) The Parent shall have furnished or caused to be furnished to the Purchaser a certificate of the Chief Financial Officer of the Parent, or other officers satisfactory to the Purchaser, dated the date
hereof, as to such matters as the Purchaser may reasonably request, including, without limitation, a statement that: 
 (i) The representations, warranties and agreements of the Company and the Guarantors, as applicable, in Section 3 herein and in any other Transaction Document to which each of the Company and any of
the Guarantors, as applicable, is a party are true and correct, and the Company and the Guarantors, as applicable, has complied with all its agreements contained herein and in any other Transaction Document to which it is a party and satisfied all
the conditions on its part to be performed or satisfied hereunder or thereunder; 
 (ii) They
have carefully examined the Disclosure Package and, in their opinion, the Disclosure Package, as of the date hereof, does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 

  
 18 

 (e) The Parent shall have furnished or caused to be
furnished to the Purchaser a certificate of the Parent, dated the date hereof, substantially in the form of Exhibit VI hereto. 
 (f) The Parent shall have furnished or caused to be furnished to the Purchaser a solvency certificate, dated the date hereof, substantially in the form of Exhibit VII hereto. 

(g) The Second Lien Notes shall be eligible for clearance and settlement through DTC. 

(h) The Company and the Trustee shall have executed and delivered the Indenture, and the Purchaser shall
have received an original copy thereof, duly executed by the Company and the Trustee. 
 (i) The
Second Lien Notes shall have been duly executed and delivered by the Company and duly authenticated by the Trustee. 
 (j) The Note Guarantees shall have been duly executed and delivered by the Guarantors. 
 (k) Each Notation of Guarantee shall have been duly executed and delivered by the Guarantors. 
 (l) Each of the Transaction Documents shall have been duly executed and delivered by the respective parties thereto (other than the Purchaser). 

(m) The representations and warranties of each of the Company and the Guarantors (to the extent a party
thereto) contained in the Transaction Documents to which each of the Company and any such Guarantor is a party are true and correct as of the date hereof. 

(n) Second Lien Notes (in an aggregate principal amount equal to $100.0 million less the aggregate
principal amount of Second Lien Notes sold hereby) shall have been sold pursuant to the other Second Lien Purchase Agreements simultaneously with the sale of the Second Lien Notes sold hereby, and the use of proceeds therefrom shall conform to the
description in the Disclosure Package under “Unaudited Pro Forma Condensed Combined Financial Information”. 
 (o) The First Lien Notes shall have been issued, and the use of proceeds therefrom shall conform to the description in the Disclosure Package under “Unaudited Pro Forma Condensed Combined Financial
Information”. 
 (p) All parties to the New ABL Facility shall have executed and delivered
the New ABL Facility and all borrowings thereunder contemplated by the Disclosure Package shall have been made. 

  
 19 

 (q) The Exchange Offer and the other Transactions shall have
been consummated as contemplated by the Disclosure Package. 
 All opinions, letters, evidence and certificates
mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Purchaser. 

7. Indemnification and Contribution. 

(a) Each of the Company and the Guarantors hereby agrees, jointly and severally, to indemnify and hold
harmless the Purchaser, its Affiliates, directors, officers and employees and each person, if any, who controls the Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any
loss, claim, damage or liability, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, liability or action relating to purchases and sales of Second Lien Notes), to which the Purchaser,
affiliate, director, officer, employee or controlling person may become subject, under the Securities Act or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, (i) any breach by the Company or
the Guarantors of any representation or warranty or material failure to comply with any of the covenants and agreements contained in this Agreement, (ii) any untrue statement or alleged untrue statement of a material fact contained (A) in
the Disclosure Package or in any amendment or supplement thereto, (B) in any Blue Sky application or other document prepared or executed by the Company or the Guarantors (or based upon any written information furnished by the Company or the
Guarantors) specifically for the purpose of qualifying any or all of the Second Lien Notes under the securities laws of any state or other jurisdiction (any such application, document or information being hereinafter called a “Blue Sky
Application”), (iii) the omission or alleged omission to state in the Disclosure Package, or in any amendment or supplement thereto, in any Blue Sky Application, any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading or (iv) the Transactions (other than those contemplated by this Agreement) and shall reimburse the Purchaser and each such director, officer, employee or controlling
person promptly upon demand for any legal or other expenses reasonably incurred by the Purchaser, affiliate, director, officer, employee or controlling person in connection with investigating or defending or preparing to defend against any such
loss, claim, damage, liability or action as such expenses are incurred. The foregoing indemnity agreement is in addition to any liability that the Company and the Guarantors may otherwise have to the Purchaser or to any affiliate, director, officer,
employee or controlling person of the Purchaser. 
 (b) Promptly after receipt by an indemnified
party under this Section 7 of notice of any claim or the commencement of any action, the indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying
party in writing of the claim or the commencement of that action; provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under this Section 7 except to the
extent it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure and; provided, further, that the failure to notify the indemnifying party shall not relieve it from any liability that
it may have to an indemnified party otherwise than under this Section 7. If any such claim or action 

  
 20 

 
shall be brought against an indemnified party, and it shall notify the indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it
wishes, jointly with any other similarly notified indemnifying party, to assume the defense thereof with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to
assume the defense of such claim or action, the indemnifying party shall not be liable to the indemnified party under this Section 7 for any legal or other expenses subsequently incurred by the indemnified party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that the Purchaser shall have the right to employ counsel to represent jointly the Purchaser and its directors, officers, employees and controlling persons who
may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Purchaser against any of the Company or the Guarantors under this Section 7, if (i) the Company, the Guarantors and the Purchaser shall
have so mutually agreed; (ii) the Company and the Guarantors have failed within a reasonable time to retain counsel reasonably satisfactory to the Purchaser; (iii) the Purchaser and its respective directors, managers, officers, employees
and controlling persons shall have reasonably concluded, based on the advice of counsel, that there may be legal defenses available to them that are different from or in addition to those available to the Company or the Guarantors; or (iv) the
named parties in any such proceeding (including any impleaded parties) include both the Purchaser or its directors, officers, employees or controlling persons, on the one hand, and the Company or the Guarantors, on the other hand, and representation
of both sets of parties by the same counsel would present a conflict due to actual or potential differing interests between them, and in any such event the fees and expenses of such separate counsel shall be paid by the Company and the Guarantors.
No indemnifying party shall (x) without the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld), settle or compromise or consent to the entry of any judgment with respect to any pending or
threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include a statement as to, or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party, or (y) be liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld), but if settled with the consent of the indemnifying
party or if there be a final judgment of the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss or liability by reason of such settlement or judgment.

 (c) If the indemnification provided for in this Section 7 shall for any reason be
unavailable to or insufficient to hold harmless an indemnified party under Section 7(a) in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of
indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, in such proportion as shall be appropriate to reflect the
relative fault of the Company and the Guarantors, on the one hand, and the Purchaser, on the other, with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any
other relevant equitable considerations. The relative fault shall be determined by reference to whether the 

  
 21 

 
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors, or the Purchaser,
the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company, the Guarantors and the Purchaser agree that it would not be just and equitable if
contributions pursuant to this Section 7(c) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an
indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section 7 shall be deemed to include, for purposes of this Section 7 any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. 
 8.
Termination. The obligations of the Purchaser hereunder may be terminated by the Purchaser by notice given to and received by the Company prior to delivery of and payment for the Second Lien Notes if the Purchaser shall decline to purchase
the Second Lien Notes for any reason permitted under this Agreement. 
 9. Notices, etc. All statements,
requests, notices and agreements hereunder shall be in writing, and: 
 (a) if to the Purchaser,
shall be delivered or sent by hand delivery, mail, telex, overnight courier or facsimile transmission to the address specified on the signature page hereto with a copy to Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the
Americas, New York, NY 10019, Attention: Lawrence Wee; and 
 (b) if to any of the Company or the
Guarantors, shall be delivered or sent by mail, overnight courier or facsimile transmission to Horizon Lines, Inc. 4064 Colony Road, Suite 200, Charlotte, NC 28211, Attention: General Counsel, with a copy to Kirkland & Ellis LLP, 601
Lexington Avenue, New York, NY 10023, Attention: Christian Nagler. 
 10. Survival. The respective
indemnities, rights of contribution, representations, warranties and agreements of the Company or the Guarantors and the Purchaser contained in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall survive
the delivery of and payment for the Second Lien Notes and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of any of them or any person controlling any of them.

 11. Definition of the Terms “Business Day”, “Affiliate”, and
“Subsidiary.” For purposes of this Agreement, (a) “business day” means any day on which the New York Stock Exchange, Inc. is open for trading, and (b) “affiliate” and “subsidiary” have the
meanings set forth in Rule 405 under the Securities Act. 
 12. Governing Law. This Agreement and any
matters arising out of or in any way relating to this Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
 13. Submission to Jurisdiction. Each of the parties hereto hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any of the transactions contemplated hereby, or for recognition and enforcement of any judgment in
respect thereof, to the non-exclusive general jurisdiction of the State or Federal courts sitting in the Borough of Manhattan, the City of New York (“New York Courts”); 

  
 22 

 (b) consents that any such action or proceeding may be brought in such New
York Courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such New York Court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim
the same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a
copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to any party hereto at its address set forth in Section 9 or at such other address of which such party shall have been notified pursuant
thereto; and 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other
manner permitted by law or shall limit the right to sue in any other jurisdiction; and waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this
Section 13 any special, exemplary, punitive or consequential damages. 
 14. Waiver of Jury Trial.
The Company, the Guarantors and the Purchaser hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions
contemplated hereby. 
 15. Counterparts. This Agreement may be executed in one or more counterparts and,
if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original but all such counterparts shall together constitute one and the same instrument. 

16. Headings. The headings herein are inserted for convenience of reference only and are not intended to be part
of, or to affect the meaning or interpretation of, this Agreement. 
 17. Delivery of Payment. If the
Company has not received payment in full for any of the Second Lien Notes purchased pursuant hereto prior to 4:00 p.m., New York City time, on October 5, 2011, upon written request by the Company, the Purchaser shall surrender to the Company
for cancellation such Second Lien Notes for which payment has not been received. 

  
 23 

 If the foregoing correctly sets forth the agreement among the Company, the Guarantors and
the Purchaser, please indicate your acceptance in the space provided for that purpose below. 
  

			
	 HORIZON LINES, LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	The Company hereby acknowledges receipt of $[            ] from the Purchaser as payment for the Second Lien
Notes indicated on the signature page hereto.

  

	
	 GUARANTORS:

	
	 HORIZON LINES, INC.

	 HORIZON LINES HOLDING CORP.

	 HAWAII STEVEDORES, INC.

	 HORIZON LINES OF PUERTO RICO, INC.

	 HORIZON LINES OF ALASKA, LLC

	 HORIZON LINES OF GUAM, LLC

	 HORIZON LINES VESSELS, LLC

	 H-L DISTRIBUTION SERVICE, LLC

	 HORIZON LOGISTICS, LLC

	 AERO LOGISTICS, LLC

	 SEA-LOGIX, LLC

	 HORIZON SERVICES GROUP, LLC

 

			
	 By:
	 	  

		 	 Name:

		 	 Title:

  

[Signature Page to Note Purchase Agreement] 

 Accepted: 
 [    ] 

							
		 	 a
	 	  
	 	  

		 		 	[Jurisdiction]	 	  [Form of Entity]

 on behalf of certain funds and/or accounts 
 it manages and/or advises 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

 Principal executive office of the Purchaser: 
 c/o [    ] 
 The above Purchaser hereby acknowledges receipt of
$[            ] aggregate principal amount of Second Lien Notes. 

  

[Signature Page to Note Purchase Agreement] 

 Annex 1 
 Purchaser’s DTC Account Information 

  
 Annex 1

 Exhibit I 
 Form of Indenture for the Second Lien Notes 

 Exhibit II 
 Form of Security Agreement 

  
 3 

 Exhibit III 
 Form of Intercreditor Agreement 

  
 4 

 Exhibit IV 
 Form of Registration Rights Agreement 

  
 5 

 Exhibit V 
 List of Subsidiaries of the Company and the Guarantors 
  

			
		 	HORIZON LINES, INC.
		 	HORIZON LINES HOLDING CORP.
		 	HAWAII STEVEDORES, INC.
		 	HORIZON LINES OF PUERTO RICO, INC.
		 	HORIZON LINES OF ALASKA, LLC
		 	HORIZON LINES OF GUAM, LLC
		 	HORIZON LINES VESSELS, LLC
		 	H-L DISTRIBUTION SERVICE, LLC
		 	HORIZON LOGISTICS, LLC
		 	AERO LOGISTICS, LLC
		 	SEA-LOGIX, LLC
		 	HORIZON SERVICES GROUP, LLC

  
 6 

 Exhibit VI 
 OFFICER’S CERTIFICATE OF 
 HORIZON LINES, INC. 

The undersigned,
[                    ], does hereby certify that he is the
[                    ] of Horizon Lines, Inc., a Delaware corporation (the “Company”). Reference is hereby made to the commitment letters,
dated as of August 26, 2011 (each, a “Commitment Letter” and collectively, the “Commitment Letters”) by and between the Company and holders of its 4.25% convertible senior notes due in 2012 issued under the Indenture, dated
as of August 8, 2007, by and between the Company, as issuer, and The Bank of New York Trust Company, N.A., as Trustee, in the aggregate principal amount of $330,000,000.00 and certain other third parties (each, a “Commitment Party”
and collectively, the “Commitment Parties”). 
 Pursuant to Section 7 of each Commitment Letter,
the funding of the commitment of each Commitment Party is subject to satisfaction of, among other things, the legal and documentary conditions described on Exhibit G to each Commitment Letter, attached hereto as Annex A. 

Pursuant to Section 21 of Exhibit G of each Commitment Letter, I do hereby certify, in my capacity as such officer
and not in a personal capacity, on behalf of the Company, that all of the conditions set forth in items 6, 7, 8, 10, 12, 13, 14, 16, 17, 18 and 20 of Exhibit G (to the extent such conditions do not consist of the satisfaction of or approvals of the
Commitment Parties or their representatives) of each Commitment Letter have been satisfied. 
 [Remainder of page intentionally
left blank] 

  
 7 

 IN WITNESS WHEREOF, the undersigned have executed this Officer’s Certificate as of this
5th day of October, 2011. 
  

			
	HORIZON LINES, INC.
		
	By:	 	  

			
	Name:	 	
	Title	 	

  
 8 

 ANNEX A 

Exhibit G to Commitment Letter 
 Legal and Documentary Conditions 
 In addition to the conditions described in the
body of the Commitment Letter, the obligations of each Commitment Party under the Commitment Letter to fund its Commitment with respect to the Secured Notes are subject to the satisfaction or waiver (in accordance with the “Amendments”
Section thereof) of the following additional conditions precedent (capitalized terms used and not otherwise defined in this Exhibit G have the meanings given to them in the Commitment Letter or Exhibit C and D, as applicable): 

18. Exchange Offer, New ABL Facility. The Exchange Offer and entry into the New ABL Facility shall be consummated pursuant to the RSAs
substantially simultaneously with the purchase of the Secured Notes and no provision thereof shall have been amended or waived (and, in the case of the New ABL Facility, no consent to deviation from the requirements thereof shall have been granted
by the lenders thereunder), in each case, in any material respect adverse to the Commitment Parties, solely in their capacity as providers of their respective Commitment. 
 19. Financing Terms. The terms of the Secured Notes, the terms and conditions of the Convertible Secured Notes and the New ABL Facility (including but not limited to terms and conditions relating
to the interest rate, fees, amortization, maturity, subordination, covenants, events of default and remedies), shall be consistent in all material respects with the terms set forth herein and in the RSAs and otherwise reasonably satisfactory in all
respects to the Commitment Parties. 
 20. Absence of Defaults. There shall not exist any default or event of default on the Closing Date
under the Indenture after giving effect to the use of the proceeds of the Secured Notes. There shall not exist any default or event of default on the Closing Date under the Note Purchase Agreements. 

21. Trustees. The trustee under the indenture governing the First Lien Secured Notes, the trustee under the indenture governing the Second Lien
Secured Notes and the trustee under the indenture governing the Convertible Secured Notes shall not have taken action that would reasonably be expected to adversely affect (in any material respect) the consummation of any of the Transactions on the
Closing Date and shall have taken no action that challenges the validity or effectiveness of the procedures used by the Company in the making the Exchange Offer or the Consent Solicitation. 
 22. Definitive Documentation; Customary Closing Documents. The parties shall have executed and delivered (or be willing to execute and deliver) for the First Lien Secured Notes and the Second Lien
Secured Notes (a) the respective Note Purchase Agreements, containing a 10b-5 representation in connection with any transaction contemplated by the Restructuring, including the Exchange Offer, as to the information contained in the S-4
registration statement filed, and agreed upon indemnities plus other terms, consistent in all material respects with this Commitment Letter, by and among the Issuer and the other parties thereto (including a representation by each purchaser
thereunder that it is either a “qualified institutional buyer” or an 

  
 9 

 
institution that is an “accredited investor” (each as defined in the Security Act)), except that as the Commitment Parties are not underwriters, there shall be no requirement for an
offering memorandum or other offering documentation beyond the documentation and information necessary to satisfy the requirements of Rule 144A(d)(4) promulgated under the Securities Act; (b) the indenture governing the First Lien Secured Notes
consistent with the terms set forth in Exhibit C and otherwise containing customary terms for the First Lien Secured Notes issued in a private placement and eligible for resale on a “144A-for-life” basis; (c) the indenture governing
the Second Lien Secured Notes consistent with the terms set forth in Exhibit D and otherwise containing customary terms for the Second Lien Secured Notes issued in a private placement and eligible for resale on a “144A-for-life” basis; and
(d) pledge and security agreements covering the collateral for the First Lien Secured Notes and the Second Lien Secured Notes; in each of cases (a) through (d) in form and substance consistent in all material respects with this
Commitment Letter and otherwise reasonably satisfactory to the Supermajority Commitment Parties and the Company (collectively, the “Definitive Documentation”); and the Commitment Parties shall have received customary closing
certificates (including a solvency certificate of a financial officer as to the solvency of the Borrower and its subsidiaries, taken as a whole, after giving effect to the Transactions), customary legal opinions (for the avoidance of doubt, other
than a 10b-5 letter), customary corporate documents, customary evidence of corporate authority, and customary certificates of good standing in the Loan Parties’ respective jurisdictions of formation. 

23. Representations and Warranties. The representations and warranties made by the Company and its subsidiaries herein, or which are contained in
any certificate furnished at any time under or in connection herewith shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct and (ii) with respect to representations and
warranties that do not contain a materiality qualification, be true and correct in all material respects, in each case on and as of the Closing Date as if made on and as of such date (except for those which expressly relate to an earlier date).

 24. Bankruptcy. There shall be no bankruptcy or insolvency proceedings pending with respect to the Company or any subsidiary thereof.

 25. Discharge of Existing Debt. After giving effect to the Transactions, the Company and its subsidiaries shall have (A) no
outstanding indebtedness other than (i) up to $280 million of Convertible Secured Notes, (ii) $325 million of Secured Notes, (iii) borrowings under the New ABL Facility; and (iv) existing Notes that have not been tendered into
the Exchange Offer in an aggregate principal amount not exceeding the amount permitted to remain outstanding after the Closing Date under the terms of the RSAs; and (B) no liens in respect of borrowed money, other than liens permitted by or
expressly provided for under the New ABL Facility, Bridge Loan Facility or the indentures governing the First Lien Secured Notes and the Second Lien Secured Notes and/or liens outstanding immediately prior to the Closing Date (and not securing the
First Lien Facility). 
 26. Expenses. All expenses, including legal fees, required to be paid to the Commitment Parties under the
“Expenses” section of this Commitment Letter shall have been paid in full. 

  
 10 

 27. Litigation. Except as disclosed in the RSAs, there shall not have been instituted, threatened or
be pending against, or with respect to, the Company or any of its subsidiaries any action, bankruptcy or insolvency, injunction, proceeding, application, order, claim counterclaim or investigation (whether formal or informal) (and there shall have
been no material adverse development to any action, application, claim counterclaim or proceeding currently instituted, threatened or pending) before or by any stock exchange, court or any governmental, regulatory or administrative agency or
instrumentally, domestic or foreign, or by any other person, domestic or foreign, in connection with the Transactions that would or would reasonably be expected to (i) prohibit, prevent, restrict or delay consummation of any of the
Transactions, or (ii) impose burdensome restrictions on the Transactions. 
 28. Intercreditor Agreement. The agent, on behalf of
itself and the lenders, under the New ABL Facility shall have entered into an intercreditor agreement (the “Intercreditor Agreement”) with the trustee on behalf of the purchasers of the First Lien Secured Notes, the trustee on
behalf of the purchasers of the Second Lien Secured Notes and the trustee on behalf of the holders of new Convertible Secured Notes that is not materially less favorable to the holders of the First Lien Secured Notes and the holders of the Second
Lien Secured Notes than the terms described on Exhibit C and D, respectively. 
 29. Audited Financial Statements. The Commitment Parties
shall have received audited consolidated balance sheets and related statements of operations, stockholder’s equity and cash flows, together with all footnotes thereto, accompanied by the reports thereon of the accountants of the Company and its
subsidiaries as of and for the three most recently completed fiscal years ended at least ninety days before the Closing Date, which (x) were prepared in accordance with the books of account and other financial records of the Company,
(y) except as disclosed in the Secured Notes and schedules thereto, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), consistently applied without modification of the
accounting principles used in the preparation thereof throughout the periods presented, and (z) present fairly the consolidated financial condition, results of operations and cash flows of the Company, as applicable, as at the dates and for the
periods indicated therein, except to the extent any failure of the foregoing clauses to be true and correct does not result in or constitute a MAC (as defined in the RSAs). 
 30. Unaudited Financial Statements. The Commitment Parties shall have received (a) unaudited consolidated balance sheets and related statements of operations, stockholder’s equity and
cash flows of the Company and its subsidiaries for each fiscal quarter ended after the date of this Commitment Letter and at least sixty (60) days before the Closing Date, which were prepared in accordance with GAAP, subject to the absence of
footnotes and normal year-end adjustments, and (b) a pro forma consolidated balance sheet and related pro forma consolidated statement of operations of the Company and its subsidiaries for the twelve-month period ending on the last day of the
most recently completed four-fiscal quarter period ended at least sixty (60) days prior to the Closing Date, prepared after giving effect to the Transactions, as if such Transactions had occurred as of such date (in the case of such balance
sheet) or at the beginning of such period (in the case of such other financial statements). 
 31. Consents. Counsel to the Commitment
Parties shall have received evidence that all boards of directors, governmental, shareholder and material third party consents and approvals 

  
 11 

 
(if any) necessary in connection with the Transactions have been obtained or duly waived and all applicable waiting periods have expired without any action being taken by any authority that could
restrain, prevent or impose any material adverse conditions on such transactions or that could seek or threaten any of the foregoing. 
 32.
PATRIOT Act. The Issuer shall have delivered all documentation and other information reasonably required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the
PATRIOT Act, in any case, requested in writing by the Commitment Parties at least three Business Days prior to the Closing Date. 
 33.
Compliance with Laws. The issuance of the Secured Notes and other Transactions contemplated hereby shall be in compliance in all material respects with all applicable laws and regulations and no order, statute, rule, regulation, executive
order, stay, decree, judgment or injunction shall have been proposed, enacted, entered, issued, promulgated, enforced or deemed applicable by any stock exchange, court or any governmental, regulatory or administrative agency or instrumentally, that
would or would reasonably be expected to (i) prohibit, prevent, restrict or delay consummation of the Transactions, or (ii) impose burdensome restrictions on the Transaction. 
 34. Suspension/Limitation on Trading. There shall not have occurred (i) any general suspension of, or limitation on prices for, trading in securities in the United States securities or
financial markets, (ii) any material impairment in the trading market for debt securities, (iii) any declaration of a banking moratorium or any suspension of payments in respect to banks in the United States or other major financial
markets, (iv) any limitation (whether or not mandatory) by any stock exchange, government or governmental, administrative or regulatory authority or agency, domestic or foreign, or other event that might affect the extension of credit by banks
or other lending institutions, (v) a commencement of a war, armed hostilities, terrorist acts or other national or international calamity directly or indirectly involving the United States or (vi) in the case of any of the foregoing
existing on the date hereof, a material acceleration or worsening thereof. 
 35. Material Adverse Change. Except as set forth on
Schedule I hereto, since March 31, 2011, no MAC has occurred and is continuing in the business, properties, operations, financial condition, assets or liabilities (whether actual or contingent) of the Company and its subsidiaries, taken as a
whole. 
 36. Collateral. All Uniform Commercial Code UCC-1 financing statements reasonably necessary or desirable to create and perfect
the first priority and second priority (as applicable) liens and security interests in respect of the collateral securing the Secured Notes shall have been delivered for filing, customary short-form security agreements with respect to intellectual
property shall have been executed and delivered to the Collateral Agent for filing with the U.S. Patent and Trademark Office and the U.S. Copyright Office and certificates representing the capital stock and membership interests (to the extent issued
and certificated) of the Issuer and Guarantors shall have been delivered to the collateral agent (or to its designated advisors) under the Indenture; provided that, to the extent the creation of any lien on any collateral or perfection
of such lien requires any action on the part of any third party (including, without limitation, delivery of reasonably satisfactory mortgages, title insurance policies, surveys and other 

  
 12 

 
customary documentation in connection with real estate collateral) and is not provided on the Closing Date after the Issuer’s use of commercially reasonable efforts to do so (other than in
respect of the filing of financing statements and the delivery of short-form security agreements and certificates representing capital stock and membership interest, in each case as set forth above), the creation or perfection (as applicable) of
such lien shall not constitute a condition precedent to the issuance of the Secured Notes on the Closing Date but such action shall be required to have been taken within a commercially reasonable time after the Closing Date and in any event within
90 days thereafter, subject to exceptions to perfection requirements to be reasonably agreed. 
 37. Qualification. After giving effect
to the debt financing and other transactions contemplated hereby, the Company and its subsidiaries shall each be qualified as “a citizen of the United States” within the meaning of Section 2 of the Shipping Act, 1916, as amended, 46
U.S.C. § 50501(a) and (d), qualified to own and operate vessels in the coastwise trade of the United States to the extent required by such Act in connection with the Company and its subsidiaries’ business. 

38. Closing; Company Deliverables. On the Closing Date, the Company shall have (i) delivered to the Commitment Parties a certificate signed
by an executive officer of the Company pursuant to which such officer shall certify that all of the conditions set forth in items 6, 7, 8, 10, 12, 13, 14, 16, 17, 18 and 20 on this Exhibit G (to the extent such conditions do not consist of the
satisfaction of or approvals of the Commitment Parties or their representatives) have been satisfied (or waived in writing by Commitment Parties), and (ii) delivered to each Commitment Party designated on Exhibit A and Exhibit B to the
Commitment Letter the Secured Notes duly registered in name of such Commitment Party or its affiliates or its designee. 
 39. Information
Verification. The Company shall have satisfied the information verification requirements described in a letter to a representative of the Exchanging Holders on or prior to the date of this Commitment Letter. 

40. Additional Matters. The parties shall, in good faith, work and cooperate together on the corporate, tax and regulatory aspects of the
Transactions and the post-reorganized Company so that the resolution of such matters is reasonably satisfactory to the Commitment Parties. Any new shipping charters entered into after the date hereof shall be in form and substance reasonably
satisfactory to the Commitment Parties. 

  
 13 

 EXHIBIT VII 

SOLVENCY CERTIFICATE 
 I, Michael T. Avara, the duly authorized and acting Chief Financial Officer of HORIZON LINES, INC., a Delaware corporation (the “Company”), pursuant to the commitment letters, dated as of
August 26, 2011 (each, a “Commitment Letter” and collectively, the “Commitment Letters”) by and between the Company and certain holders of its 4.25% convertible senior notes due in 2012 issued under the
Indenture, dated as of August 8, 2007, by and between the Company, as issuer, and The Bank of New York Trust Company, N.A., as Trustee, in the aggregate principal amount of $330,000,000.00 and certain other third parties (each, a
“Commitment Party” and collectively, the “Commitment Parties”) do hereby certify in the name of and on behalf of the Company and its Subsidiaries, and in my capacity as Chief Financial Officer of the Company, but
without any personal liability, as follows (capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Commitment Letter): 
 41. On the date hereof and after giving effect to the Transactions: 
  

	 	(a)	 the fair value of the assets of the Company and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities,
including contingent, subordinated, absolute, fixed, matured or unmatured and liquidated or unliquidated liabilities, of the Company and its Subsidiaries, on a consolidated basis; 

 

	 	(b)	 the present fair saleable value of the assets of the Company and its Subsidiaries, on a consolidated basis, exceeds (i) the amount that will be
required to pay the probable liability of the Company and its Subsidiaries, on a consolidated basis, on the debts of the Company and its Subsidiaries, on a consolidated basis, as such debts become absolute and matured and (ii) the total
liabilities of the Company and its Subsidiaries, on a consolidated basis (including, without limitation, subordinated, unmatured, unliquidated and known contingent liabilities); 

 

	 	(c)	 the Company and its Subsidiaries, on a consolidated basis, are able to pay their debts and other liabilities, contingent obligations and other
commitments as they mature in the normal course of business; 

  

	 	(d)	 the Company and its Subsidiaries, on a consolidated basis, are not engaged in business or any transaction, or are about to engage in business or any
transaction, for which their property would constitute unreasonably small capital; and 

  

	 	(e)	 the Company and its Subsidiaries, on a consolidated basis, are not “insolvent” as such term is defined in Section 101(32) of Title 11
of the United States Code, 11 U.S.C. Section 101, et. seq. 

 42. In
consummating the Transactions, neither the Company nor any of its Subsidiaries intends to hinder, delay or defraud either present or future creditors of the Company or any of its Subsidiaries. 

  
 14 

 43. In reaching the conclusions set forth in this Certificate, I have made
such investigation and inquiries as to the financial condition of the Company and its Subsidiaries as I deem necessary and prudent for the purpose of providing this Certificate, including without limitation: 

 

	 	(a)	 the cash and other current assets of the Company and its Subsidiaries, on a consolidated basis; and 

 

	 	(b)	 all contingent liabilities of the Company and its Subsidiaries, on a consolidated basis, including, without limitation, claims arising out of
pending or threatened litigation against any such entity, and in so doing, have computed the amount of such liabilities as the amount which, in light of all the facts and circumstances existing on the date hereof, represents the amount that can
reasonably be expected to become an actual or matured liability. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

  
 15 

 IN WITNESS WHEREOF, I have executed this Certificate as of the date first above
written. 
  

			
	By:	 	  

		 	  Name:
		 	  Title:    Chief Financial OfficerRRA

 Exhibit 10.3 
 EXECUTION VERSION 
  
  

 
 REGISTRATION RIGHTS AGREEMENT

 by and among 
 Horizon Lines, Inc., 
 the Guarantors listed on the signature page hereto

 and 

the Holders party hereto 
 Dated as of October 5, 2011 
  

 
  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of October 5, 2011, by and among
Horizon Lines, Inc., a Delaware corporation (the “Company”), the guarantors listed on the signature page hereto (collectively, the “Guarantors”), the investors signatory hereto (collectively, the “Initial
Holders”) and any Permitted Transferee (as defined below) who hereafter becomes a party to this Agreement as contemplated by Section 7(b) of this Agreement (each such party who holds Registrable Securities (as defined below), a
“Holder” and, collectively, the “Holders”). 
 Pursuant to the exchange offer (the
“Exchange Offer”) described in the Company’s Registration Statement on Form S-4 (File No. 333-176520), the Initial Holders will exchange the Company’s existing 4.25% Convertible Senior Notes due 2012 for
(i) shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) (or Warrants (as defined herein) or redemption notes in lieu thereof), (ii) new 6.00% Series A Convertible Senior Secured Notes due
2017 (the “Series A Notes”) and (iii) new 6.00% Series B Convertible Senior Secured Notes (the “Series B Notes” and, together with the Series A Notes, the “New Notes”). 

This Agreement is made for the benefit of the Holders. In connection with the Exchange Offer, the Company has agreed to provide the
registration rights set forth in this Agreement. 
 The parties hereby agree as follows: 

Section 1. Definitions. 
 As used in this Agreement, the following capitalized terms shall have the following meanings: 
 “Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with, such other Person. For purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to any Person, means the possession, directly or indirectly, of the power to
cause the direction of management and/or policies of such Person, whether through the ownership of voting securities by contract or otherwise. 
 “Business Day” means any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies located in New York, New York are authorized
or obligated to be closed. If the time to perform any action hereunder falls on a day that is not a Business Day, such time will be extended to the next Business Day and no Additional Interest shall accrue for the intervening period. 

“Commission” means the Securities and Exchange Commission. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

 “Indemnified Holder” has the meaning set forth in Section 5(a) hereof.

 “Permitted Transferee” means any transferee of Registrable Securities in a transaction not involving a
public offering; provided that such transferee agrees in writing to become a party to this Agreement. 

“Person” means an individual, partnership, corporation, trust or unincorporated organization, or a government or agency
or political subdivision thereof. 
 “Prospectus” means the prospectus included in a Shelf Registration
Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus. 

“Registrable Securities” means (i) all Common Stock held by the Initial Holders immediately following the
consummation of the Exchange Offer, (ii) all Warrants held by the Initial Holders immediately following the consummation of the Exchange Offer and the Common Stock issuable upon exercise or conversion of such Warrants, (iii) the Series A
Notes held by the Initial Holders immediately following the consummation of the Exchange Offer and the Common Stock or Warrants issuable upon conversion of such Series A Notes (including the Common Stock issuable upon exercise or conversion of any
such Warrants) and (iv) the Series B Notes held by the Initial Holders immediately following the consummation of the Exchange Offer and the Common Stock or Warrants issuable upon conversion of such Series B Notes (including the Common Stock
issuable upon exercise or conversion of any such Warrants). Registrable Securities include any shares of capital stock, warrants or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in
replacement of Registrable Securities. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have ceased to be outstanding; or (c) the entire
amount of the Registrable Securities held by any Holder may be sold in a single sale, in the opinion of counsel reasonably satisfactory to the Holder, without any limitation as to volume or manner of sale pursuant to Rule 144 (or any successor rule
or regulation) under the Securities Act. 
 “Registration Statement” means a registration statement filed by
the Company with the Commission in compliance with the Securities Act for a public offering and sale of Registrable Securities (other than a registration statement on Form S-4 or S-8 (or any successor or substantially similar form), or in connection
with (i) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan or (ii) a dividend reinvestment plan). 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shelf Registration Statement” has the meaning set forth in Section 2(a) hereof and including the Prospectus
included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

  
 2 

 “Warrants” means the Company’s warrants described in the Warrant
Agreement dated as of the date hereof between the Company and The Bank of New York Mellon Trust Company, N.A., as warrant agent. 
 Section 2. Shelf Registration. 
 (a) Shelf
Registration. The Company shall use commercially reasonable efforts to (i) cause to be filed a shelf registration statement on Form S-1 or Form S-3, as applicable, pursuant to Rule 415 under the Securities Act, which shall provide
for resales, on a delayed or continuous basis, of all Registrable Securities by the Holders thereof (the “Shelf Registration Statement”), within 60 days following the date hereof and (ii) cause the Shelf Registration Statement
to be declared effective under the Securities Act by no later than the 180th day following the date hereof. 
 The Company shall use commercially reasonable
efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 3 hereof to the extent necessary to ensure that it is available for resales of Registrable Securities by
the Holders of such Securities entitled to the benefit of this Section 2(a), and to ensure that it conforms with the requirements of this Agreement in all material respects, the Securities Act and the policies, rules and regulations of the
Commission as announced from time to time, from the date on which the Shelf Registration Statement is declared effective by the Commission until all the Registrable Securities have been sold pursuant to such Shelf Registration Statement. 

(b) Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Registrable
Securities may include any of its Registrable Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing such information as required by Regulation S-K under the
Securities Act or reasonably requested by the Company for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected
agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading and shall promptly supply such other information as the
Company may from time to time reasonably request. 
 (c) Certification. Within 15 Business Days following receipt of
written request from the Company by any Holder whose Registrable Securities have been included in a Shelf Registration Statement (which request shall not be made more than once in any calendar year beginning with the second calendar year after the
effectiveness of the Shelf Registration), such Holder shall certify to the Company that such Holder continues to hold Registrable Securities (the “Certification”). If a Holder of Registrable Securities fails to provide the
Certification within the 15 Business Day period referred to in the immediately preceding sentence, the Company reserves the right, in its sole discretion, to remove such Holder’s 

  
 3 

 
Registrable Securities from the Shelf Registration Statement within 15 Business Days after receipt by such Holder of a second written notice specifying that the Holder may be removed from the
Shelf Registration Statement unless such Holder provides the Certification within such subsequent 15 Business Day period. The Company shall use commercially reasonable efforts to deliver the applicable written request(s) to any Holder. 

Section 3. Registration Procedures. 
 (a) In connection with any Shelf Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Registrable Securities, the Company shall: 

(i) use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective and provide all
requisite financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantors) until all Registrable Securities have been sold; upon the occurrence of any event that would cause any
such Shelf Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Registrable Securities during the period required by this
Agreement, the Company shall file promptly an appropriate amendment to such Shelf Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, if Commission review is required, use their commercially
reasonable efforts to cause such amendment to be declared effective and such Shelf Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

(ii) use commercially reasonable efforts to prepare and file with the Commission such amendments and post-effective
amendments to the Shelf Registration Statement as may be necessary to keep the Shelf Registration Statement effective until all Registrable Securities have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and
as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by such Shelf Registration Statement during the period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Shelf Registration Statement
or supplement to the Prospectus; 
 (iii) advise each Holder whose Registrable Securities have been included in a
Shelf Registration Statement, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment thereto, when the same has
become effective, (B) of any request by the Commission for amendments to the Shelf Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission
of any stop order suspending the effectiveness of the Shelf Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the 

  
 4 

 
Registrable Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the happening of any event that makes any
statement of a material fact made in the Shelf Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the
Shelf Registration Statement or the Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Shelf Registration Statement, or any state securities
commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Registrable Securities under state securities or blue sky laws, the Company shall use commercially reasonable efforts
to obtain the withdrawal or lifting of such order at the earliest possible time; 
 (iv) furnish without charge,
upon request, to each selling Holder named in a Shelf Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of the Shelf Registration Statement or any Prospectus included therein or any amendments
or supplements to any such Shelf Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Shelf Registration Statement), which documents will be subject to the review and comment of
such Holders and underwriter(s) in connection with such sale, if any, for a period of at least three Business Days, and the Company will not file any such Shelf Registration Statement or Prospectus or any amendment or supplement to any such Shelf
Registration Statement or Prospectus (including all such documents incorporated by reference) to which a Holder of Registrable Securities covered by such Shelf Registration Statement or the underwriter(s), if any, shall reasonably object in writing
within three Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of a Holder or underwriter, if any, shall be deemed to be reasonable if such
Shelf Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission. Notwithstanding the foregoing, the Company shall not be required to take any actions under this
clause (iv) that are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law; 
 (v) promptly prior to the filing of any document that is to be incorporated by reference into a Shelf Registration Statement or Prospectus in connection with such registration or sale, if any, provide
copies of such document to each selling Holder named in the Shelf Registration Statement in connection with such exchange, registration or sale, if any, and to the underwriter(s), if any, make the Company’s representatives available for
discussion of such document and other customary due diligence matters subject to execution and delivery of customary confidentiality agreements, and include such information in such document prior to the filing thereof as such selling Holders or
underwriter(s), if any, reasonably may request; 
 (vi) make available at reasonable times for inspection by the
selling Holders, the underwriter(s), if any, participating in any disposition pursuant to such Shelf Registration Statement and any attorney or accountant retained by such selling Holder or 

  
 5 

 
any of the underwriter(s), all financial and other records, pertinent corporate documents and properties of each of the Company and the Guarantors and cause the Company’s and the
Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Shelf Registration Statement or any post-effective amendment thereto
subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the underwriter(s), if any; provided that any Holder or representative thereof requesting or receiving
such information shall agree to be bound by reasonable confidentiality agreements and procedures with respect thereto; 
 (vii) if requested by any selling Holders or the underwriter(s), if any, promptly incorporate in any Shelf Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if
necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution” of the Registrable
Securities, information with respect to the principal amount of Registrable Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such
offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

 (viii) upon request, furnish to each selling Holder and each of the underwriter(s), if any, without charge, at
least one copy of the Shelf Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules (without all documents incorporated by reference therein or exhibits thereto, unless
requested); 
 (ix) upon request, deliver to each selling Holder and each of the underwriter(s), if any, without
charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; provided, that if no Shelf Registration Statement is effective or no Prospectus
is usable, the Company shall deliver to each selling Holder a notice to that effect in response to such request; each of the Company and the Guarantors hereby consents to the use (in accordance with law) of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Securities covered by the Prospectus or any amendment or supplement thereto; 

  
 6 

 (x) upon the reasonable request of such Holder, enter into such agreements
(including an underwriting agreement containing customary terms), and make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Registrable Securities
pursuant to a Shelf Registration Statement contemplated by this Agreement, all to such extent as may be customarily and reasonably requested by any Holder of Registrable Securities or underwriter in connection with any sale or resale pursuant to a
Shelf Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, the Company shall: 

(A) upon the request of any Holder, furnish to each underwriter, if any, in such substance and scope as they may
reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement: 

(1) an opinion and 10b-5 letter in customary form of counsel for the Company and the Guarantors, covering the matters
customarily covered in opinions and 10b-5 letters requested in similar underwritten offerings and such other matters as such parties may reasonably request; and 

(2) use commercially reasonable efforts to obtain a customary comfort letter, dated the date of effectiveness of the
Shelf Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten
offerings; 
 (B) deliver such other documents and certificates as may be reasonably requested by such parties to
evidence compliance with clause (A) above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company or any of the Guarantors; 

(xi) prior to any public offering of Registrable Securities, cooperate with the selling Holders, the underwriter(s), if
any, and their respective counsel in connection with the registration and qualification of the Registrable Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and
do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Shelf Registration Statement; 

(xii) use its commercially reasonable efforts to cause the Registrable Securities covered by the Shelf Registration
Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Registrable Securities;

 (xiii) if any fact or event contemplated by Section 3(a)(iii)(D) hereof shall exist or have occurred,
prepare a supplement or post-effective amendment to the Shelf Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of
Registrable Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading; 

  
 7 

 (xiv) cooperate and assist in any filings required to be made with FINRA and
in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of FINRA; and 

(xv) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period commencing after
the effective date of the Shelf Registration Statement. 
 (b) Restrictions on Holders. Each Holder agrees that, upon
receipt of the notice referred to in Section 3(a)(iii)(C) or any notice from the Company of the existence of any fact of the kind described in Section 3(a)(iii)(D) hereof (in each case, a “Suspension Notice”), such Holder
will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until (i) such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(a)(xiii)
hereof, or (ii) it is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. Each Holder receiving
a Suspension Notice hereby agrees that it will either (1) destroy any Prospectuses, other than permanent file copies, then in such Holder’s possession which have been replaced by the Company with more recently dated Prospectuses, or
(2) deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities that was current at the time of receipt of
such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Shelf Registration Statement set forth in Section 2 hereof shall be extended by the number of days during the period from and
including the date of the giving of such notice pursuant to Section 3(a)(iii)(D) hereof to and including the date when each selling Holder covered by such Shelf Registration Statement shall have received the copies of the supplemented or
amended Prospectus contemplated by Section 3(a)(xiii) hereof or shall have been advised in writing that the use of the Prospectus may be resumed. 
 Section 4. Registration Expenses. 
 (a) All expenses incident to the
Company’s performance of or compliance with this Agreement will be borne by the Company regardless of whether a Shelf Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and
expenses (including filings made by any Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all
fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all fees and disbursements of counsel for the Company and reasonable and documented fees and disbursements for one counsel for all of the
Holders of Registrable Securities; and (iv) all fees and disbursements of independent certified public accountants of the Company and the Guarantors (including the expenses of any special audit and comfort letters required by or incident to
such performance). 

  
 8 

 The Company will, in any event, bear its internal expenses (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 

(b) In connection with a Shelf Registration Statement required by this Agreement, the Company will reimburse the Holders of Registrable
Securities being registered pursuant to the Shelf Registration Statement for the reasonable and documented fees and disbursements of counsel. 
 Section 5. Indemnification. 
 (a) The Company agrees to indemnify and
hold harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause
(ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause
(i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including,
without limitation, and as incurred, reimbursement of all reasonable out-of-pocket costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue
statement or alleged untrue statement of a material fact contained in a Shelf Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon
information relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders expressly for use therein or out of sales of Registrable Securities made during a Suspension Period after notice is given pursuant
to Section 3(b) hereof. This indemnity agreement shall be in addition to any liability which the Company may otherwise have. 
 In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity
may be sought against the Company, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Company in writing; provided, however, that the failure to give such notice shall
not relieve the Company of its obligations pursuant to this Agreement except to the extent that it had been materially prejudiced by such failure (through forfeiture of substantive rights). Such Indemnified Holder shall have the right to employ its
own counsel in any such action and the 

  
 9 

 
fees and expenses of such counsel shall be paid, as incurred, by the Company. The Company shall not, in connection with any one such action or proceeding or separate but substantially similar or
related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at
any time for such Indemnified Holders, which firm shall be designated by the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with the Company’s prior written consent, which consent shall not be
withheld unreasonably, and the Company agrees to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or reasonable out-of-pocket expense by reason of any settlement of any action effected with the
written consent of the Company. The Company shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim,
litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination (i) includes an
unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding and (ii) does not include a statement as to an admission of fault, culpability or a failure to act, by or on behalf
of the Indemnified Holder. 
 (b) By its acquisition of Registrable Securities, each Holder of Registrable Securities agrees,
severally and not jointly, to indemnify and hold harmless the Company and the directors and officers of the Company who sign a Shelf Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act) the Company, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company to each of the Indemnified
Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in a Shelf Registration Statement. In case any action or proceeding shall be brought against the
Company or its directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Registrable Securities, such Holder shall have the rights and duties given the Company, and the Company, its
directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph. 
 (c) If the indemnification provided for in this Section 5 is unavailable to an indemnified party under Section 5(a) or (b) hereof (other than by reason of exceptions provided in those
Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand, and the Holders, on the other hand, in
connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company, on the one hand, and of the Indemnified
Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Company, on the one hand, or the Indemnified Holders, on 

  
 10 

 
the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as
a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 5(a) hereof, any legal or other fees or expenses reasonably
incurred by such party in connection with investigating or defending any action or claim. 
 The Company and each Holder of
Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 5(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses
referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any
such action or claim. Notwithstanding the provisions of this Section 5, the total amount to be contributed by a Holder pursuant to this Section 5 shall be limited to the net proceeds (after deducting underwriters’ discounts and
commissions) received by such Holder in the offering to which such Shelf Registration Statement or prospectus relates. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 5(c) are several in proportion to the respective principal amount of
Securities held by each of the Holders hereunder and not joint. 
 Section 6. Underwritten Offerings. The
Holders of Registrable Securities covered by the Shelf Registration Statement who desire to do so may sell such Registrable Securities in an underwritten offering. In any such underwritten offering, the investment banker(s) and managing
underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Registrable Securities included in such offering; provided, however, that such investment banker(s)
and managing underwriter(s) must be reasonably satisfactory to the Company. No Holder may participate in any underwritten offering hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided
in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and
other documents required under the terms of such underwriting arrangements. 
 Section 7. Miscellaneous. 

(a) Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason
of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 (b) Assignment; No Third Party Beneficiaries; Additional Parties. This Agreement and the rights, duties and obligations of the Company and the Guarantors hereunder

  
 11 

 
may not be assigned or delegated by the Company or the Guarantors in whole or in part. This Agreement and the rights, duties and obligations of the Holders hereunder may be freely assigned or
delegated by such Holder in conjunction with and to the extent of any transfer of Registrable Securities by any such Holder to a Permitted Transferee. This Agreement is not intended to confer any rights or benefits on any persons that are not party
hereto other than as expressly set forth in Section 5 and this Section 7(b). 
 (c) No Inconsistent
Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof.

 (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers
or consents to or departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of a majority of the outstanding principal amount of Registrable Securities (excluding any Registrable Securities
held by the Company or its subsidiaries); provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Holder hereunder, the Company shall obtain the written consent of each such
Initial Holder with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 
 (e) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt
requested), telex, telecopier, or air courier guaranteeing overnight delivery: 
 (i) if to a Holder, at the
address set forth on the records of the registrar under the indenture governing the New Notes; and 
 (ii) if to
the Company: 
 Horizon Lines, Inc. 
 4064 Colony Road, Suite 200 
 Charlotte, NC 28211 

Telephone: (704) 973-7000 
 Facsimile: (704) 973-7010 
 Attention: General Counsel 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight
delivery. 
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors
and assigns of each of the parties, including, without limitation, 

  
 12 

 
and without the need for an express assignment, subsequent Holders of Registrable Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding
upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Registrable Securities from such Holder. 
 (g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. 
 (h) Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (i) Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law rules thereof. 
 (j) Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
 (k) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of
the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company
with respect to the Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 (l) Use of Free Writing Prospectus. No Holder shall use a free writing prospectus prepared by or on behalf of the relevant Holder or used or referred to by such Holder in connection with the
offering of Registrable Securities pursuant to the Shelf Registration Statement without the prior written consent of the Company, which shall not be unreasonably withheld. 

  
 13 

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

			
	HORIZON LINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	HORIZON LINES, LLC
	HORIZON LINES HOLDING CORP.
	HAWAII STEVEDORES, INC.
	HORIZON LINES OF PUERTO RICO, INC.
	HORIZON LINES OF ALASKA, LLC
	HORIZON LINES OF GUAM, LLC
	HORIZON LINES VESSELS, LLC
	H-L DISTRIBUTION SERVICE, LLC
	HORIZON LOGISTICS, LLC
	AERO LOGISTICS, LLC
	SEA-LOGIX, LLC
	HORIZON SERVICES GROUP, LLC
		
	By:	 	  

		 	Name:
		 	Title:

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
  

			
	CASPIAN CAPITAL MANAGEMENT
		
	By:	 	  

		 	 Name:

Title

	
	ARCHVIEW INVESTMENT GROUP
		
	By:	 	  

		 	 Name:

Title

	
	POST ADVISORY GROUP
		
	By:	 	  

		 	 Name:

Title

	
	BEACH POINT CAPITAL MANAGEMENT
		
	By:	 	  

		 	 Name:

Title

	
	WESTERN ASSET MANAGEMENT
		
	By:	 	  

		 	 Name:

Title

			
	LOGAN CIRCLE PARTNERS
		
	By:	 	  

		 	 Name:

Title

	
	TROOB CAPITAL MANAGEMENT
		
	By:	 	  

		 	 Name:

Title

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}]]